NewzIntel.com

Category: Australia

  • MIL-OSI Security: Big Harbour — RCMP investigating fatal house fire in Big Harbour

    Source: Royal Canadian Mounted Police

    Victoria County District RCMP, supported by the Nova Scotia Fire Marshal’s Office and the Nova Scotia Medical Examiner Service, is investigating a fatal house fire that occurred in Big Harbour.

    On April 3, at approximately 2:30 a.m., RCMP officers and fire services responded to a report of an active structure fire at a property on Big Harbour Rd. Upon arrival at the scene, first responders found a residence fully engulfed in flames.

    One occupant of the home was located deceased.

    At this time, the investigation, which is at an early stage, indicates that the cause of the fire is not suspicious. The investigation, however, is ongoing.

    Anyone with information about this fire, or with surveillance video or dashcam footage that could support the investigation, is asked to call the Victoria County District RCMP at 902-295-2350. To remain anonymous, contact Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI Global: Consumers are boycotting US goods around the world. Should Trump be worried?

    Source: The Conversation – UK – By Alan Bradshaw, Professor of Marketing, Royal Holloway University of London

    US alcohol has been removed from sale in the Canadian province of British Columbia. lenic/Shutterstock

    As politicians around the world scramble to respond to US “liberation day” tariffs, consumers have also begun flexing their muscles. “Boycott USA” messages and searches have been trending on social media and search engines, with users sharing advice on brands and products to avoid.

    Even before Donald Trump announced across-the-board tariffs, there had been protests and attacks on the president’s golf courses in Doonbeg in Ireland and Turnberry in Scotland in response to other policies. And in Canada, shoppers avoided US goods after Trump announced he could take over his northern neighbour.

    His close ally Elon Musk has seen protests at Tesla showrooms across Europe, Australia and New Zealand. New cars have been set on fire as part of the “Tesla take-down”, while Tesla sales have been on a deep downward trend. This has been especially noticeable in European countries where electric vehicles sales have been high, and in Australia.

    This targeting of Trump and Musk’s brands are part of wider boycotts of US goods as consumers look for ways to express their anger at the US administration.

    Denmark’s biggest retailer, Salling Group, has given the price label of all European products a black star, making it easy for customers to avoid US goods.

    Canadian shoppers are turning US products upside down in retail outlets so it’s easier for fellow shoppers to spot and avoid them. Canadian consumers can also download the Maple Scan app that checks barcodes to see if their grocery purchases are actually Canadian or have parent companies from the USA.

    Who owns what?

    The issue of ostensibly Canadian brands being owned by US capital illustrates the complexity of consumer boycotts – it can be difficult to identify which brands are American and which are not.

    In the UK, for example, many consumers would be surprised to learn how many famous British brands are actually American-owned – for example, Cadbury, Waterstones and Boots. So entwined are global economies that attempts by consumers to boycott US brands may also damage their local economies.

    This complexity is also present in Danish and Canadian Facebook groups that are dedicated to boycotting US goods. Consumers exchange tips on how to swap alternatives for American products.

    The fact that Facebook is a US-based company only demonstrates how deeply embedded consumer culture is in US technologies. European businesses often depend on American operating systems and cloud storage while consumers rely on US-owned social media platforms for communication.

    Even when consumers succeed in weeding out American products, if they pay using Visa, Mastercard or Apple Pay, a percentage of the price will nonetheless be rerouted to the US. If a touch payment is made with Worldpay, the percentage could be even greater.

    These American financial services show just how embedded US businesses are in retail in ways that consumers may not appreciate. In practice, an absolute boycott of US business is almost unimaginable.

    All-American brands

    But American branding is not always subtle. In addition to brands directly connected to the US administration – such as the Trump golf courses and Tesla – many other companies have always been flamboyantly American. Coca-Cola, Starbucks and Budweiser are just some examples where their American identities and proudly on show.

    As such, it’s possible that consumers will increasingly avoid blatantly American brands. They may be less concerned about the complexities and contradictions of a more comprehensive boycott.

    Consumer actions where the goal is political change are known as “proxy boycotts” because no particular company is the ultimate target. Rather, the brands and firms are targeted by consumers as a means to an end.

    Do boycotts work?

    A classic example of a proxy boycott took aim at French goods, particularly wine, in the mid-1990s. This was in response to president Jacques Chirac’s decision to conduct nuclear tests in the Pacific. The large-scale consumer boycotts contributed to France’s decision to abandon its nuclear tests in 1996.

    In Britain, for example, French wines in all categories lost market share as demand fell during the boycott. At the time, it cost the French wine sector £23 million (about £46 million today).

    These boycotts are a reminder that the interplay between corporations, brands and consumer culture are inevitably embedded in politics. The current political impasse demonstrates that consumers can participate in politics, not just with their votes, but also with their buying power.

    Trump clearly wants to demonstrate American strength. The “liberation day” tariffs, which were higher than most observers expected, bear this out. But many US corporations will now be worrying about how consumers in the US and around the world might respond. Trump could see a mass mobilisation of consumer power in ways that will give the president something to think about.

    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. Consumers are boycotting US goods around the world. Should Trump be worried? – https://theconversation.com/consumers-are-boycotting-us-goods-around-the-world-should-trump-be-worried-253389

    MIL OSI – Global Reports –

  • MIL-OSI USA: Stronger Together: UConn Health and UConn join Community in Advancing Wellness

    Source: US State of Connecticut

    At UConn Health, community isn’t just a word, it’s the foundation of everything we do. Whether it’s the connections between our patients and providers, the collaboration among our teams, or our commitment to serving those beyond our walls, community defines who we are. This month, we’re highlighting the ways in which our staff and departments comes together to support, uplift, and strengthen one another. From innovative partnerships to everyday moments of kindness, we celebrate the power of community in shaping a healthier future for all.

    Janel Simpson:, UConn Health Chief Administrative Officer, Jini Korcz, Adriana Lopez de Victoria, Farmington Links Board Member

    On Saturday, March 15, UConn Health and UConn faculty, staff, students and researchers, came together with community partners at the Black Family Wellness Expo, a vibrant annual event dedicated to promoting health and wellness in the Greater Hartford community hosted by the Artists Collective in Hartford. The expo, organized by the Farmington Valley and Greater Hartford Chapters of The Links Incorporated was co-sponsored by UConn Health’s Health Disparities Institute (HDI), the UConn School of Social Work, the Department of Public Health Sciences, and UConn’s Institute for Collaboration on Health, Intervention, and Policy (InCHIP),

    Now in its second year of participation, HDI played a central role in the expo, not only through sponsorship but also in deepening institutional partnerships and collaboration with UConn Health and UConn that included the Office of Diversity and Inclusion (ODI), the Center on Aging, the Carole and Ray Neag Comprehensive Cancer Center, Public Health Sciences, Area Education Centers (AHEC), and InCHIP, among others.

    “Instead of having UConn and UConn Health departments scattered throughout the expo, we intentionally grouped UConn Health and UConn tables, allowing the community to see the multiple ways in which we engage and serve Connecticut residents, beyond health care delivery and education,” said Dr. Linda Sprague Martinez, HDI director and professor in the department of medicine.

    HDI also created an interactive engagement opportunity for attendees. This year at the expo, HDI engaged attendees by asking what makes for a great health care experience, and we heard overwhelmingly about the importance of the interpersonal aspects of care and engagement. Providers who take the time to really listen, are empathetic, and show compassion were common responses,” said Dr. Sprague Martinez. “Events like this are important opportunities for UConn Health to connect with community residents and our patients in a meaningful way.”

    “Events like the Black Family Wellness Expo create a space not only for direct engagement with community members but also for fostering connections with organizations that share HDI’s commitment to health equity and exploring ways to deepen collaboration through collective efforts that drive lasting impact,” said Trisha Pitter from the Health Disparities Institute who initiated the partnership with the Farmington Valley Links, Inc. to promote this year’s event as well as the 2025’s expo.

    JDH Diversity Council’s Role and Impact

    Community Wishing Tree

    As part of its mission to advance diversity, equity, and inclusion (DEI), the JDH Diversity Council played a key role in engaging attendees through interactive initiatives. Their presence included two tables: one focused on Human Resources, providing information about UConn Health career opportunities and workplace culture, and another featuring the “Community Wishing Tree,” an idea proposed by Elizabeth Haskell, sepsis nurse, were invited to share personal barriers to health care and their wishes for improvements in their community. The activity proved to be a meaningful way to amplify community voices and gather valuable insights that will be reviewed at an upcoming Diversity Council meeting.

    “For me, joining the Diversity Council was about helping to create a more inclusive and equitable health care environment, not just for patients, but for our faculty and staff as well,” said Cassandra Keola, administrative program coordinator. “It’s inspiring to see our work extend beyond the walls of our hospital and into the communities we serve.”

    “As a newer member of the Diversity Council, I was drawn to the opportunity to collaborate with a team dedicated to fostering growth in diversity, equity, and inclusion, both at an organizational level and as individuals. With 17 years of experience as a nurse, I have had the privilege of caring for patients from diverse backgrounds, which has reinforced the vital role that cultural awareness and inclusivity play in delivering equitable and effective health care. Being part of this council allows me to contribute to meaningful change and advocate for a more inclusive environment for both patients and staff,” said Eliza Rivera, population health manager.

    Collaboration Across UConn and UConn Health Departments

    Dr. Linda Barry, associate director of Health Disparities Institute, led the Alzheimer’s discussion and CT AHEC brought a team of Urban Health/AHEC Scholars and preceptors to provide health promotion education as well as screenings (oral health, blood pressure, blood glucose).  The CT AHEC team worked closely with partners from Charter Oak Community Health Center for community member handoffs for vaccinations, mental health, muscular skeletal and A1C screenings. In total more than 35 community members were seen by this interprofessional team.

    James “JJ” Odom, University Director of Buildings and Grounds at UConn Health, far left plays the drums during a musical performance

    Leslie Bell, administrative director in nursing administration and diversity council member, shared her experience: “The room was filled with people providing essential services and education. I had the opportunity to attend a UConn Health panel discussion on Alzheimer’s, which was both informative and impactful. There was such a strong presence of organizations committed to health and wellness; it was truly inspiring.”

    The event also facilitated networking opportunities among health care professionals. Bell was able to help connect a physician from Saint Francis Hospital with UConn Health’s ALS program to ensure continuity of care for a patient facing insurance challenges. This kind of real-time problem-solving exemplifies the council’s broader mission to bridge gaps in health care access and equity.

    Looking Ahead

    HDI’s ongoing partnership with the Farmington Valley Links will continue to shape future wellness initiatives, including the 2025 expo. HDI is co-sponsoring an upcoming Women’s Health event with the Farmington Valley Links, the Commission on Women, Children, Seniors, Equity and Opportunity, Aurora Foundation for Women and Girls, and InCHIP focused on intergenerational dialogues on menopause. Community events like the Black Family Wellness Expo create spaces for HDI to engage with residents, learn about priorities, and to build collaborations across UConn and with communities to promote health.

    In addition to participating in the Black Family Wellness Expo, the Diversity Council continues to lead and support various initiatives, such as ODI’s monthly “coffee break” discussions, cultural awareness events, and employee appreciation activities. Their ongoing efforts reinforce UConn Health’s dedication to an inclusive workplace and community engagement.

    Reflecting on the event’s success, Diversity Council members expressed enthusiasm for future collaborations and deeper community connections. “The sheer volume of interest in wellness and information was encouraging,” said one attendee. “Seeing so many people engaged and eager to learn reaffirms why events like this matter,” said Keola.

    By fostering dialogue, sharing resources, and strengthening partnerships, the Diversity Council continues to make a meaningful impact—both within UConn Health and throughout the communities it serves.

    The Black Family Wellness Expo was a powerful example of UConn and UConn Health’s institutional commitment to community engagement, health equity, and partnership. Through shared leadership, HDI and its collaborators are ensuring that UConn’s presence in the community is both impactful and enduring.

    MIL OSI USA News –

  • MIL-OSI: Coface SA: Coface announces the publication of its 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Coface announces the publication of its 2024 Universal Registration Document

    Paris, 4 April 2025 – 17.45

    Communication setting out the arrangements for the supplying of the Universal Registration Document

    The Universal Registration Document of COFACE SA for 2024 (Document d’enregistrement universel 2024 in French) was filed with the French financial market authority (Autorité des marchés financiers – AMF) on April 3, 2025 under the number D.25-0227.

    Copies of the 2024 Universal Registration Document are available free of charge at COFACE SA, 1 Place Costes et Bellonte, 92270 Bois-Colombes, France as well as on the website of the Company at the following address:
    https://www.coface.com/investors/regulated-information/universal-registration-document.

    The 2024 Universal Registration Document includes the following information:

    • The 2024 Annual financial report;
    • The Report on corporate governance (attached to the management report);
    • The Statutory Auditors’ reports and the news release concerning their fees;
    • The description of the share buyback program;
    • The draft resolutions submitted to the vote of the Combined Shareholders’ Meeting of 14 May 2025;
    • The Sustainability Statement.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Keynote Remarks of Commissioner Johnson for Governing Data at IIB&L Center and Yale Law Journal of Law & Technology at Yale Law School

    Source: US Commodity Futures Trading Commission

    Remarks as Prepared
    Introduction
    Good afternoon. Springtime is always a nice time of year to be in New Haven and it is generous of the Yale Law School to host this symposium. Thank you Milhailis [Diamantis], Rishab [Nithyanand], the Iowa Innovation Business & Law Center, and the Yale Journal of Law & Technology for the significant time and effort you expended to organize and execute this symposium. 
    As I have indicated throughout my time as a Commissioner, I am delighted to join you in carefully thinking about the increasing salience of better data governance.[1] I am hopeful that the discussions at this symposium will articulate and enhance guardrails for comprehensive privacy law and better data governance. I am also hopeful that our discussions and advocacy will influence federal and state legislatures and financial market regulators, among others, to adopt, implement, and enforce law, regulation, and policy that lead to better data governance. 
    In my time with you, I would like to highlight two issues that may deeply impact the shape and development of data governance in financial markets – emerging artificial intelligence (AI) technologies and critical third-party service providers.[2] We can describe these two issues as twin peaks – arising rapidly and substantially altering the structure of financial markets.
    The twin peaks at the center of our markets reflect a shift to data-centered markets influenced by the rise of increasingly sophisticated machine learning and generative AI technologies and a remarkable uptick in market participants’ reliance on critical third-party service providers. The peaks are similar but not identical. Yet, each has the potential to deeply impact market structure and how we supervise financial markets. 
    First, the integration of data-fueled artificial intelligence (AI) technologies is indisputably altering financial markets infrastructure. As AI takes center stage in many sectors of our economy and society, financial services firms report interests, investments, and incorporation of AI technologies in data analytics, trade data analysis, trade clearing, reconciliation, and settlement, risk management, surveillance, margin and collateral determinations, and administrative, compliance and back-office services.   
    Second, developing and updating data-fueled technologies can be expensive. Firms often lack the resources to independently develop certain technologies. The cost of acquiring or developing AI or data-centered technologies may be prohibitive for many businesses. As a result, many financial services firms and others must outsource or seek to license data-centered technologies or models. For smaller and medium sized firms, reliance on third-party service providers is often imperative.
    As we begin to consider these twin peaks impacting the operational infrastructure and supervision of our markets, it is worth examining the benefits of novel technologies, whether these changes in market infrastructure may lead to new risks or distinct risks, and the extent to which existing risk management practices and regulations are fit for purpose. 
    I. Evolving Market Infrastructure 
    A recent study of nearly two thousand financial services firms reports that more than three-quarters of the firms included rely on AI to assist with various aspects of financial reporting and other compliance obligations.[3] Another study shows a significant amount of investment capital moving forward will be dedicated to implementing and integrating AI-based technologies.[4] Commodity Futures Trading Commission (CFTC) regulated market participants have long relied on predictive technologies – a category of technologies that comprise part of the universe of technologies that may be described as AI.[5] In recent years, a number of CFTC-regulated market participants have entered into strategic partnerships with major technology providers.[6] Today, market participants use AI for diverse trade execution, operational, and administrative functions including market intelligence, monitoring, fraud detection, and cybersecurity risk management.[7]
    The CFTC supervises areas of financial markets where market participants create, distribute, trade, and transfer financial market products. For financial market regulators, governing data proves challenging, in part, because market participants may rely on intermediaries that are not registered with financial market regulators. Regulators may lack visibility or supervisory authority over these intermediaries. As the market for novel assets such as digital assets grow, this challenge continues to present similar concerns.
    As noted at the outset, adoption of critical third-party service providers parallels the rapid adoption of AI. According to recent studies, in 2021 cloud services accounted for less than 10% of critical business initiatives. By 2027, it is expected that cloud services will account for 50% of critical business initiatives.[8] To that end, and to bolster capabilities to utilize AI, cloud services have seen massive investments to infrastructure, with $79 billion spent in the second quarter of 2024 alone.[9]
    A. The Rise of AI
    While the use cases within and beyond finance are quite diverse, common threads bind the “algorithmic revolution” and increased reliance on critical third-party service providers. Artificial intelligence technologies can automate decision-making tasks and certain subsets of artificial intelligence may execute these tasks autonomously. 
    For decades, market participants, researchers, academics, and public interest advocates have assessed the impacts of algorithmic trading in conventional financial markets. Some suggest that artificial intelligence introduces existential questions for markets;[10] others underscore the ethical, civil, or human rights implications of adopting artificial intelligence.[11] As debates proliferate regarding the merits and limitations of automated decision-making technologies, a steady drumbeat declares the future of finance.[12] 
    Notwithstanding the utility and benefits that accompany AI, there are risks and notable limitations. A robust literature has developed cataloguing and analyzing the ethical implications that may arise.[13] In addition, bad actors have discovered AI and the potential to use AI to manipulate markets.[14]
    Voices at international convenings of market participants and regulators increasingly reflect a call for an open dialogue regarding benefits and thorny issues that arise as we increasingly rely on AI and third-party service providers. Before turning to proposed interventions, let’s explore the second phenomenon changing market infrastructure – the increasing importance of technology-based critical-third party service providers. 
    B. Critical Third-Party Service Providers 
    Commission-regulated market participants often use third-party vendors to support their operations, risk management, compliance, and technology infrastructure. In an era of data-fueled technologies, cloud-based storage platforms and data centers serve as an increasingly important group of critical third-party service providers. The services of cloud-based platforms, data centers, and other third-party service providers vary; and, in some instances, the services are not critical to the continuity of the market participant’s business. In other instances, third-party services providers offer services which are essential to market participants’ day-to-day operations. 
    A glance around the “trading floor” of any financial services firm these days reveals significant reliance on technology. Many firms rely on innovative technologies for the continuous and adequate functioning of their operations.[15] As data-driven technologies proliferate, markets have witnessed a growing trend for participants to rely on cloud-based technologies. In fact, several of our largest market participants have entered strategic partnerships with cloud providers to enable them to handle exceptional volumes of data and enhance their scalability.[16] Cloud based architecture also offers on-demand computing power for risk analytics and trade processing, allowing firms to handle massive amounts of transactions and data in times of high volume, and scale down during slower periods. In many ways, cloud services and AI fit hand-in-glove because of the cloud-based computing power required to execute certain AI technologies.[17] 
    Congress, regulators, market participants, and many stakeholders have identified risks related to how our markets operate – robust information security management, reliability and resilience, effective contingency planning, and communication risks.[18] 
    Our regulations reflect expectations regarding how registered market participants will comply with this framework. In my role as a Commissioner and sponsor for the Market Risks Advisory Committee, I have led a diverse group of stakeholders in detailing the benefits and concerns that arise as these twin peaks increasingly influence our markets. Here, let’s consider two specific risks that have emerged as we navigate this rise of data-fueled, innovative technologies – concentration and cyber risks – which will be central questions for regulators in the era of data governance. 
    II. Managing Data Governance and Data Security Risks 
    A few large firms comprise the most prevalent AI and cloud-based technology services providers.[19] The limited diversity of service providers and lack of competition may raise market concentration concerns.[20]
    A. Concentration Risks
    Evidence indicates that there are a limited number of both AI and critical service providers for financial market participants. A recent survey of the AI industry suggests that ten foundational model providers account for almost ninety percent of the market.[21]
    The top three cloud providers, Amazon, Microsoft, and Google, respectively, account for 73% percent of the cloud infrastructure market.[22] Given that software as a service is the most widely adopted form of cloud computing by financial institutions, the United States Department of the Treasury has indicated that the concentration among critical service providers may be cause for concern.[23]
    Microsoft and AWS are two of the largest data center providers and among the largest cloud providers; together these firms manage over five hundred and fifteen data centers. Google manages twenty-five data centers.[24] Simply stated, the number of service providers capable of handling the needs of many market participants may be limited. 
    Studies also report a decline in the number of Futures Commission Merchants (FCMs).[25] In 2023, the MRAC launched a workstream to analyze the current state and trends of the FCM market over the twenty-year period from 2003 to 2023.[26] The report notes increased operating costs and the capital requirements for FCMS and increased minimum net capital requirements. Markets have also witnessed consolidation in FCM markets. 
    In contrast to the decline in the total number of FCMs, clearing volume during this same period has dramatically increased.[27] The total number of non-carrying FCMs declined by 91% and the number of carrying FCMs fell by 58%.[28] This represents a significant reduction in the capacity of FCMs over the course of a relatively short period of time. 
    This reduction means that there is far fewer FCMs available to provide the critical functions they traditionally perform.
    B. Cyber Risks 
    Our registered market participants must comply with the regulatory framework for system safeguards. In many instances, technology service providers also have robust cyber defense capabilities designed to anticipate, prevent, or lessen the effect of sophisticated cyber-attacks.  
    In recent years, however, there has been notable disruption in traditional markets and the markets for novel financial products. Two recent events underscore the vulnerability of markets and market infrastructure to cyber threats. These incidents – the ION ransomware attack and the Bybit exchange hack – illustrate the difficulties many firms face when a third-party service provider or a technology employed through a third-party service provider experiences a cyberattack. 
    In January of 2023, a critical third-party service provider in derivatives markets, ION Cleared Derivatives (ION), a UK-based trading software partner, experienced a significant cyberattack. ION’s services are widely used by FCMs and other market participants for critical functions, including trade order management, trade processing, and settlement of exchange-traded derivatives. Because a significant number of FCMs rely on ION for back-office trading capabilities, the disruption caused by the ransomware attack on ION cascaded through our derivatives markets. During the period that ION’s operations were impacted by the ransomware attack, affected firms reverted to manual processes to match and settle trades, creating difficulties in recording and reporting trade reconciliation data.[29] Consequently, the Commission was unable to deliver timely Commitments to Traders reports and determining material transactional obligations such as margin and collateral were similarly impacted. 
    In a more recent cyberattack in crypto-asset markets, a crypto exchange experienced significant losses related to reliance on a third-party software platform that enables wallet services. In February of 2023, Bybit, a crypto exchange that offers crypto derivatives and other financial products lost over $1.4 billion when the firm suffered a breach of its multi-signature wallets.[30] Hackers infiltrated a developer workstation at a third-party that enables customers to access wallet software that interfaces with Bybit’s exchange. The hackers obtained credentials for the third party’s Amazon Web Services (AWS) repository.[31] Using stolen AWS tokens, the attackers introduced malicious code into the third party’s software, enabling the hackers to alter Bybit’s wallet interface and reroute a scheduled transfer of funds without immediate detection. 
    These losses were introduced to market participants through their link to critical third-party service providers and, in the case of Bybit, indirectly with a third party that was using another vendor for the compromised process. These losses can cascade through the markets when that breach occurs in a critical third-party service provider who is linked to a significant number of market participants.
    III. Reflections on Proposed and Potential Interventions 
    The Commodity Exchange Act and implementing regulations and related guidance provide a principles-based approach to regulating governance, risk management, and cybersecurity measures for CFTC-regulated entities. At the CFTC, we are increasingly focused on how to ensure markets benefit from responsible innovation and mitigate the threats to risk management that may lead to market disruption. 
    A. Existing DCO System Safeguard Regulation
    Derivatives clearing organizations (DCOs), are subject to core principles established under the CEA, including Section 5b, which establishes that DCOs shall (i) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk through the development of appropriate controls and procedures, and automated systems, that are reliable, secure, and have adequate scalable capacity; and (ii) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery (and establishes certain criteria for such plans and procedures, including timely recovery and resumption of operations, fulfillment of the DCO’s obligations, and periodic testing).[32] The DCO Core Principles were added to the CEA in the Commodity Futures Modernization Act of 2000. After the financial crisis of 2008, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the CFTC’s authority to “establish a more comprehensive statutory framework to reduce risk, increase transparency and promote market integrity,” including by enhancing the Commission’s rulemaking authority with respect to registered entities, including DCOs.[33]
    Additional requirements for compliance with DCO Core Principle I, System Safeguards, are enumerated in more detail in Rule 39.18, following Dodd-Frank. When the rule was first proposed, and ultimately codified in 2011, it sought to “delineate the minimum requirements that a DCO would be required to satisfy in order to comply with Core Principle I.”[34] With time, as technology continued to evolve, and the world became more reliant on it, the regulation has evolved to include more specific requirements. For example, in 2016, the Commission amended Rule 39.18, clarifying certain requirements and enhancing others, motivated in large part by escalating and evolving cybersecurity threats. The December 2015 proposing release discussed roundtables held by the Commission and the MRAC that focused on cybersecurity, and a number of important topics surrounding cybersecurity that financial institutions should take into consideration. These include: (i) more cyber adversaries, that are more dangerous, and have expanding and worsening motivations and goals, (ii) increasing cyber capabilities from both non-state actors and state-sponsored intruders, (iii) more sophisticated and longer duration cyberattacks, (iv) a broadening cyber threat field where computers, mobile devices and the cloud are all potential points of vulnerability and, finally, (v) the interconnectedness of financial services firms and the threat that poses.[35] 
    As currently in effect, Rule 39.18 includes “(1) the requisite elements, standards, and resources of a DCO’s program of risk analysis and oversight with respect to its operations and automated systems; (2) the requirements for a DCO’s business continuity and disaster recovery plan, emergency procedures, and physical, technological, and personnel resources described therein; (3) the responsibilities, obligations, and recovery time objective of a DCO following a disruption of its operations; and (4) other system safeguards requirements related to reporting, recordkeeping, testing, and coordination with a DCO’s clearing members and service providers.”[36] With respect to third-party service providers, subsection (d)(2) specifies that a DCO can maintain some of the resources required by other subsections of the rule “through written contractual arrangements with another [DCO] or other service provider,”[37] but notes that “[a] [DCO] that enters into a contractual outsourcing arrangement shall retain complete responsibility for any failure to meet [the rules requirements]” and that the DCO “must employ personnel with the expertise necessary to enable it to supervise the service provider’s delivery of the services.”[38] 
    B. Opening a Dialogue to Explore Emerging Risks 
    In light of the ION attack, as well as the increasing risk of cyber threat events, the Market Risk Advisory Committee (MRAC) has spent significant attention to examining third-party service provider relationships and best practices for managing risks to central counterparties (CCPs). In January of 2023, the MRAC hosted a forum on cyber risks in our markets and focused on the ransomware attack that disrupted ION’s operations. 
    Later in 2023, MRAC launched a workstream focused on managing risks that arise from reliance on critical third-party service providers.[39] The workstream led by the CCP Risk and Governance Subcommittee examined the need to consider updating the operational resilience frameworks for CCPs in light of the concentration and cyber risks, among other concerns, that arise as registrants increasingly rely on critical third-party service providers. 
    On November 25, 2024, the MRAC published  a report from the CCP Risk and Governance Subcommittee which set forth recommendations on DCO System Safeguard Standards for Third Party Service Providers (Report).[40] The Report addresses recommendations to Rule 39.18, acknowledging that, while the System Safeguards do explicitly say that a DCO retains responsibility regardless of any contractual outsourcing of regulatory requirements and requires a DCO to provide certain information to the Commission with respect to those outsourced resources.[41] The Report recommends that any proposed regulation build upon and incorporate the principles and language set forth in the System Safeguards Rule with respect to DCOs and further that DCOs be required to establish and maintain a robust Third-Party Relationship Management Program that identifies, assesses, mitigates and monitors the full scope of risks that are associated with the use of third part arrangements.[42]
    The examples of the MRAC’s efforts illustrate the need for a continuing dialogue regarding the concentration and cyber risks that may accompany increased adoption of sophisticated technologies or reliance on third party service providers for technologies that operate at the center of our markets. Moreover, DCOs are only one the diverse types of registrants in our markets navigating these questions. 
    Other registrants, such as designated contract markets and boards of trade, swap execution facilities, and swap data repositories are subject to similar CFTC regulatory system safeguards.[43] Some registrants such as FCMs, commodity trading advisors, commodity pool operators, and introducing brokers who are members of the National Futures Association (NFA) may also be subject to NFA guidance on information systems security programs and third-party service providers.[44] However, similar to DCOs, it is important to consider instances in which reliance on critical third party service providers may introduce risk management concerns.  
    The growing concentration of critical third-party service providers present risk implications that may lead to disruption of our markets. While the Commission has broad authority to promulgate regulations consistent with our statutory authority, many technology firms may not be CFTC registrants subject to direct oversight and, absent conduct in violation of Commission regulation, the Commission may have limited oversight authority with respect to these technology firms. 
    Conclusion
    The issues outlined reflect neither an exhaustive nor a definitive list of the challenges of governing data and providing effective oversight for data integrity, security, and governance. There are many lessons that markets and regulators are yet to learn about the integration of novel technologies such as AI and our evolving market infrastructure.
    The illustration of each of these phenomenon – the rise of data-fueled AI and the increasing role of a concentrated group of critical third-party service providers – merits careful consideration. 
    I am ever working to enhance the stability and integrity of and strengthen the resilience of our domestic markets. As a Commissioner and throughout my career, I have long emphasized corporate governance, compliance, and risk management as central pillars in market oversight.
    Thank you so very much for allowing me to join you this afternoon. I have learned so much from each of the papers presented and the proposals. I am hopeful that other important decision-makers are tracking the issues you outline and solutions that you propose. 

    [2] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

    [10] Rory Van Loo, Digital Market Perfection, 117 Mich. L. Rev. 815 (2019); Chris Brummer & Yesha Yadav, Fintech and the Innovation Trilemma, 107 Geo. L. J. 235, 275 (2019); Rory Van Loo, Technology Regulation by Default: Platforms, Privacy, and the CFPB, 2 Geo. L. Tech. Rev. 531, 544-45 (2018). 

    [11] Harry Surden, Ethics of AI in Law: Basic Questions, 719 The Oxford Handbook of Ethics of AI (July 9, 2020) (exploring ethical issues arising from the adoption of artificial intelligence).

    [12] See, e.g., Exec. Order No.13,859, 84 Fed. Reg. 3,967 (Feb. 11, 2019), see also Christopher K. Odinet, AI Risks, Research Handbook on Artificial Intelligence & The Law, Cambridge University Press (forthcoming 2025). 

    [13] See, e.g., Kimberly A. Houser & Anjanette H. Raymond, It Is Time to Move Beyond the ‘AI Race’ Narrative: Why Investment and International Cooperation Must Win The Day, 18 Nw. J. Tech. & Intel. Prop. 129, 185 (2021); Dr. Axel Walz & Kay Firth-Butterfield, Implementing Ethics Into Artificial Intelligence: A Contribution, From A Legal Perspective, To The Development Of An Ai Governance Regime, 18 Duke L. & Tech. Rev. 176, 198; Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the viHuman in the Loop, 43 Sydney L. Rev. 43, 45 (2021).

    [14] Deborah W. Denno & Ryan Surujnath, Rise of the Machines: Artificial Intelligence, Robotics, and the Reprogramming of Law: Foreword, 88 Fordham L. Rev. 381, 383 (2019); Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the Human in the Loop, 43 Sydney L. Rev. 43, 47 (2021).

    [15] Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [25] FCMs serve as intermediaries that facilitate the clearing and execution of trades in swaps and futures products.

    [27] Holdings of customer funds increased by more than 700% and the overall adjusted net capital rose by 296%. Id.

    [28] Non-carrying FCMs are FCMs which do not hold customer funds. Id.

    [32] 7 U.S.C. § 7a-1(c)(2)(I).

    [33] Derivatives Clearing Organization General Provisions and Core Principles, 76 Fed. Reg. 69334 (Nov. 8, 2011).

    [34] 76 Fed. Reg. at 69397.

    [35] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 80 Fed. Reg. 80114, 80115 (Dec. 23, 2015).

    [36] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 81 Fed. Reg. 64322 (Sept. 19, 2016).

    [37] 17 C.F.R. § 39.18(d)(1).

    [38] 17 C.F.R. § 39.18(d)(2).

    [41] Form DCO, Appendix A to 17 C.F.R. pt. 39.

    [42] The Report contains 8 principles in which the CCP Risk and Governance Subcommittee recommends a DCO should consider, at minimum, when developing a TPRM. The Report also recommends that the Commission consider requiring DCOs to obtain assurances from their critical service providers that they comply with the expectations set forth in Annex F of the Principles for Financial Market Infrastructure (PFMIs), which sets forth oversight expectations applicable to critical service providers. See Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [43] See 7 U.S.C. § 7(d)(20), 17 C.F.R. § 38.1050-1051 (designated contract markets and boards of trade), 7 U.S.C. § 7b-3(f)(14), 17 C.F.R. § 37.1400-1401 (swap execution facilities), and 7 U.S.C. § 24a(c)(8), 17 C.F.R. § 49.24) (swap data repositories).

    MIL OSI USA News –

  • MIL-OSI Security: Defense News: Acting Chief of Naval Operations Adm. James Kilby Speaks at Australian, US, UK Naval Capabilities and Science and Technology Talks

    Source: United States Navy

    Acting Chief of Naval Operations Adm. James Kilby spoke to leaders from the Royal Australian Navy, the British Royal Navy, and the U.S. Navy to discuss the long-standing partnership between the three navies and the continued integration and interoperability of their forces, at the inaugural tri-lateral Naval Capabilities and Science and Technology Talks, April 3.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Historic drinking fountain restored to celebrate city’s Centenary

    Source: City of Stoke-on-Trent

    Published: Friday, 4th April 2025

    A historic drinking fountain has been restored and officially unveiled as part of Stoke-on-Trent’s Centenary celebrations.

    The stone fountain was first gifted to the residents of Fenton over 160 years ago in memory of William Baker JP, a prominent local industrialist and owner of the family-run pottery firm William Baker and Co. 

    William Baker and Co in Fenton was a family-run business in Stoke-on-Trent.  William Baker and then his nephew William Meath Baker also paid for many buildings in the area to be built, including the school, Christ Church, Fenton Town Hall and Albert Square. 

    First installed in Victoria Square in 1861, the fountain has been relocated several times and has spent recent years in storage. Now, following careful restoration by Stoke-on-Trent City Council, it takes pride of place in Albert Square, Fenton. 

    An unveiling ceremony was held on Friday 4 April 2024. 

    William Meath Baker’s great-grandson, Justin Meath Baker, joined the Lord Mayor of Stoke-on-Trent, Councillor Lyn Sharpe, and officially revealed the restored fountain. 

    Councillor Lyn Sharpe, Lord Mayor of Stoke-on-Trent, said: “Celebrating our city’s history is such an important part of our Centenary year. It’s wonderful to see this special gift from the Meath Baker family returned to the heart of the area they loved. 

    “The fountain is a beautiful reminder of their lasting contribution to Stoke-on-Trent’s proud heritage.” 

    The restored fountain is decorative and will not be connected to a water supply. 

    For more information about Stoke-on-Trent’s Centenary celebrations, visit: www.sot100.org.uk 

    MIL OSI United Kingdom –

  • MIL-OSI Security: Secretary General reaffirms security through strength and support to Ukraine, as NATO Foreign Ministers lay groundwork for The Hague Summit

    Source: NATO

    NATO Foreign Ministers wrapped up two days of meetings in Brussels on Friday (4 April 2025), focusing on preparations for the upcoming NATO Summit in The Hague, defence investment, burden sharing, Allied support to Ukraine, and cooperation with partners.

    On the anniversary of the foundation of the Alliance, the Secretary General said that “as the world grows more dangerous,” the need for NATO has never been greater: “And we are united in our commitment to each other in this Alliance.” 
     
    On Thursday, Mr Rutte commended “the biggest increase in defence spending on the European side of NATO since the end of the Cold War.” He welcomed US Secretary of State Marco Rubio to his first ministerial, thanking him for his tireless diplomacy and support for NATO. The North Atlantic Council then met for a working lunch, focused on defence investment and preparations for the Summit in The Hague. 
     
    This was followed by a meeting with partners from the Indo-Pacific; Australia, Japan, the Republic of Korea and New Zealand. “The security of the Indo-Pacific and the Euro-Atlantic is more connected than ever before. The war in Ukraine is but one example of this as China, North Korea, and Iran continue to support Russia’s war machine,” said Mr Rutte. “This poses risks to us all.”

    On Thursday evening, ministers met with Ukrainian Foreign Minister Andrii Sybiha, in the NATO-Ukraine Council format, where they were also joined by the EU’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas. “We have to make sure that whenever a ceasefire or a peace deal is reached, that it is enduring, that it is lasting,” Secretary General Rutte said. He reaffirmed NATO’s support for Ukraine, and welcomed that Allies have pledged more than 20 billion euros in military assistance in the first quarter of 2025. 
     
    The ministerial concluded on Friday morning with a meeting of the North Atlantic Council with the High Representative Kallas where they discussed NATO-EU cooperation, building defence industrial capacity, the situation in the Western Balkans, and support for Ukraine.

    The Secretary General concluded his press conference on Friday by underlining that NATO remains the cornerstone of transatlantic security and global stability: “Through the years, working together, Allies have delivered security through strength. From all I heard during the last two days, we are well on track to continue delivering well into the future.”

    MIL Security OSI –

  • MIL-OSI Global: What politicians could actually do about the issues raised in Adolescence

    Source: The Conversation – UK – By Robert Lawson, Associate Professor in Sociolinguistics, Birmingham City University

    Mounir Taha/Shutterstock

    Netflix hit Adolescence has ignited conversations across the UK about contemporary masculinity, online radicalisation and violence against women and girls. It has also raised questions about the interventions needed at home, in schools and by the government to counter the seductive power of harmful content on social media.

    The series suggests the key to solving some of these issues is parents and teachers understanding the “manosphere”. This is a collection of websites, influencers and communities where men talk about “men’s issues”. But, as I’ve explored in my research, anti-women and anti-feminist sentiment also prevails.

    In an interview about the series, Adolescence writer Jack Thorne says:

    Jamie is not a simple product of the ‘manosphere’. He is a product of parents that didn’t see, a school that couldn’t care and a brain that didn’t stop him. Put 3,000 kids in the same situation and they wouldn’t do what he did. Yet spend any time on forums on 4chan or Reddit, spend any time on most social media platforms and you end up, quite quickly, in some dark spaces. Parents can try to regulate this, schools can stop mobile phone access but more needs to be done.

    Successive UK governments have attempted to counter online misogyny and violence against women and girls through legislation and public education schemes. But what would really work?

    Adolescence attaches much importance to language and emojis used by teens to obscure meaning, though there is undoubtedly some creative license behind the depictions of the emojis used to mean “incel” (involuntary celibate).

    But focusing on “slang parents and teachers need to know” is misguided. Every generation finds ways of talking about their lives in coded ways. And teen language is frequently tied to moral panics about what it potentially hides. Research has shown that regular, open and supportive conversations between parents and children are much more important.

    The role of schools

    The prime minister has suggested that Adolescence should be shown in schools. And Netflix has made the series available to secondary schools across the UK.

    In December 2024, education minister Bridget Phillipson announced new teaching guidance about incel culture and online misogyny. She argued that it was “vital to recognise the signs of these dangerous ideas as early as possible”.

    It’s encouraging to see the government take these issues seriously, but there are pitfalls. Teachers are under substantial pressure, struggling with workload and staffing. How many have the capacity to lead meaningful and supportive discussions, especially with limited training on these topics?

    Some research suggests that female teachers encounter explicit misogyny in their classrooms. This makes it even more difficult to facilitate conversations about gender and violence. Sessions on countering misogyny also pose the danger of alienating boys, making them feel like they are being vilified for the actions of other men and boys.



    Read more:
    Adolescence in schools: TV show’s portrayal of one boyhood may do more harm than good when used as a teaching tool

    Ultimately, interventions to reduce gender-based violence and misogyny need a “whole-school” approach that integrates gender equality across the curriculum, rather than isolating it within relationships, sex and health education (RSHE) classes. This content could also be covered in initial teacher training courses.

    Researchers have developed resources to challenge dangerous gender norms for use in schools, community groups and other forums. These include toolkits from Dublin City University, University of Liverpool and the MascNet research network, which focus on improving critical thinking, unpacking dominant ideas of masculinity and reflecting on different ways of being a man.

    My own work on A-level English curricula also offers suggestions. Improving digital literacy is key to helping young men identify the mechanisms of manipulation in the content they consume and resist the siren call of manosphere influences. This can encourage young men to rethink their assumptions about gender politics and masculinity, with the ultimate aim of reducing gender-based violence.

    Other discussions have focused on recruiting more male teachers and the importance of models of masculinity based on caring, empathy and emotional vulnerability. Again, these are appealing solutions, but the evidence that male role models improve outcomes for young people is mixed.

    Perhaps the trickiest debate concerns the regulation of media and technology. Adolescence writer Thorne has backed the UK following Australia’s approach to ban social media for under-16s, and some argue the government should ban smartphones for teenagers entirely. Experts say that such bans could do more harm than good.

    The UK’s new online safety laws may go some way to holding social media companies to account for moderating illegal or harmful content and algorithms through fines. This covers intimate image abuse, cyberflashing and some other forms of online misogyny, but there are likely to be gaps when it comes to male supremacist and manosphere content.

    And there are serious concerns about how the law will affect free speech and undermine privacy online.

    Investing in youth

    The problem with many of these strategies is that they fail to acknowledge the material reality of many young boys’ lives. There have been significant cuts over the past 20 years to youth provision, from clubs and community centres to mental health support.

    Boys’ prospects in terms of educational attainment and secure employment lag behind girls’. These inequalities become even more pronounced across regions and social classes, and won’t be solved by banning social media.

    Add to this disconnected communities and a potent combination of insecurity, precarity and frustrated expectation, it is no surprise that many young men find solace in an online world which gives them validation, belonging and a sense of community.



    Read more:
    Blaming absent dads for the crisis of masculinity is too simplistic – many men want to be more involved

    Thankfully, a number of organisations offer better solutions. Charities like Beyond Equality, the Manhood Academy, AndysManClub and Progressive Masculinity have provided outreach, mentoring and mental health provision for boys and young men across the UK for years.

    Similarly, the S.M.I.L.E-ing Boys Project supports boys from black, Asian and minority ethnic communities to develop their emotional intelligence, with positive outcomes in terms of navigating relationships and interpersonal conflict. Government investment would help these organisations reach more young men, alongside improving access for underserved communities.

    Adolescence has started some important conversations among parents, teens and politicians. But to make a difference in how young men navigate the world, how they deal with rejection, and how they negotiate the difficulties that life throws at them, these conversations need to be backed up with investment and concrete action.

    Robert Lawson is a Research Fellow in the Institute for Research on Male Supremacism.

    – ref. What politicians could actually do about the issues raised in Adolescence – https://theconversation.com/what-politicians-could-actually-do-about-the-issues-raised-in-adolescence-252978

    MIL OSI – Global Reports –

  • MIL-OSI: SIMPPLE Ltd. Wins Second Contract, Worth $524,000, to Supply Autonomous Cleaning Robots at Singapore Airport Terminal

    Source: GlobeNewswire (MIL-OSI)

    Singapore, April 04, 2025 (GLOBE NEWSWIRE) — SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management (FM) sector, today announced the Company has been awarded a follow-up contract, valued at $524,000, for the supply of autonomous cleaning robotics to Singapore’s international airport.

    Today’s announcement follows the Company’s release on November 15, 2024, detailing the win of an initial $400,000 contract for the supply of autonomous cleaning robots at the same airport. Both contracts are the result of a bidding process as part of the airport’s renewal program with another remaining contract for three terminals left to be awarded.

    “We are proud to have been awarded this prestigious supply and maintenance contract, while remaining committed in our promise to deliver innovative service solutions that contribute to maintaining Singapore’s highly regarded airport facility,” said SIMPPLE chief executive Norman Schroeder. “These contract wins further underpin the longstanding relationship we have as a trusted partner for the past 8 years.  With a proven track record in delivering cutting edge robotics and an unwavering commitment to customer service, I believe SIMPPLE will continue to deliver fit-for-purpose and up-to-date solutions well into the future. Following this latest announcement, I look forward to providing more updates in the very near future.”

    About SIMPPLE LTD.

    Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices. 

    For more information on SIMPPLE, please visit: https://www.simpple.ai

    Safe Harbor Statement

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    For investor and media queries, please contact:
    SIMPPLE LTD.
    Investor Relations Department
    Email: ir@simpple.ai

    Visit the Investor Relation Website: https://www.investor.simpple.ai/

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Tel: (646) 893-5835
    Email: info@skylineccg.com  

    The MIL Network –

  • MIL-Evening Report: Albanese and Dutton both say they will return the Port of Darwin to Australian hands

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Anthony Albanese has announced that the government will ensure the Port of Darwin, currently leased by the Chinese company Landbridge, is returned to Australian hands.

    “Australia needs to own the Port of Darwin,” the prime minister declared late Friday.

    Albanese rang a Darwin radio station after Labor got wind of the fact that Opposition Leader Peter Dutton would on Saturday announce a Coalition government would return the port back to local control.

    Both the government and opposition are promising that, if necessary, they would bring the port’s lease into public ownership.

    Albanese said the government had been seeking a local buyer, but was prepared to acquire the port’s lease if that was the only solution.

    “We prefer that it be through superannuation funds or some other vehicle that doesn’t mean direct taxpayer’s funds, but we’re prepared to go down the road of taxpayer direct involvement, as well.”

    Asked to clarify whether the options were that the port remain privately owned or that it be returned to be a government asset, Albanese said, “yes, they are.”

    The Northern Territory government leased the port to Landbridge in 2015 for about $500 million. The lease was for 99 years.

    The federal government at the time was not directly involved in the deal, but the Northern Territory government sought advice from the Defence Department and security agencies, which didn’t raise objections. Later, US President Barack Obama chided then-Prime Minister Malcolm Turnbull for not giving the Americans a heads-up.

    The Chinese deal has caused serious controversy in the years since.

    When Dutton was defence minister in the Morrison government, his department did a review of the lease.

    A statement on Friday from Dutton and shadow ministers said a Coalition government would seek a private operator to take over the lease, but if one could not be found within six months, the government would acquire it “as a last resort”.

    It would use the Commonwealth’s “compulsory acquisition powers”, and the government would then compensate the Landbridge Group.

    “In the current geopolitical environment, it is vital that this piece of critical infrastructure, which is directly opposite to the Larrakeyah Defence Precinct, is operated by a trusted, Commonwealth approved entity.

    “We will appoint a specialist commercial adviser to work with the Northern Territory Government and officials from the Departments of Treasury, Finance, Defence and Infrastructure to provide advice and engage with potential new operators of the port.”

    Dutton said that a Coalition government would not allow the port to be leased by any entity that is “directly or indirectly controlled by a foreign government, including any state-owned enterprise or sovereign wealth fund.”

    Michelle Grattan 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. Albanese and Dutton both say they will return the Port of Darwin to Australian hands – https://theconversation.com/albanese-and-dutton-both-say-they-will-return-the-port-of-darwin-to-australian-hands-253735

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Faced with new tariffs and a truculent Trump, Japan and South Korea toe a cautious line

    Source: The Conversation – Global Perspectives – By Sebastian Maslow, Associate Professor, International Relations, University of Tokyo

    Two months into US President Donald Trump’s second term, the liberal international order is on life support.

    Alliances and multilateral institutions are now seen by the United States as burdens. Europe and NATO are framed as bad business, “ripping off” the US. On his so-called “Liberation Day”, Trump also imposed 20% tariffs on all European Union imports.

    The Trump administration has been far less critical of the US’ alliances in the Indo-Pacific region. On a visit to Tokyo this week, US Defence Secretary Pete Hegseth described Japan as America’s “indispensable partner” in deterring Chinese aggression.

    Yet, Japan and South Korea fared even worse than the EU with Trump’s new tariffs. Trump slapped Japan with 24% tariffs and South Korea 25%. (Both countries enjoy a trade surplus with the US.)

    So, how are the US’ two main allies in the Indo-Pacific dealing with the mercurial US leader? Will they follow Europe’s lead in reassessing their own security relationships with the US?

    Japan: a positive summit but concerns remain

    America’s post-war security strategy in Asia differs from Europe. While NATO was built on the premise of collective defence among its members, the US adopted a “hub-and-spokes” model in Asia, relying on bilateral alliances to contain the spread of communism.

    Japan and South Korea have long sheltered under the US nuclear umbrella and hosted major US military bases. Both are also highly sensitive to changes in the US’ Indo-Pacific policies.

    Japan, in particular, has a long history of careful alliance management with the US, epitomised by former Prime Minister Shinzo Abe’s courting of Trump.

    During Trump’s first term in office, Abe’s policy goals aligned closely with the US: transforming Japan’s security posture to make it a serious military and diplomatic power. Japan increased military spending, lifted arms export restrictions and deepened ties with India and Australia.

    Prime Minister Fumio Kishida continued to raise Japan’s security profile from 2021-24, again increasing military spending and taking a tough line on Russia’s invasion of Ukraine. He emphasised “Europe today could be Asia tomorrow”.

    His successor, Shigeru Ishiba, had a successful summit with Trump in February, immediately after his inauguration. The joint statement reaffirmed US security guarantees to Japan, including over the Senkaku Islands, which are claimed by China.

    Japan also agreed to import American liquefied natural gas, and later committed to working with South Korea to develop a US$44 billion (A$70 billion) plan to export LNG from Alaska.

    However, these positive developments do not mean the relationship is on firm ground.

    In early March, Trump complained the US-Japan security agreement signed in 1960 was “one-sided” and a top administration official again called for Japan to increase its defence spending to 3% of gross domestic product (GDP) – a huge increase for a country facing serious demographic and fiscal pressures.

    Reports also emerged the US was considering cancelling a new joint headquarters in Japan aimed at deeper integration between US and Japanese forces.

    South Korea: extremely vulnerable on trade

    South Korea faces similar pressures. Ties between the two countries were strained during Trump’s first term over his demand South Korea increase the amount it pays to host US forces by
    nearly 400%. A 2021 agreement restored some stability, but left Seoul deeply worried about the future of the alliance.

    South Korea’s acting president, Choi Sang-mok, has expressed a desire to strengthen ties with the US, though Trump has reportedly been cool to his advances.

    With a US$66 billion (A$105 billion) trade surplus with the US, South Korea is considered the country most vulnerable to trade risk with the Trump administration, according to a Swiss research group.

    Trump’s past suggestions that both South Korea and Japan develop nuclear weapons or pay for US nuclear protection has also rattled some nerves. As confidence in the US alliance erodes, both countries are engaging in an urgent public debate about the possibility of acquiring nuclear weapons.

    Tensions moving forward

    Potential for conflict is on the horizon. For example, Tokyo and Washington are set to renegotiate the deal that dictates how much Japan pays to host US troops next year.

    Both allies pay huge sums to host US bases. South Korea will pay US$1.14 billion (A$1.8 billion) in 2026, and Japan pays US$1.72 billion (A$2.7 billion) annually.

    A trade war could also prompt a reassessment of the costs of US efforts to decouple from China, potentially leading to closer economic ties between Japan, South Korea and China. The three countries have agreed to accelerate talks on a trilateral free trade agreement, which had been on hold since 2019.

    Another challenge is semiconductors. Japan’s new semiconductor revitalisation strategy is prioritising domestic investment, raising questions about whether Trump will tolerate “friendshoring” if Japan diverts investments from the US.

    In 2024, Japan outspent the US in semiconductor subsidies (as a share of GDP), while Taiwan’s TSMC, the world’s largest contract chipmaker, expanded its production capacity in Japan.

    Seoul remains an important partner to Washington on semiconductors. Samsung and SK Hynix are both boosting their investments on new semiconductor plants in the US. However, there is now uncertainty over the subsidies promised to both companies to invest in America under the CHIPS Act.

    Ultimately, the strength of these alliances depends on whether the Trump administration views them as long-term bulwarks against China’s rise in the region, or merely vassals that can be extorted for financial gain.

    If the US is serious about countering China, its regional alliances are key. This would give Japan and South Korea some degree of leverage – or, in Trump terms, they’ll hold valuable cards. Whether they get to play them, however, depends on what Trump’s China policy turns out to be.

    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. Faced with new tariffs and a truculent Trump, Japan and South Korea toe a cautious line – https://theconversation.com/faced-with-new-tariffs-and-a-truculent-trump-japan-and-south-korea-toe-a-cautious-line-244172

    MIL OSI – Global Reports –

  • MIL-OSI Australia: Call for information – Aggravated robbery – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to an aggravated robbery that occurred in Alice Springs earlier today.

    Around 11:15am, a 24-year-old female reported to police that she had been assaulted by a group of three while she was walking along Larapinta Drive near Bloomfield Street at around 11am.

    It is alleged that an adult male, a male teenager and a female teenager approached the victim and attempted to take her handbag. The victim was pulled to the ground in the struggle and the offenders allegedly kicked her repeatedly to the head and stomped on her lower leg.

    One of the offenders allegedly stole cash from the victim’s handbag before the group fled towards the Alice Springs CBD.

    A motorist driving past stopped and rendered assistance to the victim, who was subsequently conveyed to Alice Springs Hospital for treatment.

    The offenders remain outstanding, and investigations are ongoing.

    Police urge anyone with information, including those with CCTV footage or dash cam footage, to contact police on 131 444. Please quote reference P25091793. Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Australia: Arrest – Traffic and drug offences – Nakara

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested a 53-year-old male in relation to driving and drug offences in Nakara last week.

    Early last week, police received a number of reports in relation to vehicles hooning and conducting burnouts on the residential streets of Nakara and Casuarina areas.

    On Wednesday 26 March 2025, Darwin Traffic Operations members located one of the vehicles of interest and apprehended the driver at the front of his residence In Nakara.

    While speaking to the driver, a strong smell of Cannabis was detected emanating from his residence.

    A search warrant was subsequently obtained and executed at the residence by members of Darwin Traffic Operations and the Drug and Organised Crime Squad.

    During the search, a commercial quantity of cannabis was located, along with a trafficable quantity of cannabis plants and four Oleoresin Capsicum Sprays, which are a prohibited weapon in the Northern Territory.

    The male was arrested and charged with the following:

    • Drive a motor vehicle while unlicensed
    • Driver with a prohibited drug in body
    • Possess schedule 2 commercial quantity
    • Supply schedule 2 commercial quantity
    • Cultivate commercial quantity prohibited plant in presence of a child
    • Cultivate trafficable quantity prohibited plant
    • Possess prohibited weapon

    Senior Sergeant Devrim Kanyilmaz said, “The actions of this individual are unacceptable.

    “Not only does hooning put other road users at risk, but the supply and distribution of an illicit substance can cause significant harm to the community.

    “The NT Police Force will continue to work tirelessly to disrupt criminal behaviour and protect the community.”

    MIL OSI News –

  • MIL-OSI Australia: Charges – Sexual intercourse with a young person – Darwin

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has charged a 34-year-old man in relation to alleged sexual intercourse with a young person. 

    The man was an employee at a Top End school, and is alleged to have been having sexual intercourse with a student enrolled at the same school. The man is not a member of the teaching staff. 

    The alleged offender was arrested yesterday and has been charged with Sexual intercourse – young person (by person in position of authority).

    He was remanded in custody overnight to appear in Darwin Local Court today. 

    Detectives from the Child Abuse Taskforce are continuing to investigate.  

    MIL OSI News –

  • MIL-OSI Australia: Call for information – Aggravated assault – Coolalinga

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information after an aggravated robbery occurred in Coolalinga overnight.

    Around 11:20pm, police received reports that a 16-year-old male was allegedly threatened with an edged weapon for his keys and wallet outside a gym on Fairweather Crescent.

    The male and female offenders subsequently fled the scene in the victim’s Mitsubishi Outlander.

    Strike Force Trident have carriage and investigations are ongoing.

    Police urge anyone with information about the incident to make contact on 131 444. Please quote reference number P25091342. Anonymous reports can be made through Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Economics: Euro area quarterly balance of payments and international investment position: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Current account surplus at €426 billion (2.8% of euro area GDP) in 2024, after a €243 billion surplus (1.7% of GDP) a year earlier.
    • Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€197 billion) and Switzerland (€76 billion) and largest deficit vis-à-vis China (€105 billion).
    • International investment position showed net assets of €1.66 trillion (10.9% of euro area GDP) at end of 2024.
    • Bilateral current account vis-à-vis the United States: surplus of €3 billion (0.0% of euro area GDP) in 2024, following a deficit of €30 billion (0.2% of GDP) in 2023. For more details see dedicated section on economic and financial linkages between the euro area and the United States.

    Current account

    The current account of the euro area recorded a surplus of €426 billion (2.8% of euro area GDP) in 2024, following a €243 billion surplus (1.7% of GDP) a year earlier (Table 1). This development was driven by larger surpluses for goods (from €264 billion to €372 billion), services (from €127 billion to €169 billion) and primary income (from €20 billion to €54 billion). The deficit for secondary income increased moderately from €167 billion to €168 billion.

    The estimates on goods trade broken down by product group show that in 2024 the increase in the goods surplus was mainly due to a reduction in the deficit for energy products (from €314 billion to €260 billion). In addition, the surpluses for chemical products and machinery and manufactured products increased (from €244 billion to €268 billion and from 283 billion to €300 billion, respectively).

    The larger surplus for services in 2024 was mainly due to widening surpluses for telecommunication, computer and information (from €169 billion to €203 billion) and travel (from €52 billion to €61 billion), and a lower deficit for other business services (from €60 billion to €28 billion). These developments were partly offset by a widening deficit for charges for the use of intellectual property (from €100 billion to €126 billion).

    In 2024, the increase in the primary income surplus was mainly due to larger surpluses in direct investment (from €72 billion to €104 billion), portfolio debt (from €59 billion to €79 billion), and other primary income (from €3 billion to €15 billion), which were partly offset by a larger deficit in portfolio equity (from €163 billion to €194 billion).

    Table 1

    Current account of the euro area

    (EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.

    Data for the current account of the euro area

    Data on the geographical counterparts of the euro area current account (Chart 1) show that in 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€197 billion, down from €220 billion a year earlier) and Switzerland (€76 billion, up from €65 billion). The euro area also recorded surpluses vis-à-vis other emerging countries (€155 billion, up from €135 billion a year earlier) and other advanced countries (€114 billion, up from €80 billion). The largest bilateral deficit was recorded vis-à-vis China (€105 billion, down from €109 billion a year earlier) and a deficit was also recorded vis-à-vis the residual group of other countries (€96 billion, down from €142 billion).

    The most significant changes in the geographical components of the current account in 2024 relative to 2023 were as follows: the goods surpluses increased vis-à-vis the United States (from €179 billion to €213 billion) and vis-à-vis other advanced countries (from €27 billion to €50 billion), while the goods deficit vis-à-vis China increased from €131 billion to €141 billion. In services, the deficit vis-à-vis the United States increased (from €124 billion to €156 billion), while the balance vis-à-vis offshore centres shifted from a deficit (€8 billion) to a surplus (€16 billion). In primary income, the balance vis-à-vis the United Kingdom shifted from a surplus (€31 billion) to a deficit (€4 billion) while a smaller deficit was recorded vis-à-vis the United States (from €84 billion to €52 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased slightly (from €76 billion to €73 billion).

    Chart 1

    Geographical breakdown of the euro area current account balance

    (four-quarter moving sums in EUR billions; non-seasonally adjusted)

    Source: ECB.
    Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other advanced” includes Australia, Canada, Japan, Norway and South Korea. “Other emerging” includes Argentina, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa and Türkiye. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.

    Data for the geographical breakdown of the euro area current account

    International investment position

    At the end of 2024, the international investment position of the euro area recorded net assets of €1.66 trillion vis-à-vis the rest of the world (10.9 % of euro area GDP), up from €1.25 trillion in the previous quarter (Chart 2 and Table 2).

    Chart 2

    Net international investment position of the euro area

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    The €407 billion increase in net assets was mainly driven by larger net assets in portfolio debt (up from €1.27 trillion to €1.42 trillion), direct investment (up from €2.54 trillion to €2.66 trillion) and reserve assets (up from €1.32 trillion to €1.39 trillion).

    Table 2

    International investment position of the euro area

    (EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.

    Note: “Other volume changes” mainly reflect reclassifications and data enhancements. 

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Plans to enhance electric vehicle charging network unveiled

    Source: Scotland – City of Perth

    Perth and Kinross and Angus Councils have received an EV Infrastructure Fund Grant Award of £1.925 million for the upgrades.

    This will see an expansion of the current network at local authority sites and ensure motorists without access to off-street parking, in urban and rural areas, have access to nearby charging hubs, either in car parks or on-street.

    Perth and Kinross Council will act as the Lead Authority throughout the procurement process and the delivery of the project.

    The contract, spanning 15-20 years, will involve the supply, installation, and maintenance of existing and new EV chargers across both council areas.

    A dedicated back office team will manage the network, including tariff collection, usage data, payments, and maintenance.

    The project has secured a total of £2.205 million in funding, including £280,000 for EV strategies and procurement, and an EV Infrastructure Fund Grant Award of £1.925 million. The expected project delivery is set to begin in Autumn 2025 with contracts going out to tender this summer.

    Councillor Eric Drysdale, convener of Perth and Kinross Council’s Economy and Infrastructure Committee said: “Making sure we have a reliable and easily accessible charging network is incredibly important as more people choose electric vehicles.

    “This valuable funding will allow us to improve the network across Perth and Kinross and Angus, particularly for those living in more rural areas.”

    Councillor Richard Watters, convener of Perth and Kinross Council’s Climate Change and Sustainability Committee, added: “More people are choosing electric or hybrid vehicles and it is vital we have a charging network that can cope with this growing demand.

    “I am delighted to see this project progressing and our transport network becoming greener.”

    Councillor Mark McDonald, Communities Convener for Angus Council said: “This is a fantastic opportunity for Angus and Perth & Kinross as we improve our EV infrastructure, building on the Clean Growth and Low Carbon development and innovation work we are delivering across Angus.

    “I’m excited to see the benefits this funding will bring, especially for those living, working, and visiting our rural areas, as we deliver an accessible EV charging network.”

    Cabinet Secretary for Transport Fiona Hyslop said: “I’m pleased to confirm funding of over £1.9 million from the Scottish Government to support electric vehicle charging across Angus, Perth and Kinross.

    “Transport remains the largest source of carbon emissions and EVs enable drivers to take climate action and help protect our environment.

    “This significant investment from our Electric Vehicle Infrastructure Fund will ensure that people and communities can benefit from this switch to EVs, so that no one and no part of the country is left behind – including those living in, working or visiting Angus, Perth and Kinross.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Manchester prepares to mark VE Day 80

    Source: City of Manchester

    Celebrations to commemorate the 80th anniversary of VE Day are set to take place throughout Manchester.

    On May 8, 2025, 80 years will have passed since the Second World War came to an end in the European theatre.

    At the time millions across the continent took to the streets in jubilation to celebrate the end of the conflict, a conflict which had destroyed huge swathes of the continent and claimed tens of millions of lives.

    As we approach this anniversary Manchester will join others around the globe paying tribute to the courage, determination and sacrifices made throughout the conflict.

    Alongside a range of national celebrations taking place, Mancunians are invited to organise and take part in local events to mark VE Day 80.

    To find out more visit our webpage with all the information you would need on VE Day 80.

    One common sight amongst the revellers back in 1945 was the street party. People came out in force in their community to share the collective joy that the war was over. Now, 80 years on we are encouraging people to get the bunting out, bake a Victoria sponge and celebrate with a street party of their own.

    During the bank holiday on Monday, May 5, the usual £159 fee for a street closure will be waived, with a dedicated web page set up to manage people’s applications. These applications will need to be made by 5pm on April 12 to ensure enough time is given to process them.

    Civic events will also be taking place, with a reception hosted by the Lord Mayor welcoming veterans and dignitaries to the central library, as well as an evensong at Manchester Cathedral, following by a celebratory ringing of the bells.

    A social media campaign will also be running, encouraging people to get involved in the celebrations. Whether that is creating pieces of art to hang in their windows, to making bunting to encouraging schools to take part in the VE Day 80 festivities, there will be a lot on offer for people in Manchester to show their appreciation.

    Anniversary events for the commemoration of VJ Day are also planned to take place later this summer.

    Councillor Bev Craig, Leader of Manchester City Council, said: “The 80th anniversary of VE Day provides us a valuable opportunity to remember and reflect on the immense sacrifices which were made to ensure that tyranny in Europe was ultimately defeated.

    “As the decades go on and the Second World War moves further from living memory it makes it more important than ever that younger generations learn the lessons of history and keep alive the spirit of those who served our country.

    “I am immensely proud to lead the Council during such a meaningful occasion and I would invite all Mancunians to join me in celebration of VE Day 80 this May.”

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Police seek intruders and ute at Paradise

    Source: New South Wales – News

    Police are investigating a break-in and theft at Paradise earlier this week and are looking for a white ute that was involved.

    About 7.15am on Monday 31 March, two men gained access to a garage in Darcy Court, Paradise through an open roller door.  They accessed cupboards and stole tools.

    The occupants of the house, about to leave for work, disturbed the intruders and chased them off.

    The men left in a white Mitsubishi ute, that had been parked in the street.  The ute had a red cage on the back.

    Anyone recognises the vehicle or who has any information, CCTV or dashcam footage that may assist the investigation is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

    Reference 25-38M

    MIL OSI News –

  • MIL-OSI United Kingdom: Minibuses donated to community groups

    Source: Scotland – City of Perth

    Last year, the Council agreed a new minibus disposal policy that offers community groups and sports clubs the opportunity to receive one of Perth and Kinross Council’s 17 minibuses at the end of their operational service period with the Council.

    This is only being offered on these assets based upon their prospective use by community groups.

    All the vehicles come with a minimum six-month MOT certificate and inspection report on its condition.

    The three groups receiving minibuses on Thursday are the Royal Voluntary Service, Perthshire Welfare Society and Mantalk.

    The Royal Voluntary Service will use their minibus to help vulnerable people attend more activities. The minibus will allow them to offer greater support to people who live further away from activities in Perth, Bridge of Earn, Crieff and surrounding villages.

    Perthshire Welfare Society will use their minibus to provide travel to those who do not qualify for free bus travel while Blairgowrie-based Mantalk will use theirs to support activities around mental health and wellbeing for men. They will also allow other groups in the Blairgowrie area, such as the local boxing club and over 35s football team, to use the bus.

    Councillor Grant Laing, leader of Perth and Kinross Council said: “We are delighted to see these minibuses being put to such valuable use within our community.

    “By supporting groups like the Royal Voluntary Service, Perthshire Welfare Society, and Mantalk, we are helping to ensure that vital services and activities are accessible to everyone, regardless of their location or circumstances.

    “This fantastic initiative reflects our commitment to fostering a supportive and inclusive community and making best use of our resources.”

    Councillor Steven Carr added: “When I first discussed the idea of donating PKC minibuses to communities I was told that it would require a complete change of Council policy.

    “It’s great to see that the enthusiasm to make this positive change has resulted in that permanent policy change and it’s great to see the first official handover of minibuses to some excellent community led organisations, and  we look forward to hearing about how big a difference having the use of a minibus is making within our communities.”

    Terry Comiskey, chair of Mantalk said: “This is massive for us. It’s going to help open up ways to help people in the community.”

    Samaira Ali from the Perthshire Welfare Society said: “It will make a massive difference because a lot of people aren’t able to go out or can’t afford transport.

    “This will help people from all communities and I would like to say a massive thank you to Perth and Kinross Council.”

    David Reilly, service manager with the Royal Voluntary Service, said the organisation’s new minibus would help combat social isolation.

    He said: “We are absolutely delighted. We support the elderly in Perth and Kinross and organise outings once a year – this will let us do it once a week instead.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SAMOA BUREAU OF STATISTICS IS GETTING READY FOR THE NEXT SAMOA DEMOGRAPHIC AND HEALTH SURVEY-MULTIPLE INDICATOR CLUSTER SURVEY (SDHS-MICS) 2025 SINCE LAST SURVEY IN 2019

    Source:

    Share this:

    [PRESS RELEASE – 24th March 2025] – The Samoa Bureau of Statistics through its Census, Survey and Demography Division will be hosting an official opening of the Samoa DHS-MICS 2025 main training for enumerators on Monday 24th March, 2025 at the DBS Conference room level 6 at 9:00am.

    The main aim of the training is to assist and equip the enumerators with the necessary skills and knowledge required for the DHS-MICS 2025 data collection activity.

    The training will be officially opened by the Government Statistician (GS) followed by official remarks from the respected partners namely Australian High Commissioner in Samoa, UNICEF Chief Fieldwork Officer in Samoa and UNPFA Assistant Representative in Samoa. Other invited guests are Senior Government Officials and members of the DHS-MICS Steering Committee from the Nuanua O le Alofa (NOLA), Ministry of Health, Ministry of Education and Culture, Ministry of Women, Community and Social Development and Ministry of Finance.

    The Samoa DHS-MICS 2025 will collect information in the areas of population, health and nutrition targeting women and men of 15-49 years of age and children. The overall objective of the DHS-MICS 2025 is to provide data and information that will enhance the monitoring of most of the indicators under the Social Sectors of the economy namely Health, Education, Community, Law and Justice, as well as Water and Sanitation and Environment Sectors. The updated data will guide in the prioritization of most of the social sector programs and activities to be implemented in the next 5 years

    Throughout the duration of the training, resource persons from key sectors will be invited to clarify some of the concepts in the questionnaires to better inform the enumerators before they start the data collection activity.

    The training has been made possible by the support of our development partners namely UNICEF, UNFPA and the Tautua program under the Government of Australia DFAT. The Main fieldwork is scheduled to be started from May 5th -July 5th 2025 and we kindly request the public and communities support when the survey fieldwork starts.

    For more information, please contact Kaisarina Moananu at email kaisarina.moananu@sbs.gov.ws or Victoria Tuivaiti at email victoria.tuivaiti@sbs.gov.ws or phone number 23033.

    Thank you

    SOURCE – Samoa Bureau of Statistics

    Share this:

    MIL OSI Asia Pacific News –

  • MIL-OSI: SafeCard Reviews [Urgent Update]: Read This Before Buying!

    Source: GlobeNewswire (MIL-OSI)

    WOODHAVEN, N.Y., April 04, 2025 (GLOBE NEWSWIRE) — In 2025, searches for terms like “SafeCard reviews,” “SafeCard consumer reports,” and “best RFID & NFC blockers” are surging as more people seek clarity on SafeCard’s effectiveness, safety, and overall value. With the rise of digital threats, consumers are asking: Is SafeCard worth the investment? Does it truly protect against RFID and NFC skimming? In this detailed SafeCard review, we’ll dive into its features, benefits, and real-world performance to help you decide.

    SafeCard RFID Blocking Card Reviews

    SafeCard: My Experience with This Game-Changing RFID Protector

    I used to carry a wallet stuffed with credit and debit cards, constantly worrying about the risk of RFID skimming and digital theft. That all changed when I discovered SafeCard. This sleek, lightweight RFID-blocking card has transformed how I think about data security, offering effortless protection for my sensitive financial and personal information—all in a stylish package.

    What sets SafeCard apart is its advanced RFID-blocking technology, which effectively prevents unauthorized scanning of contactless cards. To put it to the test, I visited one of the busiest shopping malls, filled with contactless payment terminals. The result? Zero interference. SafeCard delivered on its promise, shielding my data like no other product I’ve tried.

    SafeCard Reviews: Why It’s the Best RFID & NFC Blocker in 2025

    All over Canada, The Uk, Australia, New Zealand and the United States, customers have consistently praised SafeCard for its top-tier RFID protection.

    Its ease of use and affordability is another driving force behind its numerous 4.95 star rating, SafeCard is recognized as one of the most reliable RFID protective device on the market.

    Many SafeCard reviews highlight:
    ✔ Superior RFID & NFC blocking technology
    ✔ Affordable pricing compared to competitors
    ✔ Compact, travel-friendly design
    ✔ Trusted by thousands across the US, UK, Canada & Australia

    SafeCard Consumer Reports: The #1 RFID & NFC Blocker in the US, UK & Canada

    According to numerous sources (online surveys, polls and websites) SafeCard is one of thebest RFID and NFC blockers of 2025 in multiple countries. These include the United States, Canada, UK, Australia and New Zealand.

    After a month of consistent use, I can confidently say I made the right choice with this product. It is proven, reliable and a hassle free way to protect your credit cards, debit cards and ID from Digital theft.

    If you are looking for the best RFID and NFC blocker in 2025? Then read on, SafeCard just might be your best bet.

    What Is SafeCard? (SafeCard Reviews)

    SafeCard is a credit-card shaped device that fits perfectly into your wallet. It is made of a special material that blocks RFID scanners. It is basically a shield for your credit cards in your wallet.

    This innovative technology makes it almost impossible for digital thieves or skimming devices to steal your sensitive information and with the rise of contactless payments and smart cards, this risk has never been higher.

    SafeCard is equipped with advanced RFID and NFC blocking technology. It shields your credit cards, debit cards and ID cards from unauthorized scanners

    Users praise Safe Card for its durability, ease of use and sleek design. Better yet, Safecard doesn’t require batteries, charging or maintenance.

    It is hassle free and reliable and fits right into your daily life.

    Why SafeCard Stands Out (SafeCard Customer Reviews)

    Electronic theft is on the rise in our modern-day technological age, and thieves are resorting to highly advanced methods and devices to rob the unsuspecting public.

    SafeCard is like your 24/7 silent guardian, providing peace of mind while shopping, traveling, or just being out and about.
    The **sleek and slim design** ensures that it does not take up any extra space in your wallet, a convenient choice for any person who cares about security and privacy.

    The majority of SafeCard user reviews call it a very effective product for stopping unauthorized scanning and securing sensitive personal data.

    They love its next-generation look, value, and reliability; it is a must-have for any user who wishes to secure his personal and financial details.

    As more and more digital threats rise, SafeCard has been a trusted protector against identity theft, financial scams, and unauthorized access to data.

    The Growing Need for SafeCard

    Every minute without SafeCard is a gamble.

    Thieves are everywhere, eager and ready to steal financial information from unsuspecting folks. Busy places like malls, subways and airports are notorious for RFID skimmers. Don’t wait until it’s too late, take responsibility for your safely today with SafeCard

    What Are the Features of SafeCard? (SafeCard Reviews)

    SafeCard is an advanced security solution in a sleek modern design, that is exceptionally good at protecting your personal details.

    Filled with innovative features inside, the SafeCard changes how you do your data security from modern digital threats. That said, let’s further review what customers consider special with the SafeCard, according to the SafeCard customer reviews that follow:

    1. Advanced RFID-Blocking Technology
    Equipped with advanced RFID-blocking technology, SafeCard prevents any unauthorized attempts to wirelessly scan your sensitive data. It safeguards credit cards, ID cards, and other RFID-enabled items from the most common skimming techniques used by identity thieves. Whether you’re in a crowded subway or a bustling shopping mall, SafeCard ensures your information remains secure.

    2. Slim and Lightweight Design
    One of the fan-favorite features of safeCard is the fact that it is slim and light weight. It seamlessly integrates into your waller and current card collection, never taking up additional space or making your wallet/purse bulky.

    This make it a perfect product for daily use

    3. Durability and High-Quality Materials
    It is made with the highest grade materials, built to last. Even when used frequently, it can last for years unlike flimsy alternatives.

    Safcard won’t degrade overtime. Its quality assurance is a common theme amongst customers that have purchased Safe card.

    4. Effortless Protection
    SafeCard simplifies security—no batteries, charging, or complicated setup needed. Just place it in your wallet to instantly block RFID signals. With effortless plug-and-play functionality, it provides round-the-clock protection with zero extra effort.

    5. Universal Compatibility
    It works on 99% of all cards. We’re talking ID cards, debit cards, credit cards even a hotel key.
    SafeCard is compatible with most RFID enabled cards and secures all your personal information wherever you go.
    SafeCard has got you covered to keep your data out of harm’s way from any unwanted electronic intrusions.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Why SafeCard’s Features Matter (SafeCard Reviews)

    In an era of ever-evolving digital threats, SafeCard provides a robust solution to safeguard your information.

    By merging cutting-edge technology with a sleek, user-friendly design, it stands out as the ideal choice for anyone looking to enhance their personal security. More than just a protective tool, SafeCard is an essential everyday accessory—just as countless reviews affirm.

    How Does SafeCard Actually Work? (SafeCard Reviews)

    RFID and NFC scanning is a common tactic among criminals who steal personal data from your credit, debit or ID cards.

    SafeCard is designed to provide seamless protection agains these attacks but how exactly does it achieve this, we’re going to explain it here.

    The Science Behind SafeCard Protection

    At the heart of SafeCard’s functionality is advanced RFID-blocking technology. RFID, or Radio Frequency Identification, enables seamless, contactless communication between devices, cards, and scanners. While this makes transactions and data access more convenient, it also leaves your information vulnerable to unauthorized access. With a simple portable RFID scanner, thieves can easily steal your card data without you even realizing it.

    How does SafeCard solve this problem?
    It solves this by creating a protective shield around your cards.
    Safe Card is made with a specialized metal alloy, and this creates a Faraday cage effect that blocks RFID scanners from reading your cards without consent.

    This effectively blocks criminals from accessing your sensitive information, even if they’re standing nearby with a skimming device.

    NFC Protection for Modern Threats
    In addition to RFID protection, SafeCard also blocks NFC (Near Field Communication) signals used in modern payment systems like Apple Pay and Google Wallet. By neutralizing these signals, it provides comprehensive protection against all forms of electronic pickpocketing.

    Ease of Use – Hassle-Free Security
    Users consistently praise SafeCard for its simplicity. With no batteries, setup, or maintenance required, it works instantly—just place it in your wallet or cardholder, and you’re protected. Its slim, lightweight design ensures it won’t take up extra space, making it a practical and convenient addition to your everyday essentials.

    Silent, Reliable Protection
    It works excellently in the background, providing protection 24/7 without any conscious effort on your part.

    Whether you’re traveling, shopping, or commuting, SafeCard protects your data from unauthorized scans and potential theft. Its perfect blend of security and convenience has earned widespread praise and glowing testimonials from users around the world.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Why SafeCard’s Technology Matters (SafeCard Reviews)

    This device is like a silent guardian that keeps your data safe wherever you go.
    With the widespread occurrence of digital theft, the peace of mind safe card will give you is immeasurable.

    Its capability for blocking RFID and NFC signals alike makes it a must-have device for anyone who takes his or her privacy and security seriously

    How to Use SafeCard (SafeCard Consumer reports)

    Using SafeCard to protect your personal details is as easy as ABC.
    You don’t need to be a tech expert or have any extra knowledge to protect yourself form RFID skimming scams.
    In fact, Safecard is so ridiculously simple to use that you might be surprised.

    Here is how it works.
    Step 1 – Place SafeCard in your wallet or Card holder
            Simply insert your SafeCard into your wallet, cardholder or purse. Due to its slim and light weight design, it can easily fit into most wallets and purses.

    Step 2 – Enjoy peace of mind
            That’s basically it, enjoy peace of mind and know your cards are protected from RFID skimming events.
    You see, SafeCard works passively, its basically like a helmet for your cards, so once its in your wallet, it will shield your contact less credit cards.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Why SafeCard’s Ease of Use Stands Out (SafeCard Reviews)

    A standout feature frequently mentioned in SafeCard reviews is its ease of use and reliability. Unlike traditional security solutions that demand installation, battery replacements, or ongoing upkeep, SafeCard delivers instant protection with zero hassle.

    Its modern, compact design and effortless functionality make it a top choice for individuals who prioritize both convenience and security.

    With numerous positive customer testimonials, this device is an essential tool for safeguarding personal information in today’s digital landscape.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Pros (SafeCard Reviews)

    SafeCard has been taking over the internet lately because of the amount of positive reviews it has been able to garner, its boasts a slew of pros which we will discuss below;

    Effective RFID blocking tech – The best option in the market for its price point, SafeCard is affordable and offers top-notch personal protection.

    Affordable Price point – Priced appropriately so it is easily accessible to all, more info on the pricing is further down below.

    Easy to use and Hassle-Free – Very easy and straightforward to use, just insert it in your wallet and you’re good to go.

    Compact and slim design – Its ultra-slim and lightweight design effortlessly slips into your wallet or purse without adding any extra bulk.

    Offers constant protection against identity theft – Safeguards your personal information 24/7, even in busy or high-risk environments.

    Lightweight and portable for daily use – Its portable design makes it easy to carry everywhere you go.

    Cons (SafeCard Reviews)

    Requires Careful handling – Damage to SafeCard can compromise its integrity and reduce its ability to effectively protect you.

    Protection Scope – Effectively shields against RFID and NFC skimming threats but does not safeguard against other online risks like phishing scams.

    Limited Availability – Can only be purchased from its online website.

    Where to Buy the Original SafeCard (SafeCard Reviews)

    You should only purchase SafeCard from their official website, to prevent accidentally purchasing a counterfeit product.
    Avoid purchasing from third party platforms or resellers, counterfeit products do not offer the highest form of protection.

    As an additional bonus we have partnered with the official site and will be able to offer you some discounts there directly, just click on any of the links in this article to take advantage of these discounts.

    SafeCards Pricing: (SafeCards Reviews)

    How much is your peace of mind and how much is your funds security worth to you?

    That is the main question you need to ask yourself before thinking about the price.
    If you have $10,000 in your bank account, would it be out of place to spend $500 protecting it?

    Luckily you don’t have to cough up anywhere close to $500 to protect yourself from RFID skimming.

    The SafeCard comes in packs of 3 and initially cost $102.

    However if you buy through any of our discount links provided throughout this article you will be able to get a pack of 3 for just $45.99!

    That boils down to just $15.33 for one SafeCard.

    Our discount expires soon, so take advantage of it while it lasts.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Each purchase comes with a 30-day money-back guarantee, allowing you to try the SafeCard risk-free. If you’re not fully satisfied within the first month, you can return it for a full refund, making it a no-risk investment for enhancing your security.

    SafeCard Frequently Asked Questions (FAQs) (SafeCard Reviews)

    What is SafeCard used for?
    SafeCard is used to protect your credit cards and debit cards from RFID skimming. It is intended to give you another layer of security and peace of mind when you’re up and about.

    Rfid skimmers are devices that work the same way as contactless point of sale device when you go shopping, meaning you can have your funds stolen from you, all the perpetrator needs to do is stay close enough to you for a few seconds.

    This is more common in busy venues, queues etc, however, having a SafeCard in your wallet acts as a protect shield as this device scrambles Rfid devices when they try to skim information off your card.

    Can I reuse my safecard?
    Absolutely! Simply place the SafeCard in your wallet, and you’re all set. No additional steps are required, and it remains effective for up to five years.

    How does an RFID protector work?
    An RFID protector, such as SafeCard works by creating a passive barrier (due to the special materials it is made from ) that block or scramble the radio waves emitted by RFID tags, preventing unauthorized readers from accessing the information stored on the contactless cards next to it, so for it to work effectively, you just need to place it in your wallet with your other cards.
            
    Are SafeCards difficult to use
    No they are not, all you need to do is have it in your wallet with your other cards and it does its job of shielding them from RFID skimmers

    Can Safecards be used internationally
    Yes, they can be used anywhere in the globe, there is no geographical restrictions.

    How long does SafeCard last?
    5 years

    Are there any subscription fees?
    No there is none

    SafeCard Reviews Consumer Reports

    “While traveling through Rio, I discovered my bank account had been drained by scammers. I was devastated. A fellow traveler recommended SafeCard, and it’s been a lifesaver ever since. No more stolen data, no more stress. Now I can travel with confidence knowing my wallet is secure.”

    Melissa H – I love going to holiday markets, but after watching my friend lose hundreds to a scammer, I knew I needed protection. SafeCard blocks thieves silently, and I haven’t had an issue since. It’s the best purchase I’ve made for my security!”

    Hannah – I’ve had my cards skimmed in airports twice, and it was terrifying. Since using SafeCard, I finally feel safe while traveling. It’s lightweight, discreet, and has stopped several attempted scans already.”

    Conclusion For SafeCard Review

    In today’s day and age, it is so easy to fall victim to cybercriminals, RFID skimming is on the rise at an alarming rate, all a criminal has to do is stay within a few feet of you for up to a minute and they are able to siphon funds off your credit card.

    How easy is that for the criminals, especially when you are in crowded areas like the subway or a mall.

    With SafeCard you can eliminate that risk and rest easy at night knowing your funds are safe.

    Its RFID blocking technology means you can rest easy knowing you won’t ever fall victim to a scam that is rampant in society today.

    However, should you get it?

    Is it a right fit for you?

    If you want to eliminate the possibility of cybertheft through credit card skimming and other kinds of cybertheft then SafeCard is your best bet.

    CLICK HERE TO BUY YOUR SAFECARD FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT TODAY

    Media Contact:
    Name: David Mark
    Email: support@safecardshield.com
    Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/477cb65e-c680-499e-a698-922248eac853

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6788d20d-7f0d-466b-b191-9a34726c7cfb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/782a655b-d89c-4e67-8fcd-e168a8fc33a4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b58a86bf-9039-4aac-89e5-0d922801f863

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df1ed7f4-f511-49ef-b1aa-d59b1c1b6069

    The MIL Network –

  • MIL-OSI United Kingdom: Coming up next week at the London Assembly W/C 7 April

    Source: Mayor of London

    PUBLICATIONS

    Wednesday 9 April

    Culture in the LFB

    Fire Committee

    The Fire Committee will publish its report on the London Fire Brigade’s culture, and progress made following a review in 2022.

    MEDIA CONTACT: Josh Hunt on 07763 252 310 / [email protected]

    Thursday 10 April

    Post budget letter

    Budget and Performance Committee

    The Budget and Performance Committee will write to the Mayor with a number of recommendations to improve the budget setting process for future years.

    MEDIA CONTACT: Tony Smyth on 07763 251 727 / [email protected]

    MIL OSI United Kingdom –

  • MIL-Evening Report: No, that’s not what a trade deficit means – and that’s not how you calculate other nations’ tariffs

    Source: The Conversation (Au and NZ) – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Jean Monnet Chair of Trade and Environment, University of Adelaide

    On April 2, United States President Donald Trump unveiled a sweeping new “reciprocal tariff” regime he says will level the playing field in global trade – by treating other countries the way (he claims) they treat the US.

    First, Trump’s plan will impose a “baseline” 10% tariff on virtually all goods imported into the US, effective April 5. Then, from April 9, 57 countries will face higher “reciprocal tariffs”.

    These vary by country, according to a formula based on individual trade deficits.

    On face value, the new tariff regime might sound like a simple solution for fairness. If a particular country was taxing American imports with a 50% tariff, it might seem fair for the US to tax their imports at 50% as well.

    But appearances are deceiving.

    These new “reciprocal” tariffs ostensibly aim to eliminate the US trade deficit by making imports more expensive so that Americans buy less from abroad until imports equal exports.

    But the Trump administration hasn’t directly matched specific foreign tariffs. Instead, they’ve opted for a crude formula based on bilateral trade deficits between the US and each specific country. Those aren’t the same things.



    Read more:
    New modelling reveals full impact of Trump’s ‘Liberation Day’ tariffs – with the US hit hardest

    Trade deficits aren’t tariffs

    A country has a trade deficit when the total value of everything it imports from somewhere else exceeds the value of what it exports there. A trade surplus is the opposite.

    Trade deficits and surpluses – the balance of trade – can be calculated between specific countries, but also between one country and the rest of the world.

    Tariffs are different things altogether – taxes a country charges on imports when they cross the border, paid by the importer.



    Read more:
    What are tariffs?

    Trump’s new reciprocal tariffs have been calculated by taking the US trade deficit with each country, dividing it by total US imports from that country, then halving the resulting ratio and converting it into a percentage.

    For example, in 2024, the US imported approximately US$605.8 billion from the European Union, but exported only $370.2 billion, resulting in a trade deficit of $235.6 billion.

    Dividing the deficit by total imports from the EU gives a ratio of 39%. The White House interpreted this figure as the EU’s trade “advantage” and subsequently imposed a “discounted” 20% tariff on EU products – roughly half of 39%.

    This same calculation led to a 34% tariff on China, 26% on India, 24% on Japan and 25% on South Korea. More export-dependent developing countries, including many in Southeast Asia, face some eye-wateringly high reciprocal tariffs.

    Trade experts swiftly criticised the methodology behind the tariffs. James Surowiecki, a financial journalist, labelled it “extraordinary nonsense”.

    While the use of economic formulas in the corresponding US Trade Representative document might give it an appearance of being grounded in economic theory, it is detached from the rigours of trade economics.

    The formula assumes every trade deficit is a result of other countries’ unfair trade practices, but that is simply not the case. To see why, we need to understand why Trump’s obsession with trade deficits is wrong.

    A government isn’t a household

    Why does Trump detest trade deficits? He appears to think of the national balance of trade like a business or household’s finances.

    Under Trump’s logic, if more money is leaving the “account” than coming in, that’s bad business. A $200 million trade deficit would mean the US is “losing” – with money and jobs being siphoned away.

    Trump argues other countries have been taking advantage of America by running up big trade surpluses and “hollowing out” US industry. He has long argued that America’s massive deficits indicate unfair trade deals, foreign protectionism, and even a threat to national security.

    Few economists share Trump’s view

    The trade gap is not money simply being drained overseas by allegedly rapacious foreigners. Rather, it represents the exchange of value.

    American consumer behaviour is a significant driver of the US trade deficit. As a consumption powerhouse, the United States sees its residents and businesses spending vast sums on imported products ranging from iPhones and TVs to clothing and toys.

    Many of these are actually produced by US companies but made overseas. Moreover, those US companies licence foreign factories to produce these goods, and the intellectual property revenues earned make up a huge US surplus in services trade.

    But services trade does not feature in the formula. This shows the singular obsession with tangible things, or goods trade. Yet in most supply chains it is the services components that yield the most value.

    Back on the goods side, when the US economy is robust and people have disposable income, imports naturally increase. Ultimately, while trade deficits indicate economic dynamics, they are not inherently negative nor do they signify economic weakness.

    Rather, they often reflect a nation’s economic structure and consumer preference for diverse global products. After all, Australia has run trade deficits for decades, including with the US, and is one of the wealthiest countries in the world.

    The uninhabited Heard and McDonald Islands, home to a large population of penguins, were hit with tariffs in this week’s announcement.
    VW Pics/Getty

    The real reason for the deficit

    The formula used to calculate the reciprocal tariffs is highly misleading. Responsible policy makers would take account of many other factors in their calculations.

    Among other variables, the US Trade Representative formula fails to consider strong US consumer demand for imports. It also overlooks the US government’s gigantic fiscal deficit. This requires it to borrow money from overseas, pushing up the value of the US dollar. This strong dollar supports US purchases of imports.

    In other words, the US runs large trade deficits not primarily because other nations have high trade barriers but largely because Americans need to fund their debts and want to buy lots of imported goods. The misleading formula places the blame entirely on an ill-conceived notion, and we are all going to pay the price.

    Peter Draper receives funding from the European External Action Service and Australian Department of Foreign Affairs and Trade, for project-specific work connected to trade policies. He is affiliated with the Australian Services Roundtable (Board Member); the International Chamber of Commerce (Research Foundation Director); European Centre for International Political Economy (non-resident Fellow); German Institute for Development and Sustainability (non-resident Research Fellow); and Friends of Multilateralism Group (member).

    Vutha Hing receives funding from Economic Research Institute for ASEAN and East Asia. He is affiliated with Trade Policy Advisory Board, Royal Government of Cambodia.

    – ref. No, that’s not what a trade deficit means – and that’s not how you calculate other nations’ tariffs – https://theconversation.com/no-thats-not-what-a-trade-deficit-means-and-thats-not-how-you-calculate-other-nations-tariffs-253830

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Investing millions in safety and infrastructure on our roads for the year ahead

    Source: Scotland – City of Edinburgh

    Councillors have agreed to take forward an ambitious suite of infrastructure and road safety works in the coming year, worth over £30m.

    The Roads and Infrastructure Investment – Capital Delivery Priorities for 2025/26 spreads the capital budget of £25.686m across six different work streams.

    Carriageways and footways will receive £18.161m and focus on repairing roads and pavements. Street lighting and traffic signals have £1.220m, which will be used to maintain and improve this network. Road structures take £1.545m and focusses on our road bridges, foot bridges, underpasses, tunnels and gantries. Our road operations will get £2.460m and encompasses drainage repairs, bus stop maintenance and surface enhancement. Other asset management and miscellaneous spending amounts to £2.3m.

    The additional £12.5m of funding agreed in February’s budget has been integrated into the programme to improve paths, pavements and road conditions. An extra £12.5m of funding was also agreed last year, with a record 460,000m2 of carriageways and 52,000m2 of footways receiving treatment in that period. The Council’s Road Condition Indicator (RCI), which signifies the percentage of roads that should be considered for investment, also saw a significant improvement in 2024/25.

    We’ll look to build on these results in the coming year by undertaking a combination of carriageway strengthening, carriageway resurfacing, carriageway surface treatment, footway asphalt, footway flags and footway slurry sealing.

    The report also outlines our Street Lighting Programme and looks further ahead to our Setted Street Priorities in the next six financial years with Frederick Street, Victoria Street and the Shore all featuring for refurbishment.

    Our Road Safety Delivery Plan 2025/26 allocates over £6m across the service. As part of this, the Road Safety team will address concerns around the Dalmahoy Junction and prioritise infrastructure improvements for safe school travel, including additional pedestrian crossings.

    There will also be provision for Accident Investigation and Prevention (AIP), speed reduction measures and new 30mph and 20mph speed limit reductions over this and the forthcoming year. A full breakdown can be found in Appendix 2 of the report. Road safety progress will be reported to Committee in October, following elected member workshops to drive forward existing priority projects.

    These allocations are driven by our main priorities in the year ahead to promote road safety, study road accidents, review our vacant school crossing sites, take preventative measures and offer information, advice and practical training to road users.

    Transport and Environment Convener, Councillor Stephen Jenkinson said:

    I’m really pleased that these two ambitious and wide-reaching reports have been agreed.

    Our residents have made it abundantly clear that they want and expect continued investment in our roads network. Road safety also goes hand in hand with road condition and investment, with roads that are better maintained equalling safer roads for our children and young people. This is what I’m committed to delivering.

    From carriageway strengthening in Corstorphine and surface treatment in Seafield, to street lighting in Leith and road safety education in Ratho, we’re focussed on fulfilling our commitments and getting to work for the people of Edinburgh.

    A list of definitions for treatment specifications mentioned above in the Roads and Infrastructure Investment – Capital Delivery Priorities for 2025/26 report are below.

    Carriageway Strengthening: A substantial treatment with a minimum depth of 100mm. This includes removal of the surfacing and base course of the carriageway. Deeper excavations may be required depending on existing condition. Deeper excavations are required a bus stops.

    Carriageway Resurfacing: This treatment removes the surface course only. The depth of treatment is generally 40-50mm.

    Carriageway Surface Treatment: A preventative maintenance treatment. A thin treatment that is designed to slow deterioration of the carriageway. It is used primarily on carriageways that are starting to deteriorate. CEC uses two surface treatments: Surface Dressing and Micro Asphalt.

    Footway Asphalt: Break out of the existing asphalt footway. Depth will be dependent on existing condition. Kerbs are generally lifted and re-set as part of this treatment.

    Footway Flags: Break out of the existing footway with flags (slabs) being installed. Generally, pre-cast concrete flags are used, however, the following material is specified in the World Heritage Site: Old Town: Caithness Stone Flags New Town: Yorkstone Flags

    Footway Surface Treatment: A preventative maintenance treatment. A thin treatment that is designed to slow deterioration of the footway.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Young drivers told to belt up in the back

    Source: City of Liverpool

    Young people – predominantly males – are being urged to ‘belt up in the back’, as new data highlights the staggering number killed in car crashes not wearing their seatbelts.

    Recent analysis by The AA Charitable Trust shows almost half (43%) of young passengers (17-29) who die in car crashes are not belted up.

    Young, male car passengers are twice as likely to die in a car crash than their female peers due to being unbelted.
    The research, based on five years of car crash data where seatbelt wearing status was known, shows 68% of young passengers who die unbelted are male.

    These crashes are also more likely to happen at night, with 74% of young, unbelted, passenger fatalities happening after dark.

    Provisional figures show that in 2024 across Merseyside there were 14 casualties killed or seriously injured who were not wearing their seatbelt at the time of the collision.

    Six of those were vehicle drivers (43%) and eight were vehicle passengers (57%). Also six of the casualties were 17–29-year-olds (43) and eight were 30+ year old (57%).

    Wearing a seatbelt reduces the risk of death by around 50%, meaning up to around one quarter of all young car passenger deaths could be avoided if all young passengers put their belts on.

    Every week, four young people aged 17 to 29 were either killed or seriously injured on our roads when not wearing a seat belt. (Data on latest year of full data – 2023).

    In 2024, Merseyside Police issued 3,066 tickets for drivers and or passengers not wearing their seat belt.

    THE FACTS:

    • In a crash, you’re twice as likely to killed or seriously injured if you don’t wear a seat belt.
    • Younger drivers and passengers have the lowest seat belt-wearing rates, combined with the highest accident rate.
    • People are less likely to use seat belts on short or familiar journeys – putting them at serious risk of injury in a crash.

    THE LAW:

    • Drivers and passengers who fail to wear seat belts in the front and back of vehicles are breaking the law.
    • For those aged 14 and over, failure to wear a seat belt could result in an on-the-spot fine of £100. If prosecuted, the maximum fine is £500.

    Cllr Dan Barrington, Liverpool City Council Cabinet Member for Transport and Connectivity, said: “It is an utter tragedy that young people are dying as passengers and drivers because they have failed to put their seatbelt on. It’s such a quick and easy thing to do – and it could save your own life or the lives of the people around you.”

    Inspector Gavin Dixon of Merseyside Police, Roads Policing Department, said: “Merseyside Police work really hard to try and encourage everyone to wear their seatbelts in all forms of transport.

    “The figures speak for themselves; you are more likely to die in a collision if you don’t wear a seatbelt. As with mobile phone enforcement, we are constantly using new and innovative ways to catch people who choose not to wear their seatbelt and risk their own and their passengers’ lives.”  

    The analysis by The AA Charitable Trust  can be viewed here https://www.theaa.com/about-us/newsroom/aa-charitable-trust-launches-seatbelt-campaign

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Bavarian Nordic’s Jynneos highlights unmet need for mpox prevention in HIV patients, says GlobalData

    Source: GlobalData

    Bavarian Nordic’s Jynneos highlights unmet need for mpox prevention in HIV patients, says GlobalData

    Posted in Pharma

    A recent study reveals that a single dose of Bavarian Nordic’s Jynneos vaccine demonstrated 58% overall effectiveness in preventing mpox infection. Among the participants without HIV, effectiveness rose to 84%, while those with HIV showed only 35% effectiveness. These findings underscore the critical need for enhanced mpox prevention strategies for vulnerable, high-risk populations, particularly those with HIV, says GlobalData, a leading data and analytics company.

    The study, which was carried out at Charité – Universitätsmedizin Berlin and published in The Lancet Infectious Diseases, marks the first comparison of effectiveness between individuals with and without HIV.

    Stephanie Kurdach, Infectious Disease Analyst at GlobalData, comments: “Mpox is a viral illness, spread through close contact with another infected individual, contaminated objects, or infected animals. Symptoms can include a blistering rash, fever, muscle aches, sore throat, and swollen lymph nodes. While mpox symptoms are often mild, immunocompromised patients, such as those with uncontrolled HIV, are at a greater risk of severe disease, hospitalization, and death from this infection.”

    According to the US Centers for Disease Control and Prevention (CDC), the ongoing clade II 2022 mpox outbreak has been responsible for over 100,000 infections among 122 countries to date across North America, South America, Africa, Europe, Asia, and Australia. Clade II mpox has a >99% survival rate. Conversely, clade I is more likely to cause severe illness and death, particularly among immunocompromised individuals. A clade I outbreak has been ongoing in Central and Eastern Africa since 2024 and has been responsible for over 21,000 infections to date.

    Jynneos, also marketed under the name Imvanex, is approved in the US and Canada as a 2-dose vaccine for the prevention of mpox and smallpox in high-risk individuals 18 years of age and older, and in Europe for high-risk individuals 12 years of age and older. The reduced effectiveness of Jynneos in HIV-positive patients is likely attributable to a reduced T-cell response following vaccination in comparison to HIV-negative individuals, according to the study researchers. Ensuring patients receive the full 2-dose vaccination regimen is therefore particularly important for those with HIV.

    Kurdach continues: “According to GlobalData, there are currently only two other vaccines approved for the prevention of mpox, KM Biologics’ mpox LC16m8 vaccine, and Emergent BioSolutions’ ACAM2000. Of these, the LC16m8 vaccine has been shown to be safe and effective in people with well-controlled HIV.”

    In the Jynneos study, over 3,600 participants received two doses of the mpox vaccine to analyze vaccine safety. Local reactions occurred in 70% of individuals after the first dose and 57% of individuals after the second dose. Systemic reactions occurred in 22% of individuals after the first dose and 18% of individuals after the second dose. Severe local and systemic reactions were rare.

    Kurdach concludes: “The recent safety and effectiveness data regarding mpox vaccination by Jynneos is important and timely given the ongoing, global outbreak. Unfortunately, there are still clear unmet needs for more research on mpox in patients with HIV and increased, effective vaccination options for this at-risk population.”

    MIL OSI Economics –

  • MIL-OSI Europe: Euro area quarterly balance of payments and international investment position: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Current account surplus at €426 billion (2.8% of euro area GDP) in 2024, after a €243 billion surplus (1.7% of GDP) a year earlier.
    • Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€197 billion) and Switzerland (€76 billion) and largest deficit vis-à-vis China (€105 billion).
    • International investment position showed net assets of €1.66 trillion (10.9% of euro area GDP) at end of 2024.
    • Bilateral current account vis-à-vis the United States: surplus of €3 billion (0.0% of euro area GDP) in 2024, following a deficit of €30 billion (0.2% of GDP) in 2023. For more details see dedicated section on economic and financial linkages between the euro area and the United States.

    Current account

    The current account of the euro area recorded a surplus of €426 billion (2.8% of euro area GDP) in 2024, following a €243 billion surplus (1.7% of GDP) a year earlier (Table 1). This development was driven by larger surpluses for goods (from €264 billion to €372 billion), services (from €127 billion to €169 billion) and primary income (from €20 billion to €54 billion). The deficit for secondary income increased moderately from €167 billion to €168 billion.

    The estimates on goods trade broken down by product group show that in 2024 the increase in the goods surplus was mainly due to a reduction in the deficit for energy products (from €314 billion to €260 billion). In addition, the surpluses for chemical products and machinery and manufactured products increased (from €244 billion to €268 billion and from 283 billion to €300 billion, respectively).

    The larger surplus for services in 2024 was mainly due to widening surpluses for telecommunication, computer and information (from €169 billion to €203 billion) and travel (from €52 billion to €61 billion), and a lower deficit for other business services (from €60 billion to €28 billion). These developments were partly offset by a widening deficit for charges for the use of intellectual property (from €100 billion to €126 billion).

    In 2024, the increase in the primary income surplus was mainly due to larger surpluses in direct investment (from €72 billion to €104 billion), portfolio debt (from €59 billion to €79 billion), and other primary income (from €3 billion to €15 billion), which were partly offset by a larger deficit in portfolio equity (from €163 billion to €194 billion).

    Table 1

    Current account of the euro area

    (EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.

    Data for the current account of the euro area

    Data on the geographical counterparts of the euro area current account (Chart 1) show that in 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€197 billion, down from €220 billion a year earlier) and Switzerland (€76 billion, up from €65 billion). The euro area also recorded surpluses vis-à-vis other emerging countries (€155 billion, up from €135 billion a year earlier) and other advanced countries (€114 billion, up from €80 billion). The largest bilateral deficit was recorded vis-à-vis China (€105 billion, down from €109 billion a year earlier) and a deficit was also recorded vis-à-vis the residual group of other countries (€96 billion, down from €142 billion).

    The most significant changes in the geographical components of the current account in 2024 relative to 2023 were as follows: the goods surpluses increased vis-à-vis the United States (from €179 billion to €213 billion) and vis-à-vis other advanced countries (from €27 billion to €50 billion), while the goods deficit vis-à-vis China increased from €131 billion to €141 billion. In services, the deficit vis-à-vis the United States increased (from €124 billion to €156 billion), while the balance vis-à-vis offshore centres shifted from a deficit (€8 billion) to a surplus (€16 billion). In primary income, the balance vis-à-vis the United Kingdom shifted from a surplus (€31 billion) to a deficit (€4 billion) while a smaller deficit was recorded vis-à-vis the United States (from €84 billion to €52 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased slightly (from €76 billion to €73 billion).

    Chart 1

    Geographical breakdown of the euro area current account balance

    (four-quarter moving sums in EUR billions; non-seasonally adjusted)

    Source: ECB.
    Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other advanced” includes Australia, Canada, Japan, Norway and South Korea. “Other emerging” includes Argentina, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa and Türkiye. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.

    Data for the geographical breakdown of the euro area current account

    International investment position

    At the end of 2024, the international investment position of the euro area recorded net assets of €1.66 trillion vis-à-vis the rest of the world (10.9 % of euro area GDP), up from €1.25 trillion in the previous quarter (Chart 2 and Table 2).

    Chart 2

    Net international investment position of the euro area

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    Data for the net international investment position of the euro area

    The €407 billion increase in net assets was mainly driven by larger net assets in portfolio debt (up from €1.27 trillion to €1.42 trillion), direct investment (up from €2.54 trillion to €2.66 trillion) and reserve assets (up from €1.32 trillion to €1.39 trillion).

    Table 2

    International investment position of the euro area

    (EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.

    Data for the international investment position of the euro area

    The developments in the euro area’s net international investment position in the fourth quarter of 2024 were driven mainly by positive exchange rate changes, and to a lesser extent by positive transactions and other volume changes (Table 2 and Chart 3).

    At the end of the fourth quarter of 2024, direct investment assets of special purpose entities (SPEs) amounted to €3.58 trillion (28% of total euro area direct investment assets), up from €3.53 trillion at the end of the previous quarter (Table 2). Over the same period, direct investment liabilities of SPEs increased from €3.10 trillion to €3.13 trillion (31% of total direct investment liabilities).

    At the end of the fourth quarter of 2024 the gross external debt of the euro area amounted to €16.70 trillion (110% of euro area GDP), up by €1 billion compared with the previous quarter.

    Chart 3

    Changes in the net international investment position of the euro area

    (EUR billions; flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Note: “Other volume changes” mainly reflect reclassifications and data enhancements. 

    Data for changes in the net international investment position of the euro area

    At the end of 2024 euro area direct investment assets were €12.62 trillion, 23% of which was invested in the United States and 19% in the United Kingdom (see Table 3). Euro area direct investment liabilities were €9.96 trillion, with 28% being investments from the United States, 19% from offshore centres and 18% from the United Kingdom.

    In portfolio investment, euro area holdings of foreign securities amounted to €7.57 trillion in equity and €7.09 trillion in debt securities at the end of 2024. The largest holdings of equity were in securities issued by residents of the United States (accounting for 60%). In debt securities, the largest euro area holdings were in securities issued by residents of the United States (accounting for 38%), the United Kingdom (17%) and the EU Member States and EU institutions outside the euro area (16%).

    On the portfolio investment liabilities side, non-residents’ holdings of securities issued by euro area residents stood at €10.84 trillion in equity and at €5.67 trillion in debt at the end of 2024. The largest holder countries of euro area equity were the United States (27%) and the United Kingdom (13%), while for euro area debt securities the largest holders were the BRIC group of countries (14%), the United States (13%) and Japan (11%).

    In other investment, euro area residents’ claims on non-residents amounted to €7.18 trillion, 29% of which was vis-à-vis the United Kingdom and 24% vis-à-vis the United States. Euro area other investment liabilities amounted to €7.71 trillion, with the United Kingdom accounting for 25% and the United States for 19%.

    Table 3

    International investment position of the euro area – geographical breakdown

    (as a percentage of the total, unless otherwise indicated; at the end of the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. The “BRIC” countries are Brazil, Russia, India and China. “Other advanced” includes Australia, Canada, Norway and South Korea. “Other emerging” includes Argentina, Indonesia, Mexico, Saudi Arabia, South Africa and Türkiye. “Other countries” includes all countries and country groups not listed in the table as well as unallocated positions.

    Data for the international investment position of the euro area – geographical breakdown

    Economic and financial linkages between the euro area and the United States

    This statistical release provides a longer-term perspective on the euro area’s bilateral current account balance and international investment position vis-à-vis the United States by presenting developments over the past decade.

    In 2024 the euro area recorded a current account surplus of €3 billion (0.0% of euro area GDP) vis-à-vis the United States, following a deficit of €30 billion (0.2% of GDP) in 2023 (see Chart 4). The euro area had recorded a rather stable current account surplus vis-à-vis the United States of around 1.0% of GDP between 2015 and 2019, which gradually declined subsequently and turned into a deficit in 2022. Since 2015 the euro area has run a persistent and sizeable goods surplus vis-à-vis the United States, rising from €127 billion in 2015 to €213 billion in 2024. The marked decline in the euro area current account surplus vis-à-vis the United States over the past decade was mainly due to a pronounced widening in the deficit for services (from €21 billion in 2015 to €156 billion in 2024), driven by an increasing deficit in charges for the use of intellectual property (from €5 billion to €168 billion). In addition, the euro area’s primary income balance vis-à-vis the United States changed from a surplus of €2 billion in 2015 to a deficit of €52 billion in 2024, largely due to a widening deficit in direct investment income. The developments in the euro area’s bilateral current account balance vis-à-vis the United States, in particular the significant changes observed since 2019, are partly connected to the activities of US multinational enterprises in the euro area.

    Chart 4

    Euro area current account balance vis-à-vis the United States

    (left-hand scale: four-quarter moving sums in EUR billions; right-hand scale: four-quarter moving sums as a percentage of GDP; non-seasonally adjusted)

    Source: ECB.

    Data for the current account of the euro area vis-a-vis the United States

    At the end of 2024, the euro area’s bilateral investment position vis-à-vis the United States showed net assets equivalent to 26% of euro area GDP, up from 18% of GDP at the end of 2023 and 4% of GDP at the end of 2015 (Chart 5). Net asset positions in portfolio investment debt (13% of GDP) and portfolio investment equity (11% of GDP) contributed most to the euro area’s bilateral net asset position at the end of 2024. The increase in the euro area bilateral net asset position since 2015 was driven mainly by a shift in portfolio investment equity from a net debtor to a net creditor position, as euro area portfolio investment equity assets vis-à-vis the United States rose more strongly than the corresponding liabilities. Developments in portfolio investment debt and direct investment also contributed, albeit to a lesser extent, to the increase in total net assets vis-à-vis the United States.

    Chart 5

    vis-à-vis the United States

    Euro area net investment position

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    Notes: “Total net position” refers to the sum of net direct investment, net portfolio investment, net other investment and net financial derivatives. Reserve assets are not included in the total. Net positions are computed as the asset positions minus the liability positions of the respective item. Discrepancies between totals and their components may arise from rounding.

    The United States is the largest destination country for euro area cross-border financial investment. Euro area financial assets vis-à-vis the United States amounted to €12.38 trillion at the end of 2024 (82% of euro area GDP), with an 83% increase since the end of 2015 (see Table 4). This development increased the share of the United States in euro area external assets from 27% to 33%. The increase was mainly due to euro area holdings of portfolio investment equity issued by residents of the United States, which have risen by 286% since the end of 2015, mainly as a result of positive price revaluations. At the same time, euro area holdings of portfolio investment debt securities have increased by 91% since the end of 2015.

    The United States is also the largest source country for euro area cross-border financial investment, accounting for bilateral financial liabilities of €8.41 trillion (56% of euro area GDP) at the end of 2024, a 32% increase since the end of 2015. Over the same period, the share of the United States in euro area external liabilities remained broadly stable at 22%. This development mainly reflected an increase of 97% in portfolio investment equity liabilities vis-à-vis the United States, while direct investment liabilities vis-à-vis the United States declined by 9%.

    Table 4

    Euro area international investment position vis-à-vis the United States

    (at the end of the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “p.p.” refers to percentage points. “Equity” comprises equity and investment fund shares. “Total assets/liabilities” refers to the sum of direct investment, portfolio investment, other investment and financial derivatives. Reserve assets are not included in the total. Around 17% of the Eurosystem’s total reserve assets of €1.3 trillion are held in the form of securities, of which an undisclosed part is invested in securities issued in the United States. Financial derivatives are reported separately in gross terms under assets and liabilities. Discrepancies between totals and their components may arise from rounding.

    Data for the international investment position of the euro area – vis-à-vis the US

    Data revisions

    This statistical release incorporates revisions to the data for the reference periods between the first quarter of 2021 and the third quarter of 2024. The revisions reflect revised national contributions to the euro area aggregates because of the incorporation of newly available information.

    MIL OSI Europe News –

  • MIL-Evening Report: Hackers have hit major super funds. A cyber expert explains how to stop it happening again

    Source: The Conversation (Au and NZ) – By Toby Murray, Professor of Cybersecurity, School of Computing and Information Systems, The University of Melbourne

    Several of Australia’s biggest superannuation funds have suffered a suspected coordinated cyberattack, with scammers stealing hundreds of thousands of dollars of members’ retirement savings.

    Superannuation funds including Rest, HostPlus, Insignia, Australian Retirement and AustralianSuper have all reportedly been targeted. However, so far AustralianSuper appears to be the worst affected.

    It is Australia’s largest superannuation fund. It has roughly 3.5 million members and manages more than $365 billion in retirement savings. In this cyberattack, a handful of its members have lost about A$500,000 in combined savings.

    AustralianSuper is reportedly assisting authorities recover the money. It has not yet confirmed if any remediation will occur.

    It’s not yet clear whether the affected accounts had mandatory multi-factor authentication for login or money transfers. But this is a crucial measure to reduce the risk of a similar cyberattack happening in the future.

    Strategic timing, stolen passwords

    Details of the cyberattack are still sparse. But we do know that it began in the early hours of last weekend. This timing was likely strategic: account holders wouldn’t have noticed anything suspicious as they would have most likely been sleeping.

    Cyber criminals are believed to have obtained stolen passwords – either from the dark web or other hacked websites. They then used these passwords to try to access people’s superannuation accounts.

    In a statement, AustralianSuper’s Chief Member Officer Rose Kerlin said scammers had accessed up to 600 customer passwords to log into accounts.

    So far only four accounts have actually been breached. In those cases, the scammers changed login details and transferred out lump sums of money.

    Although members of other superannuation funds do not seem to have lost any money, their personal information may have been compromised.

    Different to other attacks

    There have been cases in the past of people being scammed out of their retirement savings.

    For example, in 2020, Australian man Lee Braz lost all of his retirement savings, worth $180,000, to scammers. The scammers used fraudulent documents to trick his fund, Intrust Super (now owned by HostPlus), into authorising the transfer.

    After a four-year legal battle with the fund, Braz retrieved one-third of the money he had lost. However, this amount didn’t cover his legal fees.

    But this recent scam seems very different in nature. It didn’t involve scammers using any fraudulent documents or elaborate trickery. Instead, the perpetrators appear to have pulled it off simply by using stolen passwords to access accounts.

    Tighter security is crucial

    Australian Taxation Office data indicates the average super balance for men is roughly A$180,000, while for women it is roughly A$146,000.

    To ensure all of this money is properly protected, financial organisations should implement mandatory multi-factor authentication for user accounts. This would require people to prove who they are with something in addition to a password.

    This could include, for example, using a one-time code or an authenticator app on their smartphone. This makes it much harder for criminals who obtain user passwords to take over their accounts.

    Other financial organisations, including banks and some superannuation funds, already use multi-factor authentication. But it’s especially important for all superannuation funds to implement it, given many people don’t check their retirement savings for months at a time and are less likely to notice straight away if they’ve been hacked.

    In the wake of this cyberattack, the Association of Superannuations Funds of Australia says it is working to improve security across the industry, but it is unclear exactly what this will involve.

    Consumers also need to do their part by making sure they do not reuse passwords between websites. This is especially important for passwords used to protect accounts on financial organisations such as their super fund or online banking.

    Using a password manager is a great way to make it easy to have unique passwords for each website you visit.

    Finally, customers should be on the lookout for potential scams that may target them in the coming days. Scammers have been known to exploit fear and confusion in the wake of data breaches to try to lure victims into giving away personal information or money.

    Anyone receiving messages purporting to be from their super fund and who wants to respond to them should call up their super provider directly, using a phone number from their website. Avoid clicking links or phoning numbers listed in messages that purport to be from your super fund.

    Anyone receiving messages they suspect are scams can report them to Scamwatch.

    Toby Murray receives funding from the Department of Defence and Google. He is Director of the Defence Science Institute, wich receives funding from the Commonwealth and State governments.

    – ref. Hackers have hit major super funds. A cyber expert explains how to stop it happening again – https://theconversation.com/hackers-have-hit-major-super-funds-a-cyber-expert-explains-how-to-stop-it-happening-again-253835

    MIL OSI Analysis – EveningReport.nz –