Category: Trade

MIL-OSI Canada: Prime Minister announces changes to the Ministry
Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today announced changes to the Ministry. The new Ministry will deliver on what matters most to Canadians: making life more affordable and growing the economy.

Building on the work done since 2015 to invest in Canadians, the team will continue to move forward on housing, child care, and school food while working to put more money back in people’s pockets.

The changes to the Ministry are as follows:
- Anita Anand becomes Minister of Transport and Internal Trade
- Gary Anandasangaree becomes Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency
- Steven MacKinnon becomes Minister of Employment, Workforce Development and Labour
- Ginette Petitpas Taylor becomes President of the Treasury Board
The Prime Minister also welcomed the following new members to the Ministry:
- Rachel Bendayan becomes Minister of Official Languages and Associate Minister of Public Safety
- Élisabeth Brière becomes Minister of National Revenue
- Terry Duguid becomes Minister of Sport and Minister responsible for Prairies Economic Development Canada
- Nate Erskine-Smith becomes Minister of Housing, Infrastructure and Communities
- Darren Fisher becomes Minister of Veterans Affairs and Associate Minister of National Defence
- David J. McGuinty becomes Minister of Public Safety
- Ruby Sahota becomes Minister of Democratic Institutions and Minister responsible for the Federal Economic Development Agency for Southern Ontario
- Joanne Thompson becomes Minister of Seniors
These new ministers will work with all members of Cabinet to deliver real, positive change for Canadians. They join the following ministers remaining in their portfolio:
- Terry Beech, Minister of Citizens’ Services
- Bill Blair, Minister of National Defence
- François-Philippe Champagne, Minister of Innovation, Science and Industry
- Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant
- Karina Gould, Leader of the Government in the House of Commons
- Steven Guilbeault, Minister of Environment and Climate Change
- Patty Hajdu, Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario
- Mark Holland, Minister of Health
- Ahmed Hussen, Minister of International Development
- Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
- Marci Ien, Minister for Women and Gender Equality and Youth
- Mélanie Joly, Minister of Foreign Affairs
- Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities
- Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs
- Diane Lebouthillier, Minister of Fisheries, Oceans and the Canadian Coast Guard
- Lawrence MacAulay, Minister of Agriculture and Agri-Food
- Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec
- Marc Miller, Minister of Immigration, Refugees and Citizenship
- Mary Ng, Minister of Export Promotion, International Trade and Economic Development
- Harjit S. Sajjan, President of the King’s Privy Council for Canada and Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada
- Ya’ara Saks, Minister of Mental Health and Addictions and Associate Minister of Health
- Pascale St-Onge, Minister of Canadian Heritage
- Jenna Sudds, Minister of Families, Children and Social Development
- Rechie Valdez, Minister of Small Business
- Arif Virani, Minister of Justice and Attorney General of Canada
- Jonathan Wilkinson, Minister of Energy and Natural Resources
Quote

“Our team is focused on the things that matter most to you – making life more affordable, growing the economy, and creating good jobs for the middle class. Together, we will keep building a strong future for the middle class, and for all Canadians.”

Quick Facts
- Since 2015, the Ministry has made real progress for the middle class and those working hard to join it – from lifting hundreds of thousands of children out of poverty with the Canada Child Benefit to delivering on our promise of $10-a-day child care and the National School Food Program.
- With the changes announced today, the Ministry retains a total of 38 ministers, in addition to the Prime Minister. In keeping with the precedent set in 2015, there is an equal number of women and men.
- The Cabinet is the central decision-making forum in government, responsible for its administration and the establishment of its policy. Its members are each responsible for individual portfolios or departments.
Associated Link

MIL OSI Canada News –
January 27, 2025

MIL-OSI: Unaudited Half-Yearly Financial Report

Source: GlobeNewswire (MIL-OSI)

FORESIGHT VENTURES VCT PLC
(FORMERLY THAMES VENTURES VCT 1 PLC)

Unaudited Half-Yearly Financial Report
30 September 2024

FINANCIAL HIGHLIGHTS

£72.7m
Total net assets
as at 30 September 2024

1.1p
Dividend paid
26 July 2024

42.1p
NAV per share
as at 30 September 2024

CHAIR’S STATEMENT

“I present the Company’s unaudited Half-Yearly Financial Report for the six months ended 30 September 2024.”

Post-period activity
Before discussing the period to 30 September 2024, I would like to welcome our new Shareholders who have been issued shares in the Company as part of the merger with Thames Ventures VCT 2 plc (“TV2”). The merger completed on 15 November following a General Meeting held on 8 November. As part of the merger, the Company has been renamed Foresight Ventures VCT plc, and TV2 has been placed into members’ voluntary liquidation. I am also pleased to welcome Andrew Mackintosh, previously a director of TV2, who has now been appointed to the Board of the Company following completion of the merger.

The Company’s Net Asset Value (“NAV”) per share has been reset to 100.0p and the merger has resulted in an enlarged company with net assets of £110 million. The Board believes this will bring a number of benefits to the Company, such as greater scale to raise and deploy capital into new and existing portfolio companies, as well as improved liquidity for dividends and buybacks.

On 15 November, the Company launched an offer for subscription to raise £5 million (with an over-allotment facility of a further £5 million). The promoter’s fee will be waived for applications made by existing shareholders of any Foresight VCT. New investors, who do not benefit as existing investors but who make an application by 20 December 2024, will, however, benefit from the offer costs being reduced by 1.0% of the amount subscribed.

Net Asset Value and dividends
As at 30 September 2024, the Company’s NAV per share stood at 42.1p, a decrease of 4.0p (or 8.7%) over the period. After adding back the dividend paid in the period of 1.1p per share, the decrease was 6.3%.

The Company’s policy is to seek to pay annual dividends of at least 4% of net assets per annum. During the period, on 26 July 2024, the Company paid an interim dividend of 1.1p, taking total dividends paid in respect of the year ended 31 March 2024 up to 2.1p per share, equivalent to 4.1% of the opening net assets of the previous financial year. This took the total dividends paid since the merger with Downing Absolute Income VCT 1 plc, Downing Absolute Income VCT 2 plc, Downing Income VCT plc, Downing Income VCT 3 plc and Downing Income VCT 4 plc in November 2013 to 47.6p per share.

The Company offers its Shareholders the opportunity to participate in a Dividend Reinvestment Scheme, whereby they may elect to receive shares, credited as fully paid, instead of receiving dividends in cash. If you wish to participate, please contact the registrar, City Partnership, at the details provided on page 30 of the Unaudited Half-Yearly Financial Report.

Investment performance and portfolio activity
A detailed analysis of the investment portfolio performance over the period is given in the Investment Adviser’s Review.

In brief, during the six months under review, the whole portfolio showed investment valuation losses of £9.4 million. Despite this disappointing overall performance, there were some highlights; a total of £2.9 million of proceeds were received from the sale of Data Centre Response Limited, as well as deferred consideration totalling £0.6 million, producing realised gains of £2.2 million. The Investment Adviser also completed two follow-on investments totalling £1.1 million.

Responsible investing
The Board notes the commitment of the Investment Adviser, Foresight Group, to being a “Responsible Investor”. Foresight places environmental, social and governance (“ESG”) criteria at the forefront of its business and investment activities in line with best practice and in order to enhance returns for their investors.

Further detail can be found on page 17 of the Unaudited Half-Yearly Financial Report.

Special administration of the Company’s custodian of quoted assets
As previously reported, since September 2020 the Company has used IBP Capital Markets Limited (“IBP”) as custodian for its quoted investments. Appointing a custodian is a requirement of the FCA, and IBP is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company).

On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed.

As noted in the Annual Report, on 19 July 2024, around 80% of the quoted investment portfolio was returned to the Company, meaning normal management and trading of these positions was resumed. The remaining 20% will be returned following the conclusion of court proceedings, the timing of which is currently anticipated to take place in the second half of 2025, unless additional claims are submitted or the outcome of the court proceedings in terms of a final distribution is any different. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report.

Share buybacks
The Company continues to operate a policy of buying in its own shares that become available in the market at a 5% discount to NAV (subject to liquidity and regulatory restrictions). Subsequent to the merger, the Board intends to reduce this target discount to 2.5% in future.

During the period the Company purchased 5,522,581 shares for cancellation at an average discount of 5.0%, which represented 3.1% of shares in issue at the date of the last Annual Report.

Share buybacks are timed to avoid the Company’s closed periods. Buybacks will generally take place, subject to demand, during the following times of the year:

August, after the Annual Report has been published
September, prior to the Half-Yearly reporting date of 30 September
January, after the Half-Yearly Report has been published
March, prior to the end of the financial year

The Company retains Panmure Liberum as its corporate broker to assist in operating the share buyback process and ensuring that the quoted spread on the Company’s shares remains at a reasonable level. Contact details for Panmure Liberum are on page 30 of the Unaudited Half-Yearly Financial Report.

Management charges and performance incentive
The annual management fee is an amount equal to 2.0% of net assets. There is no change to the management fee or secretarial fee post-merger. From 1 October 2024, the Investment Adviser took over responsibility for management of the Quoted Growth portfolio from Downing LLP. The team at Downing LLP continues to advise the Company on the Yield Focused portfolio under a subcontract agreement with Foresight Group LLP.

A new performance incentive scheme was formally approved by Shareholders as part of the merger on 15 November 2024. This scheme, in brief, means a performance fee would be payable to the Investment Adviser at the end of each performance period, subject to a total return hurdle. The fee would be equal to the lesser of: (i) 20% of distributions attributable to the relevant performance period; or (ii) 20% of the increase in the total return which is higher than the hurdle. The Board believes this new scheme will provide additional motivation for the Investment Adviser to drive enhanced shareholder value.

Board composition
As noted in the Annual Report, Chris Kay resigned as a Director of the Company on 6 June 2024. Post period end, Andrew Mackintosh has joined the Board from TV2 subsequent to the merger. Andrew is chair of UKI2S, a government-backed venture capital fund supporting companies from the UK’s scientific research base. He is a Fellow of the Royal Academy of Engineering and was awarded a CBE in the 2024 New Year Honours for services to Science and Technology, and to Enterprise Development, and we are delighted to have him on board.

The Board now comprises four Non-Executive Directors, which the Board considers to be an appropriate number for the current size of the VCT. All of the Directors are independent of the Investment Adviser, with the exception of Chris Allner who is considered non-independent by virtue of being a partner at Downing LLP, the previous investment adviser to the Company, which still provides some services to our new Investment Adviser.

VCT sunset clause
I am pleased to report that new regulations have been made to extend the UK’s VCT scheme by ten years to April 2035, following the European Commission’s confirmation that they would not oppose the continuation of the scheme. This now removes any recent uncertainty and will help support further investment by the VCT sector in early-stage companies.

Outlook
At the date of the merger the Company’s NAV per share had increased to 42.6p, as a result of valuation uplifts in the Quoted Growth portfolio, as well as favourable exchange rates on our US investments. With an offer for subscription now out to raise further funds, in addition to the cash boost on acquiring the assets of TV2, and a refreshed performance incentive scheme to greater motivate the Investment Adviser, we look forward to seeing an increase in deployment to enhance the portfolio and returns to Shareholders. Whilst the macroeconomic environment has been challenging for the last two years, the Investment Adviser is cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market.

Atul Devani
Chair

20 December 2024

INVESTMENT ADVISER’S REVIEW

“We present our Investment Adviser’s Review for the six‑month period ended 30 September 2024.”

Unquoted Growth
Portfolio summary
At 30 September 2024, the Company held total unquoted investments of £44.4 million, split £34.5 million Unquoted Growth and £9.9 million Unquoted Yield Focused. Details of the Unquoted Yield Focused portfolio performance are set out on page 8 of the Unaudited Half-Yearly Financial Report.

The Unquoted Growth portfolio comprises 29 companies, across a range of sectors. Following a challenging period for the year ended 31 March 2024, with the portfolio unfavourably impacted by the downturn of the UK economy, the six months ended 30 September 2024 has been similarly disappointing, resulting in an overall unrealised investment valuation loss of £2.2 million in the portfolio.

Investment activity
There were no new investments made during the period ended 30 September 2024. The Company made follow-on investments in two Unquoted Growth companies during the period, totalling £1.1 million:

FundingXchange Limited (£750,000), a fintech platform delivering SME lenders insights into their portfolios. This investment was made concurrently with a £5.0 million investment from Barclays as part of a £6.0 million round. This transformational investment will allow the company to build on early commercial success and deepen the strategic and commercial relationship with Barclays.

Rated People Limited (£375,000), an online marketplace connecting homeowners and local tradespeople. This investment allows the strengthened management team to implement the necessary product and operational changes to enable a return to growth and a cash-generative business model.

There was one realisation during the period ended 30 September 2024:

DSTBTD Limited (trading as Distributed) was sold for £1 to ILX Group. No proceeds were returned to the Company, which was a disappointing result for the team, but a favourable outcome to an administration process, which was a real possibility after a proposed funding failed to come together.

Key portfolio developments
There were some material write downs in the Unquoted Growth portfolio during the period, and some companies have continued to struggle in the challenging macroeconomic environment. However, there have also been some positive movements in valuation. This has resulted in a net total realised and unrealised investment valuation loss of £3.0 million in the period, including £0.7 million in unrealised foreign exchange losses.

Of the total investment loss, total losses of £6.5 million were offset by gains of £3.5 million. The most significant movements are noted below.

The largest gain in value was in Ayar Labs, Inc, a silicon photonic chiplet developer used in next-generation AI data centers of the major hyperscalers and cloud-service providers. The valuation increased by £1.9 million, including foreign exchange losses, as a result of a new funding round.

Other unrealised valuation gains included:

Rated People Limited, an online marketplace connecting homeowners and local tradespeople, increased in value by £596,000. This was due to a follow-on funding round enhancing the Company’s share of proceeds on any liquidity event. It is also worth noting that the company is now trading profitably and under new leadership.

Carbice Corporation, Inc has developed a suite of products based on its carbon material, used primarily as thermal management solutions to enable greater thermal conductivity. The valuation increased by £401,000, including foreign exchange losses, as a result of the recent closure of a funding round that increases the prospect of growth and, ultimately, a positive realisation for investors.

Four other companies in the Unquoted Growth portfolio made up investment valuation gains of £603,000.

There were also a number of valuation losses reported in the period. The greatest loss was in Cambridge Touch Technologies Ltd, a company developing pressure sensitive multi-touch technology, which reduced in value by £1.9 million as a result of a challenging funding environment for deep tech companies. As noted above, DSTBTD Limited (trading as Distributed) was sold for £1 to ILX Group during the period. No proceeds were returned to the Company, resulting in a realised loss of £775,000.

Other investment valuation losses included:

Vivacity Labs Limited, a provider of Artificial Intelligence sensors to monitor and control traffic flows, was written down to nil value in the period, a decrease in value of £960,000, following a new funding round. The investment round (that we chose not to participate in) generated penal terms for shareholders not participating in the funding round and resulted in the write down.

Masters of Pie Limited, developer of “Radical”, a software solution that enables remote sharing and collaboration on large data sets, was reduced by £700,000 as a result of a challenging period for the company from a trading perspective. It is hoped that this situation will improve in Q4 2024, albeit the position remains challenging.

Virtual Class Ltd (trading as Third Space Learning), a platform offering personalised online lessons from specialist tutors, decreased in carrying value by £466,000, driven by significant budgetary pressure experienced by UK schools, a key customer group. It is hoped that early international sales (in the US) will somewhat offset challenges in the UK market.

Parsable, Inc., a provider of software to improve operational efficiencies in the industrial and manufacturing sectors, has seen a valuation decrease of £460,000, including foreign exchange losses. During the period, an offer to acquire Parsable was received that, whilst at a valuation lower than we expected, was accepted by the Board, and the valuation has been aligned with anticipated proceeds.

Bulbshare Limited, a company that enables brands to build communities from their existing customers to gather consumer insights, was exited post period end. The valuation was reduced by £371,000 in line with the exit proceeds received.

Trinny London Limited, a multi-channel female beauty and skincare brand, was reduced in value by £354,000 due to a decline in comparable market valuation multiples. Despite this, the business increased revenue during the period and remains profitable.

CommerceIQ, Inc., the pioneer in helping brands win on retail e-commerce channels, decreased by £221,000 in the period, including foreign exchange losses. Whilst CommerceIQ’s revenues increased during the period, market valuations for similar businesses declined and, consequently, the valuation fall is a reflection of wider market conditions.

Four other companies in the Unquoted Growth portfolio made up valuation losses of £340,000. Aside from Vivacity Labs Limited, no other investments were written down to nil during the period.

Post period end activity
After the period end, the Company completed two new investments totalling £1.6 million into Dragonfly Technology Solutions Ltd (£600,000), a predictive analytics business, and Alison Technologies Ltd (£978,000), a developer of an innovative AI marketing insights tool. The Company also completed two follow-on investments totalling £1.1 million into Maestro Media Limited (£750,000) and Virtual Class Ltd (£300,000). The Company received £1.1 million in proceeds from the exit of Bulbshare Limited in October.

At the date of the merger, the Unquoted Growth portfolio had seen positive foreign exchange movements totalling £421,000.

Outlook
Whilst the macroeconomic environment has been challenging for the last two years, we are cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market. From an exit perspective, the IPO market is unlikely to open up in the short term, but we are seeing signs that PE and trade buyers will be more active in 2025, offering potential liquidity opportunities for portfolio companies.

In addition to the anticipated improved macro environment, we believe the merger with Thames Ventures VCT 2 plc has created a company well placed for success, with a very clear investment mandate (exclusively investing in private technology businesses) and benefiting from more streamlined company reporting and administration.

Foresight Group LLP
20 December 2024

Yield Focused portfolio
Downing LLP continues to advise the Company on the Unquoted Yield Focused portfolio under a subcontract from Foresight Group LLP.

Downing presents a review of the Yield Focused portfolio for the six months ended 30 September 2024. At the period end, the Yield Focused portfolio consisted of seven active investments, all of which are unquoted, with a total value of £9.9 million.

Divestment activity
During the period, the focus was on investment realisations from the Yield Focused portfolio, which resulted in proceeds of £2.9 million from the exit of Data Centre Response Limited, a provider of power solutions and maintenance services to data centres. There were no new or follow-on investments.

Realisations in the period ended 30 September 2024

		Total	Cost at date	Exit	Total
		invested	of disposal	proceeds	return
Company	Detail	(£)	(£)	(£)	(£)
Data Centre Response Limited	Full disposal	557,441	557,441	2,916,694	2,916,694

Key portfolio developments
The Yield Focused portfolio reduced in value by £113,000 during the period, with one company, Data Centre Response Limited, recognising a gain of £494,000 on exit, as noted above, and four companies recognising unrealised losses of £607,000:

Pilgrim Trading Limited, an operator and owner of two children’s nurseries in West London, decreased in value by £437,000 after two periods of unsuccessful marketing proved the last independent valuation of the business to be unachievable in current market conditions. Consequently, the independent valuation has now been heavily discounted.

Kimbolton Lodge Limited, a nursing and care home in Bedfordshire, decreased in value by £67,000 to bring the valuation in line with the anticipated proceeds from a sale process that is currently underway.

Doneloans Limited, which holds a portfolio of secured loans, decreased in value by £67,000 driven by the cost of its own funding marginally exceeding interest receivable from its borrowers.

SF Renewables (Solar) Limited, which built and operates a solar plant in India, was reduced by £36,000 in line with the exit proceeds received post period end.

Outlook
With one exit during the period and another shortly after period end, there were six investments remaining in the Yield Focused portfolio at the time of writing. Downing is actively seeking to progress exits from both Kimbolton Lodge and Pilgrim Trading, though the latter is currently looking less likely to materialise. Given current market conditions, sales of the higher value, hotel-related investments, Baron House Developments and Cadbury House Holdings, are expected to take some time to complete. The recovery of value from Doneloans is linked largely to the sale of Pilgrim Trading, which is the lender’s largest loan, but additional recoveries are anticipated from other borrowers over the next 12 months.

Downing LLP and Foresight Group LLP
20 December 2024

Quoted Growth portfolio
For the six months to 30 September 2024, Downing LLP continued to advise the Company on the Quoted Growth portfolio under a subcontract from Foresight Group LLP. From 1 October 2024, Foresight Group LLP took on full responsibility for management of the Quoted Growth portfolio.

Investment activity
Markets continued to be volatile through the reporting period. The impending Budget dominated market behaviours, particularly the FTSE AIM Index, where fears over an abolition of IHT reliefs on AIM shares adversely affected the market. In the end, this fear was overcooked, and the FTSE AIM All Share rallied 4% on the day of the Budget, as it was announced that reliefs on AIM shares would remain, albeit at half the relief previously enjoyed. Since the Budget, the new concern has been focused on the impact of National Insurance increases, which have weighed heavily on UK Small and Mid-Cap companies. There is a general acceptance that inflation will still be a looming threat and hence interest rates will remain higher for longer.

There were no investments or realisations made during the six months to 30 September 2024.

Key portfolio developments
At 30 September 2024, the Quoted Growth portfolio was valued at £13.4 million, comprising 36 active investments. Over the six-month period, the portfolio produced net valuation losses of £4.7 million, offset by £3.8 million received in dividends from the portfolio. Two companies, valued at £78,000 at year end, have been written down to nil during the period.

The most significant loss was incurred in Tracsis plc, a provider of transport technology, which saw valuation losses of £2.4 million during the period due to a profit warning, citing delays on rail infrastructure spend incurred due to the early election. This was exacerbated by contract delays in their US business.

This was offset by valuation gains elsewhere in the portfolio, where Anpario plc, a specialist manufacturer and distributor of natural sustainable feed additives for animal health, nutrition and biosecurity, increased by £680,000 net of £46,000 dividends received, reflecting an improvement in trading post supply chain issues experienced during the inflationary period post covid.

A net gain of £615,000 was made in Downing Strategic Micro‑Cap Investment Trust plc, where special dividends of £3.7 million were made during the period, as part of the managed wind-down of the Trust. Since the period end, a further special dividend of 2.2p, equating to £133,000, has been received by the Company.

Meanwhile Cohort plc, the parent company of six businesses providing a wide range of services and products for British, Portuguese and other international customers in defence and security markets, booked an unrealised gain of £558,000. This mirrored profit upgrades, contract renewals and strong financial results. This momentum has continued post period end.

As at 17 December 2024, the valuation of the Quoted Growth portfolio had decreased by £226,000 (-1.7%).

IBP Capital Markets Limited
As noted in the Annual Report, the Company recovered c.80% of its total Quoted Growth portfolio on 19 July 2024, with the remaining c.20% to be recovered following court proceedings, currently anticipated to take place in the second half of 2025. Up until July, the ability to trade the portfolio continued to be restricted and hence there has been limited ability to manage exposures within the portfolio. The Company is now able to trade its positions, having been unable to do so since October 2023.

Post-period end activity
Post period end, ahead of the Budget, shares were sold in 14 of the Company’s Quoted Growth portfolio holdings. Notably, holdings in Anpario plc and Craneware plc were reduced, as well as in Impact Healthcare REIT plc, a non-qualifying holding. As previously communicated to Shareholders, the strategy going forward is to realise the Quoted Growth portfolio over time, which will free up funds to be redeployed into Unquoted Growth holdings.

Outlook
A number of the Quoted Growth companies in the portfolio have been consistently overoptimistic about hitting milestones for product development, revenues and ultimately profits. Given competition for capital amongst the wider portfolio of venture capital holdings, Foresight took the difficult decision to reduce a number of these positions. Achieving a total sale of individual holdings has not been possible, given that 20% of the Company’s Quoted Growth assets are still tied up in the custodian IBP Capital Markets Limited (“IBP”), which remains in special measures. While this is frustrating, as it does not allow portfolio management to be conducted across the entire portfolio should changes need to be made, we are able to make them to substantially all of the holdings.

The Quoted Growth holdings have reduced as a percentage of the Company’s total assets, but we firmly believe that by making these changes we have increased the overall quality and see an encouraging future, despite an uncertain macroeconomic background.

Downing LLP and Foresight Group LLP
20 December 2024

UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES STATEMENTS

Principal risks and uncertainties
The principal risks faced by the Company are as follows:

Investment performance
Regulatory
Operational
Economic, political and other external factors

The Board reported on the principal and emerging risks and uncertainties faced by the Company in the Annual Report and Accounts for the year ended 31 March 2024. A detailed explanation can be found on pages 26 to 28 of the Annual Report and Accounts, which is available on the Investment Adviser’s website www.foresightgroup.eu/products/foresight-ventures-vct-plc or by writing to Foresight Group at The Shard, 32 London Bridge Street, London SE1 9SG.

In the view of the Board, there have been no changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

Directors’ responsibility statement
The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Half-Yearly Financial Report.

The Directors confirm to the best of their knowledge that:

   a)   The summarised set of financial statements has been prepared in accordance with FRS 104
   b)   The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)
   c)   The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R
   d)   The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein)

Going concern
The Company’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report of the Annual Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Chair’s Statement, Strategic Report and Notes to the Accounts of the 31 March 2024 Annual Report. In addition, the Annual Report includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.

The Company has adequate financial resources at the period end and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.

The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the half-yearly financial statements.

The Half-Yearly Financial Report has not been audited nor reviewed by the auditors.

On behalf of the Board

Atul Devani
Chair

20 December 2024

UNAUDITED INCOME STATEMENT
For the six months ended 30 September 2024

	Six months ended 30 September 2024 (Unaudited)			Six months ended 30 September 2023 (Unaudited)			Year ended 31 March 2024 (Audited)


	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Realised gains/(losses) on investments	—	2,202	2,202	—	(5,203)	(5,203)	—	(8,015)	(8,015)
Investment holding (losses)/gains	—	(10,311)	(10,311)	—	1,028	1,028	—	3,465	3,465
Income	4,187	—	4,187	1,065	—	1,065	906	—	906
Investment management fees	(404)	(404)	(808)	(449)	(449)	(898)	(863)	(863)	(1,726)
Other expenses	(482)	—	(482)	(376)	—	(376)	(1,346)	—	(1,346)
Return/(loss) on ordinary activities before taxation	3,301	(8,513)	(5,212)	240	(4,624)	(4,384)	(1,303)	(5,413)	(6,716)
Taxation	—	—	—	(24)	24	—	—	—	—
Return/(loss) on ordinary activities after taxation	3,301	(8,513)	(5,212)	216	(4,600)	(4,384)	(1,303)	(5,413)	(6,716)
Return/(loss) per share	1.9p	(4.8)p	(2.9)p	0.1p	(2.5)p	(2.4)p	(0.7)p	(3.1)p	(3.8)p

The total columns of this statement are the profit and loss account of the Company and the revenue and capital columns represent supplementary information.

All revenue and capital items in the above Income Statement are derived from continuing operations. No operations were acquired or discontinued in the period.

The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total recognised gains and losses has been presented.

The Company has only one class of business and one reportable segment, the results of which are set out in the Income Statement and Balance Sheet.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
For the six months ended 30 September 2024

	Called-up	Share premium	Capital redemption	Special	Capital	Revaluation	Revenue
	share capital	account	reserve	reserve	reserve	reserve	reserve	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 April 2024	1,775	2,522	71	86,901	(10,791)	6,057	(4,619)	81,916
Share issues in the period	7	301	—	—	—	—	—	308
Expenses in relation to share issues	—	(46)	—	—	—	—	—	(46)
Repurchase of shares	(55)	—	55	(2,340)	—	—	—	(2,340)
Realised gains on disposal of investments	—	—	—	—	2,202	—	—	2,202
Investment holding losses	—	—	—	—	—	(10,311)	—	(10,311)
Dividends paid	—	—	—	—	(1,953)	—	—	(1,953)
Management fees charged to capital	—	—	—	—	(404)	—	—	(404)
Revenue return before taxation for the period	—	—	—	—	—	—	3,301	3,301
Taxation for the period	—	—	—	—	—	—	—	—
As at 30 September 2024	1,727	2,777	126	84,561	(10,946)	(4,254)	(1,318)	72,673

Distributable reserves at 30 September 2024 total £51,490,000 (31 March 2024: £58,151,000).

UNAUDITED BALANCE SHEET
As at 30 September 2024

Registered number: 03150868

	As at	As at	As at
	30 September	30 September	31 March
	2024	2023	2024
	(Unaudited)	(Unaudited)	(Audited)
	£’000	£’000	£’000
Fixed assets
Investments held at fair value through profit or loss	57,746	65,871	67,393
Current assets
Debtors	8,467	7,393	7,570
Cash and cash equivalents	7,097	13,580	7,559
Total current assets	15,564	20,973	15,129
Creditors
Amounts falling due within one year	(637)	(1,077)	(606)
Net current assets	14,927	19,896	14,523
Net assets	72,673	85,767	81,916
Capital and reserves
Called-up share capital	1,727	1,770	1,775
Share premium account	2,777	2,252	2,522
Capital redemption reserve	126	71	71
Special reserve	84,561	85,122	86,901
Capital reserve	(10,946)	(5,627)	(10,791)
Revaluation reserve	(4,254)	3,619	6,057
Revenue reserve	(1,318)	(1,440)	(4,619)
Equity shareholders’ funds	72,673	85,767	81,916
Net Asset Value per share	42.1p	48.5p	46.1p

UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 September 2024

	Six months ended	Six months ended	Year ended
	30 September	30 September	31 March
	2024	2023	2024
	(Unaudited)	(Unaudited)	(Audited)
	£’000	£’000	£’000
Cash flow from operating activities
Loss on ordinary activities after taxation	(5,212)	(4,384)	(6,716)
Loss on investments	8,109	4,175	4,550
Increase in debtors	(1,768)	(891)	(1,134)
Increase in creditors	59	82	304
Net cash inflow/(outflow) from operating activities	1,188	(1,018)	(2,996)
Cash flow from investing activities
Purchase of investments	(1,125)	(2,209)	(4,394)
Net proceeds on sale of investments	2,917	3,295	3,433
Net proceeds on deferred consideration	543	419	637
Net cash inflow/(outflow) from investing activities	2,335	1,505	(324)
Cash flows from financing activities
Proceeds of fundraising	—	1,586	1,585
Expenses of fundraising	—	(7)	(7)
Repurchase of own shares	(2,340)	(2,270)	(2,964)
Equity dividends paid	(1,645)	(1,498)	(3,017)
Net cash outflow from financing activities	(3,985)	(2,189)	(4,403)
Net outflow of cash in the period	(462)	(1,702)	(7,723)
Reconciliation of net cash flow to movement in net funds
Decrease in cash and cash equivalents for the period	(462)	(1,702)	(7,723)
Net cash and cash equivalents at start of period	7,559	15,282	15,282
Net cash and cash equivalents at end of period	7,097	13,580	7,559

Analysis of changes in net debt

	As at 1 April 2024 £’000	Cash flow £’000	At 30 September 2024 £’000


Cash and cash equivalents	7,559	(462)	7,097

NOTES TO THE UNAUDITED HALF-YEARLY RESULTS
For the six months ended 30 September 2024

1
The Unaudited Half-Yearly Financial Report has been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 March 2024. Unquoted investments have been valued in accordance with IPEV Valuation Guidelines.

2
These are not statutory accounts in accordance with s436 of the Companies Act 2006 and the financial information for the six months ended 30 September 2024 and 30 September 2023 has been neither audited nor formally reviewed. Statutory accounts in respect of the year ended 31 March 2024 have been audited and reported on by the Company’s auditor and delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006. No statutory accounts in respect of any period after 31 March 2024 have been reported on by the Company’s auditor or delivered to the Registrar of Companies.

3
Copies of the Unaudited Half-Yearly Financial Report will be sent to Shareholders via their chosen method and will be available for inspection at the Registered Office of the Company at The Shard, 32 London Bridge Street, London SE1 9SG.

4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the period and on the number of shares in issue at the date.

		Number of shares
	Net assets	in issue
30 September 2024	£72,673,000	172,715,260
30 September 2023	£85,767,000	176,968,887
31 March 2024	£81,916,000	177,546,529

5 Return per share
The weighted average number of shares used to calculate the respective returns are shown in the table below.

	Number of shares
Six months ended 30 September 2024	176,320,908
Six months ended 30 September 2023	179,310,912
Year ended 31 March 2024	178,234,061

Earnings for the period should not be taken as a guide to the results for the full year.

6 Income

	Six months ended	Six months ended	Year ended
	30 September	30 September	31 March
	2024	2023	2024
	£’000	£’000	£’000
Income from investments
Loan stock interest	240	920	424
Dividend income	3,827	145	415
	4,067	1,065	839
Other income	120	—	67
	4,187	1,065	906

7 Investments held at fair value through profit or loss

	Unquoted Growth investments £’000	Unquoted Yield Focused investments £’000	Quoted Growth investments £’000	Total £’000



Book cost at 1 April 2024	39,760	13,651	23,241	76,652
Investment holding losses at 1 April 2024	(3,374)	(751)	(5,134)	(9,259)
Valuation at 1 April 2024	36,386	12,900	18,107	67,393
Movements in the period:
Purchases	1,125	—	—	1,125
Disposal proceeds	—	(2,917)	—	(2,917)
Realised (losses)/gains on disposals¹	(775)	2,360	—	1,585
Foreign exchange losses	(669)	—	—	(669)
Investment holding losses²	(1,554)	(2,473)	(4,744)	(8,771)
Valuation at 30 September 2024	34,513	9,870	13,363	57,746
Book cost at 30 September 2024	40,110	13,094	23,241	76,445
Investment holding losses at 30 September 2024	(5,597)	(3,224)	(9,878)	(18,699)
Valuation at 30 September 2024	34,513	9,870	13,363	57,746

Realised gains on investments in the Income Statement include realised gains relating to deferred consideration receipts totalling £617,000 from StorageOS Inc (£419,000), Efundamentals Group Limited (£96,000), Firefly Learning Limited (£74,000), DIA Imaging Analysis Limited (£14,000) and Imagen Limited (£14,000).
Investment holding losses in the Income Statement include unrealised losses which are a result of the deferred consideration debtor decrease of £871,000. The debtor movement reflects the recognition of amounts receivable in respect of DIA Imaging Analysis Limited (£45,000) and Firefly Learning Limited (£8,000), offset by receipts in respect of StorageOS Inc (£419,000), Efundamentals Group Limited (£96,000), Firefly Learning Limited (£74,000), Imagen Limited (£14,000) and DIA Imaging Analysis Limited (£14,000). Amounts were previously recognised as receivable but written down at 30 September 2024 in respect of Efundamentals Group Limited (£295,000), JRNI Limited (£8,000) and Imagen Limited (£4,000).

8 Contingencies, guarantees and financial commitments
As outlined in note 17 to the Annual Report and Accounts for the year ended 31 March 2024, the Company has used IBP Capital Markets Limited (“IBP”) as custodian for its quoted investments since September 2020. Appointing a custodian is a requirement of the FCA; IBP is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company). On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed.

During the period since, the Investment Adviser has been actively collaborating with the special administrators to reach a resolution, which has involved reconciling quoted stocks held with IBP (“Custody Assets”) and cash held with IBP (“Client Money”). As at 13 October 2023, the Company held Client Money of £1.1 million (1.2% of indicative NAV on the same date), and Custody Assets of £16.9 million (19.5% of indicative NAV on the same date).

With regard to Custody Assets, whilst the final outcome remains subject to change, particularly as additional claims may be made, there have so far been two differences of value identified, together totalling a variance of £0.28 million, which was provided for at 31 March 2024. It was announced on 17 May 2024 that the special administrators would be making an interim distribution of 80% of eligible Custody Assets, and the transfer of these to the new custodian completed on 19 July 2024. The Company is now able to trade these assets on the quoted market. The remaining 20% withheld will be distributed as part of a Final Court Approved Distribution Plan, unless additional claims are made resulting in a break.

With regard to Client Money, a progress report was released on 12 April 2024 which identified a potential 44% cash shortfall equating to £0.46 million of Client Money held by the Company which was provided for at 31 March 2024. Any further deduction for fees relating to the special administration process is unknown at this point, but from the information available these are anticipated to be in the region of £0.14 million payable by the Company. These fees were accrued for as at 31 March 2024 and there has been no further adjustment to this estimate. The total potential exposure based on information available to date is therefore currently estimated to be £0.88 million, representing 1.2% of NAV at 30 September 2024.

As noted, the outcome remains subject to change with the final distribution plan being shared following the court proceedings. Timing of this is currently anticipated to take place in the second half of 2025. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report.

9 Related party transactions
No Director has an interest in any contract to which the Company is a party other than their appointment and payment as Directors.

10 Transactions with the Investment Adviser
Details of arrangements with Foresight Group LLP are given in the Annual Report and Accounts for the year ended 31 March 2024, in the Directors’ Report and notes 4 and 5. All arrangements and transactions were on an arm’s length basis.

Foresight Group LLP was appointed as Investment Adviser on 4 July 2022 and earned fees of £808,000 during the period to 30 September 2024 (30 September 2023: £898,000; 31 March 2024: £1,726,000).

Foresight Group LLP is the Company Secretary (appointed on 1 September 2023) and received, for accounting and company secretarial services, fees of £75,000 during the period to 30 September 2024 (30 September 2023: £80,000; 31 March 2024: £156,000).

At the balance sheet date there was £nil due to Foresight Group LLP (30 September 2023: £nil; 31 March 2024: £nil).

11 Post-balance sheet events
On 5 November 2024, the Company purchased for cancellation 2,197,967 ordinary shares of 1p at a gross price of 42.37p per share.

On 15 November 2024, the Company merged with Thames Ventures VCT 2 plc (“TV2”). A total of 86,637,164 shares in the Company were issued to TV2 shareholders at the price of 42.629237024071200p per share. Following this allotment, the Company redesignated 147,531,473 of its issued ordinary shares as deferred shares, which were immediately repurchased and cancelled in order to re-base the NAV per share of each of ordinary share to 100.0p.

A copy of the Unaudited Half-Yearly Financial Report will be submitted to the National Storage Mechanism in accordance with UK Listing Rules (“UKLR”)11.4.1 / UKLR 6.4.1 and UKLR 6.4.3.

END

For further information, please contact:

Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100

Investor Relations
Foresight Group LLP
Contact: Andrew James Tel: 0203 667 8181

The MIL Network –

January 27, 2025

MIL-OSI USA: Banding Together: The significance of waterfowl bands to hunters and scientists alike

Source: US Geological Survey

Tyler Coleman holds two harvested ducks that have been banded. Coleman wears a necklace of bands he’s collected over the years.

Each Band is a Memory and a Story

For lifelong waterfowl hunter Tyler Coleman, bird bands hold a special fascination. “Bands can be a prize, but equally divisive,” said Coleman. “Bands have a purpose, and when you try to understand the science of waterfowl, you can better understand that banding plays an important role in their conservation.”

Tyler grew up in Lebanon, PA, and graduated from Penn State with an Agricultural Science degree. After college, he worked in a local taxidermy studio before starting his own business that specializes in waterfowl taxidermy with a small retail front geared toward duck and goose hunters.

Tyler describes the raw emotion of flipping over a bird, or watching his dog return with a banded bird, as being hard to beat. He knows that many hunters look at bands as prizes or tokens from a hunt. But for Tyler, each band tells a story. “I can look at my lanyard, point to any duck band, and recall the amazing details of that particular hunt,” said Coleman. “It could have been a ‘dogs retrieve on a bird that was a goner,’ a memorable destination hunt, or just a fun hunt with friends and family. I love to look at a band as a memory and story that will outlive me in many regards.”

As a hunter, Tyler genuinely appreciates the banding data certificate he receives from a harvested banded bird. He views it as unique way of bringing the bird’s story full circle: from where it was first banded to where it traveled either locally or far and wide. “I don’t quite understand why hunters do not want to report bands; maybe there is a disconnect to the importance of reporting? Or no real incentive in reporting, unless you fully understand the importance and overall goal,” said Coleman. He believes there is an opportunity to teach more waterfowl hunters about the value and science behind bands so that reporting becomes almost second nature.

Over the years, Tyler has witnessed bird bands go from being a pleasant surprise on a hunt, to becoming the main purpose with hunters trying to target a band. He wonders if this shift takes away some authenticity from the purpose of the bands, or at the very foundation, somehow negatively affects the data being collected. “I have been blessed to have harvested many bands in my life. I love flipping a bird over, or snagging it from my Spaniels grin, and seeing their leg sporting something extra,” said Coleman. “Bands are a bonus and shouldn’t be the only purpose to hunt and by no means should be treated as a ‘status symbol’ in the waterfowl community.”

Preacher, Tyler Coleman’s Boykin spaniel, holds a harvested and banded bird in his mouth.

Every Report Matters

Reporting waterfowl bird bands in North America is crucial for tracking populations, understanding movements, and supporting conservation and management efforts by state, federal, private, and tribal entities. The data collected from these reports plays a vital role in monitoring habitat use, population dynamics, and disease trends—all factors that biologists use to make decisions on wildlife management issues. Additionally, encouraging band reporting fosters public involvement in conservation and informs policies that protect waterfowl and their habitats for future generations.

Even a single report can provide valuable insights. When waterfowl bands are reported to the U.S. Geological Survey Bird Banding Laboratory, researchers can link the banding data—including the bird’s age, sex, and the location where it was banded—to subsequent reports of that bird at different times and potentially different locations. These paired data points, accumulated across thousands of reports, enable researchers to uncover crucial information that supports wildlife conservation, scientific research and the effective management of bird populations.

For example, if a bird travels long distances during migration, reporting the band provides researchers with the opportunity to track its movement patterns, migratory routes, and seasonal behavior. This helps scientists understand how waterfowl use different habitats throughout their lifecycle, including their migration strategies and stopover locations.

Additionally, reporting where and when banded waterfowl are spotted or harvested allows researchers to estimate key population parameters, such as survival rates, and monitor changes in population numbers over time. This helps determine whether certain species are thriving or declining and provides insight into how environmental factors like habitat loss or climate change are affecting waterfowl populations.

A Rich History in Banding Ducks

For decades, banding waterfowl has been one of three core monitoring programs that underpin modern, scientific approaches to waterfowl management. The U.S. Fish and Wildlife Service (USFWS) Division of Migratory Bird Management is involved in both the collection and analysis of banding data. USFWS staff coordinates with banders from various state, federal, private, and tribal agencies in ongoing, annual banding efforts. For example, banding data play a critical role in developing harvest management plans for many goose populations, such as snow geese, and Canada geese across North America. Another example is the Western Canada Cooperative Waterfowl Banding Program which focuses on banding waterfowl throughout the Canadian prairies and Canadian boreal forest. During banding operations, crews capture waterfowl where they congregate to molt or stage prior to fall migration and apply uniquely numbered metal leg bands.

The banding efforts that take place in August are considered “preseason” banding in that they precede the hunting season. In estimating harvest rates, its advantageous that banding occurs just prior to migration and the hunting season so that little natural mortality occurs between the time birds are banded and hunting seasons begin. Not only does this information provide critical scientific data about the percentage of birds that are harvested, where those birds came from originally, and survival rates, but over the years, tens of thousands of birds have been banded, an incredibly impressive number of birds providing a robust data set for biologists. Find out more about the program and read the stories of banding crews in the field.

Some of Tyler Coleman’s banded, harvested birds.

Banded ducks may be recaptured in the future by biologists or get harvested by hunters, who then report these bands to the U.S. Geological Survey Bird Banding Laboratory (or Canada’s Bird Banding Office), which provides information about where the bird was banded, where it was recovered, and how long it lived.

This information helped biologists learn what migratory pathways ducks were taking and what habitats they use, which helped them ultimately create the administrative Flyway system. That same system is now what we use to manage those birds, prioritize conservation projects, and set regulations based on those migratory flyways. The Flyway system, established in the 1950s, has been instrumental in developing a strong working relationship between the Service and states. Originally focused solely on waterfowl habitat conservation, the Joint Ventures now provide the science and coordination to protect and restore habitat for all bird species in the United States. The effectiveness of these partnerships, and particularly the Flyway system, is best demonstrated by the fact that waterfowl are one of only two groups of birds (raptors being the other) that have increased in abundance since the 1970s.

Role of Banding Data in Harvest Management

U.S. Fish and Wildlife Service Migratory Bird Program biologists and their counterparts in the U.S. Geological Survey have led the way in developing models that utilize banding and recovery data to predict the impacts of harvest and other take, as well as develop an understanding of environmental factors that drive migratory bird populations.

When hunters harvest the banded birds and report the band number, waterfowl managers can use that information to estimate important population parameters such as survival rates and harvest rates. Banding recovery data are also important for assessing the if there are differences in the ages or between sexes of ducks of being hunted. This information is instrumental in the development of Adaptive Harvest Management and are used by biologists to set annual waterfowl hunting regulations.

The Federal Framework Regulations are the main foundation of annual regulations and consist of the boundary dates for opening and closing seasons, season length, daily bag and possession limits, and shooting hours. To ensure that hunting regulations are based on the best available and mostly timely scientific information, USFWS use data from annual monitoring programs to determine the birds’ status, and ultimately if hunting can be sustained. Specifically, the results of annual survey and monitoring programs including bird banding, waterfowl breeding population and habitat surveys, and harvest surveys, as the basis for establishing the annual federal frameworks.

Tyler Coleman holds two banded ducks.

Impact on Conservation and Management

The data collected through reported bands is essential for adjusting conservation and management strategies. For instance, it can guide decisions about habitat restoration, the establishment of protected areas, and wildlife protection programs. Reporting banded birds also helps researchers assess population health, survival rates, and reproductive success, which are essential for maintaining stable and sustainable waterfowl populations.

Importantly, reporting banded birds is crucial for ensuring sustainable hunting practices. For hunters, submitting band reports is a way to contribute to the conservation of waterfowl species. By tracking banded birds through harvest reports, wildlife agencies can better understand hunting’s impact on populations and adjust regulations—such as hunting seasons and bag limits—to prevent overharvesting and protect vulnerable species.

Overall, reporting banded waterfowl through the federal bird banding report website is a critical tool for informing conservation and management decisions. By knowing where and when banded birds are observed, wildlife agencies can prioritize conservation efforts and make informed decisions about habitat protection and species management, helping to safeguard waterfowl populations for future generations.

MIL OSI USA News –

January 27, 2025
MIL-OSI USA: CFTC Approves Final Rule on Margin Adequacy, Treatment of Separate Accounts of a Customer by Futures Commission Merchants

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced a final rule to implement requirements for futures commission merchants related to margin adequacy and the treatment of separate accounts of a customer. The rule finalizes the Commission’s proposal, published in the Federal Register in March, to codify the no-action position in CFTC staff letter 19-17 regarding separate account treatment.
That staff letter, which was supplemented and extended by CFTC Staff Letters 20-28, 21-29, 22-11, 23-13, and 24-07, was jointly issued by the Division of Clearing and Risk and the Division of Swap Dealer and Intermediary Oversight (now Market Participants Division) on July 10, 2019. Letter 19-17 included a DCR staff no-action position stating DCR would not recommend an enforcement action if a derivatives clearing organization permits an FCM clearing member to treat the separate accounts of a customer as accounts of separate entities for purposes of CFTC Regulation 39.13(g)(8)(iii), so long as the clearing member’s internal controls and procedures require it to, and it in fact does comply with certain conditions.
In April 2023, the Commission published in the Federal Register its first proposal to codify the no-action position of Letter 19-17. In this first proposal, the Commission proposed to codify the no-action position of Letter 19-17 under its Part 39 DCO regulations, applicable to DCOs, and to their clearing FCMs through the operation of DCO rules. In light of comments received, the Commission withdrew the first proposal, and instead proposed requirements for separate account treatment in Part 1, directly applicable to FCMs.
The final rule adopted Regulation 1.44, which will apply to all FCMs, with respect to their customers, a margin adequacy requirement like the one applicable to DCOs in Regulation 39.13(g)(8)(iii). Regulation 1.44 will also permit FCMs, whether clearing or non-clearing, to treat the separate accounts of a single customer as accounts of separate entities for purposes of the new margin adequacy requirement, and will set forth risk-mitigating requirements, based on the no-action conditions in Letter 19-17 and similar proposed requirements in the Commission’s proposals, with which such FCMs must comply in applying separate account treatment.
The final rule also amends Regulations 1.3, 1.17, 1.20, 1.32, 1.58, 1.73, 22.2, 30.2, 30.7, and 39.13 to facilitate implementation of Regulation 1.44 and to correct certain inconsistencies identified in the Commission’s existing regulations.
The final rule makes modifications in light of comments received, including with respect to:

Proposed requirements related to the treatment of separate accounts of an FCM customer for purposes of certain capital treatment requirements under Regulation 1.17.
Proposed definitions of certain terms in Regulation 1.44.
Proposed requirements related to a separate account meeting the “one business day margin call” standard, concerning meeting margin calls during foreign banking holidays and untimely payment of margin due to certain administrative errors or operational constraints.
A proposed requirement related to the consistent application of separate account treatment.

The compliance date for FCMs that are members of a DCO as of the date of publication of the final rule in the Federal Register is 180 days after such date of publication, while the compliance date for all other FCMs is 365 days after such date of publication.

MIL OSI USA News –

January 27, 2025
MIL-OSI United Nations: Syria transition may fail if support lifeline is delayed, says IOM chief

Source: United Nations 4

20 December 2024 Humanitarian Aid

The head of the UN migration agency stressed on Friday that Syria is in no position to take back millions of Syrians following the fall of the Assad regime, while there is an urgent need to “re-evaluate” sanctions impacting the war-ravaged country.

“We are not promoting large-scale returns; the communities frankly are just not ready to absorb the people who are displaced and would come home…it will overwhelm the country,” said Amy Pope, Director General of the International Organization for Migration (IOM). “Many have returned to find their find their homes reduced to rubble,” she noted.

Speaking in Geneva shortly after returning from Damascus where she held talks with representatives of the caretaker authorities, Ms. Pope described how 14 years of war had destroyed “hospitals, schools, community centres” and much else.

“Rebuilding homes is just one part of the solution, but [Syrians] also need access to healthcare and essential services to feel secure and lay the foundations for recovery.”

More than half of Syria’s population has been displaced, some 16.7 million people need humanitarian assistance and well over six million Syrian refugees have sought shelter abroad.

‘Enormous’ need for funds

“The needs for funding – both financial resources, political resources – are going to be enormous,” Ms. Pope continued, confirming that IOM “will be part of any effort to help address the situation there”, including potentially at an upcoming Syria reconstruction conference planned by the French Government in January.

And yet the task of rebuilding and investing in Syria following the overthrow of the Assad regime by Hayat-Tahrir al-Sham (HTS) fighters and others, remains complicated by sanctions imposed by the United States and the European Union, following the violent repression of pro-democracy protests in 2011 that escalated into civil war.

On Thursday, UN Secretary-General António Guterres appealed for international solidarity with Syrians “until conditions are met for all sanctions to be removed” by the Member States that imposed them, while also insisting on the urgent need to deliver humanitarian aid and support efforts to rebuild the economy.

Echoing that appeal, IOM’s Ms. Pope described the impact of sanctions in Syria, where “people do not have access to cash…they do not have access to credit”.

Goods are exchanged rather than purchased and salaries “are extremely low and often insufficient to meet their most basic of needs…So, to rebuild the situation, there will be a need to re-evaluate those sanctions.”

Human rights must be paramount

Also briefing in Geneva, UN human rights office (OHCHR) spokesperson Thameen Al-Kheetan insisted that “whoever is in power, the obligations of the States remain the same, and that is protection of all human rights for all Syrians. When it comes to sanctions, it is important that any sanctions imposed by any party take into consideration the importance of humanitarian aid for the civilians. This should not be affected in any way.”

Providing insight into her high-level meetings in Damascus, Ms. Pope described a “sense of openness” to the international community and a willingness to engage with it – a message that was “echoed throughout by all members of the caretaker government to all parties, whether they were other members of the diplomatic corps or other members of the UN family”.

Mass poverty

IOM has been unable to operate in Syria since 2018. Today, more than 90 per cent of Syrians live below the poverty line and 800,000 people have been newly displaced in recent weeks, presenting a massive new humanitarian emergency.

“Frankly, across the board we’ve had some pretty serious challenges meeting those humanitarian needs, largely because of the barriers put in place by the Assad government, but also because of the ongoing conflict,” Ms. Pope explained, in reference to ongoing clashes across Syria.

Important as immediate relief aid is for Syria, the IOM chief said that it should be accompanied by a “stabilizing” of the situation in Syria.

This would need to involve “justice, reparation and inclusivity”, she said, but also housing, land and property rights that are “key and at the heart of community stabilization in the context of the returns that we anticipate”.

Healthcare in peril

Meanwhile, echoing deep concerns over the scale of needs and “tremendous hardships” that Syrians still face, the UN World Health Organization (WHO) launched an appeal on Friday to raise $56.4 million over the next six months.

Displaced communities continue to live in overcrowded conditions in formal camps and shelters, with too little to eat and succumbing to respiratory infections and other communicable diseases including diarrhoea and scabies, warned Dr. Christina Bethke, Acting WHO Representative in Syria.

Speaking from Damascus, Dr. Bethke described one WHO assessment team’s mission to Idlib in the northwest of the country. They spoke to “dedicated surgeons who have worked tirelessly during this escalation over the last three weeks, often under attack and in order to save lives. One surgeon shared the words of these patients, saying, ‘We finally sleep at night, no longer worrying about being bombarded.’”

Funding for WHO’s appeal will sustain critical health services during the transition period, including 141 health facilities in northwest Syria that are at risk of “imminent closure in the coming weeks”, owing to a lack of resources.

“The health infrastructure is severely strained and we saw in just three weeks during this escalation 36 attacks on health care have been reported and over half the country’s hospitals are non-functional,” Dr. Bethke said.

Soundcloud

MIL OSI United Nations News –

January 27, 2025
MIL-OSI Canada: Multi-Year Infrastructure Investment Strategy Details Roadmap to Improved Highways, Airports and Water Infrastructure for Manitobans
Source: Government of Canada regional news

December 20, 2024

Multi-Year Infrastructure Investment Strategy Details Roadmap to Improved Highways, Airports and Water Infrastructure for Manitobans

New Infrastructure Investment Strategy Will Support Manitoban Economy and Transportation Needs: Naylor

The Multi-year Infrastructure Investment Strategy, which outlines planned capital investments for highway, airport, water-related and general infrastructure over the next five years, is now available, Transportation and Infrastructure Minister Lisa Naylor announced today.

“Building the Manitoba of tomorrow starts with this new visionary plan,” said Naylor. “The Infrastructure Investment Strategy outlines our government’s priorities in connecting Manitobans across the province for years to come. Many of these projects will improve road safety, ensuring families can travel safely while also creating new opportunities to expand our economy and create thriving businesses and jobs.”

The strategy provides a comprehensive overview of the Department of Transportation and Infrastructure’s project priorities through to 2029 to improve transparency and provide advance notice to stakeholders and rightsholders, while still providing flexibility to accommodate emerging issues, the minister noted.

Some multi-year project highlights include:
- twinning of Trans-Canada Highway from five kilometres (km) west of Provincial Road (PR) 301 to the Ontario boundary to improve public safety and support trade through this major corridor;
- interchange construction on the south Perimeter Highway at McGillivray Boulevard and St. Anne’s Road as part of the Perimeter Freeway Initiative;
- projects on PTH 75 including a structure renewal at Morris River 0.6 km north of PTH 23 and surface reconstruction from 6.6 km north of PTH 14 to 3.4 km south of PTH 23;
- $600 million, conditional on a memorandum of understanding, to enhance flood protection to communities in the Lake Manitoba-Lake St. Martin area and to strengthen Manitoba’s existing network of flood mitigation infrastructure;
- progress toward construction of a new airport at Wasagamack Airport;
- continued work toward construction of a bridge at Sea Falls;
- intersection improvements on Trans-Canada Highway at Provincial Trunk Highway (PTH) 5; and
- surface reconstruction on PTH 6 from 0.6 km south of PR 239 to Fairford River.
“We’re pleased to see the Manitoban government outline a strong commitment to improve the infrastructure that keeps Manitobans moving, as we know the importance of our roads, bridges and flood protection systems to creating a strong economy,” said Chris Lorenc, president and CEO, Manitoba Heavy Construction Association. “A five-year plan ensures we’re able to meet the demands required by these important projects and we look forward to advancing Manitoba as a transportation hub not just in Canada, but across the continent.”

Projects outlined within this document are organized to reflect projects under four strategic investment categories: infrastructure renewal, economic development, climate resiliency and connectivity and innovation. These investments will strengthen and complement projects under ongoing initiatives such as the Trade and Commerce Grid Initiative, Perimeter Freeway Initiative, and Enhancing National Trade Corridors Strategy, noted the minister.

These investments also build on previously announced projects such $30 million to build a northern corridor to the Port of Churchill to export resources to reflect the Manitoba government’s goal of making Manitoba an inter-continental trade gateway, a commitment of $15 million over several years for the capital redevelopment of the Thompson airport and continued support for the development of the CentrePort Canada Rail Park.

To read the Multi-year Infrastructure Investment Strategy, visit: www.gov.mb.ca/mti/myhis/pdf/2024_multi-year_infrastructure_investment_strategy.pdf.

– 30 –

MIL OSI Canada News –
January 27, 2025
MIL-OSI Global: Christmas can be stressful for many people – here’s what can help you get through the festive season

Source: The Conversation – UK – By Jolel Miah, Senior Lecturer, Health Psychology, University of Westminster

Stress during the holidays doesn’t have to be inevitable. Kaspars Grinvalds/ Shutterstock

Christmas is a season of joy and togetherness. But for many, it’s also one of the most stressful times of the year.

Stress arises from an imbalance between the demands placed on us and our ability to cope with those demands. Psychologically, stress is linked to how we cope in situations – and whether we view them as challenging, threatening or manageable. The more challenging or threatening we see a situation to be, the more likely we are to feel stressed out.

It makes sense, then, that Christmas is such as stressful time of year for many.

The pressure to make the holidays “perfect”, spending more money than we perhaps should to fulfil expectations, the struggle to balance work and study commitments with holiday shopping, decorating and socialising can leave us feeling overwhelmed and exhausted.

For others, Christmas highlights feelings of loneliness, grief or estrangement from loved ones. The season can be a painful reminder of lost relationships, financial hardships, or unmet life goals – and this can amplify feelings of inadequacy or sadness.

Family visits can also bring tension as we’re forced to interact with relatives whose views or habits may clash – leading to conflicts or rehashing unresolved disputes.

But while some stress during the holidays is inevitable, there are many things you can do to cope – and even prevent this stress in the first place.

Plan ahead

When our brains know what to expect, they require less energy to find solutions. This makes it easier to navigate any challenges we may face. And by planning or thinking ahead, it allows us to take control of our thoughts and minimise potential stressors.

Before the holidays roll around, try spending time thinking about things which tend to be sources of stress to you – and make a plan for how you prevent this stress.

For instance, if cooking Christmas dinner is a source of stress for you, perhaps making a list of specific tasks you can delegate to certain family members will help take some of the pressure off of you.

Set boundaries

It’s important to learn to say “no”, rather than agreeing to everything that might be asked of you. Understanding and respecting your own boundaries will help you allocate your time and resources more effectively – reducing stress.

This skill takes time to develop but can significantly benefit your long-term wellbeing. The more confident we become in our abilities to manage the challenges we face, the better we become at setting boundaries – ultimately becoming better at managing stress.

Some boundaries you might set at Christmas could include setting a budget limit for presents so you aren’t stressed about over-spending or limiting the number of social engagements you attend so you don’t get burnt out.

Manage expectations

It’s important to recognise that not everything is within your control. While there are many things you can plan and prepare for at Christmas, there are just as many things that are out of your hands. For example, you can’t control the way other people may behave at your Christmas dinner, or the way someone may react to a present you’ve bought them.

Setting realistic expectations for the holidays and accepting there are things you just can’t control is key in managing stress levels.

Take time to reflect

Another helpful way to manage holiday stress is to pause and connect with your feelings.

Writing down your thoughts may help alleviate stress.
Ground Picture/ Shutterstock

Write down your thoughts on a piece of paper. Then pause and really think about how your feel. Giving your brain a moment to process what’s happening can help you moderate your feelings. Keeping a journal can help improve your thoughts and mood, offering a constructive outlet for emotions.

If you’re finding it difficult to get on with friends and family during the holidays, pause before reacting or saying something you might not mean. This will help you get your emotions under control and may help to reduce your stress.

Coping after the holidays

Some people may experience low mood after the holidays – often termed the “post-festive blues” or “post-holiday blues”.

Read more:
Why do we feel so ‘blah’ after Christmas?

The holiday season often brings a mix of joy and stress, creating emotional highs that leave our bodies feeling drained and exhausted once it’s over. It’s important to recognise that these feelings are a natural response to the demands of the festive period – not a reflection of personal inadequacy. Taking the time to acknowledge and accept that our bodies and minds are simply recovering is a crucial step toward moving forward positively.

There are many strategies you can use to manage these post-holiday blues. Activities such as regular exercise, setting realistic and achievable goals, and reconnecting with others can significantly improve our mood and boost “happy hormones” such as endorphins.

By consciously planning ways to re-energise and stay connected, we can shift our focus from any lows we may have experienced over the holidays to a more balanced perspective as we step into the new year.

Jolel Miah does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Christmas can be stressful for many people – here’s what can help you get through the festive season – https://theconversation.com/christmas-can-be-stressful-for-many-people-heres-what-can-help-you-get-through-the-festive-season-246097

MIL OSI – Global Reports –

January 27, 2025
MIL-OSI Security: Russian National Assisted Sanctioned Oligarch in Schemes to Employ an American Citizen to Launch and Operate Russian Television Network

Source: Federal Bureau of Investigation (FBI) State Crime News

Defendant Also Helped Oligarch Illegally Transfer a $10 Million U.S. Investment to Business Associate

Damian Williams, the United States Attorney for the Southern District of New York, Menno Goedman, the Co-Director of Task Force KleptoCapture, and James E. Dennehy, the Assistant Director in Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a Superseding Indictment charging ALEXEY KOMOV with conspiracy and violations of U.S. sanctions arising from his assistance to sanctioned Russian oligarch KONSTANTIN MALOFEYEV, who was previously charged in April 2022. As alleged, KOMOV conspired with MALOFEYEV to recruit and employ an American citizen, Jack Hanick, who worked for MALOFEYEV in launching and operating a television network in Russia. KOMOV also conspired with MALOFEYEV, Hanick, and others to illegally transfer a $10 million investment that MALOFEYEV had made in a U.S. bank to a business associate in Greece, in violation of the sanctions blocking MALOFEYEV’s assets from being transferred.

U.S. Attorney Damian Williams said: “As alleged, Alexey Komov facilitated the efforts of Konstantin Malofeyev – an oligarch closely tied to Russian aggression in Ukraine who has been determined by OFAC to have been one of the main sources of financing for the promotion of Russia-aligned separatist groups operating in the sovereign nation of Ukraine – to flout U.S. sanctions. The unsealing today of the Indictment against Komov is yet another reminder that this Office will continue to hold those accountable that seek to undermine the United States’ national security goals.”

KleptoCapture Co-Director Menno Goedman said: “The indictment alleges Alexey Komov played an essential role in a multi-faceted scheme to violate and evade U.S. sanctions imposed on a significant financier of Russian aggression in Ukraine. Task Force KleptoCapture will continue to disrupt schemes perpetrated by Komov and other sanction evaders, whenever and wherever they may hide.”

FBI Assistant Director in Charge James E. Dennehy said: “Alexey Komov, a Russian national, allegedly conspired with an American citizen and a sanctioned Russian oligarch to develop a Russian cable network to promote anti-Western propaganda. This alleged conspiracy violated laws designed to protect the national security of the United States and our allies. The FBI remains committed to apprehending foreign nationals who employ our citizens to satisfy their odious agenda.”

According to the Indictment unsealed today in Manhattan federal court:[1]

In 2014, the President issued Executive Order 13660, which declared a national emergency with respect to the situation in Ukraine. To address this national emergency, the President blocked all property and interest in property that came within the U.S. or the possession or control of any U.S. person, of individuals determined by the Secretary of the Treasury to be responsible for or complicit in, or who engaged in, actions or policies that threatened the peace, security, stability, sovereignty, or territorial integrity of Ukraine, or who materially assist, sponsor, or provide financial, material, or technological support for, or goods and services to, individuals or entities engaging in such activities. Executive Order 13660, along with certain regulations issued pursuant to it (the “Ukraine-Related Sanctions Regulations”) prohibits, among other things, making or receiving any funds, goods, or services by, to, from, or for the benefit of any person whose property and interests in property are blocked.

On December 19, 2014, the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) designated MALOFEYEV as a Specially Designated National (“SDN”) pursuant to Executive Order 13660. OFAC’s designation of MALOFEYEV explained that he was one of the main sources of financing for Russians promoting separatism in Crimea, and has materially assisted, sponsored, and provided financial, material, or technological support for, or goods and services to or in support of the so-called Donetsk People’s Republic, a separatist organization in the Ukrainian region of Donetsk.

As alleged in the Indictment, beginning in at least 2012, KOMOV assisted MALOFEYEV in recruiting and hiring a U.S. citizen named Jack Hanick to work on a new Russian cable television news network (the “Russian TV Network”) that MALOFEYEV was creating. As part of KOMOV’s recruitment of Hanick, KOMOV travelled to Manhattan to meet with Hanick and subsequently introduced Hanick to MALOFEYEV in Russia. With KOMOV’s knowledge, MALOFEYEV negotiated directly with Hanick regarding Hanick’s salary, payment for Hanick’s housing in Moscow, and Hanick’s Russian work visa. MALOFEYEV paid Hanick through two separate Russian entities through the end of 2018.

After OFAC designated MALOFEYEV as a SDN in December 2014, MALOFEYEV continued to employ Hanick on the Russian TV Network, with KOMOV’s assistance and input, and in violation of the Ukraine-Related Sanctions Regulations. For example, prior to the launch of the Russian TV Network on the air in Russia in April 2015, KOMOV wrote an e-mail to MALOFEYEV, Hanick, and another employee, referencing their prior discussion with MALOFEYEV earlier that day and instructing Hanick to create two types of programs and allocate staff. KOMOV further wrote, “Hopefully Konstantin will be providing general direction and guidance for both projects. Looking forward to our long-term co-operation on those exciting endeavors!” In turn, Hanick requested KOMOV to serve as a moderator for the first broadcast, writing “KM [i.e. MALOFEYEV] and I agree that we need you on this the first show on [the Russian TV Network]!!!”

With KOMOV’s participation, MALOFEYEV also employed Hanick to assist MALOFEYEV in transferring a shell company that MALOFEYEV owned to a Greek associate of MALOFEYEV (the “Greek Business Associate”). In 2014, MALOFEYEV, assisted by KOMOV, had used the shell company to make a $10 million investment in a Texas-based bank holding company (the “Texas Bank”). KOMOV helped set up the deal, emailing a Texas-based attorney (“Individiual-1”), “I plan to come to the US with two of my close friends Konstantin Malofeev [sic] and [another individual] on Feb 4-9, 2014 . . . I’d like the three of us to meet with you to discuss our cooperation, and also joint investment projects (please propose attractive investment opportunities with reliable partners for $50-100 mln participation from our side)”. On or about March 25, 2014, KOMOV wrote to Individual-I, “Konstantin has confirmed today that he goes ahead with the 10 mln investment in the bank project.”

Beginning in or about March 2015, with KOMOV’s assistance, MALOFEYEV began making plans to transfer ownership of the shell company to the Greek Business Associate, in violation of the Ukraine-Related Sanctions Regulations. On or about March 4, 2015, KOMOV wrote to Individual-1, “I need to discuss with you several things: previous investment in the bank project (we want to consider selling it)”. On or about March 17, 2015, KOMOV wrote to Individual-I about the Texas Bank interest, in part, “We want to keep it where it is now, only the owner from our side changes.” Consistent with that plan, in or about May 2015, MALOFEYEV’s attorney drafted a Sale and Purchase Agreement that purported to transfer the shell company to the Greek Business Associate in exchange for one U.S. dollar. In June 2015 MALOFEYEV had Hanick physically transport a copy of MALOFEYEV’s certificate of shares in the Texas Bank from Moscow to Athens to be given to the Greek Business Associate. MALOFEYEV signed the Sale and Purchase Agreement in June 2015, but the agreement was fraudulently backdated to July 2014 to make it appear that the transfer had taken place prior to the imposition of U.S. sanctions. MALOFEYEV’s attorney then falsely represented to the Texas Bank that the transfer had taken place in July 2014, even though MALOFEYEV and his attorney well knew that the transfer of the shell company was executed in June 2015.

The U.S. seized and forfeited approximately $5.4 million in the property traceable to MALOFEYEV’s Texas Bank investment, which had been converted by the Texas Bank in 2016 to cash held in a blocked U.S. bank account. In February 2023, the U.S. Attorney General authorized a transfer of these forfeited funds to the State Department to support Ukrainian veterans.

MALOFEYEV, of Russia, is believed to be in Russia and remains at large.

* * *

KOMOV, 53, a Russian national, is charged with conspiracy to violate and substantive violation of International Emergency Economic Powers Act, each of which carry a maximum potential sentence of 20 years in prison.

The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

Mr. Williams praised the outstanding investigative work of the FBI and thanked the support and expertise of the Department of Justice’s National Security Division and Office of International Affairs in the conduct of this matter.

The prosecution is being handled by the Office’s Illicit Finance and Money Laundering Unit. Assistant U.S. Attorneys Vladislav Vainberg, Thane Rehn, Jessica Greenwood, and Trial Attorney Scott Claffee of the National Security Division’s Counterintelligence and Export Section are in charge of the prosecution.

[1] The entirety of the text of the Indictment, and the description of the Indictment set forth herein, constitute only allegations, and every fact described should be treated as an allegation.

MIL Security OSI –

January 27, 2025
MIL-OSI USA: FDA Roundup: December 20, 2024
Source: US Department of Health and Human Services – 3
For Immediate Release:

December 20, 2024

Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency:
- Today, the FDA provided answers to a set of FAQs about software functions that may be described as clinical decision support (CDS). The FAQs are intended to help sponsors identify whether their CDS software may or may not meet the definition of a medical device, as described in the FDA’s final guidance for Clinical Decision Support Software. Additionally, the FDA updated the list of authorized Artificial Intelligence and Machine Learning (AI/ML)-Enabled Medical Devices; totaling 1,016. The list is not a comprehensive resource of medical devices that incorporate AI/ML. The devices in this list have met the FDA’s applicable premarket requirements.
- On Monday, the FDA approved a premarket approval application (PMA) 180-day supplement for the OraQuick Human Immunodeficiency Virus (HIV) Self-Test. This approval represents a labeling change to lower the approved age to individuals who are 14 to 17 years of age and older for the OraQuick HIV Self-Test to provide access to HIV testing to adolescents. The original approval of the OraQuick HIV -Self Test was indicated only for individuals who are 17 years and older.
  This is the first approval for an over-the-counter HIV test in adolescents. Availability will help in the detection of HIV among the adolescent population.
  
  The OraQuick HIV Self-Test is a single home-use test to detect antibodies to Human Immunodeficiency Virus Type 1 (HIV-1) and Type 2 (HIV-2) in human oral fluid specimens. This test kit includes of a test stick (device) to collect the specimen, a test tube (vial) to insert the test stick (device) and complete the test, testing directions, booklet titled, “HIV, Testing and Me”, and access to the OraQuick Support Center to assist users with questions about performing the test, or to connect them with a healthcare provider in their area.
  
  The OraQuick HIV Self-Test is not intended to be used with specimens other than oral fluid. Individuals should obtain a confirmatory test in a medical setting.
  
  Complete instructions for use can be found on the FDA’s website here.
- On Thursday, the FDA Office of Inspections and Investigations published a Viewpoint article titled Partnership in Action: Creating Safeguards for Imported Products Entering the United States in the Pacific Islands by Dan Solis, Assistant Commissioner for Import Operations. The article highlights the FDA’s work in Guam to ensure that imported products entering the U.S. through the Pacific Rim are safe for consumers. The Pacific Rim is a strategically significant location when it comes to ensuring the safety of products bound for consumers in the United States, as a little more than a third of global products coming into our country originate in the Asia-Pacific Region. You can learn more about the FDA’s efforts in the Pacific Islands by listening to OII Podcasts | FDA. The 5-Part series is called, Guam Series: FDA Presence and Impact in Pacific Islands.
- On Thursday, the FDA updated the outbreak advisory for Salmonella Typhimurium infections linked to cucumbers with additional cases. The FDA’s investigation remains ongoing.
- On Thursday, the FDA approved Tryngolza (olezarsen), used with diet, to reduce triglycerides (TG) in adults with familial chylomicronemia syndrome (FCS). FCS is a rare, genetic disorder that prevents the body from breaking down fats (TG) in the bloodstream. People with FCS can have TG levels in the thousands. These high TG levels can cause severe abdominal pain, inflammation of the pancreas (acute pancreatitis), and fatty deposits in the skin (xanthomas). Some of these symptoms, specifically acute pancreatitis, can be life-threatening. This is a first-in-class approval, meaning Tryngolza uses a new mechanism of action, or works differently in the body, than other therapies currently used to treat FCS. The most common adverse reactions were injection site reactions, decreased platelet count, and arthralgia.
- On Thursday, the FDA re-evaluated its determination from October 2, 2024, on the status of the tirzepatide shortage. The agency issued a new decision determining the tirzepatide injection shortage is resolved. The FDA’s determination is based on its analysis of all the information before the agency.
- On Wednesday, the FDA posted the latest video in the FDA In Your Day series. This one focuses on pertussis, also known as whooping cough, and what consumers can do to protect themselves and those around them.
- On Wednesday, the FDA approved Ryoncil (remestemcel-L-rknd) an allogeneic bone marrow-derived mesenchymal stromal cell (MSC) therapy, for steroid-refractory acute graft versus host disease (SR-aGVHD) in pediatric patients 2 months of age and older. Ryoncil is the first FDA-approved MSC therapy. The most common nonlaboratory adverse reactions (incidence ≥20%) were viral infectious disorders, bacterial infectious disorders, infection – pathogen unspecified, pyrexia, hemorrhage, edema, abdominal pain and hypertension.
- On Wednesday, the FDA approved Ensacove (ensartinib, Xcovery Holdings, Inc.) for adult patients with anaplastic lymphoma kinase (ALK)-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) who have not previously received an ALK-inhibitor. The most common adverse reactions (≥20%) were rash, musculoskeletal pain, constipation, cough, pruritis, nausea, edema, pyrexia, and fatigue.
- On Wednesday, the FDA shared our latest testing results for per- and polyfluoroalkyl (PFAS) substances in clams as follow up to the agency’s findings in the 2022 PFAS in seafood survey. Between October 2022 and September 2024, the FDA collected and analyzed 12 samples of processed clams with China as the country of origin. All 12 samples had detectable levels of at least one type of PFAS.
- On Wednesday, the FDA issued a letter to food manufacturers that Amanita muscaria (A. muscaria), its extracts, and certain of its constituents (muscimol, ibotenic acid, and muscarine) are not authorized for use as ingredients in conventional food. A. muscaria and its constituents have been used in foods intended to have hallucinogenic effects, sometimes marketed as “psychedelic edibles”, “legal psychedelics” or “mushroom edibles”. After reviewing the available information about A. muscaria and its constituents, the FDA concluded that they do not meet the safety standard for use in food and that their use as food ingredients may be harmful. We also recommend that people avoid eating foods with these ingredients. The FDA’s assessment of chemicals in the food supply is part of our commitment to food safety and public health.
- On Wednesday, the FDA updated the advisory for the outbreak of E. coli illnesses linked to certain sizes and brands of organic whole and baby carrots supplied by Grimmway Farms. According to CDC, as of December 18, 2024, this outbreak is over. The FDA conducted inspections at Grimmway Farms and collected environmental samples. Two environmental samples collected outside were positive for Shiga toxin-producing E. coli (STEC). Although both strains of E. coli detected in the samples are capable of causing human illness, neither match the strain of E. coli causing illnesses in this outbreak. The FDA is working with Grimmway Farms on corrective and preventive actions. The FDA’s investigation is complete.
- On Tuesday, the FDA and the U.S. Department of Agriculture announced a charter that details how the two agencies work together to determine the appropriate agency to regulate the small number of animal biologicals for which jurisdiction may be unclear. Representatives from the FDA and USDA originally signed a Memorandum of Understanding in 2013 that outlined which animal biologicals each would regulate. Since 2013, science has continued to advance, and the jurisdiction of some products is not clear under the MOU. The charter includes a flowchart to help clarify which agency will regulate a given product, as well as information on how to request a jurisdiction determination from the FDA and USDA for animal biologicals.
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The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

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MIL OSI USA News –
January 27, 2025
MIL-OSI USA: Concurring Statement of Commissioner Caroline D. Pham on the Separate Accounts Final Rule

Source: US Commodity Futures Trading Commission

I respectfully concur on the Final Rule on the Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants (FCMs) (Separate Accounts Final Rule). I am pleased that the Separate Accounts Final Rule has resolved two critical issues with the proposed rule that were unworkable because of 1) conflicts of law under U.S. banking and securities regulation and foreign banking law, and operational realities regarding the cross-border movement of funds, and 2) lack of regulatory clarity for the handling of administrative errors and operational constraints. In particular, the significant changes in the proposed rule from existing regulatory requirements under CFTC Letter No. 19-17, which FCMs have implemented and complied with for the past 5 years, were not supported by robust cost-benefit analysis to justify imposing overly burdensome new rules. I greatly appreciate the support of Chairman Behnam and the efforts by CFTC staff to address my concerns, and the engagement with my fellow Commissioners.
I would like to thank Daniel O’Connell, Bob Wasserman, and Clark Hutchison in the Division of Clearing and Risk for their work on the Separate Accounts Final Rule and the significant time and effort spent working with my office, especially to reconsider the requirements for a one business day margin call and circumstances involving banking holidays in the eurozone, and “unusual” administrative errors and operational constraints.[1] I applaud their dedication to strengthening our markets and addressing the public comments.

[1] Statement of Commissioner Caroline D. Pham in Support of the Treatment of Separate Accounts Proposal (Feb. 20, 2024), https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement022024b.

MIL OSI USA News –

January 27, 2025
MIL-OSI Canada: Province appoints new BC Hydro board chair, directors

Source: Government of Canada regional news

The B.C. government has appointed a new chair and three new directors to the BC Hydro board of directors, ensuring the important work of keeping rates affordable, expanding critical electricity infrastructure to meet future demand, and effective management of drought and power imports continues to be prioritized.

Glen Clark has been appointed the new chair of the BC Hydro board of directors. Clark will take over the post from current chair, Lori Wanamaker, whose term will end on Dec. 31, 2024. Clark brings extensive leadership, corporate relations and resource development experience to the position, as a former premier and minister of finance and corporate relations, as well as former president of the Jim Pattison Group, a multinational corporation with diverse holdings.

Merran Smith is president of New Economy Canada and brings award-winning leadership uniting industry, government and civil-society partners to solve society’s most pressing social and ecological challenges. She represents Canada on the C3E International Ambassador Corps. The founder of Clean Energy Canada, Smith is broadly recognized as a fearless advocate and national leader in advancing Canada’s clean, zero-carbon economy.

Brynn Bourke is executive director of the BC Building Trades (BCBT). Under her leadership, BCBT has opened the College of the BC Building Trades, launched a youth ambassador program to connect apprentices with high school students, secured enhanced sanitation protocols on construction sites and supported initiatives that reduce barriers for under-represented groups to enter the trades. Bourke is a board member of BuildForce Canada and SkillPlan.

Don Kayne is president and CEO of Canfor Corporation, and former CEO of Canfor Pulp Products Inc. Kayne has deep experience in international sales and marketing, human resources and executive compensation through 45 years with the forest company. Kayne has served the forestry industry in many roles, including numerous current and past leadership positions with provincial, national and international forestry-related associations and organizations.

The new directors will occupy spaces on the board left by Amanda Hobson and Victoria McMillan, whose terms are ending, and Irene Lanzinger and Daryl Fields, who are retiring.

Directors Nalaine Morin and Chief Clarence Louie, whose terms on the board will end on Dec. 31, 2024, have been reappointed for an additional two-year term. The remainder of the board is unchanged.

The board of directors is responsible for providing oversight and direction of BC Hydro, such as the implementation of relevant energy policy decisions of the Province. The board chair provides leadership in guiding the board’s activities in the best interests of BC Hydro and British Columbians.

MIL OSI Canada News –

January 27, 2025
MIL-OSI Europe: Text adopted – EC-Pacific States Interim Partnership Agreement: accession of Tuvalu – P10_TA(2024)0071 – Wednesday, 18 December 2024 – Strasbourg

Source: European Parliament

(Consent)

The European Parliament,

–  having regard to the draft Council decision (05757/2024),

–  having regard to the Interim Partnership Agreement between the European Community, of the one part, and the Pacific States, of the other part(1),

–  having regard to the request for consent submitted by the Council in accordance with the first subparagraph of Article 207(4), in conjunction with point (a)(v) of the second subparagraph of Article 218(6) of the Treaty on the Functioning of the European Union (C9‑0033/2024),

–  having regard to Rule 107(1) and (4) and Rule 117(7) of its Rules of Procedure,

–  having regard to the recommendation of the Committee on International Trade (A10-0025/2024),

1.  Gives its consent to Tuvalu’s accession to the agreement;

2.  Instructs its President to forward its position to the Council, the Commission and the governments and parliaments of the Member States and of Tuvalu.

(1) OJ L 272, 16.10.2009, ELI: http://data.europa.eu/eli/agree_internation/2009/729/oj.

MIL OSI Europe News –

January 27, 2025
MIL-OSI Europe: Text adopted – EC-Pacific States Interim Partnership Agreement: accession of Niue – P10_TA(2024)0070 – Wednesday, 18 December 2024 – Strasbourg

Source: European Parliament

(Consent)

The European Parliament,

–  having regard to the draft Council decision (07920/2024),

–  having regard to the Interim Partnership Agreement between the European Community, of the one part, and the Pacific States, of the other part(1),

–  having regard to the request for consent submitted by the Council in accordance with Article 207(4), first subparagraph, in conjunction with Article 218(6), second subparagraph, point (a)(v) of the Treaty on the Functioning of the European Union (C10‑0054/2024),

–  having regard to Rule 107(1) and (4) and Rule 117(7) of its Rules of Procedure,

–  having regard to the recommendation of the Committee on International Trade (A10-0024/2024),

1.  Gives its consent to Niue’s accession to the agreement;

2.  Instructs its President to forward its position to the Council, the Commission and the governments and parliaments of the Member States and of Niue.

(1) OJ L 272, 16.10.2009, ELI: http://data.europa.eu/eli/agree_internation/2009/729/oj.

MIL OSI Europe News –

January 27, 2025
MIL-OSI Europe: Text adopted – United Nations Convention on Transparency in Treaty-based Investor-State Arbitration – P10_TA(2024)0069 – Wednesday, 18 December 2024 – Strasbourg

Source: European Parliament

(Consent)

The European Parliament,

–  having regard to the draft Council decision (07011/2024),

–  having regard to the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration (07012/2024),

–  having regard to the request for consent submitted by the Council in accordance with Article 207(4) first subparagraph and Article 218(6) second subparagraph, point (a) of the Treaty on the Functioning of the European Union (C10‑0080/2024),

–  having regard to Rule 107(1) and (4) and Rule 117(7) of its Rules of Procedure,

–  having regard to the recommendation of the Committee on International Trade (A10-0021/2024),

1.  Gives its consent to the conclusion of the agreement;

2.  Instructs its President to forward its position to the Council, the Commission and the governments and parliaments of the Member States, as well as to the UNCITRAL Secretariat.

MIL OSI Europe News –

January 27, 2025
MIL-OSI Europe: Text adopted – EC-Pacific States Interim Partnership Agreement: accession of Tonga – P10_TA(2024)0068 – Wednesday, 18 December 2024 – Strasbourg

Source: European Parliament

(Consent)

The European Parliament,

–  having regard to the draft Council decision (07921/2024),

–  having regard to the Interim Partnership Agreement between the European Community, of the one part, and the Pacific States, of the other part(1),

–  having regard to the request for consent submitted by the Council in accordance with Article 207(4) first subparagraph and Article 218(6) second subparagraph, point (a)(v) of the Treaty on the Functioning of the European Union (C10‑0055/2024),

–  having regard to Rule 107(1) and (4) and Rule 117(7) of its Rules of Procedure,

–  having regard to the recommendation of the Committee on International Trade (A10-0023/2024),

1.  Gives its consent to the accession of the Kingdom of Tonga to the agreement;

2.  Instructs its President to forward its position to the Council, the Commission and the governments and parliaments of the Member States and of the Kingdom of Tonga.

(1) OJ L 272, 16.10.2009, ELI: http://data.europa.eu/eli/agree_internation/2009/729/oj.

MIL OSI Europe News –

January 27, 2025
MIL-OSI Asia-Pac: $350 Million Loan signing between Government of India and ADB

Source: Government of India

$350 Million Loan signing between Government of India and ADB

$350 Million policy-based loan aim to expand India’s manufacturing sector and improve the resilience of its supply chains

Posted On: 20 DEC 2024 8:23PM by PIB Delhi

The Government of India and the Asian Development Bank (ADB) today signed a $350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.

The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry; and the ADB.

The SMILE program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India. The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.

The program establishes and operationalizes a comprehensive policy framework to enhance logistics efficiency through (i) strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; (ii) standardizing warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment; (iii) improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics.

The development of India’s logistics sector is vital to enhancing the competitiveness of its manufacturing sector. Through strategic policy reforms, infrastructure development, and digital integration, ongoing reforms are poised to transform the logistics landscape. This transformation is expected to reduce costs, improve efficiency, generate substantial employment opportunities, and promote gender inclusion—driving sustainable economic growth.

The collaboration between the Government of India and ADB reflects a shared commitment to fostering growth and innovation in the logistics sector, supporting India’s broader economic development goals.

**************

AD/CNAN/AM

(Release ID: 2086638) Visitor Counter : 77

MIL OSI Asia Pacific News –

January 27, 2025
MIL-OSI USA: US Department of Labor, Office of the Trade Representative announce resolution of alleged labor rights’ denial at Hidalgo manufacturer

Source: US Department of Labor

WASHINGTON – The U.S. and Mexican governments have announced the successful resolution to a Rapid Response Labor Mechanism petition alleging the denial of workers’ rights at Odisa Concrete Equipment, a manufacturer in Hidalgo.

To remediate workers’ claims, the Mexican government facilitated a resolution with Odisa taking several actions, including posting a neutrality statement, creating guidelines on freedom of association and collective bargaining, reinstating a fired worker with back pay and refunding improperly withheld union dues to workers. In addition, the Mexican Ministry of Labor provided labor rights training to workers.

“We commend the actions taken by Odisa Concrete Equipment and the government of Mexico to resolve the alleged labor violations at the facility and ensure that freedom of association is fully respected,” said Deputy Undersecretary for International Labor Affairs Thea Lee. “The reinstatement of an improperly dismissed worker involved in union activity underscores a commitment to ensuring that workers can freely choose their union and engage in collective bargaining.”

This is the 29th use of the U.S.-Mexico-Canada Agreement’s Rapid Response Labor Mechanism by the department and the U.S. Office of the Trade Representative to benefit workers in partnership with Mexico.

“The successful resolution of this case reflects the RRM’s effectiveness as a tool for holding employers accountable and enabling workers to freely exercise their union rights,” said Ambassador Katherine Tai. “We commend the government of Mexico and Odisa for their actions to remediate the denials of labor rights that occurred. The Biden-Harris administration celebrates this outcome and recalls that nearly 42,000 workers have directly benefited from the mechanism to date.”

Founded in 1976, Odisa Concrete Equipment S.A. de C.V. manufactures and exports concrete equipment and material-handling equipment, including sheet metal and aluminum goods, to more than 35 countries.

Learn more about the department’s international work.

MIL OSI USA News –

January 27, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares on 20.12.2024
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
20 December 2024 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 20.12.2024

Espoo, Finland – On 20 December 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 872,093 4.19

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 872,093 4.19

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 20 December 2024 was EUR 3,657,384. After the disclosed transactions, Nokia Corporation holds 218,626,057 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com

Attachment
- Daily Report 2024-12-20
The MIL Network –
January 27, 2025
MIL-OSI USA: It’s Been a Week: Statement on Amendments to Exchange Act Rule 15c3-3

Source: Securities and Exchange Commission

Rule 15c3-3 plays a key role in advancing the Commission’s investor protection mandate. It requires broker-dealers to safeguard customer assets, which helps to ensure that, should a broker-dealer fail, it can self-liquidate in an orderly manner that protects its customers’ ability to access her assets.[1] A successful self-liquidation permits customers to gain access to their funds much more quickly than possible if they are required to pursue their claims in a liquidation administered by the Securities Investor Protection Corporation.

The rule the Commission is adopting today increases, for the largest broker-dealers, the frequency at which they must perform the reserve calculations to determine how much cash and qualified securities they must deposit into their special reserve bank accounts. These calculations are used to ensure that a broker-dealer has set aside the net cash that it owes its customers and other broker-dealers, which could be used to facilitate an orderly self-liquidation. Instead of performing these calculations weekly, the amended rule will require that broker-dealers with average total credits over the past twelve months of $500 million or more perform these calculations daily. The increased frequency should reduce potential mismatches that could increase the risk that investors will experience a delay in recovering their assets—or suffer loss—in the event of a broker-dealer failure.

The final amendments to Rule 15c3-3 are not perfect. It will increase costs and operational challenges for 40 of the estimated 49 carrying broker-dealers that will be subject to this daily computation requirement, and the rule could have done more to address the treatment of funds that will be placed in sweep accounts on the next business day. On the other hand, the final amendments do incorporate an increased threshold for triggering the requirement that mitigates some of the costs. In addition, it allows carrying broker-dealers that use the alternative method for net capital and perform a daily customer reserve computation to reduce their aggregate debit items by 2% (instead of the 3% that is currently required). On balance, I believe the amendments are net beneficial to investors.

I hope that broker-dealers will take the Commission up on its invitation to engage with the staff on potential issues in dealing with what one commenter called “cash in motion.”[2] I also look forward to receiving feedback on any operational challenges that arise as broker-dealers implement these requirements, particularly with respect to exigent circumstances and potential challenges with resources around holidays and days when the markets close early.

I would like to thank the staff in the Division of Trading and Markets, the Division of Economic and Risk Analysis, and in the Office of General Counsel for their hard work on this rule. I hope that you all are able to get some rest over the holidays.

[1] See Exchange Act Rule 15c3-3; Michael P. Jamroz, The Customer Protection Rule, 57 The Business Lawyer 1069, 1069-1070.

MIL OSI USA News –

January 27, 2025
MIL-OSI USA: Statement of Support of Chairman Rostin Behnam Final Rule Regarding Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants

Source: US Commodity Futures Trading Commission

Since 2019, derivatives clearing organizations (DCOs) and futures commission merchants (FCMs) faithfully relied on guidance and a no-action position issued through CFTC Staff Letter 19-17 [1] to comply with DCO rules. In the several years during which the original letter was issued, DCOs and FCMs invested accordingly in anticipation that the Commission would act diligently and engage the Commission in the process to implement appropriate relief on a permanent basis. I am pleased today that, consistent with my commitment to improving rules and codifying longstanding staff positions through rulemakings that benefit from the engagement and expertise of our entire Commission, the CFTC is issuing a final rule that allocates greater protections and more importantly, provides long awaited certainty.
I fully support the final rule which protects customer funds, promotes effective DCO and FCM risk management, and balances risk management with practicability. To ensure that the final rule was workable, there were numerous discussions and extensive engagement between staff and industry, in addition to two notices of proposed rulemaking [2]. This final rule is the culmination of these efforts and serves as an example of effective collaboration with industry yielding positive results.
I thank Alicia Lewis in my office, and staff in the Division of Clearing and Risk, Market Participants Division, Office of the General Counsel, and the Office of the Chief Economist for their work on the final rule.

[1] CFTC Letter No. 19-17, July 10, 2019, available at https://www.cftc.gov/csl/19-17/download as extended by CFTC Letter No. 20-28, Sept. 15, 2020, available at https://www.cftc.gov/csl/20-28/download; CFTC Letter No. 21-29, Dec. 21, 2021, available at https://www.cftc.gov/csl/21-29/download; CFTC Letter No. 22-11, Sept. 15, 2022, available at https://www.cftc.gov/csl/22-11/download; CFTC Letter No. 23-13, Sept. 11, 2023, available at https://www.cftc.gov/csl/23-13/download; and CFTC Letter No. 24-07, June 24, 2024, available at https://www.cftc.gov/csl/24-07/download.
[2] On April 14, 2023, the Commission published in the Federal Register a notice of proposed rulemaking designed to codify the no-action position in CFTC Letter No. 19-17. Derivatives Clearing Organization Risk Management Regulations to Account for the Treatment of Separate Accounts by Futures Commission Merchants, 88 FR 22934 (Apr. 14, 2023) (First Proposal). The First Proposal sought to codify the provisions of CFTC Letter No. 19-17 in regulation 39.13, where it would have applied directly to DCOs, and only indirectly to FCMs that are clearing members of DCOs through DCO rules. The Second Proposal, which withdrew the First Proposal, sought to codify these provisions in part 1 of the Commission’s regulations, which apply to FCMs directly. Regulations To Address Margin Adequacy and To Account for the Treatment of Separate Accounts by Futures Commission Merchants, 89 FR 15312 (Mar. 1, 2024) (Second Proposal). The final rule follows from the Second Proposal.

MIL OSI USA News –

January 27, 2025
MIL-OSI USA: Proclamation to Implement the United States-Israel Agreement on Trade in Agricultural Products and for Other Purposes

US Senate News:

Source: The White House
1. On April 22, 1985, the United States and Israel entered into the Agreement on the Establishment of a Free Trade Area between the Government of the United States of America and the Government of Israel (USIFTA), which the Congress approved in section 3 of the United States–Israel Free Trade Area Implementation Act of 1985 (the “USIFTA Implementation Act”) (Public Law 99-47, 99 Stat. 82 (19 U.S.C. 2112 note)). Section 4(b) of the USIFTA Implementation Act provides that, whenever the President determines that it is necessary to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, the President may proclaim such withdrawal, suspension, modification, or continuance of any duty, or such continuance of existing duty-free or excise treatment, or such additional duties, as the President determines to be required or appropriate to carry out the USIFTA. In order to maintain the general level of reciprocal and mutually advantageous concessions with respect to agricultural trade with Israel, on July 27, 2004, the United States entered into an agreement with Israel concerning certain aspects of trade in agricultural products during the period January 1, 2004, through December 31, 2008 (United States-Israel Agreement Concerning Certain Aspects of Trade in Agricultural Products (the “2004 Agreement”)). 2. In Proclamation 7826 of October 4, 2004, the President determined, pursuant to section 4(b) of the USIFTA Implementation Act and consistent with the 2004 Agreement, that, in order to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, it was necessary to provide duty-free access into the United States through December 31, 2008, for specified quantities of certain agricultural products of Israel. Each year from 2008 through 2023, the United States and Israel entered into agreements to extend the period that the 2004 Agreement was in force for 1-year periods to allow additional time for the two governments to conclude an agreement to replace the 2004 Agreement. To carry out the extension agreements, the President in Proclamations 8334 of December 31, 2008; 8467 of December 23, 2009; 8618 of December 21, 2010; 8770 of December 29, 2011; 8921 of December 20, 2012; 9072 of December 23, 2013; 9223 of December 23, 2014; 9383 of December 21, 2015; 9555 of December 15, 2016; 9687 of December 22, 2017; 9834 of December 21, 2018; 9974 of December 26, 2019; 10128 of December 22, 2020; 10326 of December 23, 2021; 10509 of December 23, 2022; and 10692 of December 29, 2023, modified the Harmonized Tariff Schedule of the United States (HTS) to provide duty-free access into the United States for specified quantities of certain agricultural products of Israel, each time for an additional 1-year period. On October 31, 2024, the United States entered into an agreement with Israel to extend the period that the 2004 Agreement is in force through December 31, 2025, and to allow for further negotiations on an agreement to replace the 2004 Agreement. Pursuant to section 4(b) of the USIFTA Implementation Act, I have determined that it is necessary, in order to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, to provide duty-free access into the United States through the close of December 31, 2025, for specified quantities of certain agricultural products of Israel, as provided in Annex I of this proclamation. 3. Proclamation 10053 of June 29, 2020, implemented the Agreement between the United States of America, the United Mexican States, and Canada (USMCA) with respect to the United States and, pursuant to section 103 of the United States-Mexico-Canada Agreement Implementation Act (the “USMCA Implementation Act”) (Public Law 116-113, 134 Stat. 11, 15-17 (19 U.S.C. 4513)), incorporated in the HTS the tariff modifications and rules of origin necessary or appropriate to carry out the USMCA. 4. In order to provide generally for the preferential tariff treatment being accorded under the USMCA, to set forth rules for determining whether goods imported into the customs territory of the United States are eligible for preferential tariff treatment under the USMCA, to provide tariff-rate quotas with respect to certain originating goods of Canada, and to provide certain other treatment to originating goods for purposes of the USMCA, Proclamation 10053 modified the HTS as set forth in Annex I of Publication 5060 of the United States International Trade Commission (the “Commission”), entitled “Modifications to the Harmonized Tariff Schedule of the United States to Implement the United States-Mexico-Canada Agreement” (Publication 5060), including by adding general note 11. Proclamation 10053 further modified the HTS to reflect the termination of tariff treatment under the North American Free Trade Agreement (NAFTA), as set forth in Annex III of Publication 5060, including by deleting general note 12. 5. In order to implement the initial stage of duty reduction provided for in the USMCA, to provide for future staged reductions in duties for originating goods provided for in the USMCA, and to provide tariff-rate quotas with respect to certain goods provided for in the USMCA, Proclamation 10053 modified the HTS as set forth in Annex II of Publication 5060. 6. A technical error was made in the modifications to U.S. note 3(d) to subchapter II of chapter 98 of the HTS, and certain references to general note 12 were inadvertently not modified. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the USMCA, including certain technical or conforming changes within the tariff schedule. 7. Proclamation 7987 of February 28, 2006, implemented the Dominican Republic-Central America-United States Free Trade Agreement (DR-CAFTA) with respect to the United States and, pursuant to section 201 of the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (the “DR-CAFTA Act”) (Public Law 109-53, 119 Stat. 462, 467 (19 U.S.C. 4001 note)), incorporated in the HTS the tariff modifications and rules of origin necessary or appropriate to carry out certain provisions of the DR-CAFTA. 8. A rule of origin under the DR-CAFTA, found in general note 29 to the HTS, contains a reference to general note 12. Proclamation 10053 deleted general note 12 but omitted a conforming change to the reference in general note 29. I have determined that an additional modification to the HTS is necessary or appropriate to reflect this conforming change. 9. Section 602 of the Consolidated Appropriations Act, 2021 (Public Law 116-260, 134 Stat. 1182, 2152-54), made technical corrections to other laws, including replacing certain references to the NAFTA with references to the USMCA in sections 112 and 113(b) of the African Growth and Opportunity Act (the “AGOA”) (title I of Public Law 106-200, 114 Stat. 251, 258-265 (19 U.S.C. 3721, 3722(b))), as amended by the Africa Investment Incentive Act of 2006 (title VI of Public Law 109-432, 120 Stat. 2922, 3190-94), and in sections 212(a), 213(b), and 213A(b) of the Caribbean Basin Economic Recovery Act (the “CBERA”) (title II of Public Law 98-67, 97 Stat. 369, 384-85, 388 (19 U.S.C. 2702(a)(1), 2703(b), 2703a(b))), as amended by the United States-Caribbean Basin Trade Partnership Act (title II of Public Law 106-200, 114 Stat. 251, 275-288), the Haitian Hemispheric Opportunity through Partnership Encouragement Act of 2006 (title V of Public Law 109-432, 109 Stat. 2922, 3181-87), and the Haitian Hemispheric Opportunity through Partnership Encouragement Act of 2008 (subtitle D of Public Law 110-234, 122 Stat. 923, 1527-47). 10. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA and the CBERA, including certain technical or conforming changes within the tariff schedule. 11. Section 104(c) of the Trade Preferences Extension Act of 2015 (the “TPEA”) (Public Law 114–27, 129 Stat. 362, 365 (19 U.S.C. 2466a note)) authorizes the President to proclaim modifications that may be necessary to add the special tariff treatment symbol “D” in the “Special” subcolumn of the HTS for each article classified under a heading or subheading with the special tariff treatment symbol “A” or “A” in the “Special” subcolumn of the HTS. Pursuant to section 104(c) of the TPEA, Proclamation 9466 of June 30, 2016, modified the HTS to add the special tariff treatment symbol “D” in the HTS as set forth in Annex III of that proclamation. 12. The modifications to the HTS authorized in Proclamation 9466 included certain technical errors. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA, as authorized by section 104(c) of the TPEA, including certain technical or conforming changes within the tariff schedule. 13. Proclamation 6763 of December 23, 1994, implemented, with respect to the United States, the trade agreements resulting from the Uruguay Round of multilateral trade negotiations, including Schedule XX-United States of America, annexed to the Marrakesh Protocol to the General Agreement on Tariffs and Trade 1994 (Schedule XX), that were entered into pursuant to sections 1102(a) and (e) of the Omnibus Trade and Competitiveness Act of 1988 (the “1988 Act”) (Public Law 100-418, 102 Stat. 1107, 1126 (19 U.S.C. 2902(a) and (e))), as amended by Public Law 103-49, 107 Stat. 239, and approved in section 101(a) of the Uruguay Round Agreements Act (the “URAA”) (Public Law 103-465, 108 Stat. 4809, 4814–15 (19 U.S.C. 3511(a))). 14. Pursuant to the authority provided in section 111 of the URAA (19 U.S.C. 3521) and sections 1102(a) and (e) of the 1988 Act (19 U.S.C. 2902(a) and (e)), Proclamation 6763 included the staged reductions in rates of duty that the President determined to be necessary or appropriate to carry out the terms of Schedule XX. 15. Section 1205(a) of the 1988 Act (102 Stat. 1150 (19 U.S.C. 3005(a))) directs the Commission to keep the HTS under continuous review and to periodically recommend to the President such modifications to the HTS as the Commission considers necessary or appropriate to accomplish the purposes set forth in that subsection. 16. Pursuant to sections 1205(c) and (d) of the 1988 Act (102 Stat. 1150-51 (19 U.S.C. 3005(c) and (d))), in 2010, 2015, and 2021, the Commission recommended modifications to the HTS to conform the HTS to amendments made to the International Convention on the Harmonized Commodity Description and Coding System and the Protocol thereto (the “Convention”). 17. Section 1206(a) of the 1988 Act (102 Stat. 1151 (19 U.S.C. 3006(a))) authorizes the President to proclaim modifications to the HTS based on the recommendations of the Commission under section 1205 of the 1988 Act if the President determines that the modifications are in conformity with United States obligations under the Convention and do not run counter to the national economic interest of the United States. 18. Proclamation 8771 of December 29, 2011, Proclamation 9549 of December 1, 2016, and Proclamation 10326 of December 23, 2021, modified the HTS pursuant to section 1206 of the 1988 Act to conform the HTS to the amendments to the Convention. However, the HTS modifications authorized in Proclamation 8771, Proclamation 9549, and Proclamation 10326 each included certain technical errors. 19. Proclamation 8771 incorrectly modified the column 2 rate of duty for subheadings 0401.40.25 and 0401.50.25, and the “General” subcolumn rate of duty for column 1 and the column 2 rate of duty for subheading 6505.00.01. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment. 20. Proclamation 9549 and Proclamation 10326 each created certain new subheadings with the special tariff treatment symbol “A” or “A” in the “Special” subcolumn of the HTS, but omitted the special tariff treatment symbol “D”. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA, including certain technical or conforming changes within the tariff schedule. 21. Proclamation 10326 also included technical errors with respect to other subheadings. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment, including the tariff treatment previously proclaimed in Proclamation 6763. 22. In Proclamation 9705 of March 8, 2018, pursuant to section 232 of the Trade Expansion Act of 1962, as amended (the “Trade Expansion Act”) (Public Law 87-794, 76 Stat. 872, 877 (19 U.S.C. 1862)), the President concurred with the finding of the Secretary of Commerce that steel articles, as defined in clause 1 of Proclamation 9705 (as amended by clause 8 of Proclamation 9711 of March 22, 2018), are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of steel articles by imposing a 25 percent ad valorem tariff on such articles imported from all countries except Canada and Mexico. Proclamation 9740 of April 30, 2018, and Proclamation 9759 of May 31, 2018, modified the HTS to provide quotas with respect to steel articles imported from certain countries. Proclamation 10328 of December 27, 2021, Proclamation 10356 of March 31, 2022, Proclamation 10406 of May 31, 2022, and Proclamation 10691 of December 28, 2023, modified the HTS to provide tariff-rate quotas with respect to steel articles imported from certain countries. 23. On July 1, 2024, the Commission, in cooperation with the interagency Committee for Statistical Annotation of Tariff Schedules, implemented certain changes in 10-digit statistical reporting categories of the HTS under section 484(f) of the Tariff Act of 1930 (ch. 497, 46 Stat. 590, 723 (19 U.S.C. 1484(f))), as amended by section 637 of the North American Free Trade Agreement Implementation Act (Public Law 103-182, 107 Stat. 2057, 2202). I have determined that certain conforming amendments to the HTS are necessary in order to ensure the maintenance of duty rates, quotas, and tariff-rate quotas for steel articles under tariff categories that were modified. 24. Section 604 of the Trade Act of 1974, as amended (the “Trade Act”) (Public Law 93-618, 88 Stat. 1978, 2073 (19 U.S.C. 2483)), authorizes the President to embody in the HTS the substance of the relevant provisions of that Act, and of other acts affecting import treatment, and actions taken thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction. NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States of America, including but not limited to section 4(b) of the USIFTA Implementation Act, section 104(c) of the TPEA, section 1206(a) of the 1988 Act, section 232 of the Trade Expansion Act, and section 604 of the Trade Act, do proclaim that: (1) In order to implement tariff commitments under the 2004 Agreement through December 31, 2025, the HTS is modified as set forth in Annex I of this proclamation. (2) The modifications and technical rectifications to the HTS made by Annex I of this proclamation shall enter into effect on the applicable dates set forth in Annex I of this proclamation. (3) In order to make the modifications and technical rectifications to the HTS described in paragraphs 3 through 24 of this proclamation, the HTS is modified as set forth in Annex II of this proclamation. These modifications and technical rectifications shall enter into effect on the applicable dates set forth in Annex II of this proclamation. (4) Any provisions of previous proclamations and Executive Orders that are inconsistent with the actions taken in this proclamation are superseded to the extent of such inconsistency. IN WITNESS WHEREOF, I have hereunto set my hand thistwentieth day of December, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
JOSEPH R. BIDEN JR.

MIL OSI USA News –

January 27, 2025
MIL-OSI USA: Statement on Customer Protection Rule
Source: Securities and Exchange Commission

Today, the Commission adopted amendments on the requirements for large broker-dealers to calculate and segregate their customer balances daily rather than weekly. I am pleased to support this adoption because it helps better protect customers in the event a large broker-dealer fails.

Our markets have dramatically evolved since the 1972 adoption of Rule 15c3-3, otherwise known as the Customer Protection Rule.

Back in 1972, life was quite different. The public didn’t have access to the internet, smartphones, or social media. In the capital markets, we didn’t have anything that resembles modern electronic trading, and it took a full week to settle our securities transactions. Indeed, in 1972 we were just emerging from the paperwork crisis on Wall Street—in which stock exchanges literally closed from time to time because the back offices couldn’t keep up with the crush of paper.[1]

Today, a full half century later, is a very different time. The overwhelming majority of our markets trade electronically, and few Americans have even seen a physical stock certificate. Indeed, more than 95 percent of trades cleared through the Depository Trust Clearing Corporation are affirmed, confirmed, and allocated by 9:00 PM on the same day they’re traded.

Suffice it to say, it’s time to update these rules.

The Customer Protection Rule requires broker-dealers that custody customers’ cash and securities to maintain a special reserve bank account that contains the net cash a broker-dealer owes to its customers. The rule, which we’re updating, currently requires broker-dealers to calculate and deposit the appropriate balance for that account on a weekly basis.

Today’s amendments would change this requirement for the largest broker-dealers to daily computation rather than weekly.

As discussed in the adopting release, nine of the largest broker-dealers already make these calculations on a daily basis. Today’s adoption would standardize this practice for an estimated 49 broker-dealers whose total credit balances averaged at least $500 million in 2023. As mentioned in the release, these 49 carrying broker-dealers held more than 99 percent of aggregate total credits of all carrying broker-dealers in 2023.[2]

Today’s amendments are intended to reduce the likelihood of any mismatch between the amount of segregated funds and the net cash owed to customers and other broker-dealers. Further, lowering the likelihood of mismatches will help to protect the Securities Investor Protection Corporation (SIPC) Fund.

In response to commenters, the adopting release also adjusts the amount of the required buffer that broker-dealers must maintain with regard to their customer reserve deposits. Under the current rule, as amended in 1975, certain broker-dealers must maintain an additional three percent in segregated funds. Under today’s final rule, those firms calculating their customer reserve formula daily will be able to reduce this buffer from three percent to two percent. As discussed in the adopting release, with regard to the large broker-dealers covered by the rule, the difference of one percent would have freed up a monthly average of $7.4 billion of liquidity in 2023 to use elsewhere in their business.[3]

I’m pleased to support this adoption because it helps protect customers and the SIPC Fund, while promoting greater trust in the markets.

For their input on these matters, I’d like to thank Chair Claudia Slacik, and other members of the SIPC Board of Directors, and SIPC staff.

I’d also like to thank the members of the SEC staff who worked on this rulemaking, including:
- David Saltiel, Sheila Swartz, Abraham Jacob, Randall Roy, Mike Macchiaroli, Tom McGowan, Ray Lombardo, Andrea Orr, Yue Ding, John Prochilo, Nick Shwayri, and Roni Bergoffen in the Division of Trading and Markets;
- Jessica Wachter, Samim Ghamami, Juan Echeverri, Aysa Dordzhieva, Jasmine Boatner, Samantha Croffie, Oliver Richard, Jill Henderson, Lauren Moore, and Charles Woodworth in the Division of Economic and Risk Analysis; and
- Megan Barbero, Meridith Mitchell, Robert Teply, Donna Chambers, and Cynthia Ginsberg in the Office of the General Counsel.
MIL OSI USA News –
January 27, 2025

MIL-OSI Russia: IMF Executive Board Completes the First Review under the Extended Credit Facility (ECF) Arrangement for Togo

Source: IMF – News in Russian

December 20, 2024

The IMF Executive Board completed today the first review under the ECF-arrangement for Togo, allowing the authorities to draw the equivalent of about US$57.4 million (SDR 44.0 million). The Executive Board approved the 42-month ECF-arrangement in March 2024.
Togo’s growth performance has remained robust, and inflation is moderating. The medium-term outlook is broadly favorable, with continued robust growth but also elevated risks.
Togo has continued to advance its reform agenda, and the program is on track. Policy priorities are to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the first review of the ECF-arrangement for Togo. The Board’s decision enables the immediate disbursement of SDR 44.0 million (about US$ 58.7 million), which will be used for budget support. The ECF-arrangement provides overall financing of SDR 293.60 million (about US$ 390 million).

The IMF approved the ECF-arrangement on March 1^st, 2024 (see Press Release No. 24/64) to help the authorities address the legacies of the shocks seen since 2020, notably the COVID-pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen these shocks’ impacts on the Togolese economy and population. However, this resulted in an increase in fiscal deficits and debt. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

The medium-term outlook is broadly favorable, with continued robust growth. Economic growth reached an estimated 5.6 percent in 2023 and is projected at 5.3 percent in 2024-25 and around 5.5 percent per year thereafter according to IMF staff projections, barring major adverse shocks. Headline inflation eased to 3.3 percent in October 2024 and core inflation (which excludes the prices of food and transport) to 2.2 percent (annual averages).

However, the outlook is subject to high risks. In particular, terrorist attacks in the country’s North continues unabated and appears to be intensifying, putting pressure on spending. The authorities are contending with the challenging trade-offs between fiscal consolidation to lower the debt burden and the need to maintain robust growth in the context of limited fiscal space.

Implementation of the program is on track. The authorities have met all end-June quantitative performance criteria, and prospects for meeting the quantitative targets for the rest of the year are favorable. The authorities also have met two out of the four due structural benchmarks, and there are prospects for the authorities to deliver at a later stage on the limited elements that have led to the missing of two benchmarks. Further, prospects for meeting the two end-December benchmarks are good. Finally, the authorities have made good progress on the reform of the remaining state-owned bank.

At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:

“The Togolese authorities have shown strong implementation of the program supported under the Extended Credit Facility (ECF). The authorities have met all quantitative targets despite security challenges and tight financing conditions, and they have progressed on structural reforms to strengthen revenue mobilization, inclusion, and public financial management.

“Togo’s outlook is subject to elevated risks, broadly as at the program request in March 2024, while security conditions have deteriorated. In line with this, the design of the program as conceived at the outset remains broadly appropriate, and the authorities should continue to implement the program with determination to place the country on the path of strong and sustainable growth.

“In the area of fiscal policies, the authorities should continue to aim to address debt vulnerabilities in a context of regional vulnerabilities while supporting growth and enhancing inclusion. For this, it will be important to implement the agreed fiscal anchor by limiting fiscal deficits to 3 percent of GDP from 2025 onwards, continue to raise tax revenue while making taxation more efficient, and implement structural reforms to enhance the efficiency of spending and make the social safety net more effective and efficient.

“It will also be essential to continue efforts to strengthen governance. The authorities’ recent request for an IMF Governance Diagnostic is welcome, as is their commitment to strengthening beneficial ownership declarations for companies benefiting from public procurement contracts. On the financial sector, the authorities should continue the reform of the remaining public bank by bringing the bank’s capital in line with regulatory requirements and reforming its operations to ensure its stability and profitability. Efforts to strengthen the AML/CFT framework will also be important.

Togo: Selected Economic and Financial Indicators, 2020–29

	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
	Estimates				Projections
	(Percentage change, unless otherwise indicated)
Real GDP	2.0	6.0	5.8	5.6	5.3	5.3	5.5	5.5	5.5	5.5
Real GDP per capita	-0.4	3.5	3.3	3.1	2.8	2.8	3.0	3.0	3.0	3.0
GDP deflator	1.8	2.5	3.7	2.9	2.2	2.0	2.0	2.0	2.0	2.0
Consumer price index (average)	1.8	4.5	7.6	5.3	3.3	2.3	2.0	2.0	2.0	2.0
GDP (CFAF billions)	4253	4621	5069	5507	5927	6366	6850	7371	7932	8536
Exchange rate CFAF/US$ (annual average level)	575	554	622	606	…	…	…	…	…	…
Real effective exchange rate (appreciation = –)	-2.0	-1.4	2.3	-5.4	…	…	…	…	…	…
Terms of trade (deterioration = –)	-1.4	6.6	23.3	3.4	0.9	-1.7	-0.8	1.4	1.3	0.4

Monetary survey	(Percentage change of beginning-of-period broad money)
Net foreign assets	14.1	5.6	-0.6	6.2	4.9	-0.1	3.0	2.8	2.2	2.2
Net credit to government	-1.6	-0.3	8.0	0.2	-2.9	1.0	1.2	2.0	0.2	0.2
Credit to nongovernment sector	0.2	6.0	10.7	1.5	7.3	6.5	4.4	4.6	4.9	4.8
Broad money (M2)	11.4	12.3	14.9	8.5	8.8	7.4	7.6	7.6	7.6	7.6
Velocity (GDP/end-of-period M2)	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0

Investment and savings
Gross domestic investment	21.4	23.4	25.9	28.0	25.7	24.2	25.0	25.9	26.7	27.2
Government	9.3	8.2	9.7	11.5	9.0	7.1	7.7	8.4	8.9	9.4
Nongovernment	12.1	15.2	16.2	16.5	16.7	17.1	17.3	17.5	17.8	17.8
Gross national savings	21.1	21.2	22.5	25.1	22.7	21.2	22.4	23.7	24.7	25.2
Government	2.2	3.6	1.4	4.8	4.1	4.1	4.7	5.4	5.8	6.4
Nongovernment	18.9	17.6	21.0	20.3	18.6	17.1	17.7	18.3	18.9	18.8

Government budget
Total revenue and grants	16.6	17.1	17.6	19.8	18.8	18.6	19.1	19.5	19.9	20.3
Revenue	14.1	15.3	15.1	16.8	16.6	17.1	17.6	18.1	18.5	19.1
Tax revenue	12.5	14.0	13.9	14.8	15.2	15.7	16.2	16.7	17.2	17.7
Expenditure and net lending (excl. banking sector operation)	23.7	21.8	26.0	26.6	23.7	21.6	22.0	22.6	22.9	23.3
Overall primary balance (commitment basis, incl. grants)	-4.7	-2.5	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (commitment basis, incl. grants, excl. banking sector operations)	-7.0	-4.7	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (commitment basis, incl. grants)	-7.0	-4.7	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0
Overall primary balance (cash basis, incl. grants)	-4.7	-3.4	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (cash basis, incl. grants, excl. banking sector operations)	-7.1	-5.6	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (cash basis, incl. grants)	-7.1	-5.6	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0

External sector
Current account balance	-0.3	-2.2	-3.5	-2.9	-3.0	-2.9	-2.6	-2.2	-2.0	-2.0
Exports (goods and services)	23.3	23.7	26.6	25.5	25.7	25.6	26.0	26.2	26.2	26.1
Imports (goods and services)	-32.3	-34.0	-38.8	-36.2	-35.4	-34.4	-33.9	-33.7	-33.5	-33.5
External public debt¹	27.6	27.3	26.2	25.9	29.5	29.0	29.9	30.6	30.8	30.4
External public debt service (percent of exports)¹	6.9	5.2	8.3	8.2	8.4	15.5	9.2	8.3	7.2	6.5
Domestic public debt²	34.6	37.6	41.2	42.1	40.2	39.1	36.6	34.3	32.3	31.4
Total public debt3	62.2	64.9	67.4	68.0	69.7	68.2	66.4	64.8	63.1	61.8
Total public debt (excluding SOEs)⁴	60.1	63.0	65.8	66.6	68.6	67.2	65.6	64.1	62.5	61.3
Present value of total public debt³	…	…	…	60.6	60.7	57.7	54.5	51.5	48.8	47.1

Sources: Togolese authorities and IMF staff estimates and projections.

¹ Includes state-owned enterprise external debt.
² Includes domestic arrears and state-owned enterprise domestic debt.
³ Includes domestic arrears and state-owned enterprise debt.
⁴ Includes domestic arrears.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Kwabena Akuamoah-Boateng

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/12/20/pr24494-togo-imf-exec-board-completes-first-rev-ecf-arrangement

MIL OSI

MIL OSI Russia News –

January 27, 2025

MIL-OSI Economics: IMF Executive Board Completes the First Review under the Extended Credit Facility (ECF) Arrangement for Togo

Source: International Monetary Fund

December 20, 2024

The IMF Executive Board completed today the first review under the ECF-arrangement for Togo, allowing the authorities to draw the equivalent of about US$57.4 million (SDR 44.0 million). The Executive Board approved the 42-month ECF-arrangement in March 2024.
Togo’s growth performance has remained robust, and inflation is moderating. The medium-term outlook is broadly favorable, with continued robust growth but also elevated risks.
Togo has continued to advance its reform agenda, and the program is on track. Policy priorities are to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:

Togo: Selected Economic and Financial Indicators, 2020–29

	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
	Estimates				Projections
	(Percentage change, unless otherwise indicated)
Real GDP	2.0	6.0	5.8	5.6	5.3	5.3	5.5	5.5	5.5	5.5
Real GDP per capita	-0.4	3.5	3.3	3.1	2.8	2.8	3.0	3.0	3.0	3.0
GDP deflator	1.8	2.5	3.7	2.9	2.2	2.0	2.0	2.0	2.0	2.0
Consumer price index (average)	1.8	4.5	7.6	5.3	3.3	2.3	2.0	2.0	2.0	2.0
GDP (CFAF billions)	4253	4621	5069	5507	5927	6366	6850	7371	7932	8536
Exchange rate CFAF/US$ (annual average level)	575	554	622	606	…	…	…	…	…	…
Real effective exchange rate (appreciation = –)	-2.0	-1.4	2.3	-5.4	…	…	…	…	…	…
Terms of trade (deterioration = –)	-1.4	6.6	23.3	3.4	0.9	-1.7	-0.8	1.4	1.3	0.4

Monetary survey	(Percentage change of beginning-of-period broad money)
Net foreign assets	14.1	5.6	-0.6	6.2	4.9	-0.1	3.0	2.8	2.2	2.2
Net credit to government	-1.6	-0.3	8.0	0.2	-2.9	1.0	1.2	2.0	0.2	0.2
Credit to nongovernment sector	0.2	6.0	10.7	1.5	7.3	6.5	4.4	4.6	4.9	4.8
Broad money (M2)	11.4	12.3	14.9	8.5	8.8	7.4	7.6	7.6	7.6	7.6
Velocity (GDP/end-of-period M2)	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0

Investment and savings
Gross domestic investment	21.4	23.4	25.9	28.0	25.7	24.2	25.0	25.9	26.7	27.2
Government	9.3	8.2	9.7	11.5	9.0	7.1	7.7	8.4	8.9	9.4
Nongovernment	12.1	15.2	16.2	16.5	16.7	17.1	17.3	17.5	17.8	17.8
Gross national savings	21.1	21.2	22.5	25.1	22.7	21.2	22.4	23.7	24.7	25.2
Government	2.2	3.6	1.4	4.8	4.1	4.1	4.7	5.4	5.8	6.4
Nongovernment	18.9	17.6	21.0	20.3	18.6	17.1	17.7	18.3	18.9	18.8

Government budget
Total revenue and grants	16.6	17.1	17.6	19.8	18.8	18.6	19.1	19.5	19.9	20.3
Revenue	14.1	15.3	15.1	16.8	16.6	17.1	17.6	18.1	18.5	19.1
Tax revenue	12.5	14.0	13.9	14.8	15.2	15.7	16.2	16.7	17.2	17.7
Expenditure and net lending (excl. banking sector operation)	23.7	21.8	26.0	26.6	23.7	21.6	22.0	22.6	22.9	23.3
Overall primary balance (commitment basis, incl. grants)	-4.7	-2.5	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (commitment basis, incl. grants, excl. banking sector operations)	-7.0	-4.7	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (commitment basis, incl. grants)	-7.0	-4.7	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0
Overall primary balance (cash basis, incl. grants)	-4.7	-3.4	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (cash basis, incl. grants, excl. banking sector operations)	-7.1	-5.6	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (cash basis, incl. grants)	-7.1	-5.6	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0

External sector
Current account balance	-0.3	-2.2	-3.5	-2.9	-3.0	-2.9	-2.6	-2.2	-2.0	-2.0
Exports (goods and services)	23.3	23.7	26.6	25.5	25.7	25.6	26.0	26.2	26.2	26.1
Imports (goods and services)	-32.3	-34.0	-38.8	-36.2	-35.4	-34.4	-33.9	-33.7	-33.5	-33.5
External public debt¹	27.6	27.3	26.2	25.9	29.5	29.0	29.9	30.6	30.8	30.4
External public debt service (percent of exports)¹	6.9	5.2	8.3	8.2	8.4	15.5	9.2	8.3	7.2	6.5
Domestic public debt²	34.6	37.6	41.2	42.1	40.2	39.1	36.6	34.3	32.3	31.4
Total public debt3	62.2	64.9	67.4	68.0	69.7	68.2	66.4	64.8	63.1	61.8
Total public debt (excluding SOEs)⁴	60.1	63.0	65.8	66.6	68.6	67.2	65.6	64.1	62.5	61.3
Present value of total public debt³	…	…	…	60.6	60.7	57.7	54.5	51.5	48.8	47.1

Sources: Togolese authorities and IMF staff estimates and projections.

¹ Includes state-owned enterprise external debt.
² Includes domestic arrears and state-owned enterprise domestic debt.
³ Includes domestic arrears and state-owned enterprise debt.
⁴ Includes domestic arrears.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Kwabena Akuamoah-Boateng

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

@IMFSpokesperson

MIL OSI Economics –

January 27, 2025

MIL-OSI United Kingdom: Complete ban on bee killing pesticides moves forward
Source: United Kingdom – Executive Government & Departments 2

• Government sets out plans to end the use of toxic neonicotinoid pesticides that threaten vital pollinators
A bee on a purple flower

Important step forward in delivering on election commitment to safeguarding bees, butterflies and the wider environment

A complete ban on use of bee-killing neonicotinoid pesticides has moved a step closer today (Saturday 21 December), as the government sets out its plans to deliver a key election pledge.

Despite being banned from general use in the UK, the last government authorised the use of neonicotinoids every year for the last four years in England via a process known as emergency authorisation.

Neonicotinoids are extremely toxic to pollinators. Even at doses that are not directly fatal to bees they can cause cognitive problems impacting foraging abilities and the productivity of hives. The chemicals can also persist in the soil creating a further risk to bees.

Bees and other pollinators are crucial to the agricultural economy with the economic benefits of pollination to crop production in the UK estimated at £500 million annually.

The Government has set out its next steps, including identifying legislative options that would legally prevent the future use of three specific neonicotinoids – clothianidin, imidacloprid and thiamethoxam – entirely, taking full account of the importance of pollinators.

Environment Minister Emma Hardy said:

“We are delivering on our promise to ban toxic bee-killing pesticides and ending the long-term decline of our wildlife.

“A healthy environment is vital to our food and economic security. Protecting bees by stopping the use of damaging neonicotinoids is an important step in supporting the long-term health of our environment and waterways, and our farming sector.”

The move comes ahead of the publication of a new UK National Action Plan (NAP), which will set how pesticides can be used sustainably.

Ensuring that our food production is sustainable is key to the long-term health of the agricultural sector, as well as the nation’s food security. The Government’s Plan for Change is built on the strong foundation of a stable economy.

The Government commitment to farmers remains steadfast and we are fully committed to supporting farmers to protect their crops in more sustainable ways. There has already been progress in this space, including research into new virus-resistant varieties of sugar beet and new alternative pesticide sprays, and we will continue to support this work.

The announcement today builds on the swift action the Government has taken to recover nature more widely. This includes committing to a rapid review of the Environmental Improvement Plan and new delivery plans to meet targets on air quality, the circular economy and water. In the first few months of this government, legislation was introduced to put failing water companies under special measures to curb pollution in our waterways and a Flood Resilience Taskforce was introduced to speed up the creation of nature-based solutions, like planting trees to protect communities against the impact of extreme weather.

NOTES TO EDITORS:

The legal requirements for emergency authorisations have not changed today and any applications for 2025 will be considered under the law as it stands.

The Neonicotinoids Policy Statement applies to England only.

The UK Government will look to work with the devolved governments to seek a shared and consistent way forward.

£5 billion was set aside in the Budget for farming over two years, including the single biggest amount of money ever allocated for sustainable food production and nature recovery.

The full Neonicotinoids Policy Statement can be found here

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Published 21 December 2024
MIL OSI United Kingdom –
January 27, 2025
MIL-Evening Report: MEAA welcomes News MAP funding ‘leg up’ for Australian journalism

Pacific Media Watch

The union for Australian journalists has welcomed the delivery by the federal government of more than $150 million to support the sustainability of public interest journalism over the next four years.

Combined with the announcement of the revamped News Bargaining Initiative, this could result in up to $400 million in additional funding for the sector over the coming years.

The Media, Entertainment & Arts Alliance says the new funding under the News Media Assistance Program (News MAP) will boost journalism and media diversity but must be tied to the enforcement of minimum employment standards for all media workers, including freelancers, says the MEAA website.

The acting director of MEAA media, Michelle Rae, said the Albanese government had picked up on recommendations from the union during consultation over the News MAP earlier this year.

“We are pleased that the government has adopted a holistic and structured approach to support for the news media industry, rather than the patchwork of band aid solutions that have been implemented in the past,” she said.

“MEAA has long argued that commercially produced public interest journalism requires systematic, long-term support beyond a three-year time frame to ensure its viability and to promote a diverse media landscape.

“The longer-term approach confirmed by the government will allow media outlets to plan for their future sustainability with additional certainty about their income over the next four years.”

Importantly, the new funding was primarily directed at local and community news, the sector that had been most impacted by the decline of advertising revenue over the past two decades.

“The $116.7 million to support this sector will go a long way towards helping communities in regional Australia and the suburbs of our main cities to rebuild local journalism in areas that have become or are in danger of becoming news deserts,” Rae said.

“The unique role of Australian Associated Press as an independent and accessible news service has been recognised with $33 million in new funding.

“MEAA also welcomes the government’s commitment to mandate at least $6 million of its advertising budget is spent in regional newspapers.”

Rae said that while it was worthwhile to explore measures to attract philanthropic funding of the news media industry, any solutions to the decline of public interest journalism must not be reliant on sponsorships or donations that undermine the independence of media outlets.

“There is a place for demand-side incentives to subscribe and pay for quality news media through the use of subsidies, vouchers or tax deductibility,” she said.

“But care must be taken to ensure that philanthropic funding does not allow donors to dictate the editorial policies of media outlets.”

Article by AsiaPacificReport.nz

MIL OSI Analysis – EveningReport.nz –

January 27, 2025
MIL-OSI Security: U.S. Attorney’s Office Secures Agreement With Washoe County To Ensure Polling Place Access To Voters With Disabilities

Source: Office of United States Attorneys

RENO – The United States Attorney’s Office for the District of Nevada has entered into an agreement with the Washoe County Board of Commissioners to resolve a compliance review that identified numerous physical barriers at polling sites. The agreement resolves the United States’ investigation into Washoe County’s compliance with Title II of the Americans with Disabilities Act, which prohibits discrimination on the basis of disability by a state or local government in any of its programs or services. The agreement will be in place through the 2026 and 2028 election cycles.

“We must continue to protect the rights of all Nevadans to participate in one of the most fundamental rights we possess, voting rights,” said Sue Fahami, First Assistant United States Attorney, District of Nevada. “That is why we are proud to protect the rights of voters with disabilities to cast their ballot in person, privately, independently and without barriers. We are grateful for Washoe County’s commitment to helping accomplish this mutual goal.”

On June 11, 2024, during Nevada’s primary election, the United States surveyed 10 polling locations in Washoe County. The surveys found a multitude of architectural and equipment barriers both in the exterior of polling sites and inside voting rendering the facilities inaccessible. These physical barriers included obstructions at accessible voting stations, unreachable voting machine controls, missing accessibility signage at parking spaces, surface openings from the public sidewalk to the accessible entrance, gaps and level changes.

As part of the agreement, Washoe County will train poll workers on the County’s obligations under the Americans with Disabilities Act and how to employ temporary measures if necessary. It will also use the technical assistance of an accessibility expert and an evaluation form for each current and prospective polling place based on ADA architectural standards. Washoe County will also survey polling locations for accessibility throughout the term of the agreement. Importantly, when selecting future polling sites, Washoe County will ensure that new locations are ADA accessible. The United States Attorney’s Office will monitor the agreement and provide technical assistance.

The Washoe County investigation is part of the Department of Justice’s ADA Voting Initiative, which focuses on protecting the voting rights of individuals with disabilities across the country. A hallmark of the ADA Voting Initiative is its collaboration with jurisdictions to increase accessibility at polling places.

The case is being handled by Assistant United States Attorney Ednin D. Martinez.

If you believe you have been discriminated against based on disability, please submit a report www.civilrights.justice.gov. For more information on the ADA, please call the department’s toll-free ADA Information Line at 1-800-514-0301 (TTY 1-833-610-1264) or visit www.ada.gov.

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MIL Security OSI –

January 27, 2025
MIL-OSI USA News: Statement from President Joe Biden on Securing 235 Judicial Confirmations

Source: The White House

Today, we reached a major milestone in our efforts to protect our Nation’s freedoms: the United States Senate confirmed the 235th federal judge during my presidency – marking the largest number of confirmations in a single term since the 1980s. This includes one Supreme Court Justice, 45 Circuit Court Judges, 187 District Court Judges, and two judges on the Court of International Trade.

These men and women represent the best of America. They are all highly qualified. And they have had distinguished legal, judicial, and academic careers.

When I ran for President, I promised to build a bench that looks like America and reflects the promise of our nation. And I’m proud I kept my commitment to bolstering confidence in judicial decision-making and outcomes.

The 235 confirmed judges include a record number of judges with backgrounds and experiences that have long been overlooked: advocates for civil rights, workers’ rights, immigrants’ rights, and more. I appointed the first former public defenders to sit on the Seventh and First Circuits. I have also put forth men and women who have been prosecutors and plaintiffs’ attorneys.

In addition, I appointed the most demographically diverse slate of judicial nominees ever. This includes: the first Black woman and public defender on the United States Supreme Court, and appointing more Black women to the Courts of Appeals than all previous administrations combined. I also appointed the first Hispanic-American judge to serve on the D.C. Circuit, and the first openly LGBTQ woman on any federal court of appeals; the first AANHPI judge on the Third and Seventh Circuits; the first Muslim-American judge to ever serve as a life-tenured judge; and the first Native Hawaiian woman to ever serve as a life-tenured judge.

And no matter who they are or where they come from, all of these appointees are supremely qualified to serve in the role of Judge, and remain committed to the rule of law and the Constitution.

We reached this milestone thanks to bipartisan support in the Senate, and as a result of the leadership of Senate Majority Leader Chuck Schumer, and Senate Judiciary Chairman Dick Durbin.

Judges matter. They shape the everyday lives of Americans, preserving our freedoms and defending our liberties. They hear cases and issue rulings on whether Americans can cast their ballots, whether workers can unionize and make a living wage for their families, and whether children can breathe clean air and drink clean water.

I am proud of the legacy I will leave with our Nation’s judges. And I am proud of those who have stepped forward and heeded the call to serve.

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MIL OSI USA News –

January 27, 2025
MIL-OSI USA News: FACT SHEET: President Biden Secures Confirmation of 235th Federal Judge
Source: The White House

Today, President Biden’s 235th life-tenured federal judicial nominee was confirmed. This marks the largest number of confirmations in a single term since the Carter administration. These highly qualified men and women—all committed to the rule of law and the Constitution—will serve the federal Judiciary for decades to come.

Dating back to his time leading the Senate Judiciary Committee, President Biden has made the confirmation of federal judges a top priority. During his four years in office, President Biden has transformed the federal bench and appointed over a quarter of all active judges, and helped to ensure that the Judiciary looks like the communities it serves.

The 235 confirmations include:
- One to the United States Supreme Court
- 45 to the nation’s courts of appeals
- 187 to the nation’s district courts
- Two to the United States Court of International Trade
President Biden has worked closely with Senators from both sides of the aisle to fill vacancies at the circuit and district level. He has achieved this milestone despite significant structural disadvantages, including the longest 50-50 Senate in history.

Importantly, President Biden has followed through on one of his earliest campaign promises—to put forward highly-qualified judges from underrepresented professional backgrounds and to instill confidence in the Judiciary by ensuring that federal judges reflect the nation as a whole.

Professional Diversity

No President has done more to bring professional and experiential diversity to the federal bench than President Biden.

Not only did President Biden appoint the first former public defender to the United States Supreme Court, but he broke records across the board on professional diversity—appointing more than 45 public defenders, more than 25 civil rights lawyers, and at least 10 individuals who have represented workers.

President Biden is also proud to have put forward nominees who come from private legal practice, prosecutors’ offices, and a host of other legal backgrounds, including immigration law, municipal law, and plaintiff-side law. As a lifelong advocate for our men and women in uniform, veterans, and their families, President Biden is proud to have put forward judicial nominees who have served on active duty or in the reserves, in both legal and non-legal roles.

Demographic Diversity
President Biden has set records when it comes to the demographic diversity of his appointees. In doing so, he has helped to ensure that the Judiciary looks like the communities it serves—vital to instilling confidence in both judicial decision-making and outcomes—while refusing to sacrifice on ability or qualifications.

The 235 confirmations include:
- The first Black woman ever to serve on the United States Supreme Court.
- A record number of women, Black, Latino, AANHPI, Native American, Muslim-American, and LGBTQ judges.
- More Black women appointed to the circuit courts than every other presidential administration combined.
Impact

Judges have an enormous impact on the everyday lives of Americans.

These men and women have the power to uphold basic rights or to roll them back. They hear cases that decide whether women have the freedom to make their own reproductive healthcare decisions; whether Americans have the freedom to cast their ballots; whether workers have the freedom to unionize and make a living wage for their families; and whether children have the freedom to breathe clean air and drink clean water.

Judges are also crucial to protecting against overreach and unconstitutional action by the Executive and Legislative Branches.

President Biden is proud of his record of appointments and grateful to the Senate for its partnership in reaching this historic achievement.

###

MIL OSI USA News –
January 27, 2025
MIL-OSI China: Xinjiang’s foreign trade hits record 403B yuan

Source: China State Council Information Office

This aerial photo taken on Sept. 10, 2022 shows China-Europe freight trains at the Alataw Pass, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]

The foreign trade value of northwest China’s Xinjiang Uygur Autonomous Region rose by 26% year on year in the first 11 months of 2024, reaching a record 403.1 billion yuan (about $56.1 billion), according to local authorities.

This is the first time the region’s foreign trade value has exceeded 400 billion yuan, Urumqi Customs said.

Xinjiang’s trade with the five Central Asian countries grew by 6.9% year on year, accounting for 67.9% of the region’s total foreign trade during the same period. Meanwhile, trade with its largest trading partner, Kazakhstan, rose by 17.6% year on year.

The region’s trade with ASEAN countries surged by 231% year on year, accounting for 8% of its total trade during the period.

Established in November last year, the China (Xinjiang) Pilot Free Trade Zone, spanning Urumqi, Kashgar and Horgos, has supported the growth of trade businesses, with its trade reaching 162.9 billion yuan in the first 11 months of this year, accounting for 40.4% of the region’s total, according to the customs.

Thanks to its unique geographic advantages, continuous improvements in the business environment and targeted services for enterprises, Xinjiang has achieved steady trade growth, said Li Qinghua, deputy head of Urumqi Customs.

MIL OSI China News –

January 27, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	872,093	4.19
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	872,093	4.19

Category: Trade

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