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Category: Transport

  • MIL-OSI Security: California Woman Sentenced to Federal Prison for Stealing Nearly $2 Million in Two Separate Fraud Schemes

    Source: Office of United States Attorneys

    PORTLAND, Ore.—A California woman was sentenced to federal prison today for stealing nearly $1.3 million in Covid-relief program funds and failing to pay the IRS more than $700,000 in payroll taxes she collected from the employees of a small business in Salem, Oregon.

    Jamie McGowen, 43, was sentenced to 37 months in federal prison and five years’ supervised release. She was also ordered to pay $2,072,860 in restitution to the IRS and U.S. Small Business Administration (SBA).

    According to court documents, McGowen was the owner or partial owner of nine separate companies including Salem Outsourcing, Inc., a payroll processing company based in Salem. Between August 2016 and December 2019, McGowen provided payroll processing services to a small business also located in Salem. During this time, she failed to pay the IRS $705,613 in payroll taxes she withheld from the paychecks of the company’s employees. Instead, McGowen kept the money for herself and used a portion of the funds to, among other things, purchase a 100% ownership stake in the same company whose payroll taxes she had stolen.

    In a separate scheme, between April 2020 and December 2021, McGowen stole more than $1.2 million from federal relief programs intended to help small businesses during the Covid-19 pandemic, including the Paycheck Protection Program, Economic Injury Disaster Loan program, and Restaurant Revitalization Fund. McGowen made numerous false statements in 15 separate loan applications, including by stating she did not own any other company, inflating the number of employees and revenues, and providing false tax documents. McGowen also falsely claimed on loan forgiveness applications that her companies had used the funds received for payroll. In reality, McGowen transferred the money around her businesses, to her father, and to her personal checking account, and paid off personal credit cards.

    On October 12, 2022, a federal grand jury in Portland returned a seven-count indictment charging McGowen with wire fraud, bank fraud, and money laundering. On December 11, 2024, she pleaded guilty to one count each of wire fraud and bank fraud, and two counts of money laundering.

    This case was investigated by the SBA Office of Inspector General (SBA-OIG) and IRS Criminal Investigation (IRS-CI). It was prosecuted by Meredith Bateman, Assistant U.S. Attorney for the District of Oregon.
     

    MIL Security OSI –

  • MIL-OSI Security: Ecuadorian Drug Trafficker Pleads Guilty

    Source: Office of United States Attorneys

    SAN DIEGO – Wilder Emilio Sanchez Farfan, aka Gato, an Ecuadorian national and high-level drug trafficker, pleaded guilty in federal court today to international drug trafficking charges following his extradition to San Diego January 26, 2024.

    Farfan had previously been designated by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) pursuant to Executive Order (E.O.) 14059 for materially contributing to the illicit activities of major Mexican cartels to traffic cocaine into the United States.

    Farfan pleaded guilty to a second superseding indictment returned by a federal frand jury on October 30, 2019. In his plea agreement, Farfan admitted that he led an extensive drug trafficking organization that distributed over 450 kilograms of cocaine in Colombia, Ecuador, Mexico and elsewhere, and that the cocaine was ultimately imported into and distributed within the United States. He also admitted that the organization bribed government officials and used firearms to further their drug trafficking activities.

    As part of his plea, Farfan also agreed to forfeit over $899,000 of U.S. currency.

    Farfan is scheduled to be sentenced before U.S. District Judge Linda Lopez on August 11, 2025, at 10 a.m.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    This case is being prosecuted by Assistant U.S. Attorneys Kyle B. Martin and Ashley E. Goff.

    DEFENDANTS                                             Case Number 19CR1610-01-LL                             

    Wilder Emilio Sanchez Farfan, aka Gato                   Age: 44                               Ecuador

    SUMMARY OF CHARGES

    International Conspiracy to Distribute Cocaine – Title 21, U.S.C., Sections 959, 960, and 963

    Maximum penalty: Mandatory minimum 10 years and up to life in prison

    INVESTIGATING AGENCIES

    Drug Enforcement Administration

    Federal Bureau of Investigation

    MIL Security OSI –

  • MIL-OSI Security: Final Defendant in Sexual Assault of a 14-Year-Old Girl Sentenced to Prison

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – Nasouh Albasis-Albasis, 27, of West Valley, Utah, was sentenced to 110 months’ imprisonment and a life term of supervised release after he and one of his co-defendants sexually assaulted a 14-year-old victim in the back of a vehicle, which was recorded and shared on social media in 2017.

    The sentence, imposed by Senior U.S. District Court Judge Tena Campbell, comes after Albasis-Albasis pleaded guilty on January 23, 2025, to charges involving child sexual abuse material. His co-defendants, Dodjim Leclaire, 32, of Murray, Utah, and his brother Richard Djasserambaye, 29, of Central Republic of Africa, living in Murray, Utah, at the time of the assault, were also sentenced. Leclaire was sentenced to 208 months’ imprisonment and Djasserambaye was sentenced to 181 months’ imprisonment. Both defendants were sentenced to a life term of supervised release.

    According to court documents and statements made at Albasis-Albasis’ change of plea and sentencing hearings, on September 9, 2017, Albasis-Albasis and his co-defendants Djasserambaye, and Leclaire used the 14-year-old victim to produce sexually explicit images. Specifically, Albasis-Albasis and Leclaire sexually assaulted the severely intoxicated and physically incapacitated minor while Djasserambaye video recorded the violent assaults. Djasserambaye then posted the video on social media. Albasis-Albasis further admitted he had video of the assaults of the victim on his cell phone.

    The case was investigated jointly by the FBI Salt Lake City Field Office, West Jordan City Police Department, Salt Lake City Police Department, Sandy City Police Department and Syracuse City Police Department.

    The U.S. Attorney’s Office for the District of Utah prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.
     

    MIL Security OSI –

  • MIL-OSI: Young people are concerned they lack the green skills to effectively act on climate change

    Source: GlobeNewswire (MIL-OSI)

    Capgemini Press contact: 
    Sereydana Oum
    Tel.: +33 6 61 42 03 59 
    Email: sereydana.oum@capgemini.com

    UNICEF Press contact:
    Anupama Saikia
    E-mail: ansaikia@unicef.org

    Young people are concerned they lack the green skills
    to effectively act on climate change

    Six in ten 16–24-year-olds globally agree that developing green skills could open up new career opportunities but less than half (44%) possess the skills required for today’s green workforce

    Paris, May 16, 2025 – The Capgemini Research Institute and UNICEF* Generation Unlimited’s report, ‘Youth perspectives on climate: Preparing for a sustainable future’ published today, explores youth perspectives on the climate crisis. It includes their take on “green skilling” and graduating to a green job, as well as how business and government can collaborate with young people to inspire climate advocacy. The report finds that despite rising climate anxiety, a majority of young people remain hopeful that there is still time to address and fix the problems caused by climate change. Young people in both, the Global South and Global North, want to be a part of the solution, with most interested in shaping environmental policy and many interested in pursuing a green job, however the report highlights a worrying lack of requisite green skills.

    According to the research, most young people worry about climate change. Over two-thirds of youth globally say they are concerned about how climate change could affect their future, representing an increase since 2023, when a UNICEF USA survey found that 57% of youth globally experienced “eco-anxiety.”1 Youth in the Global North report higher levels of climate-related anxiety (76%) compared to their peers in the Global South (65%). A rural-urban divide is also evident, with 72% of youth living in urban and suburban areas expressing concern about climate change impacts on their future, versus 58% in rural areas.

    Young people believe there is still time to fix the problems caused by climate change
    Despite their climate anxiety, most youths believe green skills are key to a brighter future, with 61% agreeing that developing green skills2 will offer them new career opportunities. They are interested in aligning their paid employment with their climate conscious values, with slightly over half (53%) globally and almost two-thirds (64%) in the Global North interested in a green job.

    “Young people across the globe, and in particular in the US, are hyperaware of the urgent challenges posed by climate change. It’s clear that they are also eager to be part of the solution,” said Sarika Naik, Group Chief Corporate Responsibility Officer at Capgemini. “We need to help young people turn their passion into impact by investing in green skills. This report shows how critical it is that business, governments, and education leaders work together to bridge the skills gap, empower youth voices, and create pathways to meaningful green careers.”

    “Young people are architecting climate solutions. They are designing and deploying innovative solutions that respond to the climate realities their communities are facing,” said Dr. Kevin Frey, CEO, Generation Unlimited at UNICEF. “Green Rising, with its ecosystem of public and private sector partners, is supporting young people with the skills and opportunities they need to take climate action, start green companies, access green jobs and power green solutions.”

    Youth lack the necessary green skills
    Young people provide a workforce pipeline for tackling climate change, but the green transition requires a skilled workforce. According to the Organization for Economic Co-operation and Development (OECD), environmental sustainability competency relies on a strong foundation in science, an understanding of climate change, a commitment to protect the environment, the confidence to explain environmental issues, and the motivation to act sustainably3.

    However, the report finds that less than half of youth globally (44%) believe they have the green skills necessary to be successful in today’s workforce. In terms of green skills, young people in rural areas lag even further behind young people in suburban and urban areas. This percentage also differs across regions. In the Global South, around six in ten Brazilian youth say they are equipped with green skills, while only 5% of Ethiopian youth say the same.

    Since the Capgemini Research Institute’s 2023 research4, youth in several countries in the Global North have regressed in their knowledge of green skills. Among youth aged 16 to 18 in Australia, France, Germany, Japan, the UK, and the US, recycling and waste reduction remains the most commonly held green skill. But the share of youth knowledgeable about sustainable design, sustainable energy, and sustainable transportation has significantly declined since 2023. In the Global South, young people are most knowledgeable about recycling and waste reduction, energy conservation and water conservation, but least knowledgeable about climate technologies, data analysis, and sustainable design.

    The generational divide must be overcome to find solutions
    Most youth globally (71%) agree that they should have a strong influence on environmental policy and legislation. However, the majority agree that business and political leaders are not playing their part and should be contributing more to the fight against climate change. While almost two-thirds of young people feel engaged enough to want to speak with local leaders about climate action, fewer than half believe their opinions are actually heard by community leaders.

    The report urges community leaders to support young people in advancing climate solutions and green skills. According to the report, integrating green education, expanding access to training, and aligning climate goals with youth employment strategies should be part of the solution and implanted by policymakers. Whereas corporate leaders could be encouraged to co-create green job pathways, invest in youth-led initiatives, and embed young voices in CSR, ESG, and climate strategies in order to build trust and drive sustainable innovation.

    As young people seek to upskill, global movements like Green Rising aim to support 20 million young people by 2026 in taking grassroots action, offering opportunities for volunteerism, advocacy, paid work and entrepreneurship. This initiative is led by Generation Unlimited at UNICEF and supported by the public and private sector, including Capgemini.

    To read the full report: https://www.capgemini.com/insights/research-library/global-youth-and-sustainability

    Report Methodology
    The Capgemini Research Institute carried out extensive research into youth perspectives on climate change and interest in green skills and green jobs in February and March 2025. They conducted an online survey of 5,100 youth aged 16 to 24 across 21 countries in Africa, the Americas, Asia-Pacific, and Europe. This included 4,394 youth aged 18 to 24 and 706 youth aged 16 and 17 years old. For the 14% of the sample that were minors (<18 years old), they obtained parental permission from 706 parents. The majority (83%) of the youth surveyed live in the Global South (low- and middle-income countries).5 The remaining youth respondents live in the Global North or high-income countries.

    About UNICEF
    UNICEF works in some of the world’s toughest places, to reach the world’s most disadvantaged children. Across more than 190 countries and territories, we work for every child, everywhere, to build a better world for everyone.

    About Generation Unlimited
    Launched by the UN Secretary-General at the 2018 UN General Assembly, UNICEF’s Generation Unlimited is a leading global Public-Private-Youth Partnership on a mission to skill and connect the world’s 1.8 billion young people to opportunities for employment, entrepreneurship, and social impact. The partnership brings together global organisations and leaders including Heads of State, CEOs, Heads of UN agencies, and civil society champions with young people to co-create and deliver innovative solutions on a global scale.

    * UNICEF does not endorse any company, brand, product or service

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.
    Get The Future You Want | www.capgemini.com

    About the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

    Visit us at https://www.capgemini.com/researchinstitute/

    1 UNICEF USA, “From eco-anxiety to eco-optimism, listening to a generation of resilient youth,” January 2023.
    2 Green skills refer to the hard and soft skills which help people take care of nature, stop pollution, and use resources wisely.
    3 OECD, Skills Outlook 2023: Skills for a resilient green and digital transition, November 6, 2023.
    4 CRI, Digital skills and technology in secondary education survey, March 2023
    5 Bank Group, Income Group Class, according to 2023 gross national income (GNI) per capita, calculated using the World Bank Atlas method.

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    The MIL Network –

  • MIL-OSI: Richemont posts robust performance for the year ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
    16 MAY 2025

    Please find below the Highlights and Chairman’s commentary from Richemont FY25 Annual Results Announcement.

    RICHEMONT POSTS ROBUST PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2025

    Group highlights

    • Group sales at € 21.4 billion; Q4 sales up 8% (+7% constant) with Jewellery Maisons up at double digits
    • Operating profit at € 4.5 billion including € 72 million of non-recurring costs 
    • Sustained focus on nurturing Maisons’ growth, investing in distribution, manufacturing assets and craftsmanship  
    • Renewed executive leadership, with appointment of Group CEO and expansion of Senior Executive Committee expertise to include Van Cleef & Arpels and Cartier CEOs, as well as dedicated Group Chief People Officer
    • Completion of key strategic steps, with the addition of Italian jewellery Maison Vhernier and the finalisation of the sale of YNAP to Mytheresa in April 2025; Richemont now holds a 33% stake in newly created LuxExperience  

    Financial highlights

    • Full year sales up 4% at actual and constant exchange rates, led by high single-digit increase at Jewellery Maisons 
    • Double-digit growth across all regions, except for Asia Pacific, further rebalancing the Group’s regional mix
    • Operating profit down by 7%, or by 4% at constant exchange rates, resulting in a 20.9% operating margin
      • Strong performance at Jewellery Maisons, with sales up 8% at actual and constant exchange rates; operating margin at 31.9%
      • Sales at Specialist Watchmakers lower by 13% at actual and constant exchange rates, leading to a 5.3% operating margin
      • ‘Other’ business area’s sales up 7% at actual and constant exchange rates, operating margin at -3.7%; Fashion & Accessories Maisons margin impacted by inventory provisioning
    • € 3.8 billion profit for the year from continuing operations; € 1.0 billion loss from discontinued operations mainly due to the non-cash write-down of YNAP (improved against € 1.3 billion communicated in H1)
    • Robust net cash position of € 8.3 billion, supported by € 4.4 billion cash flow generated from operating activities
    • Proposed increase in dividend to CHF 3.00 per 1 ‘A’ share / 10 ‘B’ shares

    Key financial data (audited)

      2025 2024 change
    Sales € 21 399 m € 20 616 m +4%
    Gross profit € 14 319 m € 14 036 m +2%
    Gross margin 66.9% 68.1% -120 bps
    Operating profit € 4 467 m € 4 794 m -7%
    Operating margin 20.9% 23.3% -240 bps
    Profit for the year from continuing operations € 3 762 m € 3 818 m -1%
    Loss for the year from discontinued operations € (1 012) m € (1 463) m  
    Profit for the year € 2 750 m € 2 355 m  
    Earnings per ‘A’ share/10 ‘B’ shares, diluted basis € 4.671 € 4.077   
    Cash flow generated from operating activities € 4 443 m € 4 696 m -€ 253 m
    Net cash position € 8 257 m € 7 450 m  

    Chairman’s commentary

    Overview of results
    Richemont delivered a robust performance for the financial year ended 31 March 2025. In a persistently uncertain macroeconomic and geopolitical environment, we maintained our focus on nurturing Maisons’ current and future growth, investing in our distribution network, manufacturing assets and quality craftsmanship. Group sales increased by 4% at actual and constant exchange rates to € 21.4 billion, led by high single-digit growth at the Jewellery Maisons over the year. Operating profit came in at € 4.5 billion, down by 7% at actual rates, or by 4% at constant exchange rates.

    After a resilient first half, sales performance accelerated in the second part of the year, with a 10% rise in the third quarter followed by +8% in the fourth quarter at actual exchange rates. Over the year, most regions grew at double digits at both actual and constant exchange rates, more than offsetting the decline in Asia Pacific, led by China, illustrating the value of our balanced regional footprint. Notable growth rates included Europe at +10%, the Americas at +16%, Japan at +25% and Middle East & Africa at +15% at actual exchange rates. Direct to client sales rose further driven by both retail and online, overall representing 76% of Group sales.

    Our Jewellery Maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier since October – saw their sales reach € 15.3 billion, growing by 8% at actual and constant exchange rates. This sales increase, combined with disciplined operating costs and targeted price increases, helped mitigate the impact of higher raw materials costs, notably gold, on our profitability. Our Jewellery Maisons delivered a € 4.9 billion operating result, up 4% versus the prior year, corresponding to a solid margin at close to 32%.

    As discussed in our first half report in November, the global watch market experienced a slowdown affecting volumes. This was led by demand weakness in China, with greater resilience of high-end price segments. While the watch market remained subdued in the second half, some improvement was visible outside of China. In this challenging context, our Specialist Watchmakers reported a 13% decline in sales at actual and constant exchange rates over the year, impacted by their high exposure to Asia Pacific, particularly to China, while the other regions showed resilience. The rate of decline was softer in the second half of the year, with notable growth in the Americas. While the Maisons demonstrated discipline on operating expenses, the overall decline in sales had a significant impact on production and fixed operating costs absorption. In addition, with our headquarters and most of our production located in Switzerland, the strengthening Swiss franc weighed on our operating result. Consequently, the Specialist Watchmakers’ operating result was down to € 175 million for the year, corresponding to a 5.3% margin.

    Sales at our ‘Other’ business area reached € 2.8 billion, an increase of 7% at actual and constant exchange rates, underpinned by faster growth in the second half. All regions other than Asia Pacific grew, with notable double-digit performances in the Americas, Europe and Middle East & Africa. Alaïa recorded another year of strong growth, and Peter Millar maintained its solid momentum. Overall, ready-to-wear sales rose by double-digits across the Maisons, with notably an encouraging performance from Chloé. Operating result was a € 102 million loss for the year, resulting in a margin of -3.7%. Within this, Fashion & Accessories Maisons posted a -2% operating margin when excluding targeted inventory provisioning.

    At Group level, operating profit came in at € 4.5 billion, including € 72 million of non-recurring charges. Operating margin was 20.9%.

    Profit for the year from continuing operations reached € 3.8 billion, down by 1%. The overall profit for the year amounted to € 2.8 billion, up 17%, after taking into account a € 1.0 billion loss for the year from discontinued operations, primarily reflecting the write-down of the carrying value of YOOX NET-A-PORTER (‘YNAP’) assets in the context of the sale to Mytheresa.

    The Group maintained a robust balance sheet, with a net cash position of € 8.3 billion at year end, up € 807 million versus the prior year. It excludes YNAP’s net cash position of € 0.2 billion presented as assets and liabilities of disposal group held for sale.

    Strengthening of our operations and portfolio of Maisons
    We are delighted to have welcomed Italian jewellery Maison Vhernier as part of Richemont’s Jewellery portfolio during the year. Vhernier is renowned for the distinctive modern aesthetic of its creations, and we are now working on the Maison’s integration and development to ensure that its full potential can be realised over time, as we have effectively been doing with our Italian high-end shoe Maison Gianvito Rossi which celebrated its first anniversary as part of our Fashion & Accessories (‘F&A’) portfolio with a very encouraging performance.

    It is also a pleasure to report that G/FORE, previously under Peter Millar’s umbrella since its acquisition in 2018, was added to Richemont’s F&A portfolio as a distinct Maison in February 2025. This marks a significant milestone for the Maison, whose products are sold in top golf shops, resorts, department stores and dedicated retail boutiques, reflecting its remarkable success to date.

    On 1 June 2024, Nicolas Bos, formerly Chief Executive Officer (‘CEO’) of Van Cleef & Arpels, was appointed CEO of Richemont and joined the Senior Executive Committee (‘SEC’), with direct oversight of all the Maisons, functions and regions. On 14 February 2025, the SEC was further strengthened with the appointments of Marie-Aude Stocker as Chief People Officer, alongside Catherine Rénier (CEO, Van Cleef & Arpels) and Louis Ferla (CEO, Cartier). Marie-Aude’s extensive background in luxury HR will be important to address our strategic resource management needs, while Catherine and Louis bring invaluable operational insights from their respective leadership roles.

    Following his appointment as CEO of Specialist Watchmaker Maison Jaeger-LeCoultre, Jérôme Lambert stepped down from the SEC and the Board of Directors, whilst Boet Brinkgreve, CEO of Laboratoire de Haute Parfumerie et Beauté, stepped down from the SEC when leaving the Group at the end of April 2025.

    YOOX NET-A-PORTER (‘YNAP’) 

    The closing of the transaction for the sale of 100% of YNAP to leading luxury multi-brand digital group Mytheresa occurred just outside of our FY25 reporting period, on 23 April 2025, following fulfilment of customary conditions, including regulatory approvals.

    At transaction closing, Richemont sold YNAP to Mytheresa with a cash position of € 555 million and no financial debt in exchange for shares issued by Mytheresa representing 33% of the fully diluted share capital of the newly combined group which has been listed under the new trade name LuxExperience from 1 May 2025. As per the terms of the agreement, Richemont provided a € 100 million revolving credit facility to finance YNAP’s corporate needs.

    We look forward to LuxExperience’s future success, as the closing of the transaction paves the way for both the Mytheresa and YNAP teams, their brand partners and clients alike to fully benefit from the enhanced value propositions and expanded global reach offered by the combined businesses.

    Dividend

    Based upon the performance of the year and net cash position of € 8.3 billion at the end of March 2025, the Board proposes to pay an ordinary dividend of 3.00 Swiss francs per 1 ‘A’ share (and CHF 0.30 per ‘B’ share), a 9% increase in the ordinary dividend over the prior year, subject to shareholder approval at the Annual General Meeting (‘AGM’) on 10 September 2025.

    Annual General Meeting and Board changes

    The 2024 AGM in September saw Nicolas Bos, CEO of Richemont, elected as Executive Director of the Board, and Gary Saage as Non-executive Director, assuming the role of Chairman of the Audit Committee from Josua (Dillie) Malherbe.

    Shareholders also re-elected Wendy Luhabe as the ‘A’ shareholders’ representative and all Board members who stood for re-election for a further one-year term. Bram Schot succeeded Dillie as Non-executive Deputy Chairman of the Board and following the departure of Maria Ramos and Clay Brendish on 31 March, succeeded Clay as Chairman of the Compensation Committee.

    Once again, I would like to express my gratitude to Dillie for his contributions as Non-executive Deputy Chairman of the Board and Chairman of the Audit Committee and for accepting to remain on the Audit and Strategic Security Committees, and to Maria and Clay for their invaluable contributions in their respective roles over the years.

    As indicated in the 2022 Annual Report, recognising shareholder expectations, we decided at the time to initiate a comprehensive tender process for our external audit function under the supervision of the Audit Committee. Having carefully considered the results of the tender, on 29 November 2024 we announced that the Audit Committee had recommended to the Board to propose to shareholders that KPMG be appointed as the new auditors of the Company for the financial year ending 31 March 2026 at the next AGM in September 2025.

    Concluding remarks

    Fiscal Year 2025 was a year of progress underscoring the Group’s strategic focus amidst a complex, fast-evolving global landscape. Whilst our Specialist Watchmakers’ performance mostly reflected weakness in their largest region, the Group’s performance was robust overall, driven by remarkable growth at our Jewellery Maisons and retail, and improved momentum at our ‘Other’ activities.

    We continued to invest in future growth by further strengthening our distribution network, enhancing our manufacturing capacity, and contributing to the nurturing and preservation of unique artisan skills. We also delivered on several strategic fronts, successfully completing the acquisition of Vhernier, and enabling Gianvito Rossi to further expand its brand globally, after having joined the Group last year. We are also pleased to have found a good home for YNAP, whose strengths Mytheresa will harness to create a new global leader in digital luxury.

    With a renewed leadership team and governance structure, the completion of seamless management transitions across several Maisons, and our teams of talented professionals committed to creativity and innovation, we are well-positioned to guide Richemont through its next phase of development.

    As I have said before, ongoing global uncertainties will continue to require strong agility and discipline. Richemont has solid foundations for sustained value creation over time, built upon our leading Maisons’ unique heritage and innovative craftsmanship, coupled with an increasingly balanced and tailored regional presence that allows us to better connect with and enchant clients. Our long-term perspective, underpinned by a healthy balance sheet, constitutes a proven formula that has delivered seven-fold sales growth over the past 25 years, and remains central to our strategy.

    Our achievements this year would not have been possible without the unwavering dedication of our teams and the invaluable collaboration of our partners. I would like to extend my deepest gratitude to each of them for their significant contributions to Richemont’s success. I also wish to take this opportunity to thank our valued clients for their enduring trust and appreciation for the distinctive character and timeless appeal of our Maisons’ creations.

    Johann Rupert
    Chairman

    Compagnie Financière Richemont SA

    About Richemont 

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Disclaimer

    This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. If international tariffs are imposed or increased, materials and goods that Richemont imports may face higher prices, which could lead to reduced margins or increased prices that could cause decreased consumer demand. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

    © Richemont 2025

    This announcement does not contain full details and should not be used as a basis for any investment decision in relation to the Company’s shares. Please find the full announcement available in PDF below: 

    Richemont FY25 Annual Results PDF EN | Richemont FY25 Annual Results PDF FR (abridged)

    The MIL Network –

  • MIL-OSI: General Meeting of 15 May 2025

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE

    General Meeting of 15 May 2025

    Evry, 16 May 2025 – 07:30 a.m.: The term of office of Mrs. Corinne Granger, Chairwoman of the Board of Directors, has expired, and its renewal was not submitted to a vote by the shareholders. The Board would like to thank Mrs Corinne Granger for her commitment to Global Bioenergies. Mr Marc Delcourt, already Chief Executive Officer of the Company, was appointed Chairman of the Board of Directors at the Board meeting held after the Annual General Meeting.

    About GLOBAL BIOENERGIES

    As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L’Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 – ALGBE).

    Contacts

    Attachment

    The MIL Network –

  • Ronaldo tops Forbes’ list of highest-paid athletes for third year in a row

    Source: Government of India

    Source: Government of India (2)

    ristiano Ronaldo topped Forbes’ list of the world’s highest-paid athletes for the third consecutive year and the fifth time in his career.

    Following his move to Saudi Arabian club Al-Nassr, Ronaldo’s estimated total earnings are around $275 million.

    The Portuguese forward increased his income by $15 million through off-field endorsements as well as lucrative sponsorship deals backed by his large social media followers: 939 million in total as of May.

    Meanwhile, Golden State Warriors guard Stephen Curry, who in March became the first NBA player to reach 4,000 career three-pointers, jumped to second place in the rankings with $156 million.

    Boxer Tyson Fury claimed third place with $146 million. Despite losing his world heavyweight titles to Oleksandr Usyk in December, Fury’s income has been boosted by partnerships promoting Maltese tourism and his Netflix reality show.

    Dallas Cowboys quarterback Dak Prescott, reached fourth with $137 million, thanks to record-breaking signing bonuses and a lucrative contract extension.

    Meanwhile, Argentine Lionel Messi dropped to fifth place with $135 million — the same as last year — having moved to Major League Soccer side Inter Miami, as well as continuing to receive high-profile endorsements from Adidas and Apple.

    Los Angeles Lakers forward LeBron James, nearing the end of his illustrious career, came sixth with $133.8 million.

    MLB New York Mets outfielder Juan Soto came in at a remarkable seventh place, earning $114 million. The 26-year-old Dominican signed a $765 million, 15-year contract, the largest in baseball history.

    French striker Karim Benzema, who plays for Saudi Arabia’s Al Ittihad, is eighth with earnings of $104 million.

    Japanese Shohei Ohtani is in ninth place with $102.5 million, having deferred most of his earnings from his mega-contract with MLB team Los Angeles Dodgers. His earnings were boosted significantly by their World Series victory last year.

    NBA Phoenix Suns’ Kevin Durant rounds off the top 10 with $101.4 million.

    –Reuters

  • MIL-Evening Report: With a new minister for early childhood education, what can the federal government do to make centres safer?

    Source: The Conversation (Au and NZ) – By Victoria Minson, Senior Lecturer in Early Childhood Education, Australian Catholic University

    This week, more reports emerged of horrific abuse of children at childcare centres.
    An ABC investigation reported young children had suffered burns and been verbally abused. In another case, a baby was repeatedly slapped by an early childhood educator.

    This follows claims of sexual abuse and neglect earlier this year.

    On Tuesday, we also saw the appointment of Victorian senator Jess Walsh as the new minister for early childhood education. As a former head of the union responsible for the sector, Walsh comes to the role with a thorough understanding of early education issues. She will also sit in cabinet.

    What does Walsh and the re-elected Albanese government need to do to better ensure children’s safety in early childhood education and care? Here are three ideas.



    Read more:
    Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia?

    1. Design safer centres

    One place to start is how centres are set up.

    “Safety by design” is a concept used in other sectors (such as online safety) and has its origins in crime prevention. It means planning spaces and systems to prevent harm before it happens. This could include changing the environment, routines or rules.

    For example, clear lines of sight in a room help educators watch children, and each other, more easily. Secure entrances ensure only authorised people can come into a centre.

    But safety isn’t just about buildings; it also depends on people. Educators need the right training to spot risks and signs of harm, and to act early.

    This means building their capability: not just knowing what to do, but feeling confident to speak up and raise concerns. This confidence needs to be encouraged by managers and leaders in centres – staff should be supported to speak openly.

    2. Conduct a thorough investigation

    Australia has a system to monitor quality standards in early childhood services via the Australian Children’s Education and Care Quality Authority or ACECQA. This body oversees a National Quality Framework.

    On Friday, National Children’s Commissioner Anne Hollonds said Australia needs to “urgently strengthen” regulatory frameworks.

    The recent reports of abuse and noncompliance certainly raise a series
    of questions: how could this happen? How could “trained professionals” think this treatment of children is OK?

    Multiple systemic failures could be the answer – meaning the mechanisms or processes in place to stop situations going from unacceptable to unfathomable, failed.

    A federally convened taskforce could investigate these breaches of child safety to identify risks and failures and prevent further cases of harm. Rather than yet another long inquiry, a taskforce could help get to the root of the problems and recommend solutions that can be implemented quickly.



    Read more:
    How can you tell if your child’s daycare is good quality?

    3. Boost the status of early childhood education

    Governments can also invest in the ongoing professionalisation of early childhood educators. They can do this by insisting on higher qualifications, pay, professional development and a strong ethical framework.

    In turn, this can enhance the ability of those in the sector to prevent and respond to abusive practices.

    Admittedly, the federal government has taken steps to increase requirements around qualifications and pay. But early childhood professionals continue to endure low status in the community.

    The people who work in early childhood services are not “babysitters” – they are trained educators. Early childhood education is also more than a means to increase productivity, by enabling parents to work. It provides education and care to children at a crucial time in their development.

    None of these perceptions help the sector or the service it provides. The whole community needs to understand the vital role it plays in our society – just like schools or hospitals.

    If Australians appreciate and value early childhood education, they can advocate for (or at least support) improvements and investments.

    A final word to parents

    It is understandable parents might find recent headlines about abuse and neglect in early childhood centres distressing. Keep in mind, 91% of early childhood services have been assessed as at least meeting national quality standards.

    If you have any concerns about your service, you can contact the regulatory authority in your state or territory.

    Victoria Minson is the Course Coordinator for the Bachelor of Early Childhood Education (Birth to Five Years) (Accelerated) at Australian Catholic University. The Victorian offering of the course has received funding from the Victorian government and Victorian Department of Education. Victoria also receives funding from the Australian Research Council.

    Daryl Higgins receives funding from the Australian Research Council, the National Health and Medical Research Council, and Australian Government and state/territory government departments.

    – ref. With a new minister for early childhood education, what can the federal government do to make centres safer? – https://theconversation.com/with-a-new-minister-for-early-childhood-education-what-can-the-federal-government-do-to-make-centres-safer-256802

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: International Construction Machinery Exhibition Opens in Central China

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    CHANGSHA, May 16 (Xinhua) — The fourth Changsha International Construction Machinery Exhibition (CICM) opened Thursday in Changsha, capital of central China’s Hunan Province, with over 1,800 exhibitors from around the world displaying their advanced mechanical equipment and technologies.

    Held under the theme of “Exclusivity, Intelligence and Greenness,” this year’s exhibition featured global industry leaders such as Caterpillar and Hitachi, as well as Chinese construction machinery giants Sany and Zoomlion.

    The event, with an exhibition area of 300,000 square meters, features exhibits such as mechanical engineering products powered by new energy sources, unmanned technologies and other high-tech equipment. The range of exhibit names covers equipment used in construction, emergency rescue, mining, agriculture and the transportation sector.

    According to available information, about 760 international buyers from more than 20 countries and regions around the world will also visit this exhibition to seek purchasing opportunities.

    Mori Tsunetaka, representative of Hitachi Construction Machinery in China, said at the opening ceremony that over the past years, the CCMWST has become a world-renowned industry event and a world-class platform for market participants.

    Noting that the Chinese market remains a top priority for Hitachi in the firm’s global strategy, Mori Tsunetaka said the company will increase its investment in China and provide stronger technological and resource support.

    This year, the exhibition, which runs until May 18, will also feature forums, technical exchange events and business partner search presentation meetings.

    China’s machinery industry showed steady growth in 2024, largely due to the country’s large-scale equipment upgrade program and a series of policies aimed at stimulating economic growth. According to the All-China Federation of Machinery Industry, the added value of large enterprises in the industry increased by 6 percent in 2024 compared with 2023. Large enterprises are defined as those with annual revenue from their main business activities of at least 20 million yuan (about $2.78 million).

    Changsha is known as a construction machinery manufacturing hub, with major domestic giants in the field based here, including Sany, Zoomlion and Sunward. -0-

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Career and study expo to be held

    Source: Hong Kong Information Services

    The Education Bureau will host the “Information Expo on Multiple Pathways 2025” at the Convention & Exhibition Centre’s Hall 1B on May 23 and 24.

    The expo will provide senior secondary school students, parents and teachers with up-to-date information on various study and career pathways.

    Around 30 institutions and organisations will have booths at the event.

    These will provide information on locally accredited post-secondary programmes, Diploma of Applied Education programmes, Information Portal for Accredited Post-secondary Programmes, Electronic Advance Application System for Post-secondary Programmes, the Concourse for Self-financing Post-secondary Education, and the Qualifications Framework.

    Hok Yau Club, the Hong Kong Federation of Youth Groups and the Hong Kong Young Women’s Christian Association will offer study and career guidance services to students.

    There will also be talks on pathways for school-leavers and strategies for transitioning to post-secondary education. Post-secondary students will share their experiences.

    The bureau’s own booth will feature interactive games for expo visitors to participate in.

    The expo will run from 10am to 6pm. Admission is free and prior registration is not required.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Release: Minister’s rash orders fail frontline providers

    Source: New Zealand Labour Party

    The Auditor-General has found serious failings in the Government’s review of frontline providers such as counselling and prevention services.

    “It’s been nearly a year and frontline providers who work with vulnerable families are still waiting on certainty about funding,” Labour children’s spokesperson Willow-Jean Prime said.

    “The Auditor-General has found that Oranga Tamariki was poorly prepared to act on Minister Karen Chhour’s rash orders to cut and slash funding contracts for frontline services.

    “It’s even more concerning that officials don’t know the consequences of the Minister’s harmful choices on vulnerable children and their whānau.

    “I’ll tell you what happens when you take away prevention services – more harm to families and more children in care. Experts have warned about this.

    “With reports of vulnerable children almost doubling in the past year, Karen Chhour must act urgently.

    “Instead of listening to providers, she attacked them. It’s past time she takes responsibility, owns her mistake, and gives certainty to frontline services who remain anxious about their futures,” Willow-Jean Prime said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cassidy, Blumenthal Introduce Bill to Lower Costs for Medicare Beneficiaries

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Richard Blumenthal (D-CT) introduced the Medicare Beneficiary Co-Pay Fairness Act of 2025 to make Medicare’s co-pay structure more affordable by extending the existing co-pay cap to Ambulatory Surgery Centers (ASCs), ensuring fairer costs for patients, and supporting the continued growth and utilization of efficient, lower-cost surgical settings.
    “If your grandmother depended on Medicare for life-saving treatment, you would not want to hear that Medicare was cutting corners,” said Dr. Cassidy. “This bill makes costs fairer for patients while keeping the quality of care high.”
    Background
    Currently, while patients in both ASCs and Hospital Outpatient Departments (HOPDs) typically face a 20% co-pay, only HOPDs benefit from a co-pay cap, set at $1,676 for 2025. This leaves Medicare patients utilizing the over 6,300 Medicare-certified ASCs nationwide with potentially higher out-of-pocket expenses for approximately 150 procedures, even though ASCs offer high-quality, cost-effective care projected to save Medicare billions. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: New Manawatū Commercial Vehicle Safety Centre focused on improving compliance and efficiencies

    Source: Argument for Lifting NZ Super Age

    Operations are now underway at the country’s newest commercial vehicle safety centre (CVSC), on State Highway 1/3 at Ohakea in Manawatū.

    This will streamline travel for heavy vehicle operators, deliver targeted enforcement by NZ Police, and efficient monitoring for heavy vehicle compliance.

    NZTA Commercial Vehicle Safety Programme Manager Sean Bridge is confident the new CVSC will improve travel efficiencies for compliant heavy vehicle operators and level the playing field for commercial transport operators in the region.

    “A CVSC screens heavy vehicles travelling past and provides data on operator and truck behaviour such as heavy vehicle weight, Certificate of Fitness status, and driver fatigue. This information is used to direct operators into the centre for inspection by NZ Police,” says Mr Bridge.

    “These centres will help to improve compliance at the same time as improving travel times for operators, because those not flagged during screening won’t need to pull into the centre. 

    “The data we collect will give us insight into the behaviour of heavy vehicles on the network. Using this data, we’ll be able to target our education and compliance work toward where safety issues are found.

    “This ensures everyone is paying their fair share for use of the road; keeps compliant operators moving through more smoothly and reduces the damage caused to the road by overloading, ultimately boosting safety and efficiency for all road users.”

    The Ohakea CVSC is one of 12 being built on important freight routes that will monitor the behaviour of heavy vehicles across the country.

    How the CVSC works: 

    The CVSC is connected to in-road scales, number plate recognition cameras and electronic signage on State Highway 1/3, leading to and from the centre.

    This technology collects data on passing vehicles 24/7 such as COF status, vehicle weight, load status, permit compliance, and if drivers are taking appropriate breaks.

    Where a heavy vehicle is required for inspection, its number plate will be displayed on the electronic signage, indicating it needs to pull into the centre for safe inspection by the NZ Police.

    The construction of a new roundabout on the state highway also means trucks can safely enter from both directions.   

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: 150 social homes for Hawke’s Bay through community-led approach

    Source: NZ Music Month takes to the streets

    Families in need will benefit from 150 new social homes to be delivered in Hawke’s Bay using a new community-led approach, Housing Minister Chris Bishop says.

    “As part of last year’s Budget, the Government invested $140 million into 1500 new social homes to be delivered by Community Housing Providers (CHPs) between June 2025 and June 2027. 

    “Hawke’s Bay has been chosen as a priority location for a pilot community-led approach to social housing delivery due to the high level of need, with disproportionate numbers of people in emergency and temporary housing and on the social housing waitlist. 

    “The Ministry of Housing and Urban Development (HUD) has worked with CHPs, iwi, local government and other community groups to agree a community-led approach to delivering up to 150 social homes across the region. 

    “The Hawke’s Bay, especially in the aftermath of Cyclone Gabrielle, presents both a significant need for social housing, and a unique opportunity for government and local groups to work differently together to deliver social homes.

    “Today in Flaxmere I met with representatives from the Hawke’s Bay Matariki Housing Leadership Group who are taking the lead for the Hawke’s Bay community-led delivery approach. I endorsed the group’s efforts to bring together many different parts of the community, alongside HUD, to deliver 150 social homes in the region. The Government is looking forward to working collaboratively with them to get these homes built.

    “To make contracting more efficient, the Government is delivering many of the 1500 social homes across the country through Strategic Partnership agreements with carefully selected CHPs. In Hawke’s Bay, strategic partner Emerge Aotearoa Housing Trust has already committed to delivering 24 homes. 

    “Our Government is committed to delivering social homes in the communities that need them most, alongside the organisations who know the communities best, using community housing providers who have a track record of delivery.

    “In addition to the community partnership in Hawke’s Bay announced today, I am also confirming the other priority locations for social housing delivery for the five strategic partners announced by the Government in April. 

    “These locations are Auckland, Tauranga, Hamilton, Porirua, Nelson/Tasman, and Rotorua. They have been identified based on social housing need and emergency housing use in each area, along with housing market performance and CHP capacity and capability to deliver. 

    “I look forward to seeing construction of these social homes underway.”

    Note to editor:

    Across the total 1,500 places funded through Budget 2024, over 661 places have already been contracted for delivery up to June 2027, with further places expected to be contracted in the coming months. 

    The first projects are expected to be delivered in the first half of this year, with delivery gaining momentum as time goes on.

    The five strategic partners for social housing delivery were selected based on their current performance, capability, and capacity, as demonstrated by the social homes they already manage and the quality of the housing developments they have delivered to date.

    The strategic partners are:

    • Accessible Properties New Zealand Limited
    • Community of Refuge Trust (CORT)
    • Emerge Aotearoa Housing Trust
    • Te Āhuru Mōwai Limited Partnership
    • The Salvation Army 

    MIL OSI New Zealand News –

  • MIL-OSI China: Israeli airstrikes kill at least 80 in Gaza, cancer hospital knocked out of service

    Source: People’s Republic of China – State Council News

    Palestinians inspect a site of an Israeli airstrike in Jabalia refugee camp in northern Gaza Strip, on May 15, 2025. At least 80 Palestinians were killed and dozens of others wounded in Israeli airstrikes across Gaza on Thursday, said Palestinian medical sources. [Photo/Xinhua]

    At least 80 Palestinians were killed and dozens of others wounded in Israeli airstrikes across Gaza on Thursday, said Palestinian medical sources.

    The Nasser Hospital in Khan Younis reported that 54 people, including women and children, were killed in strikes on the southern city, according to a press statement.

    According to Gaza-based health authorities, the Gaza European Hospital, the only hospital providing medical follow-up care to cancer patients in the enclave, was out of service due to recent Israeli attacks.

    The Israeli attacks “caused significant damage to infrastructure, such as sewage lines, damage to internal departments, and destruction of roads leading to the hospital,” the authorities said in a press statement.

    Meanwhile, medical sources told Xinhua that 26 others were killed in Israeli airstrikes on Gaza City and other areas in northern Gaza.

    The airstrikes came after Israeli Prime Minister Benjamin Netanyahu warned Tuesday that the Israeli military would enter Gaza “with full force” in the coming days to press forward with efforts to defeat Hamas.

    Israel resumed large-scale military operations in Gaza on March 18, ending a two-month ceasefire. Since then, 2,876 Palestinians have been killed and more than 7,800 injured, according to health officials in Gaza.

    The total Palestinian death toll since the war erupted on Oct. 7, 2023, has reached 53,010, the officials said on Thursday.

    Israel is using a policy of “reducing space and emptying populated areas to pressure citizens,” Mahmoud Basal, spokesperson for the Civil Defense in Gaza, told Xinhua on Thursday.

    He also claimed that thousands of people spent the night in the streets amid threats of strikes on schools and shelters housing the displaced, adding that Israeli forces were obstructing emergency teams from reaching victims and systematically destroying Civil Defense infrastructure. 

    MIL OSI China News –

  • MIL-OSI China: Chinese-built Croatia’s largest solar power project breaks ground

    Source: People’s Republic of China – State Council News

    Croatian Prime Minister Andrej Plenkovic (2nd R, Front) and Chinese Ambassador to Croatia Qi Qianjin (2nd L, Front) visit the construction site of the Korlat solar project in Korlat, Croatia, on May 15, 2025. [Photo/Xinhua]

    The groundbreaking ceremony for Croatia’s largest photovoltaic power project, to be constructed by Chinese companies, was held Thursday in Korlat. Croatian Prime Minister Andrej Plenkovic expressed hope that the Korlat solar project would further deepen cooperation and enhance ties between the two countries.

    The project, located in Korlat, a small settlement within the city of Benkovac in Zadar County, will be constructed by a Chinese consortium, consisting of China’s Norinco International Cooperation Ltd. (Norinco International) and the Shandong Electric Power Engineering Consulting Institute.

    In his speech at the ceremony, Plenkovic also highlighted the successful collaboration on the Chinese-built Senj Wind Farm and expressed his pleasure in renewing cooperation with Chinese partner companies.

    For his part, Chinese Ambassador to Croatia Qi Qianjin said that the Korlat project would significantly boost regional economic development, create jobs, improve livelihoods, and support Croatia’s energy transition and green development.

    He expressed his hope that Norinco International would earnestly fulfill its responsibilities as the contractor, operate in compliance with regulations, and deliver another high-quality project that satisfies all parties.

    In October last year, the consortium won the tender to build the Korlat solar power project, with an installed capacity of 99 megawatts.

    Upon completion, it is expected to generate 165 million kilowatt-hours of green electricity annually, meeting the electricity needs of approximately 50,000 households, while also reducing carbon dioxide emissions by 150,000 tons per year. The project is scheduled to be connected to the grid in April 2026.

    MIL OSI China News –

  • MIL-OSI New Zealand: Speech to Otago Regional Growth Summit

    Source: NZ Music Month takes to the streets

    Thank you for being here.

    We appreciate your time. We appreciate your work.

    You have been joined this morning by five Ministers:

    • The Honourable Shane Jones, a driving force for the economic success of provincial New Zealand.
    • Customs Minister Casey Costello.
    • South Island Minister James Meager, and
    • Associate Regional Development Minister Mark Patterson.

    Today’s summit

    Ours is a country that has taken challenges and overcome them.

    Too often, we look to somebody else for an answer. We need look no further than ourselves.

    Gathered in this room are senior leaders from across the Otago region. Industry leaders, education leaders, transport leaders, elected leaders, and future leaders.

    Indeed, this entire region represents a story of New Zealand. One that embraces its resources, recognises its assets, develops itself, markets itself, attracts a thriving workforce and builds a community.

    These Regional Growth Summits have been set up as a forum for businesses, industry, and key regional leaders for your region’s priorities and how we can work together to grow regional economies.

    Rail as an economic enabler

    A man called Julius Vogel, from Dunedin, saw New Zealand as a nation and not as a series of regions. He connected us with rail, building more rail in ten years than in the 130 years which followed. One nation with many strengths.

    This morning, you have heard from Hon Shane Jones of our Government’s commitment of $8.2 million to build a three-track rail siding connecting Southern Link Logistics, an inland freight hub.

    Freight is about getting from A to B. Freight is the lifeblood of our economy. It’s no good making something if it doesn’t go to a customer.

    Rail boosts the network. Rail is the clearing house for busy ports, moving vast quantities of containers so ports can handle more ships. More ships enable more exports, more imports, more trade.

    Inland freight hubs mean local road freight operators, and rail freight, can feed regional goods into the hub and have rail take the combined heavy-haul to port. This model happens all over the country, and locals here in Otago have said they need it, and we have listened and delivered.

    Further, we have rebuilt the Hillside Railway Workshops in Dunedin. Brand new mechanical depots and network services, and an assembly operation is driving mechanical engineering expertise here in Otago and delivering 1,500 wagons to serve national goods.

    We don’t just talk. We deliver.

    Rebuilding the economy

    New Zealand requires a productive economy to thrive. 

    That means using what we have, adding value, and solving problems elsewhere in the world with our ideas and our products.

    This is not a new idea. Economic success requires work, right here, right now, every day.

    We have many assets as a nation:

    • Our people, their dedication to each other, their families and their communities. Their willingness to put in a hard days work, and our educators, thinkers and innovators and their tenacity to push humanity forward.
    • Our businesses, taking risk and investing for tomorrow, building industries, and backing their communities.
    • Our infrastructure – roads, rails, ports, farms, mills, depots, workshops, fibre, and much more. We have invested heavily, and these assets remain as vital to our success today as they have for decades.
    • Our resources – pastoral land, oceans and rivers, forests and yes, a thing called the extractive industry. Look around, 96 percent of this building and every building in New Zealand came from the extractive industry.

    We must aggressively sell our country as an attractive investment destination.

    The question that is always asked, “but why New Zealand?”, and we must have the answer.

    What gives us an edge over other small nations seeking investment? Why should an investor look to us, to our people, to our resources, to our future and decide we are where their future lies?

    Singapore, Taiwan, Ireland, and Croatia today, have answered these questions.

    So, what must we do?

    First, developing talent is essential to driving productivity gains.

    Many of you will also be aware of the work underway to redesign New Zealand’s vocational training to make it more regionally responsive, efficient, and relevant. These changes will help equip our people with the skills to take better opportunities within their communities, rather than needing to head off to Australia.

    Government investment through Regional Development funds, which started with the Provincial Growth Fund, has had a huge impact on growing job opportunities in Otago, with just under 1,000 jobs created through central government investment in Otago to date. 

    We will see these positive employment outcomes continue with the construction of the flood resilience projects and future potential investments through the Regional Investment Fund.

    Second, competitive business settings. We need the right policies and settings to allow development in the right places at the right time. We are talking here about sensible tax, predictable labour settings, and reliable migration settings.

    The length of time it takes to deliver infrastructure projects in New Zealand is costing us – in inflated costs, delays, and importantly from our perspective, in our international reputation for doing business. We see shovel-ready projects trapped in cycles of over-regulation and legal challenges.

    Third, promoting global trade and investment to boost the value of our exports, grow international markets and attract investment for our firms.

    As the Minister of Foreign Affairs this one is obvious. We are rebuilding the importance of solid relationships and working in partnership with other countries.

    Fourth, science and innovation systems are critical to boosting the number of knowledge-intensive, internationally connected firms.

    Improving digital connectivity and skills is a critical way of ensuring communities have access to a broader range of employment opportunities and enjoy greater productivity. To support these outcomes, the Provincial Growth Fund provided a $950,000 grant for the business case and $10 million grant toward the development of the Centre of Digital Excellence in Dunedin. 

    The centre invests in career pathways to the gaming industry, helps develop digital skills, grows digital capability, supports innovation through contestable funds, and attracts digital businesses to Dunedin.

    Fifth, long-term infrastructure. We want to see major projects on the Fast-Track. That is why we have legislated for economically significant infrastructure projects to be considered for what they are: the pathway to our future. We got things done in our past, and we are going to do it again.

    We are backing our roads and our rail because we know an export nation relies on solid connections to our coastal ports.

    And, if Minister Jones hasn’t made you aware, a $1.2 billion Regional Infrastructure Fund.

    Conclusion

    Now, we remind you that while the people of Wellington do have strengths, the public service within Wellington will not be the problem solver for Otago. That is your job.

    We need our regions to be running at full steam, increasing self-sufficiency, resilience, and for everyone to benefit from the changes we’re driving.

    And if you need help, tell Shane Jones what’s important to you as a region, and how we can work together to make that happen.

    You will be heard.

    Thank you very much.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Speech to Hillside Workshops

    Source: NZ Music Month takes to the streets

    Good morning.

    First, let us reiterate the thanks already given to civic leaders, Ministers, Mayors, parliamentarians past and present, union leaders, business leaders and members of the public gathered here today. 

    Let us also acknowledge the KiwiRail workers of Dunedin, especially the former and current workers here at Hillside today.

    You asked. We delivered.

    It is important to mark history. Knowing where we have come from helps us understand where we are going.

    Hillside Workshops have been a mainstay of New Zealand’s industrial heritage for a century. 

    A little over a decade ago the staff numbers were down to 12, and Hillside was closing.

    Today, 60 people work in the mechanical depot and 50 track workers serving the region have shifted here from Cumberland Street.

    The reason that Hillside is alive and well as you see it today is that in 2019, the Honourable Shane Jones allocated $20 million to start the masterplanning, demolition and rebuild of the main mechanical workshop here at Hillside.

    The masterplan was followed through when the Government approved $85 million more for the site, which included shifting the network operation here and funding the assembly of 1,500 wagons here in Dunedin.

    Our decisions, and your advocacy, saved Hillside Workshops.

    Dozens of people, almost entirely from Otago, have been employed and are learning technical mechanical engineering skills. Right here. Right now.

    The Honourable Mark Patterson visited last year and spoke with a mechanical engineer who grew up in Dunedin and worked at Fisher and Paykel. 

    His Fisher and Paykel role was made redundant, and he shifted to Australia, but the Hillside Workshop redevelopment brought him home. Like many others.

    These are technical minds and hands being put to work – and work is a matter of dignity and contribution.

    Hillside Workshops are an emblem of New Zealand’s industrial heritage.

    This city is famed for Julius Vogel who saw New Zealand as a nation, not a collection of regions. He connected the provinces by rail and built lines that stretched from Bluff to Kawakawa, and eventually connecting us as a nation with main trunks. He built more lines in ten years than in the following 130.

    We are committed to making sure rail has a strong future in this country and it rests on KiwiRail being able to serve its customers with assets that are fit for the job.

    That is what we have done here.

    The new, high-quality wagons that are being built here at Hillside are part of our Ministry’s strategy for rail. 

    They will lift service reliability, allowing KiwiRail to better deliver for their existing freight customers. In turn, that will attract more customers and grow freight volumes. 

    Now it’s up to KiwiRail to deliver, and it’s up to freight movers to “think rail”. Use it or lose it.  

    As you know, Dunedin is a dynamic city with a long history of contribution to the country’s engineering and technology sectors. 

    Our regional investments help build this capability in the city – from establishing the Inventors Lab and Centre of Digital Excellence to funding engineering equipment and support for technology manufacturing. 

    The Hillside redevelopment has also redefined KiwiRail’s footprint in Dunedin, freeing up its landholdings for wider industrial development. That means opportunities for investment here. That means jobs here.

    It’s a great privilege today to officially, albeit belatedly, declare the Hillside Workshops open.

    We don’t just the start the job, we finish it.

    Thank you to everyone who has been involved in this successful project and who are continuing to make it deliver. 

    Thank you very much.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Public Defence Service changes finalised

    Source: Tertiary Education Commission

    Headline: Public Defence Service changes finalised

    5:00pm – 15 May 2025

    The Public Defence Service (PDS) is releasing the final outcome of its change process following consultation with staff. 

    The proposal was announced on 3 March 2025, and staff had the opportunity to provide feedback until 1 May. 

    “We had a significant amount of feedback from across the PDS,” says Peter Hutchinson, Director, Public Defence Service. 

    Submissions were received from 94 individuals and 10 groups. 

    “We carefully considered this feedback and have made a number of changes to what was originally proposed as a result.” 

    “For example, noting the feedback regarding concerns over on-site support, legal secretary positions in local PDS offices will remain. In addition, while we will still establish two centralised legal secretary hubs, they will have a reduced number of legal support positions overall initially, and we will take a slower, more phased approach to establishing the hubs.” 

    Mr Hutchinson says they have also listened to feedback on proposed changes to the PDS Appeals Team and had made adjustments as a result. 

    “This change to the original proposal means the PDS will be at a similar senior court resourcing level as it was in 2022 and this will mean the reduction in senior court cases will be less than under the original proposal.” 

    Mr Hutchinson says proposed changes to the Duty Lawyer Service are being confirmed, including the loss of some management positions. 

    “While feedback from staff is acknowledged, we also note the extensive expertise of the PDS Duty Lawyer Supervisors that will remain with the PDS.” 

    The organisational realignment will result in a total of 23 PDS positions being disestablished, and 8.5 new positions being established. A number of internal reassignments are being offered, along with at least a further 12 lawyer positions in the future, funded from internal savings. 

    “I appreciate that this has been a stressful time for staff, and we appreciate their considered and comprehensive feedback.  

    “I believe these changes will enable the PDS to achieve its objective of enabling internal efficiencies and savings by increasing its cases each year, while continuing to deliver high quality legal services,” Mr Hutchison says. 

    About the PDS 

    • The PDS is an independent criminal law practice providing advice and representation to defendants who have legal aid in criminal cases. 
    • The PDS also oversees duty lawyer services in the courts where it operates. 
    • The PDS is the largest criminal law practice in New Zealand, with over 150 criminal defence lawyers in 10 offices across New Zealand. 

    ENDS 

    ← Back to the news

    MIL OSI New Zealand News –

  • MIL-OSI USA: In Speech to National Urban League, Warren Calls Out Republican Plans to Shortchange American Families to Pay for Billionaire Tax Cuts

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 15, 2025
    “If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work.”
    Washington, D.C. — Today, U.S. Senator Elizabeth Warren (D-Mass.) delivered remarks at the National Urban League’s 2025 Empowerment Summit, laying out the stakes of the tax fight in front of Congress. 
    Senator Warren called out Republicans’ plans to give billionaires trillions of dollars in tax cuts while cutting health care and education spending and raising costs for American families. 
    “We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. And when we do that…(w)e can invest in neighborhood businesses. We can finally level the playing field for working families in America,” said Senator Warren. 
    Senator Warren also warned that Republicans’ GENIUS Act would turbocharge President Trump’s corruption and set American families up to be further scammed. 
    “If we don’t fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet,” concluded Senator Warren. 
    Transcript: Remarks for the National Urban League 2025 Empowerment Summit May 15, 2025
    As Prepared for Delivery
    Senator Elizabeth Warren: Hello National Urban League! It is so good to be here with you today. 
    Let’s talk about Trump’s “big, beautiful bill,” or as the nerds call it: the reconciliation package, or, as I call it, the Billionaires Win, Families Lose Plan.
    The fight before Congress today will help determine the kind of country we are. Are we a country that only works to make the rich get richer? Or are we a country that believes everyone in this country deserves a chance to succeed – no matter the color of your skin, who you love, how you worship, where you were born, or what zip code you live in. That is the fight.
    But before we get into it, let me briefly rewind: In his first term, Donald Trump had one major legislative accomplishment. A $2 trillion tax cut. You might be wondering to yourself: I don’t remember getting a tax cut. Well, you probably didn’t notice much of a difference on your taxes, because the Republican tax giveaways got mostly sucked up by millionaires, billionaires, and giant corporations. Not working people.
    This year, those tax giveaways are up for renewal. And this time, it’s even worse. These tax cuts could cost $52 trillion over the next thirty years. To give you some context, that is more debt than we have built up in the 249-year history of our country.  
    These are primarily tax giveaways to millionaires, billionaires and giant corporations.  
    I say the millionaires and billionaires are doing just fine—we should instead give tax breaks to working parents and the people educating our children!
    But it gets worse. The Republicans in Congress want to pay for these tax giveaways by cutting the basic services that help the not-rich people. Trump and the Republicans plan to rip away health care coverage for millions of people. They are working to slash public education. And they are fine with raising the cost of groceries – all to pay for trillions of dollars in giveaways for billionaires.  
    The Republican plan is on full display. It can fit on a bumper sticker: Billionaires win; families lose. 
    If they win, the billionaires don’t just become wealthier—the rest of us lose out big time in investments we never make. Investments to fix our roads and bridges. Investments to make child care affordable so parents can get to work. Investments to help Black and Brown communities get a fighting chance after decades of discrimination and injustice. 
    There it is:
    Shortchange our children so Jeff Bezos can buy another $40 million clock that ticks once a year.  
    Cripple our small businesses so Mark Zuckerberg can host even more black tie events, dress up like Benson Boone, and dance around. That’s not a joke. I saw the video. Would not recommend.
    Hollow out our communities so Elon Musk can plan a trip to Mars. Actually, if he would take his chainsaw with him, I’d be willing to contribute to sending him there.
    But the stakes of this tax fight are very serious. I know we don’t have all the tools we need in Congress right now. I know the math. But that does not mean that we have no tools at all. 
    The way I see it, we’ve got two choices in front of us: we can whimper, we can whine, or we can fight back. And I know this group is ready to fight back. And that starts with a “hell no” on any bill that gives billionaires more tax breaks.
    Because that’s not our vision for this country. We are people who believe that if you make it really, really, really big— bigger than millions and billions of dollars big—you should pitch in your fair share so everyone else can have a chance. 
    And when we do that, we can fund investments in child care, and in education, and in affordable housing. We can invest in neighborhood businesses. We can finally level the playing field for working families in America.
    While I’m with you all today, the Senate could vote on the GENIUS Act crypto bill as soon as next week. We need to make the financial system fairer but this bill will turbocharge Donald Trump’s corruption while making it easier for consumers to get tricked and trapped. If we don’t fix this bill, communities that the Urban League seeks to represent will be harmed most. What Republicans are selling as an opportunity for financial inclusion and empowerment will tank our financial system, and cause pain to families who are barely making ends meet.
    So hold onto that vision and stay in the fight. Thank you all for being here today. I am honored to fight alongside you. 

    MIL OSI USA News –

  • MIL-OSI Russia: China’s rail passenger traffic hits record high in January-April 2025

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, May 16 (Xinhua) — China’s rail passenger traffic rose 5.9 percent year-on-year to a record 1.46 billion person-times from January to April, data released by China State Railway Corporation (CSRC) showed Thursday.

    According to the KGZhK, in January-April the average daily number of passenger trains running in the country was 11,224, which is 7.1 percent more than a year earlier.

    In order to meet market demand, KGZhK sent 367 special tourist trains.

    According to the results of the first four months of this year, KGZhK served about 5.69 million foreign passengers, which is 32.1 percent more in annual terms, statistics show. -0-

    MIL OSI Russia News –

  • MIL-Evening Report: Waste-to-energy in Australia: how it works, where new incinerators could go, and how they stack up

    Source: The Conversation (Au and NZ) – By Ali Abbas, Associate Dean (Research), University of Sydney

    Martin Mecnarowski, Shutterstock.

    Every year, Australia buries millions of tonnes of waste in landfills. But these sites are filling fast, recycling has its own limitations, and most waste export is banned. So councils and state governments are looking for alternatives.

    Several large-scale incinerators have been proposed, to turn municipal solid waste into electricity. One is already up and running in Perth’s outer suburbs.

    The A$1.5 billion Parkes Energy Recovery project planned for New South Wales would be Australia’s biggest. However, community backlash over potential health risks could put the plan in doubt.

    As chemical engineers, we recognise the potential benefits of this technology. Modern facilities operating around the world show these processes can be efficient, safe and environmentally controlled. However, minimal risk does not mean zero risk. Understanding both the benefits and challenges is crucial to address community concerns.

    What is waste-to-energy?

    Waste-to-energy, also known as energy-from-waste, can transform waste otherwise destined for landfill into electricity, heat or fuel.

    This does not replace recycling. Instead, it offers a solution for materials that are difficult or impossible to recycle. Care must be taken, however, to ensure waste-to-energy technologies complement rather than supplant recycling efforts.

    How does it work?

    There are three main types of waste-to-energy technologies:

    1. Thermal: use heat to generate steam, which spins turbines to create electricity. The heat can come from burning waste, producing carbon dioxide, water and ash. Alternatively, solid waste can be turned into gas (hydrogen and carbon monoxide). This process is known as gasification.

    2. Biological: use microorganisms to break down organic matter in the waste stream, producing biogas, mainly methane. This is then used for power or heat generation.

    3. Chemical: use processes such as pyrolysis or hydrothermal liquefaction to convert hard-to-recycle materials into fuels or chemicals. These can feed into industrial and manufacturing processes.

    What’s holding Australia back?

    When most Australians hear about making energy from waste, they think of
    old-fashioned incinerators. Those outdated facilities released smoke and toxins into the air.

    But modern incinerators use advanced air pollution control systems that capture harmful emissions.

    Some use static electricity to remove dust or smoke particles from the gas stream. Other pollution control systems include acid gas scrubbers, catalytic converters and fabric filters.

    This can cut emissions of fine particles by up to 99%.

    The volume of waste sent to landfill is also reduced by up to 90%. What remains includes incinerator bottom ash and fly ash. Often these can be reused in making concrete, pavement and other construction materials. But regulatory issues will need to be overcome before this can happen in Australia.

    Introducing the Parkes project

    The Parkes Energy Recovery project, announced in March, promises to process around 600,000 tonnes of waste a year. This should generate at least 60 megawatts of electricity – enough to power 80,000 homes.

    To receive development approval, the project must comply with stringent environmental and health standards. This includes preparing an Environmental Impact Statement and Human Health Risk Assessment. The NSW Environment Protection Authority may then issue an Environment Protection Licence. Such a licence requires ongoing monitoring and frequent audits.

    Extensive community consultation is underway.

    Other projects around Australia

    There are two waste-to-energy plants in Western Australia, one at Kwinana and another under construction at East Rockingham. A third plant has been given the go-ahead in Victoria, at Maryvale.

    Kwinana received its first delivery of waste in July 2024.

    Licences to build other major waste-to-energy facilities have been issued in Victoria. Various proposals are also being considered in New South Wales, Queensland and South Australia.

    Australia’s first standalone, large-scale waste-to-energy plant in WA | ABC News.

    Taking tips from overseas

    A shortage of landfill sites in cities across Europe and Asia originally promoted investment in waste-to-energy technology. These power plants are now commonplace in Germany, the Netherlands and Japan, substantially reducing reliance on landfill.

    The Amager Bakke plant in Copenhagen shows how such facilities can also enrich a community. This award-winning building doubles as a public recreation space, complete with a rooftop ski slope.

    In China, the proposed Shenzhen East Waste-to-Energy Plant could process 5,000 tonnes of waste a day. That works out to 1.8 million tonnes of waste a year, if run continuously.

    One of the world’s largest waste-to-energy plants is in Shenzhen, China (Dezeen)

    Waste-to-energy and the circular economy

    Waste-to-energy technology is useful in the transition to a circular economy. This is an economy where resources are continually cycled through the system and never wasted.

    Reusing, recycling and reducing waste must remain top priorities. Waste-to-energy technology should then be used as a last resort, extracting value from hard- or impossible-to-recycle materials.

    It’s certainly better than sending waste to landfill. When buried underground, waste can leach toxins into soil, ground and surface water. The potent greenhouse gas methane is also released when food rots in landfill.

    Over-reliance on waste-to-energy could supplant more sustainable circular recycling efforts. But incineration plants are being scaled back in Europe, as the focus shifts to reuse.

    Copenhagen’s power plant is also a ski slope (The Impossible Build)

    The case for waste-to-energy

    Despite its potential, waste-to-energy technology remains controversial in Australia. Some local communities remain concerned about emissions and potential long-term health risks. Environmental groups also question the potential effects on recycling rates.

    Nevertheless, growing awareness of the limitations of recycling, increasing landfill levies, bans on waste exports, and ambitious federal and state circular economy strategies are making waste-to-energy a more pragmatic option. Stringent regulation and community consultation will be necessary to get these projects off the ground.

    Responsible use of modern waste-to-energy technology can generate electricity and heat for homes with minimal emissions, and can extend benefits that serve local communities. It can also complement Australia’s renewable energy targets while taking a better approach to managing waste.

    Professor Ali Abbas is Associate Dean (Research) at the University of Sydney Faculty of Engineering. He is Australia’s Chief Circular Engineer (Circular Australia), and Founder and Executive Director Innovation at Scimita Group, a Deep Tech Innovation House working in sustainable technologies. He has previously advised government and industry on energy-from-waste and circular economy topics.

    Dominic Bui Viet is a Research Fellow at The University of Sydney in the Faculty of Engineering. He has previously received funding from a Cooperative Research Centre projects grant to conduct research into pyrolysis technologies for waste management.

    Eric Sanjaya is a Research Fellow at The University of Sydney, Faculty of Engineering. He has previously advised government and industry on energy-from-waste and circular economy topics

    – ref. Waste-to-energy in Australia: how it works, where new incinerators could go, and how they stack up – https://theconversation.com/waste-to-energy-in-australia-how-it-works-where-new-incinerators-could-go-and-how-they-stack-up-254395

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Police seek witnesses to fatal crash

    Source: New Zealand Police

    Motorists who were in the Pahiatua area yesterday afternoon may be able to help Police with the investigation into a fatal crash.

    About 3pm, a flatbed truck carrying containers and a grey Mini hatchback collided on State Highway 2, near the intersection with Avery Road. The driver of the car died at the scene.

    Senior Sergeant Carey Williamson said Police needed to hear from any road users who witnessed the crash, or the manner of driving or either vehicle.

    “The truck was carrying large white containers filled with oil, while the Mini in itself is distinctive. If you observed either vehicle before the collision, or the crash itself, please contact us as soon as possible.”

    Anyone with information is asked to contact Police by making a report online, or by calling 105.

    Please use the reference number 250515/8522.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI China: World’s largest car carrier built by China sets sail

    Source: People’s Republic of China – State Council News

    An aerial drone photo taken on May 15, 2025 shows the naming ceremony of the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai. [Photo/Xinhua]

    SHANGHAI, May 15 — Anji Ansheng, China’s domestically built ocean-going car carrier and the world’s largest such carrier in terms of capacity, set sail on its maiden voyage to Europe on Thursday evening, carrying approximately 7,000 China-made vehicles.

    The departure from Shanghai marks a milestone achievement, surpassing a record set just weeks earlier by BYD Shenzhen, which is a domestically built car carrier from the major Chinese automaker BYD. That vessel had previously held the title of the world’s largest car carrier in operation.

    “The fact that this record has been broken again in less than a month reflects the rapid rise of China’s mid-to-high-end manufacturing sector, and the resilience and vitality of the country’s foreign trade despite complex global conditions,” said Gao Yuning, deputy director of the School of Public Policy and Management at Tsinghua University.

    Anji Ansheng measures 228 meters in length and 37.8 meters in width, with a maximum capacity of carrying 9,500 standard vehicles, said Zhuang Jingxiong, general manager of SAIC Anji Logistics Co., Ltd., a subsidiary of SAIC Motor Corporation Limited.

    The vessel integrates advanced energy-saving technologies and intelligent low-carbon systems, achieving world-class energy efficiency. It is also incorporated with a methanol-refueling design, laying the foundation for achieving carbon neutrality in the future.

    “China’s large-scale construction and delivery of vehicle carriers are propelling the country’s ocean-going auto transport capacity to new heights,” said Zheng Hehui, deputy general manager of China Merchants Industry Holdings, a subsidiary of the China Merchants Group.

    According to SAIC, the company had delivered over 5.5 million vehicles to international markets by the end of 2024, placing it among China’s top car exporters. SAIC’s annual overseas sales have surpassed 1 million units for three consecutive years.

    China’s automobile exports exceeded 6.4 million units in 2024, maintaining the top global position for a second consecutive year, according to the General Administration of Customs of China.

    Data from January to April 2025 shows that the country exported more than 1.93 million vehicles during the period, a year-on-year increase of 6 percent.

    Take the Shanghai Haitong International Automotive Terminal — from where Anji Ansheng set sail — as an example. Despite global trade uncertainties in the first four months this year, the port exported 740,000 vehicles during the period, a year-on-year increase of 25.1 percent.

    “This momentum reflects not only the rising competitiveness of Chinese brands but also the strong capabilities of China’s auto industry,” Cui Dongshu, secretary general of the China Passenger Car Association, said.

    China’s growing competitiveness was also evident at the recent 2025 Shanghai Auto Show, which attracted more than 12,000 overseas dealers.

    “China is doing a great job in terms of technology, and the cars are very reliable. People have confidence in Chinese cars. I think they see Chinese cars as offering a good balance between price and quality,” said Agustin Garcia, CEO of Spain’s Sarmovil Auto Group.

    SAIC’s Anji Logistics now operates one of the world’s leading vehicle shipping fleets. By 2026, its ocean-going fleet will grow to 22 vessels, with routes covering Western Europe, Mexico, Southeast Asia, the Middle East and other key export destinations for Chinese automakers.

    “For automakers, owning a fleet ensures stable export operations, reduces transportation costs, and guarantees timely delivery of products to overseas customers,” said Xie Xiaowen, an expert from the China Communications and Transportation Association.

    MG cars produced by Shanghai Automotive Industry Corp (SAIC) are parked next to the car carrier Anji Ansheng to be shipped in east China’s Shanghai on May 15, 2025. [Photo/Xinhua]
    An aerial drone photo taken on May 15, 2025 shows the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai. [Photo/Xinhua]
    Cars are driven onto the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai, May 15, 2025. [Photo/Xinhua]
    An aerial drone photo taken on May 15, 2025 shows the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai. [Photo/Xinhua]
    This photo taken on May 15, 2025 shows the ceremony of the maiden voyage of the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai. [Photo/Xinhua]
    A panoramic aerial drone photo taken on May 15, 2025 shows the car carrier Anji Ansheng at Shanghai Haitong International Automotive Terminal in east China’s Shanghai. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China doubles down on urban upgrades to boost high-quality development

    Source: People’s Republic of China – State Council News

    An aerial drone photo taken on Oct. 9, 2024 shows a view of the Ciqikou ancient town in southwest China’s Chongqing Municipality. [Photo/Xinhua]

    China is intensifying efforts to advance its urban renewal initiative as it strives to build livable, resilient and smart cities, and to bolster high-quality development.

    In its latest push, the country on Thursday unveiled a set of guidelines, pledging increased policy and financial support for urban renewal projects, which can range from gas pipe updates and lift installations to the renovation of old factories into commercial zones.

    The guidelines, issued by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, are designed to achieve key progress in the country’s urban renewal campaign by 2030. They also aim to improve safety conditions, enhance service efficiency, elevate living environments, develop business models, and preserve cultural heritage.

    Efforts should be focused on reinforcing and renovating existing buildings as well as old residential areas, while optimizing their infrastructure, including parking, charging, fire protection and communication.

    The update and renovation of old commercial blocks, factory areas and urban villages will be advanced, according to the guidelines, which also urged establishing multi-level and all-coverage public service networks to meet people’s living needs.

    The guidelines also called for accelerating the construction and renovation of gas, water supply, drainage, sewage, heat supply along with other underground pipeline networks and underground utility tunnels, while strengthening the construction of public fire protection facilities, and improving transportation infrastructure.

    They also established requirements on restoring the ecological system in cities, and preserving urban history and culture.

    In the meantime, an urban renewal implementation mechanism should be established, while the land use policy should be optimized, the guidelines said, adding that a whole-life-cycle housing safety management system needs to be created.

    The latest document came as Chinese authorities issue a slew of measures to upgrade urban areas.

    The country initiated over 60,000 urban renewal projects in 2024, with a total investment of 2.9 trillion yuan (about 402.8 billion U.S. dollars).

    In January this year, a meeting of the State Council said that urban renewal “serves as an important lever for the expansion of domestic demand.”

    The renovation of old residential communities, blocks, factory areas and urban villages in cities should be accelerated, and the renovation of urban infrastructure should be strengthened, the meeting noted.

    In April, the Ministry of Finance pledged central budget support for the urban renewal initiative in up to 20 cities over the course of this year, noting that priority will be given to mega and super large cities, as well as large cities along key river basins such as the Yellow River and the Pearl River.

    Municipalities, along with cities in the country’s western regions, can each receive up to 1.2 billion yuan in subsidies for upgrade projects. Urban areas in China’s central regions can obtain up to 1 billion yuan, while those in eastern regions can receive up to 800 million yuan. 

    MIL OSI China News –

  • MIL-OSI USA: Senator Marshall Joins Newsmax to Discuss President Trump’s One Big, Beautiful Bill and the Justice for Angel Families Act

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today joined Sharla McBride and Marc Lotter on Newsmax to discuss the Justice for Angel Families Act, legislation that would amend the Crime Victims Fund (CVF) to expand financial coverage for Angel Families – the immediate relatives of victims killed by illegal aliens, including in drunk driving accidents. This legislation would allow federal funds to cover medical expenses, lost wages, and funeral costs, easing the financial burden on grieving families.
    They also discussed President Trump’s “One Big, Beautiful Bill,” and what’s next for the reconciliation process.
    You may click HERE or above to watch Senator Marshall’s full interview on Newsmax.
    Highlights from the interview include:
    On what’s next for the reconciliation process:
    Senator Marshall: “I think we should stop and just congratulate President Trump and Speaker Mike Johnson, Chairman Jason Smith, over there, for getting the ball this far. They need to get this across the finish line. Let’s give them a little bit of air space. Then let’s bring it over here, and let’s see if we can find some more savings for American families to pay for some of President Trump’s priorities… no tax on tips, no tax on overtime, no tax on Social Security. This bill will be written to help out those middle-class, hardworking Americans who take a lunch pail to work. So, it’s our job to improve it, and then we’ll send it back there.”
    On saving Medicaid and Medicare for vulnerable Americans:
    Senator Marshall: “Our hope is that we save Medicaid, that we strengthen Medicaid for those who need it the most. Now, if you’re an illegal alien in California on Medicaid, the federal government shouldn’t pay for that. I think that’s just one very simple example. If you’re a person who’s getting Medicaid from two different states, that’s not right either.
    “There’s a lot of fraud, waste, and abuse in Medicaid. We’ve seen Medicaid grow 50% in five years. Over 90 million Americans are now on Medicaid – not Medicare. We’re not touching Medicare. We are trying to strengthen Medicaid for those who need it the most.”
    On the need for the Justice for Angels Families Act:
    Senator Marshall: “Well, I wish we could find a Democrat that will support it, but I just want to emphasize why this is so important. When anyone dies an unnatural death, it’s a tragedy. But when a loved one is murdered, when they’re murdered by an illegal alien when they’re hit, killed by a drunken driver, you know, it’s just a deeper kick in the gut.
    “… These Angel Families, we just want to help them bury their loved one. If they had health care costs that we want to help with that a little bit as well. I think it’s the least we could do.”

    MIL OSI USA News –

  • MIL-OSI China: China’s robotics boom fueled by fledged industrial chain

    Source: People’s Republic of China – State Council News

    In a smart factory of China’s home appliance giant Midea Group, more than 10 robots are busy screwing and welding. But here’s the twist: these robots are not simply assembling the company’s iconic air conditioners or fridges; instead, they are building other industrial robots.

    This “robots producing robots” production line in Foshan, Guangdong Province, operates fully automated and around the clock, rolling out one robot every 30 minutes on average.

    The factory sits amid a thriving robot industry ecosystem, where suppliers of core components are just a 10-minute drive away. Benefiting from the efficient supply chain, the Midea factory has delivered more than 80,000 industrial robots since it was set up in 2020.

    Midea started its foray into the robotics in 2015, with hopes of harnessing the technology to make its home appliances smarter while gaining a strategic foothold in the futuristic industry of smart robots.

    In March this year, the group unveiled a humanoid robot prototype capable of performing a variety of movements, including shaking hands, dancing, tightening screws, as well as understanding voice commands and doing operations as instructed.

    “We expect that the humanoid robot can be applied and commercialized in specific scenarios such as industry and manufacturing,” said Wei Chang, vice president and chief technology officer of Midea.

    COMPREHENSIVE CHAIN

    Midea epitomizes Guangdong’s robot boom. The manufacturing heartland in south China is home to more than 160,000 robotics enterprises, constituting the country’s largest industrial cluster for intelligent robots.

    According to the provincial government, Guangdong’s industrial robot output exceeded 240,000 units or sets in 2024, marking a year-on-year growth of 31.2 percent. One out of every three industrial robots in China is now made in Guangdong.

    With Shenzhen as its tech hub, Guangdong boasts advantages in mechatronics and digital intelligence technologies, said Lin Yi, deputy head of the industry and information technology bureau of Shenzhen.

    Excellent mechatronics enable rapid assembly of a robot’s body and limbs, while digital intelligence technologies empower a robot with a smart brain. The two strengths help foster a comprehensive industry chain in the province, extending from the production of chips and core components to downstream applications.

    A sophisticated and well-rounded industrial chain is credited with lowering costs for both development and manufacturing of new products. This infrastructure has supported the rapid emergence of many industries in China, ranging from drones to new energy, in recent years.

    Although humanoid robots first emerged abroad, the most likely place for their industrialization and commercialization is China, said Zhang Jin, president of SIASUN Robot & Automation Co., Ltd.

    “In China, there are companies focusing on making robots’ brain, while others specialize in arms, feet and other components. Altogether, they form a complete and vibrant industry eco-system,” Zhang said.

    TALENT, MONEY & POLICIES

    By the end of 2024, China had a total of 451,700 smart robotics firms, marking a staggering 206.7-percent increase from 2020, according to official data.

    Apart from industrial chain prowess, China’s vast pool of engineers has also added momentum to the industry. More than 300 colleges and universities nationwide now offer undergraduate programs in robotics engineering, which was approved as an undergraduate major by the Ministry of Education in 2016.

    Supportive policies also play a crucial role. In 2023, China issued a guidance on the innovative development of humanoid robots, declaring that they were expected to become revolutionary products following computers, smartphones and new energy vehicles.

    China’s government work report this year pledges to establish a mechanism to increase funding for industries of the future including embodied artificial intelligence, which refers to AI with physical bodies such as robots.

    Many local governments have also come up with ambitious plans. In February, Beijing, which boasts a congregation of leading universities and technological startups, issued a detailed action plan for embodied intelligence, setting a national benchmark for the industry.

    By 2027, the city is expected to employ robots in more than 100 scenarios covering areas from manufacturing to logistics, especially taking up jobs that are perilous, repetitive and laborious, it said. 

    MIL OSI China News –

  • MIL-OSI USA: Markey, Van Hollen, Colleagues Question Legality of Trump Administration’s Multi-Million Dollar Payment to El Salvador to Imprison Migrants from U.S.

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Letter Text (PDF)
    Washington (May 15, 2025) – Senator Edward J. Markey (D-Mass.) and Senator Chris Van Hollen (D-Md.) led ten colleagues today in writing to Secretary of State Marco Rubio to demand answers regarding the Trump administration’s $6 million payment to the government of El Salvador to support the detention of migrants transferred from the United States, including at the notorious Centro de Confinamiento del Terrorismo (CECOT) prison.
    The letter was signed by Democratic Whip Dick Durbin (D-Ill.), Vice Chair of the Senate Appropriations Committee Patty Murray (D-Wash.), and Senators Peter Welch (D-Vt.), Mazie Hirono (D-Hawaii), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Cory Booker (D-N.J.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), and Tim Kaine (D-Va.).
    In the letter the lawmakers write, “The Trump administration has boasted of its $6 million payment to the government of El Salvador to support the detention of migrants transferred from the United States, including at Centro de Confinamiento del Terrorismo (CECOT) prison. Given the well-documented and credible allegations of gross violations of human rights at CECOT, including from reputable human rights organizations, it appears that this payment may have violated the State Department ‘Leahy law,’ a statutory prohibition against U.S. assistance to foreign security force units credibly implicated in such brutality. These allegations demand a detailed explanation from the Department of State as to whether, and if so how, it concluded that this payment was lawful.”
    The lawmakers continue, “According to Charles Blaha, the former longtime Director of the State Department’s Office of Security and Human Rights, with responsibility for Leahy law vetting: ‘CECOT is a facility that exposes prisoners to torture, and cruel, degrading, and inhumane treatment and punishment. Under the Leahy [l]aw, this should disqualify CECOT from receiving U.S. assistance.’”
    The lawmakers request responses by May 30, 2025, to questions, including:
    How much has the State Department paid El Salvador to detain migrants from the United States at CECOT? Are future payments anticipated?
    What specific uses are associated with the payment, and who are the defined end users?
    Did the Department comply with the requirements of section 7031(a) of the Act regarding government-to-government assistance?
    Did the State Department determine that the payment complied with its Leahy law, after conducting human rights vetting?
    Did the State Department conduct a full review of all publicly available information sources related to the security operations at CECOT?
    Has the State Department received any reports or submissions through its Human Rights Reporting Gateway (https://hrgshr.state.gov/en/) related to abuses at CECOT or its personnel?
    Prior to sending the payment, did the Department of State receive any assurances — diplomatic or otherwise — from the government of El Salvador regarding its treatment of individuals in CECOT or other carceral facilities in the country?
    Did the Department consult with its Bureau of Democracy, Human Rights, and Labor or its Office of the Legal Adviser regarding the legality of the payment under the State Department Leahy law or other applicable laws and treaties, such as the Convention Against Torture?
    Which specific State Department account or accounts were used to make the payment to El Salvador?

    MIL OSI USA News –

  • MIL-OSI China: China-Vietnam ties develop steadily with closer cooperation, exchanges

    Source: People’s Republic of China – State Council News

    In Pingxiang, a border county in south China’s Chongzuo city, Guangxi Zhuang Autonomous Region, flat-bed and container trucks carrying fruits, building materials and industrial equipment are lining up to cross the China-Vietnam border.

    The county, home to around 130,000 people, has witnessed the rapidly growing trade and even closer practical cooperation between the two neighboring countries in recent years, which also gave a strong boost to local trade and economic development and brought more benefits to the people of both countries.

    After China and Vietnam normalized their relationship over 30 years ago, they forged a comprehensive strategic cooperative partnership in 2008, and the two countries have been maintaining communication at all levels, and working together to step up synergy in development strategies, facilitate practical cooperation, promote cultural and people-to-people exchanges and advance regional connectivity.

    With joint efforts, the two countries’ cooperation has been advancing steadily. China has remained Vietnam’s biggest trading partner and the second largest export destination, while Vietnam has continued to be China’s biggest trading partner in the Association of Southeast Asian Nations. Bilateral cooperation in such areas as investment, infrastructure and green energy has also flourished.

    Statistics of China’s customs showed that the two countries’ trade increased by 19.7 percent to 230.2 billion U.S. dollars in 2021, the first time in history surpassing the 200-billion mark. It is a hard-won achievement amid the impacts of the COVID-19 pandemic and the staggering global economy.

    The booming cross-border fruit trade has been one of the new highlights of bilateral trade in recent years. Thanks to fast transportation, cold chain logistics and the development of e-commerce, Vietnam’s fruit exports to China have increased rapidly year by year, and the China-Vietnam border city Chongzuo has become the largest city for import and export of border fruits trade in China.

    In the third quarter this year, the foreign trade volume of Chongzuo jumped to 78.12 billion yuan (10.6 billion dollars) with a surge of nearly 50 percent year-on-year.

    On Sept. 19, after years of small-scale trade around the border areas, fresh durians from Vietnam were officially exported to China for the first time, offering new opportunities to durian growers, packers and producers in the country.

    Eyeing the huge potential of China’s market with over 1.4 billion consumers, Rang Dong Agricultural Product Import-Export Company in Vietnam’s southern Long An province hopes to deliver more fresh and processed fruits to China, especially after the Regional Comprehensive Economic Partnership came into effect on Jan. 1.

    Nguyen Tat Quyen, the company’s director, said that besides the gigantic size, the Chinese market has another big advantage, namely being close to Vietnam, and convenient for road, sea and air transport.

    During the 14th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation in July, the two sides agreed to bolster their Belt and Road cooperation, work together to build a mechanism for ensuring and promoting the stability of industrial and supply chains, strengthen port construction and facilitate customs clearance.

    As a flagship project of Belt and Road cooperation, the China-constructed Cat Linh-Ha Dong metro line project in Hanoi, the first of this type in the Southeast Asian country, has transported millions of Vietnamese since its commercial operation in November last year.

    The metro project has greatly facilitated the travel of residents along the route. Many residents have begun to abandon the traditional travel mode of motorcycles and choose to take the metro.

    “Taking these trains, I will no longer have to worry about congestion every morning while going to work,” said Hoang Thi Huong, a 30-year-old passenger from Hanoi’s Thanh Xuan district, hoping that more urban railway projects will be constructed to ease transportation in the city.

    The past years have also witnessed growing friendship and mutual understanding between the people of the two countries. An increasing number of Chinese films and TV series have gained popularity in Vietnam, while the flourishing bilateral ties have attracted more and more Vietnamese students to study and work in China.

    “As a Vietnamese student in China, I’m familiar with both countries, and I hope to help promote exchanges and make the two countries better understand each other,” said Nguyen Huyen Trang, a medical student at Guangxi University in China.

    Seeing the bright development prospect of China, Nguyen said he plans to find a job related to China-Vietnam medical cooperation and stay in Guangxi. “The experience of studying in China will give me more advantages in this regard,” he added.

    MIL OSI China News –

  • MIL-OSI USA: 100 Days: Keynote Address by Acting Chairman Caroline D. Pham, 39th ISDA Annual General Meeting

    Source: US Commodity Futures Trading Commission

    Thank you to Scott and the entire ISDA team for the invitation to speak today at the 39th ISDA Annual General Meeting (AGM) in Amsterdam.  It’s a real pleasure to see so many friends and colleagues in the room. 
    This year not only marks the 50th anniversary of the CFTC, but it also is the 40th anniversary of ISDA.  That is an impressive milestone, outlasting a few key benchmark rates along the way.  But beyond the longevity is a legacy of real significance, reflected in the documentation and standards that underpin the global derivatives markets. 
    The centerpiece of ISDA’s transformation of derivatives markets is, of course, the ISDA Master Agreement.  The years 1992 and 2002 need no introduction—if you know, you know.  The ISDA Master is the legal and operational foundation for trillions of dollars in transactions each day.  It is no exaggeration to say that standardized ISDA documentation is one of the most important innovations in modern finance. The ISDA Master even made it to Hollywood in the movie The Big Short, featured alongside famous movie stars. 
    Even though the $700 trillion notional derivatives markets are the largest financial markets in the world, the derivatives community is relatively small and close-knit to this day.  That sense of community also brings with it a sense of responsibility, and I believe that is why the derivatives markets have always been characterized by proactive efforts to create industry standards. 
    The scale and reach of ISDA cannot be overstated.  I know from personal experience in the private sector that ISDA has around 150 committees, working groups, and forums to address every product, asset class, and process associated with a swap, in every region around the world, because not only did I personally approve each of the hundreds of firm employees who participated in ISDA, I joined many of these calls myself.  
    So on behalf of the CFTC, I want to thank each of you for the countless hours and wealth of expertise that you contribute to making our markets safer and more efficient.  You create the standard for industry best practices, and then you keep raising that standard and innovating.  I commend all of ISDA’s leaders over the decades for making ISDA what it is today, but I especially want to congratulate ISDA CEO Scott O’Malia for all your success and the tremendous growth in ISDA initiatives and solutions—and not just because you’re my old boss.
    Let me now tell you about the first 100 days of this Administration and all we’ve done at the CFTC to deliver results for not just the American people, but also for all stakeholders in our global markets. 
    Improving Efficiency and Effectiveness
    Cost Savings
    First, pursuant to the President’s executive orders, General Services Administration (GSA) guidance, and at my direction, the CFTC’s Division of Administration has achieved significant cost savings for our agency.  By conducting a comprehensive review of all CFTC contracts and procurement, and then applying basic cost management principles, the CFTC has saved nearly $20 million dollars without compromising CFTC operations or services.
    On an annualized basis, after including other reductions to costs including leasing, the CFTC is on track to save about $50 million dollars.  That is a cost savings of roughly 14% of the CFTC’s appropriated budget, which was $365 million dollars for fiscal year 2025. 
    No magic was involved in achieving these significant savings for the American taxpayer—just prudent and experienced management. 
    Transformation and Optimization 
    We’ve also completed organizational changes to the CFTC’s divisions and offices to break down silos, enhance coordination, and minimize duplication.  It was not necessary to create or eliminate any agency components—instead, we looked at what CFTC organizational structure has been proven to work in the past over many decades. 
    These changes help the CFTC to return to regular order and are expected to generate short-term and long-term improvements to agency operations and other efficiencies.  And, various sections have been realigned within divisions into functional units to enhance operational efficiency and effectiveness.

    The Market Surveillance Section has returned to the Division of Market Oversight (DMO), where it had historically been located, from the Division of Enforcement (DOE).  The Office of the Chief Economist has also moved to DMO and was renamed the Economic Research Section to further enhance the CFTC’s market analysis capabilities. Both of these sections are within DMO’s Product and Market Analytics Branch.
    In addition to the above changes, DMO now has a DCM, SEF, and SDR Branch that includes a Data Reporting Section and a Market Review Section.
    The Market Participants Division (MPD) is now organized into the Examinations Branch; Financial Requirements Branch with a Financial Resources Section and Financial Risk Management Section; and Registration and Compliance Branch with a Registration and Swaps Oversight Section and a Managed Funds and Intermediaries Section.
    The Office of Proceedings and the Whistleblower Office have moved to the Office of the General Counsel to better reflect their adjudicatory functions and minimize conflicts of interest. 

    CFTC FY 2026 Annual Performance Plan
    For the first time since fiscal year (FY) 2018–eight years ago—the CFTC has updated its Annual Performance Plan with key performance indicators (KPIs) that is submitted to the Office of Management and Budget (OMB). The Annual Performance Plan is the key tool used to measure the CFTC’s performance results against the CFTC’s mission and 5-year strategic plan. 
    The goals included in the FY 2026 Annual Performance Plan prioritize improving market integrity and transparency, promoting derivatives markets’ financial integrity and avoiding systemic risk, promoting smart enforcement, and engaging in robust domestic and international cooperation. Together, the goals and KPIs prepare the CFTC to execute the President’s agenda and measure our success in doing so.
    Importantly, a major change to the CFTC’s approach to KPIs is to measure the CFTC’s efficiency in executing the agency’s core functions by establishing baseline expectations for timeliness of activities such as processing registrations, other applications, or rule submissions; performing examinations; conducting investigations; and other oversight activities. 
    Aging dashboards will be established and routinely monitored so that agency underperformance can be detected and promptly addressed. Appropriate KPIs enable American taxpayers to better assess the value provided by the CFTC and ensure accountability in the use of public funds. 
    Delivering Results
    I want to highlight some of the key accomplishments that the CFTC has achieved in just 100 days, in addition to our day-to-day work.  I’m proud to say we have completed all items that were prioritized based on the inventory of open matters that was identified at the beginning of my chairmanship, and I thank my directors and their teams who have been working so hard these past five months to deliver these results.  Most of these initiatives address proposals or concerns I raised as a Commissioner. 
    Swaps Market and Reducing Regulatory Burdens

    MPD and DMO issued an interpretative letter that FX window forwards and package FX spot transactions are not swaps.  This lack of regulatory clarity has resulted in uncertainty and disruption to the FX market for nearly 10 years.
    MPD issued an interpretative letter providing that swap dealers could post and collect shares of certain U.S. Treasury ETFs as eligible margin collateral for uncleared swap transactions.  This was a recommendation from the CFTC’s Global Markets Advisory Committee (GMAC) and its Global Market Structure Subcommittee to enhance market liquidity and efficiency.
    MPD issued a no-action letter providing relief to swap dealers from the pre-trade mid-market mark disclosure requirement to reduce regulatory burden.  The CFTC has provided such relief for certain swaps since 2012. Notably, the CFTC has never rescinded no-action letters that address unworkable or overly burdensome Dodd-Frank requirements.
    The Division of Clearing and Risk (DCR) and MPD circulated for a Commission vote an amended order to permit an exempt derivatives clearing organization (DCO) to clear certain swaps for U.S. customers through a non-U.S. clearing member affiliate of a futures commission merchant (FCM) to mitigate systemic risk and promote market liquidity.
    DMO withdrew an advisory that created regulatory uncertainty regarding whether certain entities are required to register as swap execution facilities (SEFs).
    The CFTC and SEC adopted a joint final rule extending the compliance date for amendments to Form PF because the original implementation timeframe was unworkable.
    DCR and MPD issued a no-action letter which permits DCOs and FCMs to retain current separate account treatment up to the compliance date for the final rule to reduce regulatory burden.
    DCR and DMO issued a no-action letter from swap data reporting and recordkeeping regulations to reduce regulatory burden.
    MPD and DCR issued a no-action letter which allows a non-U.S. swap dealer to retain exemptions to uncleared margin and clearing mandate requirements for its legacy swap portfolio in connection with an acquisition of another entity.
    DMO issued a no-action letter in connection with KRX’s KOSPI.
    MPD issued an interpretative letter to allow non-U.S. swap dealers domiciled in Japan that elect substituted compliance for capital and financial reporting to file only certain defined schedules of the home country Japanese Annual Business Report to eliminate overly burdensome reporting requirements.

    Innovation and Market Structure

    The CFTC hosted a first-ever Crypto CEO Forum of industry-leading firms to discuss the launch of the CFTC’s digital asset markets pilot program for tokenized non-cash collateral such as stablecoins.  The CFTC’s GMAC and its Digital Asset Markets Subcommittee previously made a recommendation.
    The CFTC will soon participate as an observer in industry tokenization pilot programs.
    DCR and DMO withdrew two advisories relating to virtual currency derivative product listings and clearing that were no longer needed given additional staff experience and increasing digital asset market growth and maturity.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading and clearing of perpetual derivatives contracts in CFTC-regulated markets.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading on a 24/7 basis in derivatives markets and associated clearing risk management.
    MPD will soon issue an interpretative letter regarding the circumstances for which a person that has a place of organization, and the location where its high-level officers primarily direct, control, and coordinate such person’s activities, is in a foreign jurisdiction, that such person is not a “person located in the United States” for purposes of the “foreign futures or foreign options customer” definition in CFTC regulation 30.1(c); is not a “participant located in the United States” for purposes of CFTC regulation 48.2(c); is a “foreign located person” for purposes of CFTC regulation 3.10(c)(1)(ii); and is a “non-U.S. person” as defined in CFTC regulation 23.23(a) and the CFTC’s 2013 cross-border swaps activity guidance, among other things.  The CFTC’s regulation by enforcement approach to crypto and novel interpretations that contravene decades of CFTC precedent have created regulatory uncertainty and disruption to the global derivatives markets, as I predicted in my prior public statement in a CFTC enforcement action.
    DCR and DMO will soon issue an advisory on the benefits of and associated considerations for exchange volatility controls.  This was a recommendation from the CFTC’s GMAC and its Global Market Structure Subcommittee to mitigate systemic risk and promote market resiliency.
    MPD will soon issue a FAQ to remind the public of the significant regulatory obligations associated with registering and operating an FCM.

    Enforcement and Compliance

    DOE dispositioned 50% (representing several hundreds) of its open enforcement matters, including preliminary investigations, investigations, and litigation.  Of these resolved matters, over a dozen had been open for over 15 years and over three dozen had been open for over 10 years.  Resolving this backlog will enable DOE to focus its resources on catching fraudsters and scammers and helping victims.
    DOE issued an advisory on self-reporting, cooperation, and remediation with a first-ever matrix for mitigation credit to provide fair notice to the public and guidance that is designed to ensure due process in DOE’s investigations and enforcement actions.  The advisory provides transparency, predictability, returns to decades of prior CFTC policy on self-reporting, and is aligned with best practices for assessing penalties followed by the Department of Justice and other U.S. financial regulators.  This advisory implements my proposals as a Commissioner.
    DOE launched a 30-day compliance and remediation initiative, or enforcement sprint, in March to expeditiously resolve outstanding investigations and enforcement matters regarding compliance violations without customer harm or market abuse.  Of approximately two dozen firms that expressed interest in participating in the enforcement sprint, over five matters are, or will soon be, in circulation for a Commission vote on administrative settlement orders.  These proposed settlement orders resolve years of investigation, apply the new DOE advisory regarding mitigation credit, and have civil monetary penalties that are reflective of historical amounts—a fraction of DOE’s previous initial demand amounts that were often disproportionately 10, 20, or 100 times larger than in the past.
    MPD, DCR, DMO, and DOE issued a joint advisory on the materiality or other criteria that the operating divisions will use to determine whether to make a referral to DOE for self-reported violations, or supervision or non-compliance issues.  This advisory implements my proposals as a Commissioner.
    MPD and DOE issued a CFTC internal memorandum that establishes the procedures MPD and DOE will follow when non-U.S. swap dealers are suspected of violating foreign comparable standards when relying on substituted compliance.  Any inquiry involving substituted compliance will be handled by MPD, unless MPD determines that a supervision or non-compliance issue is material and makes a referral to DOE pursuant to CFTC Staff Letter 25-13.  Generally, the procedures require CFTC staff to adhere to principles of international comity and deference to the foreign regulator, including that the foreign regulator interprets and applies the home country regulation (not the CFTC), and that MPD and DOE will not pursue an inquiry if the foreign regulator determines that the non-U.S. swap dealer is in compliance with foreign comparable standards, or the foreign regulator is addressing the non-compliance issue through its supervisory process.  This advisory implements my proposals as a Commissioner.
    DOE reorganized its task forces to combat fraud and help victims while ending the practice of regulation by enforcement.  The new task force model allows enforcement attorneys to specialize in categories of cases, thereby enhancing relevant knowledge, practices and mentoring opportunities, and reducing the risk of legal or ethical lapses.  It is also more efficient by enabling staffing assignments irrespective of location in headquarters or regional offices.
    DOE launched a Basic Trial Advocacy Skills training series, with sessions ranging from opening, closing and direct examinations, interactions with jury and opposing counsel, and techniques to avoid creating misimpressions, with more sessions being planned. The sessions offer practical instruction on investigations and litigation as well as opportunities to discuss ethical and discovery dilemmas that can occur in real life litigation scenarios.  These training programs and the following ethical conduct and culture initiatives address concerns I had raised as a Commissioner.
    DOE delivered various ethics training, including ensuring candor and openness in engagement with the Court and defense counsel.  DOE also hosted a training on the American Bar Association’s Model Rules of Professional Conduct as applied to government attorneys, with additional trainings being planned.
    DOE promoted greater transparency with the defense bar by sponsoring open forum discussions with practicing defense attorneys and, where appropriate, providing greater detail about the status of open cases. 

    Recognizing CFTC Staff
    I think we can all agree that based on sheer productivity and impact, these first 100 days have been nothing short of remarkable.  The CFTC has provided an outstanding return on investment for the American taxpayer.  None of this would have been possible if it were not for the unwavering commitment of CFTC staff to our mission and our markets. 
    The work of our dedicated employees—often behind the scenes, but always indispensable—is the bedrock of our balanced, principles-based regulatory framework that promotes market integrity and protects the public from fraud, manipulation, and abuse.  
    It was my great honor to celebrate our core values, recognize the achievements of our talented staff, and commemorate the CFTC’s 50th anniversary last month with special awards for exceptional CFTC employees that exemplify Mission Excellence, Market Excellence, and Mindset Excellence.  We recognized 28 of our staff, some of whom have loyally served the CFTC for over 40 years.
    In addition, we launched a CFTC Leadership Speaker Series, and are working on additional staff development opportunities throughout the year.
    I am especially indebted to my executive management team, especially Harry Jung, acting Chief of Staff; Meghan Tente, acting General Counsel; Brigitte Weyls, Chief Counsel; Taylor Foy, acting Director of Public Affairs; and Nick Elliot, acting Director of Legislative Affairs.  They have each been pulling double duty since January, and their tireless work ethic, positive attitude, collegiality, and genuine care mean so much to me.
    I have been truly lucky to have the benefit of the decades of CFTC leadership by acting MPD Director Tom Smith and acting MPD Deputy Director Frank Fisanich; acting DCR Director Richard Haynes; acting DMO Director Rahul Varma and former acting DMO Director Amanda Olear; DOE Director Brian Young; DOE Deputy Director Paul Hayeck, acting Chief of the Complex Fraud Task Force; DOE Deputy Director Charles Marvine, acting Chief of the Retail Fraud and General Enforcement Task Force; acting Deputy General Counsel Anne Stukes; acting and acting OIA Director Mauricio Melara.  They are the very embodiment of public service, duty, and dedication.
    Conclusion 
    When I became acting Chairman this year, I noted that for the past half century, the CFTC has proudly served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade—ensuring American growers, producers, merchants and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth. I also said it was time for the CFTC to get back to the basics.  We delivered on that promise.
    It’s a very fitting bookend that I am here today to talk about what the CFTC has accomplished in just 100 days under my leadership as acting Chairman, because three years ago, I was a new Commissioner at the beginning of my term speaking at the ISDA AGM in Madrid.  
    As some of you may have caught on Bloomberg TV last week during my interview at the Milken Institute Global Conference, I have announced that I will be returning to the private sector once Brian Quintenz is confirmed as Chairman.  While I don’t have any specific plans for what’s next for me personally yet, I hope to make some over the next several months. 
    The United States recently celebrated Mother’s Day.  My own mom always told me when I was growing up, that anything is possible if you put your mind to it.  I had a vision of what could be accomplished at the CFTC, the agency where I began as a law student intern, came back for the fourth time as a Commissioner, and will now leave as acting Chairman.  I hope you will agree that I put my mind, heart, body, and soul into this job, and achieved my vision of what was possible.  I hope that this might inspire others to achieve their vision of what is possible too. 
    It has been the honor of a lifetime to serve as a Commissioner and now acting Chairman, and I will leave with deep pride in what we’ve accomplished and great confidence in what the CFTC will continue to achieve in the years ahead.  I am grateful for having had this incredible opportunity to make a difference.  Thank you.

    MIL OSI USA News –