NewzIntel.com

Category: Americas

  • MIL-OSI USA: Rosen Sounds Alarm on Disturbing Findings from ADL Antisemitism Report, Urges Congress to Take Action to Combat Rise of Antisemitism

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV), co-chair of the Senate Bipartisan Task Force for Combating Antisemitism, released the following statement in response to a new report by the ADL, which found that in 2024, antisemitic incidents rose to the highest level on record since it began tracking them in 1979. Notably, there were over 9,000 instances of antisemitic vandalism, harassment, and assaults on the Jewish community — which all saw increases from the year prior. 
    “No one should be threatened or made to feel unsafe because of who they are. The ADL report confirms what we’ve known to be true: incidents of antisemitic harassment, vandalism, and assault are on the rise,” said Senator Rosen. “These disturbing acts of anti-Jewish hate and violence are unacceptable, and we all have a responsibility to push back on these incidents of bigotry whenever they occur. I will continue working with colleagues on both sides of the aisle to take action to address antisemitism and protect Jewish communities.”
    Senator Rosen has been a leader in the fight to combat antisemitism, Holocaust denial, and distortion. In February, Rosen introduced the bipartisan Antisemitism Awareness Act, which directs the Department of Education to use the International Holocaust Remembrance Alliance’s (IHRA) definition of antisemitism when investigating antisemitic acts on college campuses. Earlier this year, Rosen introduced bipartisan legislation to strengthen Holocaust education. Last year, Rosen’s bipartisan legislation to reauthorize the Never Again Education Act became law. Rosen helped launch the first-ever Senate Bipartisan Task Force for Combating Antisemitism with Senator James Lankford (R-OK) and led the push to create the first-ever national strategy to counter antisemitism. Senator Rosen also helped introduce a bipartisan resolution denouncing antisemitism at institutions of higher education, which passed the Senate unanimously.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen, Colleagues Push Back Against Trump’s Plan to Privatize Postal Service & Undermine Vote by Mail

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) joined colleagues in a letter to Secretary of Commerce Howard Lutnick expressing serious concerns about the harmful impacts of the Trump Administration’s plans to privatize the United States Postal Service (USPS) and move it under the control of the Department of Commerce. In their letter, the Senators emphasized that the move risks politicizing and imperiling vote-by-mail efforts nationwide, while also violating the Postal Reauthorization Act.
    “We write to express our grave concern over your statements and ongoing reports that the Trump Administration may soon attempt to bring the United States Postal Service (USPS) under the control of the Department of Commerce and potentially privatize services that are relied upon by millions of Americans,” wrote the Senators. “Not only would such a move violate the Postal Reauthorization Act and harm Americans in many ways, but it would also have a very negative impact on our democracy by disrupting and undermining public confidence in the handling of election mail. We strongly urge you to stop your deeply misguided pursuit of this effort immediately.”
    “Privatizing the Postal Service would put our democracy in the hands of corporations that are more focused on efficiency and profit than the public good,” they continued. “Bringing the Postal Service under the control of political appointees at the Department of Commerce and potentially private companies raises serious concerns that partisan and private actors would deprive eligible voters of the confidence that USPS will properly handle their ballot by disrupting the robust delivery routes that connect our country or by imposing a cost on ballot returns.”
    The full letter can be found HERE.
    Millions of Americans rely on vote-by-mail as a safe and trustworthy method to vote in federal and state elections, the Senators noted. In the 2024 general election cycle, USPS securely and efficiently delivered more than 99 million ballots to and from voters, including free mail delivery to rural and remote communities. President Trump’s own U.S. postal system task force found that a “comprehensive delivery network that covers every address in the country is a critical part of the nation’s infrastructure that private actors cannot replicate [.]”
    Senator Rosen has been leading the effort to protect local postal operations in Nevada. Last year, she announced that she successfully pushed USPS to keep local letter mail processing operations in Reno, following a misguided plan to move operations to Sacramento, California. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Hassan Calls Out HHS Secretary Kennedy for Hiring Fraudster to Relitigate Long-Disproven Theories

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senator Maggie Hassan (D-NH) is calling out Health and Human Services Secretary Robert F. Kennedy, Jr.’s reported decision to hire David Geier, an individual with a history of practicing medicine without a license, to relitigate long-disproven links between vaccines and autism.

    Senator Hassan is urging Secretary Kennedy to fire Mr. Geier and to invest in the work of qualified scientists at HHS who are advancing research on autism rather than waste taxpayer dollars by hiring fraudsters like Mr. Geier to push baseless theories. Senator Hassan’s push comes as Secretary Kennedy held an event last Wednesday about the importance of finding the cause of autism – during which he made disparaging comments about children with autism – despite the fact that the Trump Administration is actively defunding the health research that has built years of expertise and evidence towards better understanding autism.

    “David Geier has directly endangered the lives of children, and he does not belong at a government agency that oversees the health of more than 70 million American children,” wrote Senator Hassan. “David Geier was disciplined by the State of Maryland in 2012 for endangering children’s health by falsely diagnosing and treating medical conditions in children with autism without a medical license.” 

    “You have reportedly selected David Geier to lead a scientific study relitigating a baseless link between vaccines and autism. Mr. Geier has no qualifications to lead such a study, and decades of rigorous scientific research – studies that have included more than one million children – have shown again and again that childhood vaccines and autism are not linked,” Senator Hassan continued. 

    “As you hire David Geier, the United States is facing a growing measles outbreak that has sickened nearly 500 children and led to dozens being hospitalized,” Senator Hassan emphasized. “To protect the health of children, and to abide by your stated goals of advancing gold-standard science, I urge you to terminate Mr. Geier’s employment.” 

    Click here to see the full letter or see text below: 

    Dear Secretary Kennedy:

    I write to express my grave concern regarding your decision to hire David Geier, a vaccine cynic and fraudster, to study a long-debunked theory that vaccines are linked to autism. Mr. Geier not only lacks any scientific qualifications, but he has a track record of harming children and manipulating data to fit his disproven conspiracy theories about vaccine safety. I urge you to protect the health of children in the United States and immediately remove this individual from the Department.

    David Geier has directly endangered the lives of children, and he does not belong at a government agency that oversees the health of more than 70 million American children. David Geier was disciplined by the State of Maryland in 2012 for endangering children’s health by falsely diagnosing and treating medical conditions in children with autism without a medical license. David Geier’s father, Dr. Mark Geier, was previously a doctor in Maryland and lost his medical license after parents reported that both Geiers were endangering children with autism by administering quack treatments that were not evidence-based. For example, the Geiers administered a potent medication called Lupron, a testosterone-suppressant approved for prostate cancer and ovarian fibroids, to children with autism, despite these children having no diagnosed conditions that would necessitate this treatment. In other instances, David Geier – who has no medical license or scientific training – performed an ultrasound on a child, falsified medical diagnoses, and ordered more than 20 blood tests for a child.

    You have reportedly selected David Geier to lead a scientific study relitigating a baseless link between vaccines and autism. Mr. Geier has no qualifications to lead such a study, and decades of rigorous scientific research – studies that have included more than one million children – have shown again and again that childhood vaccines and autism are not linked. Decades of scientific studies supported by the NIH suggest that both genetic factors and environmental factors may contribute to childhood autism. I urge you to continue investing in this promising research, and to not waste taxpayer dollars to advance Mr. Geier’s pre-conceived conspiracy theories about vaccines.

    As you hire David Geier, the United States is facing a growing measles outbreak that has sickened nearly 500 children and led to dozens being hospitalized. Based on decades of research and scientific consensus, medical professionals recommend the MMR vaccine to provide children with strong protection from measles infection. To protect the health of children, and to abide by your stated goals of advancing gold-standard science, I urge you to terminate Mr. Geier’s employment.

    MIL OSI USA News –

  • MIL-OSI USA: Senators Introduce Bipartisan New England Offshore Drilling Ban

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    Washington, DC – On Earth Day, a bipartisan group of New England Senators is announcing the introduction of legislation to bar offshore drilling along the New England coast. The New England Coastal Protection Act is cosponsored by Senators Sheldon Whitehouse (D-RI), Richard Blumenthal (D-CT), Susan Collins (R-ME), Maggie Hassan (D-NH), Angus King (I-ME), Edward J. Markey (D-MA), Chris Murphy (D-CT), Jack Reed (D-RI), Jeanne Shaheen (D-NH), and Elizabeth Warren (D-MA).  Congressman Seth Magaziner (D-RI) introduced companion legislation in the House. 

    “Offshore drilling would enrich the fossil fuel industry at the expense of the Ocean State’s coastal economy and the health of our Narragansett Bay,” said Whitehouse, who originally introduced the legislation during the first Trump administration.  “With President Trump scrambling to grant the looters and polluters swarming around his administration every item on their wish list, I’m committed to doing everything in my power to stop reckless oil and gas drilling off Rhode Island’s coast.”

    “President Trump’s blatant efforts to benefit Big Oil will devastate economies and environments up and down the New England coast, including Long Island Sound,” said Blumenthal.  “Our measure takes the bold action we need to prevent new offshore drilling and protect our waterways for future generations. Our coastline should be protected as a vital tourism, fishing, and environmental resource – not exposed to the dangers of oil spills or drilling pollution.”

    “The waters off Maine’s coast provide a healthy ecosystem for our fisheries and are an integral part of our tourism industry, supporting thousands of jobs and generating billions of dollars in revenue each year,” said Collins.  “Offshore drilling along the coast could impact Mainers of all walks of life for generations, which is why I join my colleagues in introducing this legislation to ban offshore drilling on the New England coastline.” 

    “Coastal drilling has led to some of the worst natural disasters in modern history, and we cannot afford to risk harm to New Hampshire’s coastal communities,” said Hassan.  “This bipartisan bill would ban offshore drilling in New Hampshire and throughout the region, and I’ll continue to speak out to make clear that our coast is off limits to offshore oil and natural gas extraction.”

    “Maine’s fisheries and coastal communities rely on healthy, clean waters to support their livelihoods. Offshore oil drilling would pose an immense threat to this delicate ecosystem and the people it supports,” said King.  “As we respond to global energy crises, we must work together to find practical, fiscally responsible clean energy solutions that can protect Maine communities and the Atlantic Ocean that do not rely on offshore drilling.  This bipartisan effort would be a positive step forward to ensure we continue to protect the Gulf of Maine and all the communities that rely on its bountiful, yet fragile, ecosystem.”

    “We must do everything in our power to protect New England’s coasts and waters from the dangers of offshore drilling,” said Markey.  “As the Bay State, we will not allow Massachusetts coasts to be destroyed by Donald Trump’s reckless mission to ‘drill baby drill.’ We refuse to stand by as the President and his Big Oil buddies destroy our environment, disrupt our waters, and make consumers pay for their pollution.  It’s time to say goodbye to the Oil-igarchy.”

    “Offshore drilling in the Atlantic Ocean poses tremendous risks for the Ocean State’s environment and economy.  This legislation is about protecting critical natural resources and the livelihoods of New Englanders in countless industries who rely on a clean, healthy Atlantic Ocean,” said Reed.

    “New Hampshire’s eighteen miles of coastline are home to families, small businesses that power our economy and cherished wildlife – all of which would be severely threatened by harmful offshore drilling in the Atlantic Ocean,” said Shaheen.  “As President Trump eyes opportunities to expand offshore drilling, which has led to disastrous oil spills that cause economic and environmental devastation, New England’s bipartisan delegation is introducing legislation to help safeguard of our communities, local economies and way of life.”

    “Rhode Islanders take pride in being the Ocean State, and in our clean waterways that support good jobs and quality of life,” said Magaziner.  “The New England Coastal Protection Act will help safeguard our environment by preventing new offshore drilling that would threaten the coastline that is so essential to our state.”

    According to NOAA Fisheries, ocean and coastal industries, including tourism, fishing, and recreation, generate more than $17.5 billion in New England annually.  Expanding drilling in the Atlantic would harm New England’s key industries, and significantly increase the chance of environmental disaster in the region.

    MIL OSI USA News –

  • MIL-OSI Russia: Global Financial Stability Report Press Briefing

    Source: IMF – News in Russian

    April 22, 2025

    GFSR PRESS BRIEFING

    Speakers:

    Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF
    Jason Wu, Assistant Director, Monetary and Capital Markets Department, IMF
    Caio Ferreira, Deputy Division Chief, Monetary and Capital Markets Department, IMF

    Moderator: Meera Louis, Communications Officer, IMF

    Ms. LOUIS: Good morning, everyone, and welcome to the GFSR press conference. And thank you for joining us today. I am Meera Louis with the Communications Department at the IMF.

    Joining us here today is Tobias Adrian, Financial Counsellor of the Monetary and Capital Markets Department. Also with us is Jason Wu, Assistant Director, and Caio Ferreira, Deputy Division Chief of the Monetary and Capital Markets Department.

    So, Tobias, before we turn the floor over for questions, I wanted to start by asking you, what were some of the challenges you and your team faced in preparing for this report? We are in uncharted territory now. So how did you come up with a strategy to shape this report?

    Mr. ADRIAN: Thank you so much, Meera. And welcome, everybody, to the International Monetary Fund.

    We are launching the Global Financial Stability Report, and let me give you a couple of headline messages from the report.

    Our baseline assessment for global financial stability is that risks have been increasing, and there are really two main factors here: One is that the overall level of policy uncertainty has increased; and the second factor is that the forecast of economic activity going forward is slightly lower, as Pierre‑Olivier presented at the World Economic Outlook press conference just now. So, it’s a combination of a lower baseline and larger downside risks. Having said that, we do see both downside and upside risks, and we will certainly explain more about the two sides of uncertainty throughout the press conference.

    So let me highlight three vulnerabilities that are driving our assessment.

    The first one is the level of risky asset values. We have certainly seen some adjustment in risky asset values. It’s important to see that in the broader context of where we are coming from. And, in recent years, we saw quite a bit of appreciation—particularly in equity markets and in some sectors, such as technology. So valuations were quite stretched and credit spreads were very tight by historical standards. And we have certainly seen some decline in valuations; but by historical standards, price-earnings ratios in equity markets, for example, continue to be fairly elevated and credit spreads and sovereign spreads have widened to some degree, but they are still fairly contained by historical standards. The stretching of asset valuations continues to be a vulnerability we are watching closely.

    The second vulnerability is about leverage and maturity transformation in the financial system, particularly in the nonbank sector, where we are looking closely at how leverage is evolving. As market volatility has increased, we have seen some degree of deleveraging, but market functioning has been sound so far. With higher volatility, we would expect asset prices to come down, but the functioning of how those asset prices adjusted has been very orderly to date.

    The third vulnerability that we are watching is the overall level of debt globally. In the past decade, and particularly since the pandemic in 2020, sovereign debt levels have been increasing around the world. It’s the backdrop of higher debt that can interact with financial stability and that’s particularly true for emerging markets and frontier economies, where we have certainly seen some widening of sovereign spreads. Issuance year to date has been strong, but, of course, the tightening of financial conditions that we observed in the past three weeks has an outsized impact on those more vulnerable countries.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And now I will open up the floor to questions. If you could please identify yourself and your outlet. You also have the report online, if need be. And you can also join us online via the Webex link. Thank you.

    So, the lady here in the front.

    QUESTION: Hi. My name is Ray. I am with 21st Century Business Herald, Guangdong, China.

    So, my question is that, you’ve highlighted a series of vulnerabilities and risks. So how does the IMF assess the risk of these tensions triggering broader macro‑financial instability, especially in emerging markets with weaker buffers?

    My second question is that during times of global uncertainty, safe haven assets, such as gold and US treasuries, have been very volatile recently. So how does the IMF assess the volatility affecting currency stability? Thank you so much.

    Ms. LOUIS: Thank you. Tobias?

    Mr. ADRIAN: Thanks so much.

    So, starting with the second part of your question. We have seen a strong rally in gold prices, which is the sort of usual relationship we see in safe haven flows. When there is a high level of uncertainty, risky assets are selling off, oftentimes gold is viewed as a hedge asset and it has been appreciating.

    Of course, US treasuries remain the baseline reserve asset globally. It’s the largest and most liquid sovereign market. And  we have seen yields move. They have been increasing in the past two weeks, which is somewhat similar to the episode in 2020, when longer‑duration assets had yields increasing, as well. What is somewhat unusual is that the dollar has been falling, to some degree, but it’s important to keep that in the context of the strong dollar rally previously.

    Concerning the emerging markets and frontier economies, yes, the tightening of global financial conditions has an outsized the impact on weaker economies. We have seen a number of weaker emerging markets and frontier economies with high levels of debt. We have seen issuance throughout last year and earlier this year, but tighter financial conditions certainly adversely impact the financing conditions for those countries.

    Mr. WU: Maybe just to quickly add on emerging markets.

    I think it’s important to distinguish the major larger emerging markets versus the frontiers, as Tobias has mentioned. I think so far, we have seen currencies and capital flows being relatively muted in this episode. And I think this speaks to the ongoing theme that we have mentioned for several rounds now, that there’s resilienc among the emerging market economies for a whole host of reasons.

    However, as Tobias has pointed out, the external environment is not favorable and financial conditions are tightening globally. At this time, we need to worry about, countries where they are seeing sovereign spreads increasing, with large debt maturities forthcoming. Policy can be proactive to head off these risks by, for example, making sure that fiscal sustainability is being sent the right message.

    Ms. LOUIS: Thank you, Jason. The gentleman in the first row, at that end.

    QUESTION: Thank you. Rotus Oddiri with Arise News.

    So theoretically, if the dollar is weakening, isn’t that, to some degree, relatively good for countries with dollar debts?

    And secondly, how are you seeing fund flows to cash? If there’s a lot of volatility, are you seeing more movements to cash? And are there implications there in terms of [M&A] activity and so on and so forth?

    Mr. ADRIAN: So let me take this in three parts.

    The first question is about sort of like the strength of the dollar and the impact for emerging markets. When we look at exchange rates relative to emerging markets, there’s some heterogeneity. The dollar has appreciated against some emerging markets and depreciated against others. But it’s not the only impact on those financing conditions. We certainly have seen a notable widening of financing spreads. And that is probably the more important determinant for external financing conditions in emerging markets.

    Now, having said that, in some of the larger emerging markets with developed local government bond markets, we have seen some inflows into those local markets, but it’s very country‑specific.

    Turning to the question of investment decisions. We think that the first‑order impact here is the overall level of uncertainty. So, generally, investment decisions are easier in an environment with certainty. Given that some uncertainty remains about how policies are going to play out going forward, that can be a temporary headwind to investments or merger activity.

    Mr. WU: Just to quickly respond to your question about cash. I think during periods where markets are volatile, it’s reasonable that market participants and investors demand more liquidity, thereby moving in cash. We have not seen this happening en masse so far during this episode. So, we have seen bank deposits increase a little bit in the United States, but I think the magnitude is significantly smaller compared to previous episodes of stress.

    Ms. LOUIS: Thank you. Thank you, Jason. So, the lady here in the second row, with the glasses.

    QUESTION: Hi. Szu Chan from the Telegraph.

    Do you see any parallels between recent moves in the bond market, particularly in US treasuries, with what happened in the wake of the Liz Truss mini budget? And do you think any lasting damage has been done?

    Mr. ADRIAN:

    Just for everybody’s recollection, in October 2022, there was some turbulence in UK gilt markets when the budget announcements were larger than expected and the Bank of England intervened to stabilize markets at that time. Clearly, we haven’t seen interventions by central banks, and the market conditions have been very orderly in recent weeks. There’s a repricing relative to the higher level of uncertainty but as I said at the beginning, there is both upside and downside risk. And we could certainly see upside risk if uncertainty is reduced going forward.

    And market conditions have been quite orderly. The moves are notable in treasuries, in equities, in exchange rates, but they are within movements we have seen in recent years and really reflect the higher level of volatility.

    Mr. Ferreira: I don’t think I have much to add to this, Tobias.

    I think that what we are seeing is some moves that have not been historically deserved in this kind of situation. But these mostly respond to these higher uncertainties and a repricing to the new macro scenario.

    Ms. LOUIS: So, before I go back to the floor, we do have a question on Webex, Pedro da Costa from Market News International. Pedro?

    QUESTION: Thank you so much, Meera. Thank you, guys, for doing this.

    My question is, given the market concerns about the threat to central bank independence, if the threat were exercised in a greater way, what would be the financial stability implications of a potential firing of either the Fed Chair or Fed Governors?

    Ms. LOUIS: Thank you, Pedro. Are there any other questions on central bank independence? I don’t see any in the room. So over to you, Tobias 

    Mr. ADRIAN: Thanks so much.

    So, the International Monetary Fund has been advising central banks for many decades. Helping central banks in terms of governance and monetary policy frameworks is really one of the core missions of the IMF. And we have seen time and time again that central bank independence is an important foundation for central banks to achieve their goals, which are primarily price stability and financial stability. We do advise our membership to, have a degree of independence that is aimed at achieving those overarching goals for monetary policy and financial stability policies.

    Ms. LOUIS: Thank you. Thank you, Tobias. The gentleman in the first row.

    QUESTION: Thank you so much. My name is Simon Ateba. I am with Today News Africa in Washington, DC.

    I want to ask you about AI. It seems that is the big thing now. First, are you worried about AI? And what type of safeguards is the IMF putting in place to make sure that advanced countries—that AI doesn’t increase risk?

    And maybe, finally, on tariffs. We know that President Trump is imposing tariffs today, removing them tomorrow. China is retaliating. How much will that affect the financial stability of the world? Thank you. 

    Mr. ADRIAN: Thanks so much. Let me start with the question on artificial intelligence, and Jason can complement me.

    We have done quite a bit of work on that. In October, we actually had a chapter specifically focused on the impact of artificial intelligence on capital market activity, but, of course, the impact of AI is broader. And in our view, there are both risks and opportunities. I think the main opportunity is that it’s actually potentially quite inclusive, right?

    Everybody that has access to the internet via a smartphone or a computer or a tablet, in principle, can use those very powerful artificial intelligence tools. And we have seen examples in emerging markets and lower‑income economies where entrepreneurs are actually using these new tools to innovate. That can boost productivity around the world.

    In financial markets, we do quite a bit of outreach to market participants. And financial institutions—including banks and capital market institutions—are very actively exploring avenues to use artificial intelligence productively. There’s a lot of innovation going on. At the moment, we see a lot of that concentrated in back‑office kind of applications, so keeping your house in order in terms of getting processes done. But in trading and in credit decisions, these are also quite promising.

    In terms of risks, our primary concerns are cybersecurity risks. Many financial institutions are already under cyber attack., AI can be used to make defenses more efficient, but it can also be used for malicious purposes and making attacks more powerful. So, there’s really a bit of a power game on both sides. And we certainly advise many of our members to help them get to a more resilient financial system, relative to those cyber threats.

    Mr. WU: Maybe just quickly, to complement.

    I would encourage everybody to read Chapter 3 of the October 2024 GFSR, which addresses the issue of artificial intelligence in financial markets. Tobias is right, that there are benefits and risks on both sides.

    In addition to cybersecurity, I just wanted to highlight a couple more things, which is that, many of the financial institutions that we spoke to are still at their infancy in terms of deploying AI to make decisions—meaning, for trading or for investment allocation, they are at very early stages. But suppose that this trend rapidly gains? What would happen to risks?

    I think I will highlight two. One is concentration. Will it be a situation where the largest firms with the best models tend to win out and, therefore, dominate the marketplace? And then what are the implications for this? The second is that the speed of adjustment in financial markets might be much quicker if everything is based on high‑powered, artificial intelligence-type algorithms.

    With regard to these two risks, I think there’s great scope for supervisors to gather more information and understand who the key players are and what they are doing. International collaboration obviously is a crucial aspect of this. Market conduct needs to be taken into account, the future possibility that markets will be very much faster and more volatile, perhaps.

    Ms. LOUIS: Thank you. The gentleman in the second row, please, in the middle here. Thank you.

    QUESTION: Good morning. I am [Fabrice Nodé‑Langlois] from the French newspaper Le Figaro.

    I have a question on the US public debt. There is a widespread opinion that whatever the level of the public debt—because of the significant role of the dollar, because of the might of the American military and economic power—it’s not a big concern. But under what circumstances, under what financial conditions would the US public debt become a concern for you?

    Mr. ADRIAN: Thanks so much for the question. We are certainly watching sovereign debt around the world, including in the US. I do want to point out that there will be a briefing for the Western Hemisphere region that will specifically focus on the Americas, including the United States.

    When you look at our last Article IV for the United States, we certainly find that the debt situation is sustainable. You know, The U.S. has many ways to adjust its expenditures and revenues. And we think that this makes the debt levels manageable.

    Having said that, as I explained at the beginning, we have seen broadly around the world an increase in debt‑to‑GDP levels, particularly since the start of the pandemic in 2020. And it is an important backdrop in terms of pricing and financial stability. So, we are watching the nexus between sovereign debt and financial intermediaries very carefully.

    Mr. Ferreira: Maybe one issue related with that— I think that we flagged it in the GFSR—is that I think there is an anticipation that—not only in the US but in several countries—there will be a lot of issuance of new debt going forward. Particularly in a moment where several central banks are doing some quantitative tightening, this might bring some challenges in terms of the function of the financial sector.

    Everything that we are seeing now seems to be working very well, even when we have this kind of shock. This is not a major concern. But going forward, we feel that it’s important to continue monitoring market liquidity. There are some flags that have been raised, particularly in terms of broker‑dealers’ capacity to continue intermediating and providing liquidity to public debt. It’s important to keep monitoring this, as central banks keep going in the direction of quantitative tightening.

    Ms. LOUIS: Thank you. Thank you, Caio.

    And just to add to Tobias’s point, we will have a lot of regional pressers this week. And the Western Hemisphere presser will be on Friday if you have any US‑specific questions. Thank you.

    The lady here in the front row.

    QUESTION: Thank you. Thank you for taking my question. My name is Nume Ekeghe from This Day newspaper, Nigeria.

    The report mentions Nigeria’s return to Eurobond markets. And we know it was received positively by investors. So how does Nigeria’s return to Eurobond markets signal renewed investor confidence? And what specific macroeconomic reforms or improvements contributed to the shift in sentiments? Thank you.

    Mr. WU: Thank you for that question. Let me make some remarks about Nigeria and then sub‑Saharan Africa, in general.

    In the case of Nigeria, macroeconomic performance has held up,  GDP growth has been fairly consistent, and inflation has been coming down. Earlier this year, we have seen Nigeria’s sovereign credit spreads lowering. I think the reforms that the authorities have done, including the liberalization of exchange rates, has helped in that regard.

    That said, I think I want to go back to the theme that Tobias has mentioned, which is that during a time where global financial markets are volatile and risk appetite, in particular, is wavering, this is when we might see increases in sovereign spreads that will challenge the external picture for Nigeria, as well as other frontier economies. So, for example, Nigeria’s sovereign spread has increased in recent weeks, as stock markets globally have declined.

    The other challenge, of course, is for large commodity exporters, like Nigeria. If trade tensions are going to lead to lower global demand for commodities, this will obviously weigh on the revenue that they will receive. So, I think both of those developments would counsel that authorities remain quite vigilant to these developments and take appropriate policies to counter them.

    Ms. LOUIS: Thank you. Thank you, Jason.

    And just before I come back to the floor, we have another question online, from Lu Kang, Sina Finance. The question is, in light of the IMF’s recent GFSR warning about rising debt, volatile capital flows, and diverging monetary policy paths, how should countries, especially emerging markets, balance financial stability with the imperative to finance climate transitions and digital infrastructure?

    Mr. ADRIAN: Thanks so much.

    We do a lot of work on debt management with countries. We are providing technical assistance and we are doing a lot of policy work on debt market developments. I think the two main takeaways are, No. 1, the plumbing matters. Putting into place mechanisms such as primary dealers and clearing systems, and pricing mechanisms in government bond markets. It is important all over the world. That includes the most advanced economies, as well as emerging markets. And we have seen tremendous progress in many countries, particularly the major emerging markets in terms of developing those bond markets.

    The second key aspect, of course, is fiscal sustainability. Here again, we engage very actively with our membership to make sure that fiscal frameworks are in place that keep debt trajectories on a path that is commensurate with the economic prospects of the countries.

    Ms. LOUIS: Thank you. Thank you, Tobias. A question here in the front row, please.

    QUESTION: Thank you. Kemi Osukoya with The Africa Bazaar magazine.

    I wanted to follow up on the question that my colleague from Nigeria mentioned, regarding sovereign debts. As you know, African nations, after a period of pause, are just right now returning back to the Eurobond. But at the same time, there is unsustainable high borrowing costs that many of these countries face. So, in your recommendation, what can governments do regarding their bond to use it strategically, as well as to make it sustainable?

    Mr. ADRIAN: Thanks so much for this question. And you know, we are working very closely with many sub‑Saharan African countries to support the countries either via programs or via policy advice and technical assistance to have a macro environment that is conducive for growth. So let me mention three things.

    I think the first one is to recognize that we have been through a period of extraordinarily adverse shocks. Particularly in sub‑Saharan Africa, the pandemic had an outsized impact on many countries. The inflation that ensued was very costly for many countries, particularly for those that are importing commodities. So, the adverse economic shocks have been extraordinary. And I would just note that we have engaged more actively in programs with sub‑Saharan Africa in the past five years than we ever did previously.

    The second point is about the financing costs. And, of course, there are two main components. One is the overall level of financial conditions globally. All countries in the world are part of the global capital markets. And that really depends on overall financing conditions. But more specifically, of course, there are country‑specific conditions—the macroeconomic performance of each country, the buffers in the countries—and the mandate of the Fund is very much focused on macro‑financial stability. So, getting back to a place with buffers, which then can lead to lower financing costs is the main goal. Our work with those countries is very much focused on the kind of catalytic role of the Fund, where we are trying to get growth back and stability back. Let me stop here.

    Ms. LOUIS: Thank you. Thank you, Tobias. And a question here in the front row, please. And then I will come back to the middle.

    QUESTION: Thank you very much. My name is [Shuichiro Takaoka]. I am working for Jiji Press.

    Just I would like to make clear the risk of a depreciation of the US dollar. And what are the implications of the recent depreciation of US dollar, especially regarding the global financial stability viewpoint?

    Mr. ADRIAN: As I mentioned earlier, we had seen quite a bit of an appreciation of the dollar earlier in the year and late [next] year. And now we have seen a depreciation that is roughly of commensurate magnitude. The volatility in the exchange rates is reflecting the broader volatility. There are some indications that the exchange rate movements are related to flows to investor reallocations, but the magnitudes of those flows are relatively small, relative to the run‑up of inflows into US assets in recent years. The cumulative inflows into bonds and stocks from around the world have been quite pronounced. So, to what extent these movements in the exchange rate and the associated flows are just a temporary or a more permanent impact remains to be seen. It really depends on how the current uncertainty is going to be resolved. As I said at the beginning, there are various scenarios. For the moment, it’s highly uncertain. As I said earlier, it is notable that the dollar declined, but I would not jump to conclusions in terms of how permanent that move may be.

    Mr. WU: Just to complement. I think when exchange rates are very volatile, one of the key channels for financial stability could be pressures in various funding markets. And this includes in cross currency markets, as well as in repo markets and other secure financing markets. I think this is something that we will be watching very closely. So far, we have not seen any major disruptions in those markets, despite the very volatile exchange rates.

    Mr. ADRIAN: So as a comparison, you can think of last August when there was a risk‑off moment. That was very short, but that did lead to dislocations in those cross‑currency funding markets. And we haven’t really seen that in recent weeks.

    Ms. LOUIS: So just on that line, I think you may have captured it, but I just wanted to get in this question that came in online from Greg Robb from MarketWatch. And it’s, have treasuries and the dollar lost their safe haven status? If not, what accounts for their recent performance?

    Mr. ADRIAN: So, again, it is somewhat unusual to see the dollar decline in the recent two weeks, really, when equity prices traded down with a negative tone and when longer‑term yields increased. But how lasting that is, is really too early to tell.

    US capital markets remain the largest and most liquid capital markets in the world. When you look at US dollars as a reserve asset, that remains over 60 percent among reserve managers. Global stock market capitalizations increased to 55 percent most recently, up from 30 percent in 2010. So, we have seen price movements that are notable; but in the big picture, the depth and size of the markets remain where they have been.

    Ms. LOUIS: And just on the same line, of capital markets. We have another question that came in online, [Anthony Rowley] from the South China Morning Post. And he says, both the EU and ASEAN are seeking more actively to promote capital market integration. Do you see this as reducing global dependence on US capital markets to any significant extent in the short to the medium term?

    Mr. ADRIAN: We are generally of the view that deep capital markets are beneficial everywhere. So, we are helping countries around the world to get to solid regulations and market mechanisms in sovereign bond markets but also, more broadly, in capital markets. And, for emerging markets and advanced economies, deepening capital markets has been a key priority.

    We have seen many firms from around the world come to US markets to issue stocks and bonds. And we think that’s related to the depth of the market and the sophistication of the financial sector in the US markets. So, it does provide a service to corporations and financial institutions around the world. But there are certainly many other markets that are deep, that are developing, and that are providing opportunities for both corporations and governments to issue. So, we have seen that trend continue.

    Ms. LOUIS: Thank you. Caio?

    Mr. Ferreira: Maybe just more broadly on the development of capital markets, as Tobias was saying, I think that it’s an important goal. And this has come hand‑in‑hand with the growth of non‑banking financial institutions that we are seeing across the globe. We see this as a potential positive development. You diversify the sources of funding and the credit to the real economy, diversify the risks across a broader set of institutions, this is good for the economy and financial stability.

    There are risks that need to be mitigated. We discuss some of them in the GFSR—leverage, interconnectedness between different kinds of institutions. But overall, there are policies created by the standard setters that, if implemented, can mitigate these risks.

    Ms. LOUIS: Thank you, Caio and Tobias. 

    Going back to the room. There’s a lady in the second row.

    QUESTION: Hi. Riley Callanan from GZERO Media.

    The IMF downgraded the US, the most of all advanced economies. And I was wondering, is this a short‑term hit that in a year could lead to greater growth and investment in the US? Or is this a long‑term downgrade? Or is it too soon to tell, as you said, with capital markets?

    Mr. ADRIAN: We are really looking more at the financial stability aspects. And I would just note that there has been a readjustment in expectations. Where the US and other economies are going to end up remains to be seen. But I think what is notable is that with the sharp adjustment in asset prices, the increase in uncertainty has been absorbed well in capital markets. And as Caio alluded to, it is the policy framework around the banking system and the non‑banks that is so important to create resilient and deep financial markets that are then facilitating adjustments, relative to new policy developments. And from that vantage point, I think even though we have seen the level of uncertainty increase, markets have been very orderly. And we think that the regulatory and policy framework is key for that achievement.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And if you would like to flesh out any more details on the growth ramifications, we have a conference on Friday. And I can send you the details.

    Another question here, in the second row. I will come back to you.

    QUESTION: Hi. Gabriela Viana from Galapagos Capital in Brazil.

    So, in Brazil, commodities prices play an important role for currency [and] international capital inflows, especially in the stock market. Do you see commodities prices as a main important constraint for markets or the economic policy’s uncertainties or maybe the monetary tightening? Thank you.

    Mr. WU: All these factors are related to each other, obviously. So, I think the commodity prices, if the WEO forecast were to play out, the global economy is going to be slowing. It’s certainly an impact on the revenue side.

    I think for many emerging markets, the silver lining here is that they do have policy room. Many of them do have monetary policy room. Some of them have fiscal room, although only a few of them. So, it seems like this is going to be a challenging period, and uncertainty [and] commodity channels are both going to weigh on economies for emerging markets.

    We have seen broad‑based resilience among emerging markets over the last few years compared to, let’s say, five years before the pandemic. So, I think this speaks to the institutional quality having improved in emerging markets. And hopefully this would continue to buffer emerging markets from these external shocks.

    Ms. LOUIS: Thank you. Thank you, Jason.

    And the lady in the middle. And then I will come back to Agence France‑Presse.

    QUESTION: Hi. Thank you for taking my question. I am Stephanie Stacey from the Financial Times.

    I wanted to expand on the previous questions about the dollar and treasuries. And I know you mentioned it’s hard to assess at this point how lasting the impact will be. But I wanted to ask what risks and future factors you think could drive a real shift in their safe haven status.

    Ms. LOUIS: Before we continue, are there any other questions on the dollar and the safe haven status? Yes. There is a question here.

    QUESTION: Hi. Mehreen Khan from The Times. I’m sorry. I will stand up.

    You mentioned the importance of swap lines and central banks cooperating at times of market stress. I mean, how much are we taking this type of cooperation for granted? And how much is the idea of the Fed providing swap lines to other central banks now in question, given the nature of the scrutiny that the institution is under from the Trump administration?

    Mr. ADRIAN: Let me start with the swap lines.

    In previous episodes of distress, such as the COVID-19 shock in 2020 or the global financial crisis in 2008, we have seen that swap lines from the major central banks—including Bank of England, ECB, Bank of Japan, and the Federal Reserve—have played an important role in terms of stabilizing market liquidity. The way to think about that is that the central banks are providing funding to partner central banks in the currency of the foreign assets that those institutions own. So, it’s an important underpinning to provide market functioning and resilience to your own assets in the hands of foreign financial institutions.

    As we mentioned earlier central banks have not intervened for liquidity purposes in recent weeks. And, despite a heightened market volatility, the VIX, for example, went from below 20 to between 40 and 50, which is fairly elevated. We have seen a very, very smooth market functioning across the board.

    Concerning the role of treasuries we are looking at the pricing of longer duration treasuries very carefully. We particularly look at supply factors, demand factors, and technical factors. We have seen volatility in the price moves, but we think that those are within reasonable historical norms.

    Mr. WU: Just to complement, I think in the treasury market, we have seen market functioning held up—meaning that buyers can find sellers and transactions are going through. I think that’s a very important sign.

    One thing that I wanted to mention also is that a year ago in our report, we pointed out that there are leveraged trades in the treasury market. These are trades that have not very much to do with economic fundamentals in the US or elsewhere but, rather, are using leverage to capture arbitrage opportunities in markets. When these trades are unwound, there will be impact in the treasury market. And this is something that we have pointed out before. These include the so‑called treasury cash‑futures basis trade, as well as a swap spread trade, which we have documented before. And I think during this episode, given the very heightened volatility, we have seen evidence of some of these positions being unwound, potentially having an impact on treasury yields as well. So, I just wanted to put this into context. This is not about capital outflows, but it’s about unwinding these trades having amplified the recent price movements in treasury markets.

    Mr. ADRIAN: We are seeing some indication that there’s some lowering in terms of the leverage in these trades, but we haven’t heard of disorderly deleveraging at this point. So, of course, with market volatility increasing, financial institutions naturally reduce their leverage. But we haven’t seen the kind of adverse feedback loop that was common, say, in 2008 or even as recent as the COVID-19 shock initially.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And there’s a question from Agence France‑Presse, in the middle. And then I will come back to you, and you. We are running out of time. So, we will take very, very few questions left.

    QUESTION: Thanks for taking my question. Just a quick question. In your report, you talk about geopolitical risk, including the risk of military conflicts. I just wonder how seriously you think people should take that and where you rate that when it comes to the global financial stability risks you have discussed already.

    Ms. LOUIS: Thank you. And I have just been told we are running out of time. So, we will just clump those questions, if you could be very quick. The gentleman over there and the lady there. And then we will wrap it up. Thank you.

    QUESTION: Hi. [Rafia] from Nigeria. I work on [Arise TV].

    The IMF keeps talking about building resilience to face the global challenge of the state of the economy of the world. How do you build resilience in a world economic climate when one man’s decision can tip the scale? Just one man. He could wake up tomorrow and all our projections falter. One man.

    Ms. LOUIS: Thank you. And then the last question.

    QUESTION: Laura Noonan, Bloomberg News. Thanks for taking the question. It’s actually a related question.

    You spoke in the report about the need for policymakers to try to do what they can to guard against these future financial shocks. Do you have any practical suggestions on what those measures could be? And also, are you expecting people to take measures to make the financial system safer when the overall political mood, as you have seen, has very much been about trying to liberalize things, trying to deregulate, and trying to simplify? Thank you.

    Ms. LOUIS: Thank you. Tobias?

    Mr. ADRIAN: Let me address the three sets of questions and then turn to my colleagues as well.

    On geopolitical risk, we do have a chapter that was released last week that is looking at capital market performance relative to geopolitical risks. And the good news is that, generally, when adverse risks realize, there is an asset price adjustment. But on average, relative to recent decades, those risks are absorbed well by the financial system in general. Now, of course, when conflicts directly impact countries, that can have a pronounced impact on their financial systems, and it’s something that we are discussing in more detail in the chapter.

    Secondly, in terms of the exposure of countries to physical risk, we have certainly seen in some countries around the world, a heightened incidence of drought and floods, even those can be macro‑critical. To the extent that these developments impact macro stability, we are certainly there to support countries and help them, either via programs or policy frameworks.

    Thirdly, in terms of the regulation of financial institutions and financial markets. You know, I think the last couple of weeks are very good illustrations for the importance of resilience of financial institutions. I mean, we have seen a tremendous increase in the level of volatility, which reflects the higher level of uncertainty. Last October, our overarching message in the GFSR was that there was this wedge between policy uncertainty and financial market volatility, which at the time was very low. And we have seen financial market volatility catch up with the high level of policy uncertainty. But that has been orderly, and financial institutions have been resilient. That is really the main objective of financial sector regulation—to get to a place where the financial system can do its job in terms of adjusting to unexpected developments. And when you have resilience in banks and in non‑banks, these adjustments are smooth. And that is the point of finance, right? It’s a kind of an insurance mechanism for the global economy and for individual country macro economies. Good regulation leads to good stability. And we have a lot of detail on that in the GFSR.

    Mr. Ferreira: Maybe I could add a little bit on this about how to build resilience.

    I think that as Tobias was saying, trying to anticipate shocks is very hard. And it is very hard to do it. So, I think the way to build the resilience is focusing on vulnerabilities. In the GFSR, we have mentioned some vulnerabilities that we feel are important at this time. So, the valuations issues that makes the risk of repricing more likely, leveraging in some segments of the financial sector and in the interconnectedness with the banks, and also, of course, rising and high debt in several countries.

    How do you build the resilience in the face of these vulnerabilities? We do feel that banks in most countries are actually the cornerstone of the financial sector and so ensuring that they have appropriate levels of capital and liquidity is key. And the international standards do provide the basis for doing that. To address some of the other vulnerabilities, like leveraging an interconnection between different types of institutions, excessive [transformations], maybe.

    Finally, I think that on the issue of rising debt, one common theme that we have been talking about is about the need to credibly rebuild fiscal buffers.

    Ms. LOUIS: Thank you. Thank you very much. I know we have covered a lot of ground, and I apologize that we could not get to everybody. If you do have any follow‑ups or any questions, please feel free to reach out to me. You can find the report online, and we can also send it to you bilaterally.

    Again, thank you very much for coming and thank you for your time. Take care.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/04/22/tr-04222024-gfsr-press-briefing

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: SBA Offers Relief to Idaho Small Businesses and Private Nonprofits Affected by the Highway 95 Landslide and Closure

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – TheU.S. Small Business Administration (SBA) announced low interest federal disaster loans are now available to small businesses and private nonprofit (PNP) organizations in Idaho who sustained economic losses caused by the Highway 95 landslide and closure beginning on March 16. The SBA issued a disaster declaration in response to a request received from Gov. Brad Little on April 18.

    The disaster declaration covers the Idaho counties of Ada, Adams, Boise, Canyon, Custer, Gem, Idaho, Lemhi, Payette, Valley and Washington as well as the Oregon counties of Baker and Wallowa.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    Beginning Wednesday, April 23, SBA customer service representatives will be on hand at a Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.

    Virtual Business Recovery Center
    Mondays – Fridays
    8 a.m. – 4:30 p.m. Pacific Time
    FOCWAssistance@sba.gov
    (916) 735-1531
    Opens at 8 a.m., Wednesday, April 23

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return economic injury applications to the SBA is Jan. 21, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: HR Ratings Expands U.S. Operations with Strategic Growth Plan and Senior Leadership Appointment

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 22, 2025 (GLOBE NEWSWIRE) — HR Ratings, leading credit rating agency with nearly two decades of experience and more than 14,000 ratings issued worldwide, announces the expansion of its U.S. operations, reinforcing its long-term commitment to the U.S. market. As part of this effort, HR Ratings welcomes Gregory Root as Business Development Executive Director, adding depth to its leadership team and accelerating its growth in key sectors.

    Gregory Root has nearly 40 years of experience in credit ratings, investment banking, and capital markets. He has held senior leadership roles at Kroll Bond Ratings, DBRS, and Keefe, Bruyette & Woods. As President of Thomson BankWatch, he led the agency’s growth into the world’s largest bank rating firm at the time, overseeing teams across 60 countries.

    “Greg brings a deep understanding of the U.S. market and will play a critical role in supporting HR Ratings´ growth and establishment in this market.” said Veronica Cordero, Head of Business Development of HR Ratings.

    HR Ratings is registered as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange Commission (SEC) for corporates, public finance, and financial institutions, certified by the European Securities and Markets Authority (ESMA), and the UK’s Financial Conduct Authority (FCA). HR Ratings is also approved by the National Association of Insurance Commissioners (NAIC) as credit rating providers (CRP). In addition, the rating agency is certified by the Climate Bonds Initiative (CBI) as approved verifiers for green bonds.

    With a local team based in Coral Gables, Florida, HR Ratings offers a full range of credit evaluation services. The agency has already issued over 2,300 credit ratings historically in the U.S. and evaluated more than 300 U.S.-based entities, serving a market that increasingly seeks agile, transparent, and rigorous credit analysis.

    “This marks an important step forward as we scale our presence in the U.S.,” said Alberto Ramos, Chairman of the Board of HR Ratings. “Our model is built on transparency, accessibility, highest quality service, and analytical rigor—qualities that matter to U.S. issuers and investors looking for real alternatives in a concentrated ratings market.”

    About HR Ratings

    HR Ratings, LLC (HR Ratings), is a Credit Rating Agency registered by the Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) for the assets of public finance, corporates and financial institutions as described in section 3 (a) (62) (A) and (B) subsection (i), (iii) and (v) of the US Securities Exchange Act of 1934.

    The following information can be found on our website at www.hrratings.com: (i) The internal procedures for the monitoring and surveillance of our ratings and the periodicity with which they are formally updated, (ii) the criteria used by HR Ratings for the withdrawal or suspension of the maintenance of a rating, (iii) the procedure and process of voting on our Analysis Committee, and (iv) the rating scales and their definitions.

    The ratings and/or opinions of HR Ratings are opinions regarding the credit quality and/or the asset management capacity, or relative to the performance of the tasks aimed at the fulfillment of the corporate purpose, by issuing companies and other entities or sectors, and are based on exclusively in the characteristics of the entity, issue and/or operation, regardless of any business activity between HR Ratings and the entity or issuer. The ratings and/or opinions granted are issued on behalf of HR Ratings and not of its management or technical personnel and do not constitute recommendations to buy, sell or maintain any instrument, or to carry out any type of business, investment or operation, and may be subject to updates at any time, in accordance with the rating methodologies of HR Ratings.

    HR Ratings bases its ratings and/or opinions on information obtained from sources that are believed to be accurate and reliable. HR Ratings, however, does not validate, guarantee or certify the accuracy, correctness or completeness of any information and is not responsible for any errors or omissions or for results obtained from the use of such information. Most issuers of debt securities rated by HR Ratings have paid a fee for the credit rating based on the amount and type of debt issued. The degree of creditworthiness of an issue or issuer, opinions regarding asset manager quality or ratings related to an entity’s performance of its business purpose are subject to change, which can produce a rating upgrade or downgrade, without implying any responsibility for HR Ratings. The ratings issued by HR Ratings are assigned in an ethical manner, in accordance with healthy market practices and in compliance with applicable regulations found on the www.hrratings.com rating agency webpage. HR Ratings’ Code of Conduct, rating methodologies, rating criteria and current ratings can also be found on the website.

    Ratings and/or opinions assigned by HR Ratings are based on an analysis of the creditworthiness of an entity, issue or issuer, and do not necessarily imply a statistical likelihood of default, HR Ratings defines as the inability or unwillingness to satisfy the contractually stipulated payment terms of an obligation, such that creditors and/or bondholders are forced to take action in order to recover their investment or to restructure the debt due to a situation of stress faced by the debtor. Without disregard to the afore mentioned point, in order to validate our ratings, our methodologies consider stress scenarios as a complement to the analysis derived from a base case scenario. The fees HR Ratings receives from issuers generally range from US$1,000 to $1,000,000 (one million dollars, legal tender in the United States of America) (or the equivalent in another currency) per offering. In some cases, HR Ratings will rate all or some of a particular issuer’s offerings for an annual fee. Annual fees are estimated to vary between $5,000 and US$2,000,000 (five thousand to two million dollars, legal tender in the United States of America) (or the equivalent in another currency).

    The MIL Network –

  • MIL-OSI USA: Reed Hosts Medal Ceremony for Family of Local WWII Veteran

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    CRANSTON, RI – Nearly eight decades after Seaman First Class Ferdinand “Bull” Viveiros was honorably discharged from the U.S. Navy, U.S. Senator Jack Reed today presented Mr. Viveiros’ family with several military honors he received through his courageous and honorable service during World War II. 

    Senator Reed, the Ranking Member of the Senate Armed Services Committee, today joined Mr. Viveiros’ children to honor their father, celebrate his tremendous service and sacrifice, and deliver military medals and recognitions for his role in defending freedom around the globe.

    “We are grateful to Mr. Viveiros and his fellow servicemembers for their courage and dedication.  They made tremendous sacrifices.  It is a privilege to recognize and honor their service and thank their families,” said Senator Reed.

    “I’m proud to join Senator Reed today to pay tribute to my dad.  These military honors are long overdue, and I honestly think my dad can rest in peace now,” said Sharon Alves, Mr. Viveiros’ daughter who was joined today by her husband, Peter Alves, and their son, PJ.

    Born and raised in Bristol by his parents, Louis and Maria Viveiros, Bull Viveiros enlisted in the U.S. Navy in December 1943 just before his eighteenth birthday. He went on to participate in the Allied Invasion of Europe on D-Day on June 6, 1944, serving as a gunner on a Landing Ship, Tank (LST) which landed on Utah Beach.

    During Seaman First Class Viveiros’ approximately three years of service, he trained at the U.S. Naval Training Station in Sampson, NY and served on several military vessels, including: USS Cassia County (LST 527), an amphibious landing ship that participated in the Invasion of Normandy; USS Fall River, a Baltimore-class heavy cruiser which sailed in experimental development operations; and USS Wyandot, an Andromeda-class attack cargo ship.

    After the war, Mr. Viveiros returned home and settled in Fall River, MA to start a family and return to his work as a carpenter and tradesman. He married his wife, Mary (Ferreira) Viveiros, and had three children: a daughter, Sharon; and two sons, Dean and Ferdinand Jr.

    Mr. Viveiros worked for over four decades as a lead shipper for the Haskon Corporation of Taunton. He continued to serve his nation, fellow veterans, and community in his native state of Rhode Island as a devoted member and past commander of the Veterans of Foreign War (VFW), Woodrow L. Silvia Post 5392 in Tiverton.

    Until his passing in 2017 at the age of 91, Mr. Viveiros donated his time to fellow veterans by serving with organizations such as the Disabled American Veterans, Paralyzed Veterans of America, and the U.S. Landing Ship, Tank (LST) Association.

    During the ceremony, Mr. Viveiros’ family received four military honors for exemplary conduct, efficiency, and fidelity that he earned while serving in the U.S. Navy during WWII, including:

    World War II (WWII) was the most widespread war in history with more than 100 million people serving in military units, including roughly 16 million Americans, according to the U.S. Department of Veterans Affairs.

    MIL OSI USA News –

  • MIL-OSI USA: April 22nd, 2025 Heinrich, Daines, Neguse, Leger Fernández Introduce Bipartisan Legislation to Complete the Continental Divide National Scenic Trail

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, U.S. Senator Steve Daines (R-Mont.), and U.S. Representatives Joe Neguse (D-Colo.) and Teresa Leger Fernández (D-N.M.) introduced their bipartisan Continental Divide National Scenic Trail Completion Act, legislation that directs the Secretaries of the U.S. Department of Agriculture (USDA) and U.S. Department of Interior to prioritize the completion of the Continental Divide National Scenic Trail (CDT).

    Designated by Congress as part of the National Trail System in 1978, the Continental Divide National Scenic Trail stretches more than 3,000 miles and passes through New Mexico, Colorado, Wyoming, Montana, and Idaho. The trail follows the Continental Divide and transverses some of the nation’s most treasured natural, historic, and cultural resources.

    Since the Continental Divide National Scenic Trail’s creation, stakeholders have worked tirelessly to complete the trail. Today, more than 160 miles of the trail require diversions onto roadways and highways, and 600 miles of the trail require relocation.Closing these gaps and relocating these segments will help better maintain the trail’s purpose while ensuring a safer and more enjoyable journey for hikers.

    “The existing Continental Divide National Scenic Trail serves as a major economic driver for communities along the trail like Grants and Silver City, New Mexico. The trail also provides recreational access to some of our most incredible natural, historic, and cultural landscapes,” said Heinrich, Ranking Member of the Senate Energy and Natural Resources Committee. “Our Continental Divide National Scenic Trail Completion Act will finally finish incomplete portions of the trail and make it easier and safer for locals and through-hikers to access. As a National Scenic Trail, the Continental Divide Trail deserves no less.”

    “The Continental Divide Trail provides an unmatched outdoor experience for Montanans and visitors alike,” said Daines. “My bipartisan bill ensures the trail will continue to provide public access and a continuous route will finally be completed.”

    “It’s been nearly half a century since Congress formally established the Continental Divide Trail, a scenic route that spans the Rocky Mountains and crosses five states. Since then, the trail has provided the American people with world-class recreational opportunities and has served as an economic driver for the rural towns and cities along its route. In championing the Continental Divide National Scenic Trail Completion Act, we are calling on the federal government to fulfill its promise to complete the trail’s full 3,100-mile length, enhancing the benefits this iconic trail brings to both our people and our public lands,” said Neguse, Ranking Member of the House Subcommittee on Federal Lands.

    “A divided and incomplete Continental Divide Trail is calling out for congressional action to finish the job. A completed trail highlights and honors the unique cultures and environments along its route in New Mexico.” said Rep. Leger Fernández. “This bill will help grow our outdoor recreation economy and support the rural communities along the CDT. Importantly, it also makes sure we respect local landowners, Tribes, Land Grants-Mercedes, Acequias, and other land users. I look forward to co-leading the bill again this Congress with Congressman Neguse and my colleagues.”

    Specifically, the Continental Divide National Scenic Trail Completion Act: 

    • Directs the USDA Secretary and Interior Secretary to establish a Trail Completion Team comprised of the U.S. Forest Service (USFS), the Bureau of Land Management (BLM) and the Continental Divide National Scenic Trail Administrator. This team will be responsible for conducting optimal location reviews and to assist in developing a comprehensive development plan for the Trail.
    • Recognizes the value of cooperation between federal land managers, states, Tribes, towns, Native communities, and others. The Continental Divide Trail Completion Act directs USFS and BLM to maintain close partnerships with stakeholders in developing, maintaining, and managing the trail.
    • Requires the completion of a comprehensive development plan for the Trail, to include areas of Trail where there are gaps, opportunities for acquiring land to complete the trail, and site-specific Trail development plans.
    • Ensures that land purchased to complete the trail may only be acquired from willing sellers.

    Last year, the Continental Divide National Scenic Trail Completion Act passed through the Senate Energy and Natural Resources Committee with unanimous consent. The legislation has the backing of the Continental Divide Trail Coalition and a number of organizations and businesses.

    “Completing the CDT is not just about closing the gaps — it’s about all the benefits that result from ensuring connections to one of the country’s most important landscapes exist for future generations,” said Teresa Martinez, Executive Director of the Continental Divide Trail Coalition.

    Text of the Continental Divide National Scenic Trail Completion Act can be found here.

    Timeline of Actions on Continental Divide National Scenic Trail in 118th Congress:

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Senators Demand President Trump Rescind Harmful Claims That He Will Transfer Incarcerated U.S. Citizens To A Foreign Prison

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    April 22, 2025

    In the letter, Durbin also leads his colleagues in a call to return Maryland father wrongfully deported to El Salvador, Kilmar Abrego Garcia

    CHICAGO – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today led 25 of his Democratic colleagues in a letter to President Donald Trump calling for him to immediately rescind the dangerous and offensive claim that he may transfer incarcerated U.S. citizens to El Salvador.

    In the letter, the Senators also urge the President to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom his Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. In the letter, the Senators explain how these unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded. 

    Along with Durbin, the letter was signed by U.S. Senators Chris Van Hollen (D-MD), Mazie Hirono (D-HI), Chris Coons (D-DE), Alex Padilla (D-CA), Richard Blumenthal (D-CT), Angela Alsobrooks (D-MD), Jeff Merkley (D-OR), Adam Schiff (D-CA), Peter Welch (D-VT), Tammy Duckworth (D-IL), Tim Kaine (D-VA), Amy Klobuchar (D-MN), Cory Booker (D-NJ), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Lisa Blunt Rochester (D-DE), Raphael Warnock (D-GA), John Hickenlooper (D-CO), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Ed Markey (D-MA), Tina Smith (D-MN), Patty Murray (D-WA), and Martin Heinrich (D-NM).

    The Senators wrote, “With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on ‘repeated injuries and usurpations’ by the then-King of Great Britain, including ‘transporting us beyond Seas to be tried for pretended offences’ and ‘depriving us in many cases, of the benefits of Trial by Jury.’ Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason.  One conservative legal scholar called your threats to deport U.S. citizens ‘obviously illegal and unconstitutional.’”

    The Senators continued, “Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.’”

    Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. The Supreme Court recently ordered the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador.”

    The Senators continued, “You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him… You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1)  to return someone who has been  wrongfully deported, or (2) to grant individuals the due process they are owed under our laws… You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.”

    Today’s letter is endorsed by the following organizations: Center for Victims of Torture, American Immigration Council, Leadership Conference on Civil and Human Rights, FWD.us, People for the American Way, National Immigrant Justice Center, SMART Union, and Human Rights First.

    A copy of the letter is available here and below:

    April 22, 2025

    Dear President Trump:

    We call on you to immediately rescind the dangerous and offensive claim that you may transfer incarcerated U.S. citizens to El Salvador. We further urge you to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom your Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded. 

    With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on “repeated injuries and usurpations” by the then-King of Great Britain, including “transporting us beyond Seas to be tried for pretended offences” and “depriving us in many cases, of the benefits of Trial by Jury.” Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason. One conservative legal scholar called your threats to deport U.S. citizens “obviously illegal and unconstitutional.”

    Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.” Throughout our nation’s history, the Supreme Court has long read the Fifth Amendment’s guarantee of due process to require that the government provide persons with certain procedural due process protections, including notice and an opportunity to be heard before any such deprivation of liberty.

    Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. In a statement accompanying the Supreme Court’s recent order for the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,” Justice Sotomayor noted that your Administration’s argument suggesting that the government is permitted to leave Mr. Abrego Garcia in the Salvadoran prison after wrongfully sending him there “implies that it could deport and incarcerate any person, including U.S. citizens, without legal consequence, so long as it does so before a court can intervene.” She went on to note that this is a “view [that] refutes itself.”

    You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him. As Judge Harvie Wilkinson, a conservative appointee of President Reagan, wrote in a unanimous Fourth Circuit opinion rejecting your Administration’s efforts to delay taking steps to bring Mr. Abrego Garcia back to the United States: 

    The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear.

    You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1) to return someone who has been  wrongfully deported, or (2) to grant individuals the due process they are owed under our laws.  As Judge Boasberg wrote in his order last week concluding that probable cause exists to find the government in criminal contempt:

    The Constitution does not tolerate willful disobedience of judicial orders—especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely “annul the judgments of the courts of the United States” would not just “destroy the rights acquired under those judgments”; it would make “a solemn mockery” of “the constitution itself.” …“So fatal a result must be deprecated by all.”

                You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.

    Sincerely,

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Statement On Secretary of State Rubio Announcing “Sweeping Reorganization” At The State Department

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    April 22, 2025

    CHICAGO – U.S. Senate Democratic Whip Dick Durbin (D-IL) released the following statement after Secretary of State Marco Rubio unveiled a plan to significantly reorganize the State Department, including targeting human rights programs and others focused on war crimes and democracy:

    “The chaos and cruelty of this Administration knows no bounds. After dismantling USAID, the Trump Administration is now going after the State Department—a critical department that executes our foreign policy goals, maintains our alliances around the world, and promotes the long-term security of the United States.

    “As more information becomes available, I will be monitoring these ‘reforms’ closely. I am particularly concerned over reports that the Trump Administration plans to target human rights programs and the monitoring of war crimes and democracy abroad. Secretary Rubio and I worked closely on many of these priorities during his time in the Senate and I know he understand the importance of American leadership on these issues. 

    “With instability continuing in challenging corners of the globe, now, more than ever, we need America’s top diplomats engaged—not ceding our leadership to China and Russia.”   

    In Congress and as Co-Chair of the Senate Ukraine Caucus, Durbin has continuously called out Russia for committing war crimes in Ukraine. Durbin and Senator Chuck Grassley’s (R-IA) bipartisan Justice for Victims of War Crimes Act – which updates the current war crimes statute to enable prosecution of war criminals in the United States regardless of the nationality of the perpetrator or victim – was signed into law by President Biden. 

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: McClellan, Matsui, Neguse, Cohen Lead Resolution to Celebrate Earth Day

    Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

    Washington, D.C. – Today, Congresswoman Jennifer McClellan (VA-04), member of the House Sustainable Energy and Environment Coalition (SEEC) joined Congresswoman Doris Matsui (CA-07), Assistant Democratic Leader Joe Neguse (CO-02), and Congressman Steve Cohen (TN-09)  to lead a group of 48 lawmakers in introducing a resolution to commemorate Earth Day 2025. The resolution celebrates recent historic environmental actions that have improved the health and wellbeing of our planet, while also reaffirming the work that still needs to be done to secure a livable future for the next generation. 

    “Our children deserve a future where clean air, safe water, and a stable climate are not luxuries, but guarantees,” said Congresswoman McClellan. “This Earth Day, we must reaffirm our commitment to climate action and environmental justice. We are not just responding to a crisis today — we are building a better, more just world that our children will inherit tomorrow.”

    “Since the first declaration of Earth Day fifty-five years ago, we have made incredible progress towards protecting and restoring the natural world that we rely on and enjoy,” said Congresswoman Matsui. “However, in less than 100 days, President Trump has worked to erase decades of progress, dismantling climate science, weakening critical environmental agencies, and launching an all-out assault on clean air and clean water. This unprecedented assault on clean air and clean water is a stark reminder that Earth Day remains as important and revolutionary today as it was in 1970. This Earth Day, I am honored to join my colleagues in reaffirming and celebrating our shared responsibility to protect and preserve our planet for future generations, and I will never stop fighting to uphold these ideals at every level of government.”

     “On Earth Day, communities across the country reaffirm their commitment to protecting the environment and our treasured public lands,” said Congressman Neguse. “And for me, as a proud Coloradan, the fight to ensure future generations can enjoy the outdoors the same way we have is deeply personal. Which is why I’m proud to join my colleagues in continuing to charge forward in Congress with efforts that prioritize protecting our planet.” 

    “Fifty-five years after the first Earth Day, our commitment to environmental protection must be stronger than ever,” said Congressman Cohen. “The Trump administration is once again doing the bidding of polluters—rolling back clean air and clean water standards, halting enforcement of environmental safeguards, and illegally freezing congressionally authorized funding meant to combat climate change, reduce pollution, and protect public health. Climate change is accelerating. Our air, water, and communities are under threat. Earth Day is not just a reminder of what’s at stake—it’s a call to rededicate ourselves to the fight for a cleaner, healthier, and more sustainable planet for the next generation.”

    Congresswoman McClellan has been a leader of clean energy efforts since she was a member of the Virginia Assembly, leading the Virginia Clean Economy Act and the Solar Freedom Act. She championed the Coastal Virginia Offshore Wind Project, which creates jobs and develops clean energy infrastructure. Since coming to Congress, she has led efforts to invest in clean and renewable energy, support soil carbon sequestration research and monitoring, address the risks to infrastructure integrity resulting from changing climate and environmental conditions and more.

    Read the full resolution HERE.

    MIL OSI USA News –

  • MIL-OSI: Pulse Seismic Inc. Reports Strong Q1 2025 Financial Results and Increases Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three months ended March 31, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Today, Pulse’s Board of Directors approved a 17% increase to the regular quarterly dividend, declaring a dividend of $0.0175 per share. This results in an increase to the annual regular dividend from $0.06 per share to $0.07 per share. The total dividend declared will be approximately $889,000 based on Pulse’s 50,794,563 common shares outstanding as of April 22, 2025, to be paid on May 20, 2025, to shareholders of record on May 12, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “I am very pleased to report today’s decision by Pulse’s Board of Directors to approve the third annual increase to the Company’s regular dividend since 2023. Having licensed $22.8 million of seismic data for the quarter, our balance sheet has been further strengthened, ending the period with $14.3 million of cash and $14.2 of working capital,” stated Neal Coleman, Pulse’s President and CEO. “As a business with significant fluctuations in annual revenue, having a low-cost structure like ours lends itself to significant increases in EBITDA margins and shareholder free cash flow generation in higher revenue years. Compared to last year, we have already generated 97% of annual revenue,” he continued. “We remain focused on returning capital to shareholders as evidenced by the 17% increase to the regular quarterly dividend, on top of the special dividend of $0.20 per share that was declared in February,” concluded Coleman.

    HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025

    • A regular dividend of $0.015 per share and a special dividend of $0.20 per share were declared and paid in the first quarter of 2025, totalling $10.9 million.
    • The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the three months ended March 31, 2025, the Company purchased and cancelled 43,300 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $106,000;
    • Total revenue for the three months ended March 31, 2025, was $22.8 million, compared to $8.8 million for the same period in 2024. Revenue generated in the first quarter of 2025 represents approximately 97% of the total recorded for the full year ended December 31, 2024;
    • Shareholder free cash flow(a) was $15.4 million ($0.30 per share basic and diluted) compared to $5.0 million ($0.10 per share basic and diluted) for the three months ended March 31, 2024; 
    • EBITDA(a) was $20.0 million ($0.39 per share basic and diluted) compared to $6.2 million ($0.12 per share basic and diluted) for the three months ended March 31, 2024; 
    • Net earnings were $13.4 million ($0.26 per share basic and diluted) compared to net earnings of $2.7 million ($0.05 per share basic and diluted) for the three months ended March 31, 2024; and 
    • At March 31, 2025, the Company had a cash balance of $14.3 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION    		        
             
             
    (Thousands of dollars except per share data,   Three months ended March 31, Year ended,
    numbers of shares and kilometres of seismic data)   2025 2024 December 31,
        (Unaudited) 2024
    Revenue   22,759 8,777 23,379
             
    Amortization of seismic data library   2,225 2,270 9,090
    Net earnings   13,375 2,681 3,391
    Per share basic and diluted   0.26 0.05 0.07
    Cash provided by operating activities   16,615 10,464 14,195
    Per share basic and diluted   0.33 0.20 0.28
    EBITDA (a)   20,048 6,229 15,496
    Per share basic and diluted (a)   0.39 0.12 0.30
    Shareholder free cash flow (a)   15,419 5,038 12,408
    Per share basic and diluted (a)   0.30 0.10 0.24
             
    Capital expenditures        
    Seismic data   – 225 225
    Property and equipment   – – 45
    Total capital expenditures   – 225 270
             
    Dividends        
    Regular dividends declared   763 715 3,018
    Special dividends declared   10,167 – 2,548
    Total dividends declared   10,930 715 5,566
             
    Normal course issuer bid        
    Number of shares purchased and cancelled   43,300 627,300 1,784,000
    Cost of shares purchased and cancelled   106 1,185 3,880
             
    Weighted average shares outstanding        
    Basic and diluted   50,829,404 52,122,006 51,448,985
    Shares outstanding at period-end   50,794,563 51,994,563 50,837,863
             
    Seismic library        
    2D in kilometres   829,207 829,207 829,207
    3D in square kilometres   65,310 65,310 65,310
             
    FINANCIAL POSITION
    AND RATIO    		        
        March 31, March 31, December 31,
    (Thousands of dollars except ratio)   2025 2024 2024
    Working capital   14,201 10,579 9,222
    Working capital ratio   3.7:1 3.8:1 5.1:1
    Cash and cash equivalents   14,305 13,765 8,722
    Total assets   27,412 31,122 21,516
    Trailing 12 -month (TTM) EBITDA(b)   29,315 30,045 15,496
    Shareholders’ equity   20,533 26,543 18,295
             

    (a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    Pulse had a very strong first quarter, generating revenue of $22.8 million and ending the quarter with $14.3 million of cash and $14.2 million of working capital. This was one of the top three quarters in the Company’s history, representing 97% of annual 2024 revenue. Pulse’s ability to predict future revenue generation has always been challenging, as significant annual fluctuations are the norm in the seismic data library business. This strong quarterly result has improved our balance sheet and positioned the Company for solid financial performance in 2025.

    Industry trends that we consider relevant include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M and A forecasts and the status of industry infrastructure improvements. Early in 2025, industry projections included high levels of M & A activity for the year and improving commodity prices. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. Alberta land sales through 2024 and into 2025 were strong, and in British Columbia land sales were resumed in Q3 2024 after a pause of over 3 years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices.

    Of course, there is a high level of uncertainty on the political and economic fronts. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes and the pending Canadian federal election outcome are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >        The outlook of the Company for the year ahead, including future operating costs and expected revenues;

    >       Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

    >        The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

    >        Pulse’s capital allocation strategy;

    >        Pulse’s dividend policy;

    >        Oil and natural gas prices and forecast trends;

    >        Oil and natural gas drilling activity and land sales activity;

    >        Oil and natural gas company capital budgets;

    >        Future demand for seismic data;

    >        Future seismic data sales;

    >        Pulse’s business and growth strategy; and

    >        Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    >        Uncertainty of the timing and volume of data sales;

    >        Volatility of oil and natural gas prices;

    >        Risks associated with the oil and natural gas industry in general;

    >        The Company’s ability to access external sources of debt and equity capital;

    >        Credit, liquidity and commodity price risks;

    >        The demand for seismic data;

    >        The pricing of data library licence sales;

    >         Cybersecurity;

    >        Relicensing (change-of-control) fees and partner copy sales;

    >        Environmental, health and safety risks;

    >        Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

    >        Competition;

    >        Dependence on key management, operations and marketing personnel;

    >        The loss of seismic data;

    >        Protection of intellectual property rights;

    >        The introduction of new products; and

    >        Climate change.

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/a8c573ed-9098-4949-97bc-2c4553e2eae4

    The MIL Network –

  • MIL-OSI Economics: Global Financial Stability Report Press Briefing

    Source: International Monetary Fund

    April 22, 2025

    GFSR PRESS BRIEFING

    Speakers:

    Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF
    Jason Wu, Assistant Director, Monetary and Capital Markets Department, IMF
    Caio Ferreira, Deputy Division Chief, Monetary and Capital Markets Department, IMF

    Moderator: Meera Louis, Communications Officer, IMF

    Ms. LOUIS: Good morning, everyone, and welcome to the GFSR press conference. And thank you for joining us today. I am Meera Louis with the Communications Department at the IMF.

    Joining us here today is Tobias Adrian, Financial Counsellor of the Monetary and Capital Markets Department. Also with us is Jason Wu, Assistant Director, and Caio Ferreira, Deputy Division Chief of the Monetary and Capital Markets Department.

    So, Tobias, before we turn the floor over for questions, I wanted to start by asking you, what were some of the challenges you and your team faced in preparing for this report? We are in uncharted territory now. So how did you come up with a strategy to shape this report?

    Mr. ADRIAN: Thank you so much, Meera. And welcome, everybody, to the International Monetary Fund.

    We are launching the Global Financial Stability Report, and let me give you a couple of headline messages from the report.

    Our baseline assessment for global financial stability is that risks have been increasing, and there are really two main factors here: One is that the overall level of policy uncertainty has increased; and the second factor is that the forecast of economic activity going forward is slightly lower, as Pierre‑Olivier presented at the World Economic Outlook press conference just now. So, it’s a combination of a lower baseline and larger downside risks. Having said that, we do see both downside and upside risks, and we will certainly explain more about the two sides of uncertainty throughout the press conference.

    So let me highlight three vulnerabilities that are driving our assessment.

    The first one is the level of risky asset values. We have certainly seen some adjustment in risky asset values. It’s important to see that in the broader context of where we are coming from. And, in recent years, we saw quite a bit of appreciation—particularly in equity markets and in some sectors, such as technology. So valuations were quite stretched and credit spreads were very tight by historical standards. And we have certainly seen some decline in valuations; but by historical standards, price-earnings ratios in equity markets, for example, continue to be fairly elevated and credit spreads and sovereign spreads have widened to some degree, but they are still fairly contained by historical standards. The stretching of asset valuations continues to be a vulnerability we are watching closely.

    The second vulnerability is about leverage and maturity transformation in the financial system, particularly in the nonbank sector, where we are looking closely at how leverage is evolving. As market volatility has increased, we have seen some degree of deleveraging, but market functioning has been sound so far. With higher volatility, we would expect asset prices to come down, but the functioning of how those asset prices adjusted has been very orderly to date.

    The third vulnerability that we are watching is the overall level of debt globally. In the past decade, and particularly since the pandemic in 2020, sovereign debt levels have been increasing around the world. It’s the backdrop of higher debt that can interact with financial stability and that’s particularly true for emerging markets and frontier economies, where we have certainly seen some widening of sovereign spreads. Issuance year to date has been strong, but, of course, the tightening of financial conditions that we observed in the past three weeks has an outsized impact on those more vulnerable countries.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And now I will open up the floor to questions. If you could please identify yourself and your outlet. You also have the report online, if need be. And you can also join us online via the Webex link. Thank you.

    So, the lady here in the front.

    QUESTION: Hi. My name is Ray. I am with 21st Century Business Herald, Guangdong, China.

    So, my question is that, you’ve highlighted a series of vulnerabilities and risks. So how does the IMF assess the risk of these tensions triggering broader macro‑financial instability, especially in emerging markets with weaker buffers?

    My second question is that during times of global uncertainty, safe haven assets, such as gold and US treasuries, have been very volatile recently. So how does the IMF assess the volatility affecting currency stability? Thank you so much.

    Ms. LOUIS: Thank you. Tobias?

    Mr. ADRIAN: Thanks so much.

    So, starting with the second part of your question. We have seen a strong rally in gold prices, which is the sort of usual relationship we see in safe haven flows. When there is a high level of uncertainty, risky assets are selling off, oftentimes gold is viewed as a hedge asset and it has been appreciating.

    Of course, US treasuries remain the baseline reserve asset globally. It’s the largest and most liquid sovereign market. And  we have seen yields move. They have been increasing in the past two weeks, which is somewhat similar to the episode in 2020, when longer‑duration assets had yields increasing, as well. What is somewhat unusual is that the dollar has been falling, to some degree, but it’s important to keep that in the context of the strong dollar rally previously.

    Concerning the emerging markets and frontier economies, yes, the tightening of global financial conditions has an outsized the impact on weaker economies. We have seen a number of weaker emerging markets and frontier economies with high levels of debt. We have seen issuance throughout last year and earlier this year, but tighter financial conditions certainly adversely impact the financing conditions for those countries.

    Mr. WU: Maybe just to quickly add on emerging markets.

    I think it’s important to distinguish the major larger emerging markets versus the frontiers, as Tobias has mentioned. I think so far, we have seen currencies and capital flows being relatively muted in this episode. And I think this speaks to the ongoing theme that we have mentioned for several rounds now, that there’s resilienc among the emerging market economies for a whole host of reasons.

    However, as Tobias has pointed out, the external environment is not favorable and financial conditions are tightening globally. At this time, we need to worry about, countries where they are seeing sovereign spreads increasing, with large debt maturities forthcoming. Policy can be proactive to head off these risks by, for example, making sure that fiscal sustainability is being sent the right message.

    Ms. LOUIS: Thank you, Jason. The gentleman in the first row, at that end.

    QUESTION: Thank you. Rotus Oddiri with Arise News.

    So theoretically, if the dollar is weakening, isn’t that, to some degree, relatively good for countries with dollar debts?

    And secondly, how are you seeing fund flows to cash? If there’s a lot of volatility, are you seeing more movements to cash? And are there implications there in terms of [M&A] activity and so on and so forth?

    Mr. ADRIAN: So let me take this in three parts.

    The first question is about sort of like the strength of the dollar and the impact for emerging markets. When we look at exchange rates relative to emerging markets, there’s some heterogeneity. The dollar has appreciated against some emerging markets and depreciated against others. But it’s not the only impact on those financing conditions. We certainly have seen a notable widening of financing spreads. And that is probably the more important determinant for external financing conditions in emerging markets.

    Now, having said that, in some of the larger emerging markets with developed local government bond markets, we have seen some inflows into those local markets, but it’s very country‑specific.

    Turning to the question of investment decisions. We think that the first‑order impact here is the overall level of uncertainty. So, generally, investment decisions are easier in an environment with certainty. Given that some uncertainty remains about how policies are going to play out going forward, that can be a temporary headwind to investments or merger activity.

    Mr. WU: Just to quickly respond to your question about cash. I think during periods where markets are volatile, it’s reasonable that market participants and investors demand more liquidity, thereby moving in cash. We have not seen this happening en masse so far during this episode. So, we have seen bank deposits increase a little bit in the United States, but I think the magnitude is significantly smaller compared to previous episodes of stress.

    Ms. LOUIS: Thank you. Thank you, Jason. So, the lady here in the second row, with the glasses.

    QUESTION: Hi. Szu Chan from the Telegraph.

    Do you see any parallels between recent moves in the bond market, particularly in US treasuries, with what happened in the wake of the Liz Truss mini budget? And do you think any lasting damage has been done?

    Mr. ADRIAN:

    Just for everybody’s recollection, in October 2022, there was some turbulence in UK gilt markets when the budget announcements were larger than expected and the Bank of England intervened to stabilize markets at that time. Clearly, we haven’t seen interventions by central banks, and the market conditions have been very orderly in recent weeks. There’s a repricing relative to the higher level of uncertainty but as I said at the beginning, there is both upside and downside risk. And we could certainly see upside risk if uncertainty is reduced going forward.

    And market conditions have been quite orderly. The moves are notable in treasuries, in equities, in exchange rates, but they are within movements we have seen in recent years and really reflect the higher level of volatility.

    Mr. Ferreira: I don’t think I have much to add to this, Tobias.

    I think that what we are seeing is some moves that have not been historically deserved in this kind of situation. But these mostly respond to these higher uncertainties and a repricing to the new macro scenario.

    Ms. LOUIS: So, before I go back to the floor, we do have a question on Webex, Pedro da Costa from Market News International. Pedro?

    QUESTION: Thank you so much, Meera. Thank you, guys, for doing this.

    My question is, given the market concerns about the threat to central bank independence, if the threat were exercised in a greater way, what would be the financial stability implications of a potential firing of either the Fed Chair or Fed Governors?

    Ms. LOUIS: Thank you, Pedro. Are there any other questions on central bank independence? I don’t see any in the room. So over to you, Tobias 

    Mr. ADRIAN: Thanks so much.

    So, the International Monetary Fund has been advising central banks for many decades. Helping central banks in terms of governance and monetary policy frameworks is really one of the core missions of the IMF. And we have seen time and time again that central bank independence is an important foundation for central banks to achieve their goals, which are primarily price stability and financial stability. We do advise our membership to, have a degree of independence that is aimed at achieving those overarching goals for monetary policy and financial stability policies.

    Ms. LOUIS: Thank you. Thank you, Tobias. The gentleman in the first row.

    QUESTION: Thank you so much. My name is Simon Ateba. I am with Today News Africa in Washington, DC.

    I want to ask you about AI. It seems that is the big thing now. First, are you worried about AI? And what type of safeguards is the IMF putting in place to make sure that advanced countries—that AI doesn’t increase risk?

    And maybe, finally, on tariffs. We know that President Trump is imposing tariffs today, removing them tomorrow. China is retaliating. How much will that affect the financial stability of the world? Thank you. 

    Mr. ADRIAN: Thanks so much. Let me start with the question on artificial intelligence, and Jason can complement me.

    We have done quite a bit of work on that. In October, we actually had a chapter specifically focused on the impact of artificial intelligence on capital market activity, but, of course, the impact of AI is broader. And in our view, there are both risks and opportunities. I think the main opportunity is that it’s actually potentially quite inclusive, right?

    Everybody that has access to the internet via a smartphone or a computer or a tablet, in principle, can use those very powerful artificial intelligence tools. And we have seen examples in emerging markets and lower‑income economies where entrepreneurs are actually using these new tools to innovate. That can boost productivity around the world.

    In financial markets, we do quite a bit of outreach to market participants. And financial institutions—including banks and capital market institutions—are very actively exploring avenues to use artificial intelligence productively. There’s a lot of innovation going on. At the moment, we see a lot of that concentrated in back‑office kind of applications, so keeping your house in order in terms of getting processes done. But in trading and in credit decisions, these are also quite promising.

    In terms of risks, our primary concerns are cybersecurity risks. Many financial institutions are already under cyber attack., AI can be used to make defenses more efficient, but it can also be used for malicious purposes and making attacks more powerful. So, there’s really a bit of a power game on both sides. And we certainly advise many of our members to help them get to a more resilient financial system, relative to those cyber threats.

    Mr. WU: Maybe just quickly, to complement.

    I would encourage everybody to read Chapter 3 of the October 2024 GFSR, which addresses the issue of artificial intelligence in financial markets. Tobias is right, that there are benefits and risks on both sides.

    In addition to cybersecurity, I just wanted to highlight a couple more things, which is that, many of the financial institutions that we spoke to are still at their infancy in terms of deploying AI to make decisions—meaning, for trading or for investment allocation, they are at very early stages. But suppose that this trend rapidly gains? What would happen to risks?

    I think I will highlight two. One is concentration. Will it be a situation where the largest firms with the best models tend to win out and, therefore, dominate the marketplace? And then what are the implications for this? The second is that the speed of adjustment in financial markets might be much quicker if everything is based on high‑powered, artificial intelligence-type algorithms.

    With regard to these two risks, I think there’s great scope for supervisors to gather more information and understand who the key players are and what they are doing. International collaboration obviously is a crucial aspect of this. Market conduct needs to be taken into account, the future possibility that markets will be very much faster and more volatile, perhaps.

    Ms. LOUIS: Thank you. The gentleman in the second row, please, in the middle here. Thank you.

    QUESTION: Good morning. I am [Fabrice Nodé‑Langlois] from the French newspaper Le Figaro.

    I have a question on the US public debt. There is a widespread opinion that whatever the level of the public debt—because of the significant role of the dollar, because of the might of the American military and economic power—it’s not a big concern. But under what circumstances, under what financial conditions would the US public debt become a concern for you?

    Mr. ADRIAN: Thanks so much for the question. We are certainly watching sovereign debt around the world, including in the US. I do want to point out that there will be a briefing for the Western Hemisphere region that will specifically focus on the Americas, including the United States.

    When you look at our last Article IV for the United States, we certainly find that the debt situation is sustainable. You know, The U.S. has many ways to adjust its expenditures and revenues. And we think that this makes the debt levels manageable.

    Having said that, as I explained at the beginning, we have seen broadly around the world an increase in debt‑to‑GDP levels, particularly since the start of the pandemic in 2020. And it is an important backdrop in terms of pricing and financial stability. So, we are watching the nexus between sovereign debt and financial intermediaries very carefully.

    Mr. Ferreira: Maybe one issue related with that— I think that we flagged it in the GFSR—is that I think there is an anticipation that—not only in the US but in several countries—there will be a lot of issuance of new debt going forward. Particularly in a moment where several central banks are doing some quantitative tightening, this might bring some challenges in terms of the function of the financial sector.

    Everything that we are seeing now seems to be working very well, even when we have this kind of shock. This is not a major concern. But going forward, we feel that it’s important to continue monitoring market liquidity. There are some flags that have been raised, particularly in terms of broker‑dealers’ capacity to continue intermediating and providing liquidity to public debt. It’s important to keep monitoring this, as central banks keep going in the direction of quantitative tightening.

    Ms. LOUIS: Thank you. Thank you, Caio.

    And just to add to Tobias’s point, we will have a lot of regional pressers this week. And the Western Hemisphere presser will be on Friday if you have any US‑specific questions. Thank you.

    The lady here in the front row.

    QUESTION: Thank you. Thank you for taking my question. My name is Nume Ekeghe from This Day newspaper, Nigeria.

    The report mentions Nigeria’s return to Eurobond markets. And we know it was received positively by investors. So how does Nigeria’s return to Eurobond markets signal renewed investor confidence? And what specific macroeconomic reforms or improvements contributed to the shift in sentiments? Thank you.

    Mr. WU: Thank you for that question. Let me make some remarks about Nigeria and then sub‑Saharan Africa, in general.

    In the case of Nigeria, macroeconomic performance has held up,  GDP growth has been fairly consistent, and inflation has been coming down. Earlier this year, we have seen Nigeria’s sovereign credit spreads lowering. I think the reforms that the authorities have done, including the liberalization of exchange rates, has helped in that regard.

    That said, I think I want to go back to the theme that Tobias has mentioned, which is that during a time where global financial markets are volatile and risk appetite, in particular, is wavering, this is when we might see increases in sovereign spreads that will challenge the external picture for Nigeria, as well as other frontier economies. So, for example, Nigeria’s sovereign spread has increased in recent weeks, as stock markets globally have declined.

    The other challenge, of course, is for large commodity exporters, like Nigeria. If trade tensions are going to lead to lower global demand for commodities, this will obviously weigh on the revenue that they will receive. So, I think both of those developments would counsel that authorities remain quite vigilant to these developments and take appropriate policies to counter them.

    Ms. LOUIS: Thank you. Thank you, Jason.

    And just before I come back to the floor, we have another question online, from Lu Kang, Sina Finance. The question is, in light of the IMF’s recent GFSR warning about rising debt, volatile capital flows, and diverging monetary policy paths, how should countries, especially emerging markets, balance financial stability with the imperative to finance climate transitions and digital infrastructure?

    Mr. ADRIAN: Thanks so much.

    We do a lot of work on debt management with countries. We are providing technical assistance and we are doing a lot of policy work on debt market developments. I think the two main takeaways are, No. 1, the plumbing matters. Putting into place mechanisms such as primary dealers and clearing systems, and pricing mechanisms in government bond markets. It is important all over the world. That includes the most advanced economies, as well as emerging markets. And we have seen tremendous progress in many countries, particularly the major emerging markets in terms of developing those bond markets.

    The second key aspect, of course, is fiscal sustainability. Here again, we engage very actively with our membership to make sure that fiscal frameworks are in place that keep debt trajectories on a path that is commensurate with the economic prospects of the countries.

    Ms. LOUIS: Thank you. Thank you, Tobias. A question here in the front row, please.

    QUESTION: Thank you. Kemi Osukoya with The Africa Bazaar magazine.

    I wanted to follow up on the question that my colleague from Nigeria mentioned, regarding sovereign debts. As you know, African nations, after a period of pause, are just right now returning back to the Eurobond. But at the same time, there is unsustainable high borrowing costs that many of these countries face. So, in your recommendation, what can governments do regarding their bond to use it strategically, as well as to make it sustainable?

    Mr. ADRIAN: Thanks so much for this question. And you know, we are working very closely with many sub‑Saharan African countries to support the countries either via programs or via policy advice and technical assistance to have a macro environment that is conducive for growth. So let me mention three things.

    I think the first one is to recognize that we have been through a period of extraordinarily adverse shocks. Particularly in sub‑Saharan Africa, the pandemic had an outsized impact on many countries. The inflation that ensued was very costly for many countries, particularly for those that are importing commodities. So, the adverse economic shocks have been extraordinary. And I would just note that we have engaged more actively in programs with sub‑Saharan Africa in the past five years than we ever did previously.

    The second point is about the financing costs. And, of course, there are two main components. One is the overall level of financial conditions globally. All countries in the world are part of the global capital markets. And that really depends on overall financing conditions. But more specifically, of course, there are country‑specific conditions—the macroeconomic performance of each country, the buffers in the countries—and the mandate of the Fund is very much focused on macro‑financial stability. So, getting back to a place with buffers, which then can lead to lower financing costs is the main goal. Our work with those countries is very much focused on the kind of catalytic role of the Fund, where we are trying to get growth back and stability back. Let me stop here.

    Ms. LOUIS: Thank you. Thank you, Tobias. And a question here in the front row, please. And then I will come back to the middle.

    QUESTION: Thank you very much. My name is [Shuichiro Takaoka]. I am working for Jiji Press.

    Just I would like to make clear the risk of a depreciation of the US dollar. And what are the implications of the recent depreciation of US dollar, especially regarding the global financial stability viewpoint?

    Mr. ADRIAN: As I mentioned earlier, we had seen quite a bit of an appreciation of the dollar earlier in the year and late [next] year. And now we have seen a depreciation that is roughly of commensurate magnitude. The volatility in the exchange rates is reflecting the broader volatility. There are some indications that the exchange rate movements are related to flows to investor reallocations, but the magnitudes of those flows are relatively small, relative to the run‑up of inflows into US assets in recent years. The cumulative inflows into bonds and stocks from around the world have been quite pronounced. So, to what extent these movements in the exchange rate and the associated flows are just a temporary or a more permanent impact remains to be seen. It really depends on how the current uncertainty is going to be resolved. As I said at the beginning, there are various scenarios. For the moment, it’s highly uncertain. As I said earlier, it is notable that the dollar declined, but I would not jump to conclusions in terms of how permanent that move may be.

    Mr. WU: Just to complement. I think when exchange rates are very volatile, one of the key channels for financial stability could be pressures in various funding markets. And this includes in cross currency markets, as well as in repo markets and other secure financing markets. I think this is something that we will be watching very closely. So far, we have not seen any major disruptions in those markets, despite the very volatile exchange rates.

    Mr. ADRIAN: So as a comparison, you can think of last August when there was a risk‑off moment. That was very short, but that did lead to dislocations in those cross‑currency funding markets. And we haven’t really seen that in recent weeks.

    Ms. LOUIS: So just on that line, I think you may have captured it, but I just wanted to get in this question that came in online from Greg Robb from MarketWatch. And it’s, have treasuries and the dollar lost their safe haven status? If not, what accounts for their recent performance?

    Mr. ADRIAN: So, again, it is somewhat unusual to see the dollar decline in the recent two weeks, really, when equity prices traded down with a negative tone and when longer‑term yields increased. But how lasting that is, is really too early to tell.

    US capital markets remain the largest and most liquid capital markets in the world. When you look at US dollars as a reserve asset, that remains over 60 percent among reserve managers. Global stock market capitalizations increased to 55 percent most recently, up from 30 percent in 2010. So, we have seen price movements that are notable; but in the big picture, the depth and size of the markets remain where they have been.

    Ms. LOUIS: And just on the same line, of capital markets. We have another question that came in online, [Anthony Rowley] from the South China Morning Post. And he says, both the EU and ASEAN are seeking more actively to promote capital market integration. Do you see this as reducing global dependence on US capital markets to any significant extent in the short to the medium term?

    Mr. ADRIAN: We are generally of the view that deep capital markets are beneficial everywhere. So, we are helping countries around the world to get to solid regulations and market mechanisms in sovereign bond markets but also, more broadly, in capital markets. And, for emerging markets and advanced economies, deepening capital markets has been a key priority.

    We have seen many firms from around the world come to US markets to issue stocks and bonds. And we think that’s related to the depth of the market and the sophistication of the financial sector in the US markets. So, it does provide a service to corporations and financial institutions around the world. But there are certainly many other markets that are deep, that are developing, and that are providing opportunities for both corporations and governments to issue. So, we have seen that trend continue.

    Ms. LOUIS: Thank you. Caio?

    Mr. Ferreira: Maybe just more broadly on the development of capital markets, as Tobias was saying, I think that it’s an important goal. And this has come hand‑in‑hand with the growth of non‑banking financial institutions that we are seeing across the globe. We see this as a potential positive development. You diversify the sources of funding and the credit to the real economy, diversify the risks across a broader set of institutions, this is good for the economy and financial stability.

    There are risks that need to be mitigated. We discuss some of them in the GFSR—leverage, interconnectedness between different kinds of institutions. But overall, there are policies created by the standard setters that, if implemented, can mitigate these risks.

    Ms. LOUIS: Thank you, Caio and Tobias. 

    Going back to the room. There’s a lady in the second row.

    QUESTION: Hi. Riley Callanan from GZERO Media.

    The IMF downgraded the US, the most of all advanced economies. And I was wondering, is this a short‑term hit that in a year could lead to greater growth and investment in the US? Or is this a long‑term downgrade? Or is it too soon to tell, as you said, with capital markets?

    Mr. ADRIAN: We are really looking more at the financial stability aspects. And I would just note that there has been a readjustment in expectations. Where the US and other economies are going to end up remains to be seen. But I think what is notable is that with the sharp adjustment in asset prices, the increase in uncertainty has been absorbed well in capital markets. And as Caio alluded to, it is the policy framework around the banking system and the non‑banks that is so important to create resilient and deep financial markets that are then facilitating adjustments, relative to new policy developments. And from that vantage point, I think even though we have seen the level of uncertainty increase, markets have been very orderly. And we think that the regulatory and policy framework is key for that achievement.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And if you would like to flesh out any more details on the growth ramifications, we have a conference on Friday. And I can send you the details.

    Another question here, in the second row. I will come back to you.

    QUESTION: Hi. Gabriela Viana from Galapagos Capital in Brazil.

    So, in Brazil, commodities prices play an important role for currency [and] international capital inflows, especially in the stock market. Do you see commodities prices as a main important constraint for markets or the economic policy’s uncertainties or maybe the monetary tightening? Thank you.

    Mr. WU: All these factors are related to each other, obviously. So, I think the commodity prices, if the WEO forecast were to play out, the global economy is going to be slowing. It’s certainly an impact on the revenue side.

    I think for many emerging markets, the silver lining here is that they do have policy room. Many of them do have monetary policy room. Some of them have fiscal room, although only a few of them. So, it seems like this is going to be a challenging period, and uncertainty [and] commodity channels are both going to weigh on economies for emerging markets.

    We have seen broad‑based resilience among emerging markets over the last few years compared to, let’s say, five years before the pandemic. So, I think this speaks to the institutional quality having improved in emerging markets. And hopefully this would continue to buffer emerging markets from these external shocks.

    Ms. LOUIS: Thank you. Thank you, Jason.

    And the lady in the middle. And then I will come back to Agence France‑Presse.

    QUESTION: Hi. Thank you for taking my question. I am Stephanie Stacey from the Financial Times.

    I wanted to expand on the previous questions about the dollar and treasuries. And I know you mentioned it’s hard to assess at this point how lasting the impact will be. But I wanted to ask what risks and future factors you think could drive a real shift in their safe haven status.

    Ms. LOUIS: Before we continue, are there any other questions on the dollar and the safe haven status? Yes. There is a question here.

    QUESTION: Hi. Mehreen Khan from The Times. I’m sorry. I will stand up.

    You mentioned the importance of swap lines and central banks cooperating at times of market stress. I mean, how much are we taking this type of cooperation for granted? And how much is the idea of the Fed providing swap lines to other central banks now in question, given the nature of the scrutiny that the institution is under from the Trump administration?

    Mr. ADRIAN: Let me start with the swap lines.

    In previous episodes of distress, such as the COVID-19 shock in 2020 or the global financial crisis in 2008, we have seen that swap lines from the major central banks—including Bank of England, ECB, Bank of Japan, and the Federal Reserve—have played an important role in terms of stabilizing market liquidity. The way to think about that is that the central banks are providing funding to partner central banks in the currency of the foreign assets that those institutions own. So, it’s an important underpinning to provide market functioning and resilience to your own assets in the hands of foreign financial institutions.

    As we mentioned earlier central banks have not intervened for liquidity purposes in recent weeks. And, despite a heightened market volatility, the VIX, for example, went from below 20 to between 40 and 50, which is fairly elevated. We have seen a very, very smooth market functioning across the board.

    Concerning the role of treasuries we are looking at the pricing of longer duration treasuries very carefully. We particularly look at supply factors, demand factors, and technical factors. We have seen volatility in the price moves, but we think that those are within reasonable historical norms.

    Mr. WU: Just to complement, I think in the treasury market, we have seen market functioning held up—meaning that buyers can find sellers and transactions are going through. I think that’s a very important sign.

    One thing that I wanted to mention also is that a year ago in our report, we pointed out that there are leveraged trades in the treasury market. These are trades that have not very much to do with economic fundamentals in the US or elsewhere but, rather, are using leverage to capture arbitrage opportunities in markets. When these trades are unwound, there will be impact in the treasury market. And this is something that we have pointed out before. These include the so‑called treasury cash‑futures basis trade, as well as a swap spread trade, which we have documented before. And I think during this episode, given the very heightened volatility, we have seen evidence of some of these positions being unwound, potentially having an impact on treasury yields as well. So, I just wanted to put this into context. This is not about capital outflows, but it’s about unwinding these trades having amplified the recent price movements in treasury markets.

    Mr. ADRIAN: We are seeing some indication that there’s some lowering in terms of the leverage in these trades, but we haven’t heard of disorderly deleveraging at this point. So, of course, with market volatility increasing, financial institutions naturally reduce their leverage. But we haven’t seen the kind of adverse feedback loop that was common, say, in 2008 or even as recent as the COVID-19 shock initially.

    Ms. LOUIS: Thank you. Thank you, Tobias.

    And there’s a question from Agence France‑Presse, in the middle. And then I will come back to you, and you. We are running out of time. So, we will take very, very few questions left.

    QUESTION: Thanks for taking my question. Just a quick question. In your report, you talk about geopolitical risk, including the risk of military conflicts. I just wonder how seriously you think people should take that and where you rate that when it comes to the global financial stability risks you have discussed already.

    Ms. LOUIS: Thank you. And I have just been told we are running out of time. So, we will just clump those questions, if you could be very quick. The gentleman over there and the lady there. And then we will wrap it up. Thank you.

    QUESTION: Hi. [Rafia] from Nigeria. I work on [Arise TV].

    The IMF keeps talking about building resilience to face the global challenge of the state of the economy of the world. How do you build resilience in a world economic climate when one man’s decision can tip the scale? Just one man. He could wake up tomorrow and all our projections falter. One man.

    Ms. LOUIS: Thank you. And then the last question.

    QUESTION: Laura Noonan, Bloomberg News. Thanks for taking the question. It’s actually a related question.

    You spoke in the report about the need for policymakers to try to do what they can to guard against these future financial shocks. Do you have any practical suggestions on what those measures could be? And also, are you expecting people to take measures to make the financial system safer when the overall political mood, as you have seen, has very much been about trying to liberalize things, trying to deregulate, and trying to simplify? Thank you.

    Ms. LOUIS: Thank you. Tobias?

    Mr. ADRIAN: Let me address the three sets of questions and then turn to my colleagues as well.

    On geopolitical risk, we do have a chapter that was released last week that is looking at capital market performance relative to geopolitical risks. And the good news is that, generally, when adverse risks realize, there is an asset price adjustment. But on average, relative to recent decades, those risks are absorbed well by the financial system in general. Now, of course, when conflicts directly impact countries, that can have a pronounced impact on their financial systems, and it’s something that we are discussing in more detail in the chapter.

    Secondly, in terms of the exposure of countries to physical risk, we have certainly seen in some countries around the world, a heightened incidence of drought and floods, even those can be macro‑critical. To the extent that these developments impact macro stability, we are certainly there to support countries and help them, either via programs or policy frameworks.

    Thirdly, in terms of the regulation of financial institutions and financial markets. You know, I think the last couple of weeks are very good illustrations for the importance of resilience of financial institutions. I mean, we have seen a tremendous increase in the level of volatility, which reflects the higher level of uncertainty. Last October, our overarching message in the GFSR was that there was this wedge between policy uncertainty and financial market volatility, which at the time was very low. And we have seen financial market volatility catch up with the high level of policy uncertainty. But that has been orderly, and financial institutions have been resilient. That is really the main objective of financial sector regulation—to get to a place where the financial system can do its job in terms of adjusting to unexpected developments. And when you have resilience in banks and in non‑banks, these adjustments are smooth. And that is the point of finance, right? It’s a kind of an insurance mechanism for the global economy and for individual country macro economies. Good regulation leads to good stability. And we have a lot of detail on that in the GFSR.

    Mr. Ferreira: Maybe I could add a little bit on this about how to build resilience.

    I think that as Tobias was saying, trying to anticipate shocks is very hard. And it is very hard to do it. So, I think the way to build the resilience is focusing on vulnerabilities. In the GFSR, we have mentioned some vulnerabilities that we feel are important at this time. So, the valuations issues that makes the risk of repricing more likely, leveraging in some segments of the financial sector and in the interconnectedness with the banks, and also, of course, rising and high debt in several countries.

    How do you build the resilience in the face of these vulnerabilities? We do feel that banks in most countries are actually the cornerstone of the financial sector and so ensuring that they have appropriate levels of capital and liquidity is key. And the international standards do provide the basis for doing that. To address some of the other vulnerabilities, like leveraging an interconnection between different types of institutions, excessive [transformations], maybe.

    Finally, I think that on the issue of rising debt, one common theme that we have been talking about is about the need to credibly rebuild fiscal buffers.

    Ms. LOUIS: Thank you. Thank you very much. I know we have covered a lot of ground, and I apologize that we could not get to everybody. If you do have any follow‑ups or any questions, please feel free to reach out to me. You can find the report online, and we can also send it to you bilaterally.

    Again, thank you very much for coming and thank you for your time. Take care.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Carbajal Reintroduces Bill to Ban Future Offshore Oil Drilling in California

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    This week, Representative Salud Carbajal (D-CA-24) announced the reintroduction of the California Clean Coast Act. The California Clean Coast Act was the first bill Congressman Carbajal introduced as a Member of Congress, demonstrating his longstanding commitment to protecting California’s coast from offshore drilling and the devastating impact of oil spills.

    The California Clean Coast Act would permanently ban future offshore oil and gas leasing in areas of the Outer Continental Shelf off the coast of California. 

    “Santa Barbara knows firsthand how devastating oil spills can be on our marine ecosystems and coastline,” said Rep. Carbajal. “I’m proud to lead this bill to ban future offshore oil drilling in our state and ensure California’s world-famous coastline is protected for future generations to enjoy.”

    “California’s spectacular marine life — including complex kelp forests and charismatic sea otters — and vibrant coastal economies rely on healthy ecosystems. This legislation could, once and for all, block offshore drilling activities along the continental shelf, and protect critical marine habitats along California’s iconic Pacific Coast,” said Pamela Flick, Defenders of Wildlife California Program Director.

    “The California Clean Coast Act is critical to protecting our coast and climate from the threats of offshore oil drilling,” said Linda Krop, Chief Counsel of the Environmental Defense Center, which was founded in the aftermath of the 1969 Santa Barbara oil spill.  “From the 1969 blowout at Platform A to the 2015 pipeline spill along the Gaviota Coast, the California Coast has suffered the devastating effects of offshore oil development on communities who live, play, and work here. We know that when it comes to offshore oil drilling, it is not a question of if – but when – another spill will devastate our beaches, our ocean, our wildlife, and our economy. The California Clean Coast Act will preserve our precious coast from the threats of future oil spills and climate change.”

    Rep. Carbajal has been a staunch advocate to ban future offshore drilling off the Central Coast. At the end of the Biden Administration, Carbajal’s 8-year push to ban future offshore oil drilling came to fruition when President Biden invoked his authority to protect over 625 million acres of federal waters —including the entire East Coast, the eastern Gulf of Mexico, the Pacific coasts of Washington, Oregon, and California, and parts of the Northern Bering Sea— from oil and gas exploration. Congressman Carbajal was one of 12 members of Congress who wrote to President Biden requesting this action before the end of his term.

    For the full bill text click here.

    MIL OSI USA News –

  • MIL-OSI USA: WSGS and USGS collaborate on new airborne mineral survey in southeastern Wyoming

    Source: US Geological Survey

    Editor: In the public interest and in accordance with Federal Aviation Administration regulations, the USGS is announcing this low-level airborne project. Your assistance in informing the local communities is appreciated. 

    Focused on the Shirley Mountains and Hartville Uplift areas—regions known for mineralization but limited by existing geophysical data—the survey aims to improve understanding of subsurface geology and better target areas of critical mineral interest for future mapping and research.

    “Baseline, high-quality geophysical data have become essential for modern geologic investigations,” said Erin Campbell, WSGS Director and Wyoming State Geologist. “These surveys help identify hidden structures and features that could point to valuable resources and guide ongoing research across Wyoming’s mineral-rich terrains.”

    “WSGS is a key partner as USGS leads national efforts to map the critical minerals needed to drive the U.S. economy and national security, and expand our knowledge of the nation’s geologic framework. Wyoming produced $622 million in nonfuel mineral commodities in 2024, eighth-most in the nation. Expanding knowledge of the state’s subsurface geology could grow the state’s mining sector,” said Jamey Jones, science coordinator of the USGS Earth Mapping Resources Initiative.

    The survey will acquire both magnetic and radiometric data across two regions. The western block includes Pathfinder Reservoir, the Shirley and Freezout mountains, and the western part of Casper Mountain. The eastern block covers the Hartville Uplift, stretching from near Wheatland to north of Lusk.

    Mineral commodities of interest for the survey include cobalt, nickel, rare earth elements, platinum group elements, and graphite, all on the List of Critical Minerals maintained by the USGS as essential to the U.S. economy and national security, and vulnerable to supply chain disruption. Uranium and a wide range of other strategic materials are also present. The data may also help resolve open questions about regional tectonics and the evolution of major structural features through the Miocene.

    “More than 30 percent of the state’s biennium budget is derived from mineral severance tax and federal mineral royalties, according to the January 2025 Consensus Revenue Estimating Group’s forecast for Wyoming revenue,” said Campbell. “Wyoming has taken a proactive approach to ensure future investment from the mineral industry. With the completion of this and other ongoing geophysical surveys, more than 20 percent of Wyoming, or 19,300 square miles, will be covered by the highest-quality magnetic and radiometric data, which will galvanize mineral exploration.”

    Survey aircraft—both helicopters and fixed-wing planes—will collect data along closely spaced flight lines at a nominal elevation of about 300 feet (100 meters). The magnetic component of the survey detects variations in the Earth’s magnetic field that reveal subsurface structures up to a kilometer deep, or about 3,000 feet. Radiometric sensors measure natural radiation to help map the distribution of potassium, thorium, and uranium near the surface.

    The survey will use aircraft equipped with an elongated “stinger” mounted to either the tail extending backward off the aircraft (fixed wing), or landing skid (helicopter) extending forward off the aircraft. The scientific instruments on the aircraft are completely passive, with no emissions that pose a risk to humans, animals, or plant life. No photography or video data will be collected.  The data collected will be made freely available to the public once complete. The aircraft will be flown by experienced pilots who are specially trained and approved for low-level flying. The company contracted to fly the survey works with the FAA to ensure flights are safe and in accordance with U.S. law. The surveys will be conducted during daylight hours only.

    This new dataset will bridge existing geophysical surveys in the Laramie Mountains, South Pass–Granite Mountains, Sierra Madre, and Medicine Bow Mountains. It will also provide insight into complex geologic features along the Cheyenne Belt—a key boundary between the Archean Wyoming Province and younger Proterozoic rocks—long recognized for its mineral potential.

    “These regions host a variety of mineral systems, including mafic magmatic, polymetallic, and rare earth element deposits,” said Patty Webber, a geologist with the WSGS. “With the addition of high-resolution geophysics, we can begin to better understand the full scope of resource potential across this structurally complex corridor.”

    Following data acquisition, the WSGS and its partners will analyze and interpret the results in combination with field mapping, subsurface modeling, and other techniques to better assess mineral potential and geologic history.

    Earth MRI is a nationwide partnership between the USGS and state geological surveys aimed at mapping critical minerals, and modernizing geologic data with benefits for hazard reduction and water availability. The program has supported multiple airborne geophysical efforts in Wyoming in recent years.

    To learn more about Earth MRI efforts in Wyoming and across the U.S., visit the Earth MRI Acquisitions Viewer

    Figure 2:  Fixed wing survey aircraft to be flown at low altitudes over Area A.  Courtesy Precision GeoSurveys Inc.
    Figure 3:  Helicopter survey aircraft to be flown at low altitudes over Area B.  Courtesy Precision GeoSurveys Inc.

    MIL OSI USA News –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 160

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL0

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 160
    NWS Storm Prediction Center Norman OK
    530 PM CDT Tue Apr 22 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    South-Central Kansas
    Western Oklahoma
    Northwest Texas

    * Effective this Tuesday afternoon and Wednesday morning from 530
    PM until 100 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible
    Scattered damaging wind gusts to 70 mph possible
    A tornado or two possible

    SUMMARY…Thunderstorm development is anticipated this evening from
    south-central KS southward through western OK into northwest TX. The
    environment across the region supports the potential for supercells,
    with large to very large hail as the primary risk. A tornado or two
    is also possible, along with some strong gusts as well.

    The severe thunderstorm watch area is approximately along and 50
    statute miles east and west of a line from 45 miles northwest of
    Hutchinson KS to 60 miles southwest of Wichita Falls TX. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU0).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 159…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    24035.

    …Mosier

    SEL0

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 160
    NWS Storm Prediction Center Norman OK
    530 PM CDT Tue Apr 22 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    South-Central Kansas
    Western Oklahoma
    Northwest Texas

    * Effective this Tuesday afternoon and Wednesday morning from 530
    PM until 100 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible
    Scattered damaging wind gusts to 70 mph possible
    A tornado or two possible

    SUMMARY…Thunderstorm development is anticipated this evening from
    south-central KS southward through western OK into northwest TX. The
    environment across the region supports the potential for supercells,
    with large to very large hail as the primary risk. A tornado or two
    is also possible, along with some strong gusts as well.

    The severe thunderstorm watch area is approximately along and 50
    statute miles east and west of a line from 45 miles northwest of
    Hutchinson KS to 60 miles southwest of Wichita Falls TX. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU0).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 159…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    24035.

    …Mosier

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW0
    WW 160 SEVERE TSTM KS OK TX 222230Z – 230600Z
    AXIS..50 STATUTE MILES EAST AND WEST OF LINE..
    45NW HUT/HUTCHINSON KS/ – 60SW SPS/WICHITA FALLS TX/
    ..AVIATION COORDS.. 45NM E/W /46WSW SLN – 50SW SPS/
    HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

    LAT…LON 38539753 33349837 33340010 38539938

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU0.

    Watch 160 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (5%)

    Wind

    Probability of 10 or more severe wind events

    Mod (40%)

    Probability of 1 or more wind events > 65 knots

    Low (10%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Mod (30%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (70%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Coons, Blackburn and Colleagues Reintroduce Bipartisan NO FAKES Act

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN), Chris Coons (D-DE), Marsha Blackburn (R-TN), and Thom Tillis (R-NC), joined by U.S. Representatives Maria Salazar (R-FL) and Madeline Dean (D-PA), reintroduced the bipartisan Nurture Originals, Foster Art, and Keep Entertainment Safe (NO FAKES) Act. This legislation aims to protect Americans’ voice and likeness and combat the proliferation of AI deepfakes.

    “Americans from all walks of life are increasingly seeing AI being used to create deepfakes in ads, images, music, and videos without their consent,” said Senator Klobuchar. “We need our laws to be as sophisticated as this quickly advancing technology. Our bipartisan NO FAKES Act will establish rules of the road to protect people from having their voice and likeness replicated through AI without their permission.”

    “Nobody—whether they’re Tom Hanks or an 8th grader just trying to be a kid—should worry about someone stealing their voice and likeness,” said Senator Coons. “Incredible technology like AI can help us push the limits of human creativity, but only if we protect Americans from those who would use it to harm our communities.”

    “Tennessee is known around the world for its rich music history and is home to an incredibly talented creative community,” said Senator Blackburn. “Artists’ rights to their voice, image, and likeness must be protected under the law, and the NO FAKES Act is an important first step in protecting our creative community against the misuse of generative AI.”

    The NO FAKES Act would:

    • Create a property right in a person’s AI-generated digital replica;
    • Hold individuals or companies liable if they produce an unauthorized digital replica of an individual;
    • Establish a notice-and-takedown process so victims of unauthorized deepfakes have an avenue to get online platforms to take down the deepfake;  
    • Exclude certain digital replicas from coverage based on recognized First Amendment protections; 
    • Largely preempt State laws addressing digital replicas to create a workable national standard.

    This legislation is endorsed by the Recording Industry Association of America; Motion Picture Association; SAG-AFTRA; YouTube; Recording Academy; OpenAI; Warner Music Group; Universal Music Group; Sony Music; The Walt Disney Company; IBM; Vermillio; Hive; Independent Film & Television Alliance; American Bar Association; WME; Creative Artists Agency; Human Artistry Campaign; National Association of Broadcasters; Department for Professional Employees, AFL-CIO (DPE); the Model Alliance; ASCAP; Nashville Songwriters Association International; the Authors Guild; the National Center on Sexual Exploitation; Television Academy; Enough is Enough; American Association of Independent Music; and more.

    Klobuchar and Senator Ted Cruz’s (R-TX) bipartisan TAKE IT DOWN Act, which would criminalize the publication of non-consensual intimate imagery and establish a notice-and-takedown regime to require online platforms to remove these images, unanimously passed the Senate in February 2025 and passed the House Energy and Commerce Committee earlier this week.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Statement on Terrorist Attack in Jammu and Pahalgam

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    04.22.25

    Cantwell Statement on Terrorist Attack in Jammu and Pahalgam

    EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA) released the following statement on the fatal terrorist attack in Jammu and Pahalgam:

    “I am deeply saddened by the senseless acts of violence and the loss of innocent lives caused by the terrorist attack in Jammu and Pahalgam. The victims, their families, and all those affected are in the thoughts and prayers of the American people. We stand united with India in condemning such acts of terror,” Sen. Cantwell said.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Statement on Colleagues’ Trips to El Salvador

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    04.22.25

    Cantwell Statement on Colleagues’ Trips to El Salvador

    EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA) released the following statement on the alarming recent detentions and deportations of lawful permanent residents without due process:

    “My colleagues’ trips to El Salvador serve as a forceful reminder that due process is a founding principle of American democracy. We are a nation that believes in the rule of law. Recent detentions of lawful permanent residents, union leaders, and others have rattled our communities. The Trump administration must follow the law, the courts, and the Constitutional protections for those living in the United States.”

    MIL OSI USA News –

  • MIL-OSI USA: Governor Offers $25,000 Reward for Information on Brunswick County Murder

    Source: US State of North Carolina

    Headline: Governor Offers $25,000 Reward for Information on Brunswick County Murder

    Governor Offers $25,000 Reward for Information on Brunswick County Murder
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the location and arrest of the suspect Bryan Tyronne Montreal Goodwin, age 31, for the murder of Jaquin Kymane Bethea, Jr., age 33.

    On Aug. 6, 2024, the body of Jaquin Kymane Bethea was found in an abandoned residence on Ridge Road in the Supply area of Brunswick County. Bethea had been shot twice and investigators located multiple shell casings at the scene. Investigators have identified Bryan Tyronne Montreal Goodwin as a suspect.

    Anyone with information on Goodwin’s whereabouts should contact the Brunswick County Sheriff’s Office at (910) 713-6071 or the State Bureau of Investigation at (919) 662-4500.  

    Apr 22, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Governor Offers $25,000 Reward for Information on Davidson County Murder

    Source: US State of North Carolina

    Headline: Governor Offers $25,000 Reward for Information on Davidson County Murder

    Governor Offers $25,000 Reward for Information on Davidson County Murder
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of Nancy Grubert-Harvey, age 52.  

    On January 25, 2013, Nancy Grubert-Harvey was found deceased at the Atlanta Car Company located at 1896 Old US Highway 52 in Lexington.  

    Anyone having information about this case should contact the Davidson County Sheriff’s Office at (336) 242-2105, Lexington Area Crime Stoppers at (336) 243-2400, or the State Bureau of Investigation at (919) 662-4500.

    Apr 22, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Governor Offers $25,000 Rewards for Information on Guilford County Murders

    Source: US State of North Carolina

    Headline: Governor Offers $25,000 Rewards for Information on Guilford County Murders

    Governor Offers $25,000 Rewards for Information on Guilford County Murders
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of John Boone, age 49. The state also is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of Jakaylen Chambers, age 14.

    On January 26, 2022, John Boone was discovered dead from a gunshot wound near the intersection of Lakewood Drive and Futrelle Drive in High Point. Mr. Boone was deaf and non-verbal.

    Anyone having information concerning this case should contact High Point Police Department at (336) 887-7970, Crime Stoppers of High Point at (336) 889-4000, or the State Bureau of Investigation at (919) 662-4500.  

    On February 1, 2022, officers were alerted to a shooting on McPherson Street in Greensboro. Upon arrival, officers located 14-year-old Jakaylen Chambers, who was suffering from a gunshot wound. He was transported to a hospital where he was pronounced deceased.

    Anyone having information about this case should contact the Greensboro Police Department at (336) 373-7543, Greensboro/Guilford Crime Stoppers at (336) 574-4020, or the State Bureau of Investigation at (919) 662-4500.

    Apr 22, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Fitzgerald Statement on the Passing of Pope Francis

    Source: United States House of Representatives – Congressman Scott Fitzgerald (WI-05)

    OCONOMOWOC, WI – Congressman Scott Fitzgerald (WI-05) issued the following statement upon the passing of Pope Francis. 

    “I join Catholics in Wisconsin and around the world in offering my prayers following the passing of Pope Francis. His papacy left a lasting impact on the faith community and shaped a significant era for the Catholic Church. It was an honor to meet Pope Francis in August of 2023—it is something I will forever remember.

    “As the Church enters a period of transition, this is a pivotal moment to reflect on the values and direction that will define its future—one that calls for renewed focus on timeless truths, strong moral leadership, and a clear commitment to the values that have long anchored the faith.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senator Peters Introduces Bipartisan Legislation to Expand Research of Emerging Driver Assistance Systems and Improve Roadway Safety

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) introduced bipartisan legislation that would allow the National Highway Traffic Safety Administration (NHTSA) to expand its research of emerging driver assistance systems, helping to improve roadway safety for Americans.

    Many vehicles on our roadways today are equipped with advanced driver assistance features, including collision warnings, automatic emergency braking, and lane keeping assistance. Through its Partnership for Analytics Research in Traffic Safety (PARTS) Program, NHTSA can access real-world data from vehicles equipped with these safety features and study their effectiveness. However, under current law, the PARTS Program is limited in the amount and type of safety data it can handle. The Vehicle Safety Research Act – which Peters introduced with U.S. Senator Todd Young (R-IN) – would codify the PARTS Program and unlock an expanded range of data collection and information sharing between automakers and the government that will help accelerate both deployment and oversight of advanced safety technologies.  

    “Millions of Americans depend on driver assistance systems every day, and we must ensure our highway safety experts are able to analyze how these emerging features improve roadway safety,” said Senator Peters. “This legislation would help support the development and deployment of the most innovative technologies found on our roadways today, which is essential to saving lives.” 

    “The Partnership for Analytics Research in Traffic Safety has been an important collaboration between automakers like Ford and NHTSA for many years. Investing in this public-private partnership plays an important role in keeping Americans safe in their communities,” said Emily Frascaroli, Global Director, Automotive Safety Office at Ford Motor Company. 

    “GM remains committed to the PARTS program and its industry-wide collaborative mission to support advanced driver assistance systems development,” said Regina Carto, Vice President of GM Global Product Safety, Systems and Certification. “Benchmark data from the program helps us all raise the bar in vehicle safety performance. We appreciate the leadership of Senator Peters and Senator Young on this important initiative.” 

    “Vehicles on the road continue to get even more safe as automakers test, develop and integrate breakthrough driver assistance and crash avoidance technologies like automatic emergency braking that help save lives and prevent injuries. Safety is a top priority for the auto industry – and the introduction of the Vehicle Safety Research Act to support NHTSA’s voluntary PARTS program shows it’s a top priority for Senators Peters and Young too,” said John Bozzella, President and CEO of the Alliance for Automotive Innovation. 

    “Accelerating advanced technology is a key pillar of the Road to Zero vision to eliminate serious injuries and fatalities from traffic crashes. The PARTS program has helped validate technology countermeasures in hundreds of vehicles used by the American public and with sustained support will be able to examine the safety benefits of connected vehicle technology. NSC supports the efforts of Senators Peters and Young to codify this important program within the United States Department of Transportation,” said Mark Chung, Executive Vice President, Safety Leadership & Advocacy, National Safety Council. 

    “AAA’s commitment to advocating for safer roads is a mission that began over 100 years ago. We support the Vehicle Safety Research Act, which aims to improve road safety by ensuring continued collaboration between automakers and NHTSA to share and analyze real-world driving data. This collaboration will deepen our understanding of how new vehicle technologies affect driver behavior and roadway safety. This work is critical to achieving our goal of preventing crashes and saving lives,” said AAA President and CEO Gene Boehm.

    The PARTS Program is a partnership between automakers and NHTSA in which participants voluntarily share safety-related data for collaborative safety analysis. Today, the program has access to data from 98 million vehicles, including 168 different vehicle models that would not have been possible without this public-private partnership.  

    The Vehicle Safety Research Act would ensure that this program continues and expands to new technologies and new types of safety data collection. It also provides for new protection for data shared exclusively through the PARTS program to ensure that any sensitive information related to these cutting-edge technologies is secure. 

    The automakers currently participating in the PARTS program include: Ford Motor Company, General Motors, Stellantis, American Honda Motor, Hyundai Motor North America, Mazda North American Operations, Mitsubishi Motors R&D of America, Subaru Corporation, Toyota Motor North America. 

    MIL OSI USA News –

  • MIL-OSI USA: Brownley Holds Press Conference to Denounce Trump and Republican Attacks on Social Security

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Thousand Oaks, CA – Yesterday, Congresswoman Julia Brownley (CA-26) held a press conference outside the Thousand Oaks Social Security office to denounce the dangerous and ongoing attacks on Social Security by Donald Trump and Elon Musk’s so-called Department of Government Efficiency (DOGE).

    “Donald Trump and Elon Musk are trying to dismantle Social Security from the inside out — and they are using their so-called ‘Department of Government Efficiency’ to do it,” said Congresswoman Brownley. “They have already fired 7,000 Social Security workers – the biggest single cut in the program’s history. They are shutting down offices and crashing the Social Security website. And when seniors and people with disabilities face issues with their benefits, they’re telling them to just go online. But let me be crystal clear: When you make it harder to access earned benefits, that’s a cut. And we won’t stand for it.”

    “More than 70 million Americans – including over 136,000 right here in Ventura County and the Conejo Valley – rely on Social Security every single day. It’s how people pay rent. It’s how they buy groceries. It’s how they get their prescriptions and stay afloat. Without Social Security, one in three Americans would be pushed into poverty.”

    “This program is not a handout. It’s a lifeline. And it works. So why are they trying to destroy it? Because they don’t believe in the promise. They don’t believe in the people. And they don’t believe in our democracy. But we do. We’re fighting for what’s right. We’re fighting for the people who built this country. We’re fighting for our democracy – and we’re fighting for the promise of Social Security.”

    Congresswoman Brownley’s prepared remarks can be found here.

    Photos from the press conference can be found here.

    ###

    Issues: 119th Congress, Seniors’ Issues

    MIL OSI USA News –

  • MIL-OSI USA: Pressley, Markey, Warren Demand Answers About Trump Administration’s Gross Misconduct of Immigration Enforcement System

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Following the Abduction and Detention of Rümeysa Öztürk, Pressley, Markey, and Warren Sound the Alarm on the Trump Administration’s Unjust Deportation Agenda

    Text of Letter (PDF)

    WASHINGTON – Congresswoman Ayanna Pressley (MA-07) and Senators Edward J. Markey (D-MA) and Elizabeth Warren (D-MA) wrote today to Secretary of Homeland Security Kristi Noem and U.S. Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons demanding answers about the Trump administration’s concerning pattern of ripping individuals from their communities and shipping them to jurisdictions more favorable to the Trump administration’s deportation agenda.

    Last month, six plainclothes ICE agents apprehended Rümeysa Öztürk, a Turkish national and fifth-year doctoral student at Tufts University, in broad daylight in Somerville, Massachusetts. ICE then moved Öztürk in a circuitous route through various states before placing her on a flight to Louisiana, miles away from her friends, lawyers, and community. The available evidence suggests that ICE did not transfer Öztürk to a Louisiana detention facility due to a lack of bed space in New England—as the government has claimed—but instead in an attempt to hand-pick the courts that will decide her case. These actions raise serious questions about the fairness and integrity of our immigration enforcement system.

    In the letter, the lawmakers write, “In court filings, immigration lawyers described ICE’s treatment of Öztürk as irregular, declaring they had never seen or heard of an ICE detainee arrested in Massachusetts be so quickly shuttled out of Massachusetts and to multiple separate locations. This quick movement—coupled with the government’s delayed notice regarding a detainee’s whereabouts—risks frustrating the filing of habeas petitions.”

    The lawmakers continue, “The government has since argued that Öztürk’s legal challenge must be heard in Louisiana, within the Fifth Circuit, where she is currently detained—a jurisdiction known for its strict immigration rulings. According to Mary Yanik, a clinical associate professor of law at Tulane University, in Louisiana the majority of ICE detention centers are within the jurisdiction of Louisiana’s Western District, which is the ‘slowest moving’ of the district courts in the state, very conservative, and whose release of detainees by formal order is ‘exceedingly rare.’ Decisions from federal district courts and immigration courts in Louisiana can eventually be appealed to the U.S. Court of Appeals for the Fifth Circuit, which the Center for American Progress has described as ‘arguably the most right-wing federal appellate court in the country.’ Legal experts and immigrant rights advocates have noted a troubling pattern in which ICE transfers detainees to jurisdictions with stricter immigration enforcement—such as Louisiana—thereby increasing the likelihood of deportation and limiting detainees’ access to legal representation and family support.”

    The lawmakers request answers to the following questions by May 6, 2025:

    • What specific criteria led ICE to determine that no bed space was available for Öztürk in New England?
    • Why was Öztürk transported to New Hampshire and Vermont before being flown to Louisiana, rather than being placed in a nearby facility in Massachusetts? Why was Öztürk transported to three separate locations in three different states before being flown to Louisiana?
    • When was the decision made to transport Öztürk to Louisiana? Who made this decision? What steps and protocols were undertaken in this decision-making process?
    • What is the total cost incurred by the government for Öztürk’s transportation from her arrest to her arrival in Louisiana, including flights and other logistical expenses?
    • Did the jurisdictional implications of placing Öztürk in Louisiana, within a federal judicial circuit known for its pro-government immigration rulings, factor into ICE’s decision to transfer her there?
    • What policies and procedures are in place to prevent forum shopping by ICE in detainee transfers?
    • Given the documented history of abuse and inadequate legal access at ICE detention facilities in Louisiana, what justifications does ICE have for continuing to send detainees there?

    Congresswoman Pressley, along with Sens. Warren and Markey, have pushed for answers and action since Öztürk’s March arrest.

    On April 18th, 2025, after a recent report indicated that an internal State Department memo concluded that the key premise underlying Rümeysa Öztürk’s arrest and detention was false, Congresswoman Pressley and Senators Warren and Markey sent a letter to Secretary of State Marco Rubio demanding the release of the department’s memo and other relevant documentation.

    Last month, they led over 30 lawmakers in writing to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Acting Director for U.S. Immigration and Customs Enforcement (ICE) Todd Lyons, demanding information about Öztürk’s arrest and detention as well as similar incidents across the country. The lawmakers also sounded the alarm on Öztürk’s medical neglect in DHS custody and renewed urgent calls for her release.

    Last month, Congresswoman Pressley issued a statement condemning reports that ICE arrested and detained Rümeysa Öztürk. Earlier that week, Congresswoman Pressley issued a statement following reports of ICE activity in Boston and other municipalities in Massachusetts.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Shapiro Administration Celebrates Earth Day with New Growing Greener Grants

    Source: US State of Pennsylvania

    April 22, 2025 – Pine Grove, PA

    Shapiro Administration Celebrates Earth Day with New Growing Greener Grants

    The Pennsylvania Department of Environmental Protection (DEP) has announced the opening of the next round of Growing Greener Plus Grant Program applications. Growing Greener is the largest single investment of state funds in Pennsylvania’s history to address critical environmental concerns like flooding. The grant openings are being announced in celebration of Earth Day and a field visit by the Shapiro Administration, the Schuylkill Conservation District, and other local officials to the Swatara Creek Floodplain Restoration site near Pine Grove Borough.

    “Growing Greener is one of the most successful conservation programs in Pennsylvania history, and it is great to see the positive impact that these projects can have for our communities. These grants empower communities to build environmental improvements right where they live – ensuring cleaner water, healthier ecosystems, and more resilient infrastructure,” said DEP Acting Secretary Jessica Shirley. “We’re proud to open the next round of funding on Earth Day to recognize that protecting the environment benefits our communities and the people of Pennsylvania.”

    Growing Greener grants can be awarded to watershed groups, local or county government, municipal authorities, county planning commissions, county conservation districts, educational institutions, or non-profit organizations. To date, Growing Greener Grants have provided almost $420 million in funding to more than 2,800 environmental projects.

    Speakers Include:
    Wayne Lehman, Schuylkill County Conservation District
    Sierra Diebert, Guilford Performance Textiles by Lear Corporation
    Kelly Stine, Guilford Performance Textiles by Lear Corporation
    Acting Secretary Jessica Shirley, Department of Environmental Protection
    Elaine Holley, Pine Grove Borough
    Christine Verdier, Sen. Argall’s office
    Rep. Joanne Stehr, 107th district
    Gary Hess, Schuylkill County Commissioner

    MIL OSI USA News –

  • MIL-OSI USA: Pennsylvania Historical & Museum Commission Announces 50th Anniversary Celebration at the Railroad Museum of Pennsylvania

    Source: US State of Pennsylvania

    April 22, 2025 – Strasburg,PA

    Pennsylvania Historical & Museum Commission Announces 50th Anniversary Celebration at the Railroad Museum of Pennsylvania

    The Pennsylvania Historical & Museum Commission (PHMC) celebrated the golden anniversary of the Railroad Museum of Pennsylvania. This significant milestone marks 50 years to the day since the world-class museum of railroad history first opened its doors to the public in 1975.

    “The 50th anniversary of the Railroad Museum of Pennsylvania is a testament to the enduring power and significance of our state’s rich industrial and transportation heritage,” said Andrea Lowery, Executive Director of the Pennsylvania Historical & Museum Commission. “As the Commonwealth’s official railroad museum, it has captivated and educated generations, and we at PHMC are immensely proud of its past achievements and excited to support its continued journey in preserving and sharing this vital part of our history for the next 50 years and beyond.”

    MIL OSI USA News –

  • MIL-OSI USA: Governor Shapiro, First Lady Shapiro, Lieutenant Governor Davis, and Second Lady Holmes Davis Welcome Children, Parents, and the Easter Bunny to the Governor’s Residence for Annual Easter Egg Hunt

    Source: US State of Pennsylvania

    April 22, 2025 – Harrisburg, PA

    Governor Shapiro, First Lady Shapiro, Lieutenant Governor Davis, and Second Lady Holmes Davis Welcome Children, Parents, and the Easter Bunny to the Governor’s Residence for Annual Easter Egg Hunt

    Governor Josh Shapiro, First Lady Lori Shapiro, Lieutenant Governor Austin Davis, and Second Lady Blayre Holmes Davis welcomed pre-K students, teachers, and advocates to the Governor’s Residence for the 2025 annual Easter Egg Hunt – the first public event held at the Residence since the April 13th arson attack.

    The Governor and the First Lady were determined to reopen the Governor’s Residence as quickly as possible – and while work continues on the building, the Residence will remain a welcoming place for people from all across the Commonwealth.

    “As I said last Sunday after an arsonist tried to burn down the Governor’s Residence, it’s not only important to get this historic building cleaned up and repaired quickly – it’s also critically important to me and Lori that we welcome visitors back here as soon as possible and make sure this continues to be a place where people from all walks of life feel welcome,” said Governor Shapiro. “This Residence is a place where we’ve lit Christmas trees, held Iftar dinners, danced at a bar mitzvah, and hunted for Easter eggs. Today’s event marks an important step forward in continuing that tradition – and we will continue to bring Pennsylvanians together at the Governor’s Residence for years to come.”

    List of Speakers:
    Lieutenant Governor Austin Davis
    Governor Josh Shapiro

    MIL OSI USA News –