Category: Taxation

MIL-OSI Security: Woman who defrauded Everett employer of $2.5 million, sentenced to prison for second embezzlement from Kent, Washington employer

Source: Office of United States Attorneys

Despite court order, failed to tell second company about prior conviction for wire fraud

Seattle – A 45–year-old former Kent, Washington, woman was sentenced today in U.S. District Court in Seattle to an additional twelve months and one day in prison for stealing from her new employer while awaiting sentencing for stealing from a past employer, announced Acting U.S. Attorney Teal Luthy Miller. In 2023, Christin Guillory was sentenced to three years in prison for stealing more than $2.5 million from an Everett manufacturing company where she served as accounting manager. After pleading guilty to that crime, and while awaiting sentencing, she secretly stole tens of thousands of dollars from a second employer who did not know about her ongoing prosecution.

The court had ordered Guillory to notify her new employer of the prosecution and to provide the probation office with evidence she had done so. Guillory did not tell her employer about her prior fraud as required. Instead, Guillory falsely told the probation office she had informed her employer of the prosecution and had lost her employment as a result. Guillory provided probation with a falsified email to substantiate the false information. Guillory continued to work for, and embezzle funds from, her employer until she reported to prison to serve her sentence. The new employer learned of the prosecution only after Guillory failed to report for work without explanation when she reported to serve her sentence.

Guillory admitted to the second theft in February 2025, pleading to wire fraud and concealing material facts from the United States.

At the sentencing hearing, U.S. District Judge Ricardo S. Martinez said, “You lied to the court while the court was trying to determine if you were a danger to the community. . . . You are responsible for the actions you took, and those actions have consequences.”

“The defendant lied to the court, to the probation office, and to the second company that had unwittingly placed her in a position of trust,” said Acting U.S. Attorney Miller. “Instead of disclosing the truth about her federal conviction for embezzlement, Ms. Guillory lied to her employer and once again repeatedly stole money until the day she reported to prison.”

According to records filed in the case, after Guillory was fired for a $2.5 million theft from an Everett company, she began work for a company in Kent, Washington. By January of 2023, she was aware that her Everett embezzlement was being investigated by the FBI. She pleaded guilty to wire fraud in May 2023.

At the time of her guilty plea, the Magistrate Judge asked about her current employment. Through her attorney, Guillory claimed she had no access to bank accounts or checks. Nevertheless, the Magistrate Judge ordered Guillory to inform her employer of her conviction. Guillory later claimed to her pretrial services officer and other probation staff that she had been fired after informing the company. She claimed that the only employment she had, before reporting for prison, was as a nanny or receptionist.

In fact, Guillory never told her Kent employer about the conviction, and she had already begun embezzling from that company. Between January and August 2023, she attempted to steal some $60,000 by altering checks made out to vendors, manipulating the payroll system to increase her own paycheck, or simply writing checks to herself. On her last day at the office, she wrote a check to herself for $3,516. Guillory never told the company she was leaving. When she did not show up for work and they could not reach her, a web search revealed the prior embezzlement case.

In recommending that Guillory be sentenced to an additional year of imprisonment, prosecutors wrote to the court, “Guillory exploited her position of trust by secretly funneling tens of thousands of dollars to herself and then covering it up. The offense involved at least 25 transactions. This was particularly egregious because, at the time she was stealing from Victim 2, she was being prosecuted for (and supposedly had accepted responsibility for) the exact same type of conduct that she continued to engage in.”

The company was able to reverse some of the transactions but is still owed $42,000. That amount is now added on to the restitution from the earlier case. In 2023, Judge Martinez ordered restitution of $2,536,086 to the Everett company, and $590,850 to the U.S. Treasury for her failure to pay tax on the ill-gotten gain.

The cases were investigated by the FBI and the Internal Revenue Service: Criminal Investigation (IRS:CI) as well as U.S. Probation and Pretrial Services.

The case is being prosecuted by Assistant United States Attorney Seth Wilkinson.

MIL Security OSI –

June 7, 2025
MIL-OSI: AI Insider Blows the Lid Off Musk’s Secret AI Operation

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, June 06, 2025 (GLOBE NEWSWIRE) — A mysterious AI complex in Memphis is now being called the most powerful system of its kind — and it wasn’t supposed to be public knowledge.

In a newly released briefing, bestselling author and tech expert James Altucher reveals the details of a covert AI operation led by Elon Musk that, until now, has gone almost entirely unreported.

Known as Project Colossus, the facility was built by Musk’s AI company, xAI, and is allegedly housing the highest-density AI computing power in the Western Hemisphere.

“The AI Mothership”

Altucher says the project has quietly surpassed every major tech firm in the race for AI dominance — including OpenAI, Microsoft, Meta, and even Nvidia.

“Elon Musk has created the AI mothership… an innovation of such enormous proportion… that he has already surpassed all the leading AI developers.”

He adds that the complex is powered by 200,000 high-performance AI chips — and growing.

“Making it the most advanced AI facility known to man.”

Buried in a Warehouse. Unleashed by Policy.

According to Altucher, the project only became possible after a specific presidential action early in Trump’s second term.

“In one of his FIRST acts as President… Donald Trump overturned Executive Order #14110.”

That order had previously restricted advanced AI development in the name of safety and oversight. Its removal, Altucher says, opened the floodgates.

Not a Tool. A Turning Point.

Altucher warns that this isn’t just about AI doing tasks faster. This is a leap into self-operating systems that think, react, and solve.

“AI 2.0… gives that knowledge to intelligent machines that I believe will solve our problems for us.”

He claims a major update to Colossus — scheduled before July 1 — could mark the moment America enters a new technological era.

About James Altucher

James Altucher is a computer scientist, entrepreneur, and bestselling author with four decades of experience in artificial intelligence and innovation. His past work includes contributions to IBM’s Deep Blue supercomputer and the early development of AI-driven market systems. His recent briefings focus on the intersection of AI, secrecy, and national acceleration.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –

June 7, 2025
MIL-OSI USA: Treasury targets network trafficking cocaine to the US and Europe following ICE HSI New York investigation with law enforcement partners

Source: US Immigration and Customs Enforcement

WASHINGTON — On June 5, following an investigation by ICE Homeland Security Investigations’ New York field office and law enforcement partners, the U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned four Guyanese nationals and two Colombian nationals responsible for trafficking tons of cocaine from South America to the United States, Europe, and the Caribbean.

These sanctions target drug traffickers utilizing boats and narco-subs to traffic ton-quantities of cocaine, along with an alleged corrupt Guyanese law enforcement official. The sanctions also target individuals who are operating covert airstrips to traffic drugs via aircraft.

For decades, reported corrupt actors have used Guyana as a transshipment point for the movement of drugs from South America to the United States, with Mexican drug cartels also maintaining a presence in the region. International cocaine trafficking remains a serious threat to the United States, as the substantial profits generated from these sales continue to fund and strengthen cartel operations.

The June 5 action was taken pursuant to Executive Order 14059, which targets the proliferation of illicit drugs and their means of production. ICE HSI New York and OFAC carried out this investigation in coordination with ICE HSI Bogota, the Drug Enforcement Administration Guyana Country Office, DEA New York, Customs and Border Protection Office of Intelligence New York, Internal Revenue Service New York and the U.S. Department of State’s Diplomatic Security Service, with assistance from NYPD Intelligence Bureau, CBP New York and the New York National Guard Counterdrug Task Force.

According to the investigation:

Guyana’s proximity to the Caribbean, as well as alleged corruption along its ports and borders, allows aircraft and maritime vessels, also known as narco-submarines, to transit through its waters undetected. Drug traffickers exploit the rivers and jungles of South America by transporting large quantities of cocaine from Colombia and Venezuela through Guyana and Suriname.

In the last few years, Guyana has been the focus of major U.S. law enforcement operations in partnership with Guyanese authorities, resulting in multi-ton seizures of cocaine. In March 2025, a cargo vessel originating in Guyana was discovered by police in the waters of Trinidad and Tobago with approximately 182 kilograms of cocaine.

On Feb. 20, the State Department identified the Sinaloa Cartel as a foreign terrorist organization and as a specially designated global terrorist.

On March 21, 2024, U.S. and Guyanese law enforcement seized 2,370 kilograms of cocaine in a self-propelled semi-submersible approximately 150 miles off the coast of Guyana.

In August 2024, Guyanese authorities, with support from DEA and DSS, discovered 4.4 tons of cocaine in a clandestine airfield in the northwest region of Guyana known as Barima-Waini, or Region One.

More information, including the full press release announcing these OFAC sanctions.

MIL OSI USA News –

June 7, 2025
MIL-OSI Security: Apple Valley Woman Charged with Participating in $250 Million Feeding Our Future Fraud Scheme

Source: Office of United States Attorneys

MINNEAPOLIS – The 72nd defendant in the Feeding Our Future fraud scheme has been charged in a federal indictment with three counts of wire fraud and two counts of money laundering, announced Acting U.S. Attorney Joseph H. Thompson.

“This fraud is outrageous, brazen, and seemingly never-ending,” said Acting U.S. Attorney Joseph H. Thompson. “As Acting United States Attorney, I intend to put the full weight of this office behind rooting out and prosecuting the shocking and unacceptable levels of fraud in Minnesota.”

“Stealing from a program designed to feed vulnerable children is not only criminal — it’s unconscionable,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Today’s indictment underscores our commitment to rooting out fraud that targets taxpayer-funded programs and ensuring those who exploit them are held fully accountable. The FBI, alongside our partners, will not relent in our pursuit of those who seek to profit from deception.”

According to court documents, Dorothy Jean Moore, 57, of Apple Valley, Minnesota, launched two purported federal child nutrition program sites in late 2020 under the sponsorship of Feeding Our Future. According to meal count forms Moore completed and signed, Moore purportedly served 1,500 meals to children a day at each of her sites, which she purportedly operated out of community churches. Through Feeding Our Future, Moore claimed and received reimbursements, in federal taxpayer dollars, for those purported meals.

At the same time, Moore claimed that she operated a catering company called Jean’s Soul Food. She claimed entitlement to further federal reimbursements for food she purported to provide from that company to her own sites. However, bank records show that Moore used little of the reimbursement dollars she received to purchase food. Instead, Moore used those funds for other purposes, including to purchase cars and fund an enhanced lifestyle.

Moore made her initial appearance in U.S. District Court today before Magistrate Judge David T. Schultz.

This case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

Acting U.S. Attorney Joseph H. Thompson and Assistant U.S. Attorneys Matthew S. Ebert, Harry M. Jacobs and Daniel W. Bobier are prosecuting the case.

An indictment is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

June 7, 2025
MIL-OSI: BlackRock® Canada Announces Changes to the iShares Jantzi Social Index ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 06, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”) (NYSE: BLK), is announcing that iShares Jantzi Social Index ETF (the “iShares ETF”) is expected to experience higher than normal portfolio turnover as a result of upcoming changes to the evaluation process used to determine the composition of the Morningstar Jantzi Social Index (the “Index”). The iShares ETF seeks to replicate the performance of the Index, net of expenses. The composition of the Index will change as part of its regularly scheduled rebalance on June 20, 2025 (the “Rebalance”). As a result of the Rebalance, the iShares ETF may experience higher than normal transaction costs and is also expected to realize net capital gains. However, the iShares ETF’s total net capital gains income for the year will not be known until its tax year ends on December 15, 2025. The iShares ETF will follow its normal process for determining and distributing capital gains in December 2025.

Morningstar, Inc. (“Morningstar”), the index provider of the Index, announced that effective June 20, 2025: (1) the name of the Index will change to Morningstar Jantzi Social Index; (2) the Index will be reviewed semi-annually in June and December instead of annually in March; (3) the new parent benchmark for the Index will be the Morningstar Canada Large-Mid Index; and (4) certain other changes will be made by Morningstar to the ESG exclusions and constituent selection criteria for the Index.

For more information about the iShares ETF, please visit www.blackrock.com/ca.

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.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds 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.

The ETF is not in any way sponsored, endorsed, sold or promoted by Morningstar. Morningstar does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. “Morningstar” is a trademark and is used under license.

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

The MIL Network –

June 7, 2025
MIL-OSI USA: Tillis Introduces Legislation to Replenish Disaster Relief Fund As North Carolina Prepares For Hurricane Season

US Senate News:

Source: United States Senator for North Carolina Thom Tillis

WASHINGTON, D.C. – With hurricane season officially underway, Senator Thom Tillis (R-NC) has introduced legislation to replenish the Disaster Relief Fund (DRF) to ensure FEMA has the financial resources it needs to respond to natural disasters in the months ahead.

Tillis’ legislation would provide $25 billion for the DRF, which would fulfill President Trump’s historic DRF funding request for Congress. Since last year, North Carolina has received roughly $4.45 billion from the DRF to respond and recover from Helene.

“With Western North Carolina still recovering from Helene and an above-normal hurricane season expected this year, we have to ensure that FEMA has the constant flow of resources it needs to help states respond to natural disasters,” said Senator Tillis. “Congress shouldn’t wait until the last minute, and I’m proud to lead the effort to replenish the DRF and ensure that President Trump’s request is fulfilled so FEMA can focus on its critical mission of helping states and local communities respond to emergencies.”

Read the bill HERE.

Background:

Senator Tillis has been pushing for federal assistance for Western North Carolina since the moment Helene made landfall.

On October 1, 2024, Senator Tillis led a bipartisan letter to Senate Appropriations Chair Patty Murray (D-WA) and Vice Chair Susan Collins (R-ME) on the devastation caused by Hurricane Helene and the urgent need to pass an appropriations package to support the millions of Americans affected by the storm.

On October 16, 2024, Senator Tillis led a bipartisan group of senators in urging the White House to rapidly submit a government funding request to Congress that will fully cover costs associated with clean-up and recovery following Hurricanes Helene and Milton so that affected communities could begin to heal. The Senators called for Congress to return to Washington from the October in-state work period to approve federal disaster relief legislation.

On October 23, 2024, The Hill published an op-ed by Senator Tillis addressed to members of Congress to step up and be proactive with long-term disaster recovery assistance.

On October 29, 2024, Senator Tillis and his colleagues announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program with families and small businesses across WNC unable to get loans approved until then. The Senators outlined their plan to seek passage of the legislation when Congress returned to session.

On November 14, 2024, Senator Tillis attempted to pass legislation to replenish the SBA Disaster Loan Program through a unanimous consent request on the Senate floor, but was blocked by another Senator.

On November 15, 2024, Senator Tillis led a bipartisan letter to request that the Office of Management and Budget (OMB) immediately send a supplemental appropriation request to Congress to support the communities we represent, which were devastated after Hurricanes Helene and Milton. The OMB sent the request to Congress a few days later.

On November 18, 2024, Senator Tillis introduced the standalone RELIEF Act to provide Hurricane relief to small businesses impacted by Hurricane Helene.

On November 20, 2024, Senator Tillis called on Congress to quickly pass Hurricane Helene relief during his testimony to the Senate Appropriations Committee.

On November 21, 2024, Senator Tillis met with Governor Cooper, Governor-Elect Stein, members of the North Carolina Congressional Delegation and the North Carolina General Assembly, and local leaders from Western North Carolina to discuss efforts to provide federal assistance to North Carolinians affected by the devastation caused by Hurricane Helene.

On December 5, 2024, Senator Tillis joined Fox News’ Your World with Neil Cavuto where he discussed the urgent need for Congress to provide federal assistance to North Carolinians affected by the devastation caused by Hurricane Helene.

On December 10, 2024, Senator Tillis hosted N.C. Senate President Pro Tempore Phil Berger, N.C. House of Representatives Speaker-elect Destin Hall, State Senators Bill Rabon and Ralph Hise, and State Representative Dudley Greene to discuss efforts to provide immediate assistance to North Carolinians affected by Hurricane Helene’s devastation.

On December 18, 2024, Senator Tillis committed to filibustering any continuing resolution that did not include disaster aid for Western North Carolina.

On December 21, 2024, Senator Tillis voted to pass a bipartisan government funding bill that included more than $100 billion in disaster relief for states and communities hit by natural disasters, including North Carolina during Hurricane Helene.

On January 7, 2025 Senator Tillis announced $1.65 billion in Community Development Block Grant Disaster Recovery (CDBG-DR) funds to help rebuild communities devastated by Hurricane Helene.

On January 24, 2025, Senator Tillis released a statement thanking President Trump for his visit to Western North Carolina to survey the devastation left behind by Helene.

On January 31, 2025, Senator Tillis introduced the Disaster Mitigation and Tax Parity Act of 2025, legislation that excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program.

On March 11, 2025, Senator Tillis reintroduced the Disaster Assistance Simplification Act, bipartisan legislation to simplify the application process for federal disaster recovery assistance.

On April 1, 2025, Senator Tillis sent a letter urging U.S. Secretary of Agriculture Brooke Rollins to work with Congress to quickly distribute the more than $23 billion Congress passed in December to assist farmers, ranchers and rural Americans in responding to devastating natural disasters in 2023 and 2024.

On April 3, 2025, Senator Tillis (R-NC) introduced the FEMA Independence Act, bipartisan legislation to restore the Federal Emergency Management Agency (FEMA) as an independent cabinet-level agency and improve efficiency in federal emergency response efforts.

On April 24, 2025, Senator Tillis introduced the Helene Recovery Small Business Act and the Loans in Our Neighborhoods (LIONs) Act of 2025, legislation that would provide much-needed relief to small businesses as they work to recover from the devastation of Helene.

On June 4, 2025, Senator Tillis announced he helped secure approximately $1.45 billion in federal funding for disaster-impacted communities, including those in Western North Carolina affected by Helene.

In addition to Senator Tillis’ legislative efforts the Senator has met with local leaders, residents, and elected officials across Western North Carolina including in: Asheville, Black Mountain, Boone, Burnsville, Canton, Clyde, Fairview, Flat Rock, Hendersonville, Hot Springs, Marshall, Morganton, Spruce Pine, Swannanoa, Waynesville and Wilkesboro.

MIL OSI USA News –

June 7, 2025
MIL-OSI USA: June 6th, 2025 Heinrich, Luján Slam Trump’s Plan to Illegally Rescind Funding for New Mexico’s Local Public Radio & TV Stations

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
Losing this funding would force many public stations to reduce much of their programming or, in some cases, close their doors to the rural communities they serve
WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), Ranking Member of the Commerce Subcommittee on Telecommunications and Media, joined 29 Senate Democrats to slam Trump and Republicans’ attempt to illegally rescind $1 billion in funding appropriated by Congress and signed into law to fund local public broadcasting stations in New Mexico and nationwide — particularly in rural communities. This move follows President Trump’s executive order directing cuts to federal funding for PBS and NPR.
The Corporation for Public Broadcasting supports over 1,500 local public television and radio stations nationwide that provide free, high-quality programming to American households, including in New Mexico. Local public television and radio stations provides young children who don’t get the chance to attend preschool with educational content that helps them learn to read; airs highly trusted nightly news programming; and shares critical public safety information during emergencies. Local public television stations also provide extensive coverage of local government and elections and host candidate debates, helping Americans stay connected with their elected leaders.
Because local public television and radio relies heavily on federal funding to operate, losing this funding would force many of these stations to reduce much of their programming or, in some cases, close their doors to the communities they serve.
“Following the White House’s request to rescind $1.07 billion in federal funding for CPB, we write to express our strong opposition to any rescission of funding for public broadcasting and prohibitions of direct and indirect funding to the Public Broadcasting Service and National Public Radio,” the senators wrote to Senate Majority Leader John Thune (R-S.D.). “This funding is essential to the functioning of the public media system and the communities they serve, and any cuts in funding would have detrimental effects on local stations, which rely on this funding to provide critical services to millions of Americans across the country. Public broadcasting is an essential service that should be protected, not decimated. For this reason, we request that you prioritize maintaining and continuing funding for CPB.”
As Ranking Member of the Commerce Subcommittee on Telecommunications and Media, Senator Luján has long supported strengthening and protecting public media. In February, Senator Luján wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington condemning actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes. In March, Senator Luján introduced the Broadcast Freedom and Independence Act, legislation that would prohibit the Federal Communications Commission (FCC) from revoking broadcast licenses or taking action against broadcasters based on the viewpoints they broadcast.
The letter is led by U.S. Senators Kirsten Gillibrand (D-N.Y.) and Ed Markey (D-Mass.). Alongside Heinrich and Luján, the letter is signed by U.S. Senators Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Chris Murphy (D-Conn.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jacky Rosen (D-Nev.), Bernard Sanders (I-Vt.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Minn.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), and Ron Wyden (D-Ore.).
The full text of the letter is available here or below:
Dear Majority Leader Thune,
Federal investment in the Corporation for Public Broadcasting (CPB) supports over 1,500 local and regional public television and radio stations that provide free, high-quality programming to millions of households across the country. Following the White House’s request to rescind $1.07 billion in federal funding for CPB, we write to express our strong opposition to any rescission of funding for public broadcasting and prohibitions of direct and indirect funding to the Public Broadcasting Service and National Public Radio, as outlined in the Executive Order titled, “Ending Taxpayer Subsidization of Biased Media” released on May 1, 2025. This funding is essential to the functioning of the public media system and the communities they serve, and any cuts in funding would have detrimental effects on local stations, which rely on this funding to provide critical services to millions of Americans across the country.
Our public broadcasting system is a unique American institution that is deeply embedded in our communities and a critical source of lifesaving public safety services, accurate information, and educational programming. The vast majority of the federal funding CPB receives is allocated to local radio and television stations across the country. These cuts will have an immediate and significant impact for stations in rural communities that heavily rely on CPB funding to provide critical services and could likely result in the elimination of programming or outright closure of stations in areas already faced with limited connectivity.
According to Northwestern University, 55 million people in the United States have no or only one source of local news, and rural counties are far more likely to lose their local news outlets. This number could increase if the two-year advance appropriation for public media is not upheld, resulting in the drastic reduction or complete elimination of free, high-quality local programming. This is especially concerning given the importance of public broadcasting during public emergencies, such as natural disasters, transportation accidents, national security threats, or public safety matters. CPB funds are essential to ensuring that the broadcast infrastructure remains robust and operational in disaster situations, especially scenarios in which local public broadcasters serve as the only source of information for those who need a lifeline. Any cuts in funding will have drastic consequences for communities in need.
And there is much more to their public safety services in addition to the critical local information they broadcast. Public television’s interconnection technology, which connects local public television stations to PBS, is also one of the backbone pathways for the delivery of our nation’s Wireless Emergency Alert (WEA) services – enabling cell phone subscribers to receive geotargeted emergency text alerts no matter where they are in the country. A cut to public broadcasting funding would put this lifesaving service and its nationwide footprint at risk.
Public television has also pioneered cutting edge technology that helps first responders communicate with each other over the broadcast spectrum without the need for mobile service or broadband. This datacasting technology and public television’s public safety partnerships is already helping with early earthquake warning and has been proven effective in a wide range of scenarios where broadband or cellular service are limited, including rural search and rescue, overwater communications, large event crowd control and more. But this is only possible if stations serving rural and remote areas with limited broadband are healthy and continue operating as they are today.
On the education front, public television’s early childhood education services ensure that every family has access to high-quality, non-commercial educational content regardless of their ability to pay for such services. This is essential for over 50 percent of three and four-year old children who do not attend formal preschool.
If funding for the Corporation for Public Broadcasting (CPB) is eliminated or rescinded, the impact would be devastating. Millions of people across the country whose stations rely on CPB funding for a significant percentage of their budget would be at risk of losing access to public television’s services. These are services that nobody else in the media world is providing, but it’s exactly the work for which public broadcasting was created, and they are delivering to our communities every day.
Public broadcasting is an essential service that should be protected, not decimated. For this reason, we request that you prioritize maintaining and continuing funding for CPB.
We appreciate your consideration of this request and thank you for your prompt attention to this matter.
Sincerely,

MIL OSI USA News –

June 7, 2025
MIL-OSI USA: Heinrich, Luján Slam Trump’s Plan to Illegally Rescind Funding for New Mexico’s Local Public Radio & TV Stations

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

Losing this funding would force many public stations to reduce much of their programming or, in some cases, close their doors to the rural communities they serve

WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), Ranking Member of the Commerce Subcommittee on Telecommunications and Media,joined 29 Senate Democrats to slam Trump and Republicans’ attempt to illegally rescind $1 billion in funding appropriated by Congress and signed into law to fund local public broadcasting stations in New Mexico and nationwide — particularly in rural communities. This move follows President Trump’s executive order directing cuts to federal funding for PBS and NPR.

The Corporation for Public Broadcasting supports over 1,500 local public television and radio stations nationwide that provide free, high-quality programming to American households, including in New Mexico. Local public television and radio stations provides young children who don’t get the chance to attend preschool with educational content that helps them learn to read; airs highly trusted nightly news programming; and shares critical public safety information during emergencies. Local public television stations also provide extensive coverage of local government and elections and host candidate debates, helping Americans stay connected with their elected leaders.

Because local public television and radio relies heavily on federal funding to operate, losing this funding would force many of these stations to reduce much of their programming or, in some cases, close their doors to the communities they serve.

“Following the White House’s request to rescind $1.07 billion in federal funding for CPB, we write to express our strong opposition to any rescission of funding for public broadcasting and prohibitions of direct and indirect funding to the Public Broadcasting Service and National Public Radio,” the senators wrote to Senate Majority Leader John Thune (R-S.D.). “This funding is essential to the functioning of the public media system and the communities they serve, and any cuts in funding would have detrimental effects on local stations, which rely on this funding to provide critical services to millions of Americans across the country. Public broadcasting is an essential service that should be protected, not decimated. For this reason, we request that you prioritize maintaining and continuing funding for CPB.”

As Ranking Member of the Commerce Subcommittee on Telecommunications and Media, Senator Luján has long supported strengthening and protecting public media. In February, Senator Luján wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington condemning actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes. In March, Senator Luján introduced the Broadcast Freedom and Independence Act, legislation that would prohibit the Federal Communications Commission (FCC) from revoking broadcast licenses or taking action against broadcasters based on the viewpoints they broadcast.

The letter is led by U.S. Senators Kirsten Gillibrand (D-N.Y.) and Ed Markey (D-Mass.). Alongside Heinrich and Luján, the letter is signed by U.S. Senators Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Chris Murphy (D-Conn.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jacky Rosen (D-Nev.), Bernard Sanders (I-Vt.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Minn.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), and Ron Wyden (D-Ore.).

The full text of the letter is available here or below:

Dear Majority Leader Thune,

Federal investment in the Corporation for Public Broadcasting (CPB) supports over 1,500 local and regional public television and radio stations that provide free, high-quality programming to millions of households across the country. Following the White House’s request to rescind $1.07 billion in federal funding for CPB, we write to express our strong opposition to any rescission of funding for public broadcasting and prohibitions of direct and indirect funding to the Public Broadcasting Service and National Public Radio, as outlined in the Executive Order titled, “Ending Taxpayer Subsidization of Biased Media” released on May 1, 2025. This funding is essential to the functioning of the public media system and the communities they serve, and any cuts in funding would have detrimental effects on local stations, which rely on this funding to provide critical services to millions of Americans across the country.

Our public broadcasting system is a unique American institution that is deeply embedded in our communities and a critical source of lifesaving public safety services, accurate information, and educational programming. The vast majority of the federal funding CPB receives is allocated to local radio and television stations across the country. These cuts will have an immediate and significant impact for stations in rural communities that heavily rely on CPB funding to provide critical services and could likely result in the elimination of programming or outright closure of stations in areas already faced with limited connectivity.

According to Northwestern University, 55 million people in the United States have no or only one source of local news, and rural counties are far more likely to lose their local news outlets. This number could increase if the two-year advance appropriation for public media is not upheld, resulting in the drastic reduction or complete elimination of free, high-quality local programming. This is especially concerning given the importance of public broadcasting during public emergencies, such as natural disasters, transportation accidents, national security threats, or public safety matters. CPB funds are essential to ensuring that the broadcast infrastructure remains robust and operational in disaster situations, especially scenarios in which local public broadcasters serve as the only source of information for those who need a lifeline. Any cuts in funding will have drastic consequences for communities in need.

And there is much more to their public safety services in addition to the critical local information they broadcast. Public television’s interconnection technology, which connects local public television stations to PBS, is also one of the backbone pathways for the delivery of our nation’s Wireless Emergency Alert (WEA) services – enabling cell phone subscribers to receive geotargeted emergency text alerts no matter where they are in the country. A cut to public broadcasting funding would put this lifesaving service and its nationwide footprint at risk.

Public television has also pioneered cutting edge technology that helps first responders communicate with each other over the broadcast spectrum without the need for mobile service or broadband. This datacasting technology and public television’s public safety partnerships is already helping with early earthquake warning and has been proven effective in a wide range of scenarios where broadband or cellular service are limited, including rural search and rescue, overwater communications, large event crowd control and more. But this is only possible if stations serving rural and remote areas with limited broadband are healthy and continue operating as they are today.

On the education front, public television’s early childhood education services ensure that every family has access to high-quality, non-commercial educational content regardless of their ability to pay for such services. This is essential for over 50 percent of three and four-year old children who do not attend formal preschool.

If funding for the Corporation for Public Broadcasting (CPB) is eliminated or rescinded, the impact would be devastating. Millions of people across the country whose stations rely on CPB funding for a significant percentage of their budget would be at risk of losing access to public television’s services. These are services that nobody else in the media world is providing, but it’s exactly the work for which public broadcasting was created, and they are delivering to our communities every day.

Public broadcasting is an essential service that should be protected, not decimated. For this reason, we request that you prioritize maintaining and continuing funding for CPB.

We appreciate your consideration of this request and thank you for your prompt attention to this matter.

Sincerely,

MIL OSI USA News –

June 7, 2025
MIL-OSI Canada: Alberta is ready for its close-up! | L’Alberta est prête pour son gros plan!
Now in its 46th year, Alberta’s government is solidifying its ongoing support for the Banff World Media Festival as a key platform to showcase Alberta’s state-of-the-art studios, competitive production incentives, beautiful landscapes and skilled talent to the world.

Alberta’s government is proud to invest in the future of the provincial film industry with more than $1 million, over three years, in sponsorship support for the Banff World Media Festival. The funding is part of the government’s continued commitment to creating jobs, attracting investment and growing cultural industries across Alberta, including film, television and music.

“Our film and television industry is a creative force and a major contributor to Alberta’s economy. By continuing to invest in the Banff World Media Festival, we bring global industry leaders right to Alberta’s doorstep, giving the world a front-row seat to everything that makes our province a top-tier destination for film and television production.”

Tanya Fir, Minister of Arts, Culture and Status of Women

The Banff World Media Festival welcomes to Alberta almost 1,600 key industry representatives from over 50 countries, all set against the breathtaking backdrop of Banff National Park.

It opens doors for Alberta creators to connect with global partners and investors. Building on last year’s success, the Alberta “Fill Yer Boots” Music Showcase returns to shine a spotlight on Alberta’s talented homegrown musicians and highlight more opportunities to feature local music in film and television productions.

“We are incredibly grateful for the Government of Alberta’s continued investment in the Banff World Media Festival. This support strengthens our ability to convene global industry leaders in Alberta, foster creative and economic partnerships, and spotlight the province’s world-class talent, locations and production capabilities on an international stage.”

Jenn Kuzmyk, executive director, Banff World Media Festival

“This funding is a meaningful commitment to the future of Canada’s and Alberta’s screen industries. The Banff World Media Festival is a vital platform where global deal making, talent discovery and innovation thrive. Alberta’s support ensures the festival continues to deliver economic and creative impact across the province and around the world.”

Sean Cohan, chair of the board, Banff Television Festival

Previous investment in the film and television industry has already put Alberta centre stage, capturing global attention with several high-profile productions. With over sixty per cent of all Alberta-made projects filmed or planning to film in small cities, towns and rural locations across the province, investment in this growing industry is boosting the economy in every corner of Alberta.

“Alberta has a growing film and television industry that is putting our talent and landscapes on the big screen for the world to see. Our government continues to prioritize increased jobs, investment and economic diversification, which we are achieving in part through film and television. To all those attending this year’s Banff World Media Festival, thank you for helping put Alberta on the map.”

Joseph Schow, Minister for Jobs, Economy, Trade and Immigration

Quick facts
- The Banff World Media Festival runs from June 8 to 11, 2025.
- The Government of Alberta has been a primary sponsor of the Banff World Media Festival since its inception in 1979.
- Thanks to incentives like the Alberta Media Fund and the Film and Television Tax Credit, Alberta has been home to 337 film and television productions since 2020.
- Every dollar of government support towards film and television production generates four dollars of investment back into the province.
- To date, almost one-third of all productions participating in the Film and Television Tax Credit program did their filming in rural Alberta.
Related information
- Alberta Film Commission
Related news
- Lights, camera, Alberta! Boosting cultural industries | Lumières, caméra, Alberta! Stimuler les industries culturelles (April 16, 2025)
- Movie star treatment for Alberta screen producers | Traitement de vedette pour les producteurs de l’Alberta (Sept. 18, 2024)
- Lights, camera, action for film and television (June 7, 2024)
- Investing in more chapters of Alberta’s stories | Investir dans d’autres chapitres des histoires albertaines (April 23, 2024)
Le gouvernement de l’Alberta contribue à réunir des chefs de file du cinéma et de la télévision, des créateurs et des investisseurs du monde entier au Festival mondial des médias de Banff.

Le gouvernement de l’Alberta renforce son soutien continu au Festival mondial des médias de Banff, qui en est à sa 46^e année d’existence. Le Festival constitue une plateforme essentielle pour présenter au monde entier les studios ultramodernes, les incitatifs à la production concurrentiels, les paysages magnifiques et la richesse des talents de la province.

Le gouvernement de l’Alberta est fier d’investir dans l’avenir de l’industrie cinématographique provinciale en affectant plus d’un million de dollars, sur trois ans, au parrainage du Festival mondial des médias de Banff. Ce financement s’inscrit dans le cadre de l’engagement continu du gouvernement à créer des emplois, à attirer des investissements et à développer les industries culturelles de l’Alberta, notamment le cinéma, la télévision et la musique.

« Notre industrie cinématographique et télévisuelle est une force créatrice et une contributrice majeure à l’économie de l’Alberta. En continuant d’investir dans le Festival mondial des médias de Banff, nous invitons les chefs de file de l’industrie à découvrir l’Alberta et offrons ainsi au monde entier une place de choix pour se familiariser avec tout ce qui fait de notre province une destination de premier plan pour la production cinématographique et télévisuelle. »

Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

Le Festival mondial des médias de Banff accueille en Alberta près de 1 600 représentants clés de l’industrie venus de plus de 50 pays, dans le cadre époustouflant du parc national Banff.

Il permet aux créateurs albertains d’entrer en contact avec des partenaires et des investisseurs du monde entier. Forte du succès de l’année dernière, la vitrine musicale albertaine « Fill Yer Boots » est de retour pour attirer l’attention des participants sur les talentueux musiciens albertains et multiplier les occasions de mettre en valeur la musique locale dans les productions cinématographiques et télévisuelles.

« Nous sommes extrêmement reconnaissants au gouvernement de l’Alberta pour son investissement continu dans le Festival mondial des médias de Banff. Ce soutien renforce notre capacité à réunir les chefs de file de l’industrie mondiale en Alberta, à favoriser les partenariats créatifs et économiques et à mettre en avant les talents, les sites et les capacités de production de calibre mondiale de la province sur la scène internationale. »

Jenn Kuzmyk, directrice générale, Festival mondial des médias de Banff

« Ce financement constitue un engagement important envers l’avenir des industries cinématographiques du Canada et de l’Alberta. Le Festival mondial des médias de Banff est une plateforme essentielle qui permet de conclure des accords à l’échelle mondiale, de découvrir des talents et d’innover. Le soutien de l’Alberta permet au festival de continuer à avoir des retombées économiques et créatives dans la province et dans le monde entier. »

Sean Cohan, président du conseil d’administration du Festival de télévision de Banff

Les investissements antérieurs dans l’industrie du cinéma et de la télévision ont déjà permis à l’Alberta d’occuper le devant de la scène et d’attirer l’attention du monde entier grâce à plusieurs productions de premier plan. Plus de 60 % de tous les projets réalisés en Alberta ont été tournés ou prévoient de l’être dans des petites villes, des villages et des zones rurales de la province; l’investissement dans cette industrie en plein essor stimule ainsi l’économie dans tous les coins de la province.

« L’Alberta possède une industrie cinématographique et télévisuelle en plein essor qui met nos talents et nos paysages sur le grand écran pour que le monde entier puisse les voir. Notre gouvernement continue d’accorder la priorité à la création d’emplois, à l’investissement et à la diversification économique, ce que nous réalisons en partie grâce au cinéma et à la télévision. Je remercie tous les participantes et participants au Festival mondial des médias de Banff de contribuer à faire connaître l’Alberta. »

Joseph Schow, ministre de l’Emploi, de l’Économie, du Commerce et de l’Immigration

En bref
- Le Festival mondial des médias de Banff se déroule du 8 au 11 juin 2025.
- Le gouvernement de l’Alberta est l’un des principaux commanditaires du Festival mondial des médias de Banff depuis sa création en 1979.
- Grâce à des mesures incitatives telles que le Fonds des médias de l’Alberta (Alberta Media Fund) et le crédit d’impôt pour le cinéma et la télévision, l’Alberta a accueilli 337 productions cinématographiques et télévisuelles depuis 2020.
- Chaque dollar d’aide gouvernementale à la production cinématographique et télévisuelle génère quatre dollars d’investissement dans la province.
- À ce jour, près d’un tiers de toutes les productions participant au programme de crédit d’impôt pour le cinéma et la télévision ont été tournées dans les régions rurales de l’Alberta.
Renseignements connexes (en anglais seulement)
- Alberta Film Commission
Nouvelles connexes
- Lumières, caméra, Alberta! Stimuler les industries culturelles | Lights, camera, Alberta! Boosting cultural industries (16 avril 2025)
- Traitement de vedette pour les producteurs de l’Alberta | Movie star treatment for Alberta screen producers (18 septembre 2024)
- Lights, camera, action for film and television (Lumière, caméra, action pour le cinéma et la télévision) (7 juin 2024; en anglais seulement)
- Investir dans d’autres chapitres des histoires albertaines | Investing in more chapters of Alberta’s stories (23 avril 2024)
MIL OSI Canada News –
June 7, 2025
MIL-OSI USA: Murkowski, King Reintroduce Legislation to Help Coastal Workforce, Fisheries, and Infrastructure
US Senate News:
Source: United States Senator for Alaska Lisa Murkowski

06.06.25

Washington, D.C. – Today, U.S. Senators Lisa Murkowski (R-AK) and Angus King (I-ME), reintroduced the Working Waterfronts Act, legislation which includes more than a dozen provisions aimed at boosting the workforce, energy and shoreside infrastructure, food security, and economies of coastal communities in Alaska and across the country. The bill will also support efforts to mitigate the impacts of climate change on coastal communities and strengthen federal conservation research projects.

In October 2022, Senator Murkowski began soliciting feedback from Alaskans to help draft the Working Waterfronts legislation. After a two-year period of close collaboration with stakeholders and colleagues in the Senate, she introduced the legislation for the first time in February of 2024.

“One of my priorities this Congress was reintroducing the Working Waterfronts Act, a comprehensive and collective effort to harness the potential of the blue economy for Alaska’s coastal communities,” said Senator Murkowski. “With 66,000 miles of coastline, it is vital Alaska strengthens our shoreside infrastructure and supports workforce development to ensure the sustainability and growth of our fisheries, tourism, and mariculture sectors. This legislation will provide essential resources for alternative energy initiatives, improve community processing facilities, and promote safety and wellness in the maritime workforce. Together, we can build a resilient future for our coastal communities while addressing climate change and preserving our precious marine ecosystems.”

“Maine’s coastal communities are changing. From a warming climate to an evolving economy, the Gulf of Maine faces both historic opportunities and challenges that will define our state’s success for generations,” said Senator King. “The Working Waterfronts Act would provide Maine’s working waterfronts up and down the coast with the necessary financial, energy and infrastructure resources to adapt to the rapidly shifting dynamics of natural disasters affecting economic and tourism operations. It would also help support the necessary workforce to sustain our coastal businesses. Thanks to my colleagues for working with me to ensure our waterfronts have the necessary tools and resources to thrive for years to come.”

“The Alaska Seafood Marketing Institute (ASMI) thanks Senator Murkowski for her continued efforts to support Alaska’s commercial fishing industry, which provides tens of thousands of jobs and billions of dollars in economic impact across the state. The Working Waterfronts Act would make impactful changes that are needed now, such as expanding access for fishermen and processors to USDA loans, grants for improving waterfront infrastructure that benefit commercial fishermen, and creating a new program to improve maritime workforce development. These changes, along with many others in the Act, provide needed help the Alaska seafood industry, a critical pillar of Alaska’s economy,” said Greg Smith, Communications Director at the Alaska Seafood Marketing Institute (ASMI).

“Senator Murkowski’s Working Waterfronts Act highlights the key priorities vital to the future of Alaska’s seafood industry. From modernizing infrastructure to building a resilient workforce and supporting innovation, this bill addresses the real challenges facing our coastal communities. We’re proud to support this effort and stand with Senator Murkowski in securing a strong future for Alaska’s working waterfronts,” said Kristy Clement, CEO of Alaska Fisheries Development Foundation.

“Senator Murkowski’s Working Waterfronts Act is a comprehensive bill that invests in the modernization of our vital working waterfronts and the resiliency and success of our fishing and seafood industries,” said Robert Vandermark, executive director of the Marine Fish Conservation Network. “This bill champions crucial improvements to shoreside facilities and infrastructure that support thriving coastal economies and promotes the development of a stronger future workforce to ensure American fishing traditions can continue for generations. This legislation also supports research and stewardship of economically important ocean ecosystems and fisheries to help them endure in a changing climate. The Network supports the Working Waterfronts Act and thanks Senator Murkowski for listening to the needs of our fishing communities and providing a foresighted path to support their businesses and ways of life.”

“The seafood industry has always been a critical part of the Blue Economy, even before the phrase was coined. Alaska’s seafood industry produces an economic impact of $15 billion in the U.S. annually. Senator Murkowski’s wholistic approach to a thriving waterfront is visionary. The Working Waterfront Act supports and expands access to critical infrastructure and resources upon which the seafood industry relies. Specific to seafood harvesting and processing, the Working Waterfront Act incentives co-investment by providing access to USDA loan programs which will help American fishermen and processors compete with other countries – an excellent example of good domestic economic policy,” Julie Decker, President, Pacific Seafood Processors Association.

Bill Highlights:

Investing in Energy and Shoreside Infrastructure
- Tax Credits for Marine Energy Projects supports projects that produce electricity from waves, tides, and ocean currents.
- Fishing Vessel Alternative Fuels Pilot Program provides resources to help transition fishing vessels from diesel to alternative fuel sources such as electric or hybrid, and funds research and development of alternative fuel technologies for fishing vessels.
- Rural Coastal Community Processing and Cold Storage Grant increases support for community infrastructure such as cold storage, cooperative processing facilities, and mariculture/seaweed processing facilities by establishing a competitive grant program through the Department of Commerce for rural and small-scale projects.
- Working Waterfronts Development Act establishes a grant program for infrastructure improvements for facilities benefitting commercial and recreational fishermen, mariculturists, and the boatbuilding industry.
Boosting Maritime Workforce Development and Blue Economy
- Maritime Workforce Grant Program establishes a Maritime Workforce Grant Program, directing the Maritime Administrator to award competitive grants supporting entities engaged in recruiting, educating, or training the maritime workforce.
- Fishing Industry Safety, Health, and Wellness Improvement (FISH Wellness) Act expands the Coast Guard and CDC’s National Institute for Occupational Safety and Health (NIOSH) Fishing Safety Research and Training (FRST) Grant Program to include projects supporting behavioral health in addition to the projects currently supported dedicated to occupational safety research and training.
- Ocean Regional Opportunity and Innovation Act establishes at least one ocean innovation cluster in each of the five domestic NOAA Fisheries regions, as well as the Great Lakes and Gulf of Mexico regions. The ocean cluster model fosters collaboration between different sectors – including public, private, and academic – within a geographic region to promote economic growth and sustainability in the Blue Economy.
Supporting Sustainable and Resilient Ecosystems
- Coastal Communities Ocean Acidification Act enhances collaboration on ocean acidification research and monitoring through ongoing mechanisms for stakeholder engagement on necessary research and monitoring. This provision would also establish two Advisory Board seats for representatives from Indian Tribes, Native Hawaiian organizations, Tribal organizations, and Tribal consortia affected by ocean acidification and coastal acidification.
- Vegetated Coastal Ecosystem Inventory establishes an interagency working group for the creation and maintenance of a comprehensive national map and inventory detailing vegetated coastal and Great Lakes ecosystems. This inventory encompasses habitat types, species, ecosystem conditions, ownership, protected status, size, salinity and tidal boundaries, carbon sequestration potential, and impacts of climate change.
- Marine Invasive Species Research and Monitoring provides resources and tools to mitigate the impact of invasive species and help limit their spread by authorizing research and monitoring grants for local, Tribal, and regional marine invasive prevention work. This includes training, outreach, and equipment for early detection and response to invasions.
MIL OSI USA News –
June 7, 2025
MIL-OSI Canada: Canada extends support to Ukraine by waiving tariffs on goods

Source: Government of Canada News (2)

June 6, 2025 – Ottawa, Ontario – Department of Finance Canada

Last month in Banff, Alberta, G7 Finance Ministers and Central Bank Governors unanimously reaffirmed their unwavering support for Ukraine.

Building upon this consensus, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today announced that Canada will extend the Ukraine Goods Remission Order until June 9, 2026.

Canada is continuing to support Ukraine’s economy with a one-year extension on tariff-free importation of Ukrainian goods into Canada.

Canada remains steadfast in its support for Ukraine as it fights to defend its sovereignty, territorial integrity, and democracy. The conflict initiated by Russia, with support from Belarus, continues to severely impact Ukraine’s economy, including its ability to export goods globally.

Since the Ukraine Goods Remission Order was issued on June 9, 2022, Canada has imported over $35 million in goods from Ukraine with $8.5 million in customs duties remitted. The extension is expected to generate approximately $1.2 million in duties remitted from June 10, 2025 to June 9, 2026.

MIL OSI Canada News –

June 7, 2025
MIL-OSI Security: Eight Charged in Federal Crackdown on Treasury Check Fraud
Source: Office of United States Attorneys

Defendants allegedly deposited $8.8 million in stolen tax refund checks into accounts they controlled
BOSTON – Eight individuals have been charged as part of an ongoing investigation into the theft of U.S. Treasury tax refund checks in Massachusetts.

According to the charging documents eight defendants in communities throughout Eastern Massachusetts have allegedly been involved in the theft of tax refund checks, totaling more than $8.8 million in 2023 and 2024. As alleged, each of the U.S. Treasury checks the defendants stole represented a tax refund or tax credit due to a bona fide taxpayer, but had been altered to be payable to shell companies the defendants controlled. Each defendant allegedly deposited one or more fraudulent checks at banks or credit unions in and around Metro Boston. The following defendants are charged in separate indictments:
1. Gino Rosario Tyler Alexander Allegra, 31, of Brockton, charged with theft of $861,646 in government funds;
2. Eric Banks, 70, of Quincy, charged with theft of $1,173,482 in government funds;
3. Jesse El-Ghoul, 31, of Leominster, charged with theft of $1,355,863 in government funds;
4. Nnamdi Opara, 30, of Woburn, charged with theft of $700,767 in government funds;
5. Gurprit Singh, 34, of Framingham, charged with theft of $2,547,508 in government funds;
6. Amarpreet Singh, 33, of Framingham, charged with theft of $536,214 in government funds;
7. Lonnie Smith-Matthews, 33, of Hyde Park, charged with theft of $150,000 in government funds and bank fraud of $232,588; and
8. Domingo Villari, 49, of Framingham, charged with theft of $1,288,575 in government funds.
Banks, El-Ghoul, G. Singh, Opara and Smith-Matthews are in federal custody and will appear in Federal Court in Boston later today. Allegra, A. Singh and Villari remain at large.

“As alleged, these defendants stole millions in tax refunds owed to hardworking Americans and used Massachusetts businesses and community banks to defraud the U.S. Treasury,” said United States Attorney Leah B. Foley. “Would-be thieves should understand that taking government money is not a victimless crime. If you cash or deposit a refund check that you know is not yours, you will be prosecuted. This office and its law enforcement partners are committed to rooting out fraud and abuse in the federal tax system.”

“Today’s arrest demonstrates IRS-CI’s commitment to identifying, investigating, and prosecuting all instances of Treasury check theft,” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “The theft and altering of Treasury checks is a growing issue that impacts all Americans. IRS-CI will continue to work diligently to bring all those who prey on American taxpayers to justice.”

“The Treasury Inspector General for Tax Administration (TIGTA) aggressively investigates individuals who attempt to exploit U.S Treasury refund checks meant for hard working taxpayers for their own private gain,” said TIGTA Special Agent in Charge Michael Carpenter. “TIGTA’s mission is to protect the integrity of our nation’s tax administration system. We are committed to working with our law enforcement partners to ensure that those who violate federal laws are prosecuted to the fullest extent possible.”

The charge of theft of government funds provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of up to $250,000. The charge of bank fraud provides for a sentence of up to 30 years in prison, five of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

U.S. Attorney Foley; IRS Acting SAC Demeo; Treasury Inspector General SAC Carpenter; and Matthew Modafferi, Special Agent in Charge of the United States Postal Service Office of the Inspector General, Northeast Area Field Office, made the announcement today. Valuable assistance was provided by the Needham Police Department. Assistant U.S. Attorneys Kriss Basil and Brian Sullivan of Foley’s Criminal Division are prosecuting the cases.

The details contained in the charging documents are allegations. The defendants are presumed to be innocent unless and until proven guilty beyond a reasonable doubt in the court of law.
MIL Security OSI –
June 7, 2025
MIL-OSI USA: LEADER JEFFRIES: “TRUMP’S ONE BIG UGLY BILL WILL RIP AWAY HEALTHCARE FOR MORE THAN 16 MILLION AMERICANS”

Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

Today, Democratic Leader Hakeem Jeffries held a press conference where he emphasized that Democrats remain united against Trump’s One Big Ugly Bill which will rip away healthcare and food assistance from millions of Americans in order to give billionaire Republican donors a tax break.

LEADER JEFFRIES: Good morning, everyone. House Democrats continue to fight to stop the GOP Tax Scam in its tracks. Trump’s One Big Ugly Bill will rip away healthcare for more than 16 million Americans. Others across the country will pay higher premiums, co-pays and deductibles because of this unprecedented attack on Medicaid, Medicare and the Affordable Care Act. Hospitals will close, nursing homes will shut down and people will die if the GOP Tax Scam ever becomes law.

Republicans are also trying to jam the largest cut to nutritional assistance in American history down the throats of the American people, are taking away more than $300 billion from SNAP, these extremists are literally ripping food from the mouths of children, seniors and veterans in the United States of America. It’s shameful.

All of this is being done so that Republicans can provide massive tax breaks to their billionaire donors, and then they want to stick the American people with the bill, including by exploding the deficit by more than $3 trillion, saddling our children and grandchildren with this type of fiscal baggage that will hurt their ability to have a prosperous future and sets America on a possible path toward bankruptcy. The GOP Tax Scam is indeed a disgusting abomination.

Full press conference can be watched here.

###

MIL OSI USA News –

June 7, 2025
MIL-OSI Security: Art dealer jailed for terrorism offence

Source: United Kingdom London Metropolitan Police

An art dealer from London has been jailed after an investigation by officers from the Met’s Counter Terrorism Command revealed £140,000 of sales to a suspected financier of the proscribed group Hizballah.

Oghenochuko Ojiri 53 (05.05.72) of west London, was sentenced at the Old Bailey on Friday, 6 June after he admitted eight counts of failing to make a disclosure during the course of business within the regulated sector, contrary to section 21A of the Terrorism Act 2000.

Commander Dominic Murphy, head of the Met’s Counter Terrorism Command, said:

“This prosecution, using specific Terrorism Act legislation, is the first of its kind and should act as a warning to all art dealers that we can, and will, pursue those who knowingly do business with people identified as funders of terrorist groups.

“Oghenochuko Ojiri wilfully obscured the fact he knew he was selling artwork to Nazem Ahmad, someone who has been sanctioned by the UK and US Treasury and described as a funder of the proscribed terrorist group Hizballah.

“Financial investigation is a crucial part of the counter-terrorism effort. A team of specialist investigators, analysts and researchers in the National Terrorist Financial Investigation Unit works all year round to prevent money from reaching the hands of terrorists or being used to fund attacks.”

Ojiri was arrested on 18 April 2023 in Wrexham on the same day the UK Government announced sanctions against Nazem Ahmad, a wealthy art collector, based in Lebanon, suspected of providing funding to Hizballah, a proscribed organisation.

Officers subsequently obtained a warrant to seize a number of artworks belonging to Ahmad held in two UK-based warehouses.

The artwork, including a Picasso and Andy Warhol paintings, were seized on 4 May 2023 and the NTFIU obtained a forfeiture order later the same year. The artwork, valued at almost £1 million, is due to be sold and the funds will be reinvested back into the police, CPS and Home Office.

The Met’s investigation into Ojiri was carried out in partnership with US Homeland Security, which is conducting a wider investigation into alleged money laundering by Ahmad using shell companies.

Officers from the NTFIU analysed a series of invoices for sales of art by Ojiri and identified that eight purchases were completed with names inserted on the invoices that were not Ahmad’s – despite Ojiri knowing the sale was being conducted for him and on his behalf.

The art market became regulated in 2019 under Anti-Money Laundering regulations. This brought the art market in line with other regulated sectors such as banking and solicitors. The regulator is HM Revenue & Customs (HMRC).

People who operate in the art market, like gallery owners, must be registered with the HMRC as an Art Market Participant (AMP), undertake due diligence and report any suspicions of money laundering or terrorist financing.

Detectives from the NTFIU recovered WhatsApp messages on Ojiri’s mobile phone from 31 January 2020, which showed Ojiri discussing the new money laundering regulations with a colleague.

Analysis of messages and web history on Ojiri’s mobile phone also showed that he was aware of the financial sanctions by the US Treasury against Ahmad due to his suspected involvement in being a high-level financier of Hizballah.

In police interview, Ojiri apologised for his actions but denied that money or greed were the motivating factors behind dealing with Ahmed, claiming it was the excitement and kudos of dealing with a ‘name’ in the art collecting world.

Ojiri pleaded guilty to the charges, which relate to a period from October 2020 to December 2021, at Westminster Magistrates’ Court on 9 May.

On Friday, 6 June Ojiri was sentenced to two years and six months’ imprisonment.

The prosecution, believed to be the first of its kind, followed an investigation by the NTFIU, alongside the Office of Financial Sanctions Implementation (OFSI) in HM Treasury, HMRC, and the Met’s Art and Antiques Unit.

Bethan David, Head of the CPS Counter Terrorism Division, said: “It is clear that Oghenochuko Ojiri was aware of new money laundering regulations in the art world and that he had knowledge of Nazem Ahmad’s background.

“Ojiri engaged in activity designed to conceal the identity of the true purchaser by changing the details on invoices and storing Mr Ahmad’s name under a different alias in his mobile phone.

“His motivation appears to be financial along with a broader desire to boost his gallery’s reputation within the art market by dealing with such a well-known collector.

“This prosecution is believed to be the first of its kind, and the CPS will not hesitate to bring criminal charges against individuals who flout the law in this way.”

Louise MacDonald, Deputy Director of Economic Crime at HMRC’s Fraud Investigation Service, said:

“This landmark case clearly shows how government and law enforcement is effectively tackling those who may fund terrorism.

“As a money laundering supervisor, we know criminals prey on weaknesses. That’s why we work tirelessly with sectors like the art market to ensure they have the defences in place to stop criminals in their tracks.”

MIL Security OSI –

June 7, 2025
MIL-OSI USA: Kean Delivers $20 Million Return to NJ-07 Residents, including $900K Win for Wharton Arts

Source: US Representative Tom Kean, Jr. (NJ-07)

Contact: Riley Pingree

(June 6, 2025) LEBANON BOROUGH, NJ – Congressman Tom Kean, Jr. (NJ-07) announced today that his office has returned more than $20 million to constituents across New Jersey’s 7^th Congressional District.

Since January 2023, Congressman Kean and his dedicated casework team have closed over 3,781 constituent cases, helping residents recover $20,606,504 from federal agencies, including the Department of Veterans Affairs, the Internal Revenue Service, the Social Security Administration, and other relevant agencies.

One recent case highlights the scope and impact of Congressman Kean’s office and its casework services. Wharton Arts, a non-profit organization in Berkeley Heights, New Jersey, turned to Congressman Kean’s office earlier this year for assistance recovering over $900,000 owed through the Employee Retention Credit (ERC). Wharton Arts is New Jersey’s largest independent non-profit performing arts education center. It serves more than 2,000 students across 12 counties through programs like the Performing Arts School, the New Jersey Youth Symphony, the New Jersey Youth Chorus, and the Paterson Music Project.

After reaching out to Congressman Kean’s office in January of this year regarding unresolved ERC claims filed with the IRS in October 2023, Wharton Arts received prompt and dedicated support from the casework team. Thanks to this advocacy, the organization was able to secure the owed funds and continue building on its 45-year legacy of serving New Jersey’s arts and education communities.

“My office has reached a major milestone of securing over $20 million in casework returns for residents of New Jersey’s 7th District,” said Congressman Tom Kean, Jr. “To the thousands of families, seniors, veterans, and small businesses who received the benefits and support they needed and deserved: thank you for reaching out and trusting my team with these personal matters. I am thrilled to see the positive outcome for Wharton Arts, an institution that has enriched our region’s cultural and educational landscape for decades. Their story is a powerful reminder of how effective casework can make a lasting difference in people’s lives and our communities. As always, my team and I remain ready to serve you, your families, and your community in any casework matter.”

“Many thanks to Congressman Tom Kean, Jr. and his team for working with us and fulfilling the promise to help us with the ERC,” said Gina Caruso, Executive Director of Wharton Arts. “We received the money for our claims, which will now save Wharton Arts and help us to make plans for the future of this longstanding, beloved organization, which serves 2,000 students in 12 counties, and over 300 students with a free music education.”

If you or someone you know needs help navigating a federal agency, contact Congressman Kean’s district office in Lebanon Borough at (908) 547-3307 or visit kean.house.gov/services/help-federal-agency. The office also hosts Satellite Office Hours during the first week of every month across the district. For updates on Congressman Kean’s work for you in Congress, follow @CongressmanKean on Facebook, X (Twitter), and Instagram.

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MIL OSI USA News –

June 7, 2025
MIL-OSI United Kingdom: Press Release – Economic Development Committee looks to boost inter island and regional travel for 2025 and beyond Friday 06 June 2025

Source: Channel Islands – States of Alderney

Media Release
Date: June 6th 2025
Economic Development Committee looks to boost inter island and regional travel for 2025 and beyond

The Economic Development Committee (EDC) has made provision of transport links to and from the island a key objective over the first six months of 2025.
EDC has continued its subsidised support to Alderney Ferry Services, which has moved over 10,000 passengers between Alderney and Guernsey since its establishment 3 years ago. This has proved in recent years that it is essential to the island both economically and socially and bolsters the tourism and visitor offering. This renewed agreement could also run till 2027 subject to review by both parties.

The Committee has also undertaken a tender process for a sea link service on the largely unexploited Jersey route. Water Taxi CI was selected as the operator for the route for 2025 with a view to extending to 2026, the operator is currently undertaking a marketing campaign in Jersey working with Visit Alderney.

Chair of Economic Development Stuart Clark said:
“As a first step, ensuring the ferry service between Alderney and Guernsey continued was of paramount importance for the Committee. It supports the visitor economy and residents alike, whilst complementing the air services provided by Aurigny on the lifeline routes, which are provided under the public service obligation”

He added, “A successful tender process for the Jersey route is also a great step forward in developing inter-island connectivity. We’re pleased that Water Taxi CI is committing to an intense marketing campaign to ramp up the service and there has been an encouraging amount of traction on social media since the States of Alderney’s announcement about the service on 23rd May”.

Breaking new ground, The Committee has also struck agreement with the Government of Jersey and Ports of Jersey, working on a joint venture which provides limited subsidy support to Finistair, an airline out of France, operating between Alderney and Brest via Jersey on a trial basis between June and August this year.

“This is an exciting opportunity for our island, not only in respect of inter-island travel, but for regional connectivity too. We’re of the view that Finistair and Water Taxi Ci will complement one another and provide us valuable data for the demand on this route, without detracting in any material way from the two critically important PSO lifeline routes operated by Aurigny. It demonstrates Alderney’s desire to encourage economic revitalisation by improving connectivity to and from the island, as has been expressed in several States’ debates on Alderney’s connectivity in Guernsey.”

The Government of Jersey’s Minister for Sustainable Economic Development, Deputy Kirsten Morel, said: “I am pleased to have worked with the States of Alderney to improve the links between our islands by delivering a new air route for this summer. I look forward to continuing to build on these links to find new areas of cooperation and learn from each other in areas such as tourism, heritage and energy.”

Ends

MIL OSI United Kingdom –

June 7, 2025
MIL-OSI USA: Trahan Rips Trump’s Plan to Let Palantir Build Dossiers on American Citizens

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

WASHINGTON, DC – Yesterday, during a House Oversight and Government Reform Committee hearing, Congresswoman Lori Trahan (MA-03) railed against the Trump administration’s plan to turn over Americans’ most personal information that was harvested by Department of Government Efficiency (DOGE) staffers to Palantir so the company can build dossiers on every American.
“Under the Trump Administration, DOGE aggressively collected sensitive data across agencies, breaking down firewalls that are supposed to protect us. Then came the Executive Order directing agencies to ‘eliminate information silos’ – basically, to share and pool that data,” Congresswoman Trahan said. “And just last week, we learned that Palantir, a Silicon Valley company known for building surveillance tools, is being hired to build AI-powered profiles on every American using the data DOGE collected. It’s hard to overstate how dangerous this is.”
CLICK HERE or the image below to watch Trahan’s remarks. A transcript is embedded below.

Last week, the New York Times reported that the Trump administration has drastically increased federal contracting with Palantir, a Silicon Valley tech firm started by Peter Thiel who has donated heavily to Republican campaigns. Palantir has historically worked closely with the Pentagon and the intelligence community to provide big data analytics and AI products, and in recent years has expanded its customer base to include private companies, civilian agencies, and state and local governments. According to the Times report, the company is now being directed to use its AI systems to merge the personal data of Americans collected by different federal agencies into one database, essentially creating a profile on every person in the country.
During the hearing today, Trahan pointed out how this type of system could be weaponized by the government against Americans.
“Let me just give you an example – a hypothetical, of course, but not a far-fetched one. Sarah is a regular American. She pays her taxes, owns a gun legally, and is raising her daughter Emma on her own. She and Emma rely on Medicaid to get the care they need,” Congresswoman Trahan continued. “One day, Sarah shares a post on Facebook. She’s concerned about something the President said about firearms, and she posts so. But in Washington, an AI-powered monitoring system flags her post. A political appointee digs into her personal data and sends emails to agency heads urging them to take action against her.”
“Within days, Sarah’s life falls apart,” Congresswoman Trahan said. “The IRS audits her and claims she owes thousands. Emma’s doctor says her Medicaid isn’t active anymore, and now Sarah has to pay out of pocket. Now, to be clear, this story is made up. But it’s not science fiction. It’s an alarm. It’s a warning.”
In March, Trahan announced an effort to rewrite the Privacy Act of 1974, a 50-year-old law designed to protect Americans’ privacy that has not been meaningfully updated since its passage in the wake of the Watergate scandal. Dozens of organizations and individuals have responded to Trahan’s request for information about how to strengthen privacy protections while preserving the ability to modernize and improve the efficiency of government services.
“I’ve spent the past three months talking with civil liberties groups, privacy experts, and people across the country – and the one thing is clear: We need stronger privacy laws,” Congresswoman Trahan concluded. “I believe we can protect people’s data and modernize government to prevent fraud, waste, and abuse. These goals are not at odds – they’re linked.”
—————————————–
Congresswoman Lori Trahan
Remarks As Delivered
House Oversight and Government Reform Hearing: The Federal Government in the Age of Artificial Intelligence
June 5, 2025

Trahan: Thank you, Mr. Chairman. I appreciate you allowing me to be a part of this important conversation.
Over on the Energy and Commerce Committee, which is where I usually serve, we have a lot of conversations about technology, and one thing is always clear: data is at the heart of AI. That’s why I believe that any serious discussion about AI has to start with a conversation about privacy. And that’s what I’m here to do today – to sound the alarm about a deeply troubling trend: our own government’s growing appetite for Americans’ personal data.
Let me just give you an example – a hypothetical, of course, but not a far-fetched one.
Sarah is a regular American. She pays her taxes, owns a gun legally, and is raising her daughter Emma on her own. She and Emma rely on Medicaid to get the care they need.
One day, Sarah shares a post on Facebook. She’s concerned about something the President said about firearms, and she posts so. But in Washington, an AI-powered monitoring system flags her post. A political appointee digs into her personal data and sends emails to agency heads urging them to take action against her.
Within days, Sarah’s life falls apart. The IRS audits her and claims she owes thousands. Emma’s doctor says her Medicaid isn’t active anymore, and now Sarah has to pay out of pocket.
Now, to be clear, this story is made up. But it’s not science fiction. It’s an alarm. It’s a warning.
Mr. Schneier, you talked in your testimony about coercion as an “adversarial use” of data. What kinds of coercion could bad actors inside the government use if they had detailed profiles on every American?

Mr. Schneier: I would think of it as selective investigation. The government has enormous powers to investigate people, and the question is who they choose to investigate. There’s a famous book from many years ago called “Three Felonies a Day” – that we in our normal lives commit three felonies a day because there are just so many rules and we don’t know them.
So given things like that, who you choose to enforce the law on matters. So this data can be used to select people whom to investigate, people whom to charge. And this could be used selectively by any regime – even not the U.S. – any country that wants to do this.
Trahan: Unfortunately, this isn’t a hypothetical trend – it’s already happening.
Under the Trump Administration, DOGE aggressively collected sensitive data across agencies, breaking down firewalls that are supposed to protect us. Then came the Executive Order directing agencies to “eliminate information silos” – basically, to share and pool that data. And just last week, we learned that Palantir, a Silicon Valley company known for building surveillance tools, is being hired to build AI-powered profiles on every American using the data DOGE collected.
It’s hard to overstate how dangerous this is.
Mr. Schneier, are you worried that once this data is centralized, future administrations – no matter their party – could weaponize it? I mean, are we on the verge of opening Pandora’s box?
Mr. Schneier: I don’t know if Pandora’s Box has been open years ago, but certainly giving this power to a government is something that feels very un-American. There are reasons why this data was siloed. There are reasons why we didn’t have these powers.
I mean you can imagine humans doing this well before AI, but we chose not to. So AI can certainly make this more efficient, but yes this is power in the hands of a human who wants to wield it for ill can do that very efficiently.
Trahan: We need a national reckoning on privacy. That means strong oversight of this Administration and its tech partners, and real legislation to protect Americans’ rights.
You know, I’ve spent the past three months talking with civil liberties groups, privacy experts, and people across the country – and the one thing is clear: We need stronger privacy laws.
I believe we can protect people’s data and modernize government to prevent fraud, waste, and abuse. These goals are not at odds – they’re linked.
So if you’re listening and you’re concerned about what’s happening – about Big Tech, about government overreach, about your family’s privacy – call my office. Let’s have a national conversation. Let’s protect the freedom our founders fought for and the privacy we all deserve.
And one last thing I just wanted to mention because over the course of this hearing, the Chair has suggested that no one on the other side of the aisle called attention to the harms of the Republicans’ ten-year ban on state AI regulations. That’s patently false.
We had robust debate on the Energy and Commerce Committee with several Democratic members, myself included, calling attention to this provision during and after our 26-hour markup. In fact, Democrats offered an amendment to strike the language entirely. So Mr. Chair, I ask unanimous consent to enter into the record the results of the recorded vote.
Chairman: Without objection.
Trahan: Thank you. I yield back.
###

MIL OSI USA News –

June 7, 2025
MIL-OSI: AI Expert Says Musk Just Outran Big Tech in the AI Race

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, June 06, 2025 (GLOBE NEWSWIRE) — New briefing reveals Elon Musk has quietly built the most powerful AI system in America — far from Silicon Valley, and without the help of Big Tech.

In a new briefing to the public, tech entrepreneur and bestselling author James Altucher reveals what he describes as a rogue AI breakthrough — hidden in plain sight.

According to Altucher, Elon Musk’s xAI has constructed a private supercomputer called Project Colossus, located in Memphis, Tennessee, that has already surpassed Microsoft, Google, and Meta in scale — and is set to grow exponentially before July 1.

“He’s Already Passed Them”

Altucher claims Musk’s project was built outside the traditional tech pipeline — with no reliance on legacy platforms or government partnerships.

“Elon Musk has created the AI mothership… an innovation of such enormous proportion… that he has already surpassed all the leading AI developers.”

He says the facility is now home to over 200,000 AI chips — and that the system’s scale is unlike anything in commercial use.

“It contains not just one or two… but 200,000 units of Nvidia’s all-powerful AI chips… making it the most advanced AI facility known to man.”

A Presidential Assist — But Not a Partnership

While Altucher says Project Colossus is not a government project, it was unlocked by a key political move: the repeal of Biden’s AI executive order.

“In one of his FIRST acts as President… Donald Trump overturned Executive Order #14110.”

That reversal, he says, “cleared the path” for developers like Musk to act quickly — and without interference.

Not ChatGPT — Something Bigger

Altucher warns that while most people are still fixated on chatbots, Musk’s system is aiming for something far more advanced.

“AI 2.0… gives that knowledge to intelligent machines that I believe will solve our problems for us.”

He claims the system will soon receive a major upgrade that could “10X its power” overnight — potentially revealing what he calls the first working form of Artificial Superintelligence.

About James Altucher

James Altucher is a computer scientist, entrepreneur, and bestselling author. He studied AI at Cornell and Carnegie Mellon, worked with IBM on the Deep Blue supercomputer, and built early AI-driven systems on Wall Street. His latest work focuses on the rise of independent AI infrastructure and the figures driving it.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –

June 7, 2025
MIL-OSI Economics: ICC proposal to reduce tax challenges of cross-border teleworking
Source: International Chamber of Commerce

Headline: ICC proposal to reduce tax challenges of cross-border teleworking

Five years after the pandemic, many organisations have largely returned to office-centric working models. Yet, the crisis fundamentally changed how we work, establishing new expectations around flexibility and remote work that continue to persist. In many ways, we accidentally discovered a way of working that actually fits how people live – one where handling a family crisis abroad didn’t preclude delivering excellent work.

This shift in expectations has created a new reality for businesses navigating the complex tax risks of flexible work arrangements.

The gap between employee needs and tax reality

ICC’s 2023 internal global survey of its members revealed that over 80% of employers receive temporary teleworking requests prompted by family circumstances, health-related needs, caregiving responsibilities, or the use of a secondary residence. Despite these arrangements generally being temporary and arising from normal life circumstances, employers frequently find themselves caught between employee expectations and regulatory uncertainty. These seemingly straightforward requests are hampered due to concerns around permanent establishment risk – the potential for creating a taxable business presence in another country – employer tax and social security obligations, and complex compliance requirements.

The 60-day teleworking solution

To address these challenges, ICC has proposed the introduction of a 60-day teleworking ‘safe harbour’, under which an employee’s temporary physical presence in a jurisdiction for teleworking purposes would not, in itself, give rise to a permanent establishment risk, or trigger employer-related tax or social security liabilities. The proposal aligns to the broader principles of international tax law, would not affect a country’s tax rights beyond a limited scope, and can be considered and reflected in the revised Commentary to Article 5 OECD Model Tax Convention and in the Commentary to the UN Tax Convention, without the need to work on a new article.

Why this benefits everyone, from business to country

For companies, ‘safe harbour’ eliminates legal uncertainty, allows for project continuity and continued revenue generation, and transforms potential talent retention risks into a competitive advantage.

For people, it supports workforce well-being by accommodating short-term teleworking needs in times of personal, medical or geopolitical emergencies.

For tax authorities, it reduces enforcement and compliance burdens and eliminates low-risk, low-revenue case loads from already stretched resources.

For countries, it ensures that the employee’s country of employment retains its income tax revenue, while the temporary work location benefits from increased consumption and sales tax receipts.

How it would work in practice

The proposal is built around several key components:
- Short-term and on request: The presence of an employee in a country different from the country of employment should be limited in time (e.g. maximum of 60 days per year) and at the request of the employee.
- A clear definition of a day: Consistent with approaches in tax residency rules, a day should be counted if any work activity is performed from the jurisdiction in question.
- Individual treatment of multiple employees abroad: The presence of multiple employees in the same country should not be treated cumulatively for determining employer tax liabilities. Each employee’s teleworking days should be assessed independently to avoid unintentionally triggering permanent establishment risks or compliance obligations based on collective presence.
- Administrative simplification: Where possible, encourage administrative filing to be done in a single country through optional one-stop-shop mechanisms or employer-led tax remittance models..
MIL OSI Economics –
June 7, 2025

MIL-OSI: Bango 2024 Full Year Results and Outlook

Source: GlobeNewswire (MIL-OSI)

CAMBRIDGE, United Kingdom, June 06, 2025 (GLOBE NEWSWIRE) — Bango (AIM: BGO), today announces its full year results for the 12 months ended 31 December 2024 and provides an update on current trading and outlook for 2025.

FY24 Financial Overview:

Results for the 12 months ended 31 December 2024	FY24	FY23	YoY Change

Transactional Revenue¹	$36.2M	$32.7M	+11%
DVM & One Off Revenue²	$17.2M	$13.4M	+28%

Total Revenue	$53.4M	$46.1M	+16%

Annual Recurring Revenue (ARR) ³	$14.0M	$8.8M	+59%
Net Retention⁴	125%	137%

Adjusted EBITDA⁵	$15.3M	$6.4M	+139%

Loss After Tax	($3.7M)	($8.8M)	$5.1M

Net (debt)/cash at 31 December⁶	($1.8M)	($4.0M)	$2.2M

FY24 Operational highlights:

9 new Digital Vending Machine® (DVM^TM) license customers (total 27 at end of 2024)
110 content providers connected to the DVM, up from 93 at the end of 2023
Launched Disney+ with Continente – Portugal’s largest high-street retailer, in only 12 weeks from first customer contact
First two DVM CX (user interface) customers signed, including Altice in the US
First Eastern European DVM customer signed

Post period-end

Digital Vending Machine®

6 new DVM customers to date in 2025, including:
- New US wins mean the Bango DVM now serves 6 out of the top 8 US communication providers (by subscriber count)
- First DVM customer in South Korea – leading Telco selected Bango DVM for bundling
- New DVM Telco customer in Benelux marks the first win from an improved Western Europe DVM pipeline
First customer launch of the Bango DVM CX (user interface) with Altice in the US. The DVM CX reduces the effort for resellers when launching bundled offers, allowing them to launch much faster. It is sold as an additional license fee.
DVM is on track to once again deliver double digit revenue growth in-line with consensus⁷.

Transactional

98% of traffic acquired with DOCOMO Digital has been migrated to the Bango platform
The high cost of sales routes acquired from DOCOMO Digital have experienced volatility and are below expectation however, given the margin profile of these routes, there is minimal impact to EBITDA. Work to optimize or restructure these routes is ongoing.
Bango has disconnected several small, unprofitable routes since the DOCOMO Digital acquisition and continues to launch selected new routes where there is significant growth potential.
Core Transactional revenue (excluding the high cost of sales routes) is in-line with expectations.

Financing

Bango has secured financing which will be used to strengthen the balance sheet and provide further flexibility on the timing of cost reductions.
- Bango has secured an enhanced loan facility from NHN. Under the agreement, the existing loan will increase by $2.85M and include a deferral of principal repayments for 18 months (further information can be found detailed in the RNS announcement published earlier today titled, ‘Loan Agreement and Related Party Transaction’).
- In addition, Bango has secured a $15M Revolving Credit Facility (RCF) with NatWest. This provides a committed, long-term financing solution that will replace the existing £3M overdraft from Barclays.

Efficiency Initiatives

Bango expects to report FY25 Adj. EBITDA in-line with consensus⁷
Further efficiencies are expected to result in a modest increase to Adj. EBITDA vs consensus⁷ in FY26 of $1M.
A reduction in R&D capital expenditure versus current consensus⁷, of $0.5M in FY25 and $1M in FY26 is planned.

Board changes

As separately announced, (See ‘Directorate Change’ RNS published today), Anil Malhotra and Frank Bury will formally step down from the Board at the conclusion of the AGM on 30 June 2025.

Investor Presentation:

Bango is hosting a presentation, open to all existing and potential shareholders, at 10.30am BST today. Investors can sign up to Investor Meet Company for free and register to join the call here: https://www.investormeetcompany.com/bango-plc/register-investor

Bango CEO, Paul Larbey, said:

“2024 was a pivotal year for Bango, marked by strong revenue growth, a significant increase in profitability, and strategic progress across both our Digital Vending Machine® and Payments businesses. We delivered a 16% increase in total revenue and more than doubled Adjusted EBITDA to $15.3M, reflecting the operational leverage of our platform and disciplined cost management. The DVM continues to gain global traction, with 9 new customers added during the year and a strong pipeline rapidly converting in 2025 with 6 new wins including our first customer in South Korea.

With tens of millions of subscriptions already managed, and the scalability to support hundreds of millions more, Bango is uniquely placed to benefit from the structural shift toward subscription-based services and indirect distribution models. Increasingly, the Bango DVM is becoming the standard platform for subscription bundling – not just in capability, also in reputation. It’s the solution recommended by some of the world’s largest content providers when their partners want to scale subscriptions and build customer engagement, and now serves 6 of the top 8 US communication service providers. This positions Bango at the very heart of the global subscription economy.

In the Payments business, Bango continues to have a leading position in the market and remains the largest Direct Carrier Billing partner for the Google Play store, the only partner powering DCB for the Amazon store in Japan and the sole provider of online DCB services to NTT DOCOMO Japan – the largest operator, in the most valuable DCB market. With the migration of traffic from the DOCOMO Digital platform to the Bango platform we are optimizing our Payments business for cash and profitability by simplifying operations.

The financing provided by NatWest and NHN demonstrate strong confidence in Bango’s business model & strategic plan and materially strengthens the balance sheet. The decision to make the strategic investment in DVM coupled with the market growth in “Super bundling” are driving a strong sales pipeline. This combined with disciplined cost management, a reduction in R&D capex and the inherent operational leverage of our platform will deliver a step-change in cash generation in FY26 and drive shareholder returns. We view the future opportunity with both confidence and excitement.”

See the full RNS announcement: https://bangoinvestor.com/link/XyOG0y

Notes:

The Annual Report, including full accounts, is available at, https://bangoinvestor.com/results-reports, and will be sent to shareholders shortly.

¹ Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of carrier billing, resale and e-Disti revenue share amounts.
² DVM & One Off Revenue includes all DVM license and support fees, revenue from Bango Audiences (discontinued in Q1 FY24) and one off fees including DVM set-up and change requests.
³Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months
based on contracted revenues recognized as at 31 December.
⁴ Net Retention is a measure of the retention and expansion of revenue from existing customers over a specific period and is calculated by dividing the ARR from existing customers at the end of a period by the ARR generated from those same customers at the beginning of the period.
⁵Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items and share based payment charge.
⁶Net debt is cash and cash equivalents plus short-term investments less loans and borrowings.
⁷Current consensus market expectations prior to today’s announcement.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer.

For further information, please contact:

About Bango

Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

Bango, where people subscribe. For more information, visit www.bangoinvestor.com

Subscribe to our news alert service: https://bangoinvestor.com/auth/signup

The MIL Network –

June 7, 2025

MIL-OSI USA: Rep. Jimmy Gomez Statement on ICE Detaining Families in Basement of LA Federal Building

Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

LOS ANGELES, CA – Representative Jimmy Gomez (CA-34) issued the following statement in response to disturbing reports that immigrants showing up for routine check-ins with Immigration and Customs Enforcement (ICE) in Los Angeles were detained and held in basement rooms — some overnight — under inhumane conditions:

“These are very disturbing reports from LA’s Roybal Federal Building. Law-abiding asylum seekers — many with kids — are being detained after showing up for routine ICE check-ins. No food. No water. Locked in holding rooms for over 12 to 24 hours.

“These are not criminals. These are families who followed the rules. Filed the paperwork. Showed up on time. Instead, they’re being treated like they broke the law just for seeking asylum.

“One attorney reports her client was held without food or water from 2pm through the next day. His wife and 2 kids waited 12+ hours with nothing. No water. No explanation.

“Overcrowding is so bad that women and children are being forced to sleep outside in tents. Meanwhile, the lights in the building shut off at 5pm. Families are sitting in pitch black.

“A 20-year-old woman is being held alone. Her mother was detained in transit. They’ve been checking in with ICE for years. Their asylum process was legal and based on abuse. They were days from a court date. Now—they’re detained, separated, and with their future in limbo.

“According to attorneys on site, ICE claims it can detain people indefinitely even if they have a legal stay. That means even if a court says they can’t be deported, ICE keeps them locked up anyway.

“This isn’t ‘just how the system works.’ This is a system breaking people. Bureaucracy weaponized against those who complied.

“DHS—I demand to go in to get answers. We need to know why law-abiding asylum seekers are being detained, separated, and treated like criminals.”

Rep. Gomez’s district includes downtown LA and the Roybal Federal Building where the detentions occurred. As the son of immigrants, Rep. Jimmy Gomez (CA-34) has been a strong advocate for immigrant families. Rep. Gomez filed an amicus brief earlier this year urging the Court to uphold the 14th Amendment’s guarantee of citizenship. He’s a proud supporter of the Dream and Promise Act of 2025, which would provide a clear path to citizenship for Dreamers, Temporary Protected Status (TPS) holders, and Deferred Enforced Departure (DED) recipients. He has called on the IRS and the Department of Homeland Security (DHS) to immediately halt efforts to misuse confidential taxpayer data for immigration enforcement. He is also leading the effort to reinstate the Citizenship and Assimilation (C&A) Grant Program, which supports organizations that help legal residents become U.S. citizens.

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MIL OSI USA News –

June 7, 2025
MIL-OSI Security: Co-leader of large-scale narcotics & human trafficking rings sentenced to 30 years in prison

Source: Office of United States Attorneys

COLUMBUS, Ohio – A leader in a case with 23 defendants involved in narcotics and human trafficking conspiracies was sentenced in federal court here today to 360 months in prison for drug, gun, human trafficking and money laundering crimes.

From 2008 until June 2022, Cordell Washington, 38, of Pickerington, ran a large-scale drug trafficking organization in Columbus with co-defendant Patrick Saultz. Their operations also included sex trafficking, labor trafficking, fraud and money laundering.

A multi-agency law enforcement task force initially announced the case in July 2022 after a federal grand jury indicted 11 defendants for distributing bulk amounts of fentanyl, cocaine and crack cocaine within 1,000 feet of a Columbus elementary school. In October 2022, the government added 12 defendants and 28 new charges.

Court documents detail that the drug trafficking organization brought large quantities of fentanyl, heroin, cocaine, crack cocaine, methamphetamine, oxycodone, alprazolam and marijuana into Columbus. These drugs were sold or used to coerce individuals into sexual activity for some members of the drug ring and their profit.

As part of this case, local, state and federal law enforcement officers have executed more than 20 search warrants at various locations throughout Central Ohio and seized more than $1.7 million in drug proceeds. For example, while executing a search warrant at a local storage unit, law enforcement officials discovered approximately one million dollars in bulk United States currency. Searches of additional residences yielded 47 firearms, diamonds, Rolex watches and additional bulk amounts of cash.

The drug trafficking organization sold drugs to customers out of more than 20 Columbus residences and distributed larger amounts to regional drug traffickers who then trafficked those narcotics to places such as West Virginia and the Northern District of Ohio. Saultz began the drug trafficking organization by distributing heroin, cocaine and crack cocaine from his residences on Vida Place and South Hague Street in Columbus as early as 2008.

Most of the drug dealing took place within 1000 feet of Burroughs Elementary School in Columbus at a residence on South Burgess. For example, one of Washington and Saultz’s numerous subordinates sold approximately $18,000 worth of narcotics per day from the location on South Burgess.

The case also involves the overdose death of at least one individual and the violent death of a second victim.

As part of his plea in April 2024, Washington admitted to labor trafficking male drug addicts. The defendant provided the men with their drug of choice after the men completed construction or cleaning projects at residences owned by the drug trafficking organization. The men were recruited by Washington and some completed the work for him under serious threat of harm.

Washington would provide the addicts with advances on small amounts of drugs so that they were well enough to perform physical labor. If Washington was not pleased with their work product, he would not complete the final drug payment and would threaten violence against them.

Washington used numerous methods to launder the group’s drug trafficking proceeds, including establishing front businesses that purported to be rental, repair and construction companies.

As of today, 18 of the 23 defendants have been sentenced, including six defendants who were sentenced to more than 10 years in prison. Saultz was sentenced in March 2025 to 30 years in prison.

Acting U.S. Attorney Kelly A. Norris commended the investigation coordinated by Ohio Attorney General Dave Yost’s Ohio Organized Crime Investigations Commission Central Ohio Human Trafficking Task Force, which includes Columbus Division of Police Chief Elaine Bryant; Jared Murphy, Acting Special Agent in Charge, U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) Detroit; and Andrew Lawton, Special Agent in Charge, U.S. Drug Enforcement Administration (DEA). Other agencies that have assisted the task force with the investigation include the Franklin County Sheriff’s Office, HIDTA Task Force, IRS-Criminal Investigation, FBI, Ohio Bureau of Criminal Investigations (BCI), Ohio National Guard Counter Drug Task Force, Pickerington Police Department, New Albany Police Department and the Fairfield County Sheriff’s Office SWAT Team.

This investigation was initiated as part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

Assistant United States Attorneys Timothy Prichard and Emily Czerniejewski are representing the United States in this case.

# # #

MIL Security OSI –

June 7, 2025
MIL-OSI USA: ‘Big Ugly’ Reconciliation Bill Will Devastate New York Families

Source: US State of New York

overnor Kathy Hochul today issued a letter to Senate Majority Leader John Thune outlining the potentially disastrous impact that the House’s proposed budget would have on New Yorkers. If enacted, the bill would gut New York’s healthcare system, strip families of crucial nutrition benefits, trigger billions in economic losses through the removal of clean energy tax credits and continue to unfairly tax hard-working New Yorkers by failing to fully repeal the SALT cap.

The House bill slashes $13.5 billion in funding for our healthcare economy through cuts to Medicaid and the Affordable Care Act marketplace, putting nearly 1.5 million New Yorkers at risk of losing their health insurance. Safety net hospitals in rural and low-income areas could be forced to shutter their doors permanently and doctors and health care providers would face financial jeopardy. The bill also significantly shrinks federal support for SNAP nutrition and food benefits, making it more difficult for the nearly three million New Yorkers who rely on SNAP to put food on the table for their families.

In addition, the House bill would put the safety and reliability of our power grid at risk by repealing tax credits that support major renewable and energy storage projects with an estimated loss of $25 billion in clean energy investments. The bill would also curtail efforts to reduce housing energy costs and improve resilience by eliminating the Green and Resilient Retrofit Program, an important resource to retrofit affordable housing stock. Other proposed measures include gutting student loan programs, levying outrageous taxes on nonprofits and universities, eliminating the popular direct-file program to simplify the tax process, and prohibiting state AI regulation.

The proposed budget would inflict all of these harms while still failing to deliver on a key promise made by New York Republicans in Congress to their constituents: a full repeal of the SALT cap. Congressional Republicans’ decision to impose a new, permanent SALT cap upholds a double-tax on New York taxpayers and unfairly burdens middle-class households.

The full text of the letter is below:

Dear Majority Leader Thune and Minority Leader Schumer:

As Governor of New York, I am writing to you ahead of the Senate’s consideration of the House reconciliation legislative package to underscore the detrimental impact this bill would have on my state. If enacted, the proposed bill would gut New York’s healthcare system, strip families of crucial nutrition benefits, trigger billions in economic losses through the removal of clean energy tax credits, stagnate growth in education and critical technology sectors, and continue to unfairly tax hard-working New Yorkers by failing to fully repeal the SALT cap. Passage of this legislation would worsen the affordability crisis and inject further instability into an already fragile economy.

Restricting Access to Healthcare: The House bill slashes $13.5 billion in funding for our healthcare economy through cuts to Medicaid and the Affordable Care Act (ACA) marketplace. Make no mistake: if the Senate passes this legislation and it is signed into law, nearly 1.5 million people in New York will lose their health insurance. Over $3 billion will be lost to our hospitals, with safety net hospitals in rural and low-income areas at significant risk of shuttering their doors permanently. These closures will harm all New Yorkers, regardless of their insurance coverage.

Reducing Food Security: The bill also significantly shrinks federal support for SNAP nutrition and food benefits, making it more difficult for the nearly three million New Yorkers who rely on SNAP to put food on the table for their families. The bill places significant administrative burdens on our state and counties and will create headaches for eligible families in receiving their benefits. States have always played a key role in SNAP; this bill decimates the longstanding federal-state partnership by penalizing states with recurring annual costs. We expect the House-passed bill to cost New York State alone over $2.1 billion annually.

Undermining Energy Modernization and Resilience: The House reconciliation package would put the safety and reliability of our power grid at risk by repealing tax credits that support major renewable and energy storage projects. The financial impact to New York from the loss of the investment tax credit alone would be $25 billion to the state’s current portfolio of large-scale clean energy investments and would further make new projects more expensive for businesses and threaten good-paying union jobs. Added fees on electric vehicles, canceled IRA transportation funding, and the rollback of EV and home energy credits would also drive-up costs statewide. The bill would also curtail efforts to reduce housing energy costs and improve resilience by eliminating the Green and Resilient Retrofit Program (GRRP), an important resource to retrofit our nation’s affordable housing stock.

Education Undermined, Disparities Widened: The House bill threatens to dismantle essential supports for low-income and nontraditional students by imposing restrictive eligibility changes for working, part-time learners; establishing harsh institutional penalties; and eliminating key federal loan programs. In New York, where nearly half of community college students attend part-time and rely heavily on Pell Grants, these changes could force thousands to drop out or incur deeper debt. Additionally, the bill eliminates some subsidized student loans and forces loan risk onto education institutions. Taken together, these provisions represent a regressive shift that threatens to widen educational disparities, destabilize community colleges and minority-serving institutions and undermine national efforts to promote affordable higher education.

Artificial Intelligence (AI) Moratorium: The House legislation also includes a highly-problematic and broad prohibition on state AI regulation for a decade. States like New York have passed laws to both invest in the incredible potential of AI and thoughtfully address potential AI harms in the face of federal inaction. Under my leadership, New York has enacted several first-in-the-nation AI safety measures, including the Safe for Kids Act to curb the addictive nature of social media for kids, and safeguards for AI Companion chatbots to reduce harmful interactions. If this federal prohibition remains in reconciliation, the impact is not merely a bureaucratic moratorium; it undermines the states’ fundamental right and responsibility to protect the safety, health, privacy, and economic vitality of its citizens.

Unfair Tax Burdens: Not only does this bill guarantee higher costs, it also fails to deliver on a key promise made by New Yorkers in your caucus to their constituents: a full repeal of the SALT cap. House Republicans’ decision to impose a new, permanent SALT cap upholds a double-tax on New York taxpayers and unfairly burdens households. The bill also levies outrageous taxes on nonprofits including universities, and eliminates the popular direct-file program that simplifies the tax filing process – all in an effort to cut taxes for the richest Americans.

These are just some of the more egregious harms this bill would inflict on my constituents. If New York Republicans in the House refuse to advocate for the best interests of their state, I will. As Governor, I must stand up for middle-class New Yorkers who cannot afford the consequences of this budget. I urge you to reject the House proposal and instead work with Leader Schumer on a bipartisan reconciliation package that delivers for working families, invests in the future, and reflects the real needs of the people we serve.

Sincerely,

Governor Kathy Hochul

MIL OSI USA News –

June 7, 2025
MIL-OSI USA: Secretary Noem Saves American Taxpayers Hundreds of Millions by Negotiating New Contract for the Coast Guard

Source: US Federal Emergency Management Agency

Headline: Secretary Noem Saves American Taxpayers Hundreds of Millions by Negotiating New Contract for the Coast Guard

lass=”text-align-center”>DHS is revolutionizing national security while saving the taxpayer over $260 million
WASHINGTON – Department of Homeland Security Secretary Kristi Noem announced that she successfully saved the American taxpayer over $260 million by cancelling a failing U

S

Coast Guard (USCG) shipbuilding project

Shipbuilding company Huntington Ingalls (HII) began production of a Legend-class National Security Cutter (NSC) in May 2021

It was supposed to be delivered by 2024 at the latest but is still nowhere near complete

“This is about fulfilling President Trump’s commitment to the American taxpayer,” said Secretary Noem

“Huntington Ingalls owed us this cutter over a year ago

As the Trump administration is revitalizing the U

S

Coast Guard through Force Design 2028, we need to be smart with the American taxpayer’s money

This project was over time and over budget

Now the money can be redirected to ensuring the Coast Guard remains the finest, most-capable maritime service in the world

I would like to extend my thanks to Huntington Ingalls for negotiating in good faith

”
In addition to returning over $260 million to the U

S

Treasury, the Coast Guard will receive $135 million in parts that will be used to retrofit, upgrade, and maintain the Coast Guard’s existing fleet of 10 Legend-class cutters

By cancelling the production of NSC #11 and securing the parts deal with HII, Secretary Noem has ensured that the Treasury will recoup the remaining funds for use where they are most needed

###

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Evans, Edwards Introduce Bipartisan Job-Training Bill

Source: United States House of Representatives – Representative Dwight Evans (2nd District of Pennsylvania)

LEON Act is named for Rev. Leon Sullivan

WASHINGTON (June 5, 2025) – U.S. Reps. Dwight Evans (D-PA) and Chuck Edwards (R-NC-11) have introduced a bipartisan job-training bill, the Leveraging Educational Opportunity Networks (LEON) Act, to help build pathways out of poverty and solve the nation’s structural, long-term labor shortage.

Under the bill (H.R. 3681), the U.S. Department of Labor would provide federal competitive grants to organizations that partner with local employers to provide no-cost professional training to workers for living-wage jobs in construction, disaster recovery, manufacturing and more.

“Too many families — in Pennsylvania’s 3rd District and across the country — have been shut out from employment opportunities that offer them a pathway to the middle class,” said Congressman Evans. “The LEON Act would help build a national career technical education system that would break down barriers and prepare low-income people with the skills that employers need.”

“Western North Carolina is still recovering from the devastating effects of Hurricane Helene last fall, and recovery is going to take years. This is in part because we have a shortage of qualified construction workers to help us rebuild,” said Congressman Edwards. “The LEON Act would enable us to quickly train the workers we need to help us build stronger, more resilient communities and economies.”

The bill — which would award grants to accredited, not-for-profit, post-secondary educational institutions providing training at no out-of-pocket cost to students — is named for civil rights leader Rev. Dr. Leon H. Sullivan, who in 1964 founded a worldwide network of skills-training organizations under the umbrella of Opportunities Industrialization Centers (OIC).

“The LEON Act is an opportunity to future-proof tomorrow’s workforce by preparing adults for jobs that will provide a pathway to the middle class,” said Louis J. King II, OIC of America’s president and CEO. “With no-cost training, we can transform lives, stabilize and strengthen communities, and address the demands of our national labor shortage. In doing so, we can create a stronger America.

The text of the bill is available here.

Evans represents the 3rd Congressional District, which includes Northwest and West Philadelphia and parts of North, South, Southwest and Center City Philadelphia. He recently announced that his office returned to or saved $4.5 million for constituents in 2024 in cases involving federal agencies such as the IRS, Social Security Administration and Department of Veterans Affairs. The 2024 figure brings Evans’ office’s total to more than $45.5 million returned to or saved for constituents during his first eight years in Congress.

Evans serves on the influential House Ways and Means Committee, including its Subcommittee on Health. The committee oversees Social Security, Medicare, taxes, and trade. Evans’ website is evans.house.gov and his social media handle is @RepDwightEvans on YouTube, Bluesky, Facebook, Twitter, Instagram and Threads.

###

MIL OSI USA News –

June 6, 2025
MIL-OSI: Online Taxman Recognized at Prestigious 2025 FEM EMMA Awards In Recognition of Innovation and Excellence

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 06, 2025 (GLOBE NEWSWIRE) — Leading online expatriate tax services provider Online Taxman has received the Highly Commended award in the Best Banking, Tax or Financial Services Provider of the Year category at the prestigious 2025 FEM EMMA Awards.

The EMMA awards celebrate the best and most innovative firms in the global mobility industry. The results were announced at a gala dinner at the Warwick Melrose Hotel in Dallas, TX on Thursday May 15th, an evening dedicated to celebrating success, best practice and outstanding contributions by firms serving expats.

FEM EMMA awards recognize significant innovation and thought-leadership in the field of global mobility, and firms that go the distance to make a positive impact on their clients.

All Americans have to file US taxes, even if they reside overseas. Vincenzo Villamena, CPA founded Online Taxman in 2010 to make the process of filing from abroad easier for the estimated 9 million overseas-resident Americans. The firm now has clients in almost every country in the world.

The judges were impressed by how Online Taxman establishes and maintains personal a client/CPA relationship despite its global footprint, as well as its utilizing technical innovation and establishing local partnerships to make filing taxes easier from abroad.

Online Taxman has also expanded to provide a holistic suite of services for its American expat clients and American international business owners, including financial advisory services, and setting up tax-efficient corporate structures for expat entrepreneurs.

Villamena said: “We’re deeply honored to receive recognition for our ongoing commitment to excellence serving our American expat clients around the world. While having to file US taxes from abroad is burdensome and complex, we’re dedicated to making the experience as smooth and hassle-free as possible for our expat clients. We believe we’ve set new benchmarks in service standards and remote accounting quality, and we’re excited to be publicly acknowledged at the 2025 FEM EMMA Awards.”

With clients in almost every country on earth, Online Taxman is a leading provider of US expat accounting services for the estimated 9 million Americans living abroad. For further information visit https://onlinetaxman.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae8be2e4-4a3a-4643-bae9-2f51a0a61749

The MIL Network –

June 6, 2025
MIL-OSI United Kingdom: 826,000 families boost finances with childcare savings
Source: United Kingdom – Executive Government & Departments
Press release

826,000 families boost finances with childcare savings

English

Cymraeg

Working families encouraged to sign up to Tax-Free Childcare to save up to £2,000 a year per child on their childcare bills.
Almost 826,000 UK families shared £632.2 million in government top-ups towards their childcare bills with Tax-Free Childcare in the 2024 to 2025 tax year

Working families urged to sign up now to give their summer plans a financial boost

Supporting the government’s mission to grow the economy and deliver on the Plan for Change

Nearly 826,000 working families saved up to £2,000 per child with Tax-Free Childcare in the 2024 to 2025 tax year. The money helps families pay for their childcare, as part of the government’s Plan for Change to put more money in people’s pockets.

HM Revenue and Customs (HMRC) is encouraging those yet to sign up for Tax-Free Childcare, to do it now and give their summer plans a financial boost.

Latest figures from HMRC show in March 2025, 579,560 families in the UK used the scheme to save on their annual childcare bills, an increase of 81,770 families compared to the previous March.

Working families who sign up to Tax-Free Childcare can boost their annual budget by up to £2,000 per child up to the age of 11 or up to £4,000 up to the age of 16 for a disabled child.

Parents can use the scheme to help towards the cost of approved childcare whether that’s nursery for younger children, or for older children – wraparound or after school care clubs during term time or holiday clubs for the long summer holidays ahead.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

Summer can be an expensive time if you have children. Whatever you’re planning, Tax-Free Childcare can give your plans a welcome financial boost. Go to GOV.UK to start saving today.

For every £8 deposited in a Tax-Free Childcare account, the government tops it by £2, which means parents can receive up to £500 (or £1,000 if their child is disabled) every 3 months towards paying for their childcare costs.

Once families have opened a Tax-Free Childcare account, they can deposit money and use it straight away or keep it in the account to use it whenever it’s needed. Any unused money in the account can be withdrawn at any time.  

Families could be eligible for Tax-Free Childcare if they:  

have a child or children aged 11 or under. They stop being eligible on 1 September after their 11th birthday. If their child has a disability, they receive up to £4,000 a year until 1 September after their 16th birthday

the parent and their partner (if they have one) earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average  

each earn no more than £100,000 per annum  

do not receive Universal Credit or childcare vouchers   

Visit GOV.UK to check eligibility and register for Tax-Free Childcare.

Tax-Free Childcare can be used alongside the free childcare hours subject to eligibility.

Further Information

Latest Tax-Free Childcare statistics with data available up until March 2025 were released 28 May.

More information about Tax-Free Childcare and how to register.

Each eligible child requires their own Tax-Free Childcare account. If families have more than one eligible child, they will need to register an account for each child. The government top-up is then applied to deposits made for each child, not household.

Account holders must confirm their details are up to date every 3 months to continue receiving the government top-up.

Childcare providers can also sign up for a childcare provider account via GOV.UK to receive payments from parents and carers via the scheme.

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Published 6 June 2025
MIL OSI United Kingdom –
June 6, 2025
MIL-OSI Russia: Republic of Lithuania: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

June 6, 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.

Washington, DC – June 6, 2025: Lithuania has proved resilient to multiple shocks in recent years. However, new challenges are emerging—including further increases in defense expenditure adding to the existing long-term spending pressures—while long-standing structural issues still require attention. Lithuania needs to reignite its reform momentum to boost productivity while addressing these challenges. A comprehensive strategy is needed to preserve fiscal space through revenue mobilization, enhanced spending efficiency, and limiting further spending pressures by strengthening the multi-pillar pension system. Structural reforms should focus on facilitating investments and accelerating the adoption of new technologies to boost productivity growth, supplemented by labor market policies, including reducing skills mismatches. Financial sector policies should continue to safeguard financial stability and integrity.

Recent Developments, Outlook, and Risks

The economy grew strongly in 2024. Growth accelerated to 2.7 percent—well above peers—driven by private consumption supported by significant real income gains. The recovery was broad-based across sectors, including manufacturing and high value-added services, despite sluggish productivity growth. While inflation remained low for the most part of the year, it has risen since late 2024, driven by higher energy prices and excise duties.

While fiscal performance exceeded expectations, the deficit widened, and the debt ratio is increasing. The deficit almost doubled from 0.7 percent of GDP in 2023 to 1.3 percent of GDP in 2024, reflecting increased public wages and pensions. Higher revenues supported by robust aggregate wage growth and lower-than-anticipated expenditure, mainly from the accrual correction in defense spending, prevented the deficit from increasing further. However, pre-payments for additional orders of defense equipment and the continued buildup of the general government cash buffer contributed to an increase in the debt-to-GDP ratio from 37.3 percent in 2023 to 38.2 percent in 2024, for the first time since 2020.

The banking sector remains financially sound, with high capitalization, ample liquidity buffers, and low non-performing loan (NPL) ratios. Banks continue to be highly profitable, although profitability eased in 2024 compared to the record high levels seen in the previous year, against lower interest rates driven by ECB monetary policy easing.

There are signs of gradual financial expansion. Reflecting decreasing lending rates and recovering credit demand, loan growth to both non-financial corporations and households recovered in 2024 and early 2025, and credit-to-GDP ratios have increased moderately. House price growth stabilized in 2024, down from the 2022 peak. Nevertheless, house prices are likely not significantly above levels justified by fundamentals, given the recent robust demand while housing supply is increasing, and affordability has improved.

The economy is expected to grow at 2.8 percent in 2025 while inflation will increase to 3.1 percent. Growth will be supported by private consumption and rising investment related to EU funds. External demand will remain subdued reflecting uncertainty regarding trade policies, despite the positive outlook of information and communication technologies (ICT) and professional activities. Increased excise duties and persistently high wage growth will keep headline and core inflation above pre-pandemic averages in the coming years. The labor market will tighten reflecting negative labor force dynamics affected by the normalization of migration flows.

Risks to the outlook are tilted to the downside. As a small open economy, Lithuania is exposed to high uncertainty around trade policies and geopolitical risks. A severe downturn in its main trade partners would worsen the external performance and domestic activity. In the medium term, weaker demographics pose risks to labor supply which could add pressures on wages and competitiveness if productivity growth fails to accelerate. In the absence of sufficient measures, the fiscal position is subject to considerable medium-term risk with higher defense spending needs adding to the already high existing long-term pressures.

Fiscal Policy

A moderately less expansionary fiscal stance than currently expected would be helpful in 2025, and the strategy should shift to preserving fiscal space. The deficit is projected to rise to 2.8 percent of GDP in 2025, due to significant increases in pension spending and higher public sector wages. However, with a small and decreasing negative output gap under staff projections and considering mounting spending pressures in the medium term, going forward, a moderately tighter fiscal stance to reduce deficits and stabilize the debt-to-GDP ratio would be appropriate. With a view to safeguarding fiscal buffers and minimize the need for larger adjustments in later years, any unused spending or revenue overperformance this year should be saved to limit the deficit increase.

A stronger fiscal adjustment will be required if defense spending rises notably from current levels. The envisaged increase in defense spending to 5-6 percent of GDP in 2026-30 from the current level of 3 percent would raise financing needs significantly. In the absence of additional fiscal measures, debt could reach 60 percent of GDP by 2030. The proposed tax policy changes to accommodate these spending needs are welcome, but the revenue yield is estimated to be modest. Greater efforts will therefore be needed to maintain debt dynamics on a sustainable path in the medium term to preserve fiscal space to absorb possible future shocks. An average annual adjustment of about 0.5 percentage points of GDP in the general government balance over 2026-30, with the majority of additional defense spending financed by front-loaded increases in tax revenues, would help stabilize debt at around 50 percent of GDP by 2030.

Financing options for additional defense spending should be anchored by revenue mobilization. While temporary measures and productivity-enhancing capital expenditure could be deficit-financed, a sizable part of the additional defense spending is likely to be permanent, warranting higher revenues or lower spending in other areas. The tax policy change proposal appropriately targets a mix of taxes, but there is further scope to raise additional revenues while improving the system, including increasing progressivity and efficiency. This could include raising revenues through making the personal income tax (PIT) system more progressive and streamlining the tax schedules to prevent higher marginal tax rates for lower income earners, limiting exemptions in corporate income taxes (CIT) and property taxes, and reducing the value added tax (VAT) compliance gap while improving VAT efficiency.

Revenue mobilization should be complemented by spending measures. Fiscal savings could be generated by improving spending efficiency, including in healthcare and education. Hospital network rationalization could enhance the quality of service while reducing costs. The teacher-student ratio is relatively high for secondary education and there is room to rationalize the school network while improving quality.

Strengthening the multi-pillar pension system will limit some of the additional spending pressures in the medium-term. The current pension system implies significant increases in public pension expenditure over the next two decades, driven by adverse demographics, while replacement ratios will remain low. The Pillar II reform proposal under discussion, entailing participation to become voluntary and increased options to opt out and suspend participation, is likely to further reduce the replacement rate. These changes could have a material impact on the entire pension system and the public finances. Staff urges the authorities to allow sufficient time to carefully consider all potential ramifications, including through further thorough analysis of the social and fiscal sustainability of the broader pension system.

Financial Sector Policies

Financial sector policies should continue to focus on safeguarding financial stability. Bank profitability is expected to moderate further but to remain high in 2025. Financial conditions are likely to ease in 2025 due to declining ECB policy rates and increased competition in financial sector, such as from the increasing footprint of fintech companies. Solvency and liquidity stress tests conducted by the Bank of Lithuania suggest that banks can withstand adverse macroeconomic scenarios and unexpected liquidity shocks. While some smaller banks require enhancing capitalization and closer oversight, all in all, financial stability risks arising from the banking system are broadly contained. With an increased frequency of cyberattacks on banks in recent years, cyber resilience should continue to be strengthened, including the full implementation of the Digital Operational Resilience Act (DORA) regulation.

The current macroprudential stance is broadly appropriate, but continued vigilance is warranted. Financial cycles including residential real estate and private sector credit so far have exhibited no major signs of overheating, but the sustained pace of expansion requires close monitoring and readiness to act in case early signs of an excessive financial expansion emerge. Despite the low exposure of banks, the commercial real estate market continues to require attention as risks of price corrections remain due to the persistent imbalance between supply and demand. In the event of a significant adverse financial shock with the potential to trigger widespread losses in the banking sector, the relaxation of capital-based measures would be appropriate to minimize credit supply disruptions and support lending to the economy.

The AML/CFT framework has been strengthened significantly, but continued effective implementation is essential. The third national risk assessment identified virtual asset service providers (VASPs), and electronic money institutions (EMI), and payment institutions (PI) as posing significant ML/TF risks. The authorities should continue AML/CFT efforts to mitigate cross-border risks, including Bank of Lithuania’s oversight and market controls for newly licensed VASPs under MiCAR regime, supervision of payment service institutions, and AML/CFT measures for CENTROlink members.

Structural Reforms

Lithuania faces structural headwinds limiting productivity and long-term growth. The recent recovery has been largely driven by higher labor accumulation enabled by temporary net migration, while the contributions from capital and total factor productivity (TFP) growth remained smaller than those observed during earlier periods of faster income convergence. Given expected population declines in the coming years, structural reforms to facilitate greater capital deepening and higher productivity growth are essential.

Higher investment is needed to support potential growth. Low capital intensity remains a key barrier to productivity growth and the transition towards a higher value-added oriented economy. Development of risk capital, co-financing and mechanisms for risk sharing tailored to enhance the flow of credit to small and medium sized enterprises (SMEs), targeted credit guarantee schemes and integrating digital solutions can help alleviate constraints related to the lack of access to finance experienced by some firms. In this context, the expanded role of the state-owned institution ILTE—previously INVEGA—can play a role, complementing the private banking sector in supporting investment in areas such as high value-added sectors, innovation, energy efficiency, and strategic infrastructures. To consolidate the institution’s role as a national development bank, it is essential to ensure effective monitoring and transparency of ILTE operations. More fundamentally, deepening the EU’s single market—combined with stronger incentives to develop domestic capital markets—would help support access to finance of corporates and further productive investments in the country.

Inefficiencies in the education system contribute significantly to the persistent skills mismatches in Lithuania’s labor market. As one of the countries with the highest skills mismatches in Europe, Lithuania faces ongoing challenges despite measures including the government’ active labor market policies and their evaluation and the smart specialization multi-year program aimed at enhancing workforce skills. Critical shortages persist in essential sectors, including nursing, engineering, and scientific fields, highlighting the urgent need for strategic reforms in education and training to better align with market demands.

Ensuring effective integration of migrants into the labor market is crucial to sustain the labor force. Recent immigrants have been successfully absorbed into the Lithuanian labor market and legislative amendments have enabled easier migration for high-skilled workers despite the reduction of the non-EU workers quota in 2025. Policies should focus on integrating migrants in the most productivity-enhancing way possible while facilitating the participation of foreign professionals in those sectors with the largest shortages.

Further investment in digitalization and AI preparedness has the potential to boost productivity growth. Lithuania has invested significantly in digitalizing its economy in recent years, becoming one of the main fintech hubs in Europe. However, despite progress in digitalization and in AI preparedness, its digital infrastructure remains close to the EU average. To unlock possibly substantial productivity gains, policies should aim to facilitate technological diffusion, job transition and AI adoption among firms, while introducing measures to mitigate associated risks in terms of possible job replacements and inequality deepening. In this respect, the recent initiatives included in the START plan aimed at promoting digitalization and the deployment of AI both in the private sector and in public administration will support these efforts.

Energy security has been reinforced in the last years. The Baltic countries joined the European electricity grid in 2025, completely disconnecting from the Russian electricity system. Moreover, Lithuania has diversified its energy sources and import dependency has been lowered through the intensification of domestic electricity production from renewable sources in the recent years. Still, being susceptible to risks associated with climate change, Lithuania needs to accelerate the green transition, particularly for adaptation. In this respect, future investment in new technologies and defense initiatives should not thwart efforts to reduce economy-wide emissions, such as the recently adopted policies in the context of the updated National Energy and Climate Action Plan (NECP) for the period 2021–2030.

The IMF team is grateful for the warm hospitality of the Lithuanian authorities and would like to thank all its interlocutors in government, the Bank of Lithuania, the European Central Bank, the private sector, unions, and business associations for constructive and fruitful discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Boris Balabanov

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/06/06/mcs662025-lithuania-staff-concluding-statement-2025-article-iv-mission

MIL OSI

MIL OSI Russia News –

June 6, 2025
MIL-OSI Asia-Pac: Edison Awards_Bronze Featureless-Secure Encryption System for IOT(MIRDC)

Source: Republic of China Taiwan

In an era where cybersecurity has become a core focus of global industrial development, the MIRDC once again demonstrates Taiwan’s innovation strength in information security. Its self-developed “Featureless-Secure Encryption System for IoT (FSESI)” has been honored with the Bronze Award at the 2025 Edison Awards for Innovation. The technology overcomes long-standing limitations of chaotic encryption, offering a revolutionary solution for secure data transmission across IoT and international digital infrastructure.

Chaotic encryption, known for its high randomness and theoretical unbreakability, has long been viewed as a promising approach to data security. However, its real-world application has been hindered by sensitive parameter dependencies, complex key management, high computational costs, and data length constraints. With FSESI, MIRDC has addressed these challenges by creating a next-generation encryption system featuring untraceable, high-entropy keys, a lightweight algorithm, and real-time synchronized encryption and decryption. This dramatically enhances both the practicality and security of chaotic encryption.

At the core of FSESI is the use of multiple dynamically selected chaotic systems to generate keys that closely approximate true randomness. A specially designed sliding synchronization algorithm enables the rapid convergence of encryption and decryption systems, instantly generating identical key streams on both ends without requiring key transmission. This eliminates one of the most vulnerable points in traditional encryption: the key exchange process.

Technically, FSESI also discretizes the continuous differential equations of chaotic systems and applies carefully selected parameters, reducing computational load by approximately 60%. This significantly lowers CPU/GPU resource consumption, enabling high-performance, low-power encryption protection. Meanwhile, encrypted data undergoes dynamic random topic transformation, making it completely unidentifiable during transmission and highly resistant to data interception and reverse engineering.

FSESI is particularly suitable for environments requiring secure, synchronized communication across multiple devices and domains-such as IoT systems, blockchain nodes, drones, intelligent transportation, and medical data transmission. The system has already passed real-world validation through field testing with metal product manufacturers and equipment suppliers. It has also been successfully licensed to automation service integrators, helping manufacturing sectors strengthen the cybersecurity of their operational technology (OT) systems.

More than just an evolution in encryption technology, FSESI represents a paradigm shift in cybersecurity-from identity-based defense to stealth-based protection. With its dynamic, featureless, and decentralized security architecture, FSESI offers robust defense against modern threats while preserving data privacy across digital ecosystems. Looking ahead, the system will continue expanding into global applications in manufacturing, healthcare, and smart cities, supporting industries in achieving higher levels of digital trust and security resilience.

MIL OSI Asia Pacific News –

June 6, 2025

MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

Source: GlobeNewswire (MIL-OSI)

BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

Business and Financial Highlights for the Third Quarter of FY 2025

Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
Gross billings of individual online learning services¹ for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
Adjusted net income² for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
Paying learners was approximately 0.3 million in the third quarter of FY 2025.

Company Highlight for the Third Quarter of FY 2025

Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

Financial Results for the Third Quarter of FY 2025

Revenues

Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
Revenues from consumer business³ were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
Revenues from others³ were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

Cost of revenues

Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

Sales and marketing expenses

Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

Research and development expenses

Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

General and administrative expenses

General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

Remeasurement gain of previously held equity interests in connection with step acquisitions

Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

Others, net

Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

Net income and adjusted net income

Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

Earnings per share and adjusted earnings per share⁴

Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

Balance Sheet

As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

Recent Developments

Investments in Letsvan

On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

2024 Share Repurchase Program

On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

2025 Share Repurchase Program

On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

Conference Call Information

The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

Listeners may access the call by dialing the following numbers:

International:		1-412-902-4272
United States Toll Free:		1-888-346-8982
Mainland China Toll Free:		4001-201203
Hong Kong Toll Free:		800-905945
Conference ID:		QuantaSing Group Limited

The replay will be accessible through June 13, 2025 by dialing the following numbers:

International:		1-412-317-0088
United States Toll Free:		1-877-344-7529
Replay Access Code:		3611954

A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About QuantaSing Group Limited

QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

For more information, please visit: https://ir.quantasing.com.

Contact

Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857

Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429

_________________________________
¹ Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
² Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
³ Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
⁴ Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

ASSETS
Current assets:
Cash and cash equivalents	779,931	985,677	135,830
Restricted cash	160	675	93
Short-term investments	246,195	148,532	20,468
Accounts receivable, net	16,676	37,392	5,153
Amounts due from related parties	4,488	489	67
Inventory, net	6,345	28,120	3,875
Prepayments and other current assets	275,549	173,582	23,920
Total current assets	1,329,344	1,374,467	189,406

Non-current assets:
Property and equipment, net	6,569	11,571	1,595
Long-term investments	9,010	44,428	6,122
Intangible assets, net	–	68,973	9,505
Operating lease right-of-use assets	58,889	29,479	4,062
Deferred tax assets	847	914	126
Goodwill	–	187,598	25,852
Other non-current assets	21,360	5,177	713
Total non-current assets	96,675	348,140	47,975
TOTAL ASSETS	1,426,019	1,722,607	237,381

LIABILITIES
Current liabilities:
Short-term Borrowings	–	14,500	1,998
Accounts payables	62,066	55,219	7,609
Accrued expenses and other current liabilities	190,508	186,084	25,643
Income tax payable	20,399	53,565	7,381
Contract liabilities, current portion	385,227	310,189	42,745
Advance from customers	162,257	148,332	20,441
Operating lease liabilities, current portion	49,099	30,837	4,249
Total current liabilities	869,556	798,726	110,066

Non-current liabilities:
Contract liabilities, non-current portion	11,365	33,495	4,616
Operating lease liabilities, non-current portion	16,989	3,123	430
Deferred tax liabilities	11,625	42,269	5,825
Total non-current liabilities	39,979	78,887	10,871
TOTAL LIABILITIES	909,535	877,613	120,937

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

MEZZANINE EQUITY
Non-controlling interests with liquidation preferences	–		40,999		5,650

SHAREHOLDERS’ EQUITY
Class A ordinary shares	81		81		11
Class B ordinary shares	34		34		5
Treasury stock	(109,257	)	(41,898	)	(5,774	)
Additional paid-in capital	1,192,474		1,069,620		147,398
Accumulated other comprehensive income	17,313		18,491		2,548
Accumulative deficit	(584,161	)	(335,573	)	(46,243	)
TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY	516,484		710,755		97,945
Non-controlling interests	–		93,240		12,849
TOTAL SHAREHOLDERS’ EQUITY	516,484		803,995		110,794
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	1,426,019		1,722,607		237,381

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except for shares and per share data)

	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$

Revenues	945,570		570,706		78,645		2,795,248		2,107,757		290,457
Cost of revenues	(145,848	)	(96,556	)	(13,306	)	(409,058	)	(353,516	)	(48,716	)

Gross Profit	799,722		474,150		65,339		2,386,190		1,754,241		241,741

Operating expenses:
Sales and marketing expenses	(729,620	)	(395,175	)	(54,457	)	(2,006,884	)	(1,317,206	)	(181,516	)
Research and development expenses	(38,840	)	(20,891	)	(2,879	)	(123,655	)	(77,325	)	(10,656	)
General and administrative expenses	(36,390	)	(25,049	)	(3,452	)	(114,211	)	(86,194	)	(11,878	)
Total operating expenses	(804,850	)	(441,115	)	(60,788	)	(2,244,750	)	(1,480,725	)	(204,050	)

(Loss)/Income from operations	(5,128	)	33,035		4,551		141,440		273,516		37,691

Other income:
Interest income	2,513		880		121		8,369		4,040		557
Remeasurement gain of previously held equity interests in connection with step acquisitions	–		8,109		1,117		–		8,109		1,117
Others, net	7,685		15,400		2,122		22,163		31,418		4,330

Income before income tax	5,070		57,424		7,911		171,972		317,083		43,695
Income tax benefit/(expense)	9,560		(16,280	)	(2,243	)	16,948		(68,495	)	(9,439	)

Net income	14,630		41,144		5,668		188,920		248,588		34,256
Net loss attributable to noncontrolling interests	–		1		–		–		1		–
Net income attributable to QuantaSing Group Limited	14,630		41,145		5,668		188,920		248,589		34,256

Other comprehensive income/(loss)
Foreign currency translation adjustments, net of nil tax	423		(289	)	(40	)	(4,954	)	1,178		162
Total other comprehensive income/(loss)	423		(289	)	(40	)	(4,954	)	1,178		162

Total comprehensive income	15,053		40,855		5,628		183,966		249,766		34,418
Total comprehensive loss attributable to noncontrolling interests	–		1		–		–		1		–
Comprehensive income attributable to QuantaSing Group Limited	15,053		40,856		5,628		183,966		249,767		34,418

Net income per ordinary share
– Basic	0.09		0.25		0.03		1.14		1.55		0.21
– Diluted	0.09		0.25		0.03		1.10		1.52		0.21
Weighted average number of ordinary shares used in computing net income per share
– Basic	164,753,256		162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581		165,216,173		165,216,173		171,089,530		163,949,787		163,949,787
Share-based compensation expenses included in
Cost of revenues	(2,878	)	(1,431	)	(197	)	(9,945	)	(5,214	)	(719	)
Sales and marketing expenses	(2,779	)	(642	)	(88	)	8,678		(1,540	)	(212	)
Research and development expenses	(3,599	)	(167	)	(23	)	(10,611	)	(2,474	)	(341	)
General and administrative expenses	(8,039	)	(2,571	)	(354	)	(28,961	)	(8,073	)	(1,112	)

QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except for shares and per share data)

The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$

Revenues of individual online learning services:	828,127		467,247		64,388		2,457,588		1,777,552		244,953
Add: value-added tax	52,986		27,919		3,847		147,665		101,969		14,052
Add: ending deferred revenues⁽¹⁾	744,320		461,026		63,531		744,320		461,026		63,531
Less: beginning deferred revenues⁽¹⁾	(643,929	)	(440,632	)	(60,721	)	(661,360	)	(565,030	)	(77,863	)

Gross billings of individual online learning services	981,504		515,560		71,045		2,688,213		1,775,517		244,673

(1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.

QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
(Amounts in thousands, except for shares and per share data)

The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

	For the Three Months Ended March 31,					For Nine Months Ended March 31,
	2024	2025		2025		2024		2025		2025
	RMB	RMB		US$		RMB		RMB		US$

Net income	14,630	41,144		5,668		188,920		248,588		34,256
Add: Share-based compensation expenses	17,295	4,811		662		40,839		17,301		2,384
Less: Remeasurement gain of previously held equity interests in connection with step acquisitions	–	(8,109	)	(1,117	)	–		(8,109	)	(1,117	)

Adjusted net income	31,925	37,846		5,213		229,759		257,780		35,523
Attributable to noncontrolling interests	–	1		–		–		1		–
Adjusted net income attributable to QuantaSing Group Limited	31,925	37,847		5,213		229,759		257,781		35,523

Weighted average number of ordinary shares used in computing net income per share
– Basic	164,753,256	162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581	165,216,173		165,216,173		171,089,530		163,949,787		163,949,787
Weighted average number of ordinary shares used in computing adjusted net income per share
– Basic	164,753,256	162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581	165,216,173		165,216,173		171,089,530		163,949,787		163,949,787

Net income per ordinary share
– Basic	0.09	0.25		0.03		1.14	1.55			0.21
– Diluted	0.09	0.25		0.03		1.10	1.52			0.21
Non-GAAP adjustments to net income per ordinary share
– Basic	0.10	(0.02	)	0.00		0.24	0.06			0.01
– Diluted	0.10	(0.02	)	0.00		0.24	0.05			0.01
Adjusted net income per ordinary share
– Basic	0.19	0.23		0.03		1.38	1.61			0.22
– Diluted	0.19	0.23		0.03		1.34	1.57			0.22

The MIL Network –

June 6, 2025

Category: Taxation

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