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Category: Asia Pacific

  • MIL-Evening Report: Multiple warnings and huge fines are not stopping super funds, insurers and banks overcharging customers

    Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law, The University of Melbourne

    Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers.

    The company had breached its legal obligations under the Superannuation Industry (Supervision) Act 1993 by failing to identify and merge the duplicate accounts of customers.

    Given the individual errant fees were about $1.50 per duplicate account, the penalty might sound disproportionate to the wrongdoing.

    But over the nine years the duplicate account and other fees were being charged, they collectively cost customers about $69 million.

    As revealed in court, the double charging continued even though AustralianSuper’s employees and officers were aware that duplicate accounts were widespread.

    Not a precedent

    This court case was not the first. It follows a damning series of cases brought by the Australian Securities and Investments Commission (ASIC) against banks, insurers and super funds for overcharging.

    In 2022, ASIC reported six of Australia’s largest financial services institutions had paid almost $4.4 billion in compensation to customers for overcharging or providing no service.

    Financial penalties were also imposed. Westpac and associated entities were fined $40 million for charging $10.9 million to more than 11,800 dead customers.

    ANZ was also hit with a $25 million penalty for failing to provide promised fee benefits to about 689,000 customer accounts over more than 20 years.

    These cases were highlighted in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which ran from December 2017 to February 2019. But even after that, new instances emerged.

    In 2023, a review by ASIC resulted in general insurers repaying more than $815 million to more than 5.6 million customers for pricing failures since 1 January 2018“.

    After this, ASIC imposed penalties on insurers IAG-subsidiaries and QBE. It was alleged they misled customers by promising them loyalty discounts to renew their home insurance policies. But the customers actually had their premiums raised by an amount similar in size to the discounts.

    In 2024, ASIC announced the findings of an inquiry into excessively high fees for superannuation fund advice. The fees were not proportionate to the advice needs of members or the cost of advice.

    More than 300 members across seven of the funds had advice fees of more than $15,000 deducted from their accounts.

    Despite repeated calls by ASIC and the Australian Prudential Regulation Authority for the industry to improve its operations, a 2024 ASIC review found major banks left at least two million low-income customers in high-fee accounts. Those affected were refunded more than $28 million.

    Why has this litany of pricing misconduct cases occurred?

    Put in the best light, the failures represent a combination of poor legacy payment systems and increasingly complex modern payment structures and products.

    Recognising these constraints, the Federal Court has stated that the obligation under the Corporations Act to ensure financial services are provided “efficiently, honestly and fairly” does not demand “absolute perfection”.

    In other words, some mistakes are inevitable. But this does not relieve banks, insurers and superannuation funds from responsibility for payment errors.

    The buck stops with the institutions

    Charging more money than permitted or failing to pass on discounts will usually be a breach of the financial institution’s contract with its customers, and may also amount to misleading conduct.

    It’s unlawful. Even if the individual amounts in question are small compared with the turnover of the financial institution, they are significant to the customers affected.

    This means, as courts have consistently recognised, that financial institutions have a responsibility to put in place “systems and processes” to identify and correct payment errors. And they need to remediate affected customers promptly.

    The ongoing misconduct suggests banks, insurers and superannuation trustees have ignored this.

    Notably, in 2023, a court found NAB waited more than two years to correct overcharging, despite being aware of it.

    And in 2025, the court was critical of AustralianSuper for taking years to address the problem of duplicate customer accounts even after it was identified.

    The judge in the AustralianSuper case said:

    nobody was responsible for ensuring compliance with legislative requirements and [this] resulted in no resources being dedicated to that task.

    When no one takes responsibility

    After the Royal Commission, ASIC was criticised for not being sufficiently rigorous in enforcing the law. It now appears ASIC is working through the fee practices of banks, insurers and super funds armed with considerable penalties.

    ASIC’s clear aim is to ensure payment misconduct doesn’t pay, and enforcement by the regulator cannot be dismissed as a mere cost of doing business.

    But is this enough? Customers may wait years for payment errors to be identified and redressed through enforcement by ASIC.

    We need to rethink how these institutions understand their obligations to customers. Notably, the United Kingdom has introduced a “consumer duty”, which requires banks to promote customers’ interests and demonstrate how they are doing this.

    Australia doesn’t have this obligation. But it may be worth learning from the UK. Banks, insurers and superannuation funds here should be obligated to show they are using processes that produce good ongoing outcomes for their customers.

    Jeannie Marie Paterson receives funding from the Australian Research Council for a project on treating customers fairly commencing July 2025.

    – ref. Multiple warnings and huge fines are not stopping super funds, insurers and banks overcharging customers – https://theconversation.com/multiple-warnings-and-huge-fines-are-not-stopping-super-funds-insurers-and-banks-overcharging-customers-250658

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Which type of note-taking is better for learning: laptop or pen and paper?

    Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

    VesnaArt/Shutterstock

    Once upon a time, university lectures were accompanied by the sound of pens scribbling on paper. But if you go into a lecture hall today, you will hear students tapping on laptops.

    Devices are now an accepted and important part of modern learning. But this does not necessarily mean students should forget the old-fashioned ways of taking notes.

    Research shows pen and paper can help students learn and remember more from class.

    The benefits of note-taking

    Studies have long shown students who take notes during a lecture, class, or while reading are able to remember more of that content later.

    One reason is note-taking is more active than listening or reading, which helps us maintain attention.

    And students often go beyond just recording the information being said.

    Note-taking means students are trying to understand their teacher by making assessments about what is important in real time. They might also organise the content into themes and sub-themes or highlight things that stand out.

    These activities are examples of active engagement which strengthens the “encoding process”: the way new knowledge moves into long-term memory and forms memory pathways.

    Strong memory pathways enable knowledge to be more easily accessed later, such as when problem solving in class or doing an exam.

    Taking notes during class can help keep your focus and make it easier to retain information.
    Matej Kastelic/Shutterstock



    Read more:
    Avoid cramming and don’t just highlight bits of text: how to help your memory when preparing for exams

    Note-taking on a laptop

    Research shows the kinds of notes students take when typing on a laptop differ from those taken with traditional pen and paper.

    A 2018 study in the United States found college students took longer lecture notes (both in word count and quantity of ideas) when typing on a laptop than when writing by hand. They also recorded longer sections verbatim from the lecture. This might occur because students typically type faster than they handwrite.

    However, while students are faster on a laptop, they are also likely to become distracted.

    A 2021 study of US college students used tracking software and found the average student was distracted for about half their lecture by social media, assignments, shopping and other off-task internet activities.

    Note-taking with a pen

    So how do pen and paper compare?

    A 2024 meta-analysis of 24 international studies showed taking lecture notes by hand resulted in stronger overall test performance and course grades for undergraduate students.

    This is because handwriting engages the brain in a more active way than typing, which is better for learning.

    Students who take notes by hand use more shorthand, visual signals (for example, bolding, underlining, arrows and stars) and images (diagrams, graphs and tables) than those who type.

    Taking notes by hand is particularly helpful if a lecturer or teacher pauses during a lecture or lesson, so students can revise or add to their notes in real time. In one US study, students using longhand added three times as many new ideas to their notes during lecture pauses as laptop users did.

    Notetaking on pen and paper can help students form strong connections between ideas.
    ABO PHOTOGRAPHY/Shutterstock

    Are there times laptops might be better?

    Despite the benefits of handwriting, there are some situations where laptops may be more appropriate for note-taking.

    Students who struggle with slow handwriting or spelling may find pen and paper note-taking interferes with their learning. This is because they need to focus more on the physical act of writing so it becomes harder to process new knowledge.

    Some neurodivergent students may also find handwriting challenging. For instance, autistic students often experience difficulties with fine motor skills like handwriting. Similarly, students with dyslexia or dysgraphia may struggle with handwriting tasks.

    For these students, typing with features like spell-check and auto-correction can allow them to focus on understanding and fully participating in class.

    But for those who find both handwriting and typing equally comfortable, the research shows using a pen and paper are more effective for learning.

    Penny Van Bergen receives funding from the Australian Research Council, Google and the Marsden Fund.

    Emma Burns receives funding from the Australian Research Council, is an associate editor for the Australian Educational Researcher and is on the board of the Australian Educational Research Organisation.

    Hua-Chen Wang receives funding from Google on a research project regarding vocabulary learning.

    – ref. Which type of note-taking is better for learning: laptop or pen and paper? – https://theconversation.com/which-type-of-note-taking-is-better-for-learning-laptop-or-pen-and-paper-250404

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: I spy with my little eye: 3 unusual Australian plant ecosystems to spot on your next roadtrip

    Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

    A boab tree in the Kimberley. Hideaki Edo Photography/Shutterstock

    When the growing gets tough, the tough trees and shrubs get growing.

    Australia’s environment is brutal. Its ancient, low-nutrient soils and generally low rainfall make it a hard place for plants to grow. Despite this, the continent is filled with wonderfully diverse plant ecosystems.

    If you don’t know what you’re looking for, it can be easy to miss these seemingly unremarkable species. So, here are three little-known Australian plant species and ecosystems to look out for during your next roadtrip.

    1. Cycads and eucalypts

    If you are driving a coastal route along southern New South Wales, keep an eye out for the stunning combination of burrawang cycads (Macrozamia communis) and spotted gum (Corymbia maculata). These species live in harmony along the NSW coastline, from Kempsey to Bega, and inland as far as Mudgee.

    Spotted gum trees with burrawang cycad understorey on the Burrawang walking track, NSW South Coast.
    Destinations Journey/Shutterstock

    If you’re on a road trip, now is the perfect time to talk to children about ancient moving continents, volcanoes and dinosaurs.

    Cycads are ancient gymnosperms (cone-bearing plants) which evolved long before the Gondwanan supercontinent separated. These tough, hardy plants saw the dinosaurs come and go, and their relatives are found all around the world.

    These cycads form a striking understorey to the spotted gum. As their scientific name (Macrozamia communis) suggests, they form a dense community.

    Further north in Queensland, pineapple cycads (Lepidozamia peroffskyana), and Western Australia’s zamia palm (Macrozamia riedlei) are also worth spotting.

    Cycad seeds are poisonous, but First Nations Australians worked out a complex process to prepare them for safe eating. This involved dissolving the plant’s toxins in running water, cooking, working and grinding the seeds into a powder.

    Spotted gums evolved long after dinosaurs went extinct. Early eucalypt fossils date from about 34 million years ago, while current species are often only a few million years old.

    Spotted gums are a great example of how plants that survive tough environments often also do well in difficult urban situations.

    Cycads are similarly found growing in poor soils and arid conditions. They have long, glossy leaves up to about 1.5 metres in length with lots of leaflets.

    There are both male and female plants. The female cone is an impressive, wide-domed structure that can be almost half a metre across. Its bright orange-red seeds are eaten by foraging marsupials, large birds and flying foxes.

    Spotted gums are tall, straight eucalyptus trees with dark green, glossy leaves. Old bark creates dark grey spots against their cream coloured trunk, giving them a mottled look.

    It is interesting to see ancient and modern species in such a close community relationship in cycad-spotted gum forests. Both are also well-adapted to the fires that frequent their habitat.

    2. Ancient acacias

    Travelling inland, the environment gets even tougher. Most large trees disappear and are replaced by woodlands dominated by inland acacia (wattle) species.

    These inland acacias are short but mighty, with deep, extensive root systems.

    Two of these species, mulga (Acacia aneura) and brigalow (A. harpophylla) are part of Australian folklore. A Banjo Paterson character says: “You know how the brigalow grows […] saplings about as thick as a man’s arm”.

    Nutrients and water resources are limited, so mulga and brigalow trees are often evenly spaced across the landscape. This eerie symmetry makes it look like they were planted by humans.

    Acacias grow in arid conditions and are what many Australians think of when they envisage the red inland of our continent.
    Ashley Whitworth/Shutterstock

    Many people are unaware that the twisted, stunted specimens they see are more than 250 years old and occupy vast tracts of the Australian landscape.

    Waddy-wood (Acacia peuce) is a rare species of acacia, found in just three locations on the edge of the Simpson Desert. This tree has very strong wood, and was used by Indigenous Australians for making clubs (waddys) and tools for carrying fire.

    Inland acacias were widely used by Indigenous Australians for their wood, resins and medicinal properties. They have also been used as fodder for livestock, especially during drought.

    These crucial species provide important habitat for other plants and animals. But they are under threat.

    As old trees collapse and die, there are no young trees replacing them. This is because of drought and grazing, compounded by climate change.

    Desertification – where fertile land is degraded until it essentially becomes desert – is becoming a huge problem due to the massive area dominated by acacias.

    3. Boabs

    If you’re driving across the Northern Territory and Western Australia, you might come across the mighty boab (Adansonia gregoryii).

    These close relatives of the African and Madagascan baobabs floated to Australia as seeds or seedlings around 12 million years ago.

    Swollen boab tree trunks (called a caudex) can store thousands of litres of water.
    bmphotographer/Shutterstock

    These deciduous trees live in mostly dry environments that also experience strong monsoonal-type rains. Boabs trap and store water in their trunks, allowing them not only to survive but thrive.

    Their African and Madagascan baobab relatives are sometimes called trees of life, as they support many species.

    Australian boabs are similar. They offer habitat, roosting and nesting sites. Their flowers and fruits are food sources to many species of insects and birds.

    They were – and are – important trees in First Nations cultures. Carvings and symbols on their trunks can last for more than a century, much longer than on other trees. These are called dendroglyphs.

    For example, snake carvings dated to more than 200 years old have been found on boab trees in Northern Australia’s Tanami Desert.

    While these special trees are usually found far from the beaten track, they can be spotted growing around Darwin and other remote towns. If you get the chance to see them, count yourself lucky.

    Tough terrain, tough trees

    Plant communities are remarkably resilient. They also display great creativity when evolving ways to survive tough environments.

    Make sure to keep an eye out as you’re exploring Australia and enjoy the fascinating plants our country has to offer.

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

    – ref. I spy with my little eye: 3 unusual Australian plant ecosystems to spot on your next roadtrip – https://theconversation.com/i-spy-with-my-little-eye-3-unusual-australian-plant-ecosystems-to-spot-on-your-next-roadtrip-246129

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: England subsidises drugs like Ozepmic for weight loss. Could Australia follow?

    Source: The Conversation (Au and NZ) – By Jonathan Karnon, Professor of Health Economics, Flinders University

    Nomad_Soul/Shutterstock

    People with a high body weight living in England can now access subsidised weight-loss drugs to treat their obesity. This includes Wegovy (the weight-loss dose of Ozempic, or semaglutide) and Mounjaro (one of the brand names for tirzepatide).

    These drugs, known as GLP-1 agonists, can improve the health of people who are overweight or obese and are unable to lose weight and keep it off using other approaches.

    In Australia, the government subsidises the cost of semaglutide (Ozempic) for people with diabetes.

    But it is yet to subsidise semaglutide (Wegovy) on the Pharmaceutical Benefits Scheme (PBS) for weight loss.

    This is despite Australia’s regulator approving GLP-1 agonists for people with obesity, and for overweight people with at least one weight-related condition.

    This leaves Australians who use Wegovy for weight loss paying around A$450–500 out of pocket per month.

    But could Australia follow the England’s lead and list drugs such as Wegovy or Mounjaro on the PBS for weight loss? Doing so could bring the price down to $31.60 ($7.70 concession).

    Australia has already knocked back Wegovy for subsidies

    The Pharmaceutical Benefits Advisory Committee (PBAC) reviews the submissions pharmaceutical companies make for their drug therapies to be subsidised through the PBS.

    For every such recommendation, PBAC publishes a public document that summarises the evidence and the reasons for recommending that the drug should be added to the PBS – or not.

    In November 2023, PBAC reviewed Novo Nordisk’s submission. It proposed including semaglutide on the PBS for adults with an initial BMI of 40 or above and a diagnosis of at least two weight-related conditions. At least one of these related conditions needed to be obstructive sleep apnoea, osteoarthritis of the knee, or pre-diabetes.

    Sleep apnoea was one of the weight-related conditions in the original application.
    JPC-PROD/Shutterstock

    However, PBAC concluded semaglutide should not be subsidised through the PBS because it didn’t consider the drug cost-effective at the price proposed.

    PBAC referred to evidence on the long-term benefits from weight loss for people at increased risk of developing heart disease, diabetes or having a stroke. However, it didn’t factor these effects into its calculations when estimating the cost-effectiveness of semaglutide.

    The committee suggested a future submission could focus on patients with either pre-existing cardiovascular (heart) disease, type 2 diabetes, or at least two markers of “high cardiometabolic risk”. This could include hypertension (high blood pressure), high cholesterol, chronic kidney disease, fatty liver disease or pre-diabetes.

    What did England decide?

    The National Institute for Health and Care Excellence (NICE) has a similar role to the PBAC, informing decisions to subsidise medicines in England.

    As a result of NICE’s recommendation, semaglutide is subsidised in England for adults with at least one weight-related condition and BMI of 30 or above. Patients must be treated by a specialist weight-management service and prescriptions are for a maximum of two years.

    More recently, NICE approved another GLP-1 agonist, tirzepatide, for adults with at least one weight-related condition and a BMI of 35 or above.

    This approval didn’t restrict prescriptions to those treated in a specialist weight-management service. However, only 220,000 of the 3.4 million who meet the eligibility criteria will receive tirzepatide in the next three years. It is not clear how the 220,000 patients will be selected.

    The limits on tirzepatide will reduce the impact of GLP-1 agonists on the health budget. It is also intended to inform the broader roll-out to all eligible patients.

    For both semaglutide and tirzepatide, NICE noted that clinicians should consider stopping the treatment if the patient loses less than 5% of their body weight after six months of use.

    Australians who use Wegovy for weight loss or heart disease pay A$450–$500 out of pocket per month.
    antoniodiazShutterstock

    Why did they reach such different decisions?

    NICE assessed the use of GLP-1 agonists for a broader population than PBAC: people with one weight-related condition and a BMI of 30 or above.

    Another difference was that NICE’s cost-effectiveness analysis included estimates of the longer-term benefits of these drugs in reducing the risk of diabetes, cardiovascular (heart) disease, stroke, knee replacement and bariatric surgery.

    The proposed prices of the GLP-1 agonists in England and Australia are not reported. We can only observe the estimated health benefits. These are represented as the additional number of “quality-adjusted life years” (QALYs) associated with using the drugs. One QALY is the equivalent of one additional year of life in best imaginable health.

    Committees estimate the amount of additional health spending required to gain QALYs, to see if it’s worth the public investment. Looking at the committees’ estimates of weight-loss drugs (without a two-year maximum):

    • NICE reported a gain of 0.7 QALYs per patient receiving semaglutide for a target population with a BMI of 30 or more

    • PBAC reported a gain of 0.3 QALYs, but for a population with a BMI of 40 and above.

    Part of the explanation for the difference in estimated QALY gains is that PBAC did not consider the reduced risk of future weight-related conditions, only the impact on existing conditions.

    In contrast, NICE referred to substantial cost offsets due to reduced weight-related conditions, in particular because some patients would avoid developing diabetes.

    England and Australia’s estimates of the benefits of Wegovy differed.
    Matt Fowler KC/Shutterstock

    Time to rethink PBAC’s focus?

    Both NICE and PBAC are clearly concerned about the impact of GLP-1 agonists on the health budget.

    PBAC is trying to restrict access to a limited pool of people at highest risk. It is also being more conservative than NICE in estimating the expected benefits of GLP-1 agonists. This would require manufacturers to reduce their price in order for PBAC to consider these drugs cost-effective.

    Maybe this approach will work and the Australian government will pay less for these drugs the next time it considers publicly funding them.

    However, GLP-1 agonists are not on the agenda for the forthcoming PBAC meetings, so there is no timeline for when GLP-1 agonists might be funded in Australia for weight loss.



    Read more:
    People on Ozempic may have fewer heart attacks, strokes and addictions – but more nausea, vomiting and stomach pain

    Jonathan Karnon receives funding from the National Health and Medical Research Council and the Medical Research Future Fund.

    – ref. England subsidises drugs like Ozepmic for weight loss. Could Australia follow? – https://theconversation.com/england-subsidises-drugs-like-ozepmic-for-weight-loss-could-australia-follow-245367

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Labor likely to win WA election, but the campaign is exposing faultlines in the state’s politics

    Source: The Conversation (Au and NZ) – By Narelle Miragliotta, Associate Professor in Politics, Murdoch University

    With Western Australia heading to the polls on March 8, the Cook Labor government will likely prove the exception to the rule that incumbency is a liability for contemporary governments.

    Despite incumbent governments around the world losing office, Labor looks headed for a comfortable re-election.

    The WA contest begins from an unusual position. In 2021, Labor won a historic victory, driven by the popularity of the then premier Mark McGowan. It won 53 of 59 seats in the Legislative Assembly, with the Liberals reduced to two elected members in that chamber.

    Since then, however, Labor’s popularity has slipped.

    In September 2024, the Freshwater Strategy poll reported Labor’s primary vote had declined from 60% to 39%, while the Liberals’ primary vote had increased to 32% from 21% since the 2021 state election.

    A January-February 2025 Newspoll had Labor’s primary vote down from 59.9% to 42%, and its two-party preferred primary vote down from 69.7% to 56%.

    Nevertheless, on a two-party preferred basis, Labor is ahead on 56% to the Liberals’ 44%. While Premier Roger Cook is no McGowan, his approval rating is higher than that of the Liberal leader, Libby Mettam.

    The WA Labor government has several factors working in its favour.

    First is the healthy (two-party preferred) margins that Labor holds in many seats, including traditionally safe Liberal seats. After 2021, the WA Electoral Commission (WAEC) reclassified several former Liberal-held seats as “very safe” or “safe” Labor seats. Labor’s margins in Dawesville, South Perth, Riverton and Darling Range make it far from certain these seats will return to the Liberals in 2025.

    Second, Labor is presiding over a strong local economy. While it has faced criticism for weak responses on housing, equitable access to government concessions, and climate action, Labor’s fiscal record is not in contention.

    Third, Cook is not shy about activating WA’s sensitivities about the east coast. He has railed about “laws which damage Western Australia’s economy”, and complained that the nation’s high “standard of living […] is because of West Australian industry and the West Australian economy”.

    The Cook government can back in its “WA-first” position by pointing to policy wins against federal governments. These include securing increases in WA’s GST share and forcing the shelving of proposed federal nature-positive legislation.

    However, WA Labor cannot take all the credit for its strong position. The WA opposition is doing itself remarkably few favours.

    A challenge for the Liberals is the loss of (people) presence due to their spectacular electoral losses in 2021. In addition to losing the status of the official opposition, the remaining party room lacked star power, featuring a National party defector, an upper house member later sacked for lying to the party leader, and divisive figures such as Nick Goiran and Peter Collier, both key players in the destabilisation that contributed to the party’s 2021 defeat.

    Mettam has also been undermined by forces within her own party.

    Her most serious challenger is the media personality, Lord Mayor of Perth, and Liberal candidate for Churchlands, Basil Zempilas.

    In November 2024, an employee of Zempilas admitted to leaking an internal poll to the media that suggested Mettam’s continued leadership would cause a 3% swing against the party. While Zempilas denied knowledge of the poll, Mettam was forced to hold a party room meeting to defend her leadership five months before the election.

    Then there are some questionable decisions taken by Mettam.

    She flipped on the Voice to parliament referendum and later adopted federal Liberal leader Peter Dutton’s position on refusing to stand in front of the First Nations Flag. Such positions will be popular among some voters, but not the inner metropolitan constituencies that the party hopes to win back.

    The final complication is the Liberals’ tetchy relationship with the Nationals, the official opposition since 2021.

    The WA Liberals and Nationals have always had a tense relationship. Not even the shared experience of a depleted parliamentary presence inspired camaraderie. Despite their alliance, the Labor government exploited policy tensions between them.

    In preparation for even more fraught times ahead, the two parties signed an election code of conduct, agreeing to play nice at elections. However, the Nationals face an existential crisis owing to changes to the state upper house electoral rules. Introducing a single statewide upper house electorate ended the malapportionment that had bolstered the Nationals’ representation in the Legislative Council.

    The Nationals responded by fielding additional lower house candidates, although fewer than the party had foreshadowed. Crucially, the Nationals are competing in the seats of South Perth and Bateman, which are key inner metropolitan seats for the Liberals. Labor, however, is doing the Nationals no favours by preferencing the Liberals.

    There is also an assortment of minor parties and independents. Climate 200 is backing several independents, two of whom are contesting the prized former Liberal seats of Churchlands and Nedlands. Now that McGowan fever has abated, the “Teals” might swoop in as the progressive middle path between Labor and Liberals. Green victories will be likely restricted to the Legislative Council.

    The election might be a foregone conclusion in WA but it would be a mistake to think it is a prelude to the federal election. While WA Labor remains broadly popular among the state’s voters, polling suggests there is less love for the federal Labor party.

    Nothing to disclose.

    Nardine Alnemr and Narelle Miragliotta do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Labor likely to win WA election, but the campaign is exposing faultlines in the state’s politics – https://theconversation.com/labor-likely-to-win-wa-election-but-the-campaign-is-exposing-faultlines-in-the-states-politics-249690

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: Ukraine: 3 Years of War, Resilience, & Global Consequences-Security Council Briefing| United Nations

    Source: United Nations (Video News)

    Briefing by Ms. Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs, on the Maintenance of peace and security of Ukraine – Security Council, 9867th meeting.

    “Mr. President,Three years ago today, the world watched in shock as the Russian Federation launched its full-scale invasion of Ukraine, a clear violation of the UN Charter and international law.This act undermined the very foundations of the international order.For three long years, the people of Ukraine have endured relentless death, destruction and displacement.Families have been torn apart, lost loved ones, and witnessed their homes and entire cities reduced to rubble.The Office of the High Commissioner of Human Rights (OHCHR) has verified that, since 24 February 2022, at least 12,654 Ukrainian civilians, including 673 children, have been killed.Another 29,392, including 1,865 children, have been injured. The actual figures are likely considerably higher.The numbers only continue to rise as Russia’s brutal attacks persist across the country. In 2024 alone, civilian casualties increased by 30 per cent compared to the previous year.The war has created the largest displacement crisis in Europe since the Second World War.More than 10 million Ukrainians remain uprooted – 3.6 million displaced within Ukraine, and 6.9 million seeking refuge abroad. Many remain in precarious conditions, uncertain whether they will ever return home.Beyond the immediate physical devastation, the long-term psychological toll on an entire generation of Ukrainians is incalculable.Ukraine is now among the most heavily mined countries in the world.This is a deadly legacy that will take years to overcome, including its immense environmental consequences.The massive destruction of civilian infrastructure impacts millions.For three consecutive winters, repeated strikes on the energy grid have left communities without power, heating or other essential services.Over two million families remain without adequate shelter.At least 790 attacks have damaged or destroyed medical facilities.This has put the lives of countless patients at risk, with medical professionals struggling to work under extreme circumstances.In 2024 alone, attacks on medical facilities tripled compared to the previous year.The education system has also been decimated.More than 3,600 schools and universities have been damaged, preventing 600,000 children from attending classes in person.Last year, attacks on educational facilities surged by 96 per cent, compared to 2023.Mr. President,Over the past three years, the conflict has also escalated and expanded, not only across Ukraine, but also into parts of the Russian Federation.We have seen reports by local Russian officials of increased civilian casualties and damage to civilian infrastructure in the Kursk, Belgorod and Bryansk regions of the Russian Federation due to alleged Ukrainian attacks.It cannot be said often enough: Attacks against civilians and civilian infrastructure violate international humanitarian law.They are unacceptable, no matter where they occur.The war’s impact is also felt globally, as it destabilizes economies, disrupts food security and threatens international peace.The further internationalization of the conflict is deeply alarming, particularly with the reported deployment of troops from the Democratic People’s Republic of Korea into the conflict zone.Moreover, the risk of a nuclear incident remains unacceptably high.A drone attack on 14 February caused a fire in the building confining the remains of the reactor destroyed in the 1986 Chernobyl accident.This incident once again underlines the persistent risks to nuclear safety in Ukraine.Mr. President,The United Nations is committed to assisting Ukraine in its recovery. We continue to work with our humanitarian partners to deliver life-saving assistance.In the past three years, over 200 inter-agency convoys have reached 810,000 people with assistance along the frontline.However, without sustained funding, these critical efforts risk being suspended, which would leave 12.7 million people without the assistance they so desperately need.Further, we still do not have access to the estimated one million people in need of humanitarian aid in areas of Ukraine currently occupied by the Russian Federation.We recall that international humanitarian law requires the facilitation of rapid and unimpeded passage of humanitarian relief for all civilians in need, no matter where they live.International humanitarian law also prohibits attacks on humanitarian personnel and assets.Since February 2022, 25 aid workers have been killed in the line of duty and 86 others injured.There have been 236 documented incidents involving violence against humanitarian personnel, assets and facilities.Humanitarian workers must be protected (…)” [Excerpt].

    https://www.youtube.com/watch?v=jddlQdAu3zM

    MIL OSI Video –

  • MIL-OSI USA: Merkley, Wyden, Colleagues Question HUD Secretary on Alarming Consequences of New DOGE Task Force on Housing for America’s Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 25, 2025

    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden joined an effort to press U.S. Housing and Urban Development (HUD) Secretary Scott Turner about the alarming consequences of a recently announced “Department of Government Efficiency” (DOGE) Task Force that threatens to seriously hinder HUD’s ability to support vulnerable communities.

    Reportedly, the DOGE Task Force plans to lay off 50 percent of its workforce, eliminate half of HUD’s field offices serving local communities across the country, and gut programs that protect families and people with disabilities from discrimination, address our homelessness crisis, and provide resources to communities to tackle our housing shortage and recover from disasters. There are also reports that HUD is terminating the Green and Resilient Retrofit Program, which was created by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country – but now DOGE at HUD is trying to illegally claw these funds back.

    “HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent,” wrote the Senators in their letter. “Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.”

    The Senators are also seeking clarity on the DOGE Task Force’s overall objectives and how it is defining waste.

    “In addition to personnel cuts, you also announced that HUD and DOGE have identified $260 million in savings on wasteful contracts.  If this represents legitimate waste, we are happy to work with you to wipe it out,” wrote the Senators. “But to date, there has been no transparency about DOGE’s involvement, or what exactly it is finding. We ask that you provide additional information on the allegedly wasteful spending identified by DOGE, and a clear accounting of how these funds have been misused.”

    The Senators have requested detailed information from Secretary Turner by February 26, 2025, urging immediate transparency to protect the interests of American families.

    The letter was led by U.S. Senators Elizabeth Warren (D-Mass.), Angela Alsobrooks (D-Md.), and Tina Smith (D-Minn.) and was signed by Merkley, Wyden, Chuck Schumer (D-N.Y.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), Kirsten Gillibrand (D-NY.), Ed Markey (D-Mass.), Patty Murray (D-Wash.), Alex Padilla (D-Calif), Jack Reed (D-R.I.), Chris Van Hollen (D-Md.), Warner, Raphael Warnock (D-Ga.), Ruben Gallego (D-Ariz.), Catherine Cortez Masto (D-Nev.), Ben Ray Luján (D-N.M.), Gary Peters (D-Mich.), Amy Klobuchar (D-Minn.), Richard Blumenthal (D-Conn.), Bernie Sanders (I-Vt.), Tim Kaine (D-Va.), Maria Cantwell (D-Wash.), and Mazie Hirono (D-Hawaii).

    MIL OSI USA News –

  • MIL-OSI United Nations: Deputy Secretary-General, at Asia-Pacific Forum, Urges Faster Regional Action Warning on Current Trends Less Than One Sixth of Sustainable Development Goals Will Be Met

    Source: United Nations General Assembly and Security Council

    Following is the text of UN Deputy Secretary-General Amina Mohammed’s video message at the twelfth session of the Asia-Pacific Forum for Sustainable Development 2025, in Bangkok today:

    I thank the Government of Thailand for hosting this important Forum and Executive Secretary Ibu Armida Alisjahbana for bringing us together.  We stand at a critical juncture in history, where our actions over the next five years will define the future of our planet and its people.  All of you here today share the immense responsibility of steering the Asia-Pacific region towards a sustainable and prosperous future.

    The 2030 Agenda for Sustainable Development is not just a set of goals, it is our collective promise to future generations.

    Yet, globally, only 17 per cent of the Sustainable Development Goals (SDGs) are on track.  Progress on almost a third of targets has stalled or gone into reverse. Here in the Asia-Pacific, less than a sixth of the SDG targets will be met on current trends.  Though economic growth has lifted millions out of poverty, it has been uneven, and a series of global crises have disproportionately affected vulnerable populations.

    Five years to the 2030 deadline, we need urgent action to get the Goals on track.  The Pact for the Future, agreed by countries last year, includes commitments to action to turbocharge sustainable development.  We must come together to ensure they are delivered.

    This region has immense potential to accelerate SDG progress — through action to harness the power of technology, accelerate the energy transition and transform food systems, driving progress across all the Goals.

    You are a global leader in digital innovation and connectivity.  You have accessible emerging technologies.  And you are transforming financial inclusion and service delivery through rapid fintech adoption and initiatives.  The Republic of Korea’s Digital New Deal and Thailand’s Big Data Initiative are prime examples.

    The region is also uniquely positioned to lead the global energy transition.  You are rapidly deploying clean energy and embracing cross-border energy integration.  Initiatives like the South Asian Hydropower Trade and the Association of Southeast Asian Nations (ASEAN) Power Grid are enhancing energy security while reducing emissions.  Innovations in food systems, such as regenerative agriculture in India, are improving sustainability and food security.

    Accelerating action requires regional collaboration.  With a common vision of sustainability and prosperity, we can create new opportunities for economic resilience and social progress.  Strengthened financial cooperation can enhance cross-border connectivity and drive regional supply chain integration.

    The United Nations and the Regional Economic Commissions will continue to work closely with Resident Coordinators and the UN country Teams to strengthen support for sustainable development across the region. Helping to forge investment paths. Shape policy and regulatory frameworks. And garner support from United Nations agencies and partners, including multilateral and regional development banks and private investors.

    The strong link between the Regional Economic Commissions and our Resident Coordinators since the reforms made by Secretary-General António Guterres has been critical in bringing together our policy and operational assets in ways we had not witnessed before.

    It gives me great hope that we can build on this strong foundation to step up our support to each country in Asia and the Pacific, as you strive to accelerate action and protect our ambition for people and planet. 

    And I urge all of you to make the most of the opportunities this year to accelerate action. From Beijing+30 to the Fourth Conference on Financing for Development, the World Social Summit, the Fourth Food System Summit Stocktake, and COP30 (Thirtieth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change).  Use your voice to ensure that the needs and priorities of this region shape action over the coming years.  So, together, we ensure sustainable development truly leaves on one behind.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Can you help us identify this person?

    Source: New Zealand Police (District News)

    Attribute to Detective Sergeant Luke Vaughan

    Christchurch Police would like to identify the man in this photo.

    We are hoping they can assist with an ongoing enquiry in relation to an assault at the intersection of Radcliffe Road and Main North Road in Northwood, Christchurch on Saturday 15 February.

    If this is you, or you know who this is, please contact Police on 105 online or by phone and quote file number: 250216/8214.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI: TEM Prepares to Launch Global P2P Marketplace for Digital Assets, Lucky Box Now Open

    Source: GlobeNewswire (MIL-OSI)

    JAKARTA, Indonesia, Feb. 25, 2025 (GLOBE NEWSWIRE) — TEM is preparing to launch a global P2P marketplace for secure and transparent trading of game items, NFTs, and cryptocurrencies.

    The platform will feature Trade-to-Earn (T2E) rewards, escrow-based transactions, NFT staking, and Lucky Box services to enhance user engagement and security.

    TEM’s Lucky Box feature is open, allowing users to earn rare game items, NFTs, and cryptocurrencies through daily logins, referrals, and platform activities.

    This rewards system adds excitement while providing real value to users.

    The upcoming P2P marketplace will support major cryptocurrencies like BTC, ETH, and USDT, as well as TEM’s native transaction token.

    Users will be able to trade game accounts, prepaid cards, unique NFTs, and more with escrow protection ensuring safe and fraud-free transactions.

    With multilingual support targeting markets like Indonesia, Vietnam, and Singapore, TEM aims to provide a seamless, secure, and rewarding experience for digital asset traders worldwide.

    Stay tuned for the official launch and start earning rewards today with Lucky Box and Trade-to-Earn (T2E)!

    For more details, visit the official website. https://tem.best/

    Try your luck now with Lucky Box Rewards! https://luckybox.tem.best

    Contact:
    Henry
    team@tem.best

    Disclaimer: This press release is provided by TEM. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/582d8b07-fd14-4892-8c9f-987bb3028304

    The MIL Network –

  • MIL-OSI USA: Murphy, 17 Colleagues Lead Bipartisan Resolution Supporting Ukraine on Third Anniversary of Russia’s Full-Scale Invasion

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 24, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), Ranking Member of the U.S. Senate Foreign Relations Subcommittee on Europe and Regional Security Cooperation, on Monday joined 17 of his Senate colleagues in supporting a bipartisan resolution acknowledging the third anniversary of Russia’s full-scale invasion of Ukraine. The resolution expresses the U.S. Senate’s unwavering support for Ukraine’s sovereignty and territorial integrity while condemning Russia’s illegal aggression and attempts to seize Ukrainian territory. It also commends NATO, the Ukraine Defense Contact Group, and the international community for their continued efforts to support Ukraine’s defense and the protection of human rights on its territory; recognizes Ukraine’s democratic progress during wartime; and emphasizes Ukraine’s right to be included in any discussions with Russia about its future.
    U.S. Senators Jeanne Shaheen (D-N.H.), Thom Tillis (R-N.C.), Dick Durbin (D-Ill.), Roger Wicker (R-Miss.), Michael Bennet (D-Colo.), Chuck Grassley (R-Iowa), Steve Daines (R-Mont.), Tim Kaine (D-Va.), John Curtis (R-Utah), Chris Coons (D-Del.), Lisa Murkowski (R-Alaska), Sheldon Whitehouse (D-R.I.), Mitch McConnell (R-Ky.), Brian Schatz (D-Hawaii), Susan Collins (R-Maine), John Cornyn (R-Texas), and Chris Van Hollen (D-Md.) also cosponsored the resolution.
    Full text of the resolution can be found HERE and below:
    RESOLUTION acknowledging the third anniversary of Russia’s further invasion of Ukraine and expressing support for the people of Ukraine.
    Whereas, on February 24, 2022, Russia launched a full-scale, unprovoked, and illegal invasion of Ukraine, which followed Russia’s illegal annexation of Crimea in 2014 and its illegal occupation of parts of the Donbas region in 2014;
    Whereas the international community recognizes the sovereignty and full territorial integrity of Ukraine within the 1991 borders; and
    Whereas the Ukrainian Armed Forces and the people of Ukraine have demonstrated a determined resistance that has prevented Russia from taking control of their country: Now, therefore, be it
    Resolved, That the Senate—(1) expresses continued solidarity with the people of Ukraine and condolences for the loss of tens of thousands of Ukrainian people to Russian aggression;
    (2) rejects Russia’s attempts to militarily seize sovereign territory in Ukraine and elsewhere in Europe;
    (3) reaffirms the support of the United States for the sovereignty and territorial integrity of Ukraine;
    (4) commends NATO, the Ukraine Defense Contact Group, and the international community for their continued efforts to support Ukraine’s defense and the protection of human rights on its territory;
    (5) supports Ukraine’s aspirations to integrate into Euro-Atlantic structures;
    (6) recognizes Ukraine’s efforts to strengthen its democracy during wartime;
    (7) encourages the transatlantic community to continue to denounce Russia’s illegal and unprovoked war in Ukraine and counter Russian aggression; and
    (8) emphasizes that Ukraine must be a partici2 pant in discussions with the Russian Federation 3 about Ukraine’s future.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Police make arrests following Flat Bush burglary

    Source: New Zealand Police (District News)

    Two men have been charged following a ram raid burglary at a Flat Bush liquor store.

    Just before 12.30am, a burglary was reported in progress at the Bishop Dunn Place store.

    Detective Inspector Karen Bright, of Counties Manukau CIB, says two stolen vehicles had arrived at the scene.

    “One of the vehicles was used to gain entry into the business,” she says.

    “The Eagle helicopter deployed to the area and located the offenders fleeing the scene in one of the vehicles.”

    Police continued observations of the offenders’ movements to a nearby address on Belinda Avenue.

    “All three offenders abandoned this vehicle, before getting into another vehicle which stopped nearby,” Detective Inspector Bright says.

    “One offender got out and returned to the vehicle that had just been abandoned.

    “He drove this vehicle a short distance before it crashed into a fence, and he fled on foot.”

    A Police dog handler conducted several enquiries in the immediate area.

    Meanwhile, Eagle was continuing to track the other vehicle heading south to Takanini.

    Detective Inspector Bright says spikes were successfully deployed and the vehicle travelled further north to Ōtara where spikes were again deployed.

    “The vehicle became immobile and both offenders were arrested without further incident.”

    Two men were arrested, including a gang associate.

    The pair, aged 20 and 24, will face charges in the Manukau District Court.

    These include burglary and multiple counts of unlawfully taking a vehicle.

    The 24-year-old has also been charged with dangerous driving. 

    Detective Inspector Bright says Police are following positive lines of enquiry to locate the third offender.

    “This is a great result, and Police will continue to hold those to account who are committing this brazen offending within our community.”

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI Global: Trump’s claim that US debt calculation may be fraudulent could put the economy in danger

    Source: The Conversation – UK – By Gabriella Legrenzi, Senior Lecturer in Economics and Finance, Keele University

    Deacons docs/Shutterstock

    The US president, Donald Trump, is challenging official figures around the country’s federal debt, suggesting possible fraud in its calculation. The president’s remarks have added a controversial twist to an issue that is both complex and consequential for the United States. And it has implications for the global economy and financial markets too.

    US federal debt is the total amount of money the US government owes from years of borrowing to cover budget deficits (spending beyond its revenues). Over time, this amount has grown significantly, becoming a focal point for political debates and economic forecasts.

    The US debt clock indicates an amount of debt of above US$36 trillion (£28.5 trillion), corresponding to US$107,227 (£84,795) per US citizen.

    This figure is based on the US total public debt series. It is undeniable that the US debt has grown remarkably since the 2008 recession, with a further acceleration during the COVID pandemic. This brings the US federal debt in at around 121% of the size of the entire economy (GDP). For comparison, the UK’s Office for Budget Responsibility puts British national debt at 99.4% of GDP in 2024.

    This pattern is common across advanced economies, given the necessity to spend to support their economies during recessions.

    Trump has also claimed that, as the result of this alleged fraud, the US might have less debt than was thought. Potential fraud aside, it is common knowledge that the headline debt figure overstates the amount of federal debt. This is because it includes debt that one part of the US government owes to another part, as well as debt held by the Federal Reserve Banks.

    Subtracting these debts from the US federal debt data gives us the debt held by the public. This is much lower but it still shows a similar growing pattern over time.

    How US national debt has grown as a share of GDP:

    The conventional wisdom (courtesy of Mr Micawber, a character in Charles Dickens’ novel David Copperfield) is that an income greater than expenditure equals happiness, while the opposite results in misery. But this does not necessarily apply to public debt.

    This is ultimately a debt we have with ourselves (and our future generations). What really matters is its long-term sustainability, meaning that the debt-to-GDP ratio is not following an explosive pattern. This kind of pattern could increase the risk premium (effectively the interest) demanded by investors, with a negative impact on private investments and growth prospects. Also, it potentially raises the risk of default.

    Our research has shown that there is no universally accepted threshold where debt becomes unsustainable. Instead, each case requires context-specific analysis looking at macroeconomic fundamentals such as inflation and unemployment, financial crises as well as the (potentially self-fulfilling) market expectations.

    Trump’s take

    Recently, Trump has questioned not only the size of federal debt but also the integrity of the methods used to calculate it, without presenting any evidence. He claims that the Elon Musk-led Department of Government Efficiency (Doge) has uncovered potential fraud. If confirmed, these findings could significantly alter perceptions of the country’s financial position.

    Reports have also highlighted his controversial allegation that the US is “not that rich right now. We owe US$36 trillion … because we let all these nations take advantage of us.” These claims are puzzling, as the large size of US debt reflects decades of fiscal policy decisions in the wake of numerous shocks to the economy. Debt itself is not a cause of alarm for analysts.

    While the amount of US federal debt held by foreign stakeholders has risen over time, it is currently less than 30% of GDP. This is down from an all-time high of 35% during Trump’s first term back in 2020 during the pandemic.

    Of the US federal debt held by foreign countries, the largest amounts are owned by Japan, China, and the UK. Yet, when other countries hold US federal debt, it has nothing to do with “taking advantage” of the US.

    In fact, the US dollar is the world’s dominant vehicle currency. It is on one side of 88% of all trades in the foreign exchange market, which has a global daily turnover of US$7.5 trillion.

    As such, the US benefits from a so-called “exorbitant privilege”. This advantage comes from the international demand for the “safe haven” status of US Treasury securities and the US dollar, and has allowed the US to issue debt at a relatively low interest rate.

    Research suggests that this “safe haven” status of the US dollar has increased the maximum sustainable debt for the US by around 22%. What’s more, it’s estimated to have saved the US government 0.7% of GDP in annual interest payments.

    These advantages rely on the fact that US Treasury bonds are traditionally viewed as risk-free assets. This is particularly the case during times of global financial stress, as they are backed by the full faith and credit of the US government. The US has a longstanding record of meeting its debt obligations.

    But Trump’s comments risk shaking the confidence of financial markets, leading traders to reassess the reliability of official data and the potential risks associated with US Treasury bonds. Whether truth or tale, such remarks touch on sensitive issues regarding fiscal responsibility and transparency in government.

    Any suggestion that the US government’s debt figures are unreliable could be destabilising. This is because they could call into question the reliability of the US fiscal system among the international investors and foreign governments that hold these securities.

    Much like Trump’s tariff threats, alleging other countries who hold a substantial portion of US federal debt have been opportunistic could be risky.

    The president could end up straining diplomatic bilateral relations with key creditors, which may cause broader uncertainties in global financial markets.

    With Trump in the White House, distinguishing between politically charged rhetoric and fiscal sustainability of the US federal debt will be essential for maintaining trust in the US economy and the health of the global financial system.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s claim that US debt calculation may be fraudulent could put the economy in danger – https://theconversation.com/trumps-claim-that-us-debt-calculation-may-be-fraudulent-could-put-the-economy-in-danger-250538

    MIL OSI – Global Reports –

  • MIL-OSI Global: ‘I thought about escaping every day’: how survivors get out of Southeast Asia’s cybercrime compounds – Scam Factories podcast, Ep 3

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    Every day that he was locked up in a scam compound in Southeast Asia, George thought about how to get out. “We looked for means of escaping, but it was hard,” he told The Conversation.

    George, whose name has been changed to protect his identity, managed to secretly contact a rescue organisation in Myanmar, where he was being held. That set in motion a chain of events that would eventually lead to his freedom, but it would take months before he made it back home to his family in Uganda.

    Hundreds of thousands of people like George are estimated to have been caught up in the brutal scamming industry in Southeast Asia, many forced into criminality against their will.

    Scam Factories is a podcast series from The Conversation Weekly taking you inside these brutal fraud compounds. It accompanies a series of multimedia articles on The Conversation.

    In our third and final episode, Great Escapes, we find out the different ways people manage to escape and at what costs, what it takes for them to get home, and what is being done to clamp down on the industry.

    The Conversation collaborated for this series with three researchers: Ivan Franceschini, a lecturer in Chinese Studies at the University of Melbourne; Ling Li, a PhD candidate at Ca’ Foscari University of Venice, and Mark Bo, an independent researcher.

    They’ve spent the past few years researching the expansion of scam compounds in the region for a forthcoming book. They’ve interviewed nearly 100 survivors of the compounds, analysed maps and financial documents related to the scam industry and tracked scammers online to find out how these compounds work.

    Read an article by Ivan Franceschini and Ling Li which accompanies this episode.

    The Conversation contacted all the companies mentioned in this multimedia series for comment, except Jinshui who we could not contact. We did not receive a response from any of them.

    This episode was written and produced by Gemma Ware, with assistance from Mend Mariwany and Katie Flood. Leila Goldstein was our producer in Cambodia and Halima Athumani recorded for us in Uganda. Hui Lin helped us with Chinese translation. Sound design by Michelle Macklem and editing help from Ashlynee McGhee and Justin Bergman.

    Newsclips in this episodes are from CNA, Reuters and Al Jazeera English.

    Listen to The Conversation Weekly podcast via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Mark Bo, an independent researcher who works with Ivan Franeschini and Ling Li, is also interviewed in this podcast series. Ivan, Ling, Mark, and others have co-founded EOS Collective, a non-profit organisation dedicated to investigating the criminal networks behind the online scam industry and supporting survivors.

    – ref. ‘I thought about escaping every day’: how survivors get out of Southeast Asia’s cybercrime compounds – Scam Factories podcast, Ep 3 – https://theconversation.com/i-thought-about-escaping-every-day-how-survivors-get-out-of-southeast-asias-cybercrime-compounds-scam-factories-podcast-ep-3-250673

    MIL OSI – Global Reports –

  • MIL-Evening Report: 5 years on, COVID remains NZ’s most important infectious disease – it still demands a strong response

    Source: The Conversation (Au and NZ) – By Michael Baker, Professor of Public Health, University of Otago

    Getty Images

    This Friday, February 28, marks five years since COVID-19 was first reported in Aotearoa New Zealand. At a population level, it remains our most harmful infectious disease, with thousands of hospitalisations and 664 deaths last year.

    Understandably perhaps, many people want to move on from the early pandemic years, and there is a temptation to minimise COVID’s threat now the emergency response has passed.

    But it deserves a proportionate response that draws on the rich evidence we now have of how to minimise the harms of respiratory infections and the health and economic benefits that come from managing them well.

    The epidemiology of the SARS-CoV-2 virus continues to change. Hospitalisations provide the most consistent measure of incidence trends. Wastewater testing shows similar successive waves of infection.

    The past five years divide into a successful elimination response from March 2020 to late 2021 and a mitigation period from February 2022 onwards.

    The mitigation phase, which has now lasted three years, has been driven by Omicron variants of SARS-CoV-2, with seven waves of generally decreasing size (see graph above).

    Total hospitalisations have dropped from a peak of more than 22,000 in 2022 to about 9,000 in 2024 (a 60% decline). Deaths attributed to COVID have also decreased from 2,757 in 2022 to 664 in 2024 (a 76% decline). These drops are likely to reflect changes in both the virus and population immunity arising from vaccination and infection.

    The timing and size of COVID waves remain unpredictable. They are not following a seasonal pattern like influenza. Only two of the seven Omicron waves peaked in the flu season (see graph above).

    Although further declines are likely, it is possible a large-scale change in the virus could emerge – as we’ve seen with Delta and Omicron variants – and reverse this pattern. We still need to plan for the possibility of severe future variants as well as for other types of pandemics that might be becoming more likely.

    Health and economic impacts of Long COVID

    Despite a favourable downward trend, deaths and hospitalisations from COVID are still higher than those estimated for influenza, which is probably our next most burdensome infectious disease.

    It is also a major cause of health inequities with significantly worse infection outcomes for Māori and Pacific peoples.

    Continuing high rates of repeat infections are also driving Long COVID, with the risk estimated at 4-14% per infection. Long COVID occurs with infections of all intensities, with both initial infection and reinfections.

    Consequently, the prevalence of Long COVID is likely to increase over time, with substantial health and economic consequences.

    How to respond to the ongoing pandemic

    We know what works to reduce the harms from COVID. Above all, we need an evidence-informed national plan, clear communication, engagement with key partners (including the health sector, public and Māori), resources and implementation. Key elements include:

    1. Continuing and enhancing highly effective COVID surveillance

    Surveillance systems include use of wastewater testing and whole-genome sequencing which guide our response. We need to add a focus on hospital-acquired COVID which is an important source of infections and deaths, estimated to have caused about 14% of COVID deaths in New South Wales in 2023, which would represent about 150 deaths that year in New Zealand.

    2. Promoting regular repeat vaccinations

    The currently available Pfizer JN.1 vaccine provides a reasonable match with the circulating strain of the virus. This vaccine is very safe and effective at reducing many adverse effects of infection, including Long COVID, but requires regular additional doses for all age groups to maintain effectiveness.

    3. Using public health and social measures to reduce infections

    These measures include improving indoor air quality and promoting testing and self-isolation for those with respiratory symptoms. Reintroducing free RAT tests and sick-leave support would help.

    Wearing respirator masks (for example, N95) is highly effective, particularly in confined indoor environments such as public transport. Given the severe effects of hospital-acquired COVID, health settings need particular attention. Evidence supports the effectiveness and value of admission testing of patients and staff wearing N95 masks.

    4. Taking specific measures to reduce and manage Long Covid

    This means active steps to reduce both the incidence of infection (with public health and social measures) and the severity and duration of illness (with vaccination and antivirals). New Zealand needs to offer more than a single additional dose for younger age groups to improve their protection from Long COVID.

    5. Updating and implementing our pandemic preparedness and response plan

    The Royal Commission of Inquiry into COVID delivered a set of recommendations based on the pandemic experience. Now is the time to implement them.

    Our capacity could be supported through a New Zealand Centre for Disease Control and a pandemic cooperation agreement with Australia. Developing these pandemic capabilities would help to minimise COVID and other respiratory infections, including influenza.

    All of these measures would be supported by a strong, systematic response to the corrosive effects of misinformation and disinformation.

    The past five years have taught us a great deal about pandemic diseases and how to manage them. A key lesson from New Zealand’s highly successful early elimination response was the importance of good evidence-informed leadership and a cohesive plan.

    Such leadership is still needed now to mitigate the harm from COVID which remains an ongoing threat to individual and societal wellbeing.

    Michael Baker’s employer, the University of Otago, has received funding from the Health Research Council of New Zealand and the New Zealand Ministry of Health for research he has carried out on COVID-19 epidemiology, prevention and control.

    Matire Harwood is a member of the Hauora Māori Advisory Committee to the Minister of Health.

    Amanda Kvalsvig, John Donne Potter, and Nick Wilson do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. 5 years on, COVID remains NZ’s most important infectious disease – it still demands a strong response – https://theconversation.com/5-years-on-covid-remains-nzs-most-important-infectious-disease-it-still-demands-a-strong-response-246873

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Podcast with Craig Duncan, head of Xbox Game Studios

    Source: Microsoft

    Headline: Podcast with Craig Duncan, head of Xbox Game Studios

    SPEAKER 1: Games in this podcast range from E to M.

    TINA AMINI: Hello, and welcome to the official Xbox Podcast. I’m here with a very special guest today, I get the great pleasure of introducing you all to Craig Duncan, our new Head of Xbox Game Studios. Welcome to Xbox Studio, not to be confused with your Xbox Game Studios.

    CRAIG DUNCAN: So I’m in charge of this as well? This is new, like this is — that’s, I didn’t realize that.

    TINA AMINI: We don’t make games here–

    CRAIG DUNCAN: Good to see you, Tina.

    TINA AMINI: Good to see you too. Yeah, so we don’t make games here, we do make games marketing here, as well as this lovely podcast. So yes, thank you so much for joining the podcast. I do want to start with kind of giving the community a little bit of context about your very storied history and career in games. You’ve been in games for two decades, so you’ve seen a lot, you’ve seen the ups and down of the industry, the literal ups and downs.

    CRAIG DUNCAN: Yeah.

    TINA AMINI: You’ve also been lauded where you were Studio Head at Rare for many years. You’ve been lauded for your work there. The studio culture, obviously you shipped Rare Replay, you’ve been in charge of Sea of Thieves for its millions, aka seven years it’s been ongoing now. And you actually have been working with Ninja Theory and Compulsion before this new role. So you’ve been around the block, as they say.

    CRAIG DUNCAN: Yeah, it’s been a fun couple of decades, and I love what I do, like that’s why I do what I do. And very lucky to see a bunch of the transition on the games industry, joined back in 2002, I worked for a European publisher called Codemasters that was kind of my learn how to make games, made a bunch of different kind of games; action games, sports games, then a little bit of (inaudible) midway games, a little bit of (inaudible) digital, and then joined Rare to lead them. And I’ve seen Xbox evolve and change over, I guess 14 years I’ve been with Xbox now. And really, the part of the job I love more than anything is working with studios. I think everyone’s role is important, and I think my job as a leader is to help create the right environment for our teams to be successful, create a culture where they can support each other, help each other. Making games is really hard, it’s not any easier now than it was 20 years ago. In fact, it’s harder than ever, competition is higher, player expectations are higher. So, I think my job is about creating the culture and supporting our leaders, supporting our teams to do the very best work they can, because I think if I do that, then hopefully that shows in the games we make and what goes to our players.

    TINA AMINI: Yeah, absolutely. Honestly a favorite part of my job too, just getting to know all of our talent at our studios. Like incredible talent, so an incredible job that you have in front of you. But well-suited to the role, obviously, since you’ve had a lot of that pedigree, which is —

    CRAIG DUNCAN: Yeah.

    TINA AMINI: — exciting and I’m happy for the studios and how we’re moving forward. So, I’d love to talk about that as well, like we’ve got a big and exciting year ahead of us. We kicked off the year with Developer Direct. I want to talk about the games that were in Developer Direct, because we’ve got a chance to talk about the release dates so we know what’s coming, when it’s coming. But we also just released Avowed, Obsidian’s latest game. So I’ve been spending the weekend playing that myself. How about you?

    CRAIG DUNCAN: Yeah, I mean, again, the lucky part of this job, spend time with all the teams, spent a bunch of time with the Obsidian team. And then really, like I feel like I’ve been playing Avowed for like three or four months, because we’ve — yeah, we obviously look at what we’re building. But just seeing the reaction of players, seeing the reviews, seeing just people share the same love for the (inaudible), they’ve got so much passion, Carrie, Feargus, all of the team, so much passion into the game. And yeah, it’s a wonderful game, it’s got wonderful story. If you haven’t checked it out, go check it out. But just seeing all the reviews and it’s a real personal moment for a team when you put a game out there.

    TINA AMINI: Absolutely.

    CRAIG DUNCAN: And just seeing the reactions and just some of the hype around the game, and people really enjoying it, I think’s been great to see.

    TINA AMINI: Yeah, I’m unfortunately only five hours in, so immediately when we wrap up I’m going home and I’m playing some more.

    CRAIG DUNCAN: Okay, yeah.

    TINA AMINI: This has been officially sanctioned. But even five hours in there’s so much depth and richness.

    CRAIG DUNCAN: Yeah.

    TINA AMINI: And we’ve had the pleasure of having Carrie Patel, Game Director, out on the podcast before. She’s been on Extended with me, so I’ve gotten to talk to her quite a bit. I love Carrie, shout out to Carrie.

    CRAIG DUNCAN: Yeah, absolutely. And just Obsidians play the game your way, and just like Avowed, sure it’s a game you can play through the story and through the side quests, but there’s actually quite a lot of the way you load out with your character, that you can really play the game in very, very different ways and I love that. >> Yeah. It’s both the game play, but then it’s also the exploration which is really cool. I was just at DICE and a lot of my journalist friends were telling me, oh, my God, the verticality! And it’s like yes, we’ve been basically talking about the verticality in the podcast with Carrie and there is so much to do and there is that sense of, I see that thing in the distance and I want to go engage with that thing. And there’s something in that environment for you to do. Yeah, yeah.

    TINA AMINI: And it’s like my kind of game, and been seeing a lot of good reviews out there.

    CRAIG DUNCAN: Yeah, and just like the story and the setting and like I’m super happy for Obsidian and —

    TINA AMINI: World-class storytellers, I’m loving Kai so far. He’s like scratching my like New Yorker sarcasm itch. So it’s personality-wise, we’re a good fit.

    CRAIG DUNCAN: Good, I love that.

    TINA AMINI: Well, we also had a bunch of other games showcased in Developer Direct this year. First off, I just have to say, I absolutely love working on that show. It’s both because we get to like really embed with the studios, like at their studio, so all of the audience gets to see what is the studio environment and like what is the culture, how are people working together. And it’s just such a beautiful storytelling format, I think, if I’m —

    CRAIG DUNCAN: Yeah, I love the format and I think just, and I think you said it well earlier, just putting our talent, like we have so many — so much talent across our studios and just the more you put them — I always feel a little bit of a shill when I come and do this thing. It’s like, you don’t really want to hear from me talking about our games, you want to hear from our team members, and Developer Direct is just a really great setting for them to talk about the games and the passion and yeah, like South of Midnight was on there, which obviously a team I’ve worked super closely with. And hearing them tell the story and the inspiration, it’s a great format.

    TINA AMINI: Yeah, I love the Compulsion team, this is actually their third ever game, which is pretty incredible.

    CRAIG DUNCAN: Yep.

    TINA AMINI: They have a very unique style, if you’ve, if the community our there has played their previous two games as well. People were really celebrating the storytelling, the performances, and there’s so much heart in that game and I love to see people enjoying that when I’ve seen the reviews.

    CRAIG DUNCAN: Yeah, it’s a, and again, very, very lucky I’ve been playing it a lot. The creatures, the storytelling, the southern gothic, like there’s no game I can think of that’s been in a setting that they’ve realized and it’s beautiful, the art’s beautiful. The, like I said, storytelling, the creatures, the audio, the music —

    TINA AMINI: The music too, yes. Especially the music, you always, in every game the music is definitely matching the tone, like the ambience. Are you in a boss fight, or are you just in an environmental kind of more peaceful setting. But the way that the music’s like literally speaking to the bosses.

    CRAIG DUNCAN: It’s the storytelling.

    TINA AMINI: It’s their theme song. Exactly.

    CRAIG DUNCAN: It’s incredible.

    TINA AMINI: I thought it was so clever. Yeah. So I was really happy to have that in our show, that one’s coming out April 8, we announced in Developer Direct. Fun fact actually, before we talk about the other games, is Art Director, Whitney Clayton, who opened the (inaudible) for South of Midnight, she actually designed their whole studios too. The studio space itself. And it is gorgeous.

    CRAIG DUNCAN: It’s a wonderful place, yeah.

    TINA AMINI: — I wanted to steal her over and help design our of offices and he said, absolutely not. So that’s not happening.

    CRAIG DUNCAN: See, I went for a different thing, I’m like hey, I can just be based in here. Because —

    TINA AMINI: Yes.

    CRAIG DUNCAN: — it just feels so creative and it’s back to back, you want to be surrounded by the things that inspire you.

    TINA AMINI: Yes and you feel the creativity when you’re there.

    CRAIG DUNCAN: Yeah, absolutely.

    TINA AMINI: I very much love their space and that’s the beauty of Developer Direct, you get to see some of that in the environmental storytelling that we do in the show. But we also had a very exciting reveal with Ninja Gaiden 4. So that’s been in the works for some time. What is our backstory with that franchise?

    CRAIG DUNCAN: Yeah, and I love the story behind that. So, not only Team Ninja, but along with Platinum Games and I know there was a lot of, what are Platinum Games working on, really prestigious developer. Ninja Gaiden, I mean it’s a franchise started on arcade and then home computers. And I guess, I think the original Nintendo there was a Ninja Gaiden version, if my memory serves me correctly. But it’s also a franchise that’s been synonymous with Xbox over the years in multiple generations. So, just to bring a super up-to-date, highly polished, just seeing just the pace of combat, the excitement, the boss — like it’s got so much. And I think fans are going to be blown away by the game. They’re going to enjoy it. I actually love the shadow drop of Ninja Gaiden 2 as well.

    TINA AMINI: Yes, a little bonus surprise, yes.

    CRAIG DUNCAN: And just the fact that we get to have those kind of surprises in the shows and people can go play it immediately on Game Pass is really great, and look forward to Ninja Gaiden 4 later this year.

    TINA AMINI: Exactly, it’s such a good way to just kind of set it back up and scratch that nostalgia itch, and then remind the community about like the great prowess and —

    CRAIG DUNCAN: It’s been a while since the last one —

    TINA AMINI: Yes, exactly. Yeah.

    CRAIG DUNCAN: Yeah, just putting it back on people’s radars and what was great about the franchise, but the publishing team really excited about it. Everything we’re seeing, like we think the game’s shaping up really well. So.

    TINA AMINI: Yes, we have so much love for Ninja Gaiden internally. The producer on my team that took on that particular segment and flew to Japan and worked with the studio, used to back in the day work for IGN, 10 years ago was begging for the return of Ninja Gaiden, so very special for a lot of us internally at Xbox, to be kind of bringing this out into the world with those teams and get the community as excited as we are —

    CRAIG DUNCAN: Yeah, it’s a great franchise.

    TINA AMINI: — really special. Yes, absolutely. Well, we also had third-party friends show up —

    CRAIG DUNCAN: You did?

    TINA AMINI: — with a new studio, Sandfall Interactive, this is their first game that they’re ever shipping together as a team, and it’s Expedition 33. It looks gorgeous.

    CRAIG DUNCAN: I’m excited to play this one. Like, and again, this is the bit where it’s not part of my job, but it was the, it was the game in the show that I’m like hey, I really like it. JRPG, plus unique setting, plus new IP. Yeah, I’m really excited to play. I think I’ve seen as much as anyone else has seen, but —

    TINA AMINI: The only one you can say that with.

    CRAIG DUNCAN: Absolutely, but what I love about Developer Direct again, is it showcasing a new studio, a new IP, and I love that we can do that on the biggest stage and show that to the world. So.

    TINA AMINI: Yeah, and that team is really wonderful. I got to spend time with them working on their segment together. Their love for JRPGs is just so apparent. They were so embedded in their segment it was like such a pleasure to work with them and help them tell their story.

    CRAIG DUNCAN: Incredible.

    TINA AMINI: Yes, absolutely, they really have their own like unique positioning on it, and like really making it their own. It’s very fun to learn from the behind the scenes, like just how much they’re putting into this game, and we announced it’s coming out April 24, so —

    CRAIG DUNCAN: Yes, very soon.

    TINA AMINI: — another, yeah, another one to make for a busy year. And there was one other game in Developer Direct, of course, our big closer, our summer blockbuster if you will, for DOOM: The Dark Ages, announced for May 15. So very exciting to have that one close out the show.

    CRAIG DUNCAN: Yeah, and again, super excited for the game, the team, and just it’s an amazing franchise, very storied franchise, DOOM. And again, I don’t want to speak for them, but like I think it’s going to be an amazing version of DOOM, very different, but yeah. Just —

    TINA AMINI: It feels that way to me too.

    CRAIG DUNCAN: Super cool.

    TINA AMINI: Speaking of it being a storied franchise, they did such a good job, both Hugo and Marty just kind of drawing back on like the previous DOOMs, the role that you played, and then what that is compared to Dark Ages.

    CRAIG DUNCAN: Yeah.

    TINA AMINI: And that kind of like big mecca, like gob smacking chaos that you’re going to be finding yourself in. So, definitely that big summer blockbuster vibe for May 15 release date. We did also prevails announce that DOOM was going to be coming to other platforms. And since then we’ve had a bunch of other news about other games of ours coming to other platforms. Speaking of Bethesda, also Indiana Jones and the Great Circle.

    CRAIG DUNCAN: Yep, of course.

    TINA AMINI: And brief sidebar for Indiana Jones, that won, took home three awards from DICE actually.

    CRAIG DUNCAN: Yeah, huge, congratulations.

    TINA AMINI: Yeah, I had the pleasure of congratulating Todd in person, like the team was really excited. It was so great to see MachineGames on stage, taking home three awards. So they won Adventure Game of the Year, Outstanding Achievement in Character, which of course went to Trip Baker for Indie himself, and Achievement in Story. All super well-deserved.

    CRAIG DUNCAN: Well-deserved.

    TINA AMINI: I loved playing that game. I think I devoured it in two days, doing nothing else with my life, but I think it was well-spent hours I would say.

    CRAIG DUNCAN: Yeah, me too, and again kind of got to play it pre-launch, but what they built was incredible and well-deserving of all the awards.

    TINA AMINI: Yeah, absolutely. Very happy for that team.

    CRAIG DUNCAN: Yeah, me too.

    TINA AMINI: But on that note, some of the games that are going to be coming to other platforms, they’re some of our like long-standing kind of flagship series if you will. So I’m just curious what you think the Xbox community should take away from the fact that we’ve made that decision to bring more games to more platforms.

    CRAIG DUNCAN: Yeah, I think it’s good for gamers, I think it’s good for our studios. Our studios make amazing games, and we want to give those games the chance to reach the broadest audience possible. So, even if I think back to when I had my Studio Head of Sea of Thieves hat on, having to see if these reach their multiple platforms, being able to remove barriers so those players could play together. And then we announced Forza Horizon 5, which one of the biggest games on Xbox. I’m very biased, of course, because I know the team super well, but arguably I think probably one of the best racing games ever, ever, ever, ever made.

    TINA AMINI: I think a lot of people agree with you.

    CRAIG DUNCAN: I just think it’s good for gamers, it’s good to have our games reach more places.

    TINA AMINI: It’s some of that quality of life element for gamers, but also happy for our developers that get a chance to share their art with more people.

    CRAIG DUNCAN: Everyone that makes a game wants it to reach as many players as possible. So.

    TINA AMINI: Exactly.

    CRAIG DUNCAN: I love that we can give that opportunity.

    TINA AMINI: Absolutely. Well, there’s one other highly anticipated game —

    CRAIG DUNCAN: Yes!

    TINA AMINI: — that people would be very excited about, that we haven’t talked about yet, and that’s Fable.

    CRAIG DUNCAN: Yes.

    TINA AMINI: So where are we at with Fable?

    CRAIG DUNCAN: So, I just want to start with really excited, really excited about progress, really excited where Playground are. We previously announced the date for Fable as 2025, we are actually going to give Fable more time and it’s going to ship in 2026 now. While I know that’s not maybe the news people want to hear, what I want to assure people of is that it’s definitely worth the wait. And I just, I have unequivocal confidence in the Playground team. If you think about their history and legacy for Forza Horizon, the last two games critically acclaimed (inaudible) —

    TINA AMINI: Award-winning.

    CRAIG DUNCAN: Award-winning, beautiful, played great. And just what they’re bringing to Fable as a franchise, just think of the visuals of what you expect of Playground Games, plus amazing game play, British humor, Playground’s version of Albion, so inspired by what’s gone before with the franchise, but their take. And quite frankly, the most beautifully realized version of Albion you’ve ever seen. So really excited about the plans and really excited about the future and I want the community to understand that we do these things for the best of the games, and the teams, and ultimately that results in the best games, or the best game for the community.

    TINA AMINI: And I think from your visit you actually managed to bring over some footage for us to see some of those beautiful visuals as well.

    CRAIG DUNCAN: Yeah. So, I think we’re going to show some of the, some of the footage, this isn’t a trailer or anything. We thought as we were going to talk about the game, it was important to show some of the things.

    TINA AMINI: Yeah, we get to see some of these scenes, like kind of both just walking through environments where, and there will be some combat, some city walking scenes, just really seeing how the beautiful variety in environments that are in the game.

    CRAIG DUNCAN: Yeah, and I’ve played some aspects of it that are in the city based, and again, I’m trying to be very careful that I don’t spoil anything. Ralph and the team won’t forgive me if I spoil something. But I played some of the city elements, I played some of the quests, I played some of the combat, I played a boss battle, I’ve used magic. Like it felt amazing, and I had a great time, and again, I remember the originals and the scene, I’ve played that in game play. I’m not going to spoil the backstory of what’s going on, but as you can see, genuinely beautiful. Plays great.

    TINA AMINI: Just seeing like the cinematics and then cutting to the actual like fight over here, it’s gorgeous. It can barely tell the difference, which is such a seamless transition.

    CRAIG DUNCAN: Yeah. It’s very real, everything you’re seeing here is very playable. I’ve seen a bunch more than that, I’m very excited. So take my word for it. But hopefully what the team can see here is enough to build excitement.

    TINA AMINI: I love the little details, it’s great to see how much emphasis is being put into all of that.

    CRAIG DUNCAN: Yeah, and there’s no bigger fans of Fable as a franchise as the Playground team that are making it. So I think it’s a really fun balance between what are the game tenets that are true to Fable, and what’s some modern day reimagining of what is Playground Games’ version of Fable.

    TINA AMINI: Yeah, absolutely. The modern retelling of Fable. Very excited myself, I’ve been a massive Fable player since day one. So, I’m excited for 2026.

    CRAIG DUNCAN: Yeah.

    TINA AMINI: Alright, well that’s all the news that we have for this particular episode and for what’s coming up for the rest of the year. But before we send you back off to go hang out with other studios and see all of their games and tell me about all the things that you’re seeing there, I would just love to know like what are you playing, what are you looking forward to the rest of the year, maybe something non-Xbox Studios.

    CRAIG DUNCAN: Yeah, it’s kind of tricky, because this job is full on, like as you would imagine. And so I spend a lot of time, so obviously I’m over in Redmond this week. I’ve got a Steam Deck that’s full of XGS games, so I spend a lot of our time playing our own games. We’ve got a bunch of stuff we haven’t announced, so obviously I spend a bunch of time with that. I think as we’ve talked about earlier, I think Expedition 33 I think is something I’m looking forward to playing. Was cool to see the Switch 2 announcement, so like always curious and excited about what Nintendo do, so I think that will be cool. But yeah, just like we have lots going on.

    TINA AMINI: We do.

    CRAIG DUNCAN: So I try and spend as much time as I can playing our own games. Yeah, so.

    TINA AMINI: We’ll call it research.

    CRAIG DUNCAN: Yeah, yeah.

    TINA AMINI: It’s fun research.

    CRAIG DUNCAN: It is fun research.

    TINA AMINI: That’s me playing Avowed later.

    CRAIG DUNCAN: It’s the best part of the job.

    TINA AMINI: Continue my journey, yes, exactly. Well, thank you so much for coming by, I hope we have you again here at Xbox Studio, not to be confused with Xbox Game Studios.

    CRAIG DUNCAN: That is confusing.

    TINA AMINI: — many locations, we are but one location, here in Redmond as well. And yeah, we’re looking forward to seeing more the rest of the year, and I hope everyone else at home watching is similarly excited. And we’ll see you at the next show.

    MIL OSI Economics –

  • MIL-OSI USA: On Third Anniversary Of Russia’s Full-Scale Invasion Of Ukraine, Durbin Reiterates Bipartisan Congressional Support For Ukraine

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    February 24, 2025
    Durbin: We should make sure Ukraine’s sovereignty and future are secure and not given away in appeasement to Putin—a move that could cost us dearly in the future
    WASHINGTON – On the third anniversary of Russia’s full-scale invasion of Ukraine, U.S. Senate Democratic Whip Dick Durbin (D-IL), Co-Chair of the Senate Ukraine Caucus, spoke on the Senate floor in support of Ukraine. During his speech, Durbin condemned President Trump’s appeasement to Russian President Vladimir Putin—where Trump announced key concessions to Putin regarding Ukraine, while apparently ignoring Ukraine’s key demands.  Durbin began his speech by reflecting on President Reagan’s powerful speech at the Berlin Wall where he told the Soviets to “tear down this wall.”
    “Ronald Reagan understood all too well what the Soviet regime was all about—it was a regime that had seized eastern Europe and condemned millions of individuals to live under a cruel and repressive communist dictatorship. My mother’s family originally came from Lithuania—once an independent country then a republic of the Soviet Union. Now an independent, democratic country again. That country meant a lot and still does to my family. I certainly recall the stories of my grandparents leaving the Russian domination and coming to America. Until recently, Americans across the political spectrum—including Republican presidents and members of Congress—also saw such Russian tyranny for what it was—until now,” said Durbin.
    “Today, we see President Trump doing the bidding of Russian autocrat Vladimir Putin,” Durbin continued. “That’s right—the President of the United States of America is using talking points that sound like they were whispered in his ear by the Kremlin—all while denigrating and bullying our true allies in the region.”
    Durbin detailed how President Trump has spewed outrageous comments when talking about Ukraine. He claimed, Ukraine started the war with Russia. He then attacked the legitimacy of Ukrainian President Volodymyr Zelenskyy—who was democratically elected in a free and fair election. Trump called Zelenskyy a “dictator without elections.” Both comments are similar to lies said by Putin. 
    Durbin said, “But it gets worse, with Donald Trump having negotiated away in public key concessions to Russia to end the war including appeasement of Ukraine’s sovereign borders or possible future NATO membership. Trump, with one phone call, gave those away without even negotiating and certainly didn’t involve the Ukrainians who have lost 46,000 brave Ukrainians who have died because of Putin’s invasion. Today, in a stunning, shameful move, the United States voted with Russia, North Korea, Belarus, and a handful of dictatorships at the United Nations against a resolution condemning Russian aggression in Ukraine.”
    Former Lithuanian foreign minister Gabrielius Landsbergis said of this tragic and unbelievable state of affairs, that it sounded like there was a handout prepared by Russian Foreign Minister Lavrov from which the Trump Administration is now reading. He warned if President Trump continues to back Russia, then, “threats to European security will grow immensely. Putin will get braver, meaning more war in Ukraine, Moldova, Georgia and beyond.”
    “President Trump’s affinity for autocrats like Putin and selling out or bullying our allies will not make America stronger or our world safer. Nor will his petulant and bumbling weekend gutting of our top military officers—a troubling act that raises serious questions about the politicization of our proud, professional fighting force in America. Let me be clear: We cannot let President Trump rewrite history or upend proven alliances with decades of bipartisan support… And ultimately, only the Ukrainian people can decide Ukraine’s future. Doing the bidding of foreign dictators and playing politics with our military only undermines America’s [safety],” Durbin said.
    Today, Durbin joined U.S. Senators Jeanne Shaheen (D-NH), Thom Tillis (R-NC), Roger Wicker (R-MS), and others in leading a simple resolution that expresses continued solidarity with the people of Ukraine and condolences for the loss of thousands of lives to Russian aggression; rejects Russia’s attempts to militarily seize sovereign Ukrainian territory; reaffirms U.S. support for the sovereignty and territorial integrity of Ukraine; and states unequivocally that Ukraine must be at the table for negotiations over its future.
    Durbin also introduced the Protecting our Guests During Hostilities in Ukraine Act, legislation that would provide temporary guest status to Ukrainians and their immediate family members who are already in the United States through the “Uniting for Ukraine” parole process. The bill allows Ukrainians to stay and work in the U.S. until the Secretary of State determines that hostilities in Ukraine have ceased and it is safe for them to return.
    “When the war started, Republicans across the country opened their hearts and communities to desperately fleeing Ukrainians, even actively petitioning President Biden to protect them from deportation. So far, not a single Republican has cosponsored my bill [the Protecting our Guests During Hostilities in Ukraine Act]. But I urge them to join this simple act of American compassion. Standing up to dictators and speaking out for victims of war should never be a partisan issue,” Durbin said.
    Durbin concluded his speech by showing a photo of himself and the late Senator John McCain (R-AZ) on a bipartisan delegation CODEL to Ukraine in 2014. At the time, Russia had begun its attempts to seize Crimea and capture additional territory in the eastern part of the country.
    “We should show no less courage here, today on a bipartisan basis, in making sure Ukraine’s sovereignty and future are secure and not given away in appeasement to Putin—a move that could cost us all dearly in the future,” Durbin concluded.
    Video of Durbin’s remarks on the Senate floor is available here.
    Audio of Durbin’s remarks on the Senate floor is available here.
    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
    -30-

    MIL OSI USA News –

  • MIL-OSI Security: Minuteman III test launch showcases readiness of U.S. nuclear force’s safe, effective deterrent

    Source: United States Strategic Command

    BARKSDALE AIR FORCE BASE, La.  –  

    A joint team of Air Force Global Strike Command Airmen launched an unarmed Minuteman III intercontinental ballistic missile equipped with a single telemetered joint test assembly re-entry vehicle Feb. 19 at 1 a.m. Pacific Time from Vandenberg Space Force Base, California.

    The Western Range at Vandenberg Space Force Base serves as the primary testing ground for the Air Force Global Strike Command’s ICBM deterrent architecture. This test launch is part of routine and periodic activities designed to demonstrate that the United States’ nuclear deterrent remains safe, secure, reliable, and effective in deterring 21st-century threats and reassuring our allies. With over 300 similar tests conducted in the past, this particular test is part of the Nation’s ongoing commitment to maintaining a credible deterrent and is not a response to current world events.

    “Today’s Minuteman III test launch is just one of the ways the Department of the Air Force demonstrates the readiness, precision, and professionalism of U.S. nuclear forces,” said Acting Secretary of the Air Force Gary Ashworth. “It also provides confidence in the lethality and effectiveness of the nation’s nuclear deterrence mission.”

    AFGSC Commander Gen. Thomas Bussiere added, “The nuclear triad is the cornerstone of the national security of our country and allies around the globe.”

    “This test launch is demonstrative of our nation’s ICBM readiness and reliability,” he said. “Because of the skill sets and expertise of our maintenance personnel and our missile crews, our freedoms and the homeland remain secure.”

    Vandenberg’s 377th Test and Evaluation Group, located at Vandenberg SFB, oversaw the test launch. It is the nation’s only dedicated ICBM test organization professionally executing tests that accurately measure the current and future capability of the ICBM force.

    “During this test, we collected and analyzed performance and other key data points to evaluate current missile system competencies,” said Col. Dustin Harmon, 377th TEG commander. “This allows our team to analyze and report accuracy and reliability for the current system while validating projected missile system improvements. The data we collect and analyze is crucial for maintaining Minuteman III while we pave the way for Sentinel.”

    The ICBM’s reentry vehicle traveled approximately 4,200 miles to the U.S. Army Space and Missile Defense Command’s Ronald Reagan Ballistic Missile Defense Test Site located within Republic of the Marshall Islands at the Kwajalein Atoll. Reagan Test Site sensors, including high-fidelity metric and signature radars, as well as optical sensors and telemetry, support the research, development, test and evaluation of America’s defense and space programs. For these tests, RTS team members collect radar, optical and telemetry data in the terminal phase of flight to evaluate system performance.

    “The Reagan Test Site serves as the supporting range for all Glory Trip missions,” said U.S. Army Lt. Col. Casey Rumfelt, RTS range director. “It’s a vital national asset used to support operational and developmental tests of our nation’s offensive and defensive systems. RTS provides a unique suite of instrumentation and an ideal geographic location to meet many of the U.S. testing needs that cannot be accomplished anywhere else in the world.”

    The test launch is a culmination of months of preparation that involve multiple government partners.

    Airmen from all three missile wings were selected for the task force to support the test launch, while maintainers from the 90th Missile Wing Missile Wing at F.E. Warren Force Base, Wyoming, supported maintenance requirements. The missile bases within Air Fore Global Strike Command have crew members standing alert 24 hours a day, year-round, overseeing the nation’s ICBM alert forces. 

    The ICBM community, including the Department of Defense, the Department of Energy, and U.S. Strategic Command, uses data collected from test launches for continuing force development evaluation. The ICBM test launch program demonstrates the operational capability of the Minuteman III and ensures the United States’ ability to maintain a strong, credible nuclear deterrent as a key element of U.S. national security and the security of U.S. allies and partners.

    The Air Force is committed to ensuring Minuteman III remains a viable deterrent.

    MIL Security OSI –

  • MIL-OSI Security: MH-139 completes first IOT&E flight, advancing nuclear security operations

    Source: United States Strategic Command

    F.E. WARREN AIR FORCE BASE, Wyo.  –  

    The 582nd Helicopter Group achieved a major milestone in its modernization efforts as the MH-139 Grey Wolf completed its first Initial Operational Test and Evaluation flight in support of nuclear security operations on January 28, 2025.

    The flight, conducted by the 550th Helicopter Squadron at Malmstrom Air Force Base, tested the aircraft’s ability to support intercontinental ballistic missile convoy operations, a crucial mission for securing the nation’s strategic deterrence forces.

    “This marks a significant step forward in ensuring the MH-139 is ready for full operational capability,” said Lt. Col. Douglas Lincoln, Air Force Operational Test and Evaluation Center IOT&E test director. “This was the first of 37 planned flight events, and our objective was to integrate the MH-139 into convoy security operations while testing communication networks between air and ground forces.”

    The MH-139 Grey Wolf brings enhanced speed, payload capacity and endurance, far surpassing the UH-1N Huey, which has been in service since the Vietnam era. As Twentieth Air Force transitions to the MH-139, the increased capabilities will streamline nuclear security operations and improve response times for Tactical Response Force teams.

    “The MH-139 Grey Wolf fundamentally changes how we support nuclear security,” said Col. Philip Bryant, 582nd HG commander. “It can carry twice as many security forces, fly 1.5 times as fast and has a considerably longer loiter time than the UH-1N, which greatly strengthens our mission to protect the missile fields.”

    During this first test event, the aircraft flew alongside a 341st Missile Wing convoy, validating mission effectiveness and operational suitability. The aircrew assessed the MH-139’s ability to insert and extract tactical response teams while maintaining seamless communication with ground forces.

    IOT&E is scheduled to continue through June 2025.  The 550 HS will be performing tests at all three Missile Wings and at multiple ranges to fully analyze the MH-139’s performance for all its operational missions.

    “Our Airmen are adapting quickly to this new platform,” said Bryant. “The MH-139 provides a game-changing advantage for our nuclear security forces, and we are committed to ensuring a smooth transition from the UH-1N to the MH-139 Grey Wolf.”

    As testing progresses, 20 AF remains focused on delivering a modernized, effective nuclear security force, ensuring the protection of America’s ICBM fleet against evolving threats.

    MIL Security OSI –

  • MIL-OSI Global: Alcohol ingestion by animals is surprisingly widespread – and we’re starting to understand its impact

    Source: The Conversation – UK – By Anna Christina Bowland, PhD Candidate in Biosciences, University of Exeter

    Humans may not be the only animals that ingest alcohol, research is suggesting. Studies on animals are showing they may be eating natural ethanol for its medicinal or nutritional properties.

    Humans drink alcohol in almost every part of the world, apart from places where people abstain for religious reasons. In the past, many people believed alcohol consumption was unique to humans, but growing evidence is showing we aren’t alone in our taste for booze.

    It has long been known that vinegar flies are closely linked to alcohol given their tendency to breed on fermented fruits. However, it turns out they are not an outlier.

    When you think of alcohol, you may think of a pint of beer or a glass of wine. But there are many types of alcohol, most of which are extremely toxic. For example, isopropanol (rubbing alcohol), which is commonly used as a disinfectant.

    Ethanol, or ethyl alcohol, is the alcohol found in alcoholic beverages, but ethanol is also prevalent in nature. Yeasts, including Saccharomyces cerevisiae, also known as brewer’s yeast, are widespread in the natural environment and produce ethanol (possibly to defend the plant’s sugary resource from competing microorganisms), when they metabolise sugars via fermentation. Many fruits, nectars and saps contain an abundance of sugars. Some of this sugar becomes ethanol when colonised by yeast.

    Fruit from plants in Panama, Costa Rica, Singapore, Israel and Finland have been found to contain ethanol, as well as some nectars and saps. The concentration of ethanol in naturally fermenting fruit is typically much lower than those in human-made alcoholic beverages, but some overripe fruit, such as fruits of the black palm (Astrocaryum standleyanum) have ethanol levels similar to a standard beer (5%).

    If fruit, nectars and saps ferment in the wild, it is not surprising that some animals may ingest ethanol. Studies, experimental and in the wild, have confirmed insects (including honeybees and butterflies) ingest it, as well as birds (such as hummingbirds, cedar waxwings and bohemian waxwings) and mammals (for example, pen-tailed tree shrews and the slow loris). Non-human primates, including one of our closest living relatives the chimpanzee, ingest it too.

    Although examples in the wild are rare, this may be due to lack of research rather than prevalence. Researchers are developing methods that make it easier to measure ethanol in the field, and as more research is conducted, more examples will probably be discovered.

    Do animals get drunk?

    There are many anecdotes of “drunk” animals, from moose to elephants, but none of these cases have actually been validated. From an evolutionary standpoint, being drunk is disadvantageous. Intoxicated animals could be more susceptible to injury or predation, and less likely to survive.

    Instead, many scientists expect natural selection would favour adaptations for increased ethanol metabolism to avoid becoming “drunk”. This allows animals to eat fermented foods while minimising the negative effects of intoxication.

    In animals, including humans, the primary metabolic route for ethanol is similar. Ethanol is first oxidised to acetaldehyde (a toxic intermediate) by the enzyme alcohol dehydrogenase.

    Acetaldehyde is then converted to acetate (which is less toxic) by aldehyde dehydrogenase. Yet, the efficiency at which different animals metabolise ethanol varies. It can vary between humans too.

    Some animals appear to have enhanced ethanol metabolism. Much like humans, chimpanzees, gorillas and bonobos share a mutation that make them particularly efficient at metabolising ethanol.

    Interestingly, the only Asian great ape (orangutan), which is highly arboreal (tree-dwelling), doesn’t share this mutation. This may be because orangutans did not experience the same evolutionary pressures as the more terrestrial (ground-dwelling) African great apes.

    For example, orangutans primarily feed in trees where fruit is expected to be less fermented than when it falls to the ground.

    Adult female chimpanzee feeding on ripe Spondias mombin
    Kimberley Hockings, CC BY-NC-ND

    It is possible that if sugary foods ferment naturally, then animals that eat these foods may consume ethanol without meaning to. Ethanol may have some benefits. It has antimicrobial properties and vinegar flies are known to use it to self-medicate against parasites. However, not much is known on whether other animals also use ethanol for medicinal purposes.

    There are confirmed sightings of many animals, from chimpanzees to orangutans using plants for medication, so the use of ethanol in this way could be widespread. Animals may also ingest food with ethanol in it because ethanol itself is a source of calories and its presence indicates sugar and nutrient content.

    Ambrosia beetles use the smell of ethanol as a cue to find suitable host trees to colonise. The ethanol increases the growth of fungi which the beetles feed on.

    Many of us are keenly aware of ethanol’s cognitive impact, including feelings of relaxation. Ethanol might play a significant role in promoting sociality among humans. This may also apply to other species, but has yet to be studied in a natural context.

    We still have much to learn about wild animals’ natural use of ethanol. Many
    hypotheses remain untested, and we know little about whether animals seek out ethanol and fermented foods. But many animals ingest it. It is clear the party is growing, and we are just one of many species that partake in ethanol.

    Anna Christina Bowland has received funding from the Primatological Society of Great Britain (PSGB) and the University of Exeter.

    – ref. Alcohol ingestion by animals is surprisingly widespread – and we’re starting to understand its impact – https://theconversation.com/alcohol-ingestion-by-animals-is-surprisingly-widespread-and-were-starting-to-understand-its-impact-246638

    MIL OSI – Global Reports –

  • MIL-OSI USA: McConnell Proud to Confirm Driscoll as Army Secretary

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Dan Driscoll as United States Secretary of the Army:
    “Dan Driscoll steps into the role of Army Secretary at a pivotal moment. Today, we face an axis of aggressors in Russia, China, Iran, and North Korea, and we owe it to our servicemembers and the American people to plan accordingly. The Secretary must take on the essential task of building up and maintaining the backbone of American hard power, work on which I intend to partner closely from the Defense Appropriations Subcommittee. He must support our men and women in uniform and strengthen our Amy installations, such as the three premier installations in Kentucky. And importantly, Secretary Driscoll must bring a sea change to the way we plan for the future – preserving our peace not through one-time injections and half-measures, but by getting serious about strengthening our hand and sustaining America’s military edge long term.”

    MIL OSI USA News –

  • MIL-OSI USA: Welch Statement on Trump and Musk’s Continued Attacks on USAID

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) released the following statement on the Trump Administration and Elon Musk’s continued attacks on the U.S. Agency for International Development:  
    “USAID supports programs that serve U.S. national interests overseas, but it is farmers here in America who grow the corn, wheat, beans, and peanuts. It is dairy farmers in Vermont who produce the powdered milk that USAID uses to feed millions of hungry children in Africa, Central America, and Asia. American companies manufacture the generators, water pumps, trucks, and computers for USAID’s programs, and American workers—in blue states and red states—implement those programs. Thanks to Elon Musk—an unelected billionaire—those American farmers and companies have lost their business with USAID, and workers are losing their jobs.  
    “If Donald Trump and Elon Musk were serious about rooting out wasteful spending, they would not have stopped programs in countries like Somalia where USAID is a key partner in counterterrorism efforts with the U.S. military. They would not have shut down the Famine Early Warning System, risking medicines and American-grown food aid to spoil in the supply chain. They would not have put more than a half dozen USAID lawyers on leave, including its ethics lawyers. They would not delay payment of invoices for work already completed on behalf of the U.S. government, incurring needless fees for violating the Prompt Payment Act. And they would not be incurring interest on late payments owed, penalties for early contract terminations, and legal fees. 
    “If this were truly about preventing waste, if this were truly about rooting out corruption, they would not empty U.S. embassies, leaving virtually no one trained in financial management and oversight. 
    “If there was any truth to their hyperbolic claims of corruption, for which DOGE has offered no credible evidence, they should have asked the USAID Inspector General to investigate rather than fire him without cause. And if they actually did discover programs they don’t support, they could have reprogramed the funds consistent with Congressional requirements and past practice. They also could have asked Congress to change the law. 
    “What is taking place right now is not about conducting a review, policy realignment, or addressing waste, fraud, and abuse. The Trump Administration’s own actions have made every one of those goals impossible to achieve.” 

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson co-leads 38-state coalition urging Congress to take action against rise in organized retail crimeRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson co-led a bipartisan 38-state and territory coalition in urging Congress to take action to address the rise in organized retail crime across the country.  

    “Organized retail crime is not only resulting in higher prices and fewer choices for consumers, but these thugs are physically assaulting employees,” Attorney General Wilson said. “Stores have been forced to close because money is walking out the door and businesses are concerned about the safety and security of their patrons and employees.”

    Organized retail crime has contributed to financial losses totaling over $121 billion in the U.S., and 76 percent of retail asset protection managers report their employees have suffered from violence at the hands of an organized retail criminal. Cargo theft remains a primary component of organized retail crime nationwide – disrupting supply chains and acting as an inflationary pressure on the price of everything from baby formula to clothing.  

    During the 118th Congress, the House and Senate introduced H.R.895/S.140 – Combating Organized Retail Crime Act of 2023 and S. 139 – Organized Retail Crime Center Authorization Act of 2023. This legislation would provide the necessary resources at the state and federal levels to bring the organizations and individuals behind this nationwide problem to justice. Now, the coalition is urging the 119th Congress to re-introduce this bill to include increased federal penalties for supply chain thefts to act as a strong deterrent against the organized theft of goods in transit.

    Several attorneys general have formed task forces and created prosecution units to combat this growing problem. In their letter, the coalition notes that legislation proposed in the 118th Congress would expand upon and synchronize state and federal efforts with the creation of an Organized Retail Crime Coordination Center at the Department of Homeland Security, facilitating the information sharing necessary to address the complex cross-border nature of organized retail crime. 

    Joining Attorney General Wilson in co-leading this letter are the attorneys general of Connecticut, Georgia, and Illinois, along with the attorneys general of Alabama, Alaska, Arizona, Arkansas, Delaware, District of Columbia, Florida, Hawaii, Iowa, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, and West Virginia. 

    Find a copy of the letter here. 

    MIL OSI USA News –

  • MIL-OSI: ASM announces fourth quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    February 25, 2025, 6 p.m. CET

    Eighth consecutive year of double-digit full-year growth, outperforming WFE in 2024

    ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q4 2024 results (unaudited).

    Financial highlights

    € million Q4 2023 Q3 2024 Q4 2024
    New orders 677.5 815.3 731.4
    yoy change % at constant currencies (14%) 30% 8%
           
    Revenue 632.9 778.6 809.0
    yoy change % at constant currencies (7%) 26% 27%
           
    Gross profit margin % 47.2  % 49.4 % 50.3  %
    Adjusted gross profit margin 1 47.9  % 49.4 % 50.3  %
           
    Operating result 131.5 215.2 222.3
    Operating result margin % 20.8  % 27.6  % 27.5  %
           
    Adjusted operating result 1 141.0 219.9 227.0
    Adjusted operating result margin 1 22.3  % 28.2  % 28.1  %
           
    Net earnings 90.9 127.9 225.8
    Adjusted net earnings 1 100.3 133.6 231.5

    1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures. 

    • New orders of €731 million in Q4 2024 increased YoY by 8% at constant currencies (also 8% as reported), with the increase again mainly driven by solid demand for gate-all-around (GAA) and high-bandwidth memory (HBM) DRAM.
    • Revenue of €809 million increased by 27% at constant currencies (increased by 28% as reported) from Q4 of last year and at the upper end of the guidance (€770-810 million).
    • YoY improvement in adjusted gross profit margin is due to strong mix.
    • Adjusted operating result margin increased to 28.1%, compared to 22.3% in Q4 2023 mainly due to higher gross margin and a moderation in SG&A, partially offset by higher investments in R&D.
    • Revenue for Q1 2025 is expected to be in the range of €810-850 million.

    Comment

    “ASM continued to deliver a solid performance in 2024. Sales increased by 12% at constant currencies, outperforming the wafer fab equipment (WFE) market which increased by a mid-single digit percentage in 2024. This marks our company’s eighth consecutive year of double-digit growth.” said Hichem M’Saad, CEO of ASM. “Revenue in Q4 2024 increased to €809 million, up 27% year-on-year at constant currencies and at the top end of our guidance of €770-810 million. The revenue increase in Q4 was driven by higher sales in leading-edge logic/foundry. Q4 bookings of €731 million increased, at constant currencies, by 8% from Q4 2023. Bookings were down from the level in Q3 2024, which was in part explained by order pull-ins from Q4 2024 to Q3 2024, as communicated last quarter. GAA-related orders increased strongly from Q3 to Q4, but this was offset by a drop in China demand. The gross margin came in at 50.3% in Q4 2024. Operating margin of 28.1% increased by nearly 6% points compared to Q4 2023.

    Growth in the WFE market was uneven in 2024: AI-related segments continued to increase strongly, but other parts of the market showed a mixed performance. For ASM, this meant strong momentum in our GAA-related applications. With the mix shifting from pilot-line to high-volume manufacturing, both quarterly GAA-related sales and orders increased strongly in the course of 2024.  We also saw a surge in demand for HBM-related, high-performance DRAM applications in 2024. This fueled a rebound in our total memory sales from a relatively low level of 11% in 2023 to a very strong level of 25% in 2024. Sales from the Chinese market remained strong in 2024, but dropped from the first half to the second half and also from Q3 to Q4, as expected. Sales in the power/analog/wafer market dropped by a significant double-digit percentage in 2024, reflecting the cyclical slowdown in the automotive and industrial end markets. Our SiC Epi increased by a mid-single digit percentage in 2024. While this was below our prior expectation of double-digit growth, we believe it was still a robust performance in view of significant weakening of the SiC market in 2024. 

    Financial results were again strong in 2024. Adjusted gross margin increased to 50.5% in 2024, supported by mix, a continued substantial contribution from the Chinese market, and improvements in our operations to reduce costs. In 2024, adjusted operating profit increased by 17%. We further stepped up adjusted net R&D spending (+20%) in view of our growing pipeline of opportunities, while the increase in adjusted SG&A expenses moderated (+3%), reflecting ongoing cost control. Free cash flow increased by 23% in 2024 to a record-high level of €548 million. 

    We remain on track towards our strategic targets and continue to invest in our people, in innovation and expansion, including in our planned new facilities in Hwaseong, Korea, and Scottsdale, Arizona.  We also made further strides in accelerating sustainability. We published our Climate Transition Plan last year, and, as a first milestone, we achieved our target of 100% renewable electricity in 2024, which contributed to a 52% drop in our combined Scope 1 and 2 GHG emissions.”

    Outlook

    Market conditions continue to be mixed looking into 2025, with WFE spending expected to increase slightly. Leading-edge logic/foundry is expected to show the highest growth in 2025. There have been some further shifts in capex forecasts among customers in this segment, but overall our forecast for a substantial increase in GAA-related sales in 2025 is unchanged. In memory, we expect healthy sales in 2025, supported by continued solid demand for HBM-related DRAM, although it is too early to tell if memory sales will be at the same very strong level as in 2024. The power/analog/wafer segments are still in a cyclical correction with no signs of a recovery in the near term. In SiC Epi, the outlook further weakened. Taking into account the recently announced new U.S. export controls and as communicated in our press release of December 4, 2024, our China revenue is expected to decrease in 2025, with equipment sales from this market falling in a range of low-to-high 20s percentage of total ASM revenue.

    We confirm our target for revenue in a range of €3.2-3.6 billion in 2025, but it is too early to provide a more specific forecast due to market uncertainty and as visibility for the second half of the year is still limited.
    At constant currencies, we expect revenue for Q1 2025 to be in a range of €810-850 million, with a projected further increase in Q2 compared to Q1.

    Share buyback program

    ASM announces today that its Management Board authorized a new repurchase program of up to €150 million of the company’s common shares within the 2025/2026 time frame. This repurchase program is part of ASM’s commitment to use excess cash for the benefit of its shareholders.

    Dividend proposal

    ASM will propose to the forthcoming 2025 Annual General Meeting on May 12, 2025, to declare a regular dividend of €3.00 per common share over 2024, up from €2.75 per common share over 2023.

    Modification in spares & service revenue reporting definition

    Effective 2025, ASM will include installation and qualification revenue as part of spares & services revenue aligning with our business organization structure at ASM. Further details of the quarterly and full-year impact on 2024 revenue can be found in annex 4.

    About ASM

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Quarterly earnings conference call details

    ASM will host the quarterly earnings conference call and webcast on Wednesday, February 26, 2025, at 3:00 p.m. CET.

    Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

    A simultaneous audio webcast and replay will be accessible at this link.

    Contacts  
    Investor and media relations Investor relations
    Victor Bareño Valentina Fantigrossi
    T: +31 88 100 8500 T: +31 88 100 8502
    E: investor.relations@asm.com E: investor.relations@asm.com

    The MIL Network –

  • MIL-OSI Global: Ukraine war: game theory reveals the complexities (and fragility) of a nuclear deterrent

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    Since the cold war, deterrence has been a fundamental principle underpinning peace between global superpowers. The idea is that if two sides have nuclear weapons, the consequences of actually using them mean the button never gets pressed.

    But the strategy goes beyond the countries which own the weapons. In practice, for instance, most of Europe relies on the US for a nuclear “umbrella” of deterrence. And any country with nuclear weapons can offer guarantees of peace to others.

    This is what happened in 1994 when Russia, the UK and the US signed the Budapest memorandum in which Ukraine renounced its nuclear weapons from the Soviet era in exchange for a promise to “respect the independence and sovereignty and the existing borders of Ukraine”. This was widely seen as a good idea for Ukraine and the world, reducing the risk of a nuclear accident.

    But that memorandum has not served Ukraine well. As North Korea, India, Pakistan or Israel know, owning nuclear weapons – even against international agreements – ensures your protection. A piece of paper does not.

    And now, across the world, the ability to offer the equivalent of a Budapest memorandum to other countries has vanished. A key part of the theory behind a successful nuclear deterrent has fallen away.

    This is described in game theory – the mathematical study of strategic interactions – as the idea of a “credible commitment”. To deter a military invasion, the country offering protection must be ready to do something that hurts its own interests if it happens.

    In the case of Ukraine, this has so far involved allies sending costly military equipment, financial support and enduring the small risk of further escalation of the conflict. Being a trustworthy guarantor is a matter of international reputation: a country that delivers is considered credible. But no one will trust a guarantor that breaks its promises.



    Read more:
    Ukraine war: what is the Budapest Memorandum and why has Russia’s invasion torn it up?

    And while credible retaliation is important, so too is avoiding escalation. For it is also in everyone’s interest to reduce the probability of a catastrophic outcome.

    Over the years, the small number of countries with internationally accepted nuclear arsenals (the US, UK, France, Russia and China) have developed nuclear doctrines. These are sophisticated and often deliberately opaque rules for escalation and deescalation.

    The Nobel prize-winning economist, Thomas Schelling, argues that the uncertainty around these rules is what makes them so effective. It strengthens a system in which protection can be offered to other countries in exchange for them not developing their own nuclear capabilities.

    War games

    Game theory research has also shed light on the complexity of these rules of engagement (or non-engagement), such as the expectation (and necessity) of credible retaliation against an attack.

    Imagine, for example, that China launches a nuclear bomb that completely destroys Manchester. A rational British prime minister may prefer to end hostilities and accept the destruction of a major city rather than retaliate and risk the total destruction of human life.

    But for the deterrent to actually work, they must retaliate – or expect to see Birmingham and London disappear.

    Another difficulty comes in finding the appropriate response to varying levels of provocation. When Russian-affiliated soldiers were found guilty by Dutch courts of downing a Malaysian Airlines civilian flight with 298 people onboard, including 196 Dutch nationals, there was no talk of proportional retaliation. No one seriously contemplated shooting down a Russian plane or bombing a small Russian city.

    Nor was there any retaliation to Russian interventions in European elections, or to the sabotage of infrastructure in Baltic states, or to murders and attempted murders on European soil.

    And after the full-scale invasion of Ukraine in February 2022, the reaction of the west was consistent with principles designed to avoid escalation. Sanctions were imposed on Russia, military aid was sent to Ukraine.

    But to abandon Ukraine now, forcing it to cede territory after three years of fighting, death, and destruction, would be a significant shift. It would represent a clear and deliberate abandonment of the international guarantees Ukraine thought it had.

    Arsenals and agreements

    Game theory also suggests that the most likely consequence of abandoning those commitments is that no country will repeat Ukraine’s mistake of giving up its nuclear capabilities. And no country will want to place their trust in potentially unreliable allies.

    Europe for instance, will aim to develop its own nuclear umbrella, potentially combining French and British capabilities. It will also hasten to integrate the next likely targets of Moscow’s military ambitions.

    This will include the parts of Ukraine not annexed by Russia, but also Georgia, already invaded by Russia in 2008, and Moldova, partly occupied by Russia.

    The second consequence is that the west will no longer have a good reason to convince countries to abandon their nuclear ambitions. That means no credible deal for North Korea, no convincing offer for Iran, and even fewer prospects to end the nuclear programmes of Pakistan, India or Israel.

    Looking at the ruins of Mariupol or Gaza City, and comparing them to Pyongyang, Tel Aviv or Tehran, many countries will conclude that a nuclear weapon is a better way to ensure security than any piece of paper.

    So if the west does abandon Ukraine, game theory suggests that the world should expect a proliferation of nuclear powers. Each will need to learn, as Russia and the US have, to live on the threshold of diastrous confrontation. But research shows that establishing a situation of reduced risk takes time.

    And that could be a time filled with increased potential for events reminiscent of the Cuban missile crisis – and a growing belief that nuclear war is inevitable.

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

    – ref. Ukraine war: game theory reveals the complexities (and fragility) of a nuclear deterrent – https://theconversation.com/ukraine-war-game-theory-reveals-the-complexities-and-fragility-of-a-nuclear-deterrent-249995

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Deputy Secretary-General’s video message at the 12th session of the Asia-Pacific Forum for Sustainable Development 2025

    Source: United Nations secretary general

    Excellencies, Ladies and Gentlemen,

    I thank the Government of Thailand for hosting this important Forum and Executive Secretary Ibu Armida Alisjahbana, for bringing us together.

    We stand at a critical juncture in history, where our actions over the next five years will define the future of our planet and its people.

    All of you here today share the immense responsibility of steering the Asia-Pacific region towards a sustainable and prosperous future.

    Excellencies,

    The 2030 Agenda for Sustainable Development is not just a set of goals, it is our collective promise to future generations.

    Yet, globally, only 17 per cent of the Sustainable Development Goals are on track. Progress on almost a third of targets has stalled or gone into reverse.

    Here in the Asia-Pacific, less than a sixth of the SDG targets will be met on current trends.

    Though economic growth has lifted millions out of poverty, it has been uneven, and a series of global crises have disproportionately affected vulnerable populations. 

    Five years to the 2030 deadline, we need urgent action to get the Goals on track.

    The Pact for the Future, agreed by countries last year, includes commitments to action to turbocharge sustainable development.

    We must come together to ensure they are delivered.

    Excellencies,

    This region has immense potential to accelerate SDG progress – through action to harness the power of technology, accelerate the energy transition and transform food systems, driving progress across all the Goals.

    You are a global leader in digital innovation and connectivity. You have accessible emerging technologies.

    And you are transforming financial inclusion and service delivery through rapid fintech adoption and initiatives. The Republic of Korea’s Digital New Deal and Thailand’s Big Data Initiative are prime examples.

    The region is also uniquely positioned to lead the global energy transition.

    You are rapidly deploying clean energy and embracing cross-border energy integration. Initiatives like the South Asian Hydropower Trade and the ASEAN Power Grid are enhancing energy security while reducing emissions.

    Innovations in food systems, such as regenerative agriculture in India, are improving sustainability and food security.

    Excellencies,

    Accelerating action requires regional collaboration.
     
    With a common vision of sustainability and prosperity, we can create new opportunities for economic resilience and social progress.

    Strengthened financial cooperation can enhance cross-border connectivity and drive regional supply chain integration.

    The United Nations and the Regional Economic Commissions will continue to work closely with Resident Coordinators and the UN Country Teams to strengthen support for sustainable development across the region.

    Helping to forge investment paths.

    Shape policy and regulatory frameworks.

    And garner support from United Nations agencies and partners, including multilateral and regional development banks and private investors.

    The strong link between the Regional Economic Commissions and our Resident Coordinators since the reforms made by Secretary-General António Guterres has been critical in bringing together our policy and operational assets in ways we had not witnessed before.

    It gives me great hope that we can build on this string foundation to step up our support to each country in Asia and the Pacific, as you strive to accelerate action and protect our ambition for people and planet. 

    And I urge all of you to make the most of the opportunities this year to accelerate action.

    From Beijing +30 to the Fourth Conference on Financing for Development, the World Social Summit, the Fourth Food System Summit Stocktake, and COP30.

    Use your voice to ensure that the needs and priorities of this region shape action over the coming years.

    So, together, we ensure sustainable development truly leaves on one behind.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI USA: Barr, Managing Financial Crises

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 I note that the objectives of the Program on Financial Stability include “supporting the world’s financial authorities in refining proven crises management tools and strategies.”2 Speaking as a representative of one of those authorities, I thought I would further the program’s goals by focusing these remarks on the principles and practice of crisis management. I am favored in that task with what one might call the luck of having been regularly confronted with crises in each of my three stints as a public servant, over a career divided between government and academia. In noting how often my arrival in government was accompanied by crisis, it might be reasonable to wonder if this is correlation or causation.
    Kidding aside, crisis management is central to all management because it demands the very best from managers when it is most needed. Anyone who spends time in government can expect that some of the most memorable and challenging experiences will be managing through tough situations, when the answers to problems are unclear but the mission of the organization comes into acute focus. The financial system is in a perpetual state balancing risk and reward. Sometimes the system falls out of balance, and vulnerabilities turn into stress or even crisis. This moment is when it is crucial to mitigate spillovers from the financial system that can hurt businesses and households and wreak havoc on the economy at large.
    Some of the most important features of modern economies were developed to prevent and mitigate financial crises. The first central banks, and eventually the Federal Reserve, were created to provide stable currencies and banking systems in support of the long-term stability of the provision of credit necessary to foster growth and rising living standards. Regulation of financial markets, regulation and supervision of banks, federal deposit insurance, and laws to protect investors, consumers, and businesses were developed over time to promote both financial stability and durable economic growth. I have spoken previously about how monetary policy and financial stability are inextricably linked and how the tools we use to conduct monetary policy and support financial stability work together.3
    In the spring of 2023, the United States faced the prospect of a spiraling stress event, when poor management and excessive risk-taking by Silicon Valley Bank (SVB) led to a run that quickly spread to other banks and threatened the wider banking system. Shortcomings in supervision and gaps in the regulatory framework also contributed to SVB’s failure, and I’ve spoken about the steps the Federal Reserve has taken to improve supervision and other steps to close regulatory gaps.4 Today, I’d like to talk about how effective management of the banking stress in the spring of 2023 helped prevent that event from spiraling into a financial crisis.
    Given our student audience, I will begin with a little background on how I got into the crisis management business. After Yale Law School and two court clerkships, I worked at the State Department and then went to work for Treasury Secretary Bob Rubin in 1995. When I arrived, the Treasury Department had helped Mexico deal with a financial crisis that threatened to spread to the United States, and additional crises were to come in 1997 in Asia and in 1998 in Russia. Together, these events credibly threatened a worldwide financial crisis, which was averted by a response across the U.S. government and coordinated with governments and lending institutions around the world. I left government for academia in 2001 and then returned to Treasury in 2009 under Secretary Tim Geithner, in the midst of the Global Financial Crisis (GFC). I worked to develop what became known as the Dodd-Frank Act. This law was a pivotal component of our response to the GFC by addressing gaps in financial market oversight, including through strengthened regulation and supervision of banks that increased the safeguards against the excessive risk-taking that caused the crisis. I went back to academia again in 2011 and then returned to public service as the Federal Reserve Board’s Vice Chair for Supervision in July 2022. In this position, I oversaw the response to the bank failures in March 2023 and have helped develop ways to reduce these and other risks going forward.
    The March 2023 Banking StressLet me review some facts about what happened, so you can understand the context for how we put crisis management principles and practices to work.
    SVB failed because of a textbook case of mismanagement of interest rate and liquidity risk.5 This mismanagement made uninsured depositors lose confidence in the bank’s solvency, so they ran. While this was a textbook case, the speed and severity of the run were unprecedented. The largest previous bank failure before SVB was of Washington Mutual in 2008.6 The accumulation of stresses that resulted in Washington Mutual’s failure occurred over several weeks. By contrast, SVB’s deposit outflows were much greater in both relative and absolute terms, and they occurred in less than 24 hours. On top of that, the bank had major gaps in its liquidity risk management, including its preparedness to tap contingency liquidity.7
    Because this discussion is for future first responders, I will share with you some detail about what it’s like to be on the front lines working to address a bank run. On the morning of Thursday, March 9, 2023, SVB had only a little over $5 billion in collateral pledged to the discount window, as compared to over $150 billion in uninsured deposits.8 Around midday, the firm contacted the Federal Reserve, indicating that it wanted to take out a discount window loan against this collateral, and the loan was granted. But in the next several hours, its account was drained as its deposit outflows spiraled. In the late afternoon, the firm indicated that it would need additional liquidity to meet expected outflows. The Federal Reserve worked with the firm to help it identify additional assets it could pledge to the discount window, but SVB was unsuccessful in identifying and moving sufficient collateral. Fed staff worked with the firm through the night to establish ad hoc collateral arrangements, so that the firm could tap the discount window further to meet its liquidity needs in the morning.
    While this process was happening overnight, however, the volume of online deposit withdrawal requests was growing, such that SVB management expected outflows of over $100 billion the next day, an unprecedented sum.9 Even if the bank were able to pledge all collateral available that morning to the discount window, the firm would not have been able to meet its obligations. It was not viable. The state of California closed the bank and turned it over to the Federal Deposit Insurance Corporation (FDIC) for resolution.
    SVB’s failure contributed to the strains at FDIC-supervised Signature Bank, and that bank failed in short order. As the situation intensified, the effects on businesses and households became increasingly apparent. Critically, these failures caused a reassessment of the viability of uninsured deposits as a funding source across the banking system. But strains at other banks materialized despite material differences between these firms. The rapidity of equity market price declines for several banks triggered repeated trading halts for their shares. Online deposits began to migrate out of smaller banks to larger banks, putting pressure on these smaller institutions.10 Commercial customers that had remaining deposits at SVB after it failed realized that they would not have access to their deposits and thus wouldn’t be able to make payroll or even stay in business.11
    The severity and rapidity of the spread of stress warranted a decisive response. We developed a two-part strategy that weekend.
    On March 12, the Treasury Secretary, the FDIC, and the Federal Reserve announced that the FDIC would protect uninsured deposits at SVB and Signature Bank under the systemic risk exception to least-cost resolution.12 This action essentially implied that all depositors, insured and uninsured, would have access to their deposits Monday morning. And the step helped calm uninsured depositors around the country.
    Also on March 12, the Federal Reserve established the Bank Term Funding Program (BTFP) under its emergency lending authority with the approval of and a backstop from the Treasury.13 The BTFP’s terms and conditions addressed the fundamental source of banking-sector jitters: questions about the ability of a range of banks to hold onto their high-quality securities that had lost value because of interest rate increases. Unrealized losses on securities portfolios were a problem for many banks, particularly when the stability of their deposit bases came into question. The BTFP provided stable funding for these high-quality assets, addressing these concerns. Specifically, the BTFP provided one-year loans to banks in sound financial condition against Treasury securities and agency securities, valued at par.
    By doing so, the BTFP addressed banks’ immediate concerns about the stability of their funding and mitigated the risk that banks would be forced to liquidate assets in a fire sale, locking in losses. BTFP advances provided confidence that banks would have sufficient funding to retain the securities on balance sheet. The program supported confidence among depositors that their banks would have ready access to sufficient cash to meet their needs, thus helping reduce concern that a self-fulfilling panic could cause additional bank runs.
    Usage of the BTFP was widespread across the banking sector, both in terms of actual usage and from a contingency standpoint. For example, at its peak, BTFP borrowing exceeded $160 billion, and collateral posted to the BTFP reached nearly $540 billion, suggesting that banks saw value in being prepared and having capacity to tap the facility if necessary. Over 1,800 institutions borrowed from the program, and the bulk of the borrowing was among institutions with less than $10 billion in assets. These smaller institutions took out 50 percent of loans by value and nearly 95 percent of loans by volume. Fed staff analysis showed the usage was more likely among institutions that had experienced deposit outflows, but usage was also widespread at firms that did not experience outflows. The broad-based actual and contingency use was consistent with Federal Reserve communications that the program was part of prudent liquidity management and that we encouraged all depository institutions to use the program. Now, about two weeks before all remaining outstanding BTFP loans are set to mature, the program is down to less than $200 million, and the program has experienced no losses.14
    Our response to the stress worked. After the announcement of the systemic risk exception and the BTFP in early March, signs of broad-based contagion subsided, and the system stabilized. While in the first two weeks of March midsize and regional banks experienced significant outflows of deposits, the acute phase of outflows had eased by the end of the month. Stability among banks that had earlier come under pressure didn’t mean that every bank found its footing, but the process of dealing with balance sheet gaps was much smoother and spillovers remained contained. By the fall of that year, deposit flows had fully stabilized and midsize and regional banks saw deposit inflows on net.
    Managing Additional Stress beyond Silicon Valley and Signature BanksWhile the announcement of the systemic risk exception and the BTFP on March 13, 2023, helped stabilize banks in the United States, we were also continuing to manage stress in the global financial system in cooperation with relevant authorities.
    Credit Suisse, a Swiss global systemically important banking organization, had been experiencing stress over several years before March 2023, with doubts about its future viability after the Archegos Capital Management and Greensill Capital scandals had tarnished its reputation and raised doubts about its business model. Stress and outflows at Credit Suisse picked up in the fall of 2022, and we spent many months working with Swiss, European, and U.K. regulators on how to manage the growing issues, including war-gaming potential resolution scenarios. Concerns about the firm’s viability accelerated on March 9, 2023, when it was forced to announce that its internal controls over financial reporting were ineffective and had been for several years. Though Credit Suisse continued to operate, it became apparent that the firm was in trouble in the week following the failures of SVB and Signature Bank.
    Just one week after SVB failed, Swiss authorities arranged for Credit Suisse to be acquired by UBS in a weekend deal that involved triggering Credit Suisse’s contingent convertible capital instruments, a severe dilution of shareholders, and the removal of senior bank management, as well as emergency liquidity support and extraordinary loss sharing from the Swiss government.15 In a sense, Credit Suisse had failed very slowly over many months—even years—and then all at once.
    The combination of these events involved coordination across U.S. and foreign jurisdictions, with careful monitoring and cooperation to identify risks to financial stability and to monitor spillovers to the U.S. and European banking systems.
    Back in the United States, we worked with our domestic counterparts as a handful of additional banks remained under pressure in the months that followed. Notably FDIC-supervised First Republic Bank was closed on May 1, 2023. First Republic had also experienced tremendous stress in March, as it suffered deposit outflows of nearly 20 percent in a single day.16 First Republic withstood these outflows in part because of significant discount window lending, as well as the extraordinary coordination among several other banks that placed significant deposits at the bank—worth $30 billion. But over time, it became clear that First Republic’s rapid and large deposit outflows and unrealized losses on loans and securities would lead to its failure as well.17
    While these were the events that got the headlines, the Federal Reserve continuously monitored other banks with potential balance sheet vulnerabilities, including those with gaps in interest rate and liquidity risk management, as well as significant exposures to office commercial real estate. We worked with these firms to ensure they addressed their vulnerabilities, while they bolstered their liquidity positions to manage potential stress. For example, overall, from March 2023 to March 2024, banks of all sizes and condition, including many not under direct stress, pledged more than $1 trillion in additional collateral to the discount window. Banks and supervisors took a wide variety of steps to shore up resilience throughout the system.
    Principles and Practices for Managing Financial-Sector StressWhen a crisis hits, the stakes are high. In the GFC, millions of Americans lost their homes, their jobs, and their dreams for their futures, when savings for education and retirement disappeared with the collapse of asset prices.18 The contraction in credit hurt small businesses and families all across the country. When banks can’t carry out their role in supplying credit to those who need it, the effects are severe and widespread.
    With those stakes in mind, here are five key principles that I learned in my experiences managing financial crises.
    First, crisis response needs to be forceful. The factor that transforms a series of unfortunate events into a self-sustaining crisis is the belief that there is no end in sight and no prospect of a sufficient response. While we could debate whether every aspect of the GFC response was necessary, one clear lesson from this experience, and from other crises I have been involved in, is how important it is that the response be forceful enough to convince market participants and the broader public that there is a capability and the will to overcome the crisis.
    A second principle is that the response should be proportionate. While a forceful response is important to bolster confidence in the prospects for gaining control over the crisis, the response also must avoid shaking confidence by suggesting that conditions are worse than they seem. In a crisis, information is spread unevenly. A response that is out of proportion—for example, by touching aspects of the financial system not considered endangered—can be misinterpreted as providing vital information about the extent of vulnerabilities.
    Another key component of crisis management is the need to engage in decisionmaking amid significant uncertainty. I explained how the response needs to be both forceful and proportionate. Finding this balance requires making tough judgments amid rapidly evolving conditions. Crisis managers need to make consequential decisions quickly with the recognition that their understanding of the facts is incomplete. Even the best of efforts to understand what is happening and what is needed will be unsatisfactory in the moment. Decisionmaking under these conditions takes some courage. It also takes humility: the ability to listen to others around you, gather different perspectives, and weigh the imperfect information in real time.
    A fourth principle is the need for clear communication—internally to the teams working on the response and externally to the public. And these communications need to be consistent with each other and with the values of the institution, even if tailored to the particular audience. Clear internal communication provides direction to the crisis response teams and facilitates coordination across relevant public-sector actors. Clear external communication, when grounded in a realistic assessment of the situation, can calm markets and reassure the public about the strategy. And clear communication is a two-way street: It involves listening to internal and external perspectives, as well as speaking in a way that can be heard.
    And that brings me to the fifth principle I would cite, which is accountability. Financial crises come about because of a lack of confidence in counterparties and among other participants in the financial system. It is crucial for crisis responders to be credible and accountable not only for assessing the root causes of the crisis, but also for addressing these causes and the aftermath. That requires staying focused on the long-term goals for reform even as crisis management remains critically important and urgent.19
    Practices for Effective Management under Periods of StressThese are important principles, and I will talk a little bit about some of the practices we used as we were guided by these principles. One crucial component of successful management of a stress event is to gather the most relevant information as quickly as possible. In a large and complex organization, it is necessary to overcome barriers to information flow across functions. In the case of the March 2023 banking stress, we drew from across the functions of the central bank to gather real-time information necessary to assess the severity of the conditions facing troubled institutions and also to identify potential levers of response.
    Supervisors generally have real-time information from a bank as it undergoes stress, but this information needs to be put into context with foundational knowledge about the firm, such as the current structure of its balance sheet and typical payment flows. While we managed an influx of reports about deposit flows at banks, it was important to be able to immediately put the size of the outflows in context and corroborate anecdotal reports against multiple sources, including from our own systems. Our next step is to assess a firm’s capacity to weather additional stress. First responders can assess if the firm has maximized the liquidity potential of its assets, including through its relationships with liquidity providers. And one needs to assess these firms’ connections to the rest of the financial sector and identify interlinkages and spillovers. Leaning on experts who engage in broader monitoring of financial markets and engage in outreach with well-established contacts can be important. A team of staff who have the capacity to think broadly across the institution and draw on the partnerships they have built with a range of business lines is necessary to support the kind of information gathering and strategizing that are crucial for consequential decisions. This is why an institutional culture that supports curiosity and openness to ideas and inquiry from the most junior to the most senior staff is foundational.
    Earlier I mentioned the principle of needing to be accountable to the public about the sources of the crisis and to address the underlying vulnerabilities that led to it. On March 13, 2023, in consultation with Chair Powell, I requested a review of the failure of SVB. Self-evaluation is the first step in any sound risk-management framework. Experienced career staff from across the Federal Reserve System who were not involved in SVB’s supervision reviewed the reasons for the bank’s failure.20 The review helped identify where the supervisory and regulatory functions of the Federal Reserve could be improved. Additional reviews by external independent parties, which we welcomed, reached similar conclusions.21 More broadly, carefully considering the underlying vulnerabilities that contributed to the stress helped the Fed develop proposals for how the supervisory and regulatory framework could be improved.22
    ConclusionNo leader looks forward to managing through a crisis, but those who hope to be good leaders need to be good crisis managers. These are skills that are most effectively developed through hard experience, but we can also learn from those who have gone through the experiences. In my case, the lessons of dealing with financial crises as a government official have revealed to me some basic principles that I believe can be useful to crisis managers. I have also learned that the best crisis management occurs beforehand, by strengthening rules and norms and other structures meant to reduce the risk of a crisis in the first place and by fostering organizational values and culture that will help manage a crisis when it comes.
    Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Yale School of Management, Program on Financial Stability (2025), “About the Yale Program on Financial Stability,” webpage, paragraph 1. Return to text
    3. See, for example, Michael S. Barr (2023), “Monetary Policy and Financial Stability,” speech delivered at the Forecasters Club of New York, New York, October 2; and Michael S. Barr (2024), “The Intersection of Monetary Policy, Market Functioning, and Liquidity Risk Management,” speech delivered at the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, February 14. Return to text
    4. See Michael S. Barr (2023), “Supervision and Regulation” testimony before the Financial Services Committee, U.S. House of Representatives, Washington, May 16. Also please see Michael S. Barr (2024), “Supervision with Speed, Force, and Agility,” speech delivered at the Annual Columbia Law School Banking Conference, New York, February 16. For more on bank supervision, see “Understanding Federal Reserve Supervision,” available on the Federal Reserve Board’s website at https://www.federalreserve.gov/supervisionreg/understanding-federal-reserve-supervision.htm. Return to text
    5. See Board of Governors of the Federal Reserve System, Office of Inspector General (2023), Material Loss Review of Silicon Valley Bank (PDF) (Washington: September 25). Immediately following SVB’s failure, Chair Powell and I agreed that I should oversee a review of the circumstances leading up to SVB’s failure. We published the results of this review on April 28, 2023; see Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (PDF) (Washington: Board of Governors, April). Return to text
    6. See National Commission on the Causes of the Financial and Economic Crisis in the United States (2011), The Financial Crisis Inquiry Report (PDF) (Washington: Financial Crisis Inquiry Commission, January); and Federal Deposit Insurance Corporation (2017), Crisis and Response: An FDIC History, 2008–2013 (Washington: FDIC). Return to text
    7. For instance, the bank failed its own internal liquidity stress tests and did not have workable plans to access liquidity in times of stress. The bank changed its own risk-management assumptions to reduce how these risks were measured rather than fully addressing the underlying risks. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (note 5). Return to text
    8. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (note 5). Return to text
    9. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank, p. 7 (note 5). Return to text
    10. See Stephan Luck, Matthew Plosser, and Josh Younger (2023), “Bank Funding during the Current Monetary Policy Tightening Cycle,” Federal Reserve Bank of New York, Liberty Street Economics (blog), May 11. Return to text
    11. See Berber Jin, Katherine Bindley, and Rolfe Winkler (2023), “After Silicon Valley Bank Fails, Tech Startups Race to Meet Payroll,” Wall Street Journal, March 11, https://www.wsj.com/articles/after-silicon-valley-bank-fails-tech-startups-race-to-meet-payroll-4ebd9c5c?mod=article_inline. Return to text
    12. See Department of the Treasury, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (2023), “Joint Statement by Treasury, Federal Reserve, and FDIC,” joint press release, March 12. Return to text
    13. See Board of Governors of the Federal Reserve System (2023), “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12; and Board of Governors of the Federal Reserve System (2025), “Bank Term Funding Program,” webpage. Return to text
    14. See Board of Governors of the Federal Reserve System (2025), Statistical Release H.4.1, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks” (February 20). Return to text
    15. See Michael S. Barr (2023), “The Importance of Effective Liquidity Risk Management,” speech delivered at the ECB Forum on Banking Supervision, Frankfurt, Germany, December 1. Return to text
    16. See Michael S. Barr (2024), “On Building a Resilient Regulatory Framework,” speech delivered at Central Banking in the Post-Pandemic Financial System 28th Annual Financial Markets Conference, Federal Reserve Bank of Atlanta, Fernandina Beach, Florida, May 20. Return to text
    17. See Federal Deposit Insurance Corporation (2023), FDIC’s Supervision of First Republic Bank (PDF), (Washington: FDIC, September 8). Return to text
    18. See National Commission on the Causes of the Financial and Economic Crisis, The Financial Crisis Inquiry Report (note 6). Return to text
    19. I have discussed some thoughts on leadership attributes in previous speeches, including here: Michael S. Barr (2024), “Commencement Remarks,” delivered at the American University School of Public Affairs Graduation Ceremony, Washington, May 10. Return to text
    20. See Board of Governors of the Federal Reserve System (2023), Vice Chair Barr for Supervision’s “Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank – April 2023: Key Takeaways,” webpage. Return to text
    21. See Government Accountability Office (2023), “Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures” (Washington: GAO, May 11); and Board of Governors, Office of Inspector General, Material Loss Review (note 5). Return to text
    22. See Barr, “On Building a Resilient Regulatory Framework” (note 16). Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Invasive Species Science at WARC

    Source: US Geological Survey

    Cuban treefrogs are native to Cuba, the Bahamas, and the Cayman Islands, but are an invasive species in the U.S. They outcompete native frogs for food and habitat and can be a nuisance to homeowners as they clog plumbing and cause power outages when they seek shelter in utility boxes. WARC researchers use frog calls – or vocalizations made primarily by males interested in attracting a mate – to identify and track invasive frog species in the southeastern U.S. WARC researchers also perform visual encounter surveys and passively capture Cuban treefrogs to remove as many of the invasive anurans as possible.

    What is an invasive species?

    A species is considered invasive if it is introduced outside of its native range and causes harm to ecosystems, the economy, and/or human health.  

    Nonnative, or nonindigenous, species are those organisms that have been introduced outside of their native range but are not yet known to cause harm. This means that while an invasive species is also non-native, not all non-native species are considered invasive.

    Why are they an issue?

    More than 6,500 of these harmful, non-native species cause more than 100 billion dollars in damage each year to the U.S. economy. Invasive species can severely impact native species and ecosystems. They often outcompete and prey upon native species, which can ultimately reduce biodiversity and alter an ecosystem’s food web. Aquatic invasive plant species, like hydrilla, can rapidly overtake a water body, blocking sunlight from reaching the plants and animals below and preventing navigation due to clogged waterways. Other aquatic invasive species, like the zebra mussel, damage infrastructure associated with power plants and other water systems, which results in increased maintenance costs.

    What is WARC doing to address invasive species in the U.S.?

    The USGS Ecosystems Mission Area’s Biological Threats and Invasive Species Program provides the research, management tools, and decision support needed to meet the science needs of resource managers to reduce or eliminate the threat of invasive species and wildlife disease. At WARC, we work closely with our local, state, Tribal, and federal partners to provide the science they need to address the critical invasive species issues facing the southeastern U.S. Our center leads research and monitoring programs and implements innovative technologies to help control or eradicate invasive species.

    Monitoring the Introduction and Spread of Aquatic Invasive Species

    The USGS WARC houses the Nonindigenous Aquatic Species (NAS) database, which tracks the distribution of introduced aquatic organisms across the United States. The publicly accessible information repository monitors, records, and analyzes reported sightings for more than 1,300 plant and animal species such as lionfish, zebra mussels, and hydrilla. The database contains observations from as early as 1800, derived from many sources, including scientific literature; federal, state, and local natural resource monitoring programs; museum collections; news agencies; and direct submission through online reporting forms from citizen scientists. Subscribers to NAS alerts emails can be informed when a new non-native species has been reported in their area as part of a national early detection and rapid response (EDRR) system. The NAS program also uses the data to help forecast where these species may go next. One such tool developed by members of the NAS team, along with WARC’s Advanced Application Team, is the NAS Flood and Storm Tracker (FaST) maps, which help natural resource managers track and manage the potential spread of non-native aquatic species into new water bodies due to storm-related flooding. The FaST maps are easily accessible, informative, and provide the most up-to-date information to resource managers about potential new invasions, acting as an additional tool for EDRR systems.

    Hurricane Isaias (2020) Flood and Storm Tracker (FaST) Map for Zebra MusselsFlooding related to hurricanes and tropical storms can help spread non-native aquatic plants and animals, like zebra mussels, into new waterbodies. Once established, they have the potential to cause infrastructural damage (e.g., block pipes) and upset aquatic food webs by preying on native species. The USGS Nonindigenous Aquatic Species (NAS) program, which houses records for non-native aquatic species across the nation, creates Flood and Storm Tracker (FaST) maps which help managers track and manage the potential spread of non-native aquatic species into new water bodies via storm-related flooding.For more information, please visit: https://nas.er.usgs.gov/viewer/Flooding/

    CSI: Python-Style

    How do you detect a cryptic species? A droplet digital PCR platform can detect even a single piece of genetic material, if present in an environmental sample. This information can be used to accurately estimate the likelihood that the species of interest is present in the environment.

    True crime shows/movies/podcasts often tell the story of a criminal who thought they got away with it, only to be brought down by a forensic investigator who discovered a small piece of genetic material at the crime scene belonging to said criminal. Just like a crime scene, ecosystems often require researchers to zoom in to the microscopic, hard-to-spot clues to better understand the full picture. Like humans, wildlife shed genetic material, in the form of excrement, hair, saliva, mucus, skin cells, etc., as they move. The organism’s genetic material is shed into the surrounding environment (i.e., soil, water, snow, air) and referred to as environmental DNA (eDNA). At WARC, researchers are using eDNA techniques to help detect hard-to-find invasive species, like the Burmese python. The cryptic constrictor camouflages into the surrounding Everglades ecosystem, which has made it difficult to find and eradicate. By testing environmental samples, WARC scientists can identify python eDNA in an area whether or not a snake has actually been observed. With improved detection capabilities comes the increased capacity to effectively delineate range limits and better assess the status, distribution, and habitat requirements for pythons and other secretive or rare invasive species.

    This close-up is of the radio-transmitter on a 16 1/2-foot python. The snake, being removed from the wild by USGS and NPS personnel, was re-captured in a thicket in Everglades National Park in April 2012. After its first capture, the snake was equipped with a radio-transmitter and an accelerometer as part of one of the Burmese python projects led by USGS to learn more about the biology of the species to help in efforts to develop better control methods.

    EDRR – Early Detection and Rapid Response

    The first confirmed lionfish sighting was reported in 1985 off the coast of Dania Beach, Florida. Though native to the Indo-Pacific region, a single lionfish didn’t raise many alarms. But then another lionfish was reported in 1990. And then another one in 1992. And then a few more in 1995. By the early 2000s, lionfish had taken over coastal waters in the southeastern U.S. Lionfish have invaded Atlantic coastal waters from New York to the Florida Keys, the Caribbean Sea, and the Gulf with unprecedented speed and now serve as a case study demonstrating why early detection and rapid response efforts (also known as EDRR) are critical. A single non-native fish might not immediately pose a problem, but if it isn’t removed, it could reproduce and quickly take over the new habitat. Once a population has established and begins reproducing, it is difficult to manage or eradicate. 

    Since 2013, WARC has led a non-native freshwater fish scavenger hunt in Florida. The two-day Fish Slam event helps USGS and partners monitor new non-native fishes and track the possible spread of known non-natives. Many of these species, such as the Asian swamp eel and the sailfin catfish, are outcompeting native species and disrupting the aquatic food webs. By monitoring the introduction and expansion of non-native fishes, USGS WARC is able to provide communities and land managers with critical information to help inform and guide management strategies. This includes removing the fish whenever possible, to help prevent potential future invasions.

    Using hook and line, electroshock boats and backpacks, seines, traps, and other fishing techniques, USGS and partners capture non-native fishes. from Florida canals, ponds, and even ditches. The data collected during the event is entered into the USGS Nonindigenous Aquatic Species database, a publicly accessible resource that monitors the introduction and expansion of non-native aquatic plant and animal species. The database also uses this information to project potential future spread of species into new areas during hurricanes and flooding events. USGS’s Fish Slam has provided a unique opportunity for federal, state, local, Tribal, and academic partners to coordinate sampling, data collection, and information sharing while providing up-to-date geographic distribution information via publicly accessible resources. Florida spends millions of dollars each year to combat invasive species and the data collected by Fish Slam informs managers and communities what species are present in their area and helps them develop control/removal plans and allocate resources appropriately.

    MIL OSI USA News –

  • MIL-OSI: The World’s Most Attractive Investment Migration Programs in 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Malta retains 1st place in the 2025 Global Citizenship Program Index for the 10th consecutive year, while Greece reaches the top of the 2025 Global Residence Program Index for the first time, highlighting the dominance of European residence and citizenship by investment programs on Henley & Partners’ annual rankings of the most important investment migration programs in the world. 

    The firm onboarded clients from 94 different nationalities in 2024 and received enquiries from over 180 countries. US nationals accounted for 23% of all applications processed by Henley & Partners last year, totaling nearly as many as the next four client nationality groups — Indians, Turkish, Filipinos, and Brits — combined. Comparing 2024 US-American client numbers to five years ago (2019), there has been a staggering increase of over 1,000%. Last year was also record-breaking for the UK, with a 57% increase in the number of applications submitted by British citizens in 2024 versus 2023.

    The two indexes — featured in the 2025 edition of the annual Investment Migration Programs report — offer a systematic analysis and comprehensive benchmarking of the world’s most attractive residence and citizenship by investment offerings, providing the gold standard in the sector. Interactive digital comparisons of the programs are also available, enabling global investors and wealthy families to select what matters most to them when weighing up their options.

    Dr. Christian H. Kaelin, Chairman of Henley & Partners, says, “the publication is important for governments and policy makers looking to attract and retain wealth to achieve greater fiscal autonomy and economic growth. In this era of heightened global volatility, nation states are using residence and citizenship by investment programs as an innovative financing tool to fund development initiatives that mitigate sustainability and climate-related risks, and that directly benefit their citizens. For investors, alternative residence and citizenship is a unique investment that enables them to be as globally diversified as their wealth portfolios.”

    Citizenship programs: Malta remains the gold standard

    The Global Citizenship Program Index ranks 14 programs, with the strategically located European nation of Malta scoring 76 out of 100 and taking top honors for the 10th consecutive year. Retaining 2nd place with a score of 75 is Austria’s premium citizenship by investment offering, which requires applicants to make a substantial contribution to the country’s economy. The next two ranks are occupied by Caribbean island nations: Grenada 3rd with a score of 69, and Antigua and Barbuda 4th with 67.

    Three other Small Island Developing States (SIDS) share the 5th spot, each scoring 66: newcomer to the index, Nauru, along with St. Kitts and Nevis and St. Lucia. Nauru’s citizenship program offers significant advantages in global mobility, granting an alternative and safe passport to travel on, with visa-free access to some of the world’s key wealth hubs. Successful applicants will also be contributing to climate crisis solutions in the South Pacific, where SIDS face rising sea levels and biodiversity loss, with the funds channeled into development projects, including climate resilience initiatives, infrastructure improvements, renewable energy projects, and sustainable economic diversification.

    Residence programs: Greece takes the crown

    In the 2025 Global Residence Program Index, which ranks 26 programs, Greece’s popular golden visa program secures top spot with a score of 73 out of 100, toppling Portugal, which has held or shared first place for the past nine years. Portugal now ranks joint 3rd with Italy and the UK, all scoring 70, while Switzerland, which has an option developed by Henley & Partners that combines private residence with Swiss forfait tax provisions, ranks 2nd with a score of 72.

    Australia, which recently launched its National Innovation Visa (NIV) Program to attract high-level tech skills, Canada, which introduced changes to its Start-Up Visa Program to enhance its appeal and flexibility for entrepreneurs, and Spain (due to close in early 2025) are all joint 4th, each scoring 69, and the UAE, which strategically expanded its golden visa program last year to attract top talent and drive growth and innovation, rounds up the Top 5 with a score of 68.

    One of two new entrants to the index in 2025 is Hungary which ranks 6th with a score of 67. Small but powerful wealth hubs — Luxembourg and Singapore — occupy the 7th and 8th spots, scoring 66 and 65, respectively, while two others share the 9th spot: Jersey and Panama, both scoring 64. Costa Rica, the second newcomer to the index, rounds up the Top 10 with a score of 63 out of 100 and offers investors and their families a business-friendly landscape, a favorable tax regime, and a safe environment in Central America.

    Read Full Press Release

    Media Contact: Sarah Nicklin

    sarah.nicklin@henleyglobal.com

    Mobile +27 72 464 8965

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  • MIL-OSI: Ponemon Cybersecurity Report: Insider Risk Management Enabling Early Breach Detection and Mitigation

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — DTEX Systems, the trusted leader of insider risk management, today announced the findings of the 2025 Cost of Insider Risks Global Report, independently conducted by the Ponemon Institute. For the first time since the inception of the report, the average time to contain an insider incident has declined (81 days, down from 86 in 2023).

    The decrease comes amid growing adoption of insider risk management solutions. The findings show that organizations are spending 16.5% of their annual IT security budget on insider risk management – up from 8.2% in 2023. Eighty-one percent of organizations now have or are planning to have an insider risk management program. Notably, of those with an insider risk management program, 65% say their program was the only security strategy that enabled them to pre-empt a data breach by detecting insider risk early. Meanwhile, 63% of respondents cited faster breach response as a top outcome of early insider risk detection.

    “With escalating foreign interference, global remote workforces, and a rapidly shifting political landscape, the need for proactive insider risk management has never been greater. Insider-driven security incidents result in significant financial and reputational costs. However, organizations investing in dedicated insider risk management programs are achieving faster containment or preventing incidents entirely—a decisive win in the fight against data loss,” DTEX Systems CEO Marshall Heilman said.

    “The findings underscore the importance of insider risk management as an essential component of security and highlight key opportunities for governments, critical infrastructure, and commercial organizations to protect sensitive data and maintain operational integrity in an increasingly volatile threat landscape.”

    Now in its sixth edition, the 2025 Cost of Insider Risks Global Report is a comprehensive study designed to understand the financial consequences of insider risks caused by negligent or mistaken employees, outsmarted employees (including insider incidents related to credential theft), or malicious insiders. This year’s report examines how organizations are funding their insider risk management programs and introduces new data evaluating the effectiveness.

    “Our research findings highlight the growing need to drive awareness of the increasing costs of insider risks, often occurring due to employee negligence while handling sensitive data,” Ponemon Institute Chairman and Founder Larry Ponemon said.

    “This study helps materialize risk by shining light on the increasing cost behind an incident to help organizations reduce containment time and ultimately, reduce cost.”

    Key findings of the 2025 Cost of Insider Risks Global Report include:

    • Post-incident activity costs have climbed significantly, contributing to a higher average annualized cost of insider risk: $17.4M — up from $16.2M in 2023. The average costs of containment ($211,021) and incident response ($154,819) are the most expensive activity cost centers (up from $179,209 and $113,635 in 2023 respectively). Escalation is the least costly activity center at $32,242.
    • For the first time since the inception of the report, the time to contain an insider incident has declined. The average time to contain an insider incident has reduced to 81 days, down from 86 days in 2023.
    • Insider risk management is affording companies a proactive approach to security through early insider risk detection. 65% said their insider risk management program was the only security strategy that effectively enabled them to pre-empt a data breach by detecting insider risk early.
    • Companies with an insider risk management program are saving time, money, and reputational damage associated with a breach. When asked the top three outcomes of having an insider risk management program, 63% said saved time in responding to a breach, 61% said protected brand reputation, and 59% said saved money lost in a breach.
    • Organizations are increasingly adopting insider risk management. The amount of IT security budget allocated to insider risk management has more than doubled, rising from 8.2% in 2023 to 16.5%. Additionally, 81% of companies now have or plan to have an insider risk management program, up from 77% in 2023.
    • Companies expect insider risk management budgets to increase. 45% say the current level of funding is inadequate. 46% expect a mild to significant increase in funding in 2025.
    • About half of organizations (49%) agree that technology consolidation is essential or very important. The top three driving factors, ranked by importance, are cost savings (85%), reduced complexity (64%), and faster detection times (61%), followed by scalability (48%), and actionable data (42%).
    • More than half (51%) of organizations say AI and machine learning are essential or very important in the detection and prevention of insider risks. The top three driving factors, ranked by importance, are reduced investigation times (70%), improved behavioral insights (59%), and lowered skillset for insider risk analysts (58%).
    • Health and pharma have the highest average activity costs. The average activity cost for health and pharma is $29.2M, followed by technology and software ($23M).
    • The most prevalent insider security incident continues to be caused by negligent or careless employees. 55% of incidents are due to employee negligence or mistakes, while 25% of incidents are caused by malicious insiders, and 20% by outsmarted insiders.

    Sponsored by DTEX Systems, the 2025 Cost of Insider Risks Global Report is based on responses from 8,306 IT and IT security practitioners in 349 organizations across North America, Europe, Middle East, Africa, and Asia-Pacific region.

    Read the complete 2025 Cost of Insider Risks Global Report here.

    Join Dr. Larry Ponemon, DTEX CTO Rajan Koo and national security veteran Christopher Burgess on March 12 for a webcast on the key findings and turning insights into action.

    About DTEX Systems
    As the trusted leader of insider risk management, DTEX transforms enterprise security by displacing reactive tools with a proactive solution that stops insider risks from becoming data breaches. DTEX InTERCEPT™ consolidates data loss prevention, user activity monitoring, and user behavior analytics in one lightweight platform to enable organizations to achieve a trusted and protected workforce. Backed by behavioral science, powered by AI, and used by governments and organizations around the world, DTEX is the trusted authority for protecting data and people at scale with privacy by design.

    To learn more about DTEX, visit dtexsystems.com
    Connect with DTEX: LinkedIn | Twitter | YouTube

    Media Contact
    Mariah Gauthier
    dtex@highwirepr.com

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