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Category: Transport

  • MIL-OSI: PIMCO Closed-End Funds Announce Shareholder Approval of Issuance of Common Shares in Proposed Reorganizations

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 27, 2025 (GLOBE NEWSWIRE) — At a joint special meeting earlier today, common shareholders of each of PIMCO Municipal Income Fund II (NYSE: PML), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO California Municipal Income Fund (NYSE: PCQ) (each, an “Acquiring Fund”) approved the issuance of additional common shares in connection with each of the below reorganizations, as applicable (each, a “Merger” and collectively, the “Mergers”):

    • National Mergers: PIMCO Municipal Income Fund (NYSE: PMF) and PIMCO Municipal Income Fund III (NYSE: PMX) with and into PML;
    • New York Mergers: PIMCO New York Municipal Income Fund (NYSE: PNF) and PIMCO New York Municipal Income Fund III (NYSE: PYN) with and into PNI; and
    • California Mergers: PIMCO California Municipal Income Fund II (NYSE: PCK) and PIMCO California Municipal Income Fund III (NYSE: PZC) with and into PCQ.

    Once the Mergers are consummated, each of the Acquiring Funds will acquire all of the assets and liabilities of, as applicable, PMF, PMX, PNF, PYN, PCK, and PZC (each, an “Acquired Fund” and together with the Acquiring Funds, the “Funds”), and the common shares of each Acquired Fund will, in effect, be exchanged for new common shares of the corresponding Acquiring Fund with an equal aggregate net asset value. In addition, each Fund has one or more series of Remarketable Variable Rate MuniFund Term Preferred Shares (“RVMTP Shares”) outstanding. As part of each Merger, the outstanding RVMTP Shares of each Acquired Fund will, in effect, be exchanged for RVMTP Shares of the corresponding Acquiring Fund with an aggregate liquidation preference equal to, and other terms that are substantially identical to, the corresponding series of RVMTP Shares of each such Acquired Fund.

    The Mergers are currently expected to be completed on or about August 1, 2025, subject to PIMCO’s market outlook and operational considerations and the satisfaction of applicable regulatory requirements and customary closing conditions. In the event the completion of the Mergers is delayed, PIMCO will issue a press release notifying Fund shareholders of the new expected completion date.

    The holders of the RVMTP Shares of each Acquired Fund have been asked to consent to the applicable Merger, and the consummation of a Merger with respect to each such Acquired Fund is contingent upon the consent of the holders of its RVMTP Shares, as applicable. No further action is needed from common or preferred shareholders of any Fund.

    In light of the existing similarities in the Funds’ investment strategies and holdings, PIMCO does not currently expect to materially restructure any Acquired Fund’s portfolio or reposition its holdings prior to the Mergers in order to align with the applicable Acquiring Fund’s investment strategies. However, as of the close of business today through the closing of the Mergers, each Acquired Fund will be in a “transition period” during which PIMCO may reposition the Acquired Fund’s assets to prepare to transfer such assets to the corresponding Acquiring Fund, as needed, depending on market conditions and each Acquiring Fund’s portfolio holdings prior to the Mergers. During this time, an Acquired Fund may not be pursuing its investment objective and strategies, and limitations on permissible investments and investment restrictions will not apply.

    About PIMCO

    PIMCO was founded in 1971 in Newport Beach, California and is one of the world’s premier fixed income investment managers. Today we have offices across the globe and 3,000+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

    Registration statements relating to each Acquiring Fund’s Common Merger Shares (as defined in the corresponding registration statement) have been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds; nor is this press release intended to solicit a proxy from any shareholder of the Funds.

    Except for the historical information and discussions contained herein, statements contained in this press release constitute forward-looking statements. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.

    This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. PIMCO Investments LLC, 1633 Broadway, New York, NY 10019, is a company of PIMCO. ©2025, PIMCO.

    For information on PIMCO Closed-End Funds:
    Financial Advisors: (800) 628-1237
    Shareholders: (844) 337-4626 or (844) 33-PIMCO
    PIMCO Media Relations: (212) 597-1054

    The MIL Network –

    June 28, 2025

  • MIL-OSI Economics: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Economics –

    June 28, 2025

  • MIL-OSI Economics: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Economics –

    June 28, 2025

  • MIL-OSI Economics: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Economics –

    June 28, 2025

  • MIL-OSI Economics: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Economics –

    June 28, 2025

  • MIL-OSI Economics: Working Group announces Small Business Champions, discusses digitalization and MC14 plan

    Source: World Trade Organization

    Small Business Champions

    The winners of the 2025 Small Business Champions Competition are Silaiwali (India), a company which empowers women artisans by upcycling waste fabric from garment factories into handcrafted products, and NetZero Pallets (Viet Nam), which specializes in converting biomass into carbon-neutral shipping pallet materials.

    The fifth edition of the competition was held under the theme “Completing the Loop: Helping Small Businesses Contribute to the Circular Economy.” It was jointly organized by the Informal Working Group on MSMEs, the International Trade Centre (ITC), the International Chamber of Commerce (ICC) and in partnership with UN Trade and Development (UNCTAD) for the first time.

    At the award ceremony, WTO Director-General Ngozi Okonjo-Iweala congratulated the winners and reiterated the vital role of MSMEs in global value chains and supply chains. She emphasized that small businesses are a bedrock of innovation and agility, and that the Small Business Champions Award reflects their invaluable contributions to sustainable development. She also stressed the importance of supporting MSMEs in times of uncertainty, as they often face significant trade barriers, particularly in accessing knowledge and finance. “They’re the ones that need the stability and predictability of the world trading system the most. We cannot do without their voice,” she said.

    ITC Executive Director Pamela Coke-Hamilton and ICC Secretary General John Denton also delivered opening remarks. Deputy Secretary-General of UNCTAD, Pedro Manuel Moreno, addressed the ceremony via video message. All three speakers reaffirmed their organizations’ commitment to fostering a supportive business ecosystem where MSMEs can thrive and actively contribute to the circular economy.

    The award ceremony can be watched here.

    Digitalization, other thematic issues

    Lively discussions focused on capacity building for MSMEs through digital transformation, with members and international organizations sharing experiences in helping small businesses reduce costs and improve efficiency.

    The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) introduced its Cross-Border Paperless Trade Database, developed with the International Chamber of Commerce (ICC), as a hub offering innovative resources and legal support. China presented its single-window customs platform designed to simplify cross-border procedures for MSMEs. The International Trade Centre (ITC) provided an update on its digital trade policy and regulatory work. It also outlined its work on the African Continental Free Trade Area (AfCFTA) through the “One Trade Africa” project, which supports African MSMEs in participating in trade. Georgia proposed a peer-learning session to explore how to scale up digital solutions and streamline regulations.

    Building on previous thematic sessions, members also discussed good regulatory practices (GRPs) and the informal sector. They emphasized the importance of ensuring interoperability between regulatory frameworks to facilitate MSME trade. Participants expressed support for continued dialogue on informal MSMEs and recommended monitoring relevant developments in other international forums.

    MC14 strategies, implementation of 2020 MSME Package

    Following discussions at the March meeting, the Coordinator, Ambassador Matthew Wilson of Barbados, proposed tentative outcomes and issues to be developed in the lead-up to MC14. Group members agreed to focus on a primary deliverable: a joint study report by the World Customs Organization, ICC and the WTO on the integration of MSMEs into Authorized Economic Operator (AEO) programmes (INF/MSME/W/62/Rev.2), as adopted by the Group in March.

    Additional outcomes will include the Coordinator’s reports summarizing the Group’s work between MC13 and MC14, a summary of exemplary small enterprises and a review of key findings from the thematic discussions.

    The MSME Group Coordinator announced new funding from the China Council for the Promotion of International Trade (CCPIT) and the Organization for Trade Development and Standards Cooperation (ODCCN) for the Trade4MSMEs website to ensure its operation for the next six years. This contribution has already enabled the translation of the website into Mandarin, thereby enhancing its accessibility to a broader international audience.

    In addition, members agreed to continue deliberating on a possible policy guidance document (a compendium) for good regulatory practices (GRPs). Further discussion is also planned on how to advance joint work with the Trade and Gender Initiative, particularly in improving access to finance for women-led MSMEs.

    The Group also reviewed progress in implementing its December 2020 MSME Package — a set of policy recommendations aimed at supporting MSMEs. Several members, along with the WTO Secretariat, provided updates on their respective actions in support of the package’s implementation.

    Strengthening engagement with private sector

    A special session open to the business community took place on 25 June. Small traders were invited to share their views on the impact of recent trade tensions on their businesses, their engagement in good regulatory practices, and other challenges they face.

    The Coordinator reflected on key takeaways from the constructive discussion. Businesses described a challenging landscape created by economic uncertainty and ongoing trade tensions, including regarding tariffs. They also noted benefits from newly implemented efficiencies and other significant challenges, especially in relation to planning and day-to-day operations.

    While good regulatory practice (GRP) initiatives exist, MSMEs reported that they are often not adequately informed or consulted. They also noted that GRPs tend to be fragmented and country-specific, lacking global harmonization. Small businesses further highlighted limited access to tariff and trade regulation information, lack of clarity regarding customs regulations, and high shipping costs as major trade obstacles. They called for easier access to tariff information and greater support from national authorities.

    Members welcomed the discussion and proposed further discussions on how to incorporate feedback from the business community into the Group’s future agenda.

    Next

    The next meeting of the Informal Working Group on MSMEs is scheduled for 3 October 2025.

    Share

    MIL OSI Economics –

    June 28, 2025

  • MIL-OSI NGOs: Japan: Execution is latest ‘callous attack on the right to life’

    Source: Amnesty International –

    In response to today’s execution in Japan of a man convicted of the murder of nine people, Chiara Sangiorgio, Death Penalty Advisor at Amnesty International, said:

    “The execution of Takahiro Shiraishi – the first in Japan in nearly three years – is the latest callous attack on the right to life in Japan and a major setback for the country’s human rights record.

    “Last year’s acquittal of Hakamada Iwao, formerly the world’s longest-serving death row prisoner, laid bare the unfairness of Japan’s criminal justice system and use of the death penalty and was an ideal opportunity to change course.

    “But instead of moving to reform and ensure full protection of human rights, the Government has chosen to resume executions. This is a significant setback to efforts to end the use of the death penalty in Japan.

    “As of today, 113 countries worldwide have completely abolished the death penalty in law, and more than 144 have abandoned it in law or practice, yet Japan continues to use this inhuman punishment.

    “The secrecy that continues to surround the notification of executions makes the use of this punishment in Japan additionally cruel. The Japanese authorities must immediately introduce a moratorium on executions as a first step towards abolishing the death penalty entirely — and commute all death sentences to terms of imprisonment.”

    Executions shrouded in secrecy

    Shiraishi was convicted in 2020 of killing nine people in 2017 by Tokyo District Court and sentenced to death.

    This is the first execution under Prime Minister Shigeru Ishiba and the first since July 2022.

    Executions in Japan are shrouded in secrecy, with prisoners typically given only a few hours’ notice and their families usually notified only after the execution has taken place.

    Japan is one of a small group of countries that has carried out executions in recent years. Amnesty recorded 1,518 executions in 15 countries in 2024 (excluding the thousands believed to have been carried out in China), an increase by 32% from the 1,153 recorded in 2023, largely driven by a spike in three countries in the Middle East: Iran, Iraq and Saudi Arabia. 

    On 26 September 2024, a long-awaited ruling was delivered by Shizuoka District Court to acquit Hakamada Iwao, described as the world’s longest-serving death row prisoner.

    Amnesty opposes the death penalty in all cases without exception regardless of the nature or circumstances of the crime, guilt, innocence or other characteristics of the individual, or the method used by the state to carry out the execution.

    MIL OSI NGO –

    June 28, 2025

  • MIL-OSI NGOs: Greenpeace activists rebrand NZ bottom trawler “ocean killer” at sea

    Source: Greenpeace Statement –

    PACIFIC OCEAN, Saturday, 28 June 2025 – Greenpeace Aotearoa activists have confronted a bottom trawler in the South Pacific ocean, east of New Zealand, rebranding it “ocean killer”, after witnessing it haul in a net straining with marine life.

    Launching from the Greenpeace vessel Rainbow Warrior, activists came alongside the New Zealand-flagged ship, Talley’s Amaltal Atlantis, on the Chatham Rise[1] on Friday afternoon, and painted the message on its hull with non-toxic paint.

    Greenpeace Aotearoa activists confront the Talley’s bottom trawler Amatal Atlantis on the Chatham Rise, painting “ocean killer” on its hull to protest destructive bottom trawling. The Rainbow Warrior is off the coast of Aotearoa campaigning for an end to New Zealand’s destructive bottom trawling in New Zealand waters and the Tasman Sea.

    Speaking from onboard the Rainbow Warrior, Greenpeace Aotearoa spokesperson Juan Parada says: “Appalled by the most recent evidence of destruction, people defending the oceans rebranded this Talley’s vessel today to expose the bottom trawling industry for what they are: ocean killers. When Talley’s bottom trawlers drag their heavy trawl nets across the seafloor and over seamounts, they bulldoze everything in their path, including killing precious marine life from coral to fur seals, dolphins and seabirds.

    “We’ve all seen the shocking footage of bottom trawling in David Attenborough’s film Ocean, and it’s happening right here, right now.

    “Faced with a fishing industry that profits from trashing the ocean, and a government that condones bottom trawling, we’re proud of the peaceful action taken today to call out this destruction and demand that bottom trawling stop.

    The Amaltal Atlantis trawls in the waters of Aotearoa, and has previously received permits to trawl in the High Seas of the South Pacific. Their trail of destruction is wide and long-lasting,” says Parada.

    New Zealand is the only country still bottom trawling in the high seas of the Tasman, between Australia and New Zealand.

    The at-sea action comes just months after a deep sea expedition led by Greenpeace Aotearoa documented whole swathes of destroyed coral in areas of the Tasman Sea that have been intensively trawled by New Zealand bottom trawlers. This area has been earmarked for one of the first high seas ocean sanctuaries under the Global Ocean Treaty.

    Talley’s vessels trawl in Australian waters; the Amaltal Explorer has been trawling for endangered orange roughy off Tasmania, after being allowed back in Australia’s waters last year.  In 2018, the Amaltal Apollo trawled in a protected area on the Lord Howe Rise, in the international waters of the Tasman Sea between Australia and New Zealand. 

    Greenpeace Aotearoa activists confront the Talley’s bottom trawler Amatal Atlantis on the Chatham Rise, painting “ocean killer” on its hull to protest destructive bottom trawling. The Rainbow Warrior is off the coast of Aotearoa campaigning for an end to New Zealand’s destructive bottom trawling in New Zealand waters and the Tasman Sea.

    It also comes just weeks after Greenpeace Australia Pacific activists disrupted an industrial longliner between Australia and New Zealand, and revealed the devastating impacts of industrial fishing on marine life in the South Pacific.

    Greenpeace Australia Pacific is calling on the Australian government to ratify the Global Ocean Treaty and propose high seas marine protected areas, including large protected areas in the Tasman Sea.

    In a statement responding to the protest, Talley’s said it would seek legal action which “may include the arrest of the Rainbow Warrior.”

    —ENDS—

    Contacts:

    • Nick Young, Greenpeace Aotearoa: +64-21-707-727
    • Kimberley Bernard, Greenpeace Australia Pacific: +61 407 581 404 or [email protected]

    Photos and videos available for media on request

    Notes:

    • [1] The action took place in the Chatham Rise area, where it was recently revealed a New Zealand vessel dragged up six tonnes of coral in a single trawl.
    • The paint used to paint the hull is water based and non-toxic
    • In the period 1990 to 2004 the total area trawled in NZ waters was 465,100 square kilometres – almost double NZ’s land mass.

    MIL OSI NGO –

    June 28, 2025

  • MIL-OSI USA: Murphy Joins Bill to Protect Striking Workers’ Health Care

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    June 27, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) joined the Striking and Locked Out Workers Healthcare Protection Act, legislation introduced by U.S. Senators Ruben Gallego (D-Ariz.) and Tammy Baldwin (D-Wis.) to protect workers’ health care benefits and prevent retaliatory employers from using their power to cancel or alter health insurance for workers exercising their right to strike.
    “Cutting off health insurance is not some negotiating tactic for companies to bully striking workers into accepting a bad deal. It’s retaliation. I’m proud to stand with workers and support a bill that would make sure their health and their families’ health are never put at risk when fighting for better pay and working conditions,” said Murphy.
    The National Labor Relations Act (NLRA) established the right to strike as a protected activity, and employees cannot be fired for exercising that right. However, employers can, and often do, threaten to cut workers’ health care as a tactic to end strikes and intimidate workers. In many cases, this forces workers to decide whether they should exercise their right to strike or accept poor wages or working conditions in order to protect their health care for themselves and their families. 
    This legislation would create a separate unfair labor practice category for when employers cut or alter workers’ health insurance while they are on strike or locked out, and violators would be subject to increasing levels of civil penalties. Creating a new unfair labor practice would allow workers to bring cases with the NLRB when employers cancel or change their health coverage while they are on strike.
    In addition to Murphy, Gallego, and Baldwin, the bill is co-sponsored by U.S. Senators Richard Blumenthal (D-Conn.), Alex Padilla (D-Calif.), John Fetterman (D-Pa.), Dick Durbin (D-Ill.), Tina Smith (D-Minn.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Ed Markey (D-Mass.) and Chris Van Hollen (D-Md.).
    The legislation is supported by the AFL-CIO, United Steelworkers (USW), American Federation of Teachers (AFT), Service Employees International Union (SEIU), Teamsters, United Food and Commercial Workers International Union (UFCW), International Association of Machinists and Aerospace Workers (IAM), United Automobile, Aerospace & Agricultural Implement Workers of America (UAW), Communications Workers of America (CWA), United Mine Workers of America (UMWA), International Association of Iron Workers (IW), American Guild of Variety Artists (AGVA), Transport Workers Union (TWU), Association of Flight Attendants-CWA, National Education Association (NEA) International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART), Bakery, Confectionary, Tobacco Workers and Grain Millers (BCTGM), and NewsGuild-CWA.

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Murphy Joins Bill to Protect Striking Workers’ Health Care

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    June 27, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) joined the Striking and Locked Out Workers Healthcare Protection Act, legislation introduced by U.S. Senators Ruben Gallego (D-Ariz.) and Tammy Baldwin (D-Wis.) to protect workers’ health care benefits and prevent retaliatory employers from using their power to cancel or alter health insurance for workers exercising their right to strike.
    “Cutting off health insurance is not some negotiating tactic for companies to bully striking workers into accepting a bad deal. It’s retaliation. I’m proud to stand with workers and support a bill that would make sure their health and their families’ health are never put at risk when fighting for better pay and working conditions,” said Murphy.
    The National Labor Relations Act (NLRA) established the right to strike as a protected activity, and employees cannot be fired for exercising that right. However, employers can, and often do, threaten to cut workers’ health care as a tactic to end strikes and intimidate workers. In many cases, this forces workers to decide whether they should exercise their right to strike or accept poor wages or working conditions in order to protect their health care for themselves and their families. 
    This legislation would create a separate unfair labor practice category for when employers cut or alter workers’ health insurance while they are on strike or locked out, and violators would be subject to increasing levels of civil penalties. Creating a new unfair labor practice would allow workers to bring cases with the NLRB when employers cancel or change their health coverage while they are on strike.
    In addition to Murphy, Gallego, and Baldwin, the bill is co-sponsored by U.S. Senators Richard Blumenthal (D-Conn.), Alex Padilla (D-Calif.), John Fetterman (D-Pa.), Dick Durbin (D-Ill.), Tina Smith (D-Minn.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Ed Markey (D-Mass.) and Chris Van Hollen (D-Md.).
    The legislation is supported by the AFL-CIO, United Steelworkers (USW), American Federation of Teachers (AFT), Service Employees International Union (SEIU), Teamsters, United Food and Commercial Workers International Union (UFCW), International Association of Machinists and Aerospace Workers (IAM), United Automobile, Aerospace & Agricultural Implement Workers of America (UAW), Communications Workers of America (CWA), United Mine Workers of America (UMWA), International Association of Iron Workers (IW), American Guild of Variety Artists (AGVA), Transport Workers Union (TWU), Association of Flight Attendants-CWA, National Education Association (NEA) International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART), Bakery, Confectionary, Tobacco Workers and Grain Millers (BCTGM), and NewsGuild-CWA.

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: H.R. 2444, Promoting Resilient Supply Chains Act of 2025

    Source: US Congressional Budget Office

    H.R. 2444 would require the Department of Commerce to assess and prepare for disruptions to supply chains for goods that are critical to national or economic security. H.R. 2444 would establish an interagency working group to identify actions that the federal government can take to mitigate the economic effects of incidents that cause gaps in manufacturing, warehousing, transportation, and distribution networks for those critical goods. The department would need to report annually to the Congress on the effectiveness of its efforts.

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: FDA Eliminates Risk Evaluation and Mitigation Strategies (REMS) for Autologous Chimeric Antigen Receptor CAR T cell Immunotherapies

    Source: US Department of Health and Human Services – 3

    For Immediate Release:
    June 27, 2025

    The U.S. Food and Drug Administration announced today that it has eliminated the Risk Evaluation and Mitigation Strategies (REMS) for currently approved BCMA- and CD19-directed autologous chimeric antigen receptor CAR T cell immunotherapies.  
    These products are gene therapies that are currently approved to treat blood cancers, such as multiple myeloma and certain types of leukemia and lymphoma.
    “The FDA has taken the bold step to remove the Risk Evaluation and Mitigation Strategy requirement from giving CAR T therapies. REMS is a useful safety system, but reevaluation over time helps inform whether a REMS is still needed to ensure that the benefits of a product outweigh its risks,” said FDA Vinay Prasad, M.D., M.P.H., Chief Medical and Scientific Officer and Director, Center for Biologics Evaluation and Research. “Eliminating the REMS that is no longer needed also expedites the delivery of potentially curative treatments to patients and reduces burden on providers.”
    A REMS is a safety program that the FDA can require for certain medications with serious safety concerns to help ensure the benefits of the medication outweigh its risks.
    The FDA determined that the approved REMS for the following products should be eliminated because a REMS is no longer necessary to ensure that the benefits of the autologous CAR T cell immunotherapies outweigh their risks.  

    Abecma (idecabtagene vicleucel)
    Breyanzi (lisocabtagene maraleucel)
    Carvykti (ciltacabtagene autoleucel)
    Kymriah (tisagenlecleucel)
    Tecartus (brexucabtagene autoleucel)
    Yescarta (axicabtagene ciloleucel)

    The elimination of REMS for the above products removes the requirements that hospitals and their associated clinics that dispense products must be specially certified and have on-site, immediate access to tocilizumab. The information regarding the risks for these CAR T cell immunotherapies can be conveyed adequately via the current product labeling, which includes a boxed warning for the risks of cytokine release syndrome and neurological toxicities, and medication guides.
    “Physicians and institutions now have greater experience identifying and managing toxicities with the currently approved CAR T products,” said Richard Pazdur, M.D., FDA Oncology Center of Excellence Director. “This approach will potentially facilitate patient access to these treatments while continuing to prioritize safety.”
    Continuous monitoring and assessment of the safety of all biological products, including the CAR T cell immunotherapies, is an FDA priority and we remain committed to informing the public when we learn new information about these products.
    These products will continue to be subject to safety monitoring, through adverse event reporting requirements in accordance with regulations (21 CFR 600.80). The elimination of the REMS for these products does not change FDA requirements for manufacturers to conduct post marketing observational safety studies to assess the risk of secondary malignancies and long-term safety with follow up of patients for 15 years after product administration.
    Related Information

    Related Information

    Consumer:888-INFO-FDA

    ###

    Boilerplate

    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.

    Content current as of:
    06/27/2025

    Regulated Product(s)

    Follow FDA

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Disaster Recovery Centers Open in Hardeman, McNairy, Montgomery and Obion Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Hardeman, McNairy, Montgomery and Obion Counties

    Disaster Recovery Centers Open in Hardeman, McNairy, Montgomery and Obion Counties

    Disaster Recovery Centers are now open in Hardeman, McNairy, Montgomery and Obion counties to assist Tennesseans who experienced damage or loss from the April 2-24 severe storms, straight-line winds, tornadoes and flooding

     Locations are:Hardeman County: Safehaven Storm Shelter, 530 Madison Ave W

    , Grand Junction, TN 38039Hours: 8 a

    m

    –6 p

    m

    CT Monday-SundayMcNairy County: Latta Theatre, 205 W

    Court Ave

    , Selmer, TN 38375Hours: 8 a

    m

    –6 p

    m

    CT Monday-SundayMontgomery County: Montgomery County Library, 350 Pageant Lane, Clarksville, TN 37040Hours: 9 a

    m

    –8 p

    m

    CT Monday-Thursday; 9 a

    m

    –6 p

    m

    CT Friday-Saturday; 1 p

    m

    –5 p

    m

    CT SundayObion County: Obion County Library, 1221 E

    Reelfoot Ave

    , Union City, TN 38261Hours: 8 a

    m

    –6 p

    m

    CT Monday-Saturday; closed SundayAdditional centers will open in other impacted areas

    To find a center near you, visit fema

    gov/drc

    Homeowners and renters in Cheatham, Davidson, Dickson, Dyer, Hardeman, McNairy, Montgomery, Obion and Wilson counties can apply for FEMA assistance at a recovery center

    FEMA representatives will help with applications for federal assistance and provide information about other disaster recovery resources

     FEMA financial assistance may include money for basic home repairs or other uninsured, disaster-related needs, such as childcare, vehicle, medical needs, funeral expenses or the replacement of personal property

    In addition to FEMA personnel, representatives from the U

    S

    Small Business Administration and state agencies will be available to assist survivors

    It is not necessary to go to a center to apply for FEMA assistance

     Apply online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call the FEMA Helpline at 800-621-3362

    Lines are open seven days a week and specialists speak many languages

    To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube

    kwei

    nwaogu
    Fri, 06/27/2025 – 17:57

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Sophia Roberts: Showcasing the Cosmos

    Source: NASA

    Astrophysics Science Video Producer – Goddard Space Flight Center
    Growing up in Detroit with a camera in her hand, Sophia Roberts — now an award-winning astrophysics science video producer—never imagined that one day her path would wind through clean rooms, vacuum chambers, and even a beryllium mine. But framing the final frontier sometimes requires traveling through some of Earth’s less-explored corners.

    Sophia received her first camera from her father, a photography enthusiast, when she was just five or six years old. “I’ve basically been snapping away ever since!” she says. 
    With a natural curiosity and enthusiasm for science, Sophia pursued a degree in biology at Oberlin College in Ohio. There, she discovered that she could blend her two passions.
    “I often lingered in lab sessions, not to finish an experiment but to photograph it,” Sophia says. “I had an epiphany at the beginning of class one day, which always opened with clips from BBC nature documentaries. I decided right then that I would be one of the people who make those videos one day.”

    She initially thought that meant wildlife filmmaking—perched in a blind on a mountainside, waiting hours for an animal to appear. That dream led her to Montana State University, where she learned to blend scientific rigor with visual storytelling through their science and natural history filmmaking master’s program.
    While completing her degree, Sophia worked as a traveling presenter for the Montana Space Grant Consortium. “I was mainly giving presentations about NASA missions and showing kids beautiful images of space,” she says. “That was my first true introduction to NASA. I loved being able to watch the children’s eyes light up when they saw what’s out there in space.”
    Sophia then completed an internship at the Smithsonian’s National Museum of Natural History while completing her thesis. Once she graduated, she landed a year-long fellowship at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, as an Earth science news fellow. In this role, she focused on packaging up stories through satellite imagery and explanations. 

    She leaned into her videography skills in her next role, as part of NASA’s James Webb Space Telescope team. 
    “Webb is one of my great loves in life,” she says. “I learned to negotiate with engineers for the perfect shot, navigate NASA’s protocols, and work with mission partners. I only spent five years on Webb, but it feels like it was half my life. Still—it was everything.”
    That mission took her to some unforgettable places, like a mine in Delta, Utah, where raw material for Webb’s mirrors was unearthed. “It was this giant, spiral pit where they were mining beryllium at just 0.02% concentration,” Sophia says. The process was as otherworldly as the location.

    She also documented thermal vacuum testing at NASA’s Johnson Space Center in Houston in a giant pill-shaped chamber with a 40-foot round door. “I had to take confined space training to crawl around in the area underneath the chamber,” she says. “It felt like spelunking.”
    Once Webb launched, Sophia pivoted to covering many of NASA’s smaller astrophysics missions along with the upcoming Nancy Grace Roman Space Telescope. These days, she can often be found gowned up in a “bunny suit” in the largest clean room at Goddard to document space telescope assembly, or in a studio recording science explanations. 

    “I love capturing the visual stories and helping fill in the gaps to help people understand NASA research,” Sophia says. “I try to focus on the things that will get people excited about the science so they’ll stop scrolling to find out more.”
    For Sophia, the process is often as exhilarating as the result. “I love venturing out to remote places where science is being done,” she says. “I’d love to film a balloon launch in Antarctica someday!”

    To others who dream of pursuing a similar career, Sophia recommends diving in headfirst. “With cameras readily available and free online platforms, it’s never been easier to get into the media,” she says. “You just have to be careful to research your topic and sources, making sure you really know what you’re sharing and understand that science is always evolving as we learn more.” And Sophia emphasizes how important storytelling is for conveying information, especially when it’s as complex as astrophysics. “Studying science is wonderful, but I also think helping people visualize it is magical.” 
    By Ashley BalzerNASA’s Goddard Space Flight Center in Greenbelt, Md.

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Sophia Roberts: Showcasing the Cosmos

    Source: NASA

    Astrophysics Science Video Producer – Goddard Space Flight Center
    Growing up in Detroit with a camera in her hand, Sophia Roberts — now an award-winning astrophysics science video producer—never imagined that one day her path would wind through clean rooms, vacuum chambers, and even a beryllium mine. But framing the final frontier sometimes requires traveling through some of Earth’s less-explored corners.

    Sophia received her first camera from her father, a photography enthusiast, when she was just five or six years old. “I’ve basically been snapping away ever since!” she says. 
    With a natural curiosity and enthusiasm for science, Sophia pursued a degree in biology at Oberlin College in Ohio. There, she discovered that she could blend her two passions.
    “I often lingered in lab sessions, not to finish an experiment but to photograph it,” Sophia says. “I had an epiphany at the beginning of class one day, which always opened with clips from BBC nature documentaries. I decided right then that I would be one of the people who make those videos one day.”

    She initially thought that meant wildlife filmmaking—perched in a blind on a mountainside, waiting hours for an animal to appear. That dream led her to Montana State University, where she learned to blend scientific rigor with visual storytelling through their science and natural history filmmaking master’s program.
    While completing her degree, Sophia worked as a traveling presenter for the Montana Space Grant Consortium. “I was mainly giving presentations about NASA missions and showing kids beautiful images of space,” she says. “That was my first true introduction to NASA. I loved being able to watch the children’s eyes light up when they saw what’s out there in space.”
    Sophia then completed an internship at the Smithsonian’s National Museum of Natural History while completing her thesis. Once she graduated, she landed a year-long fellowship at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, as an Earth science news fellow. In this role, she focused on packaging up stories through satellite imagery and explanations. 

    She leaned into her videography skills in her next role, as part of NASA’s James Webb Space Telescope team. 
    “Webb is one of my great loves in life,” she says. “I learned to negotiate with engineers for the perfect shot, navigate NASA’s protocols, and work with mission partners. I only spent five years on Webb, but it feels like it was half my life. Still—it was everything.”
    That mission took her to some unforgettable places, like a mine in Delta, Utah, where raw material for Webb’s mirrors was unearthed. “It was this giant, spiral pit where they were mining beryllium at just 0.02% concentration,” Sophia says. The process was as otherworldly as the location.

    She also documented thermal vacuum testing at NASA’s Johnson Space Center in Houston in a giant pill-shaped chamber with a 40-foot round door. “I had to take confined space training to crawl around in the area underneath the chamber,” she says. “It felt like spelunking.”
    Once Webb launched, Sophia pivoted to covering many of NASA’s smaller astrophysics missions along with the upcoming Nancy Grace Roman Space Telescope. These days, she can often be found gowned up in a “bunny suit” in the largest clean room at Goddard to document space telescope assembly, or in a studio recording science explanations. 

    “I love capturing the visual stories and helping fill in the gaps to help people understand NASA research,” Sophia says. “I try to focus on the things that will get people excited about the science so they’ll stop scrolling to find out more.”
    For Sophia, the process is often as exhilarating as the result. “I love venturing out to remote places where science is being done,” she says. “I’d love to film a balloon launch in Antarctica someday!”

    To others who dream of pursuing a similar career, Sophia recommends diving in headfirst. “With cameras readily available and free online platforms, it’s never been easier to get into the media,” she says. “You just have to be careful to research your topic and sources, making sure you really know what you’re sharing and understand that science is always evolving as we learn more.” And Sophia emphasizes how important storytelling is for conveying information, especially when it’s as complex as astrophysics. “Studying science is wonderful, but I also think helping people visualize it is magical.” 
    By Ashley BalzerNASA’s Goddard Space Flight Center in Greenbelt, Md.

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Durbin Outlines Harmful Judiciary Committee Provisions Included In Republicans’ Reconciliation Bill

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    June 27, 2025

    In speech on Senate floor, Durbin also spoke against Senator Cruz’s provision that would leave the U.S. AI industry an unregulated wild west

    WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, spoke about some of the harmful Judiciary provisions included in Republicans’ so-called One Big Beautiful Bill Act, which aims to slash Medicaid and Medicare coverage for hardworking Americans in order to pay for significant tax breaks forbillionaires. According to the non-partisan Congressional Budget Office, 16 million Americans will lose their health insurance under Republicans’ reconciliation bill.

    Durbin began by highlighting several harmful Judiciary provisions Senate Judiciary Committee Democrats have successfully challenged and removed from the Republicans’ legislation.

    “One example: the Republicans included a provision that would have limited the ability of individuals to challenge the Trump Administration’s executive actions by potentially putting them on the hook for millions of dollars when they try to defend their constitutional rights and go to court. Fortunately, the Senate Parliamentarian stuck this provision,” Durbin said. “Now I’m proud of what we accomplished in eliminating some harmful provisions, but there is a lot of problems with the ‘Big Beautiful Bill.’ The more we learn about this bill, the worse it looks. Perhaps that is why there is a hurry to get this done before the Fourth of July and people can take a close look at the details. And I cannot stand idly by as my Senate Republican colleagues try to steamroll this bill through Congress because the President wants to do something before the Fourth of July.”

    Durbin then outlined Republicans’ wish-list of policy changes included in the reconciliation package to help carry out mass deportations of immigrants who have lived in our country for years and pose no threat to our safety.

    “These policies of mass deportation of immigrants are cruel and mean. And they go beyond any question of public safety. This bill would impose exorbitant fees that would make it impossible forvulnerable immigrants to access humanitarian relief in the United States,” Durbin said. “This includes a $1,000 fee on asylum and a $5,000 bond for parents seeking to be reunited with their child. The fees also place barriers on due process—a $900 dollar fee for an appeal in immigration court. These fees are not just unconscionable—they are unfair.”

    Durbin then discussed how the Republican bill prohibits using grant funds for community violence intervention and prevention programs, which are proven, evidence-informed strategies to reduce violence.

    “We have a gun violence epidemic in America. Currently guns are the number one cause of death for American children and teens. Let me repeat that. In America, guns are the number one cause of death for American children and teens. Not auto accidents, not cancer. Guns. We need to support and strengthen community violence intervention and prevention programs. I’ve seen them. And I’ve seen them work in the City of Chicago and all around my state of Illinois to stop violent incidents before they happen. And we need to connect people with treatment and tools that decrease the risk of future violence,” Durbin said. “Instead of supporting valuable public safety measures, the Republicans’ ‘Big Beautiful Bill’ removes taxes and regulations on certain rifles, shotguns, and gun silencers. This is just what we need in America, isn’t it? Cheaper guns. Combatting this epidemic takes ingenuity and funding—not the reversal of lifesaving gun violence prevention policies. But Republicans’ reckless reconciliation bill will jeopardize the progress that’s been made in our communities.”

    Durbin then spoke against Senator Ted Cruz’s (R-TX) provision that would leave the U.S. artificial intelligence (AI) industry an unregulated wild west. The provision would give states the choice between regulating AI or accepting federal funding under the Broadband Equity, Access, and Deployment Program. This means states would have to choose between freezing all regulations on AI for the next decade or giving up specific federal funding. In addition to preventing new state regulations, it would make many of the laws already passed by states unenforceable regarding issues such as political deepfakes, face recognition, and algorithmic discrimination.

    “We are currently living with the results of our failure to regulate Big Tech when it came to social media. Let’s not make the same mistake when it comes to AI,” said Durbin. “This provision by Senator Cruz will allow Big Tech and bad actors to prey on the lack of regulations in the AI space and develop deceptive, biased, and potentially dangerous tools that hurt ordinary Americans and diminish trust in technology… I promise to support any amendment that will remove the AI pause provision from this bill. And I hope my Republican colleagues will do the same.

    Durbin concluded, “So now is the real test for my Senate Republican colleagues. Will they stand with President Trump and provide tax breaks for millionaires and billionaires? Or will they stand with their hardworking constituents and reject this betrayal? What’s more important, a tax break for Elon Musk or the health insurance of 16 million in America? What’s more important, a tax break for the wealthiest people in America or your rural hospital? I think people know that when it comes to the quality of life, the hospital is more important and health insurance is critical. I hope for the sake of our country, four Republican Senators will have the courage to step up and choose their constituents over special interest groups.”

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI United Nations: Meeting of States Parties to United Nations Convention on Law of Sea Held at Headquarters, 23-26 June

    Source: United Nations General Assembly and Security Council

    NEW YORK, 27 June (Division for Ocean Affairs and the Law of the Sea) — The thirty-fifth Meeting of States Parties to the United Nations Convention on the Law of the Sea was held at Headquarters from 23 to 26 June.  The background press release can be found at:  https://press.un.org/en/2025/sea2232.doc.htm and https://press.un.org/en/2024/sea2195.doc.htm.

    The Meeting elected Nguyen Minh Vu (Viet Nam) as President, by acclamation.  Milan Jaya Nyamrajsingh Meetarbhan (Mauritius), David Antonio Giret Soto (Paraguay), Laura McIlhenny (Australia) and Mykola Prytula (Ukraine) were elected as Vice-Presidents, also by acclamation.

    The Meeting took note of the annual report of the International Tribunal for the Law of the Sea for 2024, as well as the information reported by the Secretary-General of the International Seabed Authority and the Chairperson of the Commission on the Limits of the Continental Shelf, on the activities of these bodies since the thirty-fourth Meeting of States Parties held in 2024.

    In his capacity as Co-Coordinator of the Open-Ended Working Group on the Conditions of Service of Members of the Commission on the Limits of the Continental Shelf, John Pangipita (United Republic of Tanzania) delivered a report on its work since the thirty-fourth Meeting.  Following the resignation of Sidney Kemble (Netherlands), the Meeting decided to defer the consideration of the appointment of a Co-Coordinator of the Open-Ended Working Group from developed States until the thirty-sixth Meeting of States Parties and that the Working Group would continue to function for the time being under the coordination of Mr. Pangipita.

    The Meeting conducted a by-election for vacancies in the Commission allocated to members of the Commission from the Group of Eastern European States and the Group of Western European and Other States, electing Stig-Morten Knutsen (Norway) for a term of office commencing on the date of the election and ending on 15 June 2028.

    In the absence of other nominations, the Meeting decided in respect of the vacant seat allocated to members of the Commission from the Group of Eastern European States, which had remained unfilled since 2015, that the Secretary-General would circulate a call for nominations with a view to conducting elections at the thirty-sixth Meeting of States Parties in 2026, if the President received information about potential candidates no later than 1 March 2026.  If a candidate had not been identified by that date, the Group should transmit, by the same date, a proposal on how to address the ongoing vacancy.

    In its consideration of administrative and budgetary matters of the Tribunal, the Meeting took note of the report on budgetary matters for the financial periods 2023 and 2024 and the report of the external auditor for the financial period 2024.  The Meeting also decided to extend Indonesia and Canada as member and alternate member, respectively, of the staff pension committee of the Tribunal for a three-year term of office starting on 1 January 2026.

    Under article 319 of the Convention, the Meeting considered the reports of the Secretary-General for the information of States Parties on issues of a general nature, relevant to States Parties, which had arisen with respect to the United Nations Convention on the Law of the Sea (see A/79/340 and A/80/70).  In their interventions, delegations addressed a wide range of matters of relevance to oceans and the law of the sea.

    A more detailed account of the proceedings of the thirty-fifth Meeting of States Parties will be included in the report of the Meeting, to be issued in due course as document SPLOS/35/11.

    The United Nations Convention on the Law of the Sea, which was adopted on 10 December 1982, entered into force on 16 November 1994.  It sets out the legal framework within which all activities in the oceans and seas must be carried out and is of strategic importance as the basis for national, regional and global action and cooperation in the marine sector.

    For further information on the Meeting, including its documents, please see the website of the Division for Ocean Affairs and the Law of the Sea, Office of Legal Affairs, https://www.un.org/Depts/los/meeting_states_parties/meeting_states_parties.htm.

    MIL OSI United Nations News –

    June 28, 2025

  • MIL-OSI USA: Attorney General Bonta Joins Law Enforcement Partners Announcing Results of Operation Targeting Organized Criminal Activity in the Central Valley

    Source: US State of California Department of Justice

    FRESNO – California Attorney General Rob Bonta today announced the results of a collaborative multiagency effort targeting criminal street gangs in the Central Valley. As part of the operation yesterday, federal, state, and local law enforcement served 54 search warrants in locations throughout the Central Valley. As part of the operation, investigators prevented nine violent crimes, made 89 felony arrests, seized firearms, ammunition, and illicit methamphetamine, heroin, and cocaine. 

    “Today, we are sending a strong message that organized criminal enterprises cannot stand up to the power of good law enforcement work,” said Attorney General Rob Bonta. “Together with our federal, state, and local partners, we’ve made our communities safer by taking dangerous drugs and weapons off our streets and holding bad actors accountable. I thank our DOJ agents and our law enforcement partners for their dedication and tireless work to make California safer. Their efforts here not only held accountable members of organized criminal organizations, but also prevented violent crimes from occurring. Central Valley families can live and sleep with greater peace of mind as a result of this operation.”

    “Today’s announcement reflects our Office’s commitment to using every available resource in close coordination with our law enforcement partners to address the root causes of crime and hold gang members and their associates accountable,” said Acting U.S. Attorney Michele Beckwith. “Criminal street gangs inflict real harm on our communities by trafficking deadly drugs and firearms that destroy lives and neighborhoods. I commend the outstanding work of our agents and law enforcement partners in disrupting these criminal networks and safeguarding our communities.”

    “The charges reflect the brazen violence and drug trafficking that have threatened the safety and stability of the greater Fresno area, particularly in rural communities like Huron and Coalinga,” said Special Agent in Charge Sid Patel of the FBI Sacramento Field Office. “Yesterday’s operation was the culmination of months of collaborative work to disrupt gang-driven violence and the flow of drugs and firearms into Central Valley neighborhoods. This case highlights the power of strong partnerships at every level of law enforcement, all united in the mission to dismantle violent gangs and protect the communities we serve.”

    “The collective work done by all law enforcement agencies in this operation will undoubtedly improve the safety and overall quality of life for residents in Fresno County, particularly those living in our smaller rural communities,” said Fresno County Sheriff John Zanoni.

    This investigation was a cooperative effort between the Federal Bureau of Investigation, Fresno County Multi-Agency Gang Enforcement Consortium (MAGEC), California Department of Justice (CA DOJ) Special Operations Unit, U.S Attorney’s Office, and the Fresno County District Attorney’s Office.

    In February 2024, law enforcement agencies began an investigation into a criminal street gang operating in Fresno County with a specific focus on the ongoing criminal activities of criminal street gangs in the cities of Huron, Coalinga, and San Joaquin. The investigation found, and the unsealed federal criminal complaint alleges, an extensive criminal conspiracy in which gang members and associates — some of whom were inmates in California prisons and the Fresno County Jail — orchestrated various crimes, including drug and firearms trafficking. On several occasions, members of the drug trafficking conspiracy attempted to smuggle drugs into jails on their persons or through holes they punctured in the walls. Thirty-eight suspects have been charged in a federal criminal complaint on various drug and firearms trafficking charges. 

    Assistance was provided by the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, Drug Enforcement Administration, U.S. Marshals Service, California Department of Corrections and Rehabilitation, California Highway Patrol, Fresno County Sheriff’s Office, Kings County Sheriff’s Office, Madera County Regional SWAT, and the Fresno, Clovis, Kingsburg, Coalinga, Kerman, Firebaugh, Lemoore, and Parlier police departments.

    CA DOJ’s Special Operations Unit is a collaborative investigative effort between CA DOJ and the California Highway Patrol that provides statewide enforcement for combating violent career criminals, gangs, and organized crime groups. These unique and essential teams use advanced investigative techniques and work alongside local law enforcement to enhance investigations into violent criminals and organized crime throughout the state.

    It is important to note that criminal charges must be proven in a court of law. Every defendant is presumed innocent until proven guilty. 

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Attorney General Bonta Issues Consumer Alert on Notario Fraud, Obtaining Immigration Legal Help, Locating Detained People

    Source: US State of California

    If you need help with immigration relief or if your loved one has been detained, be careful who you hire

    OAKLAND — California Attorney General Rob Bonta today issued guidance to help California’s immigrant communities avoid immigration scams by those seeking to take advantage of fear and uncertainty resulting from President Trump’s cruel mass detention and deportation campaign. The alert released today provides tools for people looking to hire free or low-cost legal help and for those looking to locate loved ones who are detained. 

    “Families across the country are experiencing fear and uncertainly as a result of President Trump’s inhumane immigration agenda — and scammers are paying attention. Immigration scams, including notario fraud, prey on the hopes of safety and stability of our immigrant communities,” said Attorney General Bonta. “Before hiring someone claiming to offer help with immigration matters or assistance locating a detained loved one, I urge people to familiarize themselves with existing resources that are often available at little or no cost and learn how to check that the individual is qualified to provide immigration help.”

    What is Notario Fraud?

    Only lawyers, accredited representatives, and recognized organizations can give you legal advice or represent you in immigration court. Immigration consultants – who may call themselves immigration experts, notarios, notaries public, or paralegals – cannot do so. 

    In many Spanish-speaking nations, “notarios” are powerful attorneys with special legal credentials. In the United States, however, notary publics are people authorized by state governments to witness the signing of important documents and are not necessarily authorized to provide legal services. A notario público is not authorized to provide people with any legal services related to immigration.

    How to Locate Detained Loved Ones

    Try to find your loved one’s Alien Registration number (A-Number), which is on their immigration documents. If someone has not previously had contact with immigration authorities or has not applied for an immigration benefit, they will not have an A number but will be assigned one if detained. To find someone in detention, search locator.ice.gov  by their A-Number or by their full name and country of birth. Once you identify the detention center, go to ice.gov/detention-facilities  for location, visiting, and other information. Using the A-Number, you can look up immigration court hearing information at acis.eoir.justice.gov. For more information, please visit nilc.org/resources.

    Protect Yourself from Immigration Scams

    If you need help applying for immigration relief, be careful who you hire. Watch out for immigration scams that can cost you thousands of dollars and/or harm your immigration status. Here are some tips and resources to help:  

    • Confirm that anyone helping you with your case is licensed or accredited. Only lawyers, accredited representatives, and recognized organizations can give you legal advice or represent you in immigration court. Some immigration consultants may fraudulently call themselves immigration lawyers. If someone claims they are licensed in California or another state and can practice immigration law, confirm they are licensed and in good standing in that particular state by visiting americanbar.org/groups/legal_services/flh-home/flh-lawyer-licensing. If someone claims to be an accredited representative or recognized organization, visit justice.gov/eoir/recognition-accreditation-roster-reports to confirm that information.
    • Go to a legitimate legal aid organization for free legal help. Many nonprofit organizations provide free immigration help to low-income individuals, such as those found through the resources below. To find a legal aid organization near you, go to lawhelpca.org. 
    • Keep your original documents in a safe place. Don’t give your original documents to anyone unless you see proof that the government requires the original document. Make sure you have a trusted emergency contact who can access these documents. Keep copies of all immigration-related documents, including copies of documents filed with the government and communications with the government, in a safe place.
    • Do not give money or personal information to anyone who calls, texts, or emails you claiming that there is a problem with your immigration matter. No federal or state agency, including USCIS, will ever ask for your personal information or payment over the phone, by email, or text. Be skeptical of social media or other ads promising new or quick immigration help.

    Access Free and Low-Cost Legal Assistance 

    Visit Law Help CA or Immigration Law Help to find immigration assistance near you.

    Find free immigration help through the U.S. Department of Justice’s list of no cost legal service providers and list of accredited representatives.

    If You are the Victim of an Immigration Scam

    Report it to the California Department of Justice at oag.ca.gov/report. You can also contact your local District Attorney or county department of consumer affairs.

    You can get help from a legitimate legal aid organization at lawhelpca.org.

    For more do’s and don’ts, see the full “Protecting Yourself from Immigration Scams” consumer alert here. The alert is available in Spanish here. 

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Free Ice Cream and More at the Museum’s Annual Social

    Source: US State of North Carolina

    Headline: Free Ice Cream and More at the Museum’s Annual Social

    Free Ice Cream and More at the Museum’s Annual Social
    jejohnson6
    Fri, 06/27/2025 – 15:19

    Free ice cream and watermelon will be happening at the museum’s annual Red, White, and Blue Ice Cream Social. You can enjoy the festivities from 2-4 p.m., on July 4. Due to construction at the museum, the event will take place at the Morgan Cabin, located next to the museum building.

    As our way of saying thank you for your support, the museum staff and the Friends of the Mountain Gateway Museum are excited to offer ice cream with toppings and watermelon for you to enjoy before the annual Old Fort 4th of July Parade.

    For more information about this event, visit the Mountain Gateway Museum’s website at www.mgmnc.org or contact Brittany Joachim at 828-668-9259 or brittany.bennett@dncr.nc.gov.

    The museum is open year-round from 9 a.m. to 5 p.m. Tuesday through Saturday and from 2 to 5 p.m. on Sunday; closed on Monday and state holidays. Admission is free.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Jun 27, 2025

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Tobacco Farm Life Museum Reopens to the Public

    Source: US State of North Carolina

    Headline: Tobacco Farm Life Museum Reopens to the Public

    Tobacco Farm Life Museum Reopens to the Public
    jejohnson6
    Fri, 06/27/2025 – 15:23

    The North Carolina Department of Natural and Cultural Resources is getting ready to open the doors to one of its newest sites — one that already has a long history in the state.

    The Tobacco Farm Life Museum, which grew out of farm tours hosted at the site in the 1980s, preserves and presents the history and heritage of the North Carolina farming community. That mission will continue under the state’s Division of History Museums with additional resources and efforts to improve exhibits and the grounds to tell stories of agricultural heritage. To celebrate the updates to the site, the museum will host a public grand reopening on Saturday, July 5 at 10 a.m. There will be crafts to include coloring a quilt square that will then be used to create a community art piece, interactive activities like a ”hornworm hunt” across the museum and more available until 4 p.m. that day; supported by the Kiwanis Club of Kenly. The public is also invited to explore the exhibit gallery and grounds during a soft opening preview July 1-3 from 10 a.m. to 4 p.m. Admission is free.

    “This reopening represents more than the completion of site enhancements,” said North Carolina Department of Natural and Cultural Resources Secretary Pamela B. Cashwell. “It’s about reconnecting people with the history, stories and values that built this region.”

    At the heart of the site is a 6,000-square-foot museum that helps preserve and interpret the agricultural heritage of eastern North Carolina, particularly the lives and culture of farm families from the late 19th and early 20th centuries. Inside, visitors will find new interpretive panels on some of the displays, as well as a new, temporary exhibit featuring tobacco miniatures. The inches-tall models of tobacco barns, sleds and other related paraphernalia are a small-scale showcase of the tobacco industry that shaped the region.

    The site’s 4.5-acre grounds will also be open for exploring and learning about the seven historic structures on the site. A hard-packed gravel walkway throughout the grounds provides accessibility during the self-guided tours.

    In addition to the reopening of the site, the museum also has a new website — tobaccofarmlifemuseum.nc.gov. Public programs are expected to return later in the year; facility rentals will remain paused for the immediate future.

    Maria Vann, who as director of regional history museums oversees the Tobacco Farm Life Museum, described the museum as a vital resource for insights into life of farming families.

    “We’ve been working to develop new programs and updating our facilities but there will be more ahead!” Vann said. “For now, we are just excited about being able to share the museum again with our community.”

    Tobacco Farm Life Museum is located at 709 N Church St. in Kenly. It will be open Tuesday through Saturday from 10 a.m. to 4 p.m. For the latest updates, follow the museum on Facebook and Instagram, @TobaccoFarmLifeMuseum, and after June 21 at tobaccofarmlifemuseum.nc.gov.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Jun 27, 2025

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI United Kingdom: The UK stands ready to support steps towards a durable peace in DRC: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    The UK stands ready to support steps towards a durable peace in DRC: UK statement at the UN Security Council

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on the Democratic Republic of the Congo.

    President, let me make three points.

    First, the United Kingdom commends efforts by the African Union, United States and Qatar to negotiate the peaceful resolution to the conflict and also commends the continued engagement of DRC and Rwanda.

    DRC and Rwandan Foreign Ministers have been meeting today in Washington to sign a peace agreement. 

    The UK welcomes this significant step forward on the road to a durable peace. 

    Focus will now rightly turn its swift implementation.

    And the UK stands ready to support this process.

    Second, the United Kingdom remains deeply concerned by the M23’s continued obstructions of MONUSCO’s ability to deliver its mandate.  

    We thank SRSG Keita for her continued engagement with the Security Council on this issue. 

    Though the M23 released MONUSCO fuel trucks earlier this month, the United Kingdom emphasises that all restrictions affecting the delivery of MONUSCO’s mandate should be lifted immediately, in line with resolution 2773 which was adopted unanimously by this Council.

    Third, the United Kingdom is concerned by the humanitarian crisis and significant protection challenges in eastern DRC. We remain committed to supporting the most vulnerable. 

    To this end, my Foreign Secretary announced an uplift of over $18 million in UK support to the humanitarian response in eastern DRC during his visit to Kinshasa earlier this year.

    We are also alarmed by the continued reports of summary executions and sexual violence.

    According to UNICEF, a child is reportedly raped every half hour in eastern DRC. 

    We urge all parties to uphold their obligations under international humanitarian law, including the protection of civilians and humanitarian access.

    President, it is time for diplomacy to deliver a long-term solution to conflicts in the Great Lakes region. 

    We now urge Rwanda and the DRC to engage in good faith on the implementation of the peace agreement in order to bring about a more secure and prosperous future. 

    One which the region has long worked towards, with the support of MONUSCO, and one which the people of the DRC greatly deserve.

    Updates to this page

    Published 27 June 2025

    MIL OSI United Kingdom –

    June 28, 2025

  • MIL-OSI Security: Smuggling Leader and Top Coordinator Will Spend Remainder of Their Lives in Prison Following Their Sentencing on Third Anniversary of Deadly Tractor-Trailer Smuggling Conspiracy

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Two convicted human smugglers were sentenced in a federal court in San Antonio today for their prominent roles in the 2022 mass casualty human smuggling conspiracy that resulted in the deaths of 47 adults and six children.

    U.S. District Judge Orlando Garcia for the Western District of Texas sentenced Orduna-Torres to life in prison and a $250,000 fine, and Gonzales-Ortega to 83 years in prison and a $250,000 fine. Both defendants were found guilty by a federal jury in March for three counts related to the transportation of aliens within the United States resulting in death, causing serious bodily injury, and placing lives in jeopardy. Following the jury’s verdict at the trial, Judge Garcia set the sentencing date, noting that it would be three years to the day from when the 53 migrants perished as a result of the defendants’ smuggling scheme.

    “These criminals will spend the rest of their lives in prison because of their cruel choice to profit off of human suffering,” said Attorney General Pamela Bondi. “Today’s sentences are a powerful message to human smugglers everywhere: we will not rest until you are behind bars.”

    “Three years to the day after these two smugglers and their co-conspirators left dozens of men, women, and children locked in a sweltering tractor-trailer to die in the Texas summer heat, they learned that they will spend the rest of their lives locked away in a federal prison,” said U.S. Attorney Justin R. Simmons for the Western District of Texas. “We recognize the justice handed down by Judge Garcia and thank our law enforcement partners for their great work that led to today’s outcome. At the same time, we reinforce the message that these criminal organizations will not place the lives of the desperate and vulnerable above their own financial enrichment. My office remains focused on prosecuting smugglers and their networks, and ultimately eradicating transnational criminal organizations.”

    “Today’s sentences are the result of a far-reaching investigation and a tireless commitment by HSI and our law enforcement partners to dismantle the deadliest human smuggling operation in U.S. history,” said Special Agent in Charge Craig Larrabee for U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) San Antonio. “This case serves as a stark reminder: human smuggling is not a service — it is a deadly criminal enterprise. HSI will pursue smugglers relentlessly, wherever they operate. No one, who participates in the smuggling of human beings, will escape the reach of justice.”

    According to court documents and evidence presented at trial, Felipe Orduna-Torres, also known as Cholo, Chuequito/Chuekito, and Negro, 30, was a leader and organizer, and Armando Gonzales-Ortega, also known as El Don and Don Gon, 55, was a coordinator in the human smuggling organization (HSO) which illegally brought adults and children from Guatemala, Honduras, and Mexico into the United States between December 2021 and June 2022.

    Court documents and evidence presented at the trial revealed that Orduna-Torres and Gonzales-Ortega worked in concert to transport and facilitate the transportation of the migrants, sharing routes, guides, stash houses, trucks, trailers, and transporters in order to consolidate costs, minimize risks, and maximize profit. The HSO maintained a variety of tractors and trailers for their smuggling operations, some of which were stored at a private parking lot in San Antonio.

    In the days leading up to June 27, 2022, Orduna-Torres and others exchanged the names of illegal aliens who would be smuggled in an upcoming tractor-trailer load. Gonzales-Ortega traveled to Laredo to meet the tractor-trailer, where at least 64 undocumented individuals, including eight children and one pregnant woman, were loaded for smuggling.

    Some of the defendants, including Orduna-Torres, were aware that the trailer’s reefer unit was malfunctioning and was not blowing any cool air to the migrants inside. When members of the organization met the tractor-trailer at the end of its approximately three-hour journey to San Antonio, they opened the doors to find 48 of the migrants were either already dead or had died on site, including the pregnant woman. Sixteen of the undocumented individuals were transported to hospitals — five of whom died.

    In addition to their sentences described above, the court also ordered Orduna-Torres to pay a $96,000 money judgment and ordered the forfeiture of the following assets: one 2008 Volvo semi-tractor; one 1995 Phoenix trailer; one 2015 Cadillac Escalade; one 2017 Ford F-350 Super Duty Truck; and $59,445.50.

    Five other defendants in this case have pleaded guilty for their involvement in the smuggling event. Riley Covarrubias-Ponce, also known as Rrili and Rilay, 32, is scheduled to be sentenced Nov. 6; Luis Alberto Rivera-Leal, 39, is scheduled to be sentenced on Nov. 13; Christian Martinez, 31, is scheduled to be sentenced on Nov. 20; and Homero Zamorano Jr., 48, is scheduled to be sentenced Dec. 4. Juan Francisco D’Luna Bilbao, 51, is indicted separately and is also scheduled to be sentenced Dec. 4.

    In a related case, Rigoberto Ramon Miranda-Orozco, 48, allegedly worked with the HSO to smuggle aliens into the United States on the same fatal journey orchestrated by Orduna-Torres and his co-conspirators. He made his initial appearance in San Antonio on March 17, seven months after he was arrested in Guatemala, and is currently scheduled for a jury trial Sept. 29.

    HSI investigated the case with the assistance of the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives, and has received tremendous support from Customs and Border Protection; Border Patrol; ICE’s Enforcement and Removal Operations; the San Antonio Police Department; the Bexar County Sheriff’s Office; the San Antonio Fire Department; the Marshall Police Department; and the Palestine Police Department.

    Assistant U.S. Attorneys Eric Fuchs, Sarah Spears and Ray Gattinella for the Western District of Texas are prosecuting the case.

    These convictions are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section and supported by the Money Laundering and Asset Recovery Section; Office of Enforcement Operations; and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 385 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 345 U.S. convictions; more than 300 significant jail sentences imposed; and forfeitures of substantial assets.

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

    MIL Security OSI –

    June 28, 2025

  • MIL-OSI Security: Organizer of Maryland Pawn Shop Burglary that Netted Dozens of Firearms Sentenced to 7 Years in Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

                WASHINGTON – Vincent Lee Alston, 23, of the District of Columbia, was sentenced today in U.S. District Court to 84 months in federal prison for his role in the December 2023 burglary of a Maryland pawn shop that netted dozens of firearms, announced U.S. Attorney Jeanine Ferris Pirro.

                Alston, aka “Vedo,” pleaded guilty before U.S. District Court Judge Amy Berman Jackson on March 6 to conspiracy to commit firearms trafficking. In addition to the prison term, Judge Berman Jackson ordered three years of supervised release.

                According to the court documents, on Dec. 13, 2023, Odumn and four co-conspirators drove in two vehicles – one a stolen Hyundai – from the District to the A&D Pawn Shop, a Federal Firearms Licensee, in Glen Burnie, Maryland.

                At the pawn shop, co-defendant Niquan Odumn used a portable saw to cut the locks on a pull-down security gate. Another co-conspirator then used a crowbar-type tool to pry open the main door. Once inside, the quintet grabbed an array of rifles, shotguns, and pistols from the shelves and display racks. They fled with at least 34 firearms.

                About a half hour after the burglary, the red Hyundai crashed on I-295 southbound at Kenilworth Avenue, NE. After the accident, surveillance footage showed Alston and two of his co-defendants abandoning the vehicle. MPD arrived at the scene and recovered eight firearms from the car.

                Investigators also recovered Alston’s damaged iPhone on the Hyundai’s driver’s seat floorboard. On it, an open GPS route displayed on the screen with a visible destination address of Alston’s residence.

                Alston was arrested at his apartment complex on Dec. 15, 2023, and was found with a Smith & Wesson, M&P 9 mm stolen during the pawn shop burglary. To date, law enforcement has recovered close to half of the stolen firearms.

                Alston is the third defendant to be sentenced in the pawn shop job.

                Niquan “Stickz” Odumn, 23, of the District, was sentenced June 23 to 48 months in prison for conspiracy to commit theft from a firearms licensee and to possession of stolen firearms.  Juwon Markel Anderson, 22, of the District, was sentenced June 20 to 84 months in prison for his role in the burglary and for his subsequent attempt to sell several of the stolen guns.

                Co-defendant Tyjuan McNeal, 27, is scheduled to be sentenced July 1 for conspiracy to commit firearms trafficking. Cy’juan Hemsley pleaded guilty on May 7, 2025, to conspiracy to commit theft from a firearms licensee and to possession of stolen firearms. Hemsley’s sentencing is pending.

                This case is being investigated by the ATF Washington Field Division and the Metropolitan Police Department, with assistance from the ATF Baltimore Field Division. It is being prosecuted by Assistant U.S. Attorney Shehzad Akhtar with valuable assistance from former Special Assistant U.S. Attorney Ryan Lipes.     

    Alston’s iPhone, recovered by police from a crashed getaway car, included texts planning the pawn shop burglary.

    Image of Alston captured by a surveillance camera inside the pawn shop.

    Firearms recovered from the stolen Hyundai. 

    Additional firearms recovered from the abandoned getaway vehicle.

    MIL Security OSI –

    June 28, 2025

  • MIL-OSI Security: Newcomb Man Charged with Assault for Violent Attack

    Source: US FBI

    ALBUQUERQUE – A Newcomb man is facing federal charges after a violent altercation left a victim with serious injuries.

    According to court documents, on June 14, 2025, Vincent Torrez, 35, an enrolled member of the Navajo Nation, assaulted John Doe at a residence on the Navajo Nation. During the incident, Torrez entered John Doe’s bedroom, repeatedly struck him, slammed him to the floor, and used a ceramic cup as a weapon to inflict a deep laceration to John Doe’s leg. John Doe sustained multiple injuries, including lacerations to the head and leg, abrasions, and an arterial wound, and was transported to Northern Navajo Medical Center for treatment.

    Torrez is charged with assault with a dangerous weapon and assault resulting in serious bodily injury and will remain on conditions of release pending trial, which has not yet been scheduled. If convicted of the current charges, Torrez faces up to 10 years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office made the announcement today.

    The Farmington Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Nation Police Department and Navajo Department of Criminal Investigations. Assistant U.S. Attorney Meg Tomlinson is prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    June 28, 2025

  • MIL-OSI Security: Terra Amarilla Man Faces Federal Charges for Illegal Firearm Possession

    Source: US FBI

    ALBUQUERQUE – A Terra Amarilla man has been federally charged for unlawful possession of a firearm despite prior felony convictions.

    According to court documents, on May 31, 2025, the Jicarilla Apache Police Department responded to a domestic disturbance involving Ronnie Martinez, 49, at a residence in Dulce, New Mexico. According to the investigation, Martinez became agitated after a dispute with Jane Doe and subsequently sent her threatening messages, including a photograph of a rifle.

    Officers located Martinez at the residence, where he was found carrying multiple knives. During questioning, Martinez admitted to possessing a rifle, which he claimed belonged to his father. Martinez consented to a search, and officers recovered a rifle from the home.

    Court records confirm Martinez has prior felony convictions, including first-degree assault with a deadly weapon and second-degree assault, both punishable by more than one year of imprisonment. As a previously convicted felon, Martinez is prohibited from possessing firearms or ammunition.

    Martinez will remain on conditions of release pending trial, which has not yet been scheduled. If convicted of the current charges, Martinez faces up to 15 years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office made the announcement today.

    The Farmington Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Jicarilla Apache Police Department. Assistant U.S. Attorney Michael Pahl is prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    June 28, 2025

  • MIL-OSI Security: Jury Convicts Taos Man in 2019 Double Homicide

    Source: US FBI

    CategoriesMIL OSI

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    ALBUQUERQUE – A federal jury convicted a Taos man of two counts of second-degree murder in connection with the June 2019 killings of two members of the Taos Pueblo. The verdict came after an eight-day trial and approximately six hours of deliberation.

    According to court documents and evidence presented at trial, on June 1, 2019, John Doe 1 and John Doe 2, both enrolled members of the Taos Pueblo, were reported missing after their last known contact on May 30, 2019. Taos Pueblo Department of Public Safety officers responded to John Doe 1’s residence, where they discovered John Doe 2’s pickup truck crashed into trees near the home. Officers entered the residence and found the bodies of both men, stacked and partially concealed under wire fencing. Forensic experts confirmed both victims died from extensive blunt force trauma. Investigators documented evidence from both inside and outside the residence, including large amounts of blood spatter, vehicle tracks, and property damage.

    The investigation tied Joshua Gonzales, 38, a non-Indian, to the murders. After the murders, Gonzales confessed to a witness, providing a detailed account of the killings, including that he used a wooden table leg as the murder weapon and describing the injuries he inflicted, details that matched the forensic findings. The victim’s niece testified that he was the last person seen with John Doe 1 and recounted how he attempted to manufacture a false alibi and threatened her to remain silent. She also testified that Gonzales had a key to the residence, which could only be locked from the outside.

    Additional evidence included bloody footprints at the scene, DNA analysis, surveillance video and cell phone records.  Investigators established a timeline placing Gonzales at the scene and showed that he possessed one of the victim’s cell phones the morning after the murders. Further, Gonzales fled the scene in John Doe 2’s truck, which he crashed while attempting to leave the area.

    Following the verdict, the Court ordered that Gonzales remain in custody pending sentencing, which has not been scheduled. At sentencing, Gonzales faces up to life in prison.

    There is no parole in the federal system.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Santa Fe Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Taos Pueblo Department of Public Safety, Bureau of Indian Affairs, New Mexico State Police, Espanola Police Department, Taos Police Department, Taos County Sheriff’s Department, and the Albuquerque Police Department. Assistant United States Attorneys Mark Probasco and Samuel Hurtado are prosecuting the case.

    MIL Security OSI –

    June 28, 2025

  • MIL-OSI: Welsbach Technology Metals Acquisition Corp. (“WTMA”) Announces Successful Approval for its Business Combination with Evolution Metals LLC (“EM”) from the Extraordinary General Meeting of Stockholders on June 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL and St. Louis, MO, June 27, 2025 (GLOBE NEWSWIRE) — Welsbach Technology Metals Acquisition Corp. (OTC: WTMA), a publicly traded special purpose acquisition company, today announced the successful approval from its extraordinary general meeting (“Business Combination EGM”) of stockholders for its Business Combination with Evolution Metals LLC (“EM”), dedicated to bringing to the US capital markets a secure, reliable global supply chain for critical minerals and materials (“CMM”) that is independent of China.

    Through the Business Combination, WTMA and EM expect to acquire, scale and integrate five operating companies: (1) bonded magnet manufacturing; (2) sintered magnet manufacturing; (3) magnet metals and alloy production; (4) Li-ion battery recycling; and (5) smart machine design and automation. Upon closing, the combined company will be renamed Evolution Metals & Technologies Corp. (“EM&T”) and expects to trade on Nasdaq under the symbol EMAT.

    EM&T’s business is to leverage advanced technologies such as robotics and artificial intelligence (AI) to provide integrated midstream and downstream CMM recycling and processing of oxides, metals, magnet alloys, battery materials, and rare earth magnets for key industries including, but not limited to, the automotive, aerospace, defense, healthcare, high tech, consumer electronics and appliances, and renewable energy industries, while driving a sustainable future.

    “Today’s stockholder approval marks a transformative milestone in our journey to identify a vertically integrated and geopolitically independent supply chain for critical minerals and materials.” said Daniel Mamadou, CEO of WTMA. “Our merger with Evolution Metals represents not only a strategic alignment of values and vision, but also a decisive step toward delivering long-term value for our stakeholders. We are proud to join forces with Evolution Metals, who shares our commitment to sustainability, innovation, and industrial resilience in an increasingly complex global environment.”

    David Wilcox, Managing Member of Evolution Metals LLC, added: “This is an exciting moment for Evolution Metals and our partners. Upon the completion of our merger with WTMA, we we intend to accelerate our mission to create a secure, U.S.-centered supply chain for critical materials vital to clean energy, advanced manufacturing, and national defense. By vertically integrating a supply chain of critical materials production, we bring together complementary strengths and operational capabilities that position us to lead in an era where independence and supply chain security are more important than ever. Our plans are to replicate the Korean operations we expect to acquire into Missouri, creating a major industrial campus. We expect to fully process batteries and e-waste into salts, magnets and related materials – a dominant U.S. Champion in the mid-stream.”

    In addition, WTMA today announced that WTMA is extending the deadline for its stockholders to withdraw and reverse any previously delivered demand for redemption made in connection with the Business Combination EGM until WTMA determines not to accept reversals of redemption instructions. If a stockholder has previously submitted a request to redeem its shares in connection with the Business Combination EGM and would like to reverse such request, such stockholder may contact WTMA’s transfer agent, Continental Stock Transfer & Trust Company, at spacredemptions@continentalstock.com.

    You can find further information regarding the Business Combination and related matters in WTMA’s filings with the US Securities Exchange Commission (“SEC”), including the Registration Statement on Form S-4. These filings are available on the SEC website: https://www.sec.gov/edgar/search/#/q=wtma.

    About Welsbach Technology Metals Acquisition Corp.

    Welsbach Technology Metals Acquisition Corp. (OTC: WTMA) is a blank check company focused on identifying high-impact technology metals businesses aligned with global sustainability and security trends.

    About Evolution Metals LLC

    Evolution Metals LLC is committed to establishing a secure, robust and reliable supply chain for critical minerals & materials (CMM) that is 100% independent of China for sourcing or supplying feedstocks. EM’s strategy is to acquire and develop manufacturing, recycling and processing facilities to produce essential products (including magnets, battery feedstocks and related materials) for industrial uses such as, but not limited to, electric vehicles, electronics, environmental technologies and aerospace and defense applications. EM aims to support the creation of jobs, industry and manufacturing to promote a greener future by providing bespoke solutions to support its clients globally.

    Cautionary Statement Regarding Forward Looking-Statements

    Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations and beliefs of the management of WTMA and EM, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (“SEC”) by WTMA and the following: WTMA’s ability to complete the proposed Business Combination or, if WTMA does not consummate such proposed Business Combination, any other initial business combination; the risk that the consummation of the proposed Business Combination is significantly delayed; the ability to recognize the anticipated benefits of the proposed Business Combination; the risk that the announcement and consummation of the proposed Business Combination disrupts EM’s current plans; following the closing of the proposed Business Combination, WTMA’s (which intends to change its name to Evolution Metals & Technologies Corp. (such post-closing entity is referred to as “New EM”)) ability to successfully integrate the business and operations of the target companies (the “Target Companies”) into its ongoing business operations and realize the intended benefits of New EM’s acquisition of the Target Companies; New EM’s ability to secure sufficient funding to successfully rebuild Critical Mineral Recovery, Inc.’s recycling facility with significant expansion on management’s expected timeline and budget, or at all; unexpected costs related to the proposed Business Combination; expectations regarding New EM’s strategies and future financial performance, including future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and New EM’s ability to invest in growth initiatives; satisfaction or waiver (if applicable) of the conditions to the proposed Business Combination, including, among other things: (i) approval of the proposed Business Combination and related agreements and transactions by the WTMA stockholders, the holder of the EM member units and the holders of the equity interests of the other Target Companies, (ii) receipt of approval for listing on Nasdaq Stock Market LLC (“Nasdaq”) the shares of WTMA common stock to be issued in connection with the Business Combination, and (iii) the absence of any injunctions; that the amount of cash available in the trust account and from certain other investments is at least equal to the minimum available cash condition amount, after giving effect to redemptions by WTMA stockholders and certain transaction expenses; the occurrence of any other event, change or other circumstances that could give rise to the termination of the Merger Agreement; the implementation, market acceptance and success of New EM’s business model and growth strategy; the ability to obtain or maintain the listing of New EM’s common stock on Nasdaq following the proposed Business Combination; limited liquidity and trading of WTMA’s public securities; the amount of any redemptions by existing holders of WTMA common stock being greater than expected; WTMA’s ability to raise financing in the future; WTMA’s success in retaining or recruiting, or changes required in, New EM’s officers, key employees or directors following the completion of the proposed Business Combination; WTMA officers and directors allocating their time to other businesses and potentially having conflicts of interest with WTMA’s business or in approving the proposed Business Combination; the use of proceeds not held in the trust account or available to WTMA from interest income on the trust account balance; the impact of the regulatory environment and complexities with compliance related to such environment, including New EM’s ability to meet, and continue to meet, applicable regulatory requirements; New EM’s ability to execute its business plan, including with respect to its technical development and commercialization of products, and its growth and go-to-market strategies; New EM’s ability to achieve sustained, long-term profitability and commercial success; operational risks, including with respect to New EM’s use of agents or resellers in certain jurisdictions, New EM’s ability to scale up its manufacturing quantities of its products, New EM’s outsourcing of manufacturing and such manufacturers’ ability to satisfy New EM’s manufacturing needs on a timely basis, the availability of components or raw materials used to manufacture New EM’s products and New EM’s ability to process customer order backlog; New EM’s revenue deriving from a limited number of customers; geopolitical risk and changes in applicable laws or regulations, including with respect to New EM’s planned operations outside of the U.S. and Korea; New EM’s ability to attract and retain talented personnel; New EM’s ability to compete with companies that have significantly more resources; New EM’s ability to meet certain certification and compliance standards; New EM’s ability to protect its intellectual property rights and ability to protect itself against potential intellectual property infringement claims; the outcome of any known and unknown litigation and regulatory proceedings, including any proceedings that may be instituted against WTMA or EM following announcement of the proposed Business Combination; the potential characterization of New EM as an investment company subject to the Investment Company Act of 1940, as amended; and other factors detailed under the section entitled “Risk Factors” in the Registration Statement. Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of WTMA, EM and the other Target Companies prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except to the extent required by applicable law or regulation, WTMA, EM and the other Target Companies undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Investor & Media Contacts

    Judith McGarry
    Evolution Metals LLC
    Tel: +1 (415) 971-2900
    Email: judith.mcgarry@evolution-metals.com

    Daniel Mamadou
    Chief Executive Officer
    Welsbach Technology Metals Acquisition Corp.
    Tel: +1 (251) 280-1980
    Email: daniel@welsbach.sg

    The MIL Network –

    June 28, 2025

  • MIL-OSI USA: Jayapal Statement on Racist Attacks on Zohran Mamdani

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON, D.C. — U.S. Representative Pramila Jayapal (WA-07) is today releasing the following statement regarding a barrage of racist, anti-Muslim, anti-immigrant, and xenophobic attacks against the Democratic Nominee for Mayor of New York City, Zohran Mamdani, including from sitting Members of Congress. 

    “There has been an outpouring of disgraceful, dangerous, racist ideology from sitting Members of Congress and administration officials following Zohran Mamdani’s win in the New York Mayoral primary. 

    “The constant displays of Islamophobia are an affront to the millions of Muslim Americans and Muslims around the world. One of the most jarring called for the denaturalization and deportation of Mr. Mamdani, an American citizen who just won a massive Democratic primary with more votes than that Member, Mr. Ogles, could ever hope to win. This is an insult to voters in New York City who take democracy seriously. 

    “Denaturalization of U.S. citizens is part of the Trump playbook to attack all legal immigration. It is completely outrageous and flies in the face of the laws of this country.

    “The hateful language directed at Mr. Mamdani will get someone killed, and we all should be outraged. It must end. Every person who cares about democracy, freedom of religion, and the right for all Americans to be treated equally should speak out immediately against these insane and dangerous attacks.”

    MIL OSI USA News –

    June 28, 2025

  • MIL-OSI USA: Jayapal Demands Answers on Immigrants Transferred from WA to AK

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON, D.C. — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Subcommittee on Immigration, Integrity, Security, and Enforcement, is demanding answers from the Department of Homeland Security (DHS) and Immigration and Customs Enforcement (ICE) on reports of immigrants being transferred from the Northwest ICE Processing Center (NWIPC) in Tacoma, Washington to the Anchorage Correctional Complex (ACC) in Anchorage, Alaska. 

    “These individuals were moved thousands of miles away from their families, communities, and legal representatives to a prison with a deeply problematic history,” wrote the Members. “ICE confirmed that these individuals do not have final orders of removal and that the individuals will be transferred back to NWIPC for their court hearings. […] We are deeply concerned that ICE is wasting taxpayer dollars, flying dozens of people between detention centers thousands of miles apart, in efforts that do nothing to help protect Americans.”

    ICE confirmed that at least 40 individuals were moved from NWIPC to ACC earlier this month. ACC has a deeply troubling record of inadequate conditions, on occasion having used pepper spray on detained people. ACC also has a history of improperly restricting access to private conversations with attorneys. Just last month, incarcerated Alaskans filed a lawsuit against the Alaska Department of Corrections (DOC), alleging that the care provided by the DOC has resulted in “needless suffering” and even death.

    Before the Trump Administration began its mass deportation agenda, one in 16 detained persons had no criminal record. Following this campaign of mass deportation and detention, kidnapping people off the streets, from their workplaces, and from routine immigration check-ins, one in four detained persons has no criminal record. 

    The letter was signed by Representatives Suzanne Bonamici (OR-01), Janelle Bynum (OR-05), Maxine Dexter (OR-03), Val Hoyle (OR-04), Emily Randall (WA-06), and Adam Smith (WA-09). 

    The full text of the letter can be found HERE. 

    Issues: Immigration

    MIL OSI USA News –

    June 28, 2025
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