Category: Asia

  • MIL-OSI Economics: GlobalData revises down global MAT insurance industry growth forecast due to increased US tariffs

    Source: GlobalData

    The global marine, aviation, and transit (MAT) insurance industry, which was forecasted to grow at a compound annual growth rate (CAGR) of 6.9% before the imposition of the reciprocal tariff from the US, is now expected to grow at a CAGR of 6.4% during 2025-29, in terms of written premiums, according to GlobalData, a leading data and analytics company.

    On April 02, 2025, the US President announced “reciprocal” tariffs on imports. These tariffs include a base 10% plus additional tariffs ranging from 10% to 245%. Higher tariffs are typically imposed on specific products, but the blanket tariff rate of 10% on all countries will negatively impact the global economy. The countries that are mostly dependent on exports to the US will be severely impacted. However, there is a hold on this tariff for 90 days, except for China.

    According to GlobalData’s Insurance Database, the US accounted for around 50% of the global MAT insurance premiums in 2024. As per the revised forecast, high reciprocal tariffs will reduce US MAT insurance premiums by 1.4% in 2025, whereas the premiums of global MAT insurance will be impacted by 0.7%. The US is the largest importer in the world, with Mexico, China, Canada, Germany, and Japan being the top 5 exporting countries in 2023, accounting for 53% of the total US imports.

    GlobalData expects the CAGR of MAT insurance premiums during 2025-29 to reduce by 0.5pp in Mexico, 0.6pp in China, 0.5pp in Canada, 0.5pp in Germany, and 0.2pp in Japan.

    Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: “The ‘Liberation Day’ tariff will disrupt the global MAT insurance as the premium growth will slow down in 2025 and subsequent years compared to the previous forecast. Although the global MAT business will experience a temporary surge during April-June 2025 due to the 90-day pause in the tariff, the growth will slow down once the tariff is in place. This will also impact the profitability of MAT insurers across the world.”

    The US has imposed a tariff in the range of 20% (Germany and Italy) to 245% (China) on the top 10 exporters, which contribute 69% of the total US imports, according to the Observatory of Economic Complexity (OEC). Marine cargo business of all the markets except Canada and Mexico will be impacted, whereas for Mexico and Canada, which account for 29% of the total US imports, the aviation cargo and transit insurance will be disrupted.

    Sahoo adds: “The decline in MAT premiums growth rate will be due to both a decline in exports and the value of exported goods. In case the exporter absorbs the cost of the tariff, the cost of goods will go down, and this will reduce the sum insured and the respective premium amount. On the other hand, if the importer bears this, it will be passed on to the consumer, leading to a decline in demand.”

    To offset higher tariffs, importers have started either consolidating shipments or increasing the order size. The risk of theft and damage has increased due to the concentration of high-value goods at various points. Furthermore, the imposition of revised tariffs across countries will create complexities in customs clearance, leading to an increase in demurrage and detention fees.

    Insurers are expected to incur additional costs to rewrite such policies by considering the complexities and associated additional risks. Additionally, increased claims in marine cargo, aviation cargo, and transit will impact the profitability of insurers.

    Starting May 02, 2025, the US will eliminate the exemption of import tariffs on goods under $800 from China and Hong Kong. Due to this, DHL has suspended high-value business-to-consumer shipments to the US. Also, various airlines have suspended air cargo services for high-value goods. This will directly impact the air cargo insurance business.

    Sahoo concludes: “The imposition of the higher tariff will disrupt the global MAT insurance, impacting premiums growth, while increasing the associated risks. Insurers need to be vigilant as higher claims would erode profitability. Furthermore, MAT insurers in the US will lose their global market share as they write half of the global MAT business.”

    MIL OSI Economics

  • MIL-OSI Economics: Suntory’s advertising campaigns emphasize refreshment, tradition, and social connections to engage diverse audiences, reveals GlobalData

    Source: GlobalData

    Suntory’s advertising campaigns emphasize refreshment, tradition, and social connections to engage diverse audiences, reveals GlobalData

    Posted in Business Fundamentals

    Suntory Holdings Ltd’s (Suntory) YouTube advertising campaigns of Q1 2025 (January – March 2025) focused on delivering refreshing beverages, celebrating Japanese heritage, and fostering meaningful connections through shared experiences. Suntory’s campaigns showcase a wide range of offerings, from Craft Boss World Tea to Suntory Whisky Hibiki Harmony, emphasizing the company’s dedication to quality and authenticity. Targeting young adults, families, and connoisseurs, Suntory presents its products as perfect for unwinding, social events, and celebrating cultural heritage, reveals Global Ads Platform of GlobalData, a leading data and analytics company.

    Satya Prasad Nayak, Ads Analyst at GlobalData, comments: “Suntory’s advertisements effectively blend modernity with tradition, showcasing products like Iyemon Green Tea alongside offerings such as The Premium Malt’s Japanese Ale. The use of strategic celebrity endorsements, including Tommy Lee Jones and Muto Keiji, created relatable yet aspirational narratives. Campaigns like Tennensui’s Hello Kitty partnership and Jim Beam’s focus on camaraderie reflect Suntory’s dedication to diverse consumer values, from family well-being to refined craftsmanship, fostering trust and engagement across varied demographics.”

    Below are the key focus areas of Suntory’s advertisements, revealed by GlobalData’s Global Ads Platform:

    Celebrating Togetherness: The Craft Boss World Tea, with its range of Fruit Tea Ade and Milk Tea, invites families to connect over diverse flavors. Just as Jim Beam bourbon brings friends together, fostering camaraderie through shared experiences. Whether it’s a family gathering or a business trip toast, both brands understand the importance of shared moments, offering the perfect drinks to celebrate every bond.

    Healthy Lifestyle: Suntory Tennensui Marushibori SPARK Unsweetened promotes a balanced lifestyle with its unsweetened, whole-pressed fruit sparkling water. The natural ingredients and invigorating sparkle appeal to health-conscious consumers seeking refreshing, sugar-free beverages that align with their wellness goals.

    Cultural Heritage and Craftsmanship: Suntory leveraged traditional Japanese elements in advertisements like Iyemon Green Tea and Hibiki Whisky. From showcasing Nishijin-ori dyeing in Hibiki to Kyoto’s tea traditions in Iyemon, the brand appealed to those who value artistry, legacy, and cultural depth—strengthening emotional ties to its premium product lines.

    Family Well-being: The collaboration between Tennensui and Hello Kitty promoted emergency preparedness through a lighthearted lens. By featuring family-friendly characters and emphasizing hydration during crises, Suntory demonstrated care for household safety, making its water products essential and relatable for families with young children.

    MIL OSI Economics

  • MIL-OSI Global: ‘Milkshake tax’: why it’s about innovative approaches to health, not household costs

    Source: The Conversation – UK – By David M. Evans, Professor of Sociotechnical Futures, University of Bristol Business School, University of Bristol

    Luis Molinero/Shutterstock

    The UK government is considering expanding its sugar tax on fizzy drinks to include milkshakes and other sweetened beverages, as part of new proposals announced in April 2025. The Treasury confirmed it plans to move forward not only with broadening the tax but also with lowering the sugar threshold that triggers it from 5g to 4g of sugar per 100ml.

    The changes, dubbed by critics as the “milkshake tax”, would end the current exemption for dairy-based drinks, as well as plant-based alternatives such as oat and rice milk. Chancellor Rachel Reeves first signalled the potential expansion in the 2024 budget, suggesting the soft drinks industry levy (SDIL), to give it its official name, could be widened to cover a broader range of high-sugar drinks.

    Based on our research into dietary change, conducted as part of the H3 project on food system transformation, we see this as a welcome and timely development.

    Not everyone shares this optimism. Opponents of what they see as “nanny state” interventionist policies argue that the SDIL has failed to deliver any real improvements to public health. In a UK newspaper’s straw poll, for example, 88% of respondents claimed the sugar tax has not significantly reduced obesity rates. Shadow Chancellor Melvyn Stride described the proposed expansion as a “sucker punch” to households, particularly given the ongoing cost of living crisis.

    Scepticism around these proposals is not surprising. Many people, regardless of political affiliation, are wary of additional taxation. And indeed, there is evidence suggesting that fiscal tools such as taxes and subsidies can be blunt instruments. They are also often regressive, placing a disproportionate burden on lower-income households.

    These concerns are valid – but they don’t quite apply to the SDIL.

    Crucially, the SDIL is not a tax on consumers. It is levied on manufacturers and importers, who are incentivised to reduce the sugar content of their products to avoid the charge. According to Treasury figures, since the introduction of the SDIL, 89% of fizzy drinks sold in the UK have been reformulated to fall below the taxable threshold.

    For instance, the Japanese multinational brewing and distilling company group Suntory invested £13 million in reformulating drinks like Ribena and Lucozade, removing 25,000 tonnes of sugar, making the products exempt from the levy. This means households aren’t priced out of soft drinks – they can simply choose reformulated and presumably cheaper versions.

    It’s true that the UK is still grappling with a serious obesity problem. In England alone, 29% of adultsand 15% of children aged two to 15 are obese.

    But the SDIL is having an effect. Excessive sugar consumption is consistently associated with rising obesity rates in the UK and globally. There has been a clear reduction in the sales of sugar from soft drinks, and the SDIL is reported to have generated £1.9 billion in revenue since its introduction in 2018.

    Early signs suggest health benefits, too. One study found a drop in obesity rates among 10 to 11-year-old girls following the levy’s implementation. Another analysis suggests that the greatest health benefits will be seen in more deprived areas, and that it may actually help to narrow some health inequalities for children in England.




    Read more:
    Child obesity is linked to deprivation, so why do poor parents still cop the blame?


    Shifting responsibilty

    The government’s 2016 announcement of the sugar tax gave manufacturers time to reformulate products before the tax’s introduction in 2018.

    Of course, the SDIL is no silver bullet. There are many contributing factors to the obesity epidemic, ranging from genetic predisposition to “obesogenic” environmentssocial contexts that promote unhealthy eating and sedentary behaviour, such as areas with a lot of fast food restaurants, limited access to healthy food options and a lack of pavements, parks, or safe places to exercise.

    Questions remain about the negative health effects of reformulated drinks, some of which still contain high levels of sweeteners or additives. And in the broader context of the need for food system transformation, focusing solely on soft drinks may be too narrow an approach.




    Read more:
    Are artificial sweeteners okay for our health? Here’s what the current evidence says


    But the SDIL’s success lies not just in outcomes but in its design. It shifts responsibility from individuals to industry, encouraging systemic change rather than simply blaming people for making “bad” choices. The government’s 2016 announcement of the levy gave manufacturers a two-year head start, allowing them to reformulate and get their products to market before it took effect in 2018.

    It’s also telling that the idea of taxing milkshakes has sparked such outrage, while most people now accept the high taxation of tobacco. That’s because smoking, as a public health issue, has matured: its risks are well understood and widely acknowledged. Obesity, meanwhile, is still catching up, despite posing similar health threats, including as a leading cause of cancer.

    In the UK, there’s still a strong social stigma around discussing diet and weight. But given the scale and urgency of the obesity crisis, it could be time to overcome this reluctance. Effective change will require bold, systemic policies – not just public awareness campaigns – but multipronged and targeted interventions that reshape the economic and cultural environments in which people make food choices.

    Expanding the SDIL may not be a cure-all, but the evidence so far suggests it’s a smart step in the right direction.

    David M. Evans receives funding from the UKRI Strategic Priorities Fund (grant ref: BB/V004719/1).
    He is affiliated with Defra (the Department of Environment, Food and Rural Affairs) as a member of their Social Science Expert Group.

    Jonathan Beacham receives funding from the UKRI Strategic Priorities Fund (grant ref: BB/V004719/1).

    ref. ‘Milkshake tax’: why it’s about innovative approaches to health, not household costs – https://theconversation.com/milkshake-tax-why-its-about-innovative-approaches-to-health-not-household-costs-255646

    MIL OSI – Global Reports

  • MIL-OSI Global: Buddha’s foster mother played a key role in the orphaned prince’s life – and is a model for Buddhists on Mother’s Day

    Source: The Conversation – USA – By Megan Bryson, Associate Professor of Religious Studies, University of Tennessee

    Prince Siddhartha with his foster mother Mahaprajapati. A 1910 painting by Maligawage Sarlis. Photo by MediaJet, 2009 via Wikimedia Commons

    Mother’s Day offers an opportunity to reflect on what motherhood means in different religions and cultures. As a scholar of Buddhism and gender, I know how complicated Buddhist attitudes toward mothers can be.

    The historical Buddha, Siddhartha Gautama, taught that family ties were obstacles to enlightenment. According to the Buddha, attachment to family causes suffering because family relationships eventually end and cannot offer lasting contentment. The main goal of Buddhism is to break the cycle of rebirth, which is characterized by suffering.

    However, one family tie remained important for the Buddha – his relationship with his mother. Even after the Buddha left home, he continued to honor two mother figures – his biological mother, Maya, and his foster mother, known as Mahaprajapati Gautami in Sanskrit and Mahapajapati Gotami in the Pali language, which was used for early Buddhist scriptures in ancient India. These women played key roles in the Buddha’s life story, and they continue to inspire Buddhists today. Mahaprajapati specifically inspires women as the first Buddhist nun.

    Many Buddhist scriptures describe reproduction and pregnancy in negative terms because they continue the cycle of rebirth. But Buddhist scriptures also express love and gratitude for mothers, especially the Buddha’s two mother figures.

    Maya, the birth mother

    Maya and Mahaprajapati were sisters who both married the Buddha’s father, Suddhodana, who ruled the region of Kapilavastu along the India-Nepal border. Maya’s name means “illusion,” which refers to a Hindu and Buddhist concept that the material world conceals the true nature of reality.

    Maya’s dream of the Buddha’s conception. Pakistan, second to third centuries C.E.
    © The Trustees of the British Museum, CC BY-NC-SA

    Miracles related to Maya appear throughout stories of the future Buddha Siddhartha’s conception, gestation and delivery. Siddhartha is the Buddha of the current world cycle, but in Buddhist tradition there were other Buddhas in the past and there will be more Buddhas in the future. Each one goes through many rebirths before they attain Buddhahood, and each Buddha’s final rebirth follows the same pattern. According to Buddhist texts, Buddhas-to-be wait for the right time to be born, they choose their own parents, and they are not conceived through sexual intercourse.

    Early Buddhist texts claim that Siddhartha chose Maya as his mother because of her purity and entered her right side in the form of an elephant while she was sleeping. According to some Buddhist scriptures, during Maya’s pregnancy the future Buddha never actually touched her womb, which was considered impure in early Indian Buddhism. When Siddhartha was born, he is said to have emerged from Maya’s right side as she stood, holding onto a tree branch.

    The future Buddha Siddhartha being born from Maya’s right side as she stands, holding the tree. India, 11th century C.E.
    Collection of the Metropolitan Museum of Art. Purchase, Gift of Dr. Mortimer D. Sackler, Theresa Sackler and Family, and Joseph Pulitzer Bequest, 2007

    Maya died seven days after her son’s birth, meaning that she did not live to see him become an enlightened Buddha. As the Buddha, even though Siddhartha encouraged his followers to leave domestic life and cut family ties, he never forgot his birth mother.

    Thanks to her good karma, Maya had been reborn in the heavens as a god, but in Buddhism gods are not as spiritually advanced as Buddhas. The Buddha used his spiritual powers to travel to the heavens, where he preached to Maya and encouraged her progress on the Buddhist path.

    One Chinese text claims that Maya spontaneously lactated upon hearing her son’s words, showing that the bond between mother and son remained strong even after her death.

    Mahaprajapati, the foster mother

    Siddhartha’s aunt Mahaprajapati became his foster mother after Maya died. She cared for the young Siddhartha and breastfed him, having just given birth to her own biological son, Nanda.

    When Siddhartha was preparing to leave home to follow a spiritual path, the chariot driver tried to convince him to stay by reminding Siddhartha how Mahaprajapati nursed him and telling Siddhartha he should be grateful for her motherly kindness.

    Siddhartha left home anyway, which caused Mahaprajapati to collapse out of grief. According to the Mahavastu, the earliest Sanskrit biography of the Buddha, her “eyes, as a result of her tears and grief, had become covered as with scales, and she had become blind.” It was only after Siddhartha returned as the Buddha that her sight was restored.

    A scene depicting the Buddha in the center with Mahaprajapati to his right, pleading with him to establish a nuns’ order. Pakistan, second to third centuries C.E.
    © The Trustees of the British Museum, CC BY-NC-SA

    At around the same time as the Buddha’s return to his kingdom of Kapilavastu, his father Suddhodana died, making Mahaprajapati a widow. The books with rules for Buddhist monks and nuns, known as the Vinaya, report that Mahaprajapati approached the Buddha to ask whether women like her, as well as women whose husbands had become monks, could leave home to join the Buddha’s monastic order.

    The Buddha eventually agreed to this request but warned that including women as nuns would cut short the lifespan of Buddhist teachings in the world from 1,000 years to 500 years. Mahaprajapati became the first Buddhist nun, reaching enlightenment before passing away at the age of 120.

    Scholars of Buddhism do not necessarily treat this episode as literally true, but instead see it as a reflection of mixed attitudes toward admitting women as nuns in the early Buddhist community. These mixed attitudes can still be seen today – for example, in the unwillingness to reinstate the order of nuns in Southeast Asia, which died out centuries ago.

    In Buddhism, nuns must be ordained by a group of 10 fully ordained monks and fully ordained nuns. An order of nuns still survives in China, Japan, Korea and Vietnam, where Mahayana Buddhism is practiced. However, the monastic leaders in Southeast Asia, where Theravada Buddhism is practiced, decided that Mahayana nuns could not ordain Theravada nuns, leaving countries such as Thailand, Laos, Cambodia and Myanmar without fully ordained nuns.

    Legacies of the Buddha’s mothers

    Both Maya and Mahaprajapati were loving mothers in the Buddha’s life story, but it is Mahaprajapati who has remained more of an inspiration for Buddhist women.

    Reiko Ohnuma, a scholar of South Asian Buddhism, argues that Maya is remembered in Buddhist tradition as an idealized, if passive, maternal figure. Her death shortly after the future Buddha’s birth serves as a reminder that life is impermanent and characterized by suffering.

    In contrast, Mahaprajapati lived a full life and played an active role in both raising the future Buddha and in advocating for women to join the monastic community. Early Buddhists may not have fully supported the inclusion of women in the Buddhist monastic community, but the nuns’ order was established nonetheless.

    Mahaprajapati made this opportunity possible thanks to her unique position as the Buddha’s foster mother.

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

    ref. Buddha’s foster mother played a key role in the orphaned prince’s life – and is a model for Buddhists on Mother’s Day – https://theconversation.com/buddhas-foster-mother-played-a-key-role-in-the-orphaned-princes-life-and-is-a-model-for-buddhists-on-mothers-day-255368

    MIL OSI – Global Reports

  • MIL-OSI Security: Allen Woman Sentenced to Over 11 Years in Federal Prison for Conspiring to Distribute Methamphetamine in the Pine Ridge Reservation and in Rapid City

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Court Judge Karen E. Schreier has sentenced an Allen, South Dakota, woman convicted of Conspiracy to Distribute a Controlled Substance.

    Misty Hornbeck, age 50, was sentenced on May 5, 2025, to 11 years and three months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $100.

    Hornbeck was indicted by a federal grand jury in March 2024, and pleaded guilty on February 27, 2025.

    Hornbeck’s conviction stemmed from the large-scale distribution of methamphetamine on the Pine Ridge Reservation and in Rapid City, South Dakota. Hornbeck, who resided in Colorado during the conspiracy, supplied methamphetamine to her codefendants through her sources in Colorado. Hornbeck’s codefendants then transported the methamphetamine into South Dakota. Once the methamphetamine was in South Dakota, it would be further distributed by multiple individuals, including Hornbeck’s co-defendants Nathan Tobacco-Clifford, Milo Shot With Arrow, and others. Between 500 grams and 1.5 kilograms of methamphetamine was distributed during the course of this criminal conspiracy.

    This case was investigated by the FBI and the Badlands Safe Trails Drug Enforcement Task Force, which is comprised of agents from the FBI, South Dakota Division of Criminal Investigation, Bureau of Indian Affairs Division of Drug Enforcement, Martin Police Department, and the Oglala Sioux Tribe Department of Public Safety. Assistant U.S. Attorney Heather Knox prosecuted the case.

    Hornbeck was immediately remanded to the custody of the U.S. Marshals Service following sentencing. 

    ###

    MIL Security OSI

  • MIL-OSI Security: Porcupine Man Sentenced to Eight Years in Federal Prison for Involuntary Manslaughter and False Statement

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Porcupine, South Dakota, man convicted of Involuntary Manslaughter and two counts of False Statement. The sentencing took place on April 25, 2025.

    Clayton Fire Thunder, age 40, was sentenced to a total of eight years in federal prison, followed by three years of supervised release. He was also ordered to pay $300 in special assessments to the Federal Crime Victims Fund.

    A federal grand jury indicted Fire Thunder in May 2024. He was found guilty following a federal jury trial in Rapid City, South Dakota, in January of 2025.

    On the early morning of September 15, 2022, a male drove his partially clothed girlfriend to Indian Health Services (IHS) hospital on the Pine Ridge Reservation and dropped her off at the Emergency Department. The male did not provide his identity nor the female’s identity. The male told medical personnel that a firearm went off while they were engaged in intimate relations and that she had been shot accidentally.

    Law enforcement identified and located the male at his residence several hours later. The male was cleaning the crime scene and sent text messages to the female’s relative’s claiming the shooting was an accident. A search of the residence was conducted. Law enforcement was unable to locate the handgun that the male claimed was used in the shooting. The male was arrested and eventually charged with second degree murder, possession of a firearm by a prohibited person and conspiracy to distribute methamphetamine. A digital surveillance system that recorded traffic to the male’s house was seized by law enforcement.

    After reviewing the footage, law enforcement identified a vehicle that appeared at the male’s residence shortly after midnight and just before the female was brought to IHS. After several months, law enforcement was able to identify the driver of the vehicle as Marino Waters and the passenger as Clayton Fire Thunder. The investigation revealed that Waters drove Fire Thunder to the male’s residence just east of Pine Ridge two times on the morning of September 15, 2022. Fire Thunder intended on selling a firearm to the male in exchange for cash and/or methamphetamine. The male did not answer the door when Fire Thunder knocked, and unexpectedly, Fire Thunder discharged one round from the firearm into the residence. The round ended up penetrating the siding, backboard, and drywall of the residence and struck and killed the male’s girlfriend, a 27-year-old female.

    When Fire Thunder was interviewed by the FBI in March of 2023, he gave a false statement and said that he did not have a firearm when the shooting occurred. Fire Thunder admitted to being at the residence and told law enforcement that he was inquiring with the male homeowner about a junked car at 4:00 o’clock in the morning. Fire Thunder was reinterviewed again in October 2023. Fire Thunder continued to deny that he possessed a firearm during the shooting death of the female and this time said that he was inquiring about a flatbed at 4:00 o’clock.

    Seventeen witnesses and over 200 exhibits were introduced at Fire Thunder trial establishing that Fire Thunder possessed and discharged a firearm on the morning of September 15, 2022, that resulted in the death of a 27-year-old female. The jury found Fire Thunder guilty of involuntary manslaughter and two counts of false statement.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the Oglala Sioux Tribe Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

    Fire Thunder was immediately remanded to the custody of the U.S. Marshals Service.

    MIL Security OSI

  • MIL-OSI Global: Popes have been European for hundreds of years. Is it time for one from Africa or Asia?

    Source: The Conversation – Global Perspectives – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Catholicism did not begin as a “white” faith. Born on the eastern rim of the Mediterranean, it spread through the trading routes and legions of the Roman Empire into Africa, Asia and, only later, what we now call Europe.

    Three early bishops of Rome: Victor I (c. 189–199), Miltiades (311–314) and Gelasius I (492–496), were Africans whose teaching shaped the church’s developing doctrine.

    They are venerated as saints, a reminder the papal office has never been racially defined.

    However, that history sits uneasily with the unbroken run of European popes that stretches from the early Middle Ages to the death of Francis last month. Francis, an Argentine, was the first pope from Latin America, but he was the son of an Italian immigrant family.

    Why, in a global communion of 1.4 billion faithful, has the modern conclave not looked beyond Europeans for a new pope? And what would need to change for it to do so?

    Change has been gradual

    The explanation lies less in colour than in logistics and culture.

    Europe was the political and demographic centre of Catholicism for centuries. Until the 19th century, travel to Rome from beyond Europe was protracted, dangerous and expensive. An elector who missed the start of a conclave was simply excluded.

    Papal politics, therefore, became tightly entwined with Italian city factions and, after 1870, the diplomatic rivalries of European powers.

    Even after steamships and railways made travel easier, longstanding practice and patronage ensured most future cardinals were trained at Roman universities, served in the Curia (the bureaucracy of the Vatican), and moved within a Euro-centric network of friendships. The College of Cardinals became overwhelmingly European in composition and culture.

    The 20th-century popes began to chip away at this European dominance in internal church governance:

    • Pius X abolished the secular veto in 1903 (used by Catholic monarchs to veto papal candidates)
    • Pius XI named the first modern Chinese cardinal in 1946
    • Paul VI limited papal electors to those under the age of 80 and started appointing non-European bishops in greater numbers.

    John Paul II and Benedict XVI continued this trend, while Francis made a point of elevating pastors from places as varied as Tonga, Lesotho and Myanmar.

    While Europe still claims the single largest bloc of votes in the conclave, there has been a decline in its cardinal representation from almost 70% in 1963 to 39% in 2025. The representatives from Africa and Asia have steadily increased.

    Of the 135 electors who are eligible to enter the Sistine Chapel to cast ballots for the new pope on May 7, 53 are European. Africa has 18 electors, Asia 23, Latin America 21, North America 16, and Oceania four. (Two, however, are sick and will not attend – one from Europe and one from Africa).

    This representation is disproportionately European, reflecting the gradual nature of shifts in the church’s structures.

    Shifting demographics

    The demographics of the Catholic church, meanwhile, are changing rapidly.

    Between 1980 and 2023, the Catholic population of Europe fell from 286 million to just under 250 million. Weekly mass attendance declined even more steeply.

    Over the same period, the number of Catholics in Africa almost tripled to 255 million. Asia climbed to about 160 million. And Latin America, though no longer expanding, remains home to roughly 40% of all Catholics, at 425 million.

    Vocations follow the same curve: seminaries in France and Germany are closing for lack of students, while Nigeria, India and the Philippines are sending their priests abroad to ease shortages in Europe.

    Africa and Asia have also significantly increased their representation among Cardinals at the highest level of the Church, from less than 10% in 1963 to more than 30% in 2025.

    Ultimately, these numbers will expand even further, catching up with baptismal registers in Africa, Asia and Latin America.

    What matters most during the conclave

    Observers often describe papal candidates as “progressive” or “conservative”, or speculate about a “Global South bloc” ready to storm the papal throne. Such language obscures what the electors actually consider when casting a ballot.

    Five practical questions tend to be important:

    1. Is the candidate known and trusted, and a man of faith and wisdom?

    Personal acquaintance still matters. Cardinals who have worked in Rome are well-placed because most electors have met them repeatedly.

    2. Can he govern the Curia?

    Leading the world’s oldest bureaucracy demands stamina, political tact, leadership acumen, relational skills and fluency in Italian, the everyday language of Vatican administration.

    There is also the ongoing issue of reform, particularly around the church’s sexual abuse crisis and financial matters.

    3. Will he be heard beyond Rome?

    A pope must travel, address parliaments and give press conferences. Because communication and symbolism are important, a command of English and comfort in front of the global media matter greatly.

    4. Is he a pastor?

    The ability to preach the Gospel compellingly, comfort the afflicted and speak credibly about the poor has been vital since John Paul II.

    5. Does he know and inhabit the tradition of the church?

    As part of this, a pope should also be able to represent and deepen the church’s teachings.

    Non-European papal candidates

    These criteria help explain why previous non-European hopefuls have fallen short.

    In 1978, for instance, Cardinal Aloísio Lorscheider of Brazil was judged too youthful and untested.

    In 2005, Cardinal Francis Arinze of Nigeria, though admired, was seen as a transition figure at the age of 72. He also lacked experience in the Curia.

    In 2013, Cardinal Odilo Scherer of Brazil was persuasive on pastoral questions but hampered by his limited English and Italian, and by concerns the Vatican Bank needed a strong financial reformer.

    Could it change this year? There are several non-European candidates in the current conclave:

    • Luis Antonio Tagle (Philippines): the former archbishop of Manila, he is a gifted communicator in Italian and English. Some voters may fear he is not administratively capable and too closely identified with Francis, yet others see that continuity as an advantage.

    • Fridolin Ambongo Besungu (Democratic Republic of the Congo): a leading African voice on ecology and conflict mediation, he is admired for his courage and leadership in strife-torn Congo. Sceptics point to his limited network outside Africa and France. He may also be too conservative for some cardinals.

    • Peter Turkson (Ghana): a long-time curial prefect and articulate champion of economic justice. Age counts against him (he is 76), yet he could emerge as a compromise if the conclave stalls, as he seen to be doctrinally solid, open and charismatic.

    Any one of them would break the post-medieval pattern. None, however, would (or should) campaign as a flag-bearer for his continent.

    The church neither keeps a scorecard by hemisphere nor anoints popes to gratify civil notions of representation.

    The most important thing is whether a candidate can carry forward the mission of the church and speak in an effective way in an era marked by war, the climate crisis and rapid secularisation.

    Would a non-European pope be seismic?

    Symbolically, yes.

    A Filipino or Congolese pope would signal that Catholicism’s demographic heart now beats in Manila and Kinshasa, rather than Milan and Cologne.

    Practically, though, the change might be less dramatic.

    Whoever is elected inherits the same threefold task:

    • to guard church unity while being a place for all nations and peoples
    • to preach convincingly in a sceptical age and serve the poor and marginalised
    • to lead the a very diverse institution and reform the Curia so it serves rather than stifles evangelisation.

    Those challenges transcend region and skin tone.

    If the next pope happens to be African, Asian or Latin American, history will have turned a page. The universal body will have recognised, in the face of its evolving demographics, the gifts of a shepherd able to speak to followers in Kinshasa, Manila, Sao Paulo and Munich with equal conviction.

    The mystery of the conclave is that when the doors close, regional and political calculations fade. What remains is prayerful discernment about who can carry Saint Peter’s keys into an uncertain future.

    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. Popes have been European for hundreds of years. Is it time for one from Africa or Asia? – https://theconversation.com/popes-have-been-european-for-hundreds-of-years-is-it-time-for-one-from-africa-or-asia-255506

    MIL OSI – Global Reports

  • MIL-OSI Global: India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

    Source: The Conversation – Global Perspectives – By Ian Hall, Professor of International Relations, Griffith University

    India conducted military strikes against Pakistan overnight, hitting numerous sites in Pakistan-controlled Kashmir and deeper into Pakistan itself. Security officials say precision strike weapon systems, including drones, were used to carry out the strikes.

    Pakistan says at least eight civilians have been killed and many more injured.

    While there’s still much uncertainty around what’s happened, it is clear both sides are closer to a major conflict than they have been in years – perhaps decades.

    We’ve seen these kinds of crises before. India and Pakistan have fought full-scale wars many times over the years, in 1947, 1965, 1971 and 1999.

    There were also cross-border strikes between the two sides in 2016 and 2019 that did not lead to a larger war.

    These conflicts were limited because there was an understanding, given both sides possess nuclear weapons, that escalating to a full-scale war would be very dangerous. That imposed some control on both sides, or at least some caution.

    There was also external pressure from the United States and others on both occasions not to allow those conflicts to spiral out of control.

    While it’s possible both sides will exercise similar restraint now, there may be less pressure from other countries to compel them to do so.

    In this context, tensions can escalate quickly. And when they do, it’s difficult to get both sides to back down and return to where they were before.

    Why did India strike now?

    India says it was retaliating for a terror attack last month on mostly Indian tourists in heavily militarised Kashmir, which both sides claim. The attack left 26 dead.

    There was a claim of responsibility after the attack from a group called the Resistance Front, but it was subsequently withdrawn, so there’s some uncertainty about that.

    Indian sources suggest this group, which is relatively new, is an extension of a pre-existing militant group, Lashkar-e-Taiba, which has been based in Pakistan for many years.

    Pakistan has denied any involvement in the tourist attack. However, there’s been good evidence in the past suggesting that even if the Pakistani government hasn’t officially sanctioned these groups operating on its territory, there are parts of the Pakistani establishment or military that do support them. This could be ideologically, financially, or through other types of assistance.

    In previous terror attacks in India, weapons and other equipment have been sourced from Pakistan. In the Mumbai terror attack in 2008, for instance, the Indian government produced evidence it claimed showed the gunmen were being directed by handlers in Pakistan by phone.

    But as yet, we have no such evidence demonstrating Pakistan is connected to the tourist attack in Kashmir.

    India has also repeatedly asked Pakistan to shut down these groups. While the leaders have occasionally been put in jail, they’ve later been released, including the alleged mastermind of the 2008 Mumbai attack.

    And madrassas (religious schools) that have long been accused of supplying recruits for militant groups are still permitted to operate in Pakistan, with little state control.

    Pakistan, meanwhile, claims that attacks in Kashmir are committed by local Kashmiris protesting against Indian “occupation” or Pakistanis spontaneously moved to take action.

    These two positions obviously don’t match up in any way, shape or form.

    A political cost to pay for not acting

    It remains to be seen what cost either side is willing to pay to escalate tensions further.

    From an economic standpoint, there’s very little cost to either side if a larger conflict breaks out. There’s practically no trade between India and Pakistan.

    New Delhi has likely calculated that its fast-growing economy will not be harmed by its strikes and others will continue to trade and invest in India. The conclusion of a trade deal with the United Kingdom, after three years of negotiations, will reinforce that impression. The deal was signed on May 6, just before the Pakistan strikes.

    And from the standpoint of international reputation, neither side has much to lose.

    In past crises, Western countries were quick to condemn and criticise military actions committed by either side. But these days, most take the view that the long-simmering conflict is a bilateral issue, which India and Pakistan need to settle themselves.

    The main concern for both sides, then, is the political cost they would suffer from not taking military action.

    Before the terrorist attack on April 22, the government of Indian Prime Minister Narendra Modi had claimed the security situation in Kashmir was improving, and ordinary Indians could safely travel in the region. Those claims were undermined by what occurred that day, making it crucial for the government to respond.

    And now, if Pakistan doesn’t react to the Indian strikes, its government and especially its military would have a cost to pay, too.

    Despite a patchy record of success, Pakistan’s army has long justified its outsize role in national politics by claiming that it alone stands between the Pakistani people and Indian aggression. If it fails to act now, that claim might look hollow.

    Little external mediation to bank on

    So, how does this play out? The hope would be there’s limited military action, lasting a few days, and then things calm down rapidly, as they have in the past. But there are no guarantees.

    And there are few others willing to step in and help deescalate the dispute. US President Donald Trump is mired in other conflicts in Ukraine, Gaza and with the Houthi rebels in Yemen, and his administration’s diplomacy has so far been inept and ineffective.

    When asked about the Indian strike today, Trump replied it was a “shame” and he “hopes” it ends quickly.

    That’s very different from the strong rhetoric we’ve seen from US presidents in the past when India and Pakistan have come to blows.

    New Delhi and Islamabad will likely have to settle this round themselves. And for whoever decides to blink or back down first, there may be a substantial political cost to pay.

    Ian Hall receives funding from the Department of Foreign Affairs and Trade. He is also an honorary academic fellow of the Australia India Institute at the University of Melbourne.

    ref. India and Pakistan have fought many wars in the past. Are we on the precipice of a new one? – https://theconversation.com/india-and-pakistan-have-fought-many-wars-in-the-past-are-we-on-the-precipice-of-a-new-one-256080

    MIL OSI – Global Reports

  • MIL-OSI Global: The Conversation Africa’s first 10 years: a story of new media powered by generosity

    Source: The Conversation – Africa – By Candice Bailey, Strategic Initiatives Editor

    Starting from scratch is daunting. And exhilarating. Your heart pounds, you can taste adrenaline, the sense of urgency and anticipation makes you high. I can recall each of these sensations 10 years after the thrilling moment when The Conversation Africa went live, and our first newsletter was sent out. Thanks to some nifty software, we were able to watch readers open their emails in real time in cities and towns in South Africa, Kenya, Nigeria, Ghana, Senegal, Malawi, Zimbabwe as well as beyond in the US, the UK, India, France, Japan and Australia.

    We’d gone live. People were reading us. We’d launched and there was no going back.

    It was a tiny team that celebrated the moment: nine of us in an office in Johannesburg plus two colleagues from TC Australia who’d flown over to show us the ropes. Our promise when we launched was that we would “work with academics across Africa and internationally to bring informed expertise to a global audience”.

    It’s a promise we’ve kept. From a small team in an office in Johannesburg we’ve gone on to open offices in Kenya, Nigeria, Ghana and Senegal. We’ve published 11,775 articles about African research, written by 7,540 academics, attracting over 180 million reads, helped by 935 republishers.

    It’s a model that works because of the generosity of donors, universities, academics and readers. And because we offer evidence-based insight you can trust.

    In retrospect the whole idea might have seemed mad. The impact of the 2008 financial crisis was still being felt. Nobody was in an expansive mood: governments were cutting budgets, economic growth was slow. At the time the media landscape was in bad shape as more titles hit the wall and those that elected to keep going were shrinking their operations.

    What tipped the balance to go for it was that The Conversation offered the opportunity of building – at scale – a partnership between academics and journalists anchored on the simple premise that researchers would be the writers, and the journalists would be the editors.

    The second factor was that the prototype had been built and was working extremely well. Four years prior to our launch The Conversation Australia (the mothership) had gone live. This was followed by editions in the UK, then in the US.

    All three were incredibly successful. It was clear to me that tapping into the vast world of academic research as the primary source of articles, and coupling this with the skills of journalists trained as editors, was a winning formula. Academics were keen to write (without being paid), there were journalists eager to apply their editing skills, and media outlets were hungry to pick up articles put out under a Creative Commons licence.

    The “why” all made sense. The “how” proved to be trickier.

    Money was a problem. The university sectors in other regions were the mainstay of the earlier editions. But universities on the continent were cash-strapped and hardly in a position to bankroll our endeavour. The answer was two-fold: find donors that were supporting the higher education sector in the hope that they would see the merits of the project; and secondly, ask universities for support, either in the form of money or by offering us rent-free accommodation.

    Both strategies worked. We raised enough cash to pay for the small team based in rent-free offices at the University of the Witwatersrand.

    The second tricky bit was fulfilling the promise of being The Conversation Africa. An office in Johannesburg wasn’t going to cut it. We set about finding more money so that we could expand our footprint. By 2017 our team could boast a colleague in Kenya working from an office gifted by the African Population and Health Research Centre. It took another two years to fulfil the promise with colleagues in Lagos (in an office at the Nigerian Academy of Sciences) and a colleague in Accra. The final piece of the puzzle fell into place with the launch of TC Afrique in 2023 with a team of two in Dakar.

    I put The Conversation Africa’s success down to generosity. The generosity of spirit of my colleagues. The generosity of donors. The generosity of universities. The generosity of academics who have volunteered to share their knowledge and approached the rigours of our editing with grace and forbearance. And finally the generosity of you, our readers, who express your appreciation in a host of different ways, not least by sharing articles you come across far and wide. Thank you.

    It’s been a remarkable and hugely fulfilling 10 years. The Conversation Africa has established itself as the source of articles you can trust. A rare commodity in these tricky times. Please continue to support us. We need you in our corner.

    ref. The Conversation Africa’s first 10 years: a story of new media powered by generosity – https://theconversation.com/the-conversation-africas-first-10-years-a-story-of-new-media-powered-by-generosity-256011

    MIL OSI – Global Reports

  • MIL-OSI Security: Five Charged in Human Smuggling Event that Led to at Least Three Deaths

    Source: Office of United States Attorneys

    SAN DIEGO – Two complaints were filed in federal court today charging five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

    According to court records, on May 5, 2025, witnesses observed an overturned panga boat at a beach in Del Mar, California. Bystanders and San Diego Lifeguards participated in rescue efforts. Law enforcement officials recovered three bodies, including the boy, identified in court records as P.P.B. Four others were rescued and hospitalized, including P.P.B.’s mother and father; nine others were initially unaccounted for, including P.B.B.’s 10-year-old sister.

    Two men believed to be involved in the smuggling event – Mexican nationals Julio Cesar Zuniga Luna and Jesus Juan Rodriguez Leyva – were arrested Monday at the beach and charged today with Bringing in Aliens Resulting in Death and Bringing in Aliens for Financial Gain.

    Later Monday night, Border Patrol agents were conducting operations in Chula Vista, California where they identified a vehicle that had been observed at the scene of the maritime smuggling incident earlier that day. The driver of the vehicle fled the scene. During the investigation, Border Patrol Agents identified two other vehicles that were involved in the smuggling event and were able to successfully stop and arrest the drivers of these load vehicles and locate eight of the nine migrants missing from the boat, with the exception of the 10-year-old sister of P.P.B.

    Melissa Jenelle Cota, Gustavo Lara and Sergio Rojas-Fregosa – all Mexican nationals – were arrested and charged with Transportation of Illegal Aliens. Rojas-Fregoso, was identified as an alien who had previously been deported on December 19, 2023.

    “The drowning deaths of these children are a heartbreaking reminder of how little human traffickers care about the costs of their deadly business,” said U.S. Attorney Adam Gordon. “We are committed to seeking justice for these vulnerable victims, and to holding accountable any traffickers responsible for their deaths.”

    “Human smuggling, regardless of the route, is not only illegal but extremely dangerous. Smugglers often treat people as disposable commodities, leading to tragic and sometimes deadly consequences, as we saw in this case,” said Shawn Gibson, Special Agent in Charge of HSI San Diego. “Yesterday’s heartbreaking events are a stark reminder of the urgent need to dismantle these criminal networks driven by greed. The HSI along with the U.S. Border Patrol, U.S. Coast Guard, and other partners from the Marine Task Force, remains firmly committed to holding those responsible accountable for these senseless deaths.”

    This case is being prosecuted by Assistant U.S. Attorneys Sean Van Demark and Edward Chang.

    DEFENDANTS                                            

    Case Number 25mj02403-JLB

    Jesus Ivan Rodriguez-Leyva                          Age: 36                                  Mexico

    Julio Cesar Zuniga-Luna                                Age: 30                                   Mexico

    SUMMARY OF CHARGES

    Bringing in Aliens Resulting in Death – Title 8, U.S.C., Sections 1324(a)(1)(A)(i), (v)(II), and (a)(1)(B)(iv)

    Maximum penalty: Death or Life in Prison and $250,000 fine

    Bringing in Aliens for Financial Gain – Title 8, U.S.C., Section 1324(a)(2)(B)(ii)

    Maximum penalty: Ten years in prison with a three-year mandatory minimum and $250,000 fine

    Case Number 25mj2386-JLB

    Melissa Jennelle Cota                                    Age: 33                                  Mexico

    Gustavo Lara                                                  Age: 32                                   Mexico

    Sergio Rojas-Fregoso                                     Age: 31                                   Mexico

    SUMMARY OF CHARGES

    Transportation of Illegal Aliens – Title 8, U.S.C., Section 1324(a)(1)(A)(ii)

    Maximum penalty: Ten years in prison and $500,000 fine

    Deported Alien Found in the United States – Title 8, U.S.C., Section 1326

    Maximum penalty: Two years in prison and $250,000 fine

    INVESTIGATING AGENCIES

    Homeland Security Investigations – Marine Task Force

    Homeland Security Investigations

    U.S. Customs and Border Protection

    United States Coast Guard

    San Diego Lifeguard Service

    San Diego County Medical Examiner’s Office

    *The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    MIL Security OSI

  • MIL-OSI Video: UN Secretary-General on India Pakistan tensions

    Source: United Nations (Video News)

    UN Secretary-General António Guterres on Monday called for “maximum restraint” from India and Pakistan, warning that escalating tensions over a recent deadly terror attack in Kashmir risk spiralling into outright military confrontation.

    https://www.youtube.com/watch?v=Y_H1yvP0NQ4

    MIL OSI Video

  • MIL-OSI Video: Hibakujumoku Tree Planting Ceremony | United Nations

    Source: United Nations (Video News)

    A symbolic tree was planted at the United Nations Headquarters on Monday 5 May, honouring victims of the atomic bombings of Hiroshima and Nagasaki 80 years ago. Speaking on behalf of the United Nations Office for Disarmament Affairs – who co-organized the planting ceremony with the United Nations Staff Recreation Council Gardening Club, Izumi Nakamitsu, UN High Representative for Disarmament Affairs and Yamazaki Kazuyuki, Permanent Representative of Japan to the United Nations described the importance of planting a tree stemming from a seed that survived the bombing. Despite the heat and radiation, the Hibakujumoku, or survivor trees, sprouted new life from their trunks, roots, or stumps. They have become powerful symbols of resilience, peace, and the enduring force of nature amid destruction.

    https://www.youtube.com/watch?v=GQjzFBRz5aA

    MIL OSI Video

  • MIL-OSI: Elcogen and Casale SA sign Memorandum of Understanding

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, May 07, 2025 (GLOBE NEWSWIRE) — Elcogen, a leading European manufacturer of technology that enables the efficient production of affordable green hydrogen and emission-free electricity, today announced that it has entered into a Memorandum of Understanding (MoU) with Casale, a global provider of technologies and integrated engineering solutions to produce ammonia and other base chemicals. This is a non-exclusive Memorandum that will enable the parties to collaborate on green ammonia and other Power-to-X (P2X) projects.

    Under this MoU, the two companies will explore commercial projects of mutual interest, with a view to integrating Elcogen’s solid oxide electrolysis stack and stack module technology into Casale’s plants, and potentially other P2X applications globally. In turn, Elcogen can provide their technology platform and related technical services to support Casale in its process design efforts for developers on the international market.

    This partnership marks a significant milestone in the green energy transition, with the possibility of combining Casale’s proven, mature process design expertise with Elcogen’s cutting-edge Solid Oxide Electrolysis Cell (SOEC) technology for highly efficient green hydrogen production.

    Driving the future of sustainable solutions with green hydrogen

    Ammonia production, which today relies primarily on hydrogen derived from natural gas, has traditionally been dependent on fossil fuels, making it a significant source of CO2 emissions. However, by coupling green hydrogen technology into ammonia production and leveraging renewable energy sources, the new process can significantly reduce emissions, offering a cleaner and more sustainable solution for the industry. Combining Elcogen’s efficient SOEC technology with Casale’s high-performance ammonia solutions, the parties will be able to propose leading solutions to the green ammonia market. SOEC is ideally suited to integration with industrial processes, producing hydrogen directly where it is needed as feedstock.

    “Solid oxide technology is on track to reach cost parity with PEM and Alkaline systems soon, and once it does, it will offer even greater value. With a lower levelised cost of hydrogen, greater scalability, and a lack of reliance on precious materials like iridium and platinum, it’s a future-proof technology that’s expected to become a key player in the green ammonia space as it matures. This will provide a competitive advantage to both companies,” said Mikael Jansen, Director of Business Development at Elcogen, adding, “This MoU is an exciting step forward. With over 100 years of experience, Casale is a world-class player, and we are humbled that a major ammonia technology provider shares our same vision. Together, we are making a tangible contribution to world sustainability goals. We’re poised to set a new standard for sustainable ammonia production”.

    SOEC technology offers unparalleled advantages compared to water electrolysis. It requires less electricity to produce hydrogen due to faster and more efficient kinetics, and it can use steam generated from the waste heat of industrial processes – such as ammonia production – further reducing the electricity needed for hydrogen production. Unlike water electrolysis, it produces little to no waste heat itself. The elcoStack® technology platform operates at a lower temperature compared to many other solutions while retaining high efficiency and power densities, providing a simpler and more cost-efficient solution for integrating solid oxide technology into an electrolyser system.

    “Observing Elcogen’s achievements in solid oxide technology, we see a highly complementary fit with Casale’s deep expertise in process integration and plant design. This collaboration opens new possibilities for industrial applications of green hydrogen, particularly in ammonia production and also in other technologies. We believe this partnership will allow both companies to explore innovative solutions in the Power-to-X space, building on our shared commitment to accelerate the energy transition,” said Federico Zardi, CEO of Casale SA.

    Elcogen Contact: Laura Quinton, Communications Manager, Laura.Quinton@elcogen.com +358(0)456163133

    Casale Contact: Maria San Antonio Alonso, Marketing & Communications Manager, m.sanantonio@casale.ch +41 91 6419330

    About Casale

    Founded in 1921, Casale is a privately-owned Swiss company headquartered in Lugano, Switzerland, with over a century of expertise offering integrated technologies, engineering, contracting and construction solutions for the chemical and fertilizer industries. With more than 450 professionals across Switzerland, the Czech Republic, China, India, the United States, the United Arab Emirates and Brazil, Casale is a global leader in sustainable fertilizer production technologies.

    Casale is among the few licensors that can provide the entire fertilizer production chain of ammonia, urea, nitric acid, nitrates, phosphates, in addition to key chemicals such as melamine, methanol. Focused to build sustainable plants for a better planet, the portfolio of solutions also includes innovative technologies to produce green and blue ammonia, methanol, and hydrogen delivering thus a complete range of solutions for new plants and for plants retrofits (revamping).

    Casale delivers, both for plant revamping and new plants, a comprehensive range of services and products including:

    • know-how and licensing of core technologies
    • full range of engineering services, from feasibility studies to basic, FEED, and detail design
    • equipment and materials supply
    • EP/EPC project contracting
    • digital solutions for plant control and management
    • repair and maintenance services

    Casale offers a full range of services consistently prioritizing continuous innovation and operational excellence. Casale’s ability to weave its deep commitment to the research and development of clean technologies into every aspect of its design, construction and renovation projects underlines its leadership in energy transition and sustainability.

    www.Casale.ch

    About Elcogen

    Elcogen develops and supplies solid oxide fuel cell and electrolysis technologies, enabling the production of affordable green hydrogen and emission-free electricity across diverse sectors, from residential to large-scale industrial applications. Founded in 2001, the Company has its registered office in the UK, its main headquarters in Tallinn, Estonia, and R&D centres of excellence in both Estonia and Finland. Serving a growing global customer base, Elcogen’s fuel and electrolyser cells, stacks, and modules are integrated into third-party systems, delivering exceptional performance and reliability. In addition to the supply of components, Elcogen offers comprehensive services to support technology integration, ensuring seamless adoption and optimal functionality of its solutions in various applications. These systems are designed to unlock the full potential of renewable energy, offering superior efficiency compared to traditional technologies. Together with its partners, Elcogen is shaping a sustainable energy landscape and leading the way to a net-zero future.

    www.elcogen.com

    The MIL Network

  • MIL-OSI: ProLogium Collaborates with Kyushu Electric on Next-Gen Batteries for Heavy Machinery

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan, May 07, 2025 (GLOBE NEWSWIRE) — ProLogium Technology, the global leader in LCB-based next-generation battery innovation, today announced a strategic partnership with Japan’s Kyushu Electric Power. Together, the two companies will co-develop a 24V LCB (Lithium Ceramic Battery) module tailored for construction machinery applications, with plans to jointly unveil the technology at CES 2026.

    This collaboration marks another significant milestone in ProLogium’s global new energy strategy, showcasing its technological prowess and growing market influence. Looking ahead, the two parties will continue deepening their cooperation—expanding the deployment of clean energy solutions not only in construction but also across broader energy sectors, paving the way for a more sustainable industrial future.

    Synergy-Driven Innovation for Heavy Machinery

    This partnership combines ProLogium’s cutting-edge battery technology with Kyushu Electric Power’s expertise in module design and end-user integration. The result: a high-performance, durable, and versatile energy solution tailored to the demanding operational needs of construction machinery. ProLogium will supply its industry-leading lithium ceramic batteries, while Kyushu Electric Power will take the lead in developing the 24V modules and integrating them into heavy equipment for end users.

    Compared to conventional lithium-ion batteries, ProLogium’s LCB modules offer several compelling advantages:

    • Enhanced Safety: ProLogium’s next-generation battery utilizes a fully inorganic electrolyte and highly stable cathode and anode materials, effectively minimizing risks of thermal runaway and fire. It is equipped with an Active Safety Mechanism (ASM) that automatically activates under high-temperature conditions, significantly improving safety performance in demanding operational environments.
    • High Energy Density: Without compromising safety, ProLogium employs high-activity materials such as a 100% silicon composite anode to substantially boost energy density. This allows for a more compact and lightweight battery pack while delivering outstanding range and power performance—ideal for heavy machinery where both performance and space efficiency are critical.
    • Outstanding Low-Temperature Performance: Engineered to operate reliably in extreme cold, the battery ensures stable operation and sustained power output, supporting heavy machinery in prolonged, high-intensity tasks under low-temperature conditions.
    • Fast Charging × Durability for Optimized Operational Efficiency: With outstanding fast-charging capability, ProLogium batteries significantly reduce charging time, lowering equipment downtime and replacement frequency. This not only eases the burden of procuring backup vehicles but also enhances operational continuity. Coupled with long service life and high performance, the solution offers greater stability, reduced maintenance costs, and improved overall operational efficiency.

    The collaboration will make its first public appearance at CES 2026, where the companies will jointly showcase their technical achievements and engage with potential partners.

    Advancing Low-Carbon Transformation in the Heavy Industry Sector

    Beyond improving operational efficiency, the partnership aims to promote greener, more resource-efficient industrial practices. By cutting carbon emissions, reducing pollution, and increasing energy utilization, ProLogium and Kyushu Electric Power aspire to offer sustainable battery solutions for the future. ProLogium’s next-gen LCBs maintain stable performance under harsh environmental conditions—maximizing energy efficiency.

    The collaboration aligns with global trends toward carbon neutrality and green technology, leading the construction machinery industry toward a cleaner, low-carbon future. With its high safety standards, energy density, fast-charging capability, and excellent low-temperature discharge performance, ProLogium’s lithium ceramic battery is not only ideal for electric vehicles but also well-suited for heavy-duty applications and beyond.

    Vincent Yang, founder and chairman of ProLogium stated:

    “As the world accelerates its shift toward sustainability, electrification in construction and heavy industries is both urgent and inevitable. We are honored to partner with Kyushu Electric Power to bring our next-generation LCB technology into the heavy machinery sector, elevating energy efficiency, safety, and endurance.

    Together, we are committed to advancing green energy transformation and building a low-carbon, sustainable future. This partnership enables us to deliver longer-range energy solutions for heavy-duty operations, enhance productivity with fast-charging capabilities, and ensure stable battery performance in extreme cold—all contributing to the electrification of heavy industry and a cleaner future for global infrastructure.”

    The MIL Network

  • MIL-OSI: Radware Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Financial Results and Highlights

    • Revenue of $72.1 million, an increase of 11% yearoveryear
    • Cloud ARR of $80 million, an increase of 19% year-over-year
    • Non-GAAP diluted EPS of $0.27 vs. $0.16 in Q1 2024; GAAP diluted EPS of $0.10 vs. $(0.03) in Q1 2024
    • Cash flow from operations of $22.4 million in Q1 and $72.9 million over the trailing 12 months

    TEL AVIV, Israel, May 07, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the first quarter ended March 31, 2025.

    “We had a strong start to 2025 with first quarter revenue rising 11% year-over-year, marking our third consecutive quarter of double-digit growth. In addition, our strong non-GAAP EPS growth and cash flow from operations reflect the high leverage in our business model,” said Roy Zisapel, Radware’s president and CEO.

    Financial Highlights for the First Quarter 2025
    Revenue for the first quarter of 2025 totaled $72.1 million:

    • Revenue in the Americas region was $27.4 million for the first quarter of 2025, an increase of 1% from $27.1 million in the first quarter of 2024.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $28.4 million for the first quarter of 2025, an increase of 25% from $22.7 million in the first quarter of 2024.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the first quarter of 2025, an increase of 7% from $15.3 million in the first quarter of 2024.

    GAAP net income for the first quarter of 2025 was $4.3 million, or $0.10 per diluted share, compared to GAAP net loss of $1.2 million, or $(0.03) per diluted share, for the first quarter of 2024.

    Non-GAAP net income for the first quarter of 2025 was $11.8 million, or $0.27 per diluted share, compared to non-GAAP net income of $6.8 million, or $0.16 per diluted share, for the first quarter of 2024.

    As of March 31, 2025, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $447.9 million. Cash flow from operations was $22.4 million in the first quarter of 2025.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, May 7, 2025, at 8:30 a.m. EDT to discuss its first quarter 2025 results and second quarter 2025 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 1-877-704-4453
    International participants call: 1-201-389-0920

    A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13752770.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and taxrelated adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.
    Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands)
           
      March 31,   December 31,
      2025   2024
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets      
    Cash and cash equivalents 114,239   98,714
    Marketable securities 55,118   72,994
    Short-term bank deposits 122,361   104,073
    Trade receivables, net 25,036   16,823
    Other receivables and prepaid expenses 9,627   14,242
    Inventories 13,511   14,030
      339,892   320,876
           
    Long-term investments      
    Marketable securities 31,229   29,523
    Long-term bank deposits 124,968   114,354
    Other assets 2,203   2,171
      158,400   146,048
           
           
    Property and equipment, net 14,584   15,632
    Intangible assets, net 10,758   11,750
    Other long-term assets 36,492   37,906
    Operating lease right-of-use assets 17,560   18,456
    Goodwill 68,008   68,008
    Total assets 645,694   618,676
           
    Liabilities and equity      
           
    Current liabilities      
    Trade payables 3,646   5,581
    Deferred revenues 119,329   106,303
    Operating lease liabilities 4,642   4,750
    Other payables and accrued expenses 55,678   51,836
      183,295   168,470
           
    Long-term liabilities      
    Deferred revenues 69,505   64,708
    Operating lease liabilities 12,497   13,519
    Other long-term liabilities 14,319   14,904
      96,321   93,131
           
    Equity      
    Radware Ltd. equity      
    Share capital 756   754
    Additional paid-in capital 560,833   555,154
    Accumulated other comprehensive income (loss) (140)   1,103
    Treasury stock, at cost (366,588)   (366,588)
    Retained earnings 130,194   125,850
    Total Radware Ltd. shareholder’s equity 325,055   316,273
           
    Non–controlling interest 41,023   40,802
           
    Total equity 366,078   357,075
           
    Total liabilities and equity 645,694   618,676
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)
    (U.S Dollars in thousands, except share and per share data)
             
        For the three months ended
        March 31,
        2025   2024
        (Unaudited)   (Unaudited)
             
    Revenues   72,079   65,085
    Cost of revenues   13,990   12,812
    Gross profit   58,089   52,273
             
    Operating expenses, net:        
    Research and development, net   18,776   18,896
    Selling and marketing   31,281   29,701
    General and administrative   6,463   7,339
    Total operating expenses, net   56,520   55,936
             
    Operating income (loss)   1,569   (3,663)
    Financial income, net   4,875   3,608
    Income (loss) before taxes on income   6,444   (55)
    Taxes on income   2,100   1,167
    Net income (loss)   4,344   (1,222)
             
    Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.10   (0.03)
             
    Weighted average number of shares used to compute basic net income (loss) per share   42,663,787   41,750,203
             
    Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.10   (0.03)
             
    Weighted average number of shares used to compute diluted net income (loss) per share   44,192,474   41,750,203
    Radware Ltd.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (U.S Dollars in thousands, except share and per share data)
           
      For the three months ended
      March 31,
      2025   2024
      (Unaudited)   (Unaudited)
    GAAP gross profit 58,089   52,273
    Share-based compensation 120   79
    Amortization of intangible assets 992   992
    Non-GAAP gross profit 59,201   53,344
           
    GAAP research and development, net 18,776   18,896
    Share-based compensation 1,223   1,722
    Non-GAAP Research and development, net 17,553   17,174
           
    GAAP selling and marketing 31,281   29,701
    Share-based compensation 3,076   2,551
    Non-GAAP selling and marketing 28,205   27,150
           
    GAAP general and administrative 6,463   7,339
    Share-based compensation 1,479   2,395
    Acquisition costs 153   220
    Non-GAAP general and administrative 4,831   4,724
           
    GAAP total operating expenses, net 56,520   55,936
    Share-based compensation 5,778   6,668
    Acquisition costs 153   220
    Non-GAAP total operating expenses, net 50,589   49,048
           
    GAAP operating income (loss) 1,569   (3,663)
    Share-based compensation 5,898   6,747
    Amortization of intangible assets 992   992
    Acquisition costs 153   220
    Non-GAAP operating income 8,612   4,296
           
    GAAP financial income, net 4,875   3,608
    Exchange rate differences, net on balance sheet items included in financial income, net 492   153
    Non-GAAP financial income, net 5,367   3,761
           
    GAAP income (loss) before taxes on income 6,444   (55)
    Share-based compensation 5,898   6,747
    Amortization of intangible assets 992   992
    Acquisition costs 153   220
    Exchange rate differences, net on balance sheet items included in financial income, net 492   153
    Non-GAAP income before taxes on income 13,979   8,057
           
    GAAP taxes on income 2,100   1,167
    Tax related adjustments 62   62
    Non-GAAP taxes on income 2,162   1,229
           
    GAAP net income (loss) 4,344   (1,222)
    Share-based compensation 5,898   6,747
    Amortization of intangible assets 992   992
    Acquisition costs 153   220
    Exchange rate differences, net on balance sheet items included in financial income, net 492   153
    Tax related adjustments (62)   (62)
    Non-GAAP net income 11,817   6,828
           
    GAAP diluted net income (loss) per share 0.10   (0.03)
    Share-based compensation 0.14   0.16
    Amortization of intangible assets 0.02   0.02
    Acquisition costs 0.00   0.01
    Exchange rate differences, net on balance sheet items included in financial income, net 0.01   0.00
    Tax related adjustments (0.00)   (0.00)
    Non-GAAP diluted net earnings per share 0.27   0.16
           
           
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 44,192,474   42,875,058
    Radware Ltd.
    Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
             
        For the three months ended
        March 31,
        2025   2024
        (Unaudited)   (Unaudited)
    Cash flow from operating activities:        
             
    Net income (loss)   4,344   (1,222)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation and amortization   3,152   2,943
    Share-based compensation   5,898   6,747
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (161)   (73)
    Decrease in accrued interest on bank deposits   (1,790)   (9)
    Increase (decrease) in accrued severance pay, net   61   (58)
    Increase in trade receivables, net   (8,213)   (219)
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   (186)   605
    Decrease in inventories   519   1,004
    Increase (decrease) in trade payables   (1,935)   1,406
    Increase in deferred revenues   17,823   8,894
    Increase in other payables and accrued expenses   3,164   1,483
    Operating lease liabilities, net   (234)   (379)
    Net cash provided by operating activities   22,442   21,122
             
    Cash flows from investing activities:        
             
    Purchase of property and equipment   (1,112)   (1,774)
    Proceeds from (investment in) other long-term assets, net   109   (25)
    Investment in bank deposits, net   (27,112)   (17,898)
    Investment in, redemption of and purchase of marketable securities ,net   16,194   3,502
    Proceeds from other deposits   5,000  
    Net cash used in investing activities   (6,921)   (16,195)
             
    Cash flows from financing activities:        
             
    Proceeds from exercise of share options   4  
    Repurchase of shares     (839)
    Net cash provided by (used in) financing activities   4   (839)
             
    Increase in cash and cash equivalents   15,525   4,088
    Cash and cash equivalents at the beginning of the period   98,714   70,538
    Cash and cash equivalents at the end of the period   114,239   74,626
    Radware Ltd.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
    (U.S Dollars in thousands)
           
      For the three months ended
      March 31,
      2025   2024
      (Unaudited)   (Unaudited)
    GAAP net income (loss) 4,344   (1,222)
    Exclude: Financial income, net (4,875)   (3,608)
    Exclude: Depreciation and amortization expense 3,152   2,943
    Exclude: Taxes on income 2,100   1,167
    EBITDA 4,721   (720)
           
    Share-based compensation 5,898   6,747
    Acquisition costs 153   220
    Adjusted EBITDA 10,772   6,247
           
           
      For the three months ended
      March 31,
      2025   2024
           
    Amortization of intangible assets 992   992
    Depreciation 2,160   1,951
      3,152   2,943

    The MIL Network

  • MIL-Evening Report: Cheap overseas, ruinous in Australia: here’s how to make double-glazed windows the norm

    Source: The Conversation (Au and NZ) – By Trivess Moore, Associate Professor in Property, Construction and Project Management, RMIT University

    New Africa/Shutterstock

    In Europe, double-glazed windows are standard. But in Australia, these energy-saving windows are remarkably uncommon.

    Correctly installed, the effect of double-glazing is remarkable. Instead of a house losing or gaining huge amounts of heat through its windows, double-glazed windows help keep the indoor temperature at a consistent temperature – reducing the need to crank up the air-con or heater.

    In hot parts of Australia, these windows would keep out heat. In cold, they would keep heat in. They also slash outside noise. Houses with double-glazing can add resale value and even improve occupant health.

    Why are they not standard? There are several reasons. But our research in Victoria found the main one is cost – double-glazing costs much more than a standard single-glazed window.

    Heat loss and gain through windows is responsible for about 1.5% of Australia’s total energy use. As climate change intensifies, making double-glazing standard in Australia would cut household energy bills and make life indoors more pleasant. Other countries are moving to even higher performance triple-glazed windows. But Australia is stuck.

    Why does double glazing work so well?

    Windows let light and often air into a home. But they can also be the main way heat enters or leaves. Double-glazing works by adding a gap between two panes, often filled with dense argon gas, which doesn’t transfer heat well. The window frame material is important, too, to reduce heat transfer.

    We measure the insulating quality of a window with a U-value – essentially, how much heat can be transferred through the glass. The lower this value, the more insulating the window.

    A basic single-glazed window has a U-value of about 6. On a typical Australian home, these windows mean significant air conditioning is often required to maintain a comfortable temperature indoors during summer and winter.

    Double-glazed windows with advanced design features common in North America and Europe typically have a U-value of 2.4 or less. When combined with wall and roof insulation, they can significantly reduce the need for heating or cooling. Triple-glazed are better still, with a U-value of 0.8 or less.

    Many countries with snowy winters have taken to double-glazed windows as a way to reduce heating costs.
    brizmaker/Shutterstock

    Standard overseas, rare in Australia

    In the United States, Canada, the United Kingdom and much of Europe, double-glazed windows have been the norm for several decades. Commonly, these windows use argon gas between the two sheets and improve insulation further with low emittance coatings, thin transparent layers of metal which block solar rays.

    In many of these countries, single-glazed windows have largely disappeared and retrofitting older houses with double-glazing is routine.

    Anyone embarking on a renovation in Australia will soon discover double-glazing tends to be seen as a specialist eco-retrofit measure rather than something done as standard.

    In 2016, only 6% of windows installed in new houses in Australia had U-values below 4. In 2024, that figure was 19%, indicating high performance windows are slowly becoming more common. But there’s still much to do to make them the norm.

    Why is progress slow? We spoke to stakeholders in window manufacturing and building in Australia.

    These industry experts explained why Australia is lagging:

    • historically low-cost energy means the typical response to heat or cold is to install air conditioning

    • single-glazed windows have long been the norm

    • Australians often haven’t heard of high-performance windows or understand why they matter

    • only a few companies make these windows in Australia, meaning competition is limited and costs remain high

    • at present, there’s no requirement to include double-glazed windows in new builds or renovations

    • housing affordability issues mean owners want to keep upfront construction costs as low as possible.

    Window manufacturers in Australia are interested in moving into double-glazing, but the demand isn’t there yet.
    Anatoliy Cherkas/Shutterstock

    What should be done?

    In our research, many windows industry insiders told us they were ready to scale up production of higher performance windows. The skills and technologies needed are here. What’s missing was the demand.

    When we interviewed builders, they told us the choice of windows wasn’t simple. They had to weigh up material costs, existing supplier relationships and industry practices. Some told us it was cheaper at times to import from Europe or Asia than to buy Australian-made.

    In part, this is a chicken and egg problem. Prices are high because there’s little demand and demand is limited because prices are high.

    So what should be done?

    Overseas experience has shown boosting demand is the key. If double-glazed windows become more common, more manufacturers will enter the Australian market and prices will drop.

    The quickest way to do this would be to require their use in new construction and renovation.

    At first, the industry might struggle to meet this demand. But that would create clear incentives for new players here or overseas to meet the demand.

    Government support could help window manufacturers upgrade machinery and processes to be able to meet new demand.

    Subsidies could help offset the costs to households, if designed to sunset after a set period. Any subsidies should target groups such as vulnerable older Australians affected by energy poverty as well as renters on low incomes.

    Making this a reality is doable. After all, New Zealand did exactly this. In 2007, policymakers introduced new minimum performance requirements for windows. It took about four years to shift the market from single-glazed to predominantly double-glazed. Australia could do the same.

    Trivess Moore has received funding from various organisations including the Australian Research Council, Australian Housing and Urban Research Institute, Victorian government and various industry partners. He is a trustee of the Fuel Poverty Research Network.

    Lisa de Kleyn received funding from Sustainability Victoria, Melbourne, Victoria, Australia, 3000, for a short-term research project on the high performance window industry in 2023.

    Ralph Horne has received funding from various sources including the Australian Research Council, the Australian Housing and Urban Research Institute and the Victorian government to support research related to this topic.

    Tom Simko 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. Cheap overseas, ruinous in Australia: here’s how to make double-glazed windows the norm – https://theconversation.com/cheap-overseas-ruinous-in-australia-heres-how-to-make-double-glazed-windows-the-norm-250280

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Security: Secretary Noem Requests Death Penalty Against Alleged Human Smugglers Whose Actions Resulted in the Death of at Least Three Individuals

    Source: US Department of Homeland Security

    WASHINGTON—Today, Secretary Kristi Noem announced that the Department of Homeland Security (DHS) will request the Department of Justice bring alien smuggling charges and seek the death penalty against two Mexican nationals whose human smuggling operation resulted in at least three deaths. Secretary Noem’s request is based on a thorough review of both the Immigration and Naturalization Act and the Federal Death Penalty Act.

    On May 5, 2025, United States Coast Guard (USCG) Sector San Diego received a report from the North County Dispatch Joint Powers Authority (North Comm) of an overturned panga-style boat that washed ashore in Torrey Pine, San Diego. USCG Sector San Diego engaged multiple DHS and local assets to assist, including U.S. Customs and Border Patrol (CBP), United States Border Patrol (USBP), and San Diego Fire-Rescue. USBP confirmed through interviews of surviving individuals that there were originally 16 persons on board, including 14 adults and two minors. Two surviving individuals identified as Mexican nationals were detained on suspicion of smuggling illegal aliens into the United States. Three deceased were recovered and identified as Indian nationals. Seven others remain missing.

    Statement Attributable to Secretary Kristi Noem:

    Yesterday, off the coast of southern California, a panga-style boat capsized that was operated by Mexican nationals attempting to smuggle 14 aliens into the U.S. Tragically, three people were killed and seven are still missing. I commend the U.S. Coast Guard, and all Homeland Security personnel involved in the immediate response and ongoing investigation. Their professionalism and rapid action in perilous conditions reflect the highest standards of service and dedication to saving lives and upholding our nation’s laws.

    “This tragedy is a stark reminder of the inhumanity and lethal danger inherent to human smuggling at sea. Their deaths were not only avoidable but were also the direct result of the greed and indifference of smugglers who exploited them. Maritime smuggling is not just illegal—it is a violent and inherently dangerous crime. Those who knowingly place human lives at grave risk in furtherance of such crimes must be held fully accountable.

    Under the Immigration and Nationality Act, alien smuggling acts that result in death are capital crimes punishable by death. And under the Federal Death Penalty Act, those who intentionally participate in conduct knowing that it could result in the loss of life may be eligible for capital punishment. Accordingly, I will be formally requesting that the Attorney General ensure that these two suspected smugglers are swiftly prosecuted to the fullest extent of the law. I will also be urging the Attorney General to seek the death penalty in this case. The Department of Homeland Security will not tolerate this level of criminal depravity or reckless disregard for human life. We will continue to work with our federal partners to ensure justice is served and our laws upheld.”

    ###

    MIL Security OSI

  • MIL-OSI Security: Task Force 70 meets with newly established Republic of Korea Navy Task Fleet Command

    Source: United States INDO PACIFIC COMMAND

    JEJU ISLAND, South Korea — U.S. Navy Rear Adm. Greg Newkirk, commander of Task Force 70, met with Republic of Korea Navy (ROKN) Rear Adm. Inho Kim, commander of the newly established Task Fleet Command, for the first time during the latest edition of the Composite Warfare Committee Meetings (CWCM) on Jeju Island, Republic of Korea, April 25, 2025.

    MIL Security OSI

  • MIL-OSI Security: BH 25-2: Kadena demonstrates Indo-Pacific readiness with joint elephant walk

    Source: United States INDO PACIFIC COMMAND

    KADENA AIR BASE, Japan — In a demonstration of combat readiness and regional deterrence, the 18th Wing conducted a large-scale elephant walk, May 6, 2025, at Kadena Air Base, Japan, assembling one of the most diverse formations of U.S. military aircraft in the Indo-Pacific.

    MIL Security OSI

  • MIL-OSI: Stasher and Quadient Partner to Launch Nationwide Luggage Storage Using UK Smart Locker Network

    Source: GlobeNewswire (MIL-OSI)

    Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, is pleased to announce a strategic partnership with Stasher, the world’s first luggage storage platform. This partnership marks a significant expansion of Stasher’s UK network and will provide travelers in key cities throughout the UK, including London, Birmingham, York, Edinburgh, Newcastle, Cardiff and Manchester, with more convenient, secure, and accessible luggage storage options through more than 1,640 Parcel Pending by Quadient smart lockers.

    Gone are the days of dragging bags through crowded streets or waiting for hotel or travel check-in. Stasher offers hassle-free bag storage in 1,100+ cities worldwide, connecting travelers with a global network of trusted hotels, shops, and now Parcel Pending by Quadient smart lockers in the UK. Backed by award-winning customer support and a 4.8/5 rating from over 1.2 million reviews, Stasher has become the go-to solution for travelers seeking flexibility and peace of mind.

    The integration with Parcel Pending by Quadient smart lockers marks a new chapter in convenience. Combining Stasher’s seamless booking experience with Parcel Pending by Quadient’s secure and easy-to-use locker terminals, travelers will now enjoy even more flexible storage – perfect for early arrivals, late departures, and everything in between.

    “We’re excited to partner with Quadient to grow our smart lockers footprint,” said Oscar Thanoyannis, Commercial Director at Stasher. “This collaboration brings us closer to our mission: making travel easier, lighter and more enjoyable for everyone.”

    The partnership is further proof of Quadient’s commitment to offering a broad range of services that enhance urban last-mile logistics and consumer convenience. Open to all carriers and services, Parcel Pending by Quadient open network lockers serve as local convenience hubs, offering secure, 24/7 access for deliveries, returns, exchanges, and item storage for services such as prescription pick up, retail click and collect, key exchange, and spare parts. Now, through this collaboration with Stasher, they will also operate as luggage storage hubs.

    “We’re proud to join forces with Stasher to extend the reach and functionality of our Parcel Pending by Quadient smart locker network,” said Katia Bourgeais-Crémel, EVP Parcel Locker Solutions Europe at Quadient. “This partnership highlights the versatility of our lockers and our commitment to creating innovative, consumer-centric solutions that simplify everyday life—whether it’s picking up a parcel or storing your luggage.”

    Quadient is steadily expanding its smart locker network across key markets in the U.S., Japan, and Europe. With over 25,700 units currently installed worldwide, the company is well on its way toward its long-term objective of deploying 40,000 by 2030.

    Learn more at parcelpending.com/en-gb.

    About Stasher
    Stasher is the world’s first luggage storage platform, connecting travelers with thousands of verified hotels, shops, and smart lockers to store their bags securely and affordably. Operating in more than 1,100 cities with over 8,000 hosts, Stasher is trusted by millions to provide a seamless solution for bag storage before check-in, after check-out, during layovers, or while attending events.

    About Quadient®
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

    Contact

    Joe Scolaro, Quadient
    Global Press Relations Manager
    +1 203-301-3673
    j.scolaro@quadient.com

    Attachment

    The MIL Network

  • MIL-OSI: Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    • Cybernet has selected Nokia’s innovative 1830 Global Express (GX) platform with integrated optical line system capabilities and ICE7 coherent optics.
    • Cybernet’s new network will provide connectivity services to over 25 cities across Pakistan.
    • The Nokia solution will help Cybernet meet growing customer bandwidth demands with high-capacity services at market-competitive cost and power per bit.

    7 May 2025

    Espoo, Finland – Nokia today announced that Cybernet, Pakistan’s leading fiber broadband provider, has chosen Nokia’s cutting-edge optical transport solution for its new long-haul Optical Fiber Cable (OFC) network. Designed to deliver 1.2 terabits per second (Tbps) per wavelength, this next-generation infrastructure will power Cybernet’s national backbone. The network will connect over 25 cities in its initial phase and deliver more than 50 Tbps of long-haul capacity.

    This deployment will support data center interconnect, enterprise and carrier networks, as well as Cybernet’s flagship consumer broadband service, StormFiber.

    Cybernet provides comprehensive connectivity solutions across Pakistan, serving enterprise, corporate, and residential customers, in addition to offering carrier and transit services to international telecom operators. To support its growing data demands and build a terabit-scale infrastructure, Cybernet is deploying Nokia’s 1830 GX platform, integrated with 1.2T ICE7 coherent optics. The new network will expand capacity along resilient, diverse routes and enable a high-speed, low-latency terrestrial backbone that spans the entire country.

    In addition to connecting cities and communities through Cybernet’s digital highways, the new backbone will also support cross-border transit services for carriers and internet service providers in Central Asia. By delivering scalable, high-capacity services at globally competitive rates, this initiative will ultimately accelerate Pakistan’s digital transformation and foster regional connectivity.

    “By enhancing our network with cutting-edge technology, we’re able to keep pace with our customers’ rapidly evolving connectivity needs and deliver a superior end-user experience. Nokia is a trusted technology leader with the expertise and innovation to support our modernization goals. The 1830 GX-based solution will form the foundation for high-capacity services connecting Pakistan—and the region—to the global digital economy,” said Maroof Ali Shahani, Chief Operating Officer of Cybernet.

    “Deploying state-of-the-art optical solutions ensures networks are not just keeping pace with, but even staying ahead in the race to meet surging bandwidth demands. As Cybernet prepares to modernize its network infrastructure, Nokia is proud to be helping transform Pakistan’s connectivity landscape with a 1.2T backbone, seamlessly interconnecting data centers, powering government networks, and delivering direct-to-home services,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.

    Multimedia, technical information and related news
    Product Page: ICE7 1.2Tb/s high-performance coherent optics

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

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

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

    About Cybernet

    Cybernet is a leading fixed-line telecommunications provider in Pakistan with over 25 years of experience delivering high-quality connectivity solutions. Operating the country’s largest and most resilient FTTX network, Cybernet serves enterprise, carrier, and residential customers nationwide. It has international points of presence in France, the UAE, Oman, Singapore, and Hong Kong. Its service portfolio includes Carrier Ethernet, IPLC, DIA, MPLS, IP Transit, Wholesale Voice, Peering, cross-border and submarine transit capacities, as well as cloud and carrier-grade hosting. Cybernet is also the parent company of StormFiber, a fast-growing fiber broadband provider active in over 25 cities across Pakistan. Through sustained investment in infrastructure and innovation, Cybernet is helping to shape the future of Pakistan’s digital ecosystem.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network

  • MIL-OSI: CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF EUR 750,000,000 Subordinated Fixed Rate Resettable Notes issued on June 5, 2020 (ISIN: FR0013516184)

    Source: GlobeNewswire (MIL-OSI)

    Montrouge, May 7, 2025

    CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF

    EUR 750,000,000 Subordinated Fixed Rate Resettable Notes issued on June 5, 2020 (ISIN: FR0013516184)*

    Crédit Agricole S.A. (the “Issuer”) announces today the redemption (the “Redemption”) with effect on June 5, 2025 (the “Redemption Date”) of all of its outstanding EUR 750,000,000 Subordinated Fixed Rate Resettable Notes issued on June 5, 2020 (ISIN: FR0013516184) (the “Notes”) pursuant to Condition 6(e) (Redemption at the Option of the Issuer) of the terms and conditions of the Notes (the “Terms and Conditions”) included in the base prospectus dated April 9, 2020, which was granted the visa n°20-136 by the Autorité des marchés financiers on April 9, 2020 (as further amended and supplemented, the “Base Prospectus”) at the outstanding nominal amount thereof, together with any accrued interest thereon (the “Redemption Amount”).

    On the Redemption Date, the Redemption Amount shall become due and payable and, in accordance with Condition 5(h) (Accrual of Interest) of the Terms and Conditions, unless the Redemption Amount is improperly withheld or refused, each Note shall cease to bear interest on the Redemption Date.

    The terms and modalities of the Redemption are set out in the notice to the holders of the Notes appended to this press release.

    For further information on Crédit Agricole S.A., please see Crédit Agricole S.A.’s website: https://www.credit-agricole.com/en/finance

    DISCLAIMER

    This press release does not constitute an offer to buy or the solicitation of an offer to sell the Notes in the United States of America, Canada, Australia or Japan or in any other jurisdiction. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

    No communication or information relating to the redemption of the Notes may be distributed to the public in a country where a registration obligation or an approval is required. No action has been or will be taken in any country where such action would be required. The redemption of the Notes may be subject to specific legal and regulatory restrictions in certain jurisdictions; Crédit Agricole S.A. accepts no liability in connection with a breach by any person of such restrictions.

    This press release is an advertisement; and none of this press release, any notice or any other document or material made public and/or delivered, or which may be made public and/or delivered to the holders of the Notes in connection with the redemption of the Notes is or is intended to be a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). No prospectus will be published in connection with the redemption of the Notes for the purposes of the Prospectus Regulation.

    This press release does not, and shall not, in any circumstances, constitute an offer to the public of Notes by Crédit Agricole S.A. nor an invitation to the public in connection with any offer in any jurisdiction, including France.

    * The ISIN number is included solely for the convenience of the holders of the Notes. No representation is being made as to the correctness or accuracy of the ISIN number as contained herein.

    CRÉDIT AGRICOLE S.A. PRESS CONTACT

    Alexandre Barat                             + 33 1 57 72 12 19                                      alexandre.barat@credit-agricole-sa.fr
    Olivier Tassain                               + 33 1 43 23 25 41                                      olivier.tassain@credit-agricole-sa.fr

    Find our press release on: www.credit-agricole.comwww.creditagricole.info

      Crédit_Agricole   Groupe Crédit Agricole   créditagricole_sa

    Attachment

    The MIL Network

  • MIL-OSI Economics: Money Market Operations as on May 06, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,12,824.24 5.75 2.50-6.85
         I. Call Money 18,781.54 5.84 4.95-5.95
         II. Triparty Repo 3,86,686.15 5.75 5.60-5.85
         III. Market Repo 2,05,367.55 5.73 2.50-6.12
         IV. Repo in Corporate Bond 1,989.00 6.05 6.00-6.85
    B. Term Segment      
         I. Notice Money** 138.00 5.74 5.50-5.90
         II. Term Money@@ 1,129.95 5.80-6.20
         III. Triparty Repo 9,272.00 5.88 5.80-5.90
         IV. Market Repo 0.00
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 06/05/2025 1 Wed, 07/05/2025 6,428.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 06/05/2025 1 Wed, 07/05/2025 161.00 6.25
    4. SDFΔ# Tue, 06/05/2025 1 Wed, 07/05/2025 1,78,561.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,71,972.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,709.21  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,589.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,37,382.79  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 06, 2025 9,61,365.89  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 06, 2025 6,428.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/269

    MIL OSI Economics

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 07, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 5,192
    Amount allotted (in ₹ crore) 5,192
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/270

    MIL OSI Economics

  • MIL-OSI Economics: Survey of Professional Forecasters: Release of Individual respondent-level (anonymised) data and Time series of aggregated data

    Source: Reserve Bank of India

    The Reserve Bank of India has been conducting Survey of Professional Forecasters (SPF) since September 2007 and consolidated results have been regularly disseminated on the Bank’s website in the form of web-articles. To promote transparency and research initiatives, Reserve Bank of India will now start disseminating the individual respondent-level forecasts from recent rounds of SPF (from round 61 onwards) after anonymising the forecasters’ personally identifiable information1.

    The individual respondent-level data for the survey along with its metadata are available on the Bank’s ‘Database on Indian Economy (DBIE)’ portal (https://data.rbi.org.in/DBIE/#/dbie/home) under the head Survey of Professional Forecasters (SPF), in the ‘Unit-level Data’ tab.

    To further improve data accessibility and promote research, the aggregated/consolidated SPF data, as published in the web-articles, are also being released in a time series format along with its metadata under the ‘Surveys-Aggregated Data’ section in the ‘Statistics’ tab under the head ‘Survey of Professional Forecasters’ through DBIE.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/271


    MIL OSI Economics

  • MIL-OSI Economics: Samsung Solve for Tomorrow Introduces Global Themes To Unite Student Innovators Worldwide

    Source: Samsung

    Samsung Electronics is unveiling global themes for its youth innovation program Samsung Solve for Tomorrow in a bold step to empower young people around the world to solve challenges together and drive positive social change.
     

    Sustainability and Social Change Explored by Youth Around the World
    Launched in the United States in 2010, Solve for Tomorrow is a STEM (science, technology, engineering and math) education competition that has reached more than 2.9 million students across 68 countries over the past 15 years. The program encourages students to propose creative solutions to social issues in their local communities, helping them build essential critical thinking and problem-solving skills.
     
    Starting in 2025 with the introduction of global themes, Solve for Tomorrow will go one step further to evolve into a platform for youth to collaborate and address universal problems that transcend local boundaries.
     
    This year’s global themes are “Environmental Sustainability via Technology” and “Social Change through Sport & Technology with International Olympic Committee.”
     
    “Environmental issues are among the most difficult challenges facing humanity today,” said Soojin Kim, Head of the Corporate Sustainability Center at Samsung Electronics. “We are pleased to join youth around the world on this journey to overcome these issues with technology.”
     
    ▲ A poster celebrating the 15th anniversary of Solve for Tomorrow and introducing the global themes
     
     
    Global Themes Selected Through ‘Together for Tomorrow’ Olympic Partnership
    As the Worldwide smartphone Partner of the Olympic and Paralympic Games last year, IOC and Samsung partnered to launch ‘Together for Tomorrow, Enabling People’ — a digital community created to complement Solve for Tomorrow. The platform aims to engage young people from across the globe with the Olympic Movement and harness the transformative power of technology and sport to drive meaningful change.
     
    During the Olympic Games Paris 2024, 10 students from the winning teams of the previous year’s Solve for Tomorrow program served as ambassadors for “Together for Tomorrow, Enabling People.”
     
    The theme “Social Change Through Sport & Technology” was voted on by the public in the Together for Tomorrow, Enabling People community. Samsung and IOC plan to appoint individuals who exemplify this theme as global ambassadors and collaborate with them to develop solutions.
     
    “We are delighted to work with our Worldwide Olympic Partner Samsung on the creation of this new sport-driven theme,” said Ollie Dudfield, Associate Director of Olympism 365 at IOC. “It’s an exciting step forward in line with the ambitions of IOC’s Olympism 365 strategy — empowering young people around the world to think boldly about how sport and technology can drive positive change.’’
     

    Leveraging Samsung’s Expertise To Strengthen Support for Participants
    Samsung is leveraging its unique resources and expertise to strengthen Solve for Tomorrow. By integrating the Samsung Design Thinking methodology into the program, the company hopes to encourage the development of practical, user-centered solutions. Samsung also plans to expand employee mentoring to help participants further refine their ideas with guidance from experts with real-world experience.
     
    IOC Young Leaders Programme will also have a role to play in helping students understand how sport and technology can mix to generate innovative solutions to social challenges. “Through Samsung Solve for Tomorrow, I’ve learned that even a small idea can spark big change,” said Solve for Tomorrow US ambassador Ngan Huu Kim Le.
     
    “Working alongside friends from around the world motivates me to keep seeking creative solutions for a better future.”
     
    Solve for Tomorrow 2025 recently kicked off in Vietnam and India, and will soon be launched in Indonesia, Türkiye, Singapore and other countries. Spanning months from the qualifiers to the finals, the program will award winning teams, depending on the country, with project incubation funding and support for establishing STEM labs.
     
    “Samsung Solve for Tomorrow has been Samsung’s flagship corporate citizenship initiative for the past 15 years,” said Eddie Cho, Executive Vice President and Head of Corporate Citizenship Office at Samsung Electronics. “We look forward to strengthening the role of the global platform to nurture even more young people into the leaders of tomorrow.”
     
    ▲ The 15th annual Samsung Solve for Tomorrow U.S. Pitch & Reveal Event took place in Samsung DC on April 28. (From left) U.S. National Winner Charter School of Wilmington from Delaware with Yoonie Joung, President of Samsung Electronics North America; Solve for Tomorrow U.S. ambassador Ngan Huu Kim Le
     
    ▲ The India Opening Ceremony took place in IIT Delhi on April 29. (From left) Shubham Mukherjee, Head of CSR & Corp Communication, Samsung SWA; Abhishek Singh, Additional Secretary, Ministry of Electronics & IT; JB Park, President & CEO, Samsung SWA; Shombi Sharp, United Nations Resident Coordinator in India; Prof. Rangan Banerjee, Director, IIT Delhi; Dr. Sapna Poti, Senior Director, Office of Principal Scientific Advisor to the Government
     
    ▲ The opening ceremony of Solve for Tomorrow 2025 Vietnam was held in Hanoi on March 28

    MIL OSI Economics

  • MIL-OSI Economics: Samsung Unveils Vision AI for Neo QLED, OLED, QLED and The Frame TVs, Bringing Intelligent, Immersive & Adaptive Screens to Indian Consumers

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of its ultra-premium 2025 models of Neo QLED 8K, Neo QLED 4K, OLED, QLED TVs and The Frame lineup, bringing the revolutionary Samsung Vision AI technology to Indian consumers. At the heart of this launch is the new Samsung Vision AI that delivers an unparalleled home entertainment experience with next-generation AI capabilities. Staying true to its commitment to innovation, Samsung’s latest range redefines how users interact with screens, turning them into intelligent companions that enrich everyday living.
     
    Samsung Vision AI – a cutting-edge technology framework – pairs AI-enhanced picture and sound for maximum performance with personalized experience. Samsung Vision AI is built on three pillars.
     
    AI Mode optimizes picture quality and sound in real time by using advanced deep-learning algorithms that adapt to both content and ambient surroundings, ensuring stunning visuals and immersive audio every time.
    AI Experience personalizes content discovery and settings by learning user preferences over time, delivering a smarter, more intuitive interaction.
    Multi-Device Connectivity seamlessly connects the TV with smartphones, tablets, and other smart devices, enabling effortless content sharing, control, and continuity across the Samsung ecosystem.
     
    “The role of the television in Indian homes has evolved – it’s no longer just about watching content, but about enabling connected, intelligent lifestyles. With the introduction of Samsung Vision AI across our widest-ever premium lineup, we are delivering a future-ready TV experience that goes beyond stunning visuals. Samsung Vision AI ushers in a truly personalized, AI-powered screen experience, where the viewer is more important than what’s being viewed. We are calling this shift ‘It’s Your Show’ – an experience where users are in complete control, with the TV adapting to their unique preferences, habits, and ecosystem. Our new AI TV lineup breathes new life into every frame, setting a new benchmark for cinematic excellence at home. With this new era of AI-powered screens, we are confident of accelerating next-generation TV adoption and strengthening our leadership in India’s premium television segment,” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.
     
    Samsung Vision AI: Powering a New Generation of Smart, Personalized Entertainment Experiences
     
    Samsung Vision AI represents a major leap in making screens smarter, more intuitive and deeply personal. It transforms televisions into adaptive hubs, responsive to their environment and user behaviours. They seamlessly blend into everyday life, making the TV an intelligent partner rather than just a display.
     
    Several features come together to redefine the big screen experience-
     
    Universal Gesture Control allows users to effortlessly navigate their Samsung Smart AI TV using simple hand movements, eliminating the need for a remote. This feature utilizes AI technology, and a connected Galaxy Watch to recognize gestures, allowing for intuitive control over various TV functions.
     
    AI Upscaling Pro elevates lower-resolution content to near-8K quality, ensuring every detail is crystal clear. Powered by Samsung’s NQ8 AI Gen3 Processor, this feature sharpens images and enhances clarity, delivering a vivid and lifelike viewing experience.
     
    Generative Wallpaper transforms idle screens into dynamic, personalized art canvases, creating visuals that match moods or occasions. Leveraging AI, this feature generates unique 4K images, allowing users to personalize their viewing experience with custom artwork. ​
     
    Multi-Device connectivity keeps users updated about their living environment with real-time alerts and energy monitoring. Integrated with SmartThings, it provides real-time summaries of the home’s status and suggests necessary actions, enhancing peace of mind whether users are at home or away.

    Pet and Family Care Mode provides peace of mind by detecting unusual activities of pets or family members and by automatically adjusting home settings for added comfort. Utilizing on-device AI, it can detect events such as a dog barking or a baby crying, alerting users when attention is needed.
     
    Samsung’s Most Advanced AI-Powered Neo QLED 8K TV Redefines Visual Display Technology
    Leading the 2025 AI TV lineup is the flagship Neo QLED 8K QN950F, designed to deliver the pinnacle of TV innovation. Powered by the advanced NQ8 AI Gen3 Processor, which employs 768 AI neural networks, this TV brings breakthrough features to life. Ensuring an exceptional viewing experience with crisp details, regardless of the input source, it is encased in an ultra-slim, minimalist Infinity Air design. The Neo QLED 8K QN950F is an object of beauty and a technological prowess, offering a truly immersive and sophisticated cinematic visual display.
     
    The 8K AI Upscaling Pro feature intelligently analyzes and enhances any content to 8K quality, preserving details and textures with remarkable accuracy.
     
    The Glare-Free technology ensures distraction-free viewing even in brightly lit spaces, reducing reflections without compromising colour or contrast.
    Q-Symphony and Dolby Atmos combine to deliver a deeply immersive, multidimensional audio experience by perfectly synchronizing the TV speakers with compatible Samsung soundbars.
    The ultra-fast 240Hz refresh rate ensures fluid motion and razor-sharp visuals, ideal for high-speed action, sports, and next-gen gaming.
     
    AI Mode intelligently optimizes picture and sound based on content type and surroundings, delivering a customized viewing experience.’
     
    The Neo QLED 8K is available in sizes of 85, 75, and 65 inches.
     
    Lineup for All Entertainment Needs: Neo QLED 4K
    The QN90F, QN85F, QN80F and QN70F models headline the Neo QLED 4K lineup. The QN90F features Quantum Matrix Technology Plus with 128 Neural Networks, Motion Xcelerator 165Hz, Glare-Free viewing and a powerful 60W 4.2.2 channel speaker system with Dolby Atmos and Q-Symphony for a cinematic audio-visual experience and Samsung’s signature Neo Slim design with Art Store and Generative Wallpaper support.
     
    Samsung’s   2025 OLED TVs push performance further with NQ4 AI Gen3 Processor supported by 128 Neural Networks, Motion Xcelerator 165Hz, Glare-Free Viewing, and AI Motion Enhancer Pro for exceptional clarity in fast-moving scenes. These models support 100% Color Volume, are PANTONE Validated, and feature a minimalist Infinity One design with Attachable Slim One Connect to reduce clutter.
     
    Samsung has also curated localized Smart Experiences for Indian consumers to include a range of services like gaming, entertainment, education and fitness.’
     
    Cloud Gaming Service enables users to experience AAA games with Plug and Play – with no console or PC required.
     
    Samsung Education Hub helps users to experience Big Screen Learning with live classes, making learning for your kids more interactive and immersive.
     
    TV Key service upscales consumers as there is no requirement for a set-top box as it enables direct transmission of content through the cloud.
     
    Samsung TV Plus provides 125+ national and international channels absolutely free with instant access to news, movies, entertainment and more.
     
    The 2025 Samsung AI TVs come equipped with a built-in SmartThings hub, transforming the television into a central command centre for connected living. This integration allows users to effortlessly connect and control a wide array of smart devices. Additionally, SmartThings Energy offers insights into energy consumption patterns, promoting efficient energy use throughout the home. The platform’s ambient sensing capabilities analyse human movements and environmental sounds, allowing the system to adapt settings such as lighting and temperature to suit daily routines, thereby enhancing comfort and convenience. ​
     
    Fortified with Samsung Knox, a comprehensive security platform that safeguards user data and privacy, high security standards are maintained. It detects and prevent unauthorized changes, blocks phishing websites to protect against malicious sites, and enhanced personal information protection through Samsung Knox Vault.
     
    To ensure a future-ready and secure smart TV experience, Samsung’s 2025 AI TV lineup comes with 7 years of guaranteed OS upgrades at no additional cost. This industry-leading commitment extends the longevity of each device, keeping it up to date with the latest features, security enhancements, and performance improvements. Whether it’s advanced AI functionality or seamless SmartThings integration, consumers can enjoy a consistently premium experience year after year, making their investment in Samsung’s Vision AI-powered TVs truly future-proof.
     
    Price, Offers & Availability
    The 2025 lineup of Neo QLED 8K, Neo QLED 4K, OLED, and The Frame TVs will be available for pre-order from May 7, 2025 across Samsung retail stores, Samsung.com, and leading offline and online retail channels.
     
    As part of the pre-order offer, consumers purchasing Neo QLED 8K, Neo QLED 4K, OLED TVs and The Frame can avail of exciting benefits, such as Free Soundbar worth up to INR 90990, cashback of up to 20%, Easy EMI with zero down payment, lowest EMI starting INR 2990 and up to 30-month EMI tenure. These offers are valid till May 28, 2025.
     
    Samsung’s Neo QLED 8K range starts from INR 272990
    Samsung’s Neo QLED 4K range starts from INR 89990
    Samsung’s OLED range starts from INR 154990
    Samsung’s QLED range starts from INR 49490
    Samsung’s Frame TVs range starts from INR 63990
     
    The 2025 Samsung AI TV lineup is available in a wide spectrum of screen sizes, catering to every viewing preference and space requirement. The range includes 43″, 50″, 55″, 65″, 75″, 77″, 83″, 85″, 98″ and the ultra-large 100” and 115″. From compact personal entertainment zones to immersive home theatres, this diverse selection ensures there’s a perfect AI-powered screen for every room and need.
     
     

    MIL OSI Economics

  • MIL-OSI Economics: Recognition of Self-Regulatory Organisation in Financial Markets regulated by the Reserve Bank

    Source: Reserve Bank of India

    The Reserve Bank had issued the Framework for Recognition of Self-Regulatory Organisations in Financial Markets regulated by the Reserve Bank (Framework) and invited applications for recognition as Self-Regulatory Organisation (SRO) in financial markets.

    2. An application seeking recognition as an SRO in financial markets regulated by the Reserve Bank was received from the Fixed Income Money Market and Derivatives Association of India (FIMMDA).

    3. Based on an examination of the application against the relevant requirements under the framework, it has been decided to recognise FIMMDA as an SRO in financial markets regulated by the Reserve Bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/274

    MIL OSI Economics

  • MIL-OSI Economics: State of ransomware in 2025

    Source: Securelist – Kaspersky

    Headline: State of ransomware in 2025

    With the International Anti-Ransomware Day just around the corner on May 12, Kaspersky explores the ever-changing ransomware threat landscape and its implications for cybersecurity. According to Kaspersky Security Network data, the number of ransomware detections decreased by 18% from 2023 to 2024 – from 5,715,892 to 4,668,229. At the same time, the share of users affected by ransomware attacks increased by 0.02 p.p. to 0.44%. This smaller percentage compared to other cyberthreats is explained by the fact that attackers often don’t distribute this type of malware on a mass scale, but prioritize high-value targets, which reduces the overall number of incidents.

    That said, if we look at incidents at organizations requiring immediate incident response services that were mitigated by Kaspersky’s Global Emergency Response Team (GERT), we’ll see that 41.6% of them were related to ransomware in 2024, compared to 33.3% in 2023. Targeted ransomware is likely to remain the primary threat to organizations around the world for the foreseeable future.

    Below are some of the global trends that Kaspersky observed with ransomware in 2024.

    Ransomware-as-a-Service (RaaS) dominance

    The RaaS model remains the predominant framework for ransomware attacks, fueling their proliferation by lowering the technical barrier for cybercriminals. In 2024, RaaS platforms like RansomHub thrived by offering malware, technical support and affiliate programs that split the ransom (e.g., 90/10 for affiliates/core group). This model enables less-skilled actors to execute sophisticated attacks, contributing to the emergence of multiple new ransomware groups in 2024 alone. While traditional ransomware still exists, the scalability and profitability of RaaS make it the primary engine, with platforms evolving to include services such as initial access brokering and data exfiltration, ensuring its dominance into 2025.

    Some groups continue to go cross-platform, while Windows remains the primary target

    Many ransomware attacks still target Windows-based systems, reflecting the operating system’s widespread use in enterprise environments. The architecture of Windows, combined with vulnerabilities in software such as Remote Desktop Protocol (RDP) and unpatched systems, makes it a prime target for ransomware executables. In recent years, however, some attackers have diversified, with groups like RansomHub and Akira developing variants for Linux and VMware systems, particularly in cloud and virtualized environments. While Windows remains the epicenter, the growing focus on cross-platform ransomware signals a shift toward exploiting diverse infrastructures, especially as organizations adopt hybrid and cloud setups. This is not a new trend, and we expect it to persist in the coming years.

    Overall ransomware payments down, average ransom payment up

    According to Chainalysis, ransomware payments dropped significantly in 2024 to approximately $813.55 million, down 35% from a record $1.25 billion in 2023. On the other hand, Sophos reports that the average ransom payment surged from $1,542,333 in 2023 to $3,960,917 in 2024, reflecting a trend of targeting larger organizations with higher demands. This report also highlights that more organizations paid ransoms to get their data back, although other reports indicate that fewer organizations paid ransoms than in 2023. For example, according to Coveware, a company that specializes in fighting ransomware, the payment rate hit a record low of 25% in Q4 2024, down from 29% in Q4 2023, driven by law enforcement crackdowns, improved cybersecurity and regulatory pressures discouraging payments.

    While encryption remains a core component of many ransomware attacks, the primary goal for some groups has shifted or expanded beyond locking data

    In 2024, cybercriminals increasingly prioritized data exfiltration alongside, or sometimes instead of, encryption, focusing on stealing sensitive information to maximize leverage and profits or even extending threats to third parties such as customers, partners, suppliers, etc. Encryption is still widely used, but the rise of double and triple extortion tactics shows a strategic pivot. RansomHub and most modern ransomware groups often combine encryption with data theft, threatening to leak or sell stolen data if a ransom is not paid, making exfiltration a critical tactic.

    Dismantled or disrupted ransomware actors in 2024

    Several major ransomware groups faced significant disruptions in 2024, though the ecosystem’s resilience limited the long-term impact. LockBit, responsible for 27.78% of attacks in 2023, was hit hard by Operation Cronos in February 2024, with law enforcement seizing its infrastructure, arresting members and unmasking its leader, Dmitry Khoroshev. However, despite these efforts, LockBit relaunched its operations and remained active throughout 2024.

    ALPHV/BlackCat, another prolific group, was dismantled after an FBI operation in December 2023, though affiliates migrated to other groups such as RansomHub. The Radar/Dispossessor operation was disrupted by the FBI in August 2024, and German authorities seized 47 cryptocurrency exchanges linked to ransomware laundering. Despite these takedowns, groups like RansomHub and Play quickly filled the void, underscoring the challenge of eradicating ransomware networks. However, according to the latest research, the RansomHub group presumably paused their operations as of April 1, 2025.

    Some groups disappear, others pick up their work

    When ransomware groups disband or disappear, their tools, tactics and infrastructure often remain accessible in the cybercriminal ecosystem, allowing other groups to adopt and enhance them. For example, groups like BlackMatter or REvil, after facing pressure from law enforcement, saw their code and methods reused by successors like BlackCat, which in turn was followed by Cicada3301. Disappearing groups may also sell their source code, exploit kits or affiliate models on dark web forums, enabling emerging or existing gangs to repurpose these resources. In addition, malicious tools are sometimes leaked to the internet, as was the case with LockBit 3.0. As a result, many smaller groups or individuals unrelated to the ransomware developers, including hacktivists and low-skilled cybercriminals, get hold of these tools and use them for their own purposes. This cycle of knowledge transfer accelerates the evolution of ransomware as new actors build on proven strategies, adapt to countermeasures, and exploit vulnerabilities faster than defenders can respond. In telemetry, these new groups using old toolkits can be identified as old groups (e.g., LockBit).

    Ransomware groups increasingly developing their own custom toolkits

    This is done to increase the effectiveness of their attacks and avoid detection. These toolkits often include exploitation tools, lateral movement tools, password attack tools, etc. that are tailored to specific targets or industries. By creating proprietary tools, these groups reduce their reliance on widely available, detectable exploits and maintain control over their operations. This in-house development also facilitates frequent updates to counter defenses and exploit new vulnerabilities, making their attacks more resilient and harder for cybersecurity measures to mitigate.

    General vs. targeted ransomware share

    Targeted ransomware attacks, aimed at specific organizations for maximum disruption and payout, focus on high-value targets such as hospitals, financial institutions and government agencies, leveraging reconnaissance and zero-day exploits for precision. General ransomware, which spreads indiscriminately via phishing or external devices, often affects smaller businesses or individuals with weaker defenses. The focus on targeted attacks reflects cybercriminals’ preference for larger ransoms, though general ransomware persists due to its low-effort, high-volume potential.

    According to Kaspersky research, RansomHub was the most active group executing targeted attacks in 2024, followed by Play.

    Each group’s share of victims according to its data leak site (DLS) as a percentage of all reported victims of all groups during the period under review (download)

    AI tools used in ransomware development (FunkSec)

    FunkSec emerged as a ransomware group in late 2024 and quickly gained notoriety, claiming multiple victims in December alone and outpacing established groups like Cl0p and RansomHub. Operating on a Ransomware-as-a-Service (RaaS) model, FunkSec employs a double extortion tactic that combines data encryption with exfiltration. The group targets sectors such as government, technology, finance and education in countries including India, Spain and Mongolia.

    FunkSec is notable for its heavy reliance on AI-assisted tools, particularly in malware development. Its ransomware features AI-generated code with comments that are perfect from a language perspective, suggesting the use of large language models (LLMs) to streamline development and evade detection. Unlike typical ransomware groups that demand millions, FunkSec’s ransoms are unusually low, adopting a high-volume, low-cost approach.

    Bring Your Own Vulnerable Driver attacks continue

    Bring Your Own Vulnerable Driver (BYOVD) is an increasingly prevalent technique used in ransomware attacks to bypass security defenses and gain kernel-level access on Windows systems.

    With BYOVD, attackers deploy a legitimate but vulnerable driver – often digitally signed by a trusted vendor or Microsoft – on a target system. These drivers, which operate at the kernel level (ring 0) with high privileges, contain exploitable flaws that allow attackers to disable security tools, escalate privileges or execute malicious code undetected. By leveraging signed drivers, attackers can evade Windows’ default security checks.

    Although BYOVD is an advanced technique, there is a range of open-source tools like EDRSandblast and Backstab that lower the technical barriers and simplify such attacks. According to the Living Off The Land Drivers (LOLDrivers) project, hundreds of exploitable drivers are known, highlighting the scale of the problem. Attackers continue to find new vulnerable drivers, and tools like KDMapper allow mapping of unsigned drivers into memory via BYOVD, complicating defenses.

    Share of users whose computers were attacked by crypto-ransomware, by region. Data from Kaspersky Security Network (download)

    In the Middle East and Asia-Pacific regions, ransomware affected a higher share of users due to rapid digital transformation, expanding attack surfaces and varying levels of cybersecurity maturity. Enterprises in APAC were heavily targeted, driven by attacks on infrastructure and operational technology, especially in countries with growing economies and new data privacy laws.

    Ransomware is less prevalent in Africa due to lower levels of digitization and economic constraints, which reduce the number of high-value targets. However, as countries like South Africa and Nigeria expand their digital economies, ransomware attacks are on the rise, particularly in the manufacturing, financial and government sectors. Limited cybersecurity awareness and resources leave many organizations vulnerable, though the smaller attack surface means the region remains behind global hotspots.

    Latin America also experiences ransomware attacks, particularly in countries like Brazil, Argentina, Chile and Mexico. Manufacturing, agriculture, and retail, as well as critical sectors such as government and energy are targeted, but economic constraints and smaller ransoms deter some attackers. The region’s growing digital adoption is increasing exposure. For example, NightSpire ransomware compromised Chilean company EmoTrans, a logistics company serving key industries in Chile such as mining, agriculture and international trade. The group first appeared in March 2025, and attacked government institutions, manufacturers and other companies in various parts of the world. Like many other groups, NightSpire uses the double extortion strategy and has its own data leak site (DLS).

    The Commonwealth of Independent States (CIS) sees a smaller share of users encountering ransomware attacks. However, hacktivist groups like Head Mare, Twelve and others active in the region often use ransomware such as LockBit 3.0 to inflict damage on target organizations. Manufacturing, government, and retail are the most targeted sectors, with varying levels of cybersecurity maturity across the region affecting security.

    Europe is confronted with ransomware, but benefits from robust cybersecurity frameworks and regulations that deter some attackers. Sectors such as manufacturing, agriculture, and education are targeted, but mature incident response and awareness limit the scale of attacks. The region’s diversified economies and strong defenses make it less of a focal point for ransomware groups than regions with rapid, less secure digital growth.

    For example, RansomHub claimed responsibility for a 2024 attack on Kawasaki’s European offices, disrupting operations across multiple countries. The breach compromised customer and operational data, affecting supply chains for Kawasaki’s motorcycle and industrial products in Europe. The regional impact was significant in countries such as Germany and the Netherlands, where Kawasaki has a strong market presence, highlighting vulnerabilities in Europe’s manufacturing sector.

    Change in the share of users whose computers were attacked by crypto-ransomware, by region, 2024 compared to 2023. Data from Kaspersky Security Network (download)

    Emerging threats and future outlook

    Looking ahead to 2025, ransomware is expected to evolve by exploiting unconventional vulnerabilities, as demonstrated by the Akira gang’s use of a webcam to bypass endpoint detection and response systems and infiltrate internal networks. Attackers are likely to increasingly target overlooked entry points like IoT devices, smart appliances or misconfigured hardware in the workplace, capitalizing on the expanding attack surface created by interconnected systems. As organizations strengthen traditional defenses, cybercriminals will refine their tactics, focusing on stealthy reconnaissance and lateral movement within networks to deploy ransomware with greater precision, making it harder for defenders to detect and respond in time.

    Ransomware groups are also likely to escalate their extortion strategies, moving beyond double extortion to more aggressive approaches such as threatening to leak sensitive data to regulators, competitors or the public. The Ransomware-as-a-Service model will continue to thrive, allowing less-skilled actors to launch sophisticated attacks by purchasing access to pre-built tools and exploit kits. Geopolitical tensions may further drive hacktivism and state-sponsored ransomware campaigns targeting critical assets, such as energy grids or healthcare systems, as part of hybrid warfare. Smaller organizations with limited cybersecurity budgets will face heightened risks as attackers exploit their weaker defenses. To adapt, businesses must adopt zero-trust security models, secure IoT ecosystems and prioritize employee training to mitigate phishing and social engineering threats.

    The proliferation of large language models (LLMs) tailored for cybercrime will further amplify ransomware’s reach and impact. LLMs marketed on the dark web lower the technical barrier to creating malicious code, phishing campaigns and social engineering attacks, allowing even less-skilled actors to craft highly convincing lures or automate ransomware deployment. As more innovative concepts such as RPA (Robotic Process Automation) and LowCode, which provide an intuitive, visual, AI-assisted drag-and-drop interface for rapid software development, are quickly adopted by software developers, we can expect ransomware developers to use them to automate their attacks as well as new code development, making the ransomware threat even more prevalent.

    Recommendations

    To effectively counter ransomware in 2025, organizations and individuals must adopt a multi-layered defense strategy that addresses the evolving tactics of groups like FunkSec, RansomHub and others that leverage AI, Bring Your Own Vulnerable Driver (BYOVD) and double extortion.

    Prioritize proactive prevention through patching and vulnerability management. Many ransomware attacks exploit unpatched systems, so organizations should implement automated patch management tools to ensure timely updates for operating systems, software and drivers. For Windows environments, enabling Microsoft’s Vulnerable Driver Blocklist is critical to thwarting BYOVD attacks. Regularly scan for vulnerabilities and prioritize high-severity flaws, especially in widely used software like Microsoft Exchange or VMware ESXi, which were increasingly targeted by ransomware in 2024.

    Strengthen endpoint and network security with advanced detection and segmentation. Deploy robust endpoint detection and response solutions such as Kaspersky NEXT EDR to monitor for suspicious activity like driver loading or process termination. Network segmentation is equally important – limit lateral movement by isolating critical systems and using firewalls to restrict traffic. Implement a zero-trust architecture that requires continuous authentication for access.

    Invest in backups, training and incident response planning. Maintain offline or immutable backups that are tested regularly to ensure rapid recovery without paying a ransom. Backups should cover critical data and systems and be stored in air-gapped environments to resist encryption or deletion. User education is essential to combat phishing, which remains one of the top attack vectors. Conduct simulated phishing exercises and train employees to recognize AI-crafted emails used by FunkSec and others for stealth. Kaspersky GERT can help develop and test an incident response plan to minimize potential downtime and costs.

    The recommendation to not pay a ransom remains robust, especially given the risk of unavailable keys due to dismantled infrastructure, affiliate chaos or malicious intent, as seen in the 2024 disruptions. By investing in backups, incident response and preventive measures like patching and training, organizations can avoid funding criminals and mitigate the impact. Kaspersky also offers free decryptors for certain ransomware families. If you get hit by ransomware, check to see if there is a decryptor available for the ransomware family used in your case. Note that even if one isn’t available right now, it may be added later.

    MIL OSI Economics

  • MIL-OSI USA: Governor Newsom announces appointments 5.6.25

    Source: US State of California 2

    May 6, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Paul Henderson, of San Francisco, has been appointed to the California African American Museum Board of Directors. Henderson has been the Executive Director at the San Francisco Department of Police Accountability since 2017. He was a Senior Policy Advisor with Biden for President in 2020. Henderson was the Deputy Chief of Staff in the San Francisco Mayor’s Office from 2011 to 2017. He held multiple positions at the San Francisco District Attorney’s Office from 1995 to 2011, including Chief of Administration, Co-Manager of the Trial Division, and Trial Attorney. Henderson is a Founding Board Member of the Warner Music Group Social Justice Fund and Art Like Me, and a member of the San Francisco Bar Association. He earned a Juris Doctor degree from Tulane University Law School and a Bachelor of Arts degree in History from the University of California, Los Angeles. This position does not require Senate confirmation, and there is no compensation. Henderson is a Democrat.

    Sinar Lomeli, of San Marcos, has been appointed to the Board of Barbering and Cosmetology. Lomeli has been Counseling Faculty at MiraCosta College since 2016. She was an Adjunct Counselor and Instructor at Rio Honda College from 2014 to 2016. Lomeli was an Adjunct Counselor and Instructor at Norco College from 2014 to 2016. She earned a Master of Science degree in Guidance and Counseling from California State University, San Bernardino and a Bachelor of Arts degree in English from the University of California, Santa Barbara. Lomeli is a member of Hispanas Organized for Political Equality. This position requires Senate confirmation. and the compensation is $100 per diem. Lomeli is a Democrat.

    Desirea Haggard, of Pinon Hills, has been appointed to the Board of Professional Engineers, Land Surveyors, and Geologists. Haggard has been the Vice President of Sustainability and Environmental at Unacem North America since 2024. She was the Vice President of Environmental at the CalPortland Company from 2009 to 2024. Haggard was an Environmental Engineer at TXI Riverside Cement from 2004 to 2009. She earned a Master of Science degree in Chemical and Environmental Engineering from the University of California, Riverside and a Bachelor of Science degree in Chemical Engineering from the University of California, Irvine. Haggard is a member of the Women in Mining California Chapter. This position does not require Senate confirmation, and the compensation is $100 per diem. Haggard is registered without party preference.

    Christina Wong, of Chico, has been reappointed to the Board of Professional Engineers, Land Surveyors, and Geologists, where she has served since 2021. Wong has been a Self-Employed Psychotherapist since 2024. Wong was the Senior Program Coordinator at the Glenn County Health and Human Services Agency from 2002 to 2024. She was a Mental Health Therapist at the Butte County Probation Department from 2008 to 2020. Wong was the Master of Social Work Coordinator at the University of Alabama School of Social Work from 1993 to 1997. She was the Dean of Student Affairs at Hong Kong Shue Yan University from 1993 to 1997. She earned a Master of Social Work degree from University of Hull and a Bachelor of Social Work degree from Hong Kong Shue Yan University. Wong is a member of the National Association of Social Workers. This position does not require Senate confirmation, and the compensation is $100 per diem. Wong is a Democrat.

    David Rabbitt, of Petaluma, has been reappointed to the Alfred E. Alquist Seismic Safety Commission, where he has served since 2013. Rabbitt has been the District Two County Supervisor on the Sonoma County Board of Supervisors since 2011 and an Independent Architect since 1997. He was a Member of the Petaluma City Council from 2006 to 2011. Rabbit was a Project Architect at Donald K. Olsen, AIA & Associates from 1985 to 1997. This position requires Senate confirmation, and the compensation is $100 per diem. Rabbitt is a Democrat.

    Vincent Wells, of Elk Grove, has been reappointed to the Alfred E. Alquist Seismic Safety Commission, where he has served since 2021. Wells has been the President of the United Professional Firefighters of Contra Costa County Local 1230 since 2008. He was a Fire Captain and Paramedic at Contra Costa Fire Protection District from 1997 to 2020. Wells was a Firefighter and Paramedic at the Fairfield Fire Department from 1995 to 1997. He served in the United States Air Force from 1985 to 1992. This position requires Senate confirmation, and the compensation is $100 per diem. Wells is a Democrat.

    Debra Garnes, of Rio Dell, has been reappointed to the Alfred E. Alquist Seismic Safety Commission, where she has served since 2021. Garnes has been Mayor of the City of Rio Dell since 2019. Garnes was an Operational and Certified First Response Instructor from 2001 to 2003. She held several positions at the Rancho Seco Nuclear Generation Station in the Sacramento Municipal Utility District from 1990 to 2002, including Hazardous Materials Technician and Specialist, Hazardous Materials First Responder, Asbestos and Lead Decommissioning Technician, and Senior Utility Clerk. Garnes was Fleet Payroll Supervisor at KLLM Trucking from 1989 to 1990. She was an Associate at the Ranco Seco Nuclear Generation Station in the Sacramento Municipal Utility District from 1988 to 1989. Garnes was a United States Navy Petty Officer Second Class, Gunnersmate Guns for the United States Navy from 1981 to 1985. This position requires Senate confirmation, and the compensation is $100 per diem. Garnes is a Democrat.

    Cindy Silva, of Walnut Creek, has been reappointed to the Alfred E. Alquist Seismic Safety Commission, where she has served since 2017. Silva has served as a Councilmember for the City of Walnut Creek since 2006. She was Mayor of the City of Walnut Creek from 2022 to 2023, 2018 to 2019, 2012 to 2013, and 2010 to 2011. She was the Owner of Eisley Silva Communications from 1987 to 2016. Silva was Sales Communication Manager at PeopleSoft from 2001 to 2004. She was Manager of International Proposals and Start-up Training at AirTouch Communications from 1993 to 1995. Silva was Senior Vice President of Product Development at Alamo Learning Systems from 1985 to 1987. She was the Owner of Eisley Communications Inc. from 1979 to 1985. Silva was a Management Newsletter Editor at the Southern California Gas Company from 1979 to 1980. She was a Project Associate at Systema Corporation from 1978 to 1979. Silva was Managing Editor at the California Dental Association from 1976 to 1978. She is the President of the League of California Cities, Statewide Board Member of the League of California Cities, and member of the Hospice East Bay Board of Directors. Silva earned a Bachelor of Arts degree in Journalism from the University of Southern California. This position requires Senate confirmation, and the compensation is $100 per diem. Silva is registered without party preference.

    Press Releases, Recent News

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    MIL OSI USA News