Category: Taxation

  • MIL-OSI USA: VIDEO: Ricketts Celebrates Recent Casework Wins

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    WASHINGTON, D.C. – Yesterday, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed his work serving constituents and recent casework wins for Nebraskans.

    I’m proud of our work to cut red tape and deliver wins for Nebraskans,” said Ricketts.  “In 2024, we helped nearly 800 Nebraskans access federal services.  We also helped constituents save or recover nearly $5 million from the federal government.  We continue that work this year and have already returned $1.3 million in constituent savings for Nebraskans.”

    Watch the video HERE.

    TRANSCRIPT:

    Senator Ricketts: ”When I was Governor, we focused on providing great services to Nebraskans.

    “The federal government should do the same. 

    “Now that I’m in the Senate, my team and I are here to help Nebraskans navigate the bureaucracy.

    “We have offices in Scottsbluff, Kearney, Lincoln, Omaha, and Washington, D.C. 

    “Our team is specially trained in assisting constituents with concerns and complaints. 

    “We can also answer questions about services, eligibility, or benefits from federal agencies like Veterans Affairs, Medicare, or the Internal Revenue Service. 

    “I’m proud of our work to cut red tape and deliver wins for Nebraskans.

    “In 2024, we helped nearly 800 Nebraskans access federal services.

    “We also helped constituents save or recover nearly $5 million from the federal government.

    “We continue that work this year and have already returned $1.3 million in constituent savings for Nebraskans.

    “One example is Richard.

    “Richard is in the Panhandle. 

    “He’s a disabled veteran.

    “His disability requires him to get significant help for everyday tasks, like going through his mail. 

    “Late last year, the VA notified Richard that he owed nearly $20,000. 

    “This was because his dependent status had not been updated since 2015. 

    “Richard was shocked by this, as he had never been informed an update was needed. 

    “That’s because his VA notices had been thrown away without his awareness. 

    “Richard contacted my office in Lincoln after trying for months to submit the needed paperwork. 

    “This disabled veteran had no way of repaying this debt that he incurred accidentally. 

    “My team got involved and helped establish a claim. 

    “The VA updated his dependent status which wiped away Richard’s debt, saving him nearly $20,000.

    “Other times, oversight means ensuring Nebraska companies are not overlooked on federal directories. 

    “A healthcare provider in Eastern Nebraska reached out to my office. 

    “They are an in-network provider for TRICARE. 

    “TRICARE is the health care program that serves our military members, veterans, and their families. 

    “However, TRICARE’s website failed to list this provider as an acceptable option.

    “That simple omission caused serious confusion. 

    “Patients didn’t know they could get care from this provider. 

    “As a result, this provider faced an estimated $150,000 in lost revenue.

    “My team reached out to TriWest, a contractor who manages TRICARE’s network in our region. 

    “We pushed them to fix the website and ensure this provider was listed correctly.

    “Thanks to our efforts, the problem was resolved.

    “The VA website was updated. 

    “Now, military families and veterans who are TRICARE beneficiaries can see this proud Nebraska company listed as a trusted, in-network provider. 

    “That’s not just a win for this provider. 

    “It’s a win for every Nebraskan who depends on clear information and quality care.

    “These are just two of many examples of how my team and I work every day to help Nebraskans navigate the federal bureaucracy. 

    “We’re continuing the fight to protect taxpayer dollars and ensure federal agencies serve the people. 

    “From streamlining government to cutting taxes on Social Security, tips, and military retirement benefits, I’ll keep working to make government work better.

    “We’re going to continue delivering excellent customer service for our constituents. 

    “Nebraskans deserve nothing less.”

    MIL OSI USA News

  • MIL-OSI USA: Mexican National Sentenced to More Than Eight Years in Prison for Laundering $5.5M

    Source: US State of North Dakota

    A Mexican national was sentenced to eight years and four months in prison and three years of supervised release for his role in the collection of drug proceeds in the United States and the repatriation of those proceeds or their equivalent value to Mexico as part of a money laundering conspiracy.

    According to court documents, Jose Manuel Martinez Gomez, also known as Meno, 52, of Guadalajara, Mexico, served as a “money broker” in an organization that conspired with drug traffickers to launder money for them in Mexico. Martinez personally brokered contracts to launder approximately $5.5 million and used a network of co-conspirators to pick up the drug proceeds all over the United States. Martinez then directed the transfer of the funds to Mexico via cryptocurrency and kept a percentage for himself as a fee. 

    As a direct result of the money laundering contracts brokered by Martinez, The Drug Enforcement Administration Lexington Field Office and its partners seized approximately 3 kilograms of fentanyl, 52.77 kilograms of cocaine, 7,078.63 kilograms of unconverted methamphetamine in the form of charcoal lumps, 170 gallons of unconverted methamphetamine in the form of coconut oil, 140 kilograms of methamphetamine and 15 gallons of liquid methamphetamine. The DEA also seized $1,352,160 in bulk U.S. currency.

    The DEA Lexington Resident Office investigated the case, working closely with the Detroit Field Division and Rocky Mountain Field Division and assisted by DEA offices in Mexico, Minneapolis, St. Louis, Birmingham, Chicago, Cincinnati, Tulsa, Oklahoma City, Louisville, Baltimore, Des Moines, Milwaukee, Portland, Columbia, and Rapid City, with the IRS Criminal Investigation Division.

    Trial Attorney Elizabeth R. Rabe of the Criminal Division’s Money Laundering and Asset Recovery Section and Deputy Criminal Chief Gary Todd Bradbury of the Eastern District of Kentucky prosecuted this case.

    MIL OSI USA News

  • MIL-OSI Security: Mexican National Sentenced to More Than Eight Years in Prison for Laundering $5.5M

    Source: United States Attorneys General

    A Mexican national was sentenced to eight years and four months in prison and three years of supervised release for his role in the collection of drug proceeds in the United States and the repatriation of those proceeds or their equivalent value to Mexico as part of a money laundering conspiracy.

    According to court documents, Jose Manuel Martinez Gomez, also known as Meno, 52, of Guadalajara, Mexico, served as a “money broker” in an organization that conspired with drug traffickers to launder money for them in Mexico. Martinez personally brokered contracts to launder approximately $5.5 million and used a network of co-conspirators to pick up the drug proceeds all over the United States. Martinez then directed the transfer of the funds to Mexico via cryptocurrency and kept a percentage for himself as a fee. 

    As a direct result of the money laundering contracts brokered by Martinez, The Drug Enforcement Administration Lexington Field Office and its partners seized approximately 3 kilograms of fentanyl, 52.77 kilograms of cocaine, 7,078.63 kilograms of unconverted methamphetamine in the form of charcoal lumps, 170 gallons of unconverted methamphetamine in the form of coconut oil, 140 kilograms of methamphetamine and 15 gallons of liquid methamphetamine. The DEA also seized $1,352,160 in bulk U.S. currency.

    The DEA Lexington Resident Office investigated the case, working closely with the Detroit Field Division and Rocky Mountain Field Division and assisted by DEA offices in Mexico, Minneapolis, St. Louis, Birmingham, Chicago, Cincinnati, Tulsa, Oklahoma City, Louisville, Baltimore, Des Moines, Milwaukee, Portland, Columbia, and Rapid City, with the IRS Criminal Investigation Division.

    Trial Attorney Elizabeth R. Rabe of the Criminal Division’s Money Laundering and Asset Recovery Section and Deputy Criminal Chief Gary Todd Bradbury of the Eastern District of Kentucky prosecuted this case.

    MIL Security OSI

  • MIL-OSI Security: Menachem Lieberman Sentenced to 52 Months for Fraud on Federal Childcare Programs

    Source: US FBI

    The United States Attorney for the Southern District of New York, Jay Clayton, announced that MENACHEM “MAX” LIEBERMAN was sentenced today to 52 months in prison for two fraudulent schemes involving federally funded childcare companies.  LIEBERMAN previously pled guilty before U.S. District Judge Jennifer H. Rearden, who imposed today’s sentence. 

    “Max Lieberman defrauded federal childcare programs that provide vital services to our most innocent and vulnerable,” said U.S. Attorney Jay Clayton.  “New Yorkers believe in opportunity, particularly for our children, and by defrauding our Head Start and childcare voucher programs, Max Lieberman exploited our collective belief in opportunity for his own financial gain.  The women and men of the Southern District of New York are committed to pursuing those who breach the public trust for illicit, personal financial gain.”

    According to the Indictment, public court filings, and statements made in court proceedings:

    LIEBERMAN participated in two schemes involving federal grant programs meant to provide assistance for childcare to low-income families.  

    First, between 2019 and January 2023, LIEBERMAN secretly “owned” and exercised control over a non-profit entity, Project Social Care Head Start Inc. (“PSCHS”), that operated in the New York City area (and which, as a non-profit entity, could not legally be privately owned).  The U.S. Department of Health and Human Services (“HHS”), which administers the Head Start program, annually granted to PSCHS millions of dollars that were to be used exclusively on the Head Start program and from which earning a profit is prohibited by law.  Between 2019 and 2021, LIEBERMAN paid co-defendant Martin Handler $4.7 million to obtain “ownership” over PSCHS, and used his control over PSCHS to impermissibly direct PSCHS’s Head Start funding to his own for-profit companies.  In order to protect his control over PSCHS’s funding, LIEBERMAN conspired with others to impair HHS’s ability to provide effective oversight of PSCHS by, among other things:

    • Misrepresenting to HHS that PSCHS had an independent board of directors that was monitoring PSCHS,
    • Submitting a letter to HHS when it began investigating LIEBERMAN’s involvement that falsely stated there were no conflicts of interest or less-than-arms’-length dealings with LIEBERMAN,
    • And coordinating false testimony to HHS investigators.

    Second, between July 2020 and January 2023, LIEBERMAN perpetrated a separate fraud that caused harm of nearly $2 million to the New York City Administration for Children’s Services (“ACS”), which administers a federally funded childcare voucher program for low-income families.  In July 2020, LIEBERMAN submitted an application to ACS on behalf of PSCHS that contained a false signature of the nominal executive director and included fake receipts for six children that purported to show those children were already attending the program, when in fact the program did not exist and no children attended.  When questioned by ACS whether the executive director’s signature was legitimate, LIEBERMAN created and submitted a fraudulently notarized document supposedly from the executive director that falsely affirmed that the signature was accurate.  From July 2020 through his arrest in January 2023, LIEBERMAN applied for and received over $1.8 million in ACS reimbursements, even though the program did not actually exist and no children attended the program except for a brief period from September 2022 to October 2022.

    *                *                *

    In addition to today’s prison sentence, LIEBERMAN, 48, of Brooklyn, New York, was sentenced to three years of supervised release and ordered to pay a fine of $200,000, restitution of $1,854,543.35 to ACS, and forfeit $1,774,543.35. 

    Mr. Clayton praised the outstanding work of the Federal Bureau of Investigation, Internal Revenue Service-Criminal Investigation, and HHS, Office of the Inspector General.  Mr. Clayton also thanked U.S. Department of Agriculture, Office of the Inspector General, and the New York City Department of Investigation for their assistance with this investigation.

    This case is being handled by the Office’s Public Corruption Unit. Assistant U.S. Attorneys Daniel H. Wolf, Catherine Ghosh, Jacob R. Fiddelman, and Stephanie Simon are in charge of the prosecution, with the assistance of Paralegal Specialist Nandita Vasantha.  

    MIL Security OSI

  • DRI seizes Pakistani-origin goods worth ₹9 crore under ‘Operation Deep Manifest’

    Source: Government of India

    Source: Government of India (4)

    In a major enforcement breakthrough, the Directorate of Revenue Intelligence (DRI) has seized 39 containers carrying 1,115 metric tonnes of goods valued at approximately ₹9 crore. The goods, of Pakistani origin, were illicitly routed through third countries—primarily via Dubai, UAE—in a blatant violation of India’s import policies. The operation, codenamed “Operation Deep Manifest”, has led to the arrest of a partner from one of the importing firms on June 26.

    This high-stakes operation comes in the wake of the Government of India’s comprehensive ban on the direct or indirect import and transit of Pakistani-origin goods, following the Pahalgam terror attacks. The ban, effective from May 2, 2025, replaced the earlier imposition of 200% customs duties on such imports, signalling a zero-tolerance approach to economic engagements with Pakistan.

    Despite the strict ban, some importers attempted to circumvent the policy by misdeclaring the origin of Pakistani goods and manipulating shipping documents. The DRI uncovered such attempts in two separate cases at the Nhava Sheva port, where consignments of dry dates were falsely declared as originating from the UAE. Detailed investigations revealed that these goods had been shipped from Karachi, Pakistan, and merely transshipped through Dubai before being re-routed to India.

    Further scrutiny of shipping documents and cargo movement showed a calculated effort to obscure the true origin of the goods. Containers and vessels were switched during transshipment at Dubai’s Jabel Ali port. Financial investigations also uncovered money trails linked to Pakistani entities, raising concerns over illicit financial flows and highlighting a sophisticated network involving Pakistani and UAE nationals.

    The seizures are part of a broader strategy by the DRI, which has heightened its vigilance in the wake of Operation Sindoor and ongoing regional security threats. Through enhanced intelligence gathering and the use of data analytics, DRI has been systematically targeting consignments suspected to have Pakistani links.

  • MIL-OSI Security: Former High-Ranking New York State Government Employee and her Husband Charged with Accepting Kickbacks in PPE Fraud Scheme

    Source: Office of United States Attorneys

    Linda Sun Falsified Information to Cause Approval of NYS Contracts Awarded to Businesses Operated by her Family Member and her Husband

    BROOKLYN, NY – A federal grand jury in Brooklyn yesterday returned a second superseding indictment that added charges against Linda Sun and her husband and co-defendant Chris Hu related to a fraudulent scheme involving procurement of personal protective equipment (PPE) by the New York State (NYS) government at the start of the COVID-19 pandemic.  As part of the scheme, Sun steered contracts to vendors with whom she had undisclosed personal connections, and she and Hu received millions of dollars from the vendors, including some in the form of kickbacks, which Sun did not disclose to the NYS government.  The new charges against Sun and Hu include honest services wire fraud, honest services wire fraud conspiracy, bribery, and conspiracy to defraud the United States.  Additionally, Hu is charged with tax evasion.  The defendants will be arraigned on Monday, June 30, 2025.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York; Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); and Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service-Criminal Investigation (IRS-CI New York), announced the new charges.

    “As alleged, Linda Sun not only acted as unregistered agent of the government of the People’s Republic of China, but also enriched herself to the tune of millions of dollars when New York State was at its most vulnerable at the start of the COVID-19 pandemic,” stated United States Attorney Nocella.  “When masks, gloves, and other protective supplies were hard to find, Sun abused her position of trust to steer contracts to her associates so that she and her husband could share in the profits.  We demand better from our public servants, and this Office will continue to hold accountable public officials who enrich themselves at the expense of the New York taxpayers.”

    Mr. Nocella expressed his appreciation to the Department of Justice’s National Security Division, the New York State Office of the Inspector General, the New York State Police, and the U.S. Department of State’s Diplomatic Security Service (DSS) for their work on the case.  He also thanked the New York State Executive Chamber for its cooperation with the investigation.

    “During a global pandemic, Linda Sun allegedly leveraged her authority within the New York State government to secretly steer contracts to selective PPE vendors in exchange for millions of dollars in kickbacks to her and her husband,” stated FBI Assistant Director in Charge Raia.  “This alleged scheme not only created an unearned and undisclosed benefit for the defendants and their relatives, but it also exploited the state’s critical need for resources in a health crisis. The FBI will never tolerate any public official who abuses their position to profit at the expense of others, especially when their objectives align with foreign agendas.”

    “Not only did Sun allegedly use Chinese money and her influence in New York State to benefit the Chinese government, it is further alleged that she used her position to steer multi-million-dollar contracts to companies controlled by family members and friends.  With this investigation, this husband-and-wife team with supposed ties to corruption has been rooted out, and they will soon understand that in legitimate government spending, there is no friends and family discount,” stated IRS-CI New York Special Agent in Charge Chavis.

    As alleged in the superseding indictment, at the outset of the COVID-19 pandemic and while working with the team of NYS government employees responsible for obtaining PPE, Sun used her position of influence with the government of the People’s Republic of China (PRC) to coordinate the NYS government’s purchase of PPE from vendors located in the PRC.  In addition to certain vendors referred by the PRC government, Sun referred two vendors (the Cousin Company and the Associate Company) that were not recommended by the PRC government but rather had ties to Sun and Hu, while claiming falsely that these, too, were referrals from components of the PRC government.  In reality, the Cousin Company was operated by one of Sun’s second cousins, and the Associate Company was operated by Hu and one of Hu’s business associates.  With Sun’s assistance, the Cousin Company and the Associate Company each entered into multiple contracts with the NYS government worth millions of dollars apiece.

    Sun, the Associate Company, and the Cousin Company did not disclose to the NYS government (1) the fact that Sun and Hu had relationships with the Associate Company and the Cousin Company, or (2) that Sun and Hu received a portion of the profits that the Associate Company and the Cousin Company made as a result of their contracts with the NYS government for PPE, including through kickback payments from the Cousin Company.

    To conceal her relationship with the Cousin Company from procurement authorities at the NYS government, Sun falsified a document to suggest that the Jiangsu Department of Commerce had recommended the Cousin Company.  On or about March 20, 2020, Sun and other NYS government officials received an email from the U.S. representative to the Jiangsu Trade & Business Representative Office in Albany, New York suggesting four PRC-based vendors who were able to provide PPE for the NYS government.  On or about March 21, 2020, Sun forwarded herself an altered version of the email in which she replaced the first suggested vendor—a vendor that produced ventilators—with the Cousin Company and wrote that the Cousin Company was recommended by the Jiangsu Department of Commerce.

    On or about March 24, 2020, in an email with the subject line “Already VERIFIED by Linda Sun,” Sun wrote to NYS procurement officials that the Cousin Company “came recommended by Jiangsu Chamber of Commerce,” that the representative had helped “screen potential vendors,” and that the Cousin Company’s surgical mask was the “gold standard.”  Below Sun’s message was what purported to be quoted text from the Jiangsu Chamber of Commerce’s email recommending vendors. However, the email in the quoted text was the altered email.

    In connection with the Cousin Company contracts with the NYS government, a spreadsheet maintained on Sun and Hu’s personal computer indicated that the Cousin provided payments to Hu (and Sun) totaling approximately $2.3 million during 2020 and 2021.  These kickbacks from the Cousin Company represented taxable income.  Hu did not report these payments as income to the U.S. government, as required, or pay taxes on this income in Forms 1040 for 2020 and 2021 that he filed on behalf of himself and Sun.

    In part, Hu laundered the income from the Cousin Company by having the Cousin make $1.5 million in payments in three $500,000 increments from another entity that the Cousin owned (the Cousin Entity) to U.S. accounts at a financial institution.  Hu created these accounts in a close relative’s name instead of his own on April 29, 2020, two days before the final $6 million payment from NYS government to the Cousin Company.

    Sun also arranged for the Associate Company to be a vendor for NYS government contracts.  On March 14, 2020, Sun wrote an email with the subject “Mask suppliers” to other members of the NYS government PPE task force with procurement authority and listed the Associate Company as a potential supplier.  Sun subsequently communicated with the Associate Company by email to obtain a price quote for the contract and provided a status update to the NYS government about the contracts with the Associate Company.

    A computer owned by the defendants contained a NYS internal document tracking various state PPE contracts, broken out by vendor.  One of the fields in the document contained, for each company, an answer to the question “why did we do business with this vendor?”  For the Associate Company, the answer to the question was listed as: “referred by Chinese chamber of commerce.”  However, there was no such referral for the Associate Company.

    According to a spreadsheet found in one of Hu’s electronic accounts, the total profits Hu expected to reap from the contracts that the Associate Company and the Cousin Company had with the NYS Department of Health totaled $8,029,741.  Hu marked the column for these expected profits with the word “me.”

    The new charges are in addition to the existing charges against Sun, which include violating and conspiring to violate the Foreign Agents Registration Act, visa fraud, alien smuggling, and money laundering, and the existing charges against Hu, which include money laundering conspiracy, money laundering, as well as conspiracy to commit bank fraud and misuse of means of identification.  The charges in the superseding indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

    The government’s case is being handled by the Office’s National Security and Cybercrime Section.  Assistant United States Attorneys Alexander A. Solomon, Robert M. Pollack, and Amanda Shami are in charge of the prosecution, with the assistance of Trial Attorney Eli Ross from the National Security Division’s Counterintelligence and Export Control Section and Litigation Analyst Emma Tavangari. Assistant U.S. Attorney Laura Mantell of the Office’s Asset Recovery Section is handling forfeiture matters.

    The Defendants:

    LINDA SUN, also known as “Wen Sun,” “Ling Da Sun,” and “Linda Hu”
    Age: 41
    Manhasset, New York

    CHRIS HU
    Age: 40
    Manhasset, New York

    E.D.N.Y. Docket No. 24-CR-346 (S-2) (BMC)

    MIL Security OSI

  • MIL-OSI Europe: EU prosecutors crack down on illegal Chinese imports scheme

    Source: European Union 2

    Tons of goods illegally imported through port of Piraeus, €700 million in losses

    (Luxembourg, 26 June 2025) – A coordinated raid by the European Public Prosecutor’s Office (EPPO) in Athens (Greece), Madrid (Spain), Paris (France) and Sofia (Bulgaria) has dealt a significant blow to criminal networks flooding the EU market with goods fraudulently imported from China, while evading custom duties and VAT. The criminal scheme, which involved the massive importation of textile, shoes, e-scoters, e-bikes and other goods, is believed to have caused an estimated damage of approximately €700 million. 

    The investigation carried out by the EPPO, code-named ‘Calypso’, spans 14 countries: Bulgaria, China, Czechia, Denmark, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Slovakia, Slovenia and Spain. A total of 101 searches were conducted yesterday at the offices of customs brokers, companies controlled by the organised criminal groups under investigation, the premises of the suspects, and at the offices of tax advisers and representatives, lawyers, accountants and transport companies, in Bulgaria, Greece, France and Spain. Ten suspects were arrested, including two customs officers. In addition, firearms and cold weapons were found and seized in the houses of three of the suspects.

    Law enforcement agents seized €5.8 million (of which €4.75 million in Greece and the remaining in France and Spain), in different currencies, including Hong Kong dollars, euros in digital wallets and cryptocurrencies. In addition, 7 133 e-bikes and 3 696 e-scooters were secured, as well as 480 containers for further checks and verification in the Port of Piraeus. Eleven properties located in Spain were also seized, as well as 27 vehicles and luxury items (bags, watches and jewellery). Freezing orders were also issued in Greece to seize real estate, boats and bank accounts.

    At issue are several criminal networks, mainly controlled by Chinese nationals, that handle the full circuit of the goods imported from China into the EU market, including distribution to different Member States and sales to end customers, as well as money laundering and sending the profits back to China, while defrauding the payment of customs duties and committing large-scale VAT fraud. 

    How it works 

    The fraudulent scheme starts with the introduction of the goods from China into the EU, mainly through the port of Piraeus (Greece), with a substantial undervaluation or misclassification of the goods, in order to evade custom duties – using false documents to conceal the true value and nature of the merchandise. A network of professional enablers operating at the customs entry point, such as customs brokers, service providers and accounting firms, facilitate the initial clearance, and the apparent purchase and transport of the merchandise by companies mainly registered in Bulgaria, but operating in Greece with a Greek VAT registration number. 

    The goods are subsequently sold to companies established in other Member States, thus allowing the first apparent purchaser to benefit from a VAT import exemption based on Customs Procedure 42 (CP42). This procedure, created to simplify cross-border trade, exempts importers from paying VAT in the country of importation, if the imported goods are subsequently transported to another EU Member State. 

    Through a chain of buffer and shell companies, the goods are apparently sold to companies in specific Member States, where they are supposed to be sold on the market. These fraudulently declared destinations include Bulgaria, Czechia, Denmark, Germany, Hungary, Italy, Slovakia, Slovenia and Spain. However, these fake ultimate acquirers of the goods never receive the merchandise, and operate as a missing trader, thus not paying VAT. In some cases, the criminal organisations used identity documents from legitimate companies, fraudulently hijacking their VAT numbers to conceal the true destination of the goods.

    In reality, after the goods enter the EU, they are stored in warehouses and places controlled by the criminal organisations, and from there they are transported, using false documents, to France, Italy, Poland, Portugal and Spain (the real countries of destination). These Chinese logistics centres, where all goods are stored, operate as highly controlled warehouse districts, functioning almost like exclusive communities, accessible only to members of the criminal groups managing them.

    The transport documents are destroyed as soon as the goods are delivered, and the merchandise is sold to end customers mostly on the black market, in cash, as part of a highly concealed parallel economy. 

    One-stop criminal enterprise

    The criminal organisations under investigation are in charge of producing the false invoices and transport documents to conceal the real destination of the goods, and to recruit a large network of sham companies used for the fake sales and deliveries, in order to hide the whole fraudulent chain. This allows the companies controlled by the criminal organisations to sell the products at a very competitive price, since VAT remains unpaid and customs duties and anti-dumping fees are largely evaded.

    Finally, the proceeds of the crime are transferred to China using different money laundering techniques, including providing money laundering services to other criminal organisations via trade-based underground banking systems. In this way, the organised criminal groups control and conceal the whole criminal chain, from the initial fraudulent import to the VAT fraud, and from the sale of the goods to the laundering of the profits.

    The total damage of the criminal activities under investigation is currently estimated at approximately €700 million: over €250 million come from evaded customs duties (which revert entirely to the EU budget), and close to €450 million from unpaid VAT (which damages both the EU budget and the national budgets of Member States). The damage caused by the fraudulent scheme under investigation is likely much higher. Greece’s Independent Authority for Public Revenue (AADE) is also actively supporting the EPPO to further evaluate the extent of the damage in evaded customs duties. 

    This EPPO-led investigation was supported by Europol through analytical assistance, coordination via a Virtual Command Post, and the deployment of an expert to the command centre in Luxembourg, with additional backing from national law enforcement agencies – highlighting the value of cross-border cooperation against organised crime. The European Anti-Fraud Office (OLAF) contributed to the detection. 

    All persons concerned are presumed to be innocent until proven guilty in the competent courts of law.

    The EPPO is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.

    List of most important partners and national authorities involved:

    • Europol
    • European Anti-Fraud Office (OLAF)
    • Hellenic Internal Affairs Agency of Law Enforcement Bodies (Υπηρεσία Εσωτερικών Υποθέσεων Σωμάτων Ασφαλείας)
    • Hellenic Police’s Digital Forensics Investigations and Analysis Subdivision (Υποδιεύθυνση Ψηφιακής Εγκληματολογικής Έρευνας και Ανάλυσης της ΔΕΕ)
    • France’s National Anti-Fraud Office (Office National Antifraude – ONAF)
    • Bulgaria’s State Agency for National Security (ДАНС); National Investigation Service (Национална следствена служба); General Directorate National Police) Главна дирекция “Национална полиция”) and General Directoratе Gendarmerie and Specialised Counter-Terrorism Department (Главна дирекция “Жандармерия и специализан отряд за борба с тероризма”)
    • Spain’s National Police and Tax Agency (Policía Nacional and Agencia Estatal de Administración Tributaria)

    MIL OSI Europe News

  • MIL-OSI USA: Philadelphia Vertical Farmer Pleads Guilty to Wire Fraud and Tax Evasion

    Source: US State of North Dakota

    A Pennsylvania man pleaded guilty yesterday to wire fraud and tax evasion.

    The following is according to court documents and statements made in court: John (Jack) Griffin of Philadelphia was the principal and founder of Second Story Farming Inc., which did business as Metropolis Farms. Second Story Farming had several lines of business, including growing crops in vertical farms to sell to customers, developing sustainable vertical farming technologies, and selling vertical farming systems to customers. Vertical farming refers to a practice of growing crops vertically and in horizontally stacked layers.

    In 2017, Griffin, through Second Story Farming, sold vertical farming systems along with the equipment, supplies, materials, and operational instructions necessary to operate them to two companies. Before entering into the contracts, Griffin provided financial projections to them that grossly overstated the anticipated revenues that could be generated by the vertical farms and grossly understated the anticipated expenses necessary to operate the vertical farms. In reliance on the financial projections, the companies each paid Second Story Farming to set up vertical farms for them. Rather than use those funds to provide them with vertical farms, Griffin used most of the money to pay his own personal expenses and operate Second Story Farming’s research and development line of business.

    In 2017, Griffin earned income from his work at Second Story Farming. Despite being legally required to file a tax return for that year, Griffin did not do so. Griffin tried to conceal that he received any income in 2017 by, among other things, withdrawing cash and paying personal expense from his business’s bank accounts and transferring funds from his business to his wife, and withdrawing cash from Second Story Farming’s business bank account.  

    Griffin is scheduled to be sentenced on Oct. 22. He faces a maximum penalty of 20 years in prison on each of the wire fraud charges and a maximum penalty of five years in prison on the tax evasion charge. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney David Metcalf for the Eastern District of Pennsylvania made the announcement.

    IRS Criminal Investigation, the FBI, and the U.S. Postal Inspection Service are investigating the case.

    Trial Attorney Catriona Coppler of the Tax Division and Assistant U.S. Attorney Francis Weber for the Eastern District of Pennsylvania are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI Security: Philadelphia Vertical Farmer Pleads Guilty to Wire Fraud and Tax Evasion

    Source: United States Attorneys General

    A Pennsylvania man pleaded guilty yesterday to wire fraud and tax evasion.

    The following is according to court documents and statements made in court: John (Jack) Griffin of Philadelphia was the principal and founder of Second Story Farming Inc., which did business as Metropolis Farms. Second Story Farming had several lines of business, including growing crops in vertical farms to sell to customers, developing sustainable vertical farming technologies, and selling vertical farming systems to customers. Vertical farming refers to a practice of growing crops vertically and in horizontally stacked layers.

    In 2017, Griffin, through Second Story Farming, sold vertical farming systems along with the equipment, supplies, materials, and operational instructions necessary to operate them to two companies. Before entering into the contracts, Griffin provided financial projections to them that grossly overstated the anticipated revenues that could be generated by the vertical farms and grossly understated the anticipated expenses necessary to operate the vertical farms. In reliance on the financial projections, the companies each paid Second Story Farming to set up vertical farms for them. Rather than use those funds to provide them with vertical farms, Griffin used most of the money to pay his own personal expenses and operate Second Story Farming’s research and development line of business.

    In 2017, Griffin earned income from his work at Second Story Farming. Despite being legally required to file a tax return for that year, Griffin did not do so. Griffin tried to conceal that he received any income in 2017 by, among other things, withdrawing cash and paying personal expense from his business’s bank accounts and transferring funds from his business to his wife, and withdrawing cash from Second Story Farming’s business bank account.  

    Griffin is scheduled to be sentenced on Oct. 22. He faces a maximum penalty of 20 years in prison on each of the wire fraud charges and a maximum penalty of five years in prison on the tax evasion charge. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney David Metcalf for the Eastern District of Pennsylvania made the announcement.

    IRS Criminal Investigation, the FBI, and the U.S. Postal Inspection Service are investigating the case.

    Trial Attorney Catriona Coppler of the Tax Division and Assistant U.S. Attorney Francis Weber for the Eastern District of Pennsylvania are prosecuting the case.

    MIL Security OSI

  • MIL-OSI USA: Utah Businessman Sentenced to Prison for Defrauding the COVID-19 Paycheck Protection Program Out of Over $628,000

    Source: United States Small Business Administration

    Click Here to Sign Up for SBA OIG Email Updates on Recent Investigative Cases, Audit Oversight Reports, and General News

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release


    A Utah entrepreneur was sentenced today to 18 months’ imprisonment after he fraudulently obtained $628,307 from a COVID-19 Paycheck Protection Program (PPP) Loan in 2021 by submitting a fraudulent loan application in the name of his business.

    The COVID-19 PPP Loans were provided to small businesses for funding to meet specific obligations, including payroll and rent during the pandemic.

    Marcelo Federico Torre, 42, of Draper, Utah, pleaded guilty to wire fraud, and possession of stolen mail on April 10, 2025. In addition to his sentence, and credit for time served, Senior U.S. District Court Judge Clark Waddoups sentenced Torre to three years’ supervised release and ordered him to pay $628,307 in restitution. Torre also forfeited a money judgement in the amount of $628,307.

    According to court documents and statements made at Torre’s change of plea and sentencing hearings, from April 27, 2021 to May 5, 2021, Torre fraudulently submitted a PPP Loan application through U.S. Bank for approximately $628,307 on behalf of his company, Offerworks Inc., a company he owned and controlled. By fraudulently submitting the Loan application, he lied to U.S. Bank and the United States government in order to be approved for the PPP Loan. Some of the false statements Torre made on the PPP Loan application included that his company, Offerworks Inc., had been in operation as of February 15, 2020, when it had not; his company had 37 employees, when it did not; and that Offerworks Inc., had an average monthly payroll of $251,323 in 2020, when it did not.

    “The amount of money Mr. Torre stole from the U.S. government and taxpayers, which was intended to keep businesses open and provide salaries for employees and their families during the COVID-19 pandemic, is significant and his fraud and will not go unpunished,” said Acting U.S. Attorney Felice John Viti of the District of Utah. “It is our hope Mr. Torre’s sentence will deter him and others who seek to take criminal advantage of government programs meant to help honest and hardworking business owners and their employees during a crisis.”

    The case was investigated jointly by the U.S. Postal Investigation Service, Draper City Police Department, U.S. Probation and Pretrial Services Office, Salt Lake City Police Department, Internal Revenue Service – Criminal Investigation Division, U.S. Small Business Administration – Office of Inspector General (SBA-OIG), and the U.S. Treasury Inspector General for Tax Administration (TIGTA).

    Assistant United States Attorney Todd C. Bouton of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

    Paycheck Protection Program (PPP)

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    MIL OSI USA News

  • MIL-OSI USA: Utah Businessman Sentenced to Prison for Defrauding the COVID-19 Paycheck Protection Program Out of Over $628,000

    Source: United States Small Business Administration

    Click Here to Sign Up for SBA OIG Email Updates on Recent Investigative Cases, Audit Oversight Reports, and General News

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release


    A Utah entrepreneur was sentenced today to 18 months’ imprisonment after he fraudulently obtained $628,307 from a COVID-19 Paycheck Protection Program (PPP) Loan in 2021 by submitting a fraudulent loan application in the name of his business.

    The COVID-19 PPP Loans were provided to small businesses for funding to meet specific obligations, including payroll and rent during the pandemic.

    Marcelo Federico Torre, 42, of Draper, Utah, pleaded guilty to wire fraud, and possession of stolen mail on April 10, 2025. In addition to his sentence, and credit for time served, Senior U.S. District Court Judge Clark Waddoups sentenced Torre to three years’ supervised release and ordered him to pay $628,307 in restitution. Torre also forfeited a money judgement in the amount of $628,307.

    According to court documents and statements made at Torre’s change of plea and sentencing hearings, from April 27, 2021 to May 5, 2021, Torre fraudulently submitted a PPP Loan application through U.S. Bank for approximately $628,307 on behalf of his company, Offerworks Inc., a company he owned and controlled. By fraudulently submitting the Loan application, he lied to U.S. Bank and the United States government in order to be approved for the PPP Loan. Some of the false statements Torre made on the PPP Loan application included that his company, Offerworks Inc., had been in operation as of February 15, 2020, when it had not; his company had 37 employees, when it did not; and that Offerworks Inc., had an average monthly payroll of $251,323 in 2020, when it did not.

    “The amount of money Mr. Torre stole from the U.S. government and taxpayers, which was intended to keep businesses open and provide salaries for employees and their families during the COVID-19 pandemic, is significant and his fraud and will not go unpunished,” said Acting U.S. Attorney Felice John Viti of the District of Utah. “It is our hope Mr. Torre’s sentence will deter him and others who seek to take criminal advantage of government programs meant to help honest and hardworking business owners and their employees during a crisis.”

    The case was investigated jointly by the U.S. Postal Investigation Service, Draper City Police Department, U.S. Probation and Pretrial Services Office, Salt Lake City Police Department, Internal Revenue Service – Criminal Investigation Division, U.S. Small Business Administration – Office of Inspector General (SBA-OIG), and the U.S. Treasury Inspector General for Tax Administration (TIGTA).

    Assistant United States Attorney Todd C. Bouton of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

    Paycheck Protection Program (PPP)

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    MIL OSI USA News

  • MIL-OSI Africa: Rwanda: African Development Bank kickstarts pioneering cable car project in Kigali

    Source: Africa Press Organisation – English (2) – Report:

    The African Development Bank (www.AfDB.org) has approved a grant of $500,000 to undertake a feasibility study into the first phase of a cable car transport network in Kigali, that will be sub-Saharan Africa’s first aerial urban transit system.

    The funds, to be sourced from the Bank Group’s Urban and Municipal Development Fund (https://apo-opa.co/45CiDm9), are expected to help pave the way for the Kigali Urban Cable Car Project, a 5.5 km mobility initiative valued at $100 million and promising to ease the city’s traffic congestion, reduce greenhouse gas emissions, and connect underserved communities to jobs and essential services.

    The Urban and Municipal Development Fund (UMDF) is a trust fund hosted by the African Development Bank, which provides direct support to cities, to mobilize funding and technical assistance, develop partnerships, city engagement, project identification and investment.

    Phase 1 of the project will comprise two critical transit corridors: Nyabugogo Taxi Park to the Central Business District (CBD) Hub; and the Kigali Convention Center to Kigali Sports City, connecting public landmarks such as Amahoro Stadium, BK Arena, and the newly developed Zaria Court.

    The feasibility study is expected to position the project to attract international investment, including through platforms such as the Africa Investment Forum (AIF). The UMDF provided funding for the feasibility of another project in the country, the Kigali Urban Transport Improvement project, to help attract critical investment.

    Construction is expected to begin in late 2026, with commissioning scheduled for 2028. Once complete, the cable car will convey over 50,000 passengers a day on a 15-minute end-to-end journey, integrating into the city’s existing transport infrastructure.

    African Development Bank Group president Dr. Akinwumi Adesina, said: “This transformative project aligns perfectly with the Bank’s vision for sustainable, green climate-resilient urban mobility infrastructure, and with the Bank’s Ten-Year Strategy, which focuses on urbanization, and the Alliance for Green Infrastructure in Africa (AGIA), a global partnership initiative driven by the African Development Bank Group, Africa50 and the African Union. By financing Rwanda’s urban cable car system, we are investing in a scalable model of low-carbon, inclusive public transport that cities across Africa can emulate.”

    The project is anchored in Rwanda’s Green Taxonomy, E-mobility Strategy, and Climate and Nature Finance Strategy (CNFS) and aligns closely with Rwanda’s national climate objectives, which target a 38% reduction in carbon emissions by 2030 and carbon neutrality by 2050.

    The project implementation is expected to follow a Public-Private Partnership model, according to  Imena Munyampenda, the Director General of Rwanda Transport Development Agency.  

    The feasibility study plans to draw lessons from successful cable car systems in La Paz, Bolivia, and Singapore. The system will prioritize access for the disabled, employment opportunities for girls, women and low-income residents; and job creation, capacity building and technology transfer.

    “This pioneering feasibility study is a game-changing milestone,” said Solomon Quaynor, African Development Bank’s Vice President for Private Sector, Infrastructure, and Industrialization. “Through the UMDF, AfDB is laying the foundation for an investment-ready green infrastructure asset that offers both impact and returns.”

    Blended Financing

    The $100 million funding structure will comprise a strategic mix of grants, concessional loans, blended finance, and technical assistance. The UMDF grant will fund an assessment of the project’s viability gap.

    The Rwandan government, the African Development Bank Group, and other development partners, will collaborate to offer blended financing, along with commercial funding from the International Finance Corporation (IFC), Africa50, the Trade and Development Bank (TDB), the Africa Finance Corporation (AFC), as well as private investors and the Alliance for Green Infrastructure in Africa (AGIA). 

    – on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Janet Onyango
    African Development Bank Group 
    media@afdb.org

    Media files

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    MIL OSI Africa

  • MIL-OSI United Kingdom: Dubai-based director who falsified VAT returns banned after his four companies owed HMRC more than £1 million

    Source: United Kingdom – Government Statements

    Press release

    Dubai-based director who falsified VAT returns banned after his four companies owed HMRC more than £1 million

    Director submitted falsified documentation to reclaim VAT

    • Hassan Waqar has been disqualified as a director for 11 years after his four companies reclaimed almost £400,000 in VAT they were not entitled to 

    • The four companies – HN Restaurants Limited, Kiani Construction Limited, Moneemint Ventures Limited and Zoya Investments Limited – submitted falsified documents to HM Revenue and Customs (HMRC) or failed to provide supporting evidence for VAT repayment claims 

    • All four companies were struck-off the Companies House register between February and June 2023, with total debts to HMRC of more than £1.1 million in VAT assessments, penalties and interest

    The boss of four companies which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a director. 

    Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC. 

    A fourth company, Zoya Investments Limited, failed to supply evidence to HMRC to support the repayment returns it had submitted. 

    The four companies owed HMRC more than £1.1 million in VAT and penalties when they were all struck-off the Companies House register during the first half of 2023. 

    Waqar, 30, who is now based in Dubai, has been disqualified as a company director for 11 years. 

    Victoria Edgar, Chief Investigator at the Insolvency Service, said: 

    Hassan Waqar submitted falsified documentation for VAT reclamations that his companies were not entitled to receive. 

    Our investigations found that he failed to provide supporting evidence for claims across multiple businesses, with over £1.1 million owed when these companies were struck off the Companies House register in 2023.

    The Insolvency Service is committed to taking action against directors who fail to meet their legal and financial obligations, protecting the integrity of the business environment and the tax system.

    HN Restaurants Limited was set up in May 2020 as a fast-food business. Kiani Construction Limited was a construction company incorporated in August 2021 which was involved in real estate sales. 

    Moneemint Ventures Limited, like HN Restaurants Limited, was established in May 2020, and was described by Waqar as a banking service platform. Zoya Investments Limited, incorporated in March 2021, traded in carrying out fitouts. 

    The four companies received a total of £396,982 in VAT repayments. 

    HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited provided invoices to HMRC in support of their claims. HMRC contacted several of the suppliers who confirmed they had not issued the invoices to the companies. 

    Bank statements were provided by HN Restaurants Limited and Moneemint Ventures Limited to HMRC to support the repayment return, but they differed to the ones supplied by the banks. 

    Zoya Investments Limited did not provide any evidence to support its VAT repayment claims. 

    HMRC issued penalties to the four companies totalling £706,692. 

    The four companies were struck-off the Companies House register between February and June 2023. 

    Combined, the four companies owed £1,136,832 in VAT assessments, penalties and interest. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Waqar, and his ban started on Thursday 26 June. 

    It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

    HMRC issued a joint and several liability notice to Waqar for HN Restaurants, making him personally responsible for paying the tax debts of the company.

    Further information

    Updates to this page

    Published 26 June 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Massive annual increase in private jet traffic in Scotland shows urgent need to tax the rich

    Source: Scottish Greens

    Prestwick Airport has seen a 32% annual increase in private jet flights

    A 32% year-on-year increase in private jet flights to just one Scottish airport is a sign that we urgently need to tax the super-rich, says Scottish Greens MSP Ross Greer.

    The statistic comes from an investigation from Oxfam Scotland, which revealed that Scottish Government-owned Prestwick Airport saw a huge 32% increase in private jet flights from 2023 to 2024.

    Oxfam Scotland’s investigation also highlighted that some private jets can emit 20 or even 30 times more carbon emissions than flying economy class.

    The Scottish Greens have long campaigned for a Private Jet Tax in Scotland by increasing the rate of Air Departure Tax (ADT) on non-commercial jets. However, an ongoing stalemate between the Scottish Government and the UK Government over the introduction of ADT has delayed progress.

    The party is now calling for the Scottish Government to show clear leadership and to tax the super-rich by introducing a departure and arrival levy on private jet flights at Government-owned airports, namely Prestwick and the eleven airports owned via Highlands and Islands Airports Limited (HIAL).

    While Prestwick Airport sees substantial private jet traffic, often associated with golf events, HIAL airports are also regularly used by international elites who own large estates in Scotland.

    Ross said:

    “An obscene amount of wealth is being hoarded by a tiny number of elites who fly across the globe in their climate-wrecking private jets.

    “These jets have a huge impact on our environment, and while their super-rich occupants fly between their golf courses and superyachts, it’s Scottish taxpayers left paying to clean up their mess.

    “We all know that we urgently need to reduce pollution from planes to combat the climate emergency. One of the easiest ways to do that is to reduce private jet use, which is twenty times more polluting than regular commercial flights.

    “That’s why the Scottish Greens are proposing a private jet tax, which would raise money for our public services and keep the super-rich and their destructive toys on the ground.

    “We’ve waited for years for the Scottish and UK Governments to deliver the devolution of Air Departure Tax in Scotland, as they agreed to do over a decade ago.

    “Delays to the devolution of ADT aren’t a get out of jail free card for the Scottish Government. They can introduce a charge on private jets at the dozen airports they own right now, raising cash for public services and taking action to tackle the climate emergency.”

    MIL OSI United Kingdom

  • MIL-OSI: Reliance Global Group Highlights Strong Q1 Results from Spetner Associates

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, NJ, June 26, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance,” “we,” “us,” “our” or the “Company”) today highlighted the strong preliminary unaudited financial results of Spetner Associates, Inc. (“Spetner”) for the first quarter ended March 31, 2025. As previously announced, Reliance has entered into a definitive agreement to acquire Spetner, and the transaction continues to advance toward closing.

    Spetner’s Q1 2025 Financial Highlights (Unaudited):

    • Revenue increased by more than 95% year-over-year to approximately $5.16 million, compared with $2.64 million in Q1 2024.
    • Operating income margin grew by 29% year-over-year to 74% from 46% in Q1 2024.
    • Net income grew by 220% to approximately $2.98 million, more than triple the approximately $0.9 million reported for Q1 2024.
    • Cash flows from operating activities increased by 112% to $2.6 million, more than double the $1.2 million generated in Q1 2024.

    Ezra Beyman, CEO of Reliance Global Group, commented, “We’re thrilled with Spetner’s impressive first quarter results, illustrating full alignment with our strategy of acquiring and integrating high-performing cash-generating synergistic insurance distribution platforms. Combined with Reliance’s scalable operating model and technology-driven platform, the combined organization will be well positioned to generate consistent significant profits, returns and cash flows.”

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance.  In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

    • Our expectation that the acquisition of Spetner Associates, Inc. will close as planned or at all and continue to advance toward completion, including obtaining any necessary regulatory or shareholder approvals;
    • Our objective to acquire and integrate high-performing, cash-generating synergistic insurance distribution platforms that align with our scalable, technology-driven model to drive shareholder value;
    • Our intention to pursue disciplined, accretive growth opportunities across the InsurTech and insurance agency sectors; and
    • Other statements regarding our plans, strategies, expectations and intentions concerning future operations, financial performance, and service offerings of either us, Spetner or the potentially combined company thereof.

    These forward-looking statements are based on a number of assumptions, including the assumptions that: the LOI will not be terminated prior to execution of definitive purchase agreements; due diligence and documentation negotiations will proceed without material adverse findings; the Fortman sale and the Spetner acquisition will both close as expected; our revenue and EBITDA projections for Spetner are attainable; integration risks will be managed successfully; and there will be no material adverse changes in market, economic or regulatory conditions affecting our businesses. There can be no assurance that any of these assumptions will prove correct.

    There are numerous risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These include, among others: the risk that the Fortman buyer may withdraw or renegotiate the terms of the LOI; delays or failure to complete either the Fortman sale or the Spetner acquisition; unanticipated liabilities or integration challenges in connection with Spetner; our inability to realize the projected revenue or EBITDA benefits; competition in the InsurTech and agency brokerage industry; changes in insurance regulation or Nasdaq listing requirements; general economic or financial market conditions; and the other risks and uncertainties described in the “Risk Factors” section of our Registration Statement on Form S-1 and our periodic reports filed with the Securities and Exchange Commission.

    You should carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, and the other reports we have filed or will file with the SEC for a more complete discussion of risks and uncertainties. tExcept as required by law, Reliance Global Group, Inc. disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com 

    The MIL Network

  • MIL-OSI: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 26, 2025 (GLOBE NEWSWIRE) — Krane Funds Advisors, LLC (“KraneShares”), a global asset management firm recognized for its innovative investment solutions, celebrated the launch of the KraneShares Global Humanoid and Embodied Intelligence Index ETF (Ticker: KOID). The historic event featured the first-ever humanoid robot to ring the iconic Nasdaq Opening Bell.

    “We are thrilled to bring the first humanoid to ring the opening bell at Nasdaq to celebrate our Global Humanoid ETF: KOID,” said Jonathan Krane, CEO of KraneShares. “This event is a testament to the rapid advancements in robotics and artificial intelligence that could transform our world.”

    Humanoid robots are already demonstrating impressive performance in human tasks in both factory and home settings. The Morgan Stanley Global Humanoid Model projects that there could be 1 billion humanoids and $5 trillion in annual revenue by 2050.1

    “Today’s historic bell ringing by a humanoid robot marks a new era for investing in robotics and AI,” said Giang Bui, Head of Equities and ETFs at Nasdaq. “Nasdaq is proud to support KraneShares and the launch of KOID as we celebrate innovation at the heart of global finance.”

    The humanoid robot featured in the bell-ringing ceremony is the Unitree G1 Ultimate, supplied by RoboStore, the official partner of Unitree. RoboStore has been collaborating with Unitree for several years to drive the distribution and development of robotics within the U.S. education system.

    “Robotics, especially humanoids, are on the verge of widespread adoption. The people accelerating this shift include educators and research teams like OpenMind, a Stanford-based group developing open-source robotics software,” said Teddy Haggerty, a representative from RoboStore. “Our goal at RoboStore is to get this technology into the hands of major universities, empowering the next generation of innovators.”

    RoboStore and OpenMind jointly customized the robot, named “Iris,” for the occasion. Iris runs on OM1, OpenMind’s open-source operating system for embodied artificial intelligence, demonstrating advanced autonomy and human interaction. OM1 is set to be integrated into educational curricula nationwide through RoboStore’s programs.

    The Nasdaq Opening Bell Ringing by a Humanoid Robot was a first for the exchange and a testament to the growing impact of robotics across industries.

    For more information on the KraneShares Global Humanoid and Embodied Intelligence Index ETF (Ticker: KOID), please visit https://kraneshares.com/koid or consult your financial advisor.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Alternatives. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Citations:

    1. “Humanoids: 1bn Robots and $5tn Revenues by 2050, China is in Pole Position” Morgan Stanley Research, 4/28/2025.

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting www.kraneshares.com/koid. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

    AI-exposed companies face profitability challenges due to high research costs, competition, IP reliance, and regulatory risk. Product failures or safety concerns could be detrimental. Identifying AI companies accurately is complex. Tech firms face risks of product failure, obsolescence, regulatory impact, and uncertain profitability due to technological advancements and government policies. Certain tech investments may lack current profitability and future success is uncertain. The Fund is subject to non-U.S. issuers risk, which may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, are typically subject to different investor protection standards than U.S. issuers, and the economic instability of the non-U.S. countries. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

    Neither MerQube, Inc. nor any of its affiliates (collectively, “MerQube”) is the issuer or producer of KraneShares Global Humanoid & Embodied Intelligence Index ETF (the “Fund”) and MerQube has no duties, responsibilities, or obligations to investors in The Fund. The index underlying the The Fund is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC and its affiliates. Such index is calculated using, among other things, market data or other information (“Input Data”) from one or more sources (each a “Data Provider”). MerQube® is a registered trademark of MerQube, Inc. These trademarks have been licensed for certain purposes by Krane Funds Advisors, LLC and its affiliates in its capacity as the issuer of the The Fund. The Fund is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in The Fund particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, MerQube Global Humanoid and Embodied Intelligence Index, or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares of The Fund or to any member of the public, of any kind, including regarding the ability of the MerQube Global Humanoid and Embodied Intelligence Index to track market performance or any asset class. The MerQube Global Humanoid and Embodied Intelligence Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC and its affiliates or the The Fund. MerQube and Data Providers have no obligation to take the needs of Krane Funds Advisors, LLC and its affiliates or the owners of The Fund into consideration in determining, composing or calculating the MerQube Global Humanoid and Embodied Intelligence Index. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of The Fund or the timing of the issuance or sale of The Fund or in the determination or calculation of the equation by which The Fund is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of The Fund. There is no assurance that investment products based on the MerQube Global Humanoid and Embodied Intelligence Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.

    NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC AND ITS AFFILIATES, OWNERS OF THE THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO “MERQUBE” AND/OR “DATA PROVIDER” SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY.

    Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration.

    A large number of shares of the Fund are held by a single shareholder or a small group of shareholders. Redemptions from these shareholders can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders. KOID is non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ceb61dcd-df25-411a-a2fb-a19d618441cc

    The MIL Network

  • MIL-OSI: Cerence AI Powers In-Car Experience in Premier German Automaker’s New Electric Sedan

    Source: GlobeNewswire (MIL-OSI)

    BURLINGTON, Mass., June 26, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, today announced that its core technologies are supporting new agentic and generative AI capabilities in the next-generation of MBUX, rolling out first in the all-new and all-electric Mercedes-Benz CLA. Building on Cerence AI and Mercedes-Benz’s long-term collaboration, this first deployment of the fourth generation of MBUX, supporting advanced conversational capabilities within MBUX Virtual Assistant – as well as the first launch of the automaker’s MB.OS – marks an important milestone in the companies’ shared mission to deliver innovative, intelligent user experiences to Mercedes-Benz drivers.

    Cerence AI and Mercedes-Benz are long-time partners on the MBUX infotainment system. For this program, Cerence AI collaborated closely with Mercedes-Benz global development network to develop the MBUX Virtual Assistant. Cerence’s AI solutions, including speech signal enhancement, cloud-based neural speech recognition, natural language understanding, and embedded neural text-to-speech, serve as the core input and output mechanisms across 25 languages, enabling seamless interaction across the platform’s agentic architecture. This includes the automaker’s new “living” avatar, which takes the form of the Mercedes-Benz star. In addition, Cerence AI enables MBUX to deliver more natural and empathetic interactions. Based on different facets of the user’s voice, the system has the capacity to respond in varying emotional speaking styles leveraging Cerence neural TTS.

    “We greatly value our ongoing partnership with Mercedes-Benz and are proud of our joint effort to integrate our AI solutions, transforming the in-car experience for drivers and passengers around the world,” said Christian Mentz, Chief Revenue Officer, Cerence AI. “This project underscores our unique ability to meet automakers where they are – in this case, partnering closely with Mercedes-Benz to enhance customer choice for their drivers, leveraging the Cerence AI stack that supports the integration of a variety of services and agents.”

    “As we continue to advance MBUX and the Virtual Assistant, we continue our collaboration with Cerence AI to leverage their ongoing innovation in core voice interaction technologies to bring enhanced intelligence and seamless interaction to our drivers,” said Andreas Biehl, Senior Manager Virtual Assistant & Infotainment Experience at Mercedes-Benz.

    To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

    Contact Information
    Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

    The MIL Network

  • MIL-OSI: Cerence AI Powers In-Car Experience in Premier German Automaker’s New Electric Sedan

    Source: GlobeNewswire (MIL-OSI)

    BURLINGTON, Mass., June 26, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, today announced that its core technologies are supporting new agentic and generative AI capabilities in the next-generation of MBUX, rolling out first in the all-new and all-electric Mercedes-Benz CLA. Building on Cerence AI and Mercedes-Benz’s long-term collaboration, this first deployment of the fourth generation of MBUX, supporting advanced conversational capabilities within MBUX Virtual Assistant – as well as the first launch of the automaker’s MB.OS – marks an important milestone in the companies’ shared mission to deliver innovative, intelligent user experiences to Mercedes-Benz drivers.

    Cerence AI and Mercedes-Benz are long-time partners on the MBUX infotainment system. For this program, Cerence AI collaborated closely with Mercedes-Benz global development network to develop the MBUX Virtual Assistant. Cerence’s AI solutions, including speech signal enhancement, cloud-based neural speech recognition, natural language understanding, and embedded neural text-to-speech, serve as the core input and output mechanisms across 25 languages, enabling seamless interaction across the platform’s agentic architecture. This includes the automaker’s new “living” avatar, which takes the form of the Mercedes-Benz star. In addition, Cerence AI enables MBUX to deliver more natural and empathetic interactions. Based on different facets of the user’s voice, the system has the capacity to respond in varying emotional speaking styles leveraging Cerence neural TTS.

    “We greatly value our ongoing partnership with Mercedes-Benz and are proud of our joint effort to integrate our AI solutions, transforming the in-car experience for drivers and passengers around the world,” said Christian Mentz, Chief Revenue Officer, Cerence AI. “This project underscores our unique ability to meet automakers where they are – in this case, partnering closely with Mercedes-Benz to enhance customer choice for their drivers, leveraging the Cerence AI stack that supports the integration of a variety of services and agents.”

    “As we continue to advance MBUX and the Virtual Assistant, we continue our collaboration with Cerence AI to leverage their ongoing innovation in core voice interaction technologies to bring enhanced intelligence and seamless interaction to our drivers,” said Andreas Biehl, Senior Manager Virtual Assistant & Infotainment Experience at Mercedes-Benz.

    To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

    Contact Information
    Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

    The MIL Network

  • MIL-OSI United Kingdom: Council rolls out smart messaging to tackle debt fairly

    Source: City of Derby

    A new messaging service aimed at collecting debt more efficiently and ethically has been launched by Derby City Council.

    A key feature of the messaging service is its integration with an advanced AI-powered dashboard, which gathers and analyses information from across Council systems.

    The dashboard gives staff a detailed view of outstanding debt, allowing the Council to examine individual cases and identify where it needs to offer support to minimise debt, and maximise income collection.

    From 26 June, businesses in the city who don’t pay their business rates by Direct Debit can expect timely emails to remind them of upcoming payments and when instalments are overdue.

    This proactive approach aims to help businesses avoid arrears and potential costly recovery actions.

    Similar messaging services for Council Tax payers and sundry debtors are also set to launch shortly and are the latest applications in the Council’s pioneering AI programme.

    Councillor Hardyal Dhindsa, Cabinet Member for Digital and Organisational Transformation at Derby City Council said:

    At a time when every penny counts, it’s more important than ever that the Council manages its limited finances responsibly.

    This new service, supported by advanced technology, gives us a much more detailed view of individual cases. It means we can take a more tailored and compassionate approach to debt collection — ensuring support is targeted where it’s needed most, while still being fair and effective.

    It’s a great example of how smart use of technology can benefit the Council, city businesses and our residents.

    The Council has a legal duty and responsibility to Derby’s citizens to ensure that outstanding debt is paid promptly and in line with relevant legislation, best practice, and ethical collection methods.

    In February 2024, Cabinet approved a revised debt management policy. This provides a framework for the Council to manage its debt while ensuring that customers receive appropriate assistance, guidance and support, and that mutually agreed repayment arrangements are affordable and sustainable.

    Details on all payment methods, how to set up Direct Debits and paperless billing, can be found on the Council’s website.

    MIL OSI United Kingdom

  • MIL-OSI: RBC iShares Expands iShares Core Offering with Launch of New ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Today, RBC iShares expands its iShares Core exchange traded fund (ETF) lineup with the launch of the iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) (the ‘iShares Fund’).

    The iShares Fund will provide investors with broad-based exposure to the total U.S. equity market, covering large-, mid-, small-, and micro-capitalized companies. The iShares Fund is a Canadian dollar-hedged offering and complements the iShares Core S&P Total U.S. Stock Market Index ETF, XTOT, which was launched on June 2, 2025.

    The iShares Fund is expected to begin trading on the Toronto Stock Exchange (the “TSX”) today; the iShares Fund is managed by BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect wholly-owned subsidiary of BlackRock, Inc (“BlackRock”).

    Fund Name Ticker Annual
    Management
    Fee
    1
    iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) XTOH 0.07%2

    RBC iShares aims to help clients achieve their investment objectives by empowering them to build efficient portfolios and take control of their financial futures. RBC iShares is committed to delivering a truly differentiated ETF experience and positive outcomes for clients.

    For more information about RBC iShares, please visit https://www.rbcishares.com.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

    About iShares

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    About RBC
    Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

    We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

    About RBC Global Asset Management
    RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) manage approximately $693 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.

    RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    ® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2025 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    _______________________

    1 As an annualized percentage of the iShares Fund’s daily net asset value.
    2 If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an “underlying product fee” and together with the management fee payable to BlackRock Canada, the “total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.

    The MIL Network

  • MIL-OSI: RBC iShares Expands iShares Core Offering with Launch of New ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Today, RBC iShares expands its iShares Core exchange traded fund (ETF) lineup with the launch of the iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) (the ‘iShares Fund’).

    The iShares Fund will provide investors with broad-based exposure to the total U.S. equity market, covering large-, mid-, small-, and micro-capitalized companies. The iShares Fund is a Canadian dollar-hedged offering and complements the iShares Core S&P Total U.S. Stock Market Index ETF, XTOT, which was launched on June 2, 2025.

    The iShares Fund is expected to begin trading on the Toronto Stock Exchange (the “TSX”) today; the iShares Fund is managed by BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect wholly-owned subsidiary of BlackRock, Inc (“BlackRock”).

    Fund Name Ticker Annual
    Management
    Fee
    1
    iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) XTOH 0.07%2

    RBC iShares aims to help clients achieve their investment objectives by empowering them to build efficient portfolios and take control of their financial futures. RBC iShares is committed to delivering a truly differentiated ETF experience and positive outcomes for clients.

    For more information about RBC iShares, please visit https://www.rbcishares.com.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

    About iShares

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    About RBC
    Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

    We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

    About RBC Global Asset Management
    RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) manage approximately $693 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.

    RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    ® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2025 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    _______________________

    1 As an annualized percentage of the iShares Fund’s daily net asset value.
    2 If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an “underlying product fee” and together with the management fee payable to BlackRock Canada, the “total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.

    The MIL Network

  • MIL-OSI New Zealand: Tax Justice Aotearoa welcomes IRD discussion document on tax reform

    Source: Tax Justice Aotearoa

    Tax Justice Aotearoa has welcomed the release of Inland Revenue’s draft Long Term Insight Briefing, which looks at the possible future directions for New Zealand’s tax system.

    The discussion document suggests a stable core structure of main bases that “comprehensively taxes the factors that are sought to be taxed”, coupled with the ability to “change rates on main bases to change the level of revenue.”

    “We welcome the release of the draft LTIB as a useful contribution to the debate about what kind of tax system we want for the future,” says Glenn Barclay, Chair of Tax Justice Aotearoa.

    “Tax has become a hot topic and this document demonstrates some of the challenges we face.”

    “We look forward to hearing more from the IR officials and giving the public the opportunity to question their thinking at our upcoming briefing event*,” says Glenn Barclay. “This is part of the consultation process so everyone who would like to make a submission on the LTIB should come along.”

    The LTIB notes the fiscal challenge we face as a country as expenditure increases, largely as a result of an ageing population.  

    “Tax Justice Aotearoa agrees with this observation but an ageing population is just one of the many problems we have stored up for ourselves by failing to invest in both social and physical infrastructure – the challenges of poverty and inequality, as well as climate change adaptation and mitigation also come to mind”, says Glenn Barclay.

    The LTIB also demonstrates that New Zealand is an outlier in the extent to which it relies on tax revenue from labour income and GST and that we under tax capital income.

    “These are the taxes that impact most on working people and the poor,” says Glenn Barclay.

    “We need to address this imbalance by ensuring those who can afford to pay more are required to do so, and also that the regressive nature of GST can be addressed. The permanent GST-offset credit suggested by the LTIB, is a proposal worth considering.”
     
    “There are limitations to the document, for example it does not address the interface between the tax system and the Working For Families tax credit, which is a fraught issue for those who are dependent upon WFF, but we look forward to the debate that the document will provoke,” says Glenn Barclay.

    * Tax Justice Aotearoa will be hosting speakers from Inland Revenue at one of its ‘Tax on Tuesdays’ events on Tuesday 1 July at 12.30pm* – members of the public are welcome to attend.

    It will be a hybrid event with an in person session at Rutherford House in Wellington, which will be live-streamed.

    Where: Rutherford House Lecture Theatre 2 (RHLT2), 33 Bunny Street, Wellington.

    When: 12.30-1.30 pm Tuesday, 1 July 2025

    To register in person or Zoom: https://www.tjanz.org/ir-insights-briefing

    MIL OSI New Zealand News

  • MIL-OSI: MoonFox Data | Simultaneous Growth in Scale and Profit of Ly.com Underscores the Potential of Mass-market Tourism

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, June 26, 2025 (GLOBE NEWSWIRE) — MoonFox Data | Simultaneous Growth in Scale and Profit of Ly.com Underscores the Potential of Mass-market Tourism

    In Q1 2025, ly.com reported revenue of RMB 4.377 billion and adjusted net profit of RMB 788 million, marking YoY increases of 13.2% and 41.1%, respectively. Amid a macro recovery marked by YoY growth in both travel volume and consumer spending, ly.com has tapped into the tourism potential of non-first-tier markets, demonstrating strong demand beyond first-tier cities. While consolidating its core OTA business, the company has expanded into air tickets, hotels, and international operations, achieving diversified growth. By integrating AI strategies to drive cost reduction and efficiency, it is accelerating technological transformation and showcasing long-term growth resilience. Looking ahead, the mass-market tourism sector presents substantial upside potential. OTA platforms that can deliver both inclusive accessibility and elevated service quality are well-positioned to capitalize on structural opportunities within the industry.

    I. Operational Performance: Revenue and Profit Growth Driven by Multi-dimensional Expansion and Optimized Business Mix

    In Q1, ly.com reported revenue of RMB 4.377 billion, increased by 13.2% YoY. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached RMB 1.159 billion, while adjusted net profit rose to RMB 788 million, both growing by over 41% YoY. From a business segment perspective, ly.com’s growth is primarily driven by its core services such as accommodation booking and transportation ticketing, along with the expansion of other emerging businesses. This has enabled the company to build a synergistic model of “transportation + accommodation + vacation” and “domestic + international” operations, leading to a more balanced and healthier business structure.

    1.         OTA remains the core revenue driver with significant growth: In Q1, revenue from ly.com’s online travel platform segment grew by 18.4% YoY to RMB 3.792 billion, accounting for approximately 86.6% of total revenue. Among these, accommodation booking services led with a YoY growth rate of 23.3%, while transportation ticketing revenue also rose by 15.2% YoY. This growth was mainly driven by ly.com’s continued efforts in Q1 to diversify and innovate value-added products for flights and hotels, enhance end-to-end service capabilities for mass-market travel, and attract users through strong promotional offers, effectively capturing demand arising from the broader macroeconomic recovery. For instance, multi-section transfer products like “train-to-train” and “air-to-air” connections offered competitive and cost-effective travel solutions, resulting in YoY booking increases of 22% and 44%, respectively.
    2.         Diversified revenue streams expand, though vacation business sees a dip: Other revenues rose 20% YoY in Q1 to RMB 603 million, driven by growth in hotel management services and Property Management System (PMS) operations, emerging as a meaningful contributor to ly.com’s top line. At the macro level, the development and upgrading of mass tourism have driven growing demand for leisure travel, with vacationing becoming a preferred choice for more travelers. Ly.com has responded by launching scenario-based innovations such as small-group and customized tours, effectively unlocking users’ leisure and holiday needs. However, due to safety concerns in Southeast Asia, vacation-related revenue declined by 11.8% YoY in Q1.
    3.         Outbound travel drives performance with strong momentum: In recent years, ly.com has consistently expanded its international business by introducing airport transfer services abroad, launching an international travel booking platform and localized apps, establishing overseas physical stores and customer experience centers, and partnering with global airlines and hotels. These efforts aim to seize the growth opportunities in outbound tourism and enhance the company’s penetration rate in overseas markets. According to the financial report, in Q1 2025, driven by a surge in outbound travel among users from non-first-tier cities, ly.com recorded a YoY increase of over 40% in international air ticket bookings and over 50% in international hotel room nights. Looking ahead, the deeper penetration of outbound travel services in non-first-tier markets is expected to make international air, hotel, and vacation businesses a new engine for driving performance growth.

    II. Business Developments: Focusing on Mass-market Tourism Consumption Demand and Accelerating AI Capabilities

    1.         Deepening Commitment To Mass-market Tourism To Build Scale and Amplify User Value
    With a strategic focus on the mass-market tourism sector, ly.com targets consumers in non-first-tier cities, an audience with vast growth potential. By leveraging high-frequency UV entrances, offering one-stop services across full travel scenarios, and delivering cost-effective products to match the mass-market tourism consumption demand, the company continues to expand its user base and enhance user value. According to its financial report, as of the end of Q1 2025, ly.com had served a cumulative 1.96 billion trips and reached 247 million paying users, both representing over 7% YoY growth. Notably, users from non-first-tier cities accounted for 87% of total registered users, highlighting the success of its penetration strategy in markets in lower-tier cities.

    ①         UV entrances and service scenarios aligned with mass-market tourism consumers: In addition to its proprietary app, ly.com has embedded itself deeply into the WeChat ecosystem, using lightweight applets and high-frequency ticketing demands to reach consumers, to form stable UVs and further penetrate the markets in lower-tier cities. In Q1, ly.com continued to optimize operational efficiency within WeChat ecosystem; Between January and April, its “City Pass” WeChat applet expanded into Beijing and Guangzhou, covering urban transit scenarios. Through applet channels and City Pass business integration, ly.com further diversified its UV entrances and ecosystem touchpoints. According to MoonFox Data, WeChat applets maintain a leading share within ly.com’s overall UV landscape.

    ②         Supply chain integration enhances one-stop & cost-effective offerings: Through upstream and downstream supply chain integration, ly.com has extended its reach across the entire travel ecosystem, leveraging innovation and synergy to drive user engagement. By continuously enriching its “Air Travel +” product portfolio, the company has expanded its service coverage and strengthened price competitiveness to boost user spending and repeat purchases. In Q1 2025, ly.com partnered with multiple global airlines, airports, and international hotel groups such as Marriott and Hilton, further building its supply chain advantage in outbound tourism and helping reduce travel costs for users. On April 17, ly.com announced the acquisition of 100% equity in Wanda Hotel Management Co. Limited. The move is expected to “complement” its high-end hotel brand portfolio through Wanda’s brand matrix and resource base, enhancing its competitiveness in the hotel management sector.
    ③         Inclusive services and membership program drive user retention: In January 2025, ly.com partnered with several domestic airports to launch the “Worry-free First Trip” initiative, which officially rolled out to all users in mid-March. Designed to reduce travel barriers for elderly, students, and foreign travelers, the program supports new user acquisition and paid user growth. Meanwhile, the company upgraded its Black Card membership system, adding over 50 new benefits such as free hotel cancellation/modification and full-point redemption for room bookings. These enhancements are intended to boost loyalty among high-value users and better meet the rising demand for premium travel from non-first-tier markets, capitalizing on the consumption upgrade trend in mass-market tourism.
    2. Deep Integration with DeepSeek to Advance AI-Powered Efficiency and Experience
    On February 28, ly.com announced that its proprietary large vertical large model for the travel industry, “Chengxin”, would be fully integrated with DeepSeek. In March, the company launched an upgraded version, Chengxin AI, alongside DeepTrip, an AI agent that delivers real-time travel planning and booking services. This intelligent system understands user intent, inspires travel ideas, and dynamically generates personalized itineraries and booking options, creating an intelligent one-stop service flow of “travel need → personalized plan → product consumption”. Since its launch in December 2024, Chengxin AI has already served over 200,000 users. Its integration with DeepSeek is expected to further enhance user decision-making efficiency and elevate the smart travel experience. Looking ahead, ly.com plans to embed DeepTrip across its major booking scenarios, which is likely to increase the effectiveness of its cross-selling strategies.
    AI also brings broader operational value. By leveraging AI technology, ly.com has reduced labor costs by 20% and significantly improved operational efficiency. On the B2B side, it exports AI capabilities via its intelligent hotel solutions, enabling hospitality partners to lower costs and expand digital empowerment boundaries.
    III. Strategic Insights: Growth Trajectories for OTA Platforms Amid the “Mass Tourism” Trend
    According to data from the Ministry of Culture and Tourism, domestic travel in China reached 1.794 billion trips in Q1 2025, with total travel-related spending hitting RMB 1.80 trillion, increased by 26.4% and 18.6% YoY, respectively. Residents in non-first-tier cities represent a massive consumer base, and with room to improve in both online OTA conversion rates and average revenue per user (ARPU), this demographic is expected to unleash long-term growth potential as travel frequency and spending power continue to rise, injecting both UVs and value into the industry.

    At present, mass-market tourism consumption is undergoing segmentation and diversification. A wide array of consumer groups is seeking differentiated, immersive travel experiences, where high quality and high cost-effectiveness coexist. In this context, OTA platforms must focus on customer segmentation and industry chain integration. According to iMarketing of MoonFox Data, as of April 2025, users aged 46 and above and those 25 years and younger accounted for 28% and 22.7%, respectively, of all installed users across online travel platform apps, making them key contributors to tourism consumption. To better serve these audiences, OTAs must develop differentiated services and content ecosystems that align with specific demographic preferences. For instance: Design elderly-friendly interfaces and develop wellness-themed travel products for older users. Partner in creating cultural tourism IPs and personalized itineraries, using short videos and live streaming to inspire younger travelers. On the product and service side, given mass-market consumers’ dual demands for quality and affordability, OTA platforms should further integrate the supply chain, expanding their core inventory of accommodation and transport resources while strengthening pricing leverage. Bundled offerings such as premium air-hotel packages and county-level attraction combo passes can simultaneously enhance both product quality and perceived value.

    In parallel, platforms should capitalize on surging outbound tourism. This includes proactive involvement in overseas destination marketing campaigns and a keen focus on the specific needs and pain points of outbound travelers from non-first-tier cities, an area poised for the next wave of growth. At the same time, leveraging advancements in large models, OTAs can embed AI technologies into real-world travel scenarios to drive long-term cost reduction, operational efficiency, and upgrades in user experience.

    About MoonFox Data
    MoonFox Data, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading alternative data provider delivering actionable insights to global financial institutions and investment firms. Trusted by top 50 funds, MoonFox leverages proprietary big data and advanced analytics to help clients uncover market trends and drive smarter decisions across China and emerging markets.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    Attachment

    The MIL Network

  • MIL-OSI: MoonFox Data | Simultaneous Growth in Scale and Profit of Ly.com Underscores the Potential of Mass-market Tourism

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, June 26, 2025 (GLOBE NEWSWIRE) — MoonFox Data | Simultaneous Growth in Scale and Profit of Ly.com Underscores the Potential of Mass-market Tourism

    In Q1 2025, ly.com reported revenue of RMB 4.377 billion and adjusted net profit of RMB 788 million, marking YoY increases of 13.2% and 41.1%, respectively. Amid a macro recovery marked by YoY growth in both travel volume and consumer spending, ly.com has tapped into the tourism potential of non-first-tier markets, demonstrating strong demand beyond first-tier cities. While consolidating its core OTA business, the company has expanded into air tickets, hotels, and international operations, achieving diversified growth. By integrating AI strategies to drive cost reduction and efficiency, it is accelerating technological transformation and showcasing long-term growth resilience. Looking ahead, the mass-market tourism sector presents substantial upside potential. OTA platforms that can deliver both inclusive accessibility and elevated service quality are well-positioned to capitalize on structural opportunities within the industry.

    I. Operational Performance: Revenue and Profit Growth Driven by Multi-dimensional Expansion and Optimized Business Mix

    In Q1, ly.com reported revenue of RMB 4.377 billion, increased by 13.2% YoY. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached RMB 1.159 billion, while adjusted net profit rose to RMB 788 million, both growing by over 41% YoY. From a business segment perspective, ly.com’s growth is primarily driven by its core services such as accommodation booking and transportation ticketing, along with the expansion of other emerging businesses. This has enabled the company to build a synergistic model of “transportation + accommodation + vacation” and “domestic + international” operations, leading to a more balanced and healthier business structure.

    1.         OTA remains the core revenue driver with significant growth: In Q1, revenue from ly.com’s online travel platform segment grew by 18.4% YoY to RMB 3.792 billion, accounting for approximately 86.6% of total revenue. Among these, accommodation booking services led with a YoY growth rate of 23.3%, while transportation ticketing revenue also rose by 15.2% YoY. This growth was mainly driven by ly.com’s continued efforts in Q1 to diversify and innovate value-added products for flights and hotels, enhance end-to-end service capabilities for mass-market travel, and attract users through strong promotional offers, effectively capturing demand arising from the broader macroeconomic recovery. For instance, multi-section transfer products like “train-to-train” and “air-to-air” connections offered competitive and cost-effective travel solutions, resulting in YoY booking increases of 22% and 44%, respectively.
    2.         Diversified revenue streams expand, though vacation business sees a dip: Other revenues rose 20% YoY in Q1 to RMB 603 million, driven by growth in hotel management services and Property Management System (PMS) operations, emerging as a meaningful contributor to ly.com’s top line. At the macro level, the development and upgrading of mass tourism have driven growing demand for leisure travel, with vacationing becoming a preferred choice for more travelers. Ly.com has responded by launching scenario-based innovations such as small-group and customized tours, effectively unlocking users’ leisure and holiday needs. However, due to safety concerns in Southeast Asia, vacation-related revenue declined by 11.8% YoY in Q1.
    3.         Outbound travel drives performance with strong momentum: In recent years, ly.com has consistently expanded its international business by introducing airport transfer services abroad, launching an international travel booking platform and localized apps, establishing overseas physical stores and customer experience centers, and partnering with global airlines and hotels. These efforts aim to seize the growth opportunities in outbound tourism and enhance the company’s penetration rate in overseas markets. According to the financial report, in Q1 2025, driven by a surge in outbound travel among users from non-first-tier cities, ly.com recorded a YoY increase of over 40% in international air ticket bookings and over 50% in international hotel room nights. Looking ahead, the deeper penetration of outbound travel services in non-first-tier markets is expected to make international air, hotel, and vacation businesses a new engine for driving performance growth.

    II. Business Developments: Focusing on Mass-market Tourism Consumption Demand and Accelerating AI Capabilities

    1.         Deepening Commitment To Mass-market Tourism To Build Scale and Amplify User Value
    With a strategic focus on the mass-market tourism sector, ly.com targets consumers in non-first-tier cities, an audience with vast growth potential. By leveraging high-frequency UV entrances, offering one-stop services across full travel scenarios, and delivering cost-effective products to match the mass-market tourism consumption demand, the company continues to expand its user base and enhance user value. According to its financial report, as of the end of Q1 2025, ly.com had served a cumulative 1.96 billion trips and reached 247 million paying users, both representing over 7% YoY growth. Notably, users from non-first-tier cities accounted for 87% of total registered users, highlighting the success of its penetration strategy in markets in lower-tier cities.

    ①         UV entrances and service scenarios aligned with mass-market tourism consumers: In addition to its proprietary app, ly.com has embedded itself deeply into the WeChat ecosystem, using lightweight applets and high-frequency ticketing demands to reach consumers, to form stable UVs and further penetrate the markets in lower-tier cities. In Q1, ly.com continued to optimize operational efficiency within WeChat ecosystem; Between January and April, its “City Pass” WeChat applet expanded into Beijing and Guangzhou, covering urban transit scenarios. Through applet channels and City Pass business integration, ly.com further diversified its UV entrances and ecosystem touchpoints. According to MoonFox Data, WeChat applets maintain a leading share within ly.com’s overall UV landscape.

    ②         Supply chain integration enhances one-stop & cost-effective offerings: Through upstream and downstream supply chain integration, ly.com has extended its reach across the entire travel ecosystem, leveraging innovation and synergy to drive user engagement. By continuously enriching its “Air Travel +” product portfolio, the company has expanded its service coverage and strengthened price competitiveness to boost user spending and repeat purchases. In Q1 2025, ly.com partnered with multiple global airlines, airports, and international hotel groups such as Marriott and Hilton, further building its supply chain advantage in outbound tourism and helping reduce travel costs for users. On April 17, ly.com announced the acquisition of 100% equity in Wanda Hotel Management Co. Limited. The move is expected to “complement” its high-end hotel brand portfolio through Wanda’s brand matrix and resource base, enhancing its competitiveness in the hotel management sector.
    ③         Inclusive services and membership program drive user retention: In January 2025, ly.com partnered with several domestic airports to launch the “Worry-free First Trip” initiative, which officially rolled out to all users in mid-March. Designed to reduce travel barriers for elderly, students, and foreign travelers, the program supports new user acquisition and paid user growth. Meanwhile, the company upgraded its Black Card membership system, adding over 50 new benefits such as free hotel cancellation/modification and full-point redemption for room bookings. These enhancements are intended to boost loyalty among high-value users and better meet the rising demand for premium travel from non-first-tier markets, capitalizing on the consumption upgrade trend in mass-market tourism.
    2. Deep Integration with DeepSeek to Advance AI-Powered Efficiency and Experience
    On February 28, ly.com announced that its proprietary large vertical large model for the travel industry, “Chengxin”, would be fully integrated with DeepSeek. In March, the company launched an upgraded version, Chengxin AI, alongside DeepTrip, an AI agent that delivers real-time travel planning and booking services. This intelligent system understands user intent, inspires travel ideas, and dynamically generates personalized itineraries and booking options, creating an intelligent one-stop service flow of “travel need → personalized plan → product consumption”. Since its launch in December 2024, Chengxin AI has already served over 200,000 users. Its integration with DeepSeek is expected to further enhance user decision-making efficiency and elevate the smart travel experience. Looking ahead, ly.com plans to embed DeepTrip across its major booking scenarios, which is likely to increase the effectiveness of its cross-selling strategies.
    AI also brings broader operational value. By leveraging AI technology, ly.com has reduced labor costs by 20% and significantly improved operational efficiency. On the B2B side, it exports AI capabilities via its intelligent hotel solutions, enabling hospitality partners to lower costs and expand digital empowerment boundaries.
    III. Strategic Insights: Growth Trajectories for OTA Platforms Amid the “Mass Tourism” Trend
    According to data from the Ministry of Culture and Tourism, domestic travel in China reached 1.794 billion trips in Q1 2025, with total travel-related spending hitting RMB 1.80 trillion, increased by 26.4% and 18.6% YoY, respectively. Residents in non-first-tier cities represent a massive consumer base, and with room to improve in both online OTA conversion rates and average revenue per user (ARPU), this demographic is expected to unleash long-term growth potential as travel frequency and spending power continue to rise, injecting both UVs and value into the industry.

    At present, mass-market tourism consumption is undergoing segmentation and diversification. A wide array of consumer groups is seeking differentiated, immersive travel experiences, where high quality and high cost-effectiveness coexist. In this context, OTA platforms must focus on customer segmentation and industry chain integration. According to iMarketing of MoonFox Data, as of April 2025, users aged 46 and above and those 25 years and younger accounted for 28% and 22.7%, respectively, of all installed users across online travel platform apps, making them key contributors to tourism consumption. To better serve these audiences, OTAs must develop differentiated services and content ecosystems that align with specific demographic preferences. For instance: Design elderly-friendly interfaces and develop wellness-themed travel products for older users. Partner in creating cultural tourism IPs and personalized itineraries, using short videos and live streaming to inspire younger travelers. On the product and service side, given mass-market consumers’ dual demands for quality and affordability, OTA platforms should further integrate the supply chain, expanding their core inventory of accommodation and transport resources while strengthening pricing leverage. Bundled offerings such as premium air-hotel packages and county-level attraction combo passes can simultaneously enhance both product quality and perceived value.

    In parallel, platforms should capitalize on surging outbound tourism. This includes proactive involvement in overseas destination marketing campaigns and a keen focus on the specific needs and pain points of outbound travelers from non-first-tier cities, an area poised for the next wave of growth. At the same time, leveraging advancements in large models, OTAs can embed AI technologies into real-world travel scenarios to drive long-term cost reduction, operational efficiency, and upgrades in user experience.

    About MoonFox Data
    MoonFox Data, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading alternative data provider delivering actionable insights to global financial institutions and investment firms. Trusted by top 50 funds, MoonFox leverages proprietary big data and advanced analytics to help clients uncover market trends and drive smarter decisions across China and emerging markets.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    Attachment

    The MIL Network

  • MIL-OSI: MoonFox | Bilibili: A “Forever Young” Platform with a Long-term Vision

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, June 26, 2025 (GLOBE NEWSWIRE) — Shenzhen, June 26, 2025 (GLOBE NEWSWIRE) — Since Q3 2024, Bilibili has achieved profitability for three consecutive quarters, marking an acceleration in its commercialization efforts. 
    Over the past few years, the explosive growth of short video has significantly disrupted traditional content production and marketing models. As a leading platform for medium-to-long video, Bilibili bore the brunt of these shifts, and its relatively slow commercialization was frequently questioned. However, it’s clear that Bilibili has consistently sought a balance between community-driven content and commercial monetization — striving to enhance its revenue capabilities while preserving its signature user experience and community atmosphere.
    With the release of its Q1 2025 financial reports, Bilibili has successfully initiated a positive feedback loop between commercialization and content innovation. As the internet UV dividend reaches its ceiling, we have to re-evaluate Bilibili’s true marketing value.

    I.         Evolution of User Value: Still Youth-oriented, with Upgraded Consumption Vitality
    As one of China’s earliest ACG (Anime, Comics, and Games) communities, Bilibili has long attracted passionate niche enthusiasts, building a culture where users “Powered by Love”. This grassroots, interest-based social environment has continuously drawn waves of young creators. Compared to 2021 (when the average user age was 23 and users under 25 made up 50.08%), the platform’s user base has aged slightly, with an average age of 26 in 2025. However, its core user value remains clear: youthful, highly engaged, and increasingly capable of spending.
    The platform’s mass-market evolution has not diluted its youth-oriented DNA. Beyond the core ACGN demographic, students and young professionals fresh out of college continue to inject new vitality into the community.

    • According to MoonFox Data, as of April 2025, Bilibili’s monthly active users had an average age of 26. Among them, 62.25% were aged 16-35. Among new users added in April, 70.82% were in the 16-35 age group.
    • In contrast, back in April 2021, the age structure of users was younger. According to MoonFox Data, as of April 2021, Bilibili’s monthly active users had an average age of 23. At that time, 50.08% of active users were under 25, while users over 35 made up only 16.18%, which was 15 percentage points lower than in 2025.

    According to MoonFox Data, Bilibili is also seeing a growing presence of female users. In April 2025, women accounted for 44% of active users, increased by 1 percentage point YoY. Notably, female new users significantly outpaced male users throughout the past year. This influx has driven growth in content consumption, especially in lifestyle-related verticals, though challenges remain in sustaining long-term retention and monetization of these new cohorts.
    According to the 2024 financial report, views in the maternity and parenting category content rose 76% YoY, significantly outpacing other categories. In addition, content related to home decoration, beauty & fashion, automotive, and sports & fitness also showed rapid growth.

    Over the past three years, both Bilibili’s monthly active users and the number of paid Premium Members have continued to rise steadily. User stickiness keeps increasing. Since Q3 2023, the platform has maintained a daily active user base of over 100 million, with average daily usage time stabilizing between 100-110 minutes.

    Whether measured against long-form video platforms or mainstream social media apps, Bilibili continues to exhibit strong competitiveness in terms of user time spent. As the platform expands to reach a broader audience, its user retention and engagement have remained robust. These “high levels of stickiness” reflect Bilibili’s consistent strength in content creation and community value.

    II. Evolution of Content Value: “Professional Production + Youthful Expression” as a Strategic Moat
    1.         Deepening OGV Strategy to Build a Robust IP Matrix
    In terms of content formats and production models, leading social platforms such as Douyin, Xiaohongshu, and Bilibili all offer broad creative ecosystems. Content ranges from UGC (User-Generated Content), PUGC (Professionally User-Generated Content), PGC (Professionally Generated Content), to OGV (Occupationally Generated Video), delivered via short videos and medium-to-long videos, live streaming, images, and audio, often cross-distributed across platforms. Among these, OGV represents Bilibili’s key strategic lever for deepening content value and building platform differentiation. The continued premiumization and IP-ification of OGV not only enhances Bilibili’s brand but also creates more monetization opportunities for other content creators by expanding content categories and formats.
    Bilibili’s OGV ecosystem now follows a clear incubation path: “Premium Content” → “Evergreen IP” → “Cross-platform Phenomenal IP”. Premium Content includes high-quality documentaries, original Chinese animation, music variety shows, and short drama series, giving rise to new breakout titles each year. “Evergreen IPs” emerge from long-tail influence and continued investment in premium content. A select few IPs break through platform boundaries, achieving phenomenal widespread social impact.

    2.         Unique Variety and Documentary Styles: Bilibili’s “Methodology” for Cross-demographic Breakthroughs
    Bilibili’s variety and documentary programming stands out for its youth-centric storytelling and emotional resonance, achieving both critical acclaim and commercial success. A standout case is Guarding Jiefang West Road, which debuted in 2019. This documentary-variety hybrid follows real cases from a local police station on the streets of Changsha City, adopting a reality TV style to deliver legal education. In a series of hilarious and absurd real events, legal knowledge is conveyed to the audience. The series was dubbed “a hand-drawn scroll of urban life” by the Bilibili users and went viral, eventually airing on CCTV and regional television networks.
    The vivid portrayal of everyday life infused with a lively local atmosphere, the integration of Changsha’s cultural and tourism elements, and the personalized expression shaped by the reality show format have not only inspired organic sharing among young audiences and prompted offline check-ins, but also created opportunities for commercial partnerships in future IP series. The exclusive title sponsorship spans a wide range of industries, including food and beverages, pharmaceuticals, insurance, and automotive. In addition, the program collaborates with professional content creators to interpret legal knowledge and analyze real-life cases, generating secondary dissemination and enabling multi-channel brand integration.
    In 2023, Bilibili and Shenzhen Media Group partnered with the same production company of Guarding Jiefang West Road, TVZONE, to launch The Glorious Pediatricians, an innovative medical documentary series. The IP leveraged nearly the same commercialization playbook as Guarding Jiefang West Road, from narrative tone to brand partnerships and cross-channel distribution.
    Beyond large IPs, Bilibili has also cultivated a range of niche, small-format shows that deeply explore social issues and Gen Z lifestyles, capturing mindshare within specific subcultures. These titles often go viral thanks to a content strategy combining OGV (full-length programs) + PUGC (expert content) + UGC (cross-industry uploader content). Examples include the 2024 “International Chinese Debating Competition”, the 90’s Dating Agency launched in 2021, and the upcoming 00’s Career Agency and 90’s Rental Agency in 2025.
    3.         Doubling Down on Original Chinese Animation to Strengthen Predictable Revenue Streams
    In 2023, Bilibili’s senior leadership revealed that 67% of Bilibili’s ACG users had begun actively consuming original Chinese animation, with users watching an average of 10 series each, totaling over 700 million hours of view time and 5 billion user interactions. Bilibili’s deep understanding and sensitivity to the ACG industry forms a key moat in its original Chinese animation strategy. In turn, this strengthens user stickiness and drives monetization through membership subscriptions, advertising, derivative products, and offline events.
    At the end of 2024, Bilibili announced a lineup of 43 upcoming original Chinese animations, backed by a clearer and more strategic release schedule compared to previous years. In 2025, IP sequels, female-centric IPs, and original animation have become core highlights. Among the 12 original series, several are continuations or expansions of existing hit IPs, such as Yao-Chinese Folktales 2 and Link Click: Yingdu Chapter. To Be Hero X, which launched globally in April, marks Bilibili’s first original Chinese animation released simultaneously worldwide. As of May 27, the series was still ongoing, having amassed 97.51 million views on its Mandarin dub and over 6 million views on the Japanese dub, outperforming earlier entries like To Be Hero: BABA and To Be Hero: LEAF.
    In addition to originals, adaptations of popular comics and novels remain pillars of the original Chinese category. Notably, in 2025 Bilibili has moved beyond its traditional “male-oriented action drama IPs”, tapping into content that resonates with female viewers. For example, the adaptation of The Legend of Princess Chang-Ge, which premiered in February, and the upcoming animation First Frost, both reflect a shift towards more emotionally driven storytelling. This shift reflects not only the platform’s broader approach to content themes, but also a subtle response to the evolving needs driven by the growth of its female user base. However, The Legend of Princess Chang-Ge failed to meet audience expectations, receiving an average rating of 7.6, significantly lower than its fantasy-genre peers. Viewer criticism cited plot alterations and stiff 3D character modeling as major issues, indicating that female-oriented IP adaptations still pose notable creative challenges for Bilibili’s original Chinese animations.
    4.         The Uploader Ecosystem: Connecting with Users through “Content Quality”
    While Bilibili, like other platforms, employs “interest-based” content recommendations, its waterfall-style feed gives users greater control over final content selection. This increases visibility for mid- and long-tail uploaders, making content quality the core driver of user retention. This more decentralized distribution mechanism has fostered a healthy creative environment, enabling UP creators to build lasting relationships with their audience through consistent, high-quality output. According to Jiemian.com, nearly 90% of Bilibili Power Up 100 in 2024 had been publishing content for over 5 years. Over 2 million creators have been active on the Bilibili for 5+ years,
    This robust creator(uploader) ecosystem fuels diversified content demand, while Bilibili’s active community feedback loop helps scale content innovation and creator growth.
    As of now, Bilibili’s homepage features 36 primary content categories, and official data indicates that more than 2 million subcultural tags exist on the platform. In 2024, its daily video views averaged 4.8 billion. From the annual report data, it is evident that content in emerging sectors such as maternity & childcare, sports & wellness, travel, and AI is also growing rapidly on Bilibili.

    In Q1 2025 alone, viewing time for AI-related content increased by 130%. Notable uploads include: A 10,000-Word Deep Dive: What Are AI Agents?, posted in March by @qiuzhi2046, which garnered over 440,000 views. A 2022 upload from @xiao_lin_shuo, titled How Advanced Is AI? Isn’t It Growing Too Fast?, which continues to gain traction, now surpassing 1.55 million views as of late May. These videos combine technical insights with a relaxed, humorous delivery. In addition, Q1 saw a rapid surge in paid courses on AI fundamentals, Python, and practical AI tools, reflecting strong demand. Uploaders, through youthful and accessible communication styles, help demystify complex topics. As a result, new technologies and product innovations can quickly reach and resonate with younger demographics, building early-stage trust and engagement.

    III. Evolution of Marketing Value: From “UV Pool” to “Endorsement Pool”
    1.         “Trust Endorsement” Through Cultural Identity
    By investing deeply in OGV content, Bilibili has built a rich matrix of cultural IPs, fostering a strong sense of trust and identity among users. When brands participate as title sponsors or co-creators, they are seen as part of the “Powered by Love” community. In recent years, numerous emerging consumer brands have embedded themselves into Bilibili’s ecosystem by “playing” with users, blending in naturally with youth subcultures and communities.
    For example, in the automotive sector, Wuling Motors sponsored the popular interview show Wuling Auto, and collaborated with top auto uploaders to showcase product strength. Its official account, @Wuling Silver Mark, has amassed 970,000 followers. In 2024, the game Black Myth: Wukong went viral, driving fans to visit real-life filming locations. This cross-industry linkage was dubbed a “pilgrimage tour” by Bilibili users. The official account @Culture and Tourism Department of Shanxi Province launched a series of culture and tourism video campaign titled “Travel Shanxi with Wukong”, with single episodes surpassing 1.2 million views, effectively promoting local culture and landscapes in multiple aspects.
    2.         Long-term “Companion Marketing”
    While 5G online surfing and memes thrive in Gen Z culture, Bilibili’s connection of “Youthful Expression” with young users goes beyond trend-chasing. What really sets the platform apart is its ability to deliver deep emotional value through companionship and shared growth. “Companionship and personal growth” are key themes that enable Bilibili’s content to resonate with younger audiences. The platform’s strength lies in its ability to build long-term user engagement and embed brand perception early in the consumer journey. Popular content IPs span key moments such as college entrance exams, graduation season, summer holidays, and Youth Day, offering brands concrete scenarios to expand their influence and revitalize their image.
    In the consumer goods sector, Dreame, Guyu, and Laifen, among other emerging Chinese brands, have all established content matrices on Bilibili to engage young consumers. In the food &beverage industry, Uni-President Group sponsored the Bilibili Graduation Concert for three consecutive years (2022-2025), while also investing in original comedy content and foodie uploaders. These efforts gradually reshaped its brand image, increasing penetration among younger audiences.
    3.         “Authenticity” as a Driver of High Conversion
    Bilibili’s highly participatory user base, known for their “real human” feel, raises the bar for brand marketing & endorsement, but it also creates valuable opportunities for small and mid-sized brands. Bilibili’s community atmosphere amplifies the weight of user feedback. Metrics such as the number of danmaku, video completion rate, and the “triple interaction”(likes, coins, and sharing), and favorites serve as concrete indicators of content quality. At the same time, the higher threshold for user engagement makes interactions more meaningful. Because of this high bar for interaction, Bilibili has been seen as harder for advertisers’ endorsement and slower in conversion compared to platforms like Xiaohongshu or Douyin.
    However, during the 2023 “618” Shopping Festival, beauty brand PROYA achieved a live streaming ROI of 2.69, among the highest in the industry, challenging traditional perceptions. In e-commerce monetization on Bilibili platform, home & lifestyle uploader @Mr.MiDeng generated over RMB10 billion in GMV in 2023, while fashion uploader @Yingwuli achieved RMB 50 million in a single live session in 2024 and now hosts monthly live sales. A series of best-selling new product categories shows that users on Bilibili still possess strong untapped purchasing power. At the same time, when we look at the sources of these best-selling products, many “niche yet high-quality” brands have successfully generated endorsement and achieved strong conversion rates.
    Whether it’s @Mr.MiDeng or @Yingwuli, their sales are driven by long-form videos or live streaming rich in industry insights and in-depth product explanations, covering everything from product colors, materials, and manufacturing processes to after-sales service and issue resolution. Compared to the brand endorsement and marketing premium brought by major labels, smaller brands with reliable quality and durable products are often more likely to gain popularity under the influence of content uploaders.

    IV. Conclusion: Bilibili Is Redefining the Future of “Youth Marketing” through a Positive “Content – User – Commerce” Cycle
    From a niche ACG vertical community “Powered by Love” to a profitable content platform with three consecutive profitable quarters, Bilibili has preserved its youthful DNA. Yet it has also evolved into a more inclusive space, welcoming diverse interests from female users to lifestyle enthusiasts. Its expansion into OGV content, while maintaining strong creator ecosystems, positions Bilibili as a comprehensive video platform, one that deepens premium content moats, strengthens user stickiness, and broadens commercial possibilities.
    For brands, Bilibili’s value extends far beyond being a mere “UV Pool”. It serves as a cultural and emotional companion to multiple youth cohorts, and has become an irreplaceable space for both emerging and mid-tier brands looking to connect authentically with young audiences. As users cast their votes through the triple interaction, their danmaku comments also convey a strong authenticity sense toward the product. The collaboration between brands and creators feels more like an in-depth dialogue rather than a hard-sell ad driven purely by UVs.
    For Bilibili, sustained profitability may only be the beginning. By leveraging content to win the hearts of young users, its business model is in turn fueling a virtuous cycle—reinvesting in the very content ecosystem that brought them there. This positive flywheel is laying a long-term foundation for the platform’s future growth.

    About MoonFox Data
    MoonFox Data, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading alternative data provider delivering actionable insights to global financial institutions and investment firms. Trusted by top 50 funds, MoonFox leverages proprietary big data and advanced analytics to help clients uncover market trends and drive smarter decisions across China and emerging markets.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Health and Social Care Secretary speech on health inequalities

    Source: United Kingdom – Executive Government & Departments

    Speech

    Health and Social Care Secretary speech on health inequalities

    Wes Streeting spoke at Blackpool Football club on reducing health inequalities.

    Thank you very much, Simon. And thanks to all of you for coming to join us this morning here at Bloomfield Road. 

    I just want to echo, first of all, what Simon said about the club and about the impact it has through the trust of people in the community, particularly in terms of the work it does with young people, giving people opportunities or better life chances. 

    It’s a reminder that it’s something that government has to do, and I believe very strongly we can’t do without a good and active government. 

    But it’s also a reminder that whether we’re talking about creating health or education and life chances, the government can’t do it on our own. 

    And if we try to, we won’t have as much impact as if we work with partners. 

    So I just want to say a massive thank you to everyone here at the club for the work that you do as a proper community-rooted club. 

    This is a town that occupies a special place in my heart through a lot of happy memories from visits to Pleasure Beach as a kid. 

    I’ve got family up the road in Preston, too. And National Union of Students conferences in Winter Gardens during my student years, some of which I can still remember. 

    But as Health and Social Care Secretary, Blackpool is on my mind for less happy reasons: its health outcomes, which are not only poor, but unjust.   

    England is not an especially large nation. Yet the inequalities between us are huge.  

    Travel 30 miles down the road to Ribble Valley and men live for 8 years longer. 

    A baby girl born here in Blackpool will live 7 years less than one born in Wokingham.

    She will fall into ill health 18 years earlier in life. 

    As the report by the Chief Medical Officer on health in coastal communities puts it, in many working-class towns like this one, people are growing old before their time.  

    [Political content removed] 

    And the gap between the health of the poorest and wealthiest parts of our country have widened. 

    These stark health inequalities are not just down to the health service alone.  

    They are also caused by poverty, a lack of good work, damp housing, dirty air, and the sporting, travel and cultural opportunities which are afforded to the privileged few being denied to the many. 

    It is why I have been driving the NHS so hard to reform, improve productivity and cut waste.  

    Because every pound spent on diagnosing and treating illness is a pound that can’t be spent on tackling the causes of ill health.  

    In the coming days, we will be publishing our 10 year plan, which will set out how this mission-driven government will tackle illness, keep disease at bay, and reduce the health inequalities that shame our society.  

    Our 10 year plan will not just be a plan for the NHS, but a plan for health.  

    It will tackle illness at source through a whole-society approach, with a shift in focus from treating sickness to preventing it in the first place. 

    Already this government is taking action. The Education Secretary, Bridget Phillipson, is rolling out primary school breakfast clubs and free school lunches to millions of children, so they walk into the classroom with hungry minds not hungry bellies.  

    Angela Rayner, Deputy Prime Minister, is building a new generation of homes, and along with our Business Secretary, Jonny Reynolds, introducing sick pay from day one in the job. 

    The Chancellor, Rachel Reeves, has given workers on the minimum wage a £1,400 pay rise this year. 

    The Work and Pensions Secretary, Liz Kendall, is giving disabled people the right to work, so they can take up a job opportunity, knowing if things go wrong they can go back to the support they had before without the jeopardy or fear of missing out or being back to square one.   

    Our Energy Secretary, Ed Miliband, is extending the Warm Home Discount, helping keep millions more households warm this winter. 

    And our Environment Secretary, Steve Reed, is cleaning up our rivers and seas from sewage. 

    So, you can see that just those steps we’ve already taken less than a year in office that Keir Starmer’s government is determined to lift people out of poverty, tackle inequality and improve the health of our society. 

    [political content removed] 

    Today, I want to set out how our reforms to the NHS will fundamentally improve the health of working-class communities. 

    NHS founded on principle of equity 

    The National Health Service was founded to end grotesque inequality in access to healthcare.  

    Before 1948, working people avoided the doctor unless they absolutely needed to see one, because of the costs being so prohibitive.  

    Diseases such as rickets, scurvy and diphtheria were common amongst children. 

    The solution was revolutionary – universal healthcare, publicly funded, free at the point of need.  

    And as the NHS’s founder, my predecessor, Nye Bevan, promised, the NHS lifted the shadow from millions of homes and eradicated the fear of illness from people’s hearts.  

    It has been one of the great levellers of our society. The greatest institution this country has ever built. 

    But as the NHS was neglected and left to decline after 2010, it contributed toward the widening gap between rich and poor. 

    Two-tier healthcare 

    Waiting times soared, and a 2-tier healthcare system emerged, where those who can afford it pay to go private, and everyone else was being left behind. 

    [political content removed] 

    The NHS was never intended to just be a safety net for those who cannot afford to pay.  

    Such a system would be doomed to ever-declining quality care. 

    Taxpayers would question why they continue to pay for a service they don’t use.  

    Inevitably, the NHS would become a poor service for poor people. 

    Since its foundation, we have always aspired to an NHS that is universal in provision so that everyone receives high-quality care.  

    [Political content removed] 

    With our Plan for Change, the NHS is on the road to recovery. Since the general election, we have: 

    • recruited an extra 1,700 GPs to the frontline 

    • delivered an extra 3.6 million appointments for planned care and delivered on our promised 2 million in our first year 

    • diagnosed an extra 187,000 suspected cancer patients on time 

    • cut waiting lists in the month of April for the first time in 17 years 

    • cut waiting lists to their lowest level in 2 years 

    • cut waiting lists by almost a quarter of a million patients

    Each one of those patients we have taken off the waiting list is free from pain and in some cases disability, because of the decisions this government has taken. 

    I’m not here to do victory laps. I know that for the almost a quarter of a million people who have received faster treatment, there are more than 7 million cases still waiting.  

    We’ve done a lot but there’s so much more to do. Especially for towns like Blackpool. 

    Tackling inequalities 

    While there are so many social determinants of ill-health that need to be addressed, the fact is that the NHS doesn’t do enough to address the unjust, unequal way in which illness presents itself in our country.  

    In fact, it sometimes entrenches it. 

    General practice was neglected and declined across the board for more than a decade [political content removed].  

    But that doesn’t explain why there are 300 more patients per GP in the poorest communities, compared with the richest. 

    As I spoke about on Monday, far too many parents and their babies have been failed by maternity services.  

    But failing services don’t explain why Black women are almost 3 times more likely to die from childbirth than White women. 

    Black men are twice as likely to get prostate cancer than White men.  

    But given we know the risk is greater, and given we know how to catch cancer early, that doesn’t explain these sorts of inequalities given the evidence is there. 

    For those in greatest need often receive the worst-quality healthcare.  

    This fact flies in the face of the values upon which the NHS was founded.  

    A core ambition of our 10 year plan is to restore the promise of the NHS, to provide first class healthcare for everyone in our country. 

    Whoever you are, whatever your background, wherever you live. 

    NHS solutions 

    [Political content removed] 

    It has fallen to this government to rebuild the NHS for all of us.  

    We are starting where the need is greatest. 

    [Political content removed] 

    We’ve sent crack teams of top clinicians to hospitals around the country, where the highest numbers of people are off work, off sick, to help them cut waiting lists faster. Therefore, getting people not just back to health but back to work. 

    We are delivering on our manifesto commitment to fill in dental deserts, by paying dentists extra to come to work in underserved areas. 

    And today I can announce that we will go further. 

    In recent years, billions of pounds have been put aside for NHS trusts who let their spending get out of control and run up deficits.  

    It’s essentially a bailout fund for poor financial management.  

    I am working with Jim Mackey, Chief Executive of the NHS, to end that culture of rewards for failure. 

    Thanks to the reforms we’ve made to bear down on wasteful spending, the fund will not go to trusts which run deficits this year. 

    We can reinvest that money in the frontline, so it isn’t spent on rewarding poor performance but to improving poor health. 

    The £2.2 billion will fund more effective care – such as innovative medicines, modern technology and services that keep people out of hospital – all going to the places where they are most needed. 

    GP practices serving more deprived areas receive 10% less funding per needs-adjusted patient than poorer parts of our country and have 300 more patients per GP as a result.  

    So, working with the British Medical Association, we will review how health need is reflected in funding for general practice (known to the wonks in the room as the Carr-Hill formula), with a sharp focus on money following need. 

    Where health needs are greatest and GPs fewest, we will prioritise investment to rebuild your NHS and rebuild the health of your community. 

    NHS as anchor institution 

    I said in my first week in this job, the NHS has a part to play in dragging our country out of the sluggish growth and low productivity the government inherited. 

    It is the biggest employer in many towns in England.  

    In coastal towns like Blackpool, where far more people are off work due to long-term sickness, the NHS has a dual role to play.  

    Not just getting patients off waiting lists and back to work, although we are doing that. 

    The health service should also act as an engine of local economic growth, giving opportunities in training and work to local people. 

    Working in the NHS is rightly seen as a high status, secure job.  

    But many people see it as unachievable and out of their reach. 

    On a visit to King George Hospital in my own neck of the woods, I saw first-hand a brilliant programme, Project SEARCH, that supports 17 to 19 year olds who are learning disabled and/or autistic, with internships that give them experience of a wide range of paying jobs, as well as coaching on things like preparing a CV and interview skills.  

    One of them, Muhammed Patel, shared with me how much he had loved the experience and hoped for a career in the NHS.  

    Months later, he messaged me on Instagram to tell me he’s got a job.  

    He’s not the only one.  

    Project SEARCH aims to get every young person on their programme a job in the NHS or with another employer and is succeeding.  

    So today we are launching a new pilot, backed by £5 million, to help recruit an additional 1,000 people to the NHS from areas worst hit by unemployment. 

    The programme will offer a ladder into the world of work for people who find it hardest to break out of unemployment, including over 50s, unpaid carers and disabled people. 

    They will gain the skills needed in health and care, alongside support with job applications and work placements, kickstarting what will hopefully be a long-term and rewarding career in our health and care sectors, where they will more than repay the investment we’re making in them today. 

    Patient power revolution 

    Finally, our 10 year plan will address one of the starkest health inequalities, which is often written out of this conversation. 

    It is the unequal access in our society to information, choice and control over our own healthcare. 

    When I was diagnosed with kidney cancer, colleagues in Parliament asked where I was being treated and who my surgeon was.  

    They just wanted to make sure I was receiving the best possible care.  

    Luckily, the NHS had already assigned me a world-class surgeon who saved my life.  

    But those are questions that my mum, a cleaner here in Lancashire, would never think to ask and would certainly never ask. 

    When the wealthy receive a diagnosis, they already know the best surgeons and can push to get the best care.  

    But working-class people can’t.  

    If the wealthy are told to wait months for treatment, they can shop around. But working-class people can’t.  

    And if the wealthy want instant information about their own health, they can pay for an app that allows them to speak to a doctor over the phone, 24/7.  

    But working-class people can’t. 

    This is not just grossly unfair. It presents an existential risk to the health service. 

    More than any other age group, this generation of young people are prepared to opt-out of the NHS.  

    Last year the biggest increase in private hospital admissions was for people under the age of 40.  

    Almost half of young people say they would consider going private if they needed care.  

    The NHS feels increasingly slow and outdated to the generation that organises their lives at the touch of a button.  

    If you get annoyed at Deliveroo not getting your dinner to you in less than an hour, how will you feel being told to wait a year for a knee operation? 

    A failure to modernise risks this generation walking away from the NHS, first for their healthcare and then with their taxes.  

    People won’t accept paying higher and higher taxes to fund a health service that no longer meets their needs. 

    And the lack of control people feel over their own lives is made worse by an analogue, ‘computer says no’, NHS. 

    We can only close this inequality and shut down this risk to the NHS’s future through a revolution in patient power.  

    The ambition of our 10 year plan is nothing less than to provide NHS patients with the same ease, convenience, power, choice and control that’s afforded to private patients. 

    The good news is that technology gives us the opportunity to democratise healthcare in a way never before possible.  

    It can empower patients with choice and control and make managing our healthcare as convenient as doing our shopping or banking online.  

    Technology can be the great leveller. 

    Look at what Martin Lewis, the Money Saving Expert, has done for personal finances.  

    For ordinary people who sign up to his newsletter – and I’m one of them – who could never afford their own financial adviser, it is simple and easy to make your hard-earned money go further – if you’ve got access to the right advice.  

    Our 10 year plan for health will do the same for NHS patients, giving them easy access to information to help them improve their health. 

    We will introduce a tool on the NHS App called My Companion.  

    It will provide all patients with information about their health condition, if they have one, or their procedure, if they need one.  

    It will get patients answers to questions they forgot or felt too embarrassed to ask in a face-to-face appointment.  

    So, the next time you’re at an appointment and you’re told something that doesn’t sound right, you will have at your fingertips the information you need to speak up confidently. 

    And we will give every patient meaningful choice, through a new tool called My Choices.  

    It will show patients everything from their nearest pharmacy to the best hospital for heart surgery across the country, with patients able to choose based on their preference.  

    If NHS providers know that their waiting times, health outcomes of their patients, and patient satisfaction ratings will all be publicly available, they will be inspired to respond to patient choice, raise their game and deliver services that patients value. 

    Not everyone will want a choice.  

    Many just want their local hospital.  

    That’s fine and will always be a default option.  

    But we know that at the root of many inequalities in health outcomes is a failure to listen to patients.  

    A ‘one size fits all’ approach often misses the distinct needs of women, people from ethnic minority backgrounds or people living in rural communities.  

    And we will only deal with the grotesque health inequalities in our society by empowering all patients. 

    Conclusion 

    In the months leading up to the founding of the NHS, Nye Bevan said: 

    For a while it may appear that everything is going wrong.  

    As a matter of fact, everything will be going right because people will be able to complain.  

    They complain now, but no one hears about it. 

    He promised that a National Health Service would put a “megaphone to the mouth of every complainant, so that it can be heard all over the country.”

    [political content removed] 

    We have always believed that public services exist to serve the interests of the pupil, the passenger, the patient above all else.    

    And the driving force behind the work this government does every day is the principle that whatever class you come from, everyone deserves world-class services. 

    We expect nothing less from what we expect for ourselves, and that is why we’re determined to get our NHS back on its feet, to make sure it’s fit for the future and put power in the hands of every patient. Thank you.

    Updates to this page

    Published 26 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: Oando Posts 172% Growth in Gross Profit in Q1 2025 Financial Report as Crude Oil Production Increases 132%


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    Oando (www.OandoPLC.com), one of Africa’s leading indigenous energy solutions providers, has ended the first quarter of the year on a high with the publication of ₦933 billion revenue in its Q1 2025 unaudited results. This performance comes in the wake of its recent release of its 2024 FY Audited Financial Statement, where it reported a 44% year-on-year revenue increase to ₦4.1 trillion compared to ₦2.9 trillion in FY 2023 and a 267% increase in Profit-After-Tax to ₦220 billion.

    Oando, like a few indigenous oil and gas companies in Nigeria, who keyed into the International Oil Companies (IOCs) divestment of onshore assets, has begun reaping the gains of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni.

    An analysis of Oando’s financials shows that the company’s turnover grew by 2% year-on-year to ₦933 billion in Q1 2025 compared to ₦915 billion in Q1 2024. Additionally, the company posted a 172% increase of ₦85 billion in Gross Profit in Q1 2025 compared to ₦31 billion in Q1 2024, reflecting stronger E & P margins. In its upstream business, crude oil production rose 132% to 11,369 bopd, gas volumes grew by 56% to 25,185 boepd, and NGL production increased 30% to 1,040 bpd. The company recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. In addition, the company achieved average daily production of 37,595 boepd (within guidance), up 72% year-on-year, driven by the full consolidation of NAOC assets and well reactivations. The company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, Angola and expanding Oando’s African upstream footprint.

    Speaking on the Q1, 2025 financial results, Wale Tinubu CON, Group Chief Executive, Oando PLC remarks  “Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution.

    Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.”

    There is evidence of a trend in the upward financial trajectory in the industry, as Seplat recorded revenues of N1.228 trillion, a 350% increase. Similarly, Aradel reported revenues of ₦199.9 billion, up 97.6%, and Profit after Tax of ₦34.2 billion, up 55.3%.

    In its downstream trading business, Oando Trading reported six (6) crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from four (4) cargos (4.86 MMbbl) in Q1 2024, driven by stronger offtake execution.

    In its renewable energy business, Oando Clean Energy (OCEL) recorded 53,941 EV rides in Q1 2025 and 42,779 kg of CO₂ emissions averted through two (2) operational e-buses under the electric mobility programme operating in Lagos.  It also successfully published Nigeria’s National Wind Resource Capacity Report, identifying state-level wind potential across the country.

    Speaking on the outlook for 2025, Wale Tinubu CON, commented “Following a transformative 2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year. These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience.”

    Oando is targeting a full-year production of 30–40 kboepd maintained, driven by a balanced capital programme of three (3) new wells, nine (9) workovers, and six (6) rig-less interventions. The company is also projecting capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal. The company has set a trading guidance for its Trading subsidiary of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products. For its renewable energy arm, Oando targets the deployment of 50 electric buses and progress its solar PV module assembly plant toward Final Investment Decision (FID).

    These plans are strengthened by the company’s recent announcement of the successful upsizing of its reserve-based lending (“RBL2”) facility to $375 million. This critical financing will significantly improve the Company’s ability to achieve its production target of 100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029.

    These Q1 2025 results reinforce the growing momentum among indigenous operators in Nigeria’s upstream sector, who are beginning to demonstrate operational efficiency and financial resilience following recent asset acquisitions. With a 2% rise in revenue, a remarkable 172% surge in gross profit to ₦85 billion, and a 72% increase in average daily production, all within guidance, Oando’s performance signals not just the viability of the transition from IOC to indigenous ownership, but also the increasing capacity of local players to deliver value and drive long-term growth in Nigeria’s energy landscape.

    Distributed by APO Group on behalf of Oando PLC.

    MIL OSI Africa

  • MIL-OSI Russia: Norway: Staff Concluding Statement for the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    June 26, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Norway’s economy has shown resilience amid global uncertainty, supported by strong fiscal buffers and credible policy frameworks. Mainland real GDP growth is forecast to increase to 1.5 percent in 2025 (from 0.6 percent in 2024) and is projected to remain steady at around that level over the medium term. The labor market has held firm. Despite contractionary monetary policy, inflation remains above target; bringing inflation back to target is the most pressing near-term policy priority. The financial system is sound, and buffers are robust, but systemic vulnerabilities remain elevated, reflecting high levels of household debt and concentrated exposures to real estate. At the same time, macroprudential policy settings have been eased with the increase in the loan-to-value limit for mortgages earlier this year. Risks to the growth outlook are to the downside, driven by rising global policy and trade uncertainty; risks to the inflation outlook are balanced. The IMF staff’s main policy recommendations are: i) maintain the restrictive monetary policy stance until there is additional evidence that the recent easing of inflation has fully solidified; ii) do not ease macroprudential policy settings further, as financial stability risks could increase if downside risks to growth or upside risks to inflation materialize; iii) move towards a broadly neutral fiscal stance to enhance the coherence of the macroeconomic policy mix and lower the burden on monetary policy; and iv) continue advancing structural reforms aimed at increasing labor supply and inclusion.

    Context

    Norway’s economy has remained resilient despite tight financial conditions and ongoing global uncertainty. GDP continued to expand moderately last year, supported by high employment and supportive fiscal policy. Inflation has declined, though it remains above target, and financial stability risks, while elevated due to high household debt levels and concentrated exposures to the real estate sector, remain contained.

    Recent developments, outlook, and risks

    Economic activity strengthened in 2024. Overall real GDP grew by 2.1 percent, driven by record-high natural gas extraction. Mainland GDP expanded by 0.6 percent, primarily due to increased public spending, as activity in the construction and fishing sectors contracted, reflecting high borrowing costs and sector-specific challenges. Employment and hours worked increased, although the unemployment rate edged up to 4 percent. National accounts data and high frequency survey indicators point to resilient activity in the first part of 2025. Mainland GDP growth is forecast to rise to 1.5 percent in 2025, supported by easing financial conditions, an expansionary fiscal stance, and recovering real incomes. Over the medium-term, mainland GDP growth is expected to remain around its potential (1.5 percent).

    Inflation, despite a steady decline, remains above target. Services inflation and wage pressures have contributed to keeping inflation above the 2 percent target. However, recent developments point to slower-than-expected momentum in both headline and core inflation, partly due to one-off and base effects. Fiscal measures—such as those to stabilize electricity prices and reduce childcare costs—could lower inflation in the second half of the year. Under staff’s baseline scenario, headline and core inflation will fall to 2.2 and 2.6 percent by end-2025 and return to target by 2027. After holding the policy rate steady at 4.5 percent from January 2024, Norges Bank began normalizing monetary policy by lowering the rate to 4.25 percent in June and signaled that the policy rate will be reduced further in the course of 2025.

    The fiscal stance has become increasingly expansionary. While additional support to Ukraine in the revised budget is not expected to provide stimulus to the economy, overall, the 2025 budget implies a significant fiscal impulse. The structural non-oil deficit is projected to reach about 13 percent of trend mainland GDP, even as withdrawals from the Government Pension Fund Global (GPFG) are expected to remain below the fiscal rule’s 3 percent guideline (at around 2.7 percent of the GPFG’s 2024 market value). The government has also signaled alignment with NATO discussions to progressively increase defense spending toward 5 percent of GDP over the medium term.

    Risks to the growth outlook are tilted to the downside, while inflation risks are balanced. On growth, global tensions, including higher trade tariffs, could weigh on exports and investment, and continued tight financial conditions could further pressure highly indebted households and firms at a time when financial risks are elevated. Over the longer term, demographic headwinds and the expected structural erosion of oil-related revenues will weigh on economic resilience. Inflation could take longer to converge to target if domestic demand recovers faster than expected or higher oil prices put pressure on headline inflation. By contrast, further currency appreciation and higher productivity gains (e.g., from a faster-than-anticipated uptake of AI or automation) could bring inflation back to target more rapidly.   

    Policy recommendations

    Norges Bank should proceed cautiously with monetary policy normalization, ensuring there is further evidence that underlying inflation is firmly on a path back to target. Under staff’s baseline scenario, the current restrictive monetary policy is broadly appropriate to bring core inflation to target by 2027, even as medium-term inflation expectations and underlying inflation remain above target. The output gap is broadly closed, and inflation risks are balanced. While recent inflation developments are encouraging, further evidence of a decline in the trend of underlying inflation is needed to continue with the normalization of monetary policy.

    Norway’s strong monetary policy framework has served the economy well. After the adoption of inflation targeting in 2001, Norges Bank has operated with a high level of credibility and ranks among the most transparent central banks in the world. However, the current highly uncertain global outlook can present challenges for monetary policy formulation and implementation. Navigating rapidly evolving global developments and volatile data may require enhancements to the policy process. This could include expanding the use of scenario analysis—an approach Norges Bank has employed in the past—and refining communication strategies to maintain well-anchored expectations.

    The recent relaxation of the loan-to-value (LTV) limit for mortgages could increase financial vulnerabilities. Although households’ debt burden has stabilized, it remains high. A higher LTV limit may fuel further increases in house prices and household indebtedness, contributing to higher financial stability risks, particularly if downside risks to growth or upside risks to inflation materialize. Lasting improvements in housing affordability will require structural measures to address factors that keep prices elevated, including a relatively small rental market, limited land availability in urban areas, high construction costs, and a tax system that encourages mortgage debt. Gradually phasing-out mortgage interest deductibility (starting with a cap on income-tax deductions) would help curb speculative housing demand and enhance tax efficiency. Tightening eligibility for subsidized mortgages would also help manage housing demand and public spending.

    The financial system is sound with strong buffers, but further macroprudential easing should wait until systemic risks recede or financial disintermediation risks emerge. Continued close financial system monitoring is essential. Participation in the initiative to undertake a Nordic-Baltic regional stress test exercise would enhance the assessment of cross-border financial interlinkages and risks. Measures to address increased bank reliance on covered bonds are also welcome and would help mitigate interconnectedness risks. The current countercyclical capital buffer setting remains appropriate, but Norges Bank should be prepared to raise it if cyclical vulnerabilities increase. Priority should be given to preserving capital buffers, including by ensuring that banks’ models properly reflect credit risks and to strengthening contingency planning amid continued pressure on the commercial real estate (CRE) sector. Over the medium term, broadening the toolkit for CRE vulnerabilities could help address these in a more targeted manner during future upswings, and borrower-based-measures on CRE lending, as well as sector-specific capital surcharges to address risks from the insurance sector’s CRE exposures could be considered. Work to address the findings of the 2024 Nordic-Baltic crisis management exercise and the 2020 FSAP recommendations should continue.

    Moving towards a broadly neutral fiscal policy stance would support the disinflation effort and improve the coherence of the overall macroeconomic policy mix. The 2025 budget further expands the fiscal stimulus, with an estimated fiscal impulse of about 2.5 percent of trend mainland GDP. While the impact on domestic activity may be dampened by the composition of spending (including through imports and transfers abroad), the stimulus is still expected to provide a significant boost to the domestic economy.

    Enhancements to Norway’s robust fiscal framework would help ensure continued delivery of strong economic and social outcomes. Reinforcing countercyclicality and spending discipline would enhance fiscal resilience. Complementing the fiscal rule with explicit medium-term expenditure limits could reduce exposure to volatility from market-driven changes in the large and growing value of the GPFG and improve fiscal planning. Strengthening multi-year budgeting, improving public investment management, conducting more systematic spending reviews and setting efficiency targets would support more strategic resource allocation and enhance public service delivery. Benchmarking the setup of the Advisory Panel on Fiscal Policy Analysis against best international practices for independent fiscal councils and expanding its mandate would help further enhance the fiscal framework.

    Advancing fiscal reforms is essential to bolster resilience and support long-term growth. Tax reforms aimed at improving efficiency and broadening the revenue base remain a priority. Consolidating multiple VAT rates and enhancing incentives for work and investment would improve resilience of the tax system. Further measures to reform disability and sickness benefits, along the lines of past IMF recommendations, are needed to reduce work disincentives, increase labor force participation, and contain long-term fiscal costs. Sustained reform efforts are crucial to ensure long-term sustainability of fiscal policy in the face of rising structural spending pressures.

    A broad and ambitious reform agenda is essential to accelerate productivity growth and mitigate the effects of geoeconomic fragmentation. Advancing the “reinforced work line” agenda would reduce reliance on disability benefits, raise labor force participation among underrepresented groups—including youth and immigrants—and increase total hours worked. Strengthening education-to-work transitions, promoting full-time employment, and accelerating digitalization would further support productivity. Finally, further measures are likely to be needed to achieve Norway’s 2035 emission reduction targets.

    The IMF team thanks the Norwegian authorities and other counterparts for their hospitality and the constructive and insightful discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/06/25/norway-staff-concluding-statement-for-the-2025-article-iv-consultation-mission

    MIL OSI

    MIL OSI Russia News

  • Shubhanshu Shukla shares first in-flight experience on Axiom 4 mission

    Source: Government of India

    Source: Government of India (4)

    The Axiom Mission 4 (Ax-4) crew shared their first in-flight update from orbit early Wednesday, offering a glimpse into life aboard the SpaceX Dragon spacecraft as they journey to the International Space Station (ISS).

    Axiom Space said on X: “Tune in LIVE with the #Ax4 crew for their FIRST in-flight event at 01:47 AM EDT.”

    SpaceX also confirmed the update: “First opportunity to talk live with the Ax-4 crew on-orbit will be in roughly 15 minutes at ~1:47 a.m. ET this morning.”

    During the live session, Indian Air Force Group Captain Shubhanshu Shukla, serving as the mission pilot, described the launch as “magical” and reflected on the emotional build-up to liftoff.

    “I’m thrilled to be here with my fellow astronauts—what a ride it was. Honestly, as I sat in the capsule ‘Grace’ on the launchpad yesterday, after 30 days of quarantine, all I could think was: just go. When the launch finally happened, it was something else entirely. You’re pushed back into your seat—and then suddenly, there’s silence. You’re just floating in the vacuum. It’s absolutely magical,” he said.

    Group Captain Shukla expressed deep gratitude to the mission team, calling the experience a “collective achievement.”

    “I truly appreciate the efforts of every individual who made this journey possible. It’s not just a personal accomplishment—it belongs to all of us.”

    He also spoke about the swan mascot aboard the Dragon capsule: “This swan symbolises wisdom and grace. It may seem like a coincidence, but to me, it carries deeper meaning—serenity, strength, and purpose.”

    Recalling the moments before launch, he added: “We were in the capsule for nearly three hours, and while that wait can feel long, the moment of liftoff was unlike anything we imagined. We trained for months for those few minutes and seconds. I’m just grateful to finally live that moment.”

    Mission Specialist Slawosz Uznanski-Wisniewski spoke about the joy of the experience: “We had so much fun, so much joy. Every time I look at our mascot ‘Joy,’ I think about the future and how far we’ve come.”

    Fellow Mission Specialist Tibor Kapu highlighted the diversity of the Ax-4 team: “The four of us represent a significant portion of the planet—three continents and four countries, including India, the United States, and the European Union. Together, we stand for about 20–30% of the world’s population. When we look out the window, we see all of you. We’re proud to represent you in space.”

    Veteran astronaut Peggy Whitson added: “It’s been a fantastic experience so far. We have so many people cheering us on from Earth, and we’re excited for the mission ahead.”

    The SpaceX Dragon spacecraft launched from NASA’s Kennedy Space Center at noon IST on Wednesday, carrying Shukla, Whitson, Uznanski-Wisniewski, and Kapu. The capsule is scheduled to dock with the ISS’s Harmony module at 4:30 PM IST today.

    NASA Flight Engineers Anne McClain and Nichole Ayers are monitoring Dragon’s automated approach and docking manoeuvres. Upon arrival, the Ax-4 crew will be welcomed by the Expedition 73 team and will take part in a mandatory safety briefing.

    This mission holds special significance for Group Captain Shukla, who becomes the second Indian in space, following in the footsteps of Wing Commander Rakesh Sharma, who flew aboard the Soviet spacecraft Soyuz T-11 in 1984.

    From orbit, Shukla delivered a heartfelt message to the nation: “Namaskar, my dear countrymen, what a ride. We are back in space after 41 years. We are orbiting the Earth at a speed of 7.5 kilometres per second. The Tiranga on my shoulder reminds me that I am with all of you. This journey isn’t just about reaching the International Space Station—it’s about kickstarting India’s Human Space Programme. I invite all of you to be part of this mission. Let your hearts swell with pride. Jai Hind! Jai Bharat!”

    The Ax-4 crew will remain aboard the ISS for up to 14 days, conducting scientific experiments, participating in educational outreach, and engaging in commercial activities.

    This marks Axiom Space’s most research-intensive mission to date, with collaborative experiments between NASA and the Indian Space Research Organisation (ISRO) focusing on muscle regeneration, growth of edible microalgae, survival of aquatic microorganisms and human interaction with digital displays in microgravity

    Axiom’s first private astronaut mission, Ax-1, launched in April 2022 and lasted 17 days.

    (With inputs from ANI)

  • Absolutely magical: Shubhanshu Shukla shares first in-flight experience on Axiom 4 mission

    Source: Government of India

    Source: Government of India (4)

    The Axiom Mission 4 (Ax-4) crew shared their first in-flight update from orbit early Wednesday, offering a glimpse into life aboard the SpaceX Dragon spacecraft as they journey to the International Space Station (ISS).

    Axiom Space said on X: “Tune in LIVE with the #Ax4 crew for their FIRST in-flight event at 01:47 AM EDT.”

    SpaceX also confirmed the update: “First opportunity to talk live with the Ax-4 crew on-orbit will be in roughly 15 minutes at ~1:47 a.m. ET this morning.”

    During the live session, Indian Air Force Group Captain Shubhanshu Shukla, serving as the mission pilot, described the launch as “magical” and reflected on the emotional build-up to liftoff.

    “I’m thrilled to be here with my fellow astronauts—what a ride it was. Honestly, as I sat in the capsule ‘Grace’ on the launchpad yesterday, after 30 days of quarantine, all I could think was: just go. When the launch finally happened, it was something else entirely. You’re pushed back into your seat—and then suddenly, there’s silence. You’re just floating in the vacuum. It’s absolutely magical,” he said.

    Group Captain Shukla expressed deep gratitude to the mission team, calling the experience a “collective achievement.”

    “I truly appreciate the efforts of every individual who made this journey possible. It’s not just a personal accomplishment—it belongs to all of us.”

    He also spoke about the swan mascot aboard the Dragon capsule: “This swan symbolises wisdom and grace. It may seem like a coincidence, but to me, it carries deeper meaning—serenity, strength, and purpose.”

    Recalling the moments before launch, he added: “We were in the capsule for nearly three hours, and while that wait can feel long, the moment of liftoff was unlike anything we imagined. We trained for months for those few minutes and seconds. I’m just grateful to finally live that moment.”

    Mission Specialist Slawosz Uznanski-Wisniewski spoke about the joy of the experience: “We had so much fun, so much joy. Every time I look at our mascot ‘Joy,’ I think about the future and how far we’ve come.”

    Fellow Mission Specialist Tibor Kapu highlighted the diversity of the Ax-4 team: “The four of us represent a significant portion of the planet—three continents and four countries, including India, the United States, and the European Union. Together, we stand for about 20–30% of the world’s population. When we look out the window, we see all of you. We’re proud to represent you in space.”

    Veteran astronaut Peggy Whitson added: “It’s been a fantastic experience so far. We have so many people cheering us on from Earth, and we’re excited for the mission ahead.”

    The SpaceX Dragon spacecraft launched from NASA’s Kennedy Space Center at noon IST on Wednesday, carrying Shukla, Whitson, Uznanski-Wisniewski, and Kapu. The capsule is scheduled to dock with the ISS’s Harmony module at 4:30 PM IST today.

    NASA Flight Engineers Anne McClain and Nichole Ayers are monitoring Dragon’s automated approach and docking manoeuvres. Upon arrival, the Ax-4 crew will be welcomed by the Expedition 73 team and will take part in a mandatory safety briefing.

    This mission holds special significance for Group Captain Shukla, who becomes the second Indian in space, following in the footsteps of Wing Commander Rakesh Sharma, who flew aboard the Soviet spacecraft Soyuz T-11 in 1984.

    From orbit, Shukla delivered a heartfelt message to the nation: “Namaskar, my dear countrymen, what a ride. We are back in space after 41 years. We are orbiting the Earth at a speed of 7.5 kilometres per second. The Tiranga on my shoulder reminds me that I am with all of you. This journey isn’t just about reaching the International Space Station—it’s about kickstarting India’s Human Space Programme. I invite all of you to be part of this mission. Let your hearts swell with pride. Jai Hind! Jai Bharat!”

    The Ax-4 crew will remain aboard the ISS for up to 14 days, conducting scientific experiments, participating in educational outreach, and engaging in commercial activities.

    This marks Axiom Space’s most research-intensive mission to date, with collaborative experiments between NASA and the Indian Space Research Organisation (ISRO) focusing on muscle regeneration, growth of edible microalgae, survival of aquatic microorganisms and human interaction with digital displays in microgravity

    Axiom’s first private astronaut mission, Ax-1, launched in April 2022 and lasted 17 days.

    (With inputs from ANI)