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  • MIL-OSI Global: Donald Trump’s ‘chilling effect’ on free speech and dissent is threatening US democracy

    Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in US politics and international security, University of Portsmouth

    The second Donald Trump administration has already sent shockwaves through the political establishment on both sides of the Atlantic. Overseas, the focus has been on the administration’s apparent dismantling of the post-war international order and Trump’s apparent pivot away from America’s traditional allies towards a warmer relationship with Russia and Vladimir Putin. But within the United States itself, the greatest concerns are associated with administration actions that, for many, suggest a deliberate destruction of American democracy.

    Such fears in the US are not isolated to the political elites, but are shared by citizens across the entire nation. But what is also emerging is a concerted assault on people’s ability to push back – or even complain – about some of the measures being introduced by Trump 2.0. This will inevitably result in what is often called a “chilling effect”, where it becomes too hard – or too dangerous – to voice dissent.

    Many of Trump’s policies – the mass deportations, the wholesale sacking of public servants by Elon Musk and his Department of Government Efficiency (Doge), the decision to revoke birthright citizenship for the children of undocumented immigrants – have been challenged in the courts. The Trump administration is now embroiled in a range of legal challenges. It is here that Trump’s disdain for a legal system that has temporarily blocked the wishes of the president has emerged.

    Chilling effect

    Judicial decisions calling for the administration to reverse or pause some of these policies have been greeted by Trump and some of his senior colleagues (including Musk and the vice-president J.D.Vance), with noisy complaints at judicial interference in government. Even, in some cases, calls for the impeachment of judges who rule against the government.

    Not only did the administration ignore the court’s ruling that suspended the forced expulsion of Venezuelans to El Salvador, some of whom were in the US legally, but Trump attacked the judge on social media calling him a corrupt “radical left lunatic” and called for his impeachment.

    This stirred the chief justice of the Supreme Court, John Glover Roberts Jr., to intervene. He reminded the president that America doesn’t settle its disputes, saying that the “normal appellate review process exists for that purpose”. Later, Tom Homan, Trump’s chief adviser on immigration issues, told ABC News that the administration would abide by court rulings on the matter.

    The pressure being brought to bear on America’s legal system has not stopped at the judiciary. Trump has recently targeted some of America’s biggest and most powerful law firms, seemingly for no other reason than their acting for clients who have opposed his administration.

    On March 25, Trump signed an executive order targeting Jenner & Block, one of whose partners, Andrew Weissmann, worked with special prosecutor Robert Mueller on the investigation into Russian meddling in the 2016 presidential election. The executive order calls for the firms to be blacklisted from government work and for their employees to have any security clearances removed, for them to be barred from any federal government contracts and refused access to federal government buildings. A death warrant for the firm in other words.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    This follows the news that the head of the prestigious law firm Paul Weiss, Brad Karp, had signed a deal with the White House committing to providing millions of dollars worth of pro-bono legal work for causes nominated by the president. He’s also agreed to stop using diversity, equity and inclusion (DEI) policies, which had been faced with a similar fate.

    Silencing dissent

    This administration’s chilling effect has also extended to an attack on press freedom. Trump has expelled established news organisations from the Pentagon, curtailed access to press events for the esteemed Associated Press, and taken control of the White House press pool, sidelining major media outlets.

    These actions mark a significant downgrading of press freedom in America. They are undermining the role of independent journalism in their key function of holding power to account. By restricting access and silencing critical voices, his administration has raised concerns over transparency and the free flow of information in the domestic media landscapes.

    Universities have traditionally been bastions of independent thought. We saw that with the massive protests against US policy towards Israel and Palestine which have roiled campuses during the conflict in Gaza. But universities are also seen by many in the administration as a hotbed of “woke” activism. Accordingly Trump 2.0 has fixed its sights on one of the most prominent US universities: Columbia.

    Citing what it says is a repeated failure to protect students from antisemitic harassment, the administration cancelled US$400m (£310 million) of federal contracts with the university. Columbia caved in to the pressure moments before the administration’s deadline passed. It agreed to overhaul its disciplinary procedures and “review” its regional studies programmes, starting with those covering the Middle East.

    Columbia’s academic staff are horrified. They are launching legal action against the government, alleging that “the Trump administration is coercing Columbia University to do its bidding and regulate speech and expression on campus”.

    Democracy in peril

    Why is this all so worrying? The legal system, the media and universities are the pillars of US democratic freedoms. The Trump administration’s undermining of these institutions is a blatant attempt to impose an authoritarian rule by bypassing any counterbalance to executive power. And the US Supreme Court has ruled that he is almost entirely immune from prosecution while doing it.

    The checks and balances system of government in the US was designed to ensure that no single branch could dominate the political process. But partisan loyalty, and loyalty to Trump over the party, now outweighs constitutional responsibility for the majority of those within the Republican Party.

    American democracy is under threat. Not from the external existential threats it faced over the past century such as communism and Islamic fundamentalism, but from within its own system. Those Americans who are terrified about this threat are trying to fight back, but Trump’s assault on dissent is so chilling that this is becoming increasingly dangerous.

    Dafydd Townley 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. Donald Trump’s ‘chilling effect’ on free speech and dissent is threatening US democracy – https://theconversation.com/donald-trumps-chilling-effect-on-free-speech-and-dissent-is-threatening-us-democracy-253139

    MIL OSI – Global Reports –

  • MIL-OSI Global: How two recent productions of Oedipus offer different meanings through the role of the chorus

    Source: The Conversation – UK – By Will Shüler, Vice-Dean of Education and Senior Lecturer, School of Performing and Digital Arts, Royal Holloway University of London

    The London theatre scene was all abuzz in January 2024 when two different star-studded West End productions of the ancient Greek tragedy Oedipus were announced within minutes of each other.

    The first production of the Sophocles tragedy, adapted and directed by Robert Icke and starring Mark Strong and Leslie Manville, ran from October 2024 to January 2025, with a Broadway transfer to New York’s Roundabout Theatre Company planned for this autumn.

    The second – which closes at the end of this month – opened weeks later at the Old Vic in a version by Ella Hickson, co-directed by Hofesh Shechter and Matthew Warchus, and starring Rami Malek and Indira Varma.

    Historically, ancient Greek tragedies were retellings of ancient myths, performed in ways that encouraged the audience to reflect upon an old story in a new way. Two London productions of Oedipus might seem like overkill, but they actually demonstrate the versatility of the tragic form.

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    Both productions rework the myth, allowing contemporary audiences to consider different perspectives on the play’s themes of power and knowledge.

    One of the defining aspects of the ancient Greek tragedy is the chorus. Originally they performed in the orchestra of an ancient theatre – the space between the actors and the audience. Their performance of odes was in song and dance form, and the content might reflect upon the play’s events from their perspective, provide background that was either directly or indirectly related to the plot, or spur on the action of the play.

    In Oedipus, the chorus is comprised of citizens of Thebes. The city is suffering from a terrible curse and Oedipus, the king, takes it upon himself to rectify this by following the advice of the gods to discover and punish the murderer of the previous king, Laius.

    The chorus first enters singing – and dancing – about the disasters the people have been facing and prays for their end. For the rest of the play, from the foot of the palace, the chorus observes Oedipus’s investigation, horrific discovery and the piteous aftermath for his family.

    The treatment of the role of the chorus in these two West End productions are essential to the different meanings they make and how they invite audiences to reflect upon the myth in relation to our own world.

    In the Icke adaptation, Oedipus is with his family (wife Jocasta, mother Merope, brother-in-law Creon and three adult children Antigone, Polynices and Eteocles) at his campaign headquarters on the evening of the election.

    In this version the challenge the city faces is governmental corruption. Icke has included more family members than are in Sophocles’s original text and cut the role of the chorus entirely. Its exclusion means the governmental corruption is seen almost entirely from the point of view of this political family.

    The only perspective we get from the citizens is an opening video sequence as Oedipus is interviewed by the press, and the frequent election result updates. The people elect Oedipus. They want what he promises – an end of governmental corruption.

    Icke’s Oedipus strives to do the right thing and break from the string of corrupt, deceitful, narcissistic politicians who have been plaguing the city. The play thereby draws contemporary connections to “draining the swamp” and the “fake news” accusations of Donald Trump.

    Without reflections from the people (the chorus), the play becomes a personal drama about the family’s interests and public image. Oedipus and Jocasta’s grisly ends are entirely about their personal horror at the discovery they have made – that she is actually his mother.

    There is no reflection on how the play’s ending relates to the ongoing trouble faced by the citizens. In this version of events the final impression feels pessimistic – even when leaders try to do the right thing, the system ensures that they will fail.

    In the Old Vic production, the play is set in a Thebes that is suffering from extreme drought (likely alluding to the climate crisis). In Hickson’s adaptation, the chorus remains, but their words have been removed. Only their dance is performed between the scenes of the actors.

    This is not to say that the Sophocles text has been “translated” into movement by Shechter, but rather that the historic function of the chorus (to contemplate, to reflect, to spur on) remains by means of what is communicated in dance – which, according to the Guardian’s theatre critic David Jays becomes “the irresistible core of the tragedy”.

    In the play’s script, each scene ends with the deceptively simple word: “dance”. In performance, Oedipus’ investigation into what is causing the drought, contemplation of prophecies and public speeches to the people of Thebes are all interspersed with Shechter’s evocative choreography. We see their suffering, we see their prayers, we see their perseverance. Their needs never fade into the background but remain the consistent pulse of the play.

    In this version, when Oedipus has his moment of revelation, the rain comes and the people dance in it. This moment imparts impressions of renewed faith, solidarity, fruitfulness, pride, rebirth and life continuing.

    Oedipus enters having blinded himself, not out of personal horror, but in order to cleanse the city and ensure its continued godly favour. In contrast to the Icke production, Schechter and Warchus’s version – though still tragic – is ultimately hopeful.

    The leader has taken responsibility for what they have done and put the needs of the people over his own ambitions and desires. The last moment is not Oedipus’s. It is the chorus’s – and we watch them dance.

    Will Shüler 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. How two recent productions of Oedipus offer different meanings through the role of the chorus – https://theconversation.com/how-two-recent-productions-of-oedipus-offer-different-meanings-through-the-role-of-the-chorus-252862

    MIL OSI – Global Reports –

  • MIL-OSI: PIMCO Names Janet Yellen and Raghuram Rajan to its Global Advisory Board (GAB); Gordon Brown Becomes Chair

    Source: GlobeNewswire (MIL-OSI)

    • Janet Yellen served as Treasury Secretary in the Biden Administration and Chair of the Federal Reserve from 2014 to 2018
    • Raghuram Rajan served as the Governor of the Reserve Bank of India and as Chief Economist at the International Monetary Fund
    • Gordon Brown, former UK Prime Minister, becomes Chair of the GAB
    • Ben Bernanke, former Chair of the Federal Reserve, retiring from role as Chair of PIMCO’s GAB after 10 years service
    • Mark Carney, Canadian Prime Minister, also recently stepped down from GAB

    NEWPORT BEACH, Calif., March 26, 2025 (GLOBE NEWSWIRE) — PIMCO, one of the world’s premier fixed income investment managers, announces the addition of Janet Yellen, former U.S. Secretary of the Treasury and Chair of the Federal Reserve, and Raghuram Rajan, former Governor of the Reserve Bank of India and Chief Economist at the International Monetary Fund, to its Global Advisory Board. The Board provides PIMCO with insights on global economic, political, and strategic developments and their relevance for financial markets.

    In addition, Gordon Brown, former UK Prime Minister (2007-2010) and Chancellor of the Exchequer (1997-2007), becomes Chair of the Board. Mr. Brown, who has been a member of PIMCO’s GAB since its founding in 2015, replaces Ben Bernanke, who is retiring after serving 10 years as Chair of the GAB. Mark Carney, Prime Minister of Canada, previously announced his resignation from PIMCO’s GAB in January, when he announced his candidacy for political office. He had served on the Board since 2020.

    Before serving as the 78th U.S. Secretary of the Treasury from 2021-2025, Secretary Yellen was Chair of the Board of Governors of the Federal Reserve from 2014 to 2018 and Vice Chair 2010 to 2014. Secretary Yellen has also held positions at Harvard University, the London School of Economics, and the University of California, Berkeley, where she is now professor emeritus. Her extensive contributions to economic policy and research have established her as a leading figure in the field.

    Dr. Raghuram Rajan’s career is distinguished by his influential roles in global economic institutions. He was the 23rd Governor of the Reserve Bank of India from 2013 to 2016 – where he implemented key reforms to stabilize the Indian economy – and was Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. He is also a Professor of Finance at the University of Chicago Booth School of Business.

    “Secretary Yellen and Dr. Rajan’s deep expertise in economic policy make them remarkable additions to our Global Advisory Board,” said Emmanuel Roman, PIMCO’s Chief Executive Officer. “Their insights will be crucial for us as we continue to navigate the complexities of the global economy and assess their potential impact on markets for our clients.”

    “Understanding the complexities and impact of central bank policymaking, international governance and economic conditions on fast-moving markets are critical components of our investment strategy. Secretary Yellen and Dr. Rajan’s invaluable insights and experience, and Prime Minister Brown’s leadership as chair, will provide PIMCO clients with deep expertise and knowledge in assessing investment risk and opportunity,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer.

    “We also want to thank Chair Ben Bernanke and Prime Minister Carney for their leadership and valued perspectives over many years on the Global Advisory Board during their constant presence at our investment forums and in guidance to our Investment Committee. We will miss their thoughtful insights and wish them well,” said Mr. Roman.

    The Global Advisory Board consists of a diverse group of experts who provide strategic insights into global economic, political, and strategic developments. Secretary Yellen and Dr. Rajan will join Gordon Brown, Joshua Bolten, former White House Chief of Staff, and Michele Flournoy, U.S. defense policy advisor in two U.S. presidential administrations.

    Janet Yellen
    Janet L. Yellen served as 78th Secretary of the Treasury from 2021 through 2025. Previously, she was a Distinguished Fellow in Residence at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She also served as Chairman of the Board of Governors of the Federal Reserve System from 2014 through February 2018, Vice Chair of the Board of Governors from 2010 to 2014 and president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. Dr. Yellen previously served as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997, whereupon she was appointed by President Bill Clinton to serve as chair of the Council of Economic Advisers, a post she held until August 1999. Dr. Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms, and implications of unemployment. She began her career as an assistant professor at Harvard University and then served as an economist with the Federal Reserve’s Board of Governors before joining the faculty of the London School of Economics in 1978. In 1980 she joined the faculty of the University of California at Berkeley, where she was named the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics, and where she is currently a professor emeritus. Dr. Yellen graduated from Brown University in 1967 and received her PhD in economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, honorary degrees from Brown, Bard College, NYU, the London School of Economics and Political Science, the University of Warwick, Yale, the University of Michigan and the University of Pennsylvania. She is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences and has served as President of the American Economic Association and the Western Economic Association and a fellow of the Yale Corporation. She is a Distinguished Fellow of the American Economic Association.

    Raghuram Rajan

    Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan’s research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India’s Economic Future with Rohit Lamba, The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax.

    About PIMCO
    PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

    Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

    Contact:
    Michael Reid
    PIMCO – Media Relations
    Ph. 212-597-1301
    Email: Michael.Reid@pimco.com

    The MIL Network –

  • MIL-OSI Global: Britons increasingly trust each other – but trust in politicians has slumped since the pandemic

    Source: The Conversation – UK – By Ben Seyd, Senior Lecturer in Politics, University of Kent

    ITS/Shutterstock

    One surprise in the early days of the pandemic was people’s increased willingness to trust political authorities. According to the British Social Attitudes survey (BSA), the proportion of people trusting government ministers rose from 15% in 2019 to 23% in 2020. Data from Ipsos MORI showed a similar bounce for trust in government ministers and politicians in 2021. Trust in government was also a significant factor in whether people complied with lockdown rules and other restrictions.

    Since then, however, people’s trust in government has plummeted. The latest BSA survey finds that, in 2023, just 14% of the population said they trust government “always” or “most of the time”. Fully 45% of the population trust government “almost never”. These are the most negative set of figures since the BSA began asking questions on trust almost four decades ago.

    This collapse in trust is perhaps unsurprising given the various government shenanigans over the past few years, notably Boris Johnson’s Downing Street lockdown parties and Liz Truss’s disastrous prime ministerial tenure. However, there is also evidence that Britons have become less trusting as a result of dashed expectations over the benefits of Brexit, negative views of government performance in areas like health, and cost of living pressures.

    Yet while Britons are less trusting of those with political authority, they appear to be more trusting in each other. Back in 1999, 29% of the population believed that “most people [in Britain] can be trusted”. Four decades on, that proportion has increased to 46%, topping the previous high of 43% in 1981. This might partly reflect the sense of collective endeavour and neighbourliness that was instilled during the pandemic, when we were encouraged to look out for, and help, other people. There is also evidence that, while people see the country as a whole as becoming more divided, at the local level perceptions of unity outweigh perceptions of division.

    This is a welcome shift, particularly since trust in other people is associated with a range of positive outcomes, including support for international cooperation and international organisations. In an uncertain and dangerous world, social trust may be an important factor shaping the willingness of states to work together.

    Wellbeing of politicians

    The decline of popular trust in government and politicians is concerning. Low trust is associated with support for populist politicians such as Donald Trump and upheavals like Brexit. Low trust could also significantly compromise public acceptance of, and compliance with, official messages and rules in a future pandemic.

    Distrust can also cause direct harm to public figures. As one of us (James) has shown, politicians are generally poor estimators of public trust in themselves. But where they do perceive widespread distrust, often because of repeated experiences of physical or online abuse and intimidation, this has a significant negative effect on their mental health and wellbeing.

    Messages of kindness and community around London during lockdown.
    Alex Yeung/Shutterstock

    Increased security around MPs – the cost of which jumped from £77,234.67 to £4,381,733.40 between 2014 and 2022 – is likely to protect them from the worst excesses of public distrust where it trickles over into extreme behaviour. Yet given the importance of contact for people’s trust, it could also inadvertently fuel more cynicism by increasing the physical distance between politicians and the public.

    The public’s declining regard for politicians and government should be a source of concern. We are hardly likely to recruit the calibre of politician we expect (and need), or indeed encourage a more diverse population of aspiring representatives, if the personal costs of holding elected office are so high.

    At the same time, a look at the bigger picture offers some reassurance. As one of us (Ben) has recently shown, there is little evidence that low trust induces popular scepticism towards democracy itself, or that it weakens public support for state spending or government programmes in key areas like healthcare.

    Trust on the frontline

    The nature and strength of Britain’s civic ties are revealed not only in our trust of politicians and institutions, but also in how we treat the people who provide public services, such as police officers and health workers.

    On the face of it, the picture is not pretty. Over the past few years, rates of public abuse towards frontline service providers have increased. In 2021, 18% of teachers reported having experienced verbal abuse from a parent or carer in the past year. In 2023, that figure had risen to 30%.

    A survey of police officers in 2022 found that 37% had experienced verbal insults at least once a week over the past year. This was an increase from the 29% of officers who reported a similar level of insults in 2020, although the figure dropped slightly in 2023 to 34%.

    Rates of physical abuse of London ambulance staff have more than doubled in four years, with 346 incidents recorded in 2019, increasing to 728 incidents in 2023. A similar picture of public abuse is found for frontline workers in the health service. Polling in 2023 found that 85% of GPs across the UK had received verbal abuse from members of the public during the past year. A 2021 survey by the British Medical Association found more than half of GPs, and one in five hospital doctors, had experienced verbal abuse in the past month.

    While majorities of the British public express trust in many frontline workers such as nurses and doctors (who currently attract 94% and 88% trust ratings), others appear to take a more negative view, extending even to abusive behaviour.

    Given the range of service providers facing such rising antipathy, it seems unlikely that the trigger for this was the pandemic. A better clue is provided by longer-term data on public treatment of doctors.

    Responses are to a survey question reading ‘In the last 12 months, have you personally experienced harassment, bullying or abuse at work from patients, their relatives or members of the public?’.
    Author provided, data from NHS Staff Survey

    NHS survey figures show that rates of abuse towards doctors declined between 2003 and 2011. (The wording of the relevant survey question changed in 2012, which restricts our ability to compare the more recent data). This was precisely the period when resources were pumped into the health service and public satisfaction with the NHS increased. This suggests that public interactions with frontline service workers like doctors are strongly shaped by the quality of the service they face.

    Indeed, GPs themselves ascribe the verbal abuse they and their staff experience to people’s dissatisfaction with the service, including discontent with access to health services. One underappreciated effect of austerity might thus be an increased public frustration with healthcare workers, which on occasion appears to extend to outright abuse.

    More accessible (read: better funded) public services might reduce some negativity towards frontline service workers. However, the important task of rebuilding people’s trust in politicians is – particularly given the negative coverage by much of Britain’s media – likely to be a trickier task.

    James Weinberg receives funding from the Economic and Social Research Council.

    Ben Seyd 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. Britons increasingly trust each other – but trust in politicians has slumped since the pandemic – https://theconversation.com/britons-increasingly-trust-each-other-but-trust-in-politicians-has-slumped-since-the-pandemic-252762

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why eating yoghurt regularly could lower your risk of bowel cancer

    Source: The Conversation – UK – By Justin Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University

    Josep Suria/Shutterstock

    Hard on the heels of impressive research findings that a glass of milk is good for reducing cancer risk, another recent study has highlighted the potential benefits of yoghurt consumption in lowering the risk of certain types of cancer – particularly colorectal cancer.

    The number of new colorectal cancer cases among people under 55 has doubled globally in recent years, with diagnoses increasing by nearly 20%. As a consultant oncologist, many people have asked me how their risk can be reduced.

    The emerging evidence suggests that regular yoghurt consumption may have a protective effect against certain aggressive forms of colorectal cancer by modifying the gut microbiome, the natural bacteria that live in the gut.

    The gut microbiome plays a crucial role in overall health, influencing digestion, immune function and even cancer risk. The gut bacteria can live inside cancer itself, and in general a healthy balance of these bacteria is thought to be essential for maintaining a strong immune system and preventing inflammation, which can contribute to cancer development.



    Read more:
    Gut bacteria nurture the immune system – for cancer patients, a diverse microbiome can protect against dangerous treatment complications

    Yoghurt contains live cultures of beneficial bacteria, such as lactobacillus bulgaricus and streptococcus thermophilus, which can help maintain this balance.

    The study found that consuming two or more servings of yoghurt per week was associated with a lower risk of a specific type of aggressive colorectal cancer, which occurs on the right side of the colon and is associated with poorer survival outcomes compared with cancers on the left side.

    The study analysed data from over 150,000 participants followed for several decades, indicating that long-term yoghurt consumption may alter the gut microbiome in ways that protect against certain cancers. Researchers surveyed the participants every two years about their yoghurt intake, and measured the amount of Bifidobacterium (a type of bacteria found in yoghurt) in the tumour tissue of 3,079 people within the sample who were diagnosed with colorectal cancer.

    While yoghurt did not directly lower the risk for all types of colorectal cancer, those who ate two or more servings of yoghurt per week had a lower risk of developing “Bifidobacterium-positive proximal colon cancer”, a type of colorectal cancer that occurs in the right side of the colon and has one of the lowest survival rates. This new work also validates and builds on previous studies showing similar findings.

    Several mechanisms have been proposed to explain how yoghurt might reduce cancer risk. One key mechanism is the modulation of the gut microbiome. Yoghurt’s probiotics can enhance the diversity and balance of gut bacteria, potentially reducing inflammation and levels of cancer-causing chemicals (carcinogens).

    Additionally, yoghurt may exert anti-inflammatory effects on the colon lining cells, called the mucosa, which could help prevent cancer development. Improving gut barrier function is another potential mechanism, as yoghurt may reduce gut permeability, which is linked to increased cancer risk.

    Choose wisely

    Beyond its potential anti-cancer effects, yoghurt offers several other health benefits. Like milk, it is rich in calcium, which supports bone density and may reduce the risk of brittle bones, known as osteoporosis.

    Regular yoghurt consumption has also been associated with lower blood pressure and reduced risk of cardiovascular disease. Some studies suggest that yoghurt intake may help prevent type 2 diabetes and other diseases too.

    But when incorporating yoghurt into your diet, it’s important to choose wisely. Opt for plain, unflavoured yoghurt to avoid added sugars, which can negate health benefits – for example by causing weight gain, which is a risk factor for obesity and cancer.

    Different fermentation processes can result in varying levels of beneficial bacteria, so look for yoghurts with live cultures. Plain, unsweetened Greek yoghurt is generally higher in protein and lower in sugar, while full-fat yoghurt often has fewer processed ingredients than reduced-fat or non-fat variations.

    Yoghurt contains all nine essential amino acids, and aside from improving gut health, a serving of plain Greek yoghurt contains 15 to 20 grams of protein.

    There are nearly 45,000 cases of bowel cancer every year in the UK, making it the nation’s fourth most common cancer, and third worldwide – but many of these are preventable.

    According to Cancer Research UK data, 54% of all bowel cancers could be prevented by having a healthier lifestyle. Smoking, lack of exercise, alcohol, eating processed meat, and poor diet are all significant factors in the development of bowel cancer.

    The emerging evidence suggests that yoghurt, particularly when consumed regularly, may play a role in reducing the risk of certain aggressive forms of colorectal cancer. While more research is needed to fully understand these effects, incorporating yoghurt into a balanced diet could be a beneficial choice for overall health.

    But as with any dietary recommendation, it’s crucial to consider the broader context of a healthy lifestyle, including a diverse diet rich in fruits, vegetables and whole grains, along with regular physical activity. While yoghurt is not a magic bullet against cancer, it is a nutritious food that can contribute to a healthy diet and potentially offer protective effects against certain cancers.

    As research continues to uncover the complex relationships between diet, gut health and cancer risk, incorporating yoghurt into your daily routine may be a simple yet beneficial step towards a healthier life.

    Justin Stebbing 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. Why eating yoghurt regularly could lower your risk of bowel cancer – https://theconversation.com/why-eating-yoghurt-regularly-could-lower-your-risk-of-bowel-cancer-251942

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution

    Source: The Conversation – UK – By Sean Lang, Visiting Fellow in History, Anglia Ruskin University

    Statue of Andrew Jackson in Layfayette Square, Washington DC. Flickr

    How do you deal with an American president who does not obey the US constitution? The question has arisen because the recent episode where deportation flights carrying Venezuelans were dispatched to El Salvador, despite a court ruling that those flights must not proceed, suggests Donald Trump’s administration has a limited understanding of the separation of powers in the US. A president has no power to defy a court order.

    Similarly, a Brown University medical professor, Rasha Alawieh, was deported to Lebanon because of a perceived sympathy for Hezbollah, despite the fact she had a valid US work visa and despite a judge’s order blocking her removal from the US.

    This administration’s seemingly blatant disregarding of constitutional procedure is not the first time such a problem has arisen. Early in the life of the new republic it was posed by the election to the presidency in 1828 of Andrew Jackson. Jackson, an unashamed populist, harboured deep suspicion of all federal institutions. His belief in states’ rights sometimes trumped his commitment to the union.

    Trump echoes Jackson in many ways. Just as Trump reviles Joe Biden, so Jackson scorned his predecessor, John Quincy Adams. Trump’s attacks on institutions such as USAid and the Department of Education, is echoed by Jackson’s extraordinary war on the Bank of the United States, which he thought too big and grand for a democratic people.

    But the parallels come closest in relation to forced expulsion, whether of individuals in Trump’s case, or of whole peoples in Jackson’s.

    When Europeans established their colonies in the Americas, they justified their presence by asserting the philosopher John Locke’s principle that legal title to land belonged to those who farmed it. Since the native peoples were mostly nomadic hunters, this legal fiction enabled the Europeans and their American successors to seize land while claiming it was theirs “by right”.

    But the peoples of the American southeast – the Chickasaw, Choctaw, Creek, Seminole and Cherokee – took the Europeans at their word. They adopted a much more European lifestyle, establishing towns, wearing European clothing, even converting to Christianity. But above all, they started farming the land, even to the point of owning slaves to work on it. They were known, rather patronisingly, as the “five civilised tribes”.

    None of this adoption of western culture would save them, however, when Georgian cotton planters realised, first, that the tribes were sitting on prime cotton-growing land and, subsequently, that there was gold in Cherokee territory. In 1828 the state of Georgia claimed jurisdiction over all the land of the five tribes. Jackson, an old “Indian fighter” and a staunch states-rights southerner who was about to begin his stint as seventh US president, clearly sympathised.

    Jackson’s first State of the Union address made it clear that he intended to remove all the “Indian” tribes to the desert lands west of the Mississippi. In Congress, Jackson’s opponents accused him of betraying the very principles on which the republic had been founded. What had these people done that required their removal – and since they were indeed farmers, why was their right to their own land not to be respected in law?

    Despite these good reasons for these people to be allowed to stay, the 1830 Removal Act passed and the Chickasaw, Choctaw and Creek peoples packed up and left. The Seminole attempted armed resistance but were defeated.

    Supreme Court versus the US president

    The Cherokee took their case to the Supreme Court. The US Supreme Court had originally been intended merely as a final court of appeal, but under its long-sitting chief justice, John Marshall, it had established itself as the ultimate arbiter of what was and was not lawful according to the constitution. And this included acts of the president.

    The court’s new-found constitutional role was deeply resented in the White House as an unacceptable incursion on the rights of the president, even when it ruled in the president’s favour. Now Marshall was being asked to rule on the constitutional legality of Georgia’s claim to the land of the Cherokee people.

    The Cherokee had tried to declare they were a fully independent state, but the court ruled against that. It did, however, find that they constituted a dependent nation within the United States and that, therefore, the State of Georgia had no jurisdiction over them.

    ‘Trail of Tears’: a dark moment in US history.
    Wolfgang Sauber/Wikimedia Commons, CC BY-SA

    Georgia, however, simply ignored the Supreme Court and in 1838 sent in troops to round up and expel the Cherokee people. Some 13,000 people set off on what became known as the “Trail of Tears” – about one-third of them died of weakness, disease and hunger.

    One American officer commented later that: “I fought through the civil war and have seen men shot to pieces and slaughtered by thousands, but the Cherokee removal was the cruellest I ever knew.”

    Jackson was exultant, taunting Marshall that his judgement “has fell still born” and sneering that Marshall had no means of enforcing it. The Cherokee chief, the half-Scottish John Ross, summed up the situation: “We have a country which others covet. This is the only offence we have ever yet been charged with.”

    The Cherokee had found that, if the president chose to ignore it, the US constitution offered no protection to the innocent. It’s a history lesson Greenlanders, Mexicans and Canadians – and indeed many Americans who may fall foul of this administration and seek recourse to the law – would do well to study.

    Sean Lang 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. Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution – https://theconversation.com/trumps-america-is-facing-an-andrew-jackson-moment-and-its-bad-news-for-the-constitution-253047

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Secretary-General Outlines Four Areas of Focus in Implementing Pact for Future

    Source: United Nations General Assembly and Security Council

    Following are UN Secretary-General António Guterres’ remarks to the informal interactive dialogue on the implementation of the Pact for the Future, in New York today:

    I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.  From day one of the Pact for the Future’s adoption, the President has been its active champion.  I deeply appreciate your efforts, Mr. President, and your leadership.

    Adopting the Pact was the beginning of the process, not the end.  Today, I want to focus on what we have done over the last six months — and what we need to do.

    We face a long list of challenges.  Conflicts and climate disasters are intensifying.  The Sustainable Development Goals (SDGs) are far off-track — as is the funding required to achieve them.  Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

    But, let me be very clear.  It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever.  And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

    Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.  Resources are shrinking across the board — and they have been for a long time.

    From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our Organization.  Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

    We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.  All these will contribute for a more effective implementation of the Pact for the Future.

    We’ve wasted no time moving into the implementation phase of the Pact.  From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:  Sustainable Development Goals acceleration; peace and security; international financial architecture; digital technologies; UN governance; and youth.

    We’ve created two task teams focusing on future generations and the need to look beyond GDP [gross domestic product] as a measure of progress and guide to policymaking.

    And we’re establishing an internal tracking system to monitor our progress on Pact implementation.  Today, I’d like to report on our efforts since the Pact was adopted and outline the work ahead in four areas.

    First, peace and security.  United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.  The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

    In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.  We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

    And we’re progressing on a review of all forms of peace operations, as requested in the Pact.  Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

    The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    It will also recognize the limitations of our operations where there is little or no peace to keep.  We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

    Second, finance for development.  Since the Pact’s adoption, we’ve taken action on several fronts. For example, our resident coordinators and country teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

    We’ve begun analysing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.  The Expert Group called for in the Pact to develop measures of progress that go beyond gross domestic product will soon be announced and will work throughout the year before an intergovernmental process takes over in 2026.

    And we’ve been working closely with the World Bank and the International Monetary Fund (IMF) to follow-up on the Pact’s action points addressing improvements to the international financial system.

    Developing countries must be represented fairly in the governance of the very institutions they depend on.  We know the environment is not favourable.  But we must not give up.

    Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.  In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

    Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.  At the same time, we will continue advocating to increase the lending capacity of multilateral development banks, to make them bigger and bolder.  This includes both stretching their balance sheets and recapitalization.

    And we must ensure that concessional finance is deployed where it is most needed.  Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

    Three, youth and future generations. Our efforts must deliver for young people and the generations to come.  The Pact’s central promise to young people is to listen to their concerns and ideas and including them at the decision-making table.

    Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.  With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

    Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.  We’ve established a Strategic Foresight Network and Community of Practice to ensure our policies, programmes and field operations are based on long-term thinking.  And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

    Fourth, technology.  We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.  Artificial intelligence (AI) is a particular focus.

    We’re developing a report on innovative voluntary financing options for AI capacity-building to help the global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body.

    The zero-draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

    I urge the General Assembly to act swiftly to establish this Panel and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.  The UN system stands ready to support this work.

    As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

    Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

    We’re already seeing results:  from speeding up disaster assessments in the Asia-Pacific [region], to strengthening social security programmes in Malawi, to consolidating information technology functions across the UN system.  This work must continue, especially in light of the funding challenges we face.  We’re counting on your support as we move forward.

    The Pact for the Future is an essential part of this process of constant renewal, as we reshape the multilateral system for the challenges of today’s world.  We cannot dilute our efforts.

    We need to sustain the same spirit and determination in which the Pact was forged and adopted.  We count on you to inform, inspire and guide the implementation work ahead.  Once again, thank you for your ideas and commitment.

    MIL OSI United Nations News –

  • MIL-OSI: Dassault Systèmes: filing of the English version of the 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — March 26, 2025

    Publication of the English version of the 2024 Universal Registration Document

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) announces that the English version of its 2024 Universal Registration Document (constituting the Annual Financial Report) is now available on Dassault Systèmes’ website at https://investor.3ds.com/ (sections Regulated information or Events & Publications/Reports).

    Hard copies of the 2024 Universal Registration Document in English are also available upon request at Dassault Systèmes’ headquarters (10, rue Marcel Dassault, CS 40501 – 78946 Vélizy-Villacoublay, France).

    ###

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com.

    Dassault Systèmes Investor Relations Team                FTI Consulting
    Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
    +33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
    investors@3ds.com                                        

    Dassault Systèmes Press Contacts
    Corporate / France        
    Arnaud Malherbe: +33 1 61 62 87 73
    arnaud.malherbe@3ds.com        

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Urgent: Boilermaker action needed to defeat anti-union bill

    Source: US International Brotherhood of Boilermakers

    The Boilermakers union is calling on all Boilermakers, especially those who live or work in Mississippi, to help defeat an anti-union bill. In its current iteration, Mississippi SB 2849 would deny funding to businesses that voluntarily recognize unions.

    Known as the “anti-voluntary recognition bill,” SB 2849 is now in a joint conference committee. S.B. 2849 would ban any businesses receiving state funding from voluntarily recognizing a union that has demonstrated majority support in their workplace.

    A union contract with good wages and quality benefits provides families in Mississippi with a pathway to the middle class, but lawmakers are trying to make it more difficult for working people to achieve this. This legislation strips workers of essential freedoms, takes away the rights of Mississippi business owners to make their own workforce decisions, and violates federal labor law.

    To ensure that harmful labor provisions are not passed in the state, the Mississippi State AFL-CIO urges union members and allies to contact conference committee members immediately and urge them to defeat the bill entirely or to support a House-amended version. The Senate initially passed SB 2849 with language that barred companies receiving state funds from agreeing to neutrality or card check with labor unions, but the House removed this language. The Senate rejected those changes, and now a six-member conference committee will decide the bill’s final version.

    Take a moment to call the following legislators ask them to vote to defeat SB 2849 in committee or keep the House-amended version:

    Senate Conferees:

    Sen. Robin Robinson (Forrest) – (601) 359-2220

    Sen. Brice Wiggins (Pascagoula) – (601) 359-3237

    Sen. Chris Johnson (Forrest) – (601) 359-2220

    House Conferees:

    Rep. Lee Yancey (Rankin) – (601) 359-4000

    Rep. Billy Calvert (Meridian) – (601) 490-0652

    Rep. Trey Lamar (Lafayette) – (601) 359-3343

    Please share this message especially with your contacts who live or work in Mississippi.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Durbin, Colleagues Introduce Legislation to Improve Coordination between Patent Office and FDA

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) joined Ranking Member Dick Durbin (D-Ill.), along with Committee members Thom Tillis (R-N.C.), Peter Welch (D-Vt.) and Chris Coons (D-Del.), to introduce the Interagency Patent Coordination and Improvement Act. The bipartisan legislation would establish a task force between the United States Patent and Trademark Office (USPTO) and the Food and Drug Administration (FDA) to improve communication and coordination in implementing each agency’s activities related to pharmaceutical patents.

    “When government agencies fail to coordinate effectively, taxpayers pay the price. These agencies would benefit from increased communication and better cooperation. Our legislation will encourage that collaboration, helping taxpayers in turn by increasing competition and cutting red tape,” Grassley said.

    “Establishing clear avenues for collaboration between USPTO and FDA is essential for both agencies to oversee patent laws that protect innovation and promote competition,” Durbin said. “By incentivizing coordination through the Interagency Patent Coordination and Improvement Act, we can address gamesmanship and abuses with pharmaceutical patents that keep prescription drug prices too high for American patients.” 

    “Enhancing coordination between the USPTO and FDA will ensure that patent examiners have the necessary information to make well-informed decisions regarding patentability,” Tillis said. “This bill is a straightforward, commonsense measure that strengthens the patent system, improves patent quality and reduces unnecessary bureaucracy.”

    Numerous concerns have been raised about gamesmanship, abuses or lack of clarity that can harm prescription drug affordability by limiting generic competition. However, USPTO and FDA’s collaboration is limited, despite both agencies playing a role related to patents and competition involving prescription drugs.

    Specifically, the task force created by the Interagency Patent Coordination and Improvement Act would:

    1. Enhance information sharing on each agency’s processes, standards and methods;
    2. Improve dialogue on new technologies and scientific trends;
    3. Enable confidential reciprocal access to information, if requested and only as needed, related to prior art;
    4. Ensure accurate representations by companies between the two agencies; and
    5. Ensure accuracy of patent listings

    The bill promotes efficiency and good governance by fostering communication between the two agencies, while respecting their distinct purviews. This enhanced coordination will help bolster innovation while preventing inappropriate tactics to delay access to affordable generic medications. The Senate Judiciary Committee passed this legislation in the 118th Congress by voice vote.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Questions Nominee for Social Security Commissioner on Need to Protect Services for Rural Seniors, Address Identify Theft Issues

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, today attended a Finance hearing and submitted questions for the record to President Trump’s nominee to be Commissioner of the Social Security Administration, Frank Bisignano.

    In his questions, Grassley pressed Bisignano on the need to maintain seniors’ access to key services and ensure that agency reforms do not disrupt or delay rightfully owed benefits. Grassley also emphasized the importance of protecting rural seniors and streamlining the process to address identity theft issues. Grassley’s questions were informed by questions raised at his recent county meetings and by calls and messages received by his office on this issue.

    Senators submit Questions For the Record (QFRs) to hearing witnesses to receive detailed, written responses from witnesses. Grassley expects answers by next week.

    The following are excerpts from Grassley’s questions:

    Agency Reforms and Disruption of Benefits:

    Last week, I began my 45th annual tour of Iowa’s 99 counties to hear directly from Iowans. Social Security was top of mind for seniors. Many are worried that plans to reduce personnel and restructure the Social Security Administration will worsen customer service and put benefit payments at risk.

    It hasn’t helped that President Biden’s Social Security Commissioner and Democrats have engaged in reckless speculation seemingly intended to make seniors fear their benefits are in danger. Of course, there isn’t a single member of this committee, Democrat or Republican, that would stand for a disruption or delay to benefits.

    If you are confirmed, will you guarantee any agency reforms won’t disrupt or delay rightfully owed benefits on your watch?

    Elimination of ID Verification by Phone:

    Recently, the Social Security Administration announced individuals will no longer be allowed to verify their identity over the phone for benefit purposes or to change bank account information. As a result, individuals will have to finalize an application for benefits online or in-person at a local Social Security office.

    I understand this change is intended to prevent ID theft and fraud, but I have concerns how this change will affect seniors in a rural state like mine. For many Iowans, the nearest Social Security office could be more than an hour away.

    If you are confirmed, will you pledge to review this policy and work to ensure rural seniors aren’t left behind?

    Identity Theft and Single Point of Contact:

    Too often, victims of identity theft who reach out to the Social Security Administration get bumped from person to person without much progress toward resolving issues stemming from a stolen Social Security number. To address this, I have worked on bipartisan legislation that would require SSA to offer a single point of contact for identity theft victims to get their issues resolved quickly.

    As Commissioner, what steps will you take to streamline the process for addressing identity theft issues?  

    Disability Backlog:

    A perennial issue has been a backlog in Social Security Disability cases. Addressing it has long been a stated priority of the Social Security Administration. Yet, there hasn’t been much progress in resolving the issue. 

    Are there administrative reforms or changes to the adjudication process you plan to pursue to increase efficiencies and speed up the claim process?     

    -30-

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Updates to major City Centre and Beach Masterplan construction sites

    Source: Scotland – City of Aberdeen

    Progress continues to be made on major construction works across Aberdeen as part of the £150million City Centre and Beach Masterplan (CCBMP), a committee heard today.

    The updates to the Council’s Finance and Resources Committee included that the start of works to the Castlegate will take place immediately after the Tall Ships event finishes in July this year, and updates to continuing works to Union Street Central and the beachfront.

    Finance and Resources Committee convener Councillor Alex McLellan said: “Aberdeen City Council is investing in the significant transformation of the city centre and beachfront to make place people want to live, work, study, do business or invest.

    “The Castlegate works will be running alongside the existing construction taking place on Union Street and the beachfront and, once finished, these developments will make a major difference to the city and ensure our city centre is a place both residents and visitors can continue to enjoy.”

    Councillor Ian Yuill, Co-leader said: “The city centre and beach areas will be significantly improved through the agreed construction works. These are major investments to upgrade the city for the benefit of all.

    “The beachfront will experience its biggest redevelopment for 35 years. The new facilities will offer amazing new facilities to young people, families and individuals of all ages. The aim is to make the city centre and beach a more attractive and desirable place for all to enjoy.”

    The report to committee said the works to the Castlegate will mean it will play an important part in delivery of the city’s events programme, capable of hosting a range of small-scale events, as well as being an important gateway to the beach. The project comprises public realm and streetscaping improvements including street furniture, public art, improved lighting, enhanced street greening, and an active travel route towards the beachfront.

    An area of loose flagstones has been lifted in the area and replaced with a temporary tarmac surface for public safety. Further site investigation works will take place so the main construction works can start after the Tall Ships event in July 2025.

    The report said the works to Union Street Central will mean the space will be reapportioned in favour of walking, wheeling, and riding users, and public transport whilst still allowing for service vehicle access. It includes a new two-way 3m wide cycle track on the north side, public seating at key locations, and will offer welcoming amenity to all and opportunities for rest for the less able whilst encouraging a wide range of visitors to the city centre.

    The report said since the start of the project, there has been additional works associated with the removal of tram sleepers embedded within the existing concrete basecourse and an undocumented redundant water main.

    The report said practical completion of phase A of the beachfront works – including a beach park, events park, and Broad Hill – should be reached in late summer 2026.The core play park will create a focus for activity and will act as a key ‘gateway’ into the wider park and the beach.

    The Events Park is intended as a flexible space capable of holding events including festivals, larger concerts and gatherings. The Field will be the central focus of this area, semi-enclosed by woodland planting, providing definition and increased shelter.

    The vision for Broadhill is to enhance the natural environment of this distinctive feature through additional planting, furthering the diversity of habitat, and ecological value.

    The report said works on site to all areas progressing on programme. The updates include:

    Beach park:

    • Drainage well progressed;
    • Foundations work has started on the canopy and gateway building;
    • The hub building consents are now in place;
    • Superstructure orders are being procured by the contractor.

    Events field:

    • Drainage is well progressed across the area;
    • Canopy foundations are in place;
    • Amphitheatre foundations have started;
    • Car park drainage and formation work is complete.

    Broadhill:

    • Access steps from Links Road are in place and moving towards completion;
    • Seating and viewing points are due for installation over the next month;
    • Landscaping work has started.

    The £150million commitment by Aberdeen City Council towards the City Centre and Beach Master Plan includes major improvement works underway at Union Street Central, the new market building, and at the city’s beach area. They will create vibrant and accessible areas to help make the city a destination of choice for the benefit of residents, visitors, and businesses.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Tillydrone primary school to open before the summer holidays

    Source: Scotland – City of Aberdeen

    Good progress on a new primary school for the area of Tillydrone has been made and the new building is expected to open before the summer holidays.

    Members of Aberdeen City Council’s Finance and Resources Committee today (26 March 2025) agreed a report which gave an update on the construction work for the replacement for Riverbank school.

    Finance and Resources Committee convener Councillor Alex McLellan said: “Aberdeen City Council is investing significantly in the education estate across Aberdeen, delivering new schools such as the new Tillydrone Primary School, to ensure children and young people have the best learning environment.

    “I am pleased the new Tillydrone Primary School will be completed in the coming weeks and officials are working hard to ensure pupils can access the building from May 2025.”

    Councillor Martin Greig, convener of Education and Children’s Services Committee, said: “The new school will provide top-class facilities for all of its pupils including a 3G sports pitch and external outdoor play. The building will be a tremendous boost for the local area as well as being a fantastic learning facility for pupils at the start of their education. It is an excellent and improved asset for the community.”

    A report to committee said the major contractors are confident that practical completion can be achieved with the purpose of achieving an opening in May 2025. This would allow the pupils of the existing Riverbank Primary School to decant to the new school in advance of the summer recess.

    The report also said the building works have been affected by a number of factors, including poor weather and new utility connections which are out with the control of the main contractor.

    The three-stream primary school with Early Learning and Childcare (ELC) provision will also include a 3G sports pitch and external outdoor play and learning facilities.

    The new school is being built on the site of the former Tillydrone Infant School and on part of the former St Machar Primary School site. 

    MIL OSI United Kingdom –

  • MIL-OSI Security: Former Controller of Shelton, Washington outdoor equipment manufacturer sentenced to 12 months and one day in prison for wire fraud

    Source: Office of United States Attorneys

    Seattle – The former Controller of a Shelton, Washington, outdoor equipment company was sentenced today to 12 months and one day in prison and three years of supervised release for his embezzlement scheme that stole more than $665,000 from the company, announced Acting U.S. Attorney Teal Luthy Miller. Jesse Arden Sherman, 63, of Elma, Washington illegally diverted company funds to his own accounts between 2012 and 2018. In addition, Sherman failed to pay taxes on his ill-gotten gain, resulting in a tax debt of $202,196. At the sentencing hearing U.S. District Judge Tiffany M. Cartwright emphasized the economic and non-economic losses experienced by the victim company and its employees.

    According to records filed in the case, Sherman began working for Sims Vibration Laboratory Inc. in 2008. In his role as controller, he had complete access and control of the company accounting systems and banking functions. In 2012, he began abusing the trust the company had placed in him, by using a variety of schemes to steal from the company. Sherman made false representations to the company’s owner and President, he created false business records, and he created payroll checks and other checks that he deposited in his own accounts. In some instances, he noted in the company books that the check was “void” even though he had cashed it.

    Sherman’s fraud resulted in a loss to the company of at least $665,840. As a Certified Public Accountant Sherman knew that he owed taxes on the money he obtained by fraud, but he failed to pay the $202,196 he owed on his taxes between 2013 and 2018.

    In asking the court for an 18-month prison sentence, prosecutors noted that Sherman betrayed his employer’s trust month after month with each fraudulent check or entry in the company books. “Despite personal and professional privileges, Sherman elected to create a multi-faceted fraud scheme, which he deployed repeatedly over the years to unjustly enrich himself. Although he claims his gambling drove his behaviors, Sherman had the means and self-recognition to address this issue and instead of doing so he instead re-committed to his scheme over and over again to the detriment of SVL, SVL employees, SVL business partners, and Sherman’s family.”

    Sherman has agreed to make restitution to the company of $665,840 and to the IRS of $202,196. 

    The case was investigated by the Internal Revenue Service Criminal Investigation (IRS-CI), the FBI and the Mason County Sheriff’s Office.

    The case was prosecuted by Assistant United States Attorney Brian Wynne.

    MIL Security OSI –

  • MIL-OSI Security: Bay Area-Based Flooring Company and Its Owners to Pay $8.1 Million to Settle False Claims Allegations Related to Customs Duties Evasions

    Source: Office of United States Attorneys

    LOS ANGELES – Evolutions Flooring Inc., a South San Francisco, California based importer of multilayered wood flooring, and its owners, Mengya Lin and Jin Qian, have agreed to resolve allegations that they violated the False Claims Act by knowingly and improperly evading customs duties on imports of multilayered wood flooring from the People’s Republic of China (PRC). The settlement is based on Evolutions’ and its owners’ ability to pay.

    To enter goods into the United States, an importer must declare, among other things, the country of origin of the goods, the value of the goods, whether the goods are subject to duties, and the amount of duties owed.

    U.S. Customs and Border Protection (CBP) collects applicable duties, including antidumping and countervailing duties assessed by the Department of Commerce and Section 301 duties imposed by the Office of the United States Trade Representative. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies.

    Section 301 duties similarly protect U.S. industry by imposing trade sanctions on foreign countries that violate U.S. trade agreements or engage in other unreasonable acts that burden U.S. commerce. During the relevant time period, PRC-manufactured multilayered wood flooring products were subject to antidumping, countervailing, and Section 301 duties.

    The settlement resolves allegations that Evolutions, at the direction of Lin and Qian, knowingly and improperly evaded customs duties, including antidumping, countervailing, and Section 301 duties, on multilayered wood flooring manufactured in the PRC that Evolutions imported between Sept. 1, 2019 and July 31, 2022. Among other things, the United States alleged that Evolutions caused false information to be submitted to CBP regarding the identity of the manufacturers and country of origin of the imported multilayered wood flooring.

    “The outcome of this case demonstrates that our office and its CBP partners will continue to safeguard the nation’s economic well-being,” said Acting United States Attorney Joseph McNally. “Fraud in international commerce deprives the United States of vital revenue and creates an unfair advantage over businesses that operate legitimately. The settlement sends a message that we will not stand aside when companies try to cheat the system.”

    “Import duties provide an important source of government revenue and level the playing field for U.S. manufacturers against their global competitors,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “The department will pursue those who seek an unfair advantage in U.S. markets, including by evading the duties owed on goods imported into this country from China.”

    “The team at CBP was instrumental in providing expertise and logistical support to this investigation,” said Director of Field Operations Cheryl M. Davies of the CBP Los Angeles Field Office. “Through its efforts, which included a site visit to factories in Thailand, review of identified shipments by CBP experts on multilayered wood flooring, an analysis of import records and data by Office of Trade Regulatory Audit, and involvement in interviews with witnesses, CBP contributed to a successful outcome in this matter.”

    The settlement with Evolutions and its owners resolves a lawsuit filed by Urban Global LLC under the whistleblower provision of the False Claims Act, which permits private parties to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The civil lawsuit was filed in the Central District of California and is captioned United States of America ex rel. Urban Global LLC v. Struxtur Inc. et al., No. CV20-7217 (C.D. Cal.). As part of today’s resolution, relator Urban Global LLC will receive approximately $1,215,000 of the settlement proceeds.

    The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from CBP’s Office of Chief Counsel, West Region and Trade Regulatory Audit and the Center of Excellence and Expertise for Industrial and Manufacturing Materials within CBP’s Office of Trade.

    Assistant United States Attorney Sheng-Wen D. Jui of the Civil Division’s Civil Fraud Section and Senior Trial Counsel Christelle Klovers of the Justice Department’s Civil Division handled this case.

    The claims resolved by the settlement are allegations only; there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI: QUADIENT SA: Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025

    • Delphine Segura Vaylet to be proposed to the Annual General Meeting on June 13, 2025 for appointment as non-executive and independent director
    • Didier Lamouche and Nathalie Wright to be proposed for renewal to the Annual General Meeting on June 13, 2025
    • Martha Bejar and Paula Felstead will not stand for re-election, and resignation of Vincent Mercier with effect at the close of the Board meeting which will be held on 2 June 2025
    • Downsizing of the Board of directors from 10 to 8 members (excluding employee directors)​ as from the next Annual General Meeting, on June 13, 2025

    Paris, 26 March 2025

    Upon recommendation of the Appointments and Remuneration Committee, Quadient’s Board of directors (the “Board”) has approved the list of Directors for appointment and renewal to be put forward at the Company’s Annual General Meeting  that will be held on June 13, 2025.

    At the next Annual General Meeting, shareholders will be asked to approve the appointment of Delphine Segura Vaylet as a new independent Director for a three-year term, until the Annual General Meeting approving the financial statements for the fiscal year ending January 31, 2028.

    Shareholders will also be asked to approve the renewal for additional three-year terms of:

    • Didier Lamouche, with the Board’s intention, if renewed, to subsequently reappoint him as Chairman of the Board, and
    • Nathalie Wright, with the Board’s intention, if renewed, to subsequently appoint her as Chair of the Appointments and Remuneration Committee, replacing Martha Bejar.

    Additionally, it is noted that Martha Bejar and Paula Felstead will not stand for re-election, and that Vincent Mercier will step down from the Board with effect at the close of the meeting to be held on 2 June 2025.

    The Board wishes to express its sincere gratitude for their dedication and significant contributions to the Company — Paula for her thoughtful oversight as a member of the Audit Committee, Martha for her leadership and governance as Chair of the Appointment and Remuneration Committee, and Vincent for his 16 years of committed service across various strategic and leadership roles. Their expertise, integrity, and steadfast support have been instrumental in guiding the Company through key phases of growth and transformation.

    Following these changes, subject to shareholders approval of the resolutions, the Board, which consists of 10 members (excluding employee directors) until June 2, 2025, will be reduced to 8 members (excluding employee directors) after the June 13, 2025 Annual General Meeting. The Board’s composition will continue to align with best governance practices, keeping a highly independent representation, with 75% independent directors, and complying with French legal parity rules, with a balanced structure of 5 men and 3 women, while ensuring a well-balanced mix of experience.

    Delphine Segura Vaylet is 54 years old and a French citizen. She holds a Master’s degree (DEA) in Social Law, European  Law from the University of Paris I Panthéon-Sorbonne. Delphine Segura Vaylet began her career at Groupe Bayard Press from 1993 to 1994 before joining Thales in 1994, where she held various operational Human Resources (HR) leadership roles until 2006. In 2007, she joined STMicroelectronics as HR Director for the Digital Consumer division. In parallel, she led Talent and Organizational Development as well as Training at the Group level for four years. In 2014, she became Group HR Director of Zodiac Aerospace, serving as a member of the Executive Committee until the company’s acquisition by Safran. She then joined Total in 2017 as Vice-President Strategy and HR Policy. Since January 2021, Delphine Segura Vaylet held the position of  Senior Executive Vice President Human Resources at Groupe SEB. She also holds non-executive roles at Soitec and Artelia.

    Didier Lamouche has been the Chairman of the Board of Quadient S.A. since June 28, 2019. He holds a PhD in Semiconductor Technology from École Centrale de Lyon. Didier Lamouche has had a distinguished career, including serving as President and CEO of Idemia until 2018, the world leader in cyber security and digital identity technologies, which he had headed since 2013. From 2005 to 2013, he also held key leadership roles at ST-Microelectronics, ST-Ericsson, and Bull Group, where he successfully turned the company around and repositioned on growth segments. Earlier in his career, Didier Lamouche worked at Philips, IBM Microelectronics, Motorola Semiconductor, and Altis Semiconductor. Didier Lamouche has extensive experience in corporate governance, in both public and private environments, having served as a director of eight public and four private-equity backed companies for nearly 20 years.

    Nathalie Wright has been a member of the Board of Quadient S.A. since September 25, 2017. Nathalie Wright is a graduate in economics from Paris Assas University, IAE, and INSEAD. She began her career at Digital Equipment France and NewBridge Networks France, later holding roles at MCI, Easynet, and AT&T, where she oversaw commercial strategy for Southern Europe and the Middle East. In 2009, she joined Microsoft, serving as director of the Public Sector division and General Manager for Enterprise & Strategic Alliances. She became Vice President of Software France at IBM in 2017, then joined Rexel in 2018 as Chief Digital Officer and member of the executive committee until September 2023, overseeing digital transformation and ESG strategy. Since 2024, Nathalie Wright has focused on non-executive roles at Quadient, Keolis, and Amundi, supporting organizations with transformation challenges.

    ***

    CALENDAR

    • 26 March 2025: FY2024 results release (after close of trading on the Euronext Paris regulated market)
    • 3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
    • 13 June 2025: Annual General Meeting

    ***

    About Quadient®

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

    For more information about Quadient, visit https://invest.quadient.com/en-US.

    Contacts

    Attachment

    The MIL Network –

  • MIL-OSI Global: Signal chat group affair: unprecedented security breach will seriously damage US international relations

    Source: The Conversation – UK – By Robert Dover, Professor of Intelligence and National Security & Dean of Faculty, University of Hull

    Plans for an attack against an enemy target are classified in America. But the private views of high-ranking officials about allies, communicated within government, must also count as intelligence to be protected.

    The recent communication of this category of information over the Signal messaging app has been dismissed by the US president, Donald Trump as a mere “glitch”. It is definitely that. But it also raises the prospect that in his first two months of office, key parts of the administration might have inadvertently been leaving sensitive information vulnerable to enemy interception. That would be one of the most serious intelligence breaches in modern history.

    National security advisor, Mike Waltz, has subsequently “taken responsibility” for the episode – but, so far at least, remains in post. Instead, the administration has decided to launch bitter ad hominem attacks against the journalist that revealed this breach of security, the editor-in-chief of The Atlantic, Jeffrey Goldberg.

    Storied national security reporter: The Atlantic’s editor-in-chief Jeffrey Goldberg.
    US Secretary of Defense

    Trump called Goldberg a “total sleazebag”, defense secretary Pete Hegseth referred to him as “deceitful and highly discredited”. Walz called him “the bottom scum of journalists”.

    The recent chat group reported exchange involved the adminstration’s most senior national security officials: Waltz, Hegseth, Vice-President J.D. Vance, secretary of state Marco Rubio and director of national intelligence Tulsi Gabbard, among others.

    As we know now, it also, accidentally, included Goldberg, himself a storied national security reporter before he took up the editorship of the Atlantic. It’s a national security blunder almost without parallel.

    Interestingly, some of the people on this chat were among those who savaged Hilary Clinton’s use of a personal email address during her time as secretary of state. This was controversial, but did not meet the standard for prosecution. Most of her work-related emails were archived into federal records by their recipients on government email. It was poor practice, and regulations were significantly tightened after.

    If an inquiry is set up about this most recent incident, it will be interesting to see whether these messages are treated as federal records. This would be signficant because the messages would need to be handed over to officials to classify and archive as part of the public record. That would certainly clear up whether this was indeed a “glitch” or whether classified information was indeed shared – something the administration still denies.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    For such an elevated group of US government officials to use a consumer messaging app to talk business invites an easy win for enemy intelligence agencies. America’s key intelligence competitors invest billions of dollars in techniques and technologies to break the toughest encryption. For phone-based communications, we know that apps such as NSO Group’s Pegasus can be used to bypass the encryption on phones.

    The Guardian newspaper’s investigative work has highlighted how journalists and activists were targeted by countries using this technology and the interception capability of capable intelligence nations is far stronger. So the standard security induction to officials would cover communications, devices and protocols.

    It is not clear whether the protocols cover the use of emojis. Waltz’s use of a fist, fire and flag emoji is certainly unusual in diplomatic cables that have been aired publicly.

    Even worse, the communication between these officials was prior to a deployment of US military assets against an enemy target, the Houthi rebels in Yemen. This potentially placed the success of the operation and those assets at risk.

    That the Yemenis did not move assets that had been targeted does not conclusively prove that the communications remained safe. It has long been a practice to pick and choose when to risk revealing that communications are being intercepted.

    Zero accountability

    An ordinary intelligence officer who communicated about highly sensitive and classified deployments through a platform with security that is not accredited or controlled by the intelligence community, would certainly face disciplinary action. An officer who accidentally invited a journalist into this chat would be likely to face even stiffer sanctions. Trump seems to have rallied around his officials, however.

    The US has recent form in vigorously pursuing journalists who publish classified materials. The Edward Snowden leaks caused considerable damage to transatlantic intelligence and Snowden was forced to take up residence in Moscow to avoid prosecution.

    The newspapers who published his papers were subject to strong action from the governments in their countries. The publication of Chelsea Manning’s leaked cables – known as Cablegate – by Julian Assange and Wikileaks resulted in a lengthy process to try and prosecute Assange (Manning herself was prosecuted and was sentenced to 35 years in jail, serving seven).

    But instead, Trump has chosen to spearhead a backlash against The Atlantic – the “messenger”. It fits in with Trump’s antipathy towards the mainstream media and his strong preference for some social media outlets. It might also signal a more serious turn towards intolerance to investigative journalism.

    Diplomatic disaster

    What the Signal messages also reveal is a contempt for European allies among Trump’s most senior people. That will be difficult to repair. Describing allies who have lost thousands of soldiers supporting American foreign policy aims as “pathetic” and “freeloaders” will make it very difficult for those governments to underplay the significance of the comments.

    What we have seen in the Signal messages might herald a new era of diplomacy and policy making, by officials who are not afraid to break established patterns. What we can definitely say is that it is radically different to the diplomacy the rest of the west is used to, and it will be nearly impossible to unsee.

    The western allies will be accelerating their plans to be less dependent on the US – and this will be to America’s detriment.

    Robert Dover 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. Signal chat group affair: unprecedented security breach will seriously damage US international relations – https://theconversation.com/signal-chat-group-affair-unprecedented-security-breach-will-seriously-damage-us-international-relations-253090

    MIL OSI – Global Reports –

  • MIL-OSI Global: Spring statement: defence spending boosted as further disability benefit cuts announced – experts react

    Source: The Conversation – UK – By Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    Not even six months on from Labour’s first budget, and the world is a much-changed place. Geopolitical tensions and uncertainties, already high last year, have risen further, and with them the cost of the UK’s debt, while economic growth has stalled. As such, Chancellor Rachel Reeves has confronted an array of unpalatable choices – notably cutting disability benefits – to enable her to increase defence spending and stabilise the public finances. Here’s what our panel of experts made of the statement:

    Falling inflation wasn’t enough to prevent further disability cuts

    Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    The independent Office for Budget Responsibility (OBR) has halved the UK’s 2025 growth forecast to 1%, down from the previously projected 2%. This sluggish growth, coupled with increased borrowing costs, has effectively eliminated the government’s £9.9 billion “fiscal headroom” – its financial buffer – resulting in a £4.1 billion shortfall by 2029-30.

    There was some short-term relief in the latest inflation figures. These showed a slowdown in price rises in February (2.8% against 3% in January). The dip was caused by discounting of items like clothing. But given around half of businesses are considering price rises to combat tax hikes and the national living wage increase coming in April, this relief is likely to be short-lived. The OBR forecasts that inflation will climb back up to 3.2% this year.

    The government had previously set out its controversial plans for £5 billion in welfare cuts. But the OBR rejected the claim that the reforms would save that much, estimating the savings at £3.4 billion, leaving Reeves with a £1.6 billion shortfall. As such, she has had to announce additional welfare reforms.

    These include freezing the universal credit health element until 2030 and reducing it to £50 a week for new claimants. This is aimed at saving an additional £500 million by 2030 – and combined with other planned welfare reforms could affect more than 3 million people. But the standard allowance for universal credit will see an above-inflation increase from 2026-27 and the incomes of those with the most severe lifelong conditions will be protected.

    Civil service administrative budgets are also to be reduced – by 15% by 2029-30. This, along with other efficiency and productivity improvements, will lead to annual savings of £3.5 billion. These cuts will focus on areas like human resources, policy advice, and office management, rather than frontline services.

    Reeves resorted to tricks and ‘efficiency savings’

    Steve Schifferes, Honorary Research Fellow, City St George’s, University of London

    Reeves has announced a series of tweaks to her spending plans to address the economic situation which has meant that she is in danger of breaking her self-imposed fiscal rules. The chancellor was at pains to say that these rules are “non-negotiable”.

    But these are unlikely to tackle the deeper problem – that in the short term she cannot rely on economic growth to square the circle of Labour’s three contradictory election pledges. These were more spending on public services, lower taxes and strict fiscal rules.

    The UK, in fact, is particularly vulnerable to the disruption of global trade that is likely to result from US president Donald Trump’s tariff wars. And the productivity gains from her long-term infrastructure plans will take years – if not a decade – to translate into higher growth.

    Like many chancellors, Reeves has resorted to various tricks – such as counting money moved to the defence budget to build tanks and aircraft as capital spending (and therefore exempt from the borrowing rules). And she has called for “efficiency savings” in the civil service and government departments that are unlikely to be realised.

    But the biggest savings are coming from deeper than expected cuts in disability payments and other welfare payments, reducing the income of more than 3 million people. This is upsetting many Labour MPs. Her big sweetener – £2 billion for social housing next year – is actually less than that already allocated by the previous Conservative government.

    Crucially, the further savings likely to be demanded in the spending review (announced on June 11) from unprotected departments including local government, justice and environment, will certainly look a lot like a return to austerity.

    In the end – and possibly as soon as the autumn budget – the chancellor will have to accept that as well as spending cuts, she will have to consider tax increases and possibly even a revision of the fiscal rules.

    Otherwise, she will remain at the mercy of the markets and the forecasters. Any long-term strategy will be strangled by the need to continually adjust policy to meet the fiscal “headroom” target she has set which leaves little room for manoeuvre. This requires an implausibly accurate prediction of the state of the economy in five years’ time by the OBR.

    The Civil Service could see 10,000 jobs axed.
    pxl.store/Shutterstock

    Commitment to financial stability is actually increasing uncertainty

    Linda Yueh, Fellow and Adjunct Professor of Economics, University of Oxford

    The chancellor’s self-imposed fiscal rules are intended to provide stability – one of the foundations of economic growth. One of those rules, which Rachel Reeves has said she will not bend, is that government day-to-day spending must be balanced by tax receipts by the end of this parliament.

    This is intended to provide transparency on fiscal policy. And Reeves clearly understands the importance of how international financial markets react to the UK’s level of spending – and its public debt (currently about 100% of GDP).

    But the world is not a stable place. And with the OBR halving its 2025 GDP growth forecast from 2% to 1%, unplanned cuts to public spending followed.

    Consistency in fiscal policy helps households and business to plan for the future. But during times of heightened uncertainty with global tariffs looming, GDP is likely to remain volatile. This makes not changing the government’s fiscal stance particularly challenging.

    It is also challenging for chancellor personally, as she would prefer to have one “fiscal event” a year, rather than two. But the OBR is obliged to provide economic forecasts twice a year, and when it slashes expected growth, she is duty bound to respond.

    Somewhat ironically then, the government’s stability rule is having the unintended consequence of adding policy uncertainty to an already uncertain overall economic environment – and more frequent changes to fiscal policy.

    ‘Let’s shake on increasing defence spending, bigly.’
    Joshua Sukoff/Shutterstock

    Modest defence spending boost will struggle to reverse years of decline

    Jamie Gaskarth, Professor of Foreign Policy and International Relations, the Open University

    In two months, the UK defence sector has been turned upside down – primarily by Donald Trump. His administration has made implied threats to invade a NATO ally (Denmark), challenged the sovereignty of another (Canada) and pulled support for Ukraine, openly siding with Russia in ceasefire negotiations. There is a real chance the US will draw down its security presence in Europe.

    If European countries are to meet the full cost of their own security, this will have to mean a dramatic increase in defence budgets. So far, the UK has redistributed aid money to help fund an increase in defence spending to 2.5% of GDP (from 2.3%) by 2027, with the ambition to raise it to 3% in the next parliament.

    It has also offered an extra £2 billion to underwrite defence exports. But this is small beer.

    As with many areas of public spending, dramatic cuts to the defence budget during the years of austerity (22% in real terms) have meant delays to procurement, crumbling estates and a chronic lack of investment.

    This will take a substantial uplift to redress. Recent increases under the Conservatives were eaten up by capital costs and inflation.

    And while ideas such as the £400 million ringfenced to support innovation in AI and new technology are welcome, these are tiny amounts in the grand scheme of things. The UK is not going to be a “defence industrial superpower” any time soon if budget announcements are this small, and increases so modest.

    Promise to disabled people in tatters

    William E. Donald, Associate Professor of Sustainable Careers and Human Resource Management, University of Southampton

    In November, social security and disability minister Sir Stephen Timms spoke passionately at the Shaw Trust Disability Power 100 awards, vowing to undo past injustices and declaring: “We now want to put that right.” As a disabled person, I cheered. That promise now lies in ruins.

    Despite government claims there will be no return to austerity, sick and disabled people face a real-terms cut to their incomes and the criteria for claiming personal independence payment (Pip) will become stricter than ever. This isn’t just a policy to save £5 billion, it’s cruelty and a devastating attack on disabled people.

    Pip isn’t means-tested and is paid regardless of whether you work. It exists because, according to disability charity Scope, disabled households need an additional £1,010 a month to achieve the same standard of living as others. Stripping this support away while NHS mental health waiting lists grow, energy and food prices rise, and the disability pay gap sits at 12.7% won’t push people into work. It will push them into crisis.

    Last year, Labour promised to break barriers for disabled people. Instead, they are building new ones. These cuts come at the expense of society’s most vulnerable. The consequences will be catastrophic.

    Building a future?
    Ian Dyball/Shutterstock

    Social housing boost – but homes could be improved now

    Nicky Shaw, Senior Lecturer in Operations Management, Leeds University Business School, and Simon Williams, Associate Faculty, Leeds University Business School

    The chancellor’s £2 billion investment in new homes will certainly help to increase the availability of affordable social housing. Everyone agrees that access to decent, affordable homes is important, but the quality and maintenance of existing social houses remains critical. Replacing cladding, for example, is stubbornly challenging.

    But beyond just building more social housing, our research has explored key measures of tenant satisfaction. The potential ways for digital tools such as AI to improve the efficiency of tasks like repairs and maintenance in future are numerous.

    But social housing’s tenant demographic includes many people who are more vulnerable, some of whom prefer not to – or simply cannot – engage with digital services. This means that sustaining face-to-face contact with tenants is critical. Investing in tenants’ experience now could really deliver tangible benefits for some of Britain’s most vulnerable people.

    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. Spring statement: defence spending boosted as further disability benefit cuts announced – experts react – https://theconversation.com/spring-statement-defence-spending-boosted-as-further-disability-benefit-cuts-announced-experts-react-253149

    MIL OSI – Global Reports –

  • MIL-OSI USA: Ahead of Trump Tariff “Liberation Day,” Warren Presses Commerce Secretary Lutnick on Tariffs As Cover for Corporate Greed-Driven Inflation

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    March 26, 2025

    Warren sounds alarm on new data from the Fed showing chaotic Trump tariff strategy enabling price hikes for American consumers

    “[Trump is] creating widespread confusion and uncertainty that may give big corporations cover to increase their prices on all goods”

    Text of Letter (PDF)

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee and Member of the Finance Committee, wrote to Commerce Secretary Howard Lutnick ahead of President Trump’s announcement on proposed reciprocal tariffs on April 2, pressing him to explain how he will prevent big corporations from using tariffs as a cover for price hikes. The letter follows new data released last week by the Federal Reserve Board (FRB) indicating that President Trump’s chaotic tariffs rollout is stalling progress on inflation and giving big corporations a new set of excuses to price-gouge American consumers.

    “We should use tariffs to support American manufacturing, strengthen onshore critical supply chains, and create good-paying jobs here at home. Instead, we are seeing executives pull back on investment and threaten to impose new and unjustified price increases on consumers,” wrote Senator Warren.

    Last week, FRB Chair Jerome Powell announced that the Federal Reserve System will hold interest rates at their current level, reflecting the bureau’s belief that progress towards reducing inflation has stalled. Powell noted that “a good part of [the higher inflation forecast] is coming from tariffs” and that manufacturers tend to “just follow the crowd” and raise prices, even on goods that aren’t subject to tariffs. 

    The Trump administration currently has no plans to prevent companies from using tariffs as an excuse to hike prices up even further, despite corporate executives’ warnings that tariffs would lead them to preemptively raise prices. 

    “I am deeply concerned that President Trump is now enabling this corporate greed, allowing companies to increase prices across the board, regardless of whether goods are actually subject to tariffs,” continued Senator Warren.

    Big corporations have continuously threatened that tariffs would lead them to preemptively raise prices. AutoZone’s CEO said: “We’ll generally raise prices ahead of [tariffs]—we know what the tariffs will be—we generally raise prices ahead of that.” At an earnings call in mid-March, MasterBrand’s CFO said they “anticipate that wide-ranging price increases will be needed across our various products.”

    Senator Warren also demanded Lutnick answer specific questions, including whether he agrees with Powell’s assessment that price increases may be a result of companies’ choosing to pass on the cost of tariffs to consumers, whether the Commerce Department has analyzed the impact of Trump’s tariffs on prices, and whether price increases have been limited to products subject to increased tariffs. Senator Warren also asked Lutnick to share specific actions Trump has taken—if any—to limit companies’ ability to pass on the costs of tariffs or impose broad price increases onto consumers.

    MIL OSI USA News –

  • MIL-OSI: Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

    Source: GlobeNewswire (MIL-OSI)

    New record in year-over-year bookings (+13% in ACV)

    Strong revenue growth: up 26% with SaaS subscriptions up 22%

    Operating margin (3)exceeds 15% of revenue (+45%)

    Surge in net profit to €7.9 million, up 40%

    Operating cash flow strongly supporting the acquisition of SHS Viveon

    Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announces a 26% increase in revenue for 2024, with a surge in operating margin (3)of €8.4 million (+45%) and in net profit of €7.9 million (+40%).

    Sidetrade

    (€m)

    		 2024 2023 Change
           
    Revenue 55.0 (1) 43.7 +26%
    SaaS subscriptions 45.5 (2) 36.6 +22%
           
    Gross margin 43.1 35.3 +22%
           
    Operating expenses (OPEX) (34.6) (29.4) +18%
           
    Operating margin (3) 8.4 5.8 +45%
    as a % of revenue 15% 13%  
    Net profit 7.9 5.6 +40%

    2024 information is from consolidated, unaudited data.
    (1) includes €4.4m in SHS Viveon revenue
    (2) includes €3.0m in SHS Viveon recurring revenue
    (3) Operating margin corresponds to operating profit based on 2024 accounting standards in France, including the French Research Tax Credit.

    Olivier Novasque, CEO of Sidetrade commented:

    “2024 once again illustrates the strength of Sidetrade’s business model, combining growth with profitability. Our 26% revenue increase was driven by a major breakthrough in the North American market, a leading-edge AI offering embraced by large enterprises, and the acquisition of SHS Viveon in Germany, which has further solidified our leadership in Order-to-Cash solutions across Europe. For the first time in our history, we have surpassed €8 million in operating profit, a significant 45% increase, highlighting the effectiveness and balance of our expansion strategy. But the real story goes beyond this impressive performance. We are witnessing an accelerated revolution in how businesses leverage artificial intelligence, marked by the emergence of specialized AI agents. Unlike traditional automation models that rely on rigid rule-based programming and constant human oversight, AI agents bring a new level of autonomous decision-making and real time operational optimization. These are no longer mere automation tools; they are intelligent entities capable of anticipating needs and acting independently within a company’s IT infrastructure, with minimal human intervention. Where traditional software simply organizes workflows using pre-defined rules, an AI agent trains, learns, adapts, and executes complex processes on its own. And this agentic revolution is only just beginning! At Sidetrade, Aimie represents the next generation of AI, evolving into an agentic AI that will orchestrate a network of AI agents, each managing a specific link in the Order-to-Cash cycle: risk, disputes, collections, cash application, and more. Aimie will direct, coordinate, and interconnect these high-specialized agents. Backed by the Sidetrade Data Lake, the most unique in the Order-to-Cash market and built on $7.2 trillion in B2B transactions spanning over 39.9 million businesses, Aimie is already powered by a one-of-a-kind training dataset in our field that will give its AI agents unmatched intelligence. Thanks to intensified R&D investments in 2024, we are set to launch our first next-gen AI agent in 2025, one that will redefine the boundaries of autonomy and capability. Companies that fail to embrace this paradigm shift will be rapidly outpaced by those that embed AI agents at the core of their operational excellence. With Aimie, Sidetrade is fully aligned with this AI agent revolution and is uniquely positioned to lead the race in its field.”

    New record in year-over-year bookings (+13% in ACV)
    Sidetrade maintained its growth trajectory in 2024 and set a new record with Annual Contract Value (ACV) reaching €12.73 million, up 13% compared to 2023. Annual Recurring Revenue (New ARR), increased by 6%, amounting to €6.53 million while Services bookings grew by 21%, totaling €6.2 million.

    Bookings by new customers (“New Business”) accounted for 63% of total new bookings in 2024, while contract extensions (“Cross-sell”) and additional modules to existing customers (“Upsell”) contributed 18% and 19% of bookings, respectively.

    Strong revenue growth in 2024: up 26% with SaaS subscriptions up 22%

    In 2024, Sidetrade reported annual revenue of €55.0 million, marking a 26% increase compared to the previous year, and a 16% increase on a reported basis (excluding the acquisition of SHS Viveon finalized in June 2024). Several factors contributed to this strong performance:

    • Sustained organic growth: Overall revenue (excluding the acquisition of SHS Viveon) grew by 16%, while SaaS subscriptions increased by 15%. Meanwhile, Services showed impressive growth of 24%, driven by global implementation projects.
    • Strategic acquisition of SHS Viveon opening the DACH region: Since July 1, 2024, SHS Viveon has contributed €4.4 million to Sidetrade’s revenue, now accounting for 15% of total revenue in the second half of 2024.
    • Expanding international reach: The integration of SHS Viveon has increased the share of revenue generated outside of France to 65%. With 70% of its workforce now based internationally, Sidetrade demonstrates its ability to scale globally while maintaining strong local client relationships, key to building trust and driving operational efficiency.
    • Outstanding performance in North America: North America recorded the highest growth in 2024, with a 36% increase, bringing annual revenue to €16.6 million. This strategic market is central to Sidetrade’s ambitions.

    Sidetrade continues to strengthen its position among multinationals, with a 44% increase in subscriptions from companies generating over €2.5 billion in revenue. These contracts now represent 50% of total subscriptions. More broadly, companies generating over €1 billion in revenue account for 79% of the portfolio, cementing Sidetrade’s status as a preferred partner for large enterprises.

    Gross margin and operating margin: strongly accelerating performance

    • Strong growth in gross margin: +22% with an increase of €7.8 million

    The sustained momentum in subscription growth continued to drive the expansion of the gross margin in 2024. On a like-for-like basis (excluding SHS Viveon), the gross margin rate for subscriptions remained particularly high at 92%, compared to 93% in 2023. SaaS subscriptions now represent 97% of the total gross margin.

    Sidetrade’s overall gross margin rate on a like-for-like basis stood at 80%, versus 81% the previous year. Including the impact of SHS Viveon acquisition, the consolidated gross margin rate reached 78% of total revenue for the 2024 fiscal year.

    In total, in 2024, Sidetrade delivered an incremental gross margin increase of €7.8 million compared to 2023, representing a +22% year-over-year growth.

    • Operating margin exceeding 15% of revenue (vs 13% in 2023)

    Sidetrade’s operating margin showed a remarkable increase, reaching €8.4 million in 2024, up 45% from €5.8 million in 2023. This profitability is driven by sustained business growth, an excellent gross margin and disciplined cost management.

    Thanks to this momentum, Sidetrade has continued its investment strategy, with an increase in expenditure of €5.2 million over 2023, and a particular focus on R&D (+€2.4 million), notably to accelerate the integration of generative AI into its core product offering.

    The 2024 operating margin includes a French Research Tax Credit of €2.6 million (versus €2.4 million in 2023) as well as activation of €0.16 million in marginal R&D costs, i.e., 2% of R&D costs for the full year.

    As a result, Sidetrade’s operating margin stands at 15% of revenue versus 13% in 2023, representing a 2-point gain year-over-year.

    Surge in net profit to €7.9 million: up 40%

    Sidetrade’s financial income, recorded as of December 31, 2024, stands at €0.7 million, up significantly from 2023 (€0.4 million). This performance is mostly due to interest earned on short-term investments during the year and the foreign exchange gains realized over the period.

    Corporate income tax for 2024 is estimated at €1.1 million, versus €0.6 million in 2023.

    All told, Sidetrade’s net profit for 2024 was €7.9 million, an increase of 40%, confirming the solid balance between growth and profitability.

    Operating cash flow strongly supporting the acquisition of SHS Viveon

    In 2024, Sidetrade generated a solid operating cash flow of €9.6 million, up €3.3 million (excluding the timing impact of the French Research Tax Credit refund). This level of cash generation enabled the Company to fully self-finance the acquisition of SHS Viveon, with a net cash outlay of €5.2 million (€6.6 million for the purchase of shares, offset by €1.4 million in available cash held by SHS Viveon).

    As of December 31, 2024, Sidetrade reported €25.2 million in gross cash, up €1.3 million compared to year-end 2023.

    In addition, Sidetrade held 85,437 of its own shares, valued at €19.1 million as of December 31, 2024.

    Financial debt stood at €7.9 million, down €2.3 million year-over-year. Even after the SHS Viveon acquisition, Sidetrade retains substantial investment capacity, well-positioned to support its continued expansion strategy.

    Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

    In 2024, Sidetrade accelerated its transition toward becoming a more responsible company and was awarded a Platinum medal from EthiFinance and a Silver medal from EcoVadis, with respective scores of 84/100 and 70/100. Now ranked among the top 15% of the most highly rated companies audited by EcoVadis, demonstrating its leadership in social responsibility.

    These accolades confirm the relevance of Sidetrade’s strategy and its ability to anticipate the environmental and social challenges of tomorrow.

    Sidetrade looks ahead to the fiscal year 2025 with confidence and a clear vision, and has the resources to fulfill its ambitions.

    Next financial announcement
    First Quarter Revenue for 2025: April 15, 2025, after the stock market closes.
    Investor relations
    Christelle Dhrif                00 33 6 10 46 72 00           cdhrif@sidetrade.com
    Media relations @Sidetrade
    Becca Parlby                  00 44 7824 5055 84           bparlby@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 39.9 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Inmarsat, KPMG, Lafarge, Manpower, Page, Randstad, Saint-Gobain, Securitas, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
    In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

    Attachment

    The MIL Network –

  • MIL-OSI: Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

    Source: GlobeNewswire (MIL-OSI)

    Quadient FY 2024 results:
     Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

    Key highlights

    • FY 2024 financial targets achieved
    • Two operating profitability milestones reached:
    • Digital EBITDA margin at 17.5%, up 5.7pts yoy, reflecting strong profitability improvement
    • All three solutions are EBITDA positive
    • Consolidated sales of €1,093 million, up +2.8% on a reported basis, including the contribution of the latest acquisitions
    • FY 2024 subscription-related revenue up +10.2% in Digital and up +11.5% in Lockers
    • FY 2024 subscription-related revenue of €777m, representing 71% of total revenue, up +€30m yoy,
      vs. +      €90m 2026 target
    • FY 2024 Group current EBIT of €146 million, up +2.2% organically
    • Proposed dividend of €0.70 per share, up by €0.05 for the fourth consecutive year
    • FY 2025 outlook: acceleration both in organic revenue growth and in current EBIT organic growth vs. 2024

    Paris, 26 March 2025

    Quadient S.A. (Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.

    Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “We have delivered a solid first year of our Elevate to 2030 strategic plan.

    Our Digital Automation platform has reached the record level of c.€270 million in revenue thanks to both the addition of 2,600+ new customers and the contribution from the increased usage and upsell from our existing 16,500 customer base. This strong revenue increase has been delivered together with a significant improvement in profitability with EBITDA rising by 61% to reach €47 million. We are now in a good position to exceed the 20% EBITDA margin ambition set for 2026.

    2024 also saw the highest level of Digital cross-sold deals into our Mail customer base while at the same time our Mail business continues to outpace competition. In Lockers, investments made over the past couple of years are paying off, contributing to a strong performance in H2 with double digit growth in revenue thanks to increased usage of the locker base across all regions. In addition, Lockers have reached EBITDA breakeven over the full year and profitability will further improve as we continue to increase the size of our network, grow its usage and take advantage of the recent addition of Package Concierge in the US residential sector.

    At Company level, this solid performance translates into a €30 million increase in annual recurring revenue, well on track to deliver the €90 million increase targeted by 2026. Based on this solid start to the strategic plan, we are confident in our ability to continue building a €1bn recurring revenue platform by 2030, generating €250 million current EBIT. Therefore, we are proposing to increase our dividend for the fourth consecutive year in a row, to €0.70.

    While macro uncertainties have recently been growing, we are expecting an acceleration of organic growth in revenue and current EBIT in 2025 against 2024 levels.”

    Comments on FY 2024 performance

    Group sales came in at €1,093 million in FY 2024, a +2.8% increase on a reported basis, and +0.4% organic growth compared to FY 2023, in line with Quadient’s expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).

    In the fourth quarter of 2024, reported revenue growth stood at +4.1% and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.

    Subscription-related revenue reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.

    By geography, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.

    Consolidated sales and EBITDA by Solution

    FY 2024 consolidated sales

    In € million FY 2024 FY 2023 Change Organic change
    Digital 267 245 +9.1% +7.7%
    Mail 732 729 +0.4% (2.5)%
    Lockers 94 88 +5.7% +4.3%
    Group total 1,093 1,062 +2.8% +0.4%

     

    EBITDA and EBITDA margin

      FY 2024 FY 2023
    In € million EBITDA EBITDA margin EBITDA EBITDA margin
    Digital 47 17.5% 29 11.8%
    Mail 200 27.4% 218 29.9%
    Lockers 1 0.6% (3) (3.0)%
    Group total 247 22.6% 244 23.0%
     

    Digital

    In FY 2024, revenue from Digital reached €267 million, up 7.7% organically (+10.1% in Q4 2024 vs. Q4 2023) and up 9.1% on a reported basis (including the contribution from Daylight) compared to FY 2023.

    This solid performance was driven by a strong 10.2% organic growth in subscription-related revenue in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was representing 82% of Digital total sales, a further increase compared to 80% in FY 2023.

    At the end of FY 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €232 million, up from €206 million at the end of FY 2023, representing a 12.7% organic growth.

    EBITDA for Digital was €47 million in FY 2024, up +61% year-on-year. EBITDA margin was at 17.5%, a strong improvement of 5.7 points compared to FY 2023. In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.

    As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. Over
    2,600 new customers were added     in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.

    As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.

    In Quadient’s core geographies, the addressable demand for its Digital automation platform is set to grow from
    c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.

    To capture this growth, Quadient is strongly positioned, leveraging on:

    • a sound base of highly predictable business, with over 16,500 customers, 82% subscription-based revenue,
      and a churn rate well below 5%,
    • a highly recognized platform in financial & communication automation, and 84.5% of Saas customers,
      across three regions,
    • a fully scalable and modulable platform, for small to large customers, driving new client acquisition (+2,600 in FY 2024) and record cross-sell of Digital solutions into Quadient Mail customers and increased upsell opportunities among existing customers,
    • an efficient go-to-market organisation that driving a 34% year-on-year increase in bookings in Q4 2024 and +12.7% growth of ARR at the end of the year.

    Mail

    Mail revenue reached €732 million in FY 2024, down 2.5% on an organic basis (-4.6% in Q4 2024 vs. Q4 2023). The reported growth stood at +0.4%, including the contribution of Frama.

    Hardware sales recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.

    Subscription-related revenue (68% of Mail sales) recorded a 2.9% organic decline in FY 2024.

    EBITDA for Mail was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama’s performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.

    Thanks to its strong focus on customer acquisition, Quadient’s Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.

    As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama’s installed base and initiating some cross-selling to promote its Digital offer to Frama’s customers.

    At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.

    Lockers

    Lockers revenue reached €94 million in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a +5.7% increase on a reported basis compared to FY 2023, including a marginal contribution from Package Concierge.

    Subscription-related revenue was up 11.5% organically in FY 2024 (+19.6% in Q4 2024 vs. Q4 2023), benefiting from:

    • the continued strong volumes ramp up in the British and the French open networks;
    • the sustained strong momentum in the US, driven by higher monetization of usage fees;
    • a resilient performance in Japan, despite an unfavorable e-commerce environment.

    Overall, subscription-related revenue stood at 64% of total revenue in FY 2024, up from 61% in FY 2023.

    Non-recurring revenue (license & hardware sales and professional services) were down 6.8% organically in FY 2024. Hardware sales were still impacted by slower new installations in North America.

    Quadient’s global locker installed base reached c.25,700 units at the end of FY 2024, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

    EBITDA for Lockers was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.

    As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.

    As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.

    REVIEW OF 2024 FULL-YEAR RESULTS

    Simplified P&L

    In € million FY 2024 FY 2023 Change
    Sales 1,093 1,062 +2.8%
    Gross profit 818 788 +3.7%
    Gross margin 74.8% 74.2%  
    EBITDA 247 244 +1.2%
    EBITDA margin 22.6% 23.0%  
    Current EBIT 146 147 (0.5)%
    Current EBIT margin 13.4% 13.8%  
    Optimization expenses and other operating income & expenses (23) (15) +58.0%
    EBIT 123 132 (7.0)%
    Financial income/(expense) (39) (31) +24.8%
    Income before tax 84 101 (16.8)%
    Share of results of associated companies 1 (0) n/a
    Income taxes (17) (17) +2.8%
    Net income of continued operations 68 84 (19.4)%
    Net income from discontinued operations (0) (14) (98.7)%
    Net attributable income 66 69 (3.4)%
    Earnings per share 1.94 2.02  
    Diluted earnings per share 1.94 2.01  
     

    Gross margin stood at 74.8% in FY 2024 slightly up compared to FY 2023, due to lower cost of sales.

    EBITDA(1) for the Group reached €247 million in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. The EBITDA margin reached 22.6% in FY 2024. It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.

    Depreciation and amortization stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers’ asset base.

    Current operating income (current EBIT) reached €146 million in FY 2024 compared to €147 million in FY 2023, up 2.2% on an organic basis. Current EBIT margin stood at 13.4% of sales in FY 2024 compared to 13.8% in FY 2023.

    Optimization costs and other operating expenses stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.

    Consequently, EBIT reached €123 million in FY 2024, versus €132 million recorded in FY 2023.

    Net attributable income

    Net cost of debt was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. The currency gains & losses and other financial items was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, net financial result was a loss of €39 million in FY 2024 compared to a loss of €31 million in FY 2023.

    Income tax expense was stable year-on-year at €17 million.

    Net income from discontinued operations of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.

    Net attributable income after minority interests amounted to €66 million in FY 2024 compared to €69 million in FY 2023.

    Earnings per share(2) stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share(2) was €1.94 in FY 2024 compared to €2.01 in FY 2023.

    Cash flow generation

    The change in working capital was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.

    The leasing portfolio and other financing services stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024, up on an organic basis (i.e. excluding currency impact of €18 million) for the first time in several years thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
    €7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.

    Interest and taxes paid increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.

    Capital expenditure reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
    (vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.

    All in all, cash flow after capital expenditure (free cash flow) reached €66 million in FY 2024, compared to €64 million in FY 2023.

    Leverage and liquidity position

    Net debt stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:

    • in October 2024, the Company secured EBRD financing, including a €25 million Schuldschein;
    • in December 2024, the Company secured a USD 50 million bank loan;
    • in January 2025, Quadient further strengthened its financial position with the issuance of a USD 100 million USPP.

    These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of Schuldschein loans for €29 million, also due in early 2025. As a result of these transactions, the Company’s average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.

    The leverage ratio (net debt/EBITDA) remained broadly stable at 3.0x(3) as of 31 January 2025 compared to 2.9x(3) as of 31 January 2024. Excluding leasing, Quadient leverage ratio remained stable at 1.7x(3) as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.

    As of 31 January 2025, the Group had a strong liquidity position of €667 million, split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.

    Shareholders’ equity stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The gearing ratio(4) stood at 66.6% as of 31 January 2025.

    SHAREHOLDER’ RETURN

    Proposed dividend for FY 2024 stands at €0.70 per share, representing an 8% increase against FY 2023, and a payout ratio of 36.1% of net income, higher than Quadient’s minimum 20% pay-out ratio of net income as per the Group’s dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.

    In addition, Quadient’s announced in September 2024 the launch of a share buyback program for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
    18-month(5) period. This operation demonstrates Quadient’s confidence in the value creation potential of its “Elevate to 2030” strategic plan, its ability to reach its FY 2026 leverage ratio target(6) and is in line with the capital allocation policy of the Company, while improving shareholders’ return.

    OUTLOOK

    The evolving dynamics within Quadient’s business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company’s total revenue growth.

    As Digital and Lockers continue to expand their share of Quadient’s revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT

    As a result, Quadient targets an acceleration in organic revenue growth and in current EBIT organic growth in 2025 compared to 2024.

    Quadient also confirms its 3-year guidance for the 2024-2026 period of minimum 1.5% organic revenue CAGR and minimum 3% organic current EBIT CAGR.

    Q4 2024 BUSINESS HIGHLIGHTS

    Avaloq and Quadient Partner to Elevate Client Communications for Financial Services
    On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.

    Quadient Launches SimplyMail in Europe to Help Small Businesses Leverage Digital Solutions to Enhance Efficiency in Mail Operations
    On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.

    Quadient Named a Worldwide Automated Document Generation and CCM Leader by IDC
    On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.

    Quadient Recognized in Two IDC MarketScape Reports for Accounts Receivable Automation Applications
    On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.

    Quadient Surpasses 25,000 Global Locker Installations with US Package Concierge Acquisition, Setting Sights on Exceeding €100M of Locker Revenue in 2025
    On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.

    Quadient strengthens its financial position with a USD50 million bank loan from Bank of America
    On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient’s financial position ahead of debt maturities due in 2025.

    Report by Leading Analyst Firm Shows Quadient Recorded the Fastest Growth in 2023 Among CCM Market Leaders
    On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient’s 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.

    Quadient Secures New c.$1.6 Million Contract to Enhance US Government Agency’s Mail Automation Capacity
    On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.

    Leading Human Resources Technology Company Selects Quadient for Accessibility Compliance in Customer Communications
    On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.

    Quadient Partners with ScotRail to Introduce Parcel Lockers at Stations Across Scotland
    On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland’s rail network. ScotRail, Scotland’s national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.

    Quadient strengthens its financial position through a USD100 million US Private Placement from MetLife
    On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
    7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.

    Quadient Teams Up with Buzz Bingo to Bring Convenient Parcel Lockers to Bingo Clubs Across the UK
    On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.

    Leading US Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes
    On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

    Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America
    On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

    POST-CLOSING EVENTS

    Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
    On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

    Quadient Enables New Shipping Service with Japan Post on its Open Locker Network, Driving Convenience and Increased Parcel Volume
    On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan’s nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post’s Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.

    Quadient Maintains Leader Position on Aspire Leaderboard for Customer Communications and Interaction Experience Software
    On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.

    To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

    CONFERENCE CALL & WEBCAST

    Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

    To join the webcast, click on the following link: Webcast.

    To join the conference call, please use one of the following phone numbers:

    ▪ France: +33 (0) 1 70 37 71 66.
    ▪ United States: +1 786 697 3501.
    ▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

    Password: Quadient

    A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.


     

    Calendar

    • 3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
    • 13 June 2025: Annual General Meeting

    About Quadient®

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

    For more information about Quadient, visit https://invest.quadient.com/en/.

    Contacts

    APPENDIX

    Digital: New name for Intelligent Communication Automation

    Mail: New name for Mail-Related Solutions

    Lockers: New name for Parcel Locker Solutions

    FY 2024 and Q4 2024 consolidated sales

    FY 2024 consolidated sales by geography

    In € million 2024 2023 Change Organic
    change
    North America 632 607 +4.0% +2.8%
    Main European countries(a) 369 354 +4.5% (2.0)%
    International(b) 92 101 (9.7)% (5.4)%
    Group total 1,093 1,062 +2.8% +0.4%
    1. Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    2. International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Q4 2024 consolidated sales by Solution

    In € million Q4 2024 Q4 2023 Change Organic change
    Digital 73 65 +11.5% +10.1%
    Mail 196 196 (0.3)% (4.6)%
    Lockers 27 22 +20.2% +8.0%
    Group total 295 284 +4.1% (0.2)%
     

    Q4 2024 consolidated sales by geography

    In € million Q4 2024 Q4 2023 Change Organic
    change
    North America 171 160 +7.0% +2.5%
    Main European countries(a) 100 97 +3.3% (2.9)%
    International(b) 24 27 (10.7)% (6.9)%
    Group total 295 284 +4.1% (0.2)%
    1. Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    2. International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Financial statements – Full-year 2024

    Consolidated income statement

    In € million FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Sales 1,093 1,062
    Cost of sales (275) (274)
    Gross margin 818 788
    R&D expenses (63) (63)
    Sales and marketing expenses (287) (275)
    Administrative and general expenses (187) (176)
    Service and support expenses (116) (109)
    Employee profit-sharing, share-based payments and other expenses (10) (7)
    M&A and strategic projects expenses (8) (11)
    Current operating income 146 147
    Optimization expenses and other operating income & expenses (23) (15)
    Operating income 123 132
    Financial income/(expense) (39) (31)
    Income before taxes 84 101
    Income taxes (17) (17)
    Share of results of associated companies 1 (0)
    Net income from continued operations 68 84
    Net income of discontinued operations (0) (14)
    Net income 67 70
    Of which:

    • Minority interests
    		 1 1
    • Net attributable income
    		 66 69

    Simplified consolidated balance sheet

    Assets
    In € million    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Goodwill 1,131 1,082
    Intangible fixed assets 119 121
    Tangible fixed assets 170 156
    Other non-current financial assets 65 65
    Other non-current receivables 2 2
    Leasing receivables 623 598
    Deferred tax assets 38 17
    Inventories 75 67
    Receivables 240 228
    Other current assets 79 84
    Cash and cash equivalents 367 118
    Current financial instruments 1 2
    Assets held for sale 0 9
    TOTAL ASSETS 2,910 2,550
    Liabilities
    In € million    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    Shareholders’ equity 1,113 1,069
    Non-current provisions 12 12
    Non-current financial debt 722 715
    Current financial debt 347 66
    Lease obligations 38 46
    Other non-current liabilities 3 2
    Deferred tax liabilities 101 104
    Financial instruments 5 5
    Trade payables 104 79
    Deferred income 223 212
    Other current liabilities 242 225
    Liabilities held for sale 0 15
    TOTAL LIABILITIES 2,910 2,550

    Simplified cash flow statement

     

    In €millions

    		 FY 2024
    (period ended
    on 31 January 2025)    		 FY 2023
    (period ended
    on 31 January 2024)
    EBITDA 247 244
    Other elements (15) (19)
    Cash flow before net cost of debt and income tax 233 225
    Change in the working capital requirement 9 (6)
    Net change in leasing receivables (7) (0)
    Cash flow from operating activities 235 219
    Interest and tax paid (67) (55)
    Net cash flow from operating activities 168 165
    Capital expenditure (108) (101)
    Disposal of assets 6 0
    Net cash flow after investing activities 66 64
    Impact of changes in scope (37) (5)
    Net cash flow after acquisitions and divestments 29 59
    Dividends paid (22) (21)
    Change in debt and others 219 (39)
    Net cash flow after financing activities 226 (1)
    Cumulative translation adjustments on cash (6) (2)
    Net cash from discontinued operations (1) (9)
    Change in net cash position 219 (11)

    ([1]) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
    ([2]) For the FY 2024, the average compounded number of shares is 34,114,060. Diluted number of shares is 34,486,288.
    ([3]) Including IFRS 16
    ([4]) Net debt / shareholder’s equity
    ([5]) Subject to the renewal of the share buyback authorizations at the 2025 AGM
    ([6]) FY 2026 leverage ratio excluding leasing target of 1.5x

    Attachment

    The MIL Network –

  • MIL-OSI United Nations: Pact for the Future: Countries urged to translate pledges into action

    Source: United Nations 2

    UN Affairs

    UN Member States met on Wednesday for the first of three key meetings to advance a global agreement that pledges concrete actions to achieve a safer, more peaceful, sustainable and inclusive world for generations to come. 

    General Assembly President Philémon Yang convened the informal interactive dialogue on the implementation of the Pact for the Future, which covers five areas: sustainable development, international peace and security, science and technology, youth, and transforming global governance.

    It was adopted at a UN summit in September 2024 together with two annexes – a  Global Digital Compact and a Declaration for Future Generations – marking a significant step towards a renewed multilateral system.

    For a look back at our full live coverage on the day, go here.

    ‘A shared commitment’

    “The Pact for the Future is a shared commitment to a more just, sustainable and secure world. But a promise is only meaningful when it has been translated into action,” Mr. Yang told delegates gathered in the Trusteeship Council at UN Headquarters in New York.

    He recognized the complexity and unique challenges that each country will face in implementation, including least developed countries, landlocked developing countries, and small island developing states. 

    Mr. Yang emphasized that implementation must reflect what works best for each nation, which requires tailored approaches that consider resource restraints and capacity gaps. 

    “To succeed, we must build an enabling environment through smart investments and right reforms,” he said, calling for closing the resource gap, flexible trade policies, and stronger international cooperation in technical assistance, capacity-building and knowledge-sharing.

    Divisions and mistrust 

    UN Secretary-General António Guterres highlighted action that has occurred since the Pact’s adoption but also the work that still lies ahead amid “a long list of challenges” that include intensifying conflicts and climate disasters.

    “Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself,” he said. 

    “Meanwhile, critical funding is being drastically cut for people in desperate need – with more reductions to come,” he warned.

    Progress on peace efforts

    Mr. Guterres updated on progress in four key areas, starting with peace and security. He said the Pact represents a commitment to strengthen tools to prevent and address conflict and ensure that UN peace efforts respond to new and emerging threats.

    In this regard, he noted progress on a review of all Peace Operations, as requested in the agreement.

    “The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable – with viable exit strategies and transition plans,” he said. 

    “It will also recognize the limitations of our operations where there is little or no peace to keep,” he added. 

    Fairer financial system

    Turning next to finance for development, Mr. Guterres said the UN has been working closely with the World Bank and the International Monetary Fund (IMF) to follow-up on action points in the Pact regarding improvements to the international financial system.

    “Developing countries must be represented fairly in the governance of the very institutions they depend on,” he said.  

    The Secretary-General also has established an expert group to identify practical steps for action on debt.

    “At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, making them bigger and bolder,” he said.

    “This includes both stretching their balance sheets and recapitalization. And we must ensure that concessional finance is deployed where it is most needed.”

    Meanwhile, the UN will also continue pushing forward on other priorities outlined in the Pact, including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    Focus on youth

    Mr. Guterres was adamant the international community must deliver for young people and generations to come. 

    He said progress is being made towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    The UN is also developing core principles to strengthen youth engagement across its work, while the Declaration on Future Generations looks to those yet to be born.

    The Secretary-General said that later this year he will appoint a Special Envoy for Future Generations to scale up these efforts.

    Closing digital divides

    His final point concerned technology, and Mr. Guterres reported that the UN is implementing the Global Digital Compact’s calls to close all digital divides and ensure everyone, everywhere, benefits from a safe and secure digital space.

    Particular focus is on Artificial Intelligence (AI), he said, and a report is being developed on voluntary financing options to help countries in the Global South to harness AI for the greater good.

    Furthermore, the zero draft of a resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was circulated last week.

    The UN chief urged the General Assembly to act swiftly to establish the Panel, ensure AI expertise and knowledge are available to all countries, and support the Global Dialogue. 

    UN taking action

    Mr. Guterres added that as the UN pushes for these priorities, the global body is also improving the efficiency and effectiveness of its operations, in line with the Pact.

    “We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System,” he said.

    The Secretary-General stressed that this work must continue “especially in light of the funding challenges we face,” underlining the need for support. 

    MIL OSI United Nations News –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 26.3.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 26 March 2025 at 6.30 PM (EET)
         
         
    WithSecure Corporation: SHARE REPURCHASE 26.3.2025
         
    In the Helsinki Stock Exchange    
         
    Trade date           26.3.2025  
    Bourse trade         Buy  
    Share                  WITH  
    Amount             10 000 Shares
    Average price/ share    0,9560 EUR
    Total cost            9 560,00 EUR
         
         
    WithSecure Corporation now holds a total of 266 890 shares
    including the shares repurchased on 26.3.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
         
    On behalf of Withsecure Corporation  
         
    Nordea Bank Oyj    
         
    Janne Sarvikivi           Sami Huttunen  
         
         
    Contact information:    
    Laura Viita    
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation    
    Tel. +358 50 4871044    
    Investor-relations@withsecure.com    

    Attachment

    The MIL Network –

  • MIL-OSI: Cheems: The Resilient Memecoin That Rose From the Ashes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — In a remarkable turn of events, $CHEEMS has emerged as one of the most resilient and triumphant memecoins in history. Overcoming early struggles, lack of ecosystem support, and technical limitations, Cheems has defied the odds and today achieved a milestone: the circulating market cap of $CHEEMS has flipped $ZK, the blockchain it originally launched on. This groundbreaking moment marks a defining chapter in the memecoin revolution.

    From its inception, Cheems faced challenges that would have led most projects to failure. The attempt to open-source the project was obstructed by compatibility issues with zkSync, a hurdle that many would have seen as insurmountable. Yet, rather than succumbing to adversity, the Cheems community persevered, demonstrating an unwavering commitment to its vision.

    Christian, the whale and core developer of Cheems, reflects on this journey:

    “I still remember the tough times our community had in the beginning, when no one cared, no support from the ecosystem. @LordCheems_bsc is a project that failed to open source due to compatibility issues with @zksync. I think most people would have rug-pulled, but $CHEEMS survived and is making its own history. Background, technique, VCs—it doesn’t matter. What matters is the spirit of never giving up and being responsible. We are all CHEEMS. We are making history.”

    The rise of $CHEEMS is not just a testament to its strong community but also an embodiment of the true spirit of decentralization. Unlike traditional projects that rely on venture capital and corporate backing, Cheems is a fair-launch project that has relied solely on its community’s belief and resilience.

    Today, while the market cap of zkSync sits at $500M, Cheems remains under $50M—yet its momentum is undeniable. Long-term holders and early believers recall the struggles of Cheems before its migration to BNB Chain. The initial airdrop attracted many retail investors who were drawn by zkSync’s promise, but as ecosystem narratives shifted, Cheems was left without institutional support or a clear leader. What seemed like an inevitable demise instead turned into a rebirth, fueled by the community’s determination to carve its own path.

    With the memecoin sector experiencing a new wave of enthusiasm, many are beginning to recognize Cheems as the biggest wealth creation opportunity of this cycle. The project’s resurgence has established a renewed sense of faith and unity among its supporters, proving that true success is not dictated by technical backing or venture capital endorsements, but by the strength of its believers.

    Cheems has rewritten history—and this is just the beginning.

    About Cheems
    Cheems is a community-driven memecoin that has defied the odds and established itself as a leading force in the decentralized finance and cryptocurrency space. Initially launched on zkSync, Cheems faced numerous challenges, from technical limitations to a lack of institutional support. However, through the unwavering dedication of its community, Cheems survived and thrived, evolving into a symbol of resilience and fair-launch success. With a commitment to decentralization, innovation, and financial inclusivity, Cheems continues to make history in the crypto space.

    For media inquiries, please contact:

    Email: contact@cheems.pet

    Romeo Kuok

    Disclaimer: This press release is provided by Cheems. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. Speculate only with funds that you can afford to lose. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57fb964e-5ad3-4af0-86c4-fb86b03b474c

    The MIL Network –

  • MIL-OSI Economics: How the mind-splitting world of Severance comes together on Mac

    Source: Apple

    Headline: How the mind-splitting world of Severance comes together on Mac

    March 26, 2025

    UPDATE

    How the :br(s):mind-splitting world :br(s):of Severance :br(s):comes together on Mac

    Geoffrey Richman, supervising editor on the global hit Apple Original workplace thriller, shares his creative process, why Mac is an indispensable tool, and his thoughts on who’s behind the video editing at Lumon

    In the fictional world of Lumon Industries, the biotech titan that’s central to the Apple Original series Severance, it’s possible to separate a person’s work and personal selves through a surgical procedure. And yet, for some employees of the cutting-edge company, video editing proves particularly challenging. In episode four of season two, “Woe’s Hollow,” we got a glimpse at a lo-fi attempt in the video that welcomes the Macrodata Refinement Department to the Outdoor Retreat and Team Building Occurrence (ORTBO).

    “It’s hilarious,” says Geoffrey Richman, one of the show’s real-life editors and a three-time Emmy Award nominee. “With the jumpcuts and glitchy edits in the ORTBO video, it feels like Milchick [played by Tramell Tillman] cut the video together quickly with Miss Huang [Sarah Bock] in the back room behind his office.”

    Richman can’t relate. From his iMac in his at-home edit bay in Park Slope, Brooklyn, he works closely with his colleagues — including executive producer and director Ben Stiller — to create a visually and aurally stunning, genre-blurring, certifiable hit show.

    While Milchick may have access to unlimited paper clips and celebratory melon platters, he most certainly doesn’t have access to the Mac-powered setup that Richman relies on to do his job so successfully. His ecosystem of Macs — which includes his iMac, Mac mini, and MacBook Pro — became even more essential during the season two finale, “Cold Harbor.” This was one of the show’s most challenging episodes to edit, according to Richman.

    “For the finale, there was a lot of experimenting with structure and testing out different ideas about how to play out different scenes,” says Richman. “It was a constant flow of ideas and my Mac setup allowed for such a smooth experience.”

    “In cutting the marching band, there were about 70 angles and takes to choose from, so we synced them all up in one multicam clip with banks of nine [3×3 arrays],” he continues. “Being able to play nine angles simultaneously in real time — and switch quickly between all the different options — made it a whole lot easier to find what we wanted at any given moment.”

    The only thing Richman does relate to about the Lumon crew is that he descends a level to work each day, much like the show’s protagonist Mark Scout, played by Adam Scott. On a lower floor within his apartment, Richman edits on iMac, which remotes into a separate Mac mini. This Mac mini runs Avid — the industry-standard video editing software — from a post-production facility in Manhattan’s West Village.

    It’s a familiar setup for Richman, who says the vast majority of all the editing work he’s ever done is on Mac. “I like the interface on Mac a lot better than on a PC,” he says. “I find the way the operating system is laid out to be much more comfortable. I’m able to move between different applications very quickly on Mac.”

    The setup is also ideal for a job that doesn’t always take place at a single desk. Though Richman, along with the rest of the editors on the show, is remote, he occasionally heads to set, where there’s an edit room with iMac. And he’s also brought his MacBook Pro onto set to have easy access to cuts for reference on location as needed.

    “I can work on my laptop and I can work on my iMac, and I can work at the post facility or I can work at Ben’s office, and as long as I’m logged into my account, everything I do shows up everywhere,” says Richman, who appreciates the seamless data sharing and device collaboration that happens with iCloud and Continuity. “I could be lying in bed and I have a thought, and I’ll type it into my iPhone, and then the next day, it just shows up in the Notes app on my desktop. That aspect of Mac I find very handy — to not think about which system I’m physically at.”

    While working on “Woe’s Hollow,” Richman depended on the performance, portability, and exceptional battery life of MacBook Pro for a visit with Stiller near the snow-covered Minnewaska State Park Preserve in upstate New York, where the episode was filmed. Richman also appreciates the multiple ports on MacBook Pro, including an HDMI port, which is important for collaboration during an edit.

    “I was able to go to the place where Ben was staying and plugged my MacBook Pro into his TV, and we were able to edit right off of my laptop,” he says.

    Richman is also a fan of how easy it is to multitask on Mac. “I like running all the things that I use throughout the day all the time,” he says. “So I have Avid running, as well as the Notes app, Slack, Mail, Messages, Calendar, and Safari. All these things are open and running all the time, but then I love that I can use a shortcut to access Mission Control to switch over to a different app.”

    Multitasking is a major component of Richman’s work, as he sometimes works with Stiller on individual scenes — such as the birthing cabin sequence in the season two finale — before the assemblies are completed.

    “I would send Ben cuts of scenes as I finished them to get early feedback on them,” says Richman. “He would either send notes in an email or we would talk about it on the phone, then I could do another pass of the scene even before getting through the whole episode. That way, we knew we were always climbing the same mountain.”

    An episode’s score also happens simultaneously with the edit. Richman speaks with Theodore Shapiro, the show’s composer, regularly during editing. And if Shapiro sends music cues after the workday has ended, Richman is often too excited to wait until the next day to hear them, so he listens immediately from his MacBook Pro or iPhone using AirPods Pro 2.

    “Music is such a big part of enhancing the show,” says Richman. “You can actually shift a scene into a darker tone based purely on the music. Even though everything about the scene would otherwise look pretty light, the music can bring you into the way a character is feeling as opposed to what you’re seeing onscreen.”

    Shapiro composed the two marching band songs used in the season finale, an episode that required an extreme amount of coordination in the editing. Working on his iMac, Richman had to make sure the instruments on camera stayed in sync with the music — all while building one of the most frenetic, tension-fraught sequences of the season. Organizing the marching band footage alone took over a week, and with so many angles and takes to choose from at any given moment, there were potentially hundreds of ways to cut the scenes.

    “Those were definitely scenes where I was jotting down notes on my iPhone and then — to get a different perspective — I’d work on my MacBook Pro, sketching ideas while sitting on my couch or in bed, before bringing those thoughts back to my iMac,” he says.

    For audiences, the finale delivered higher stakes, new insights into the mysterious inner workings of Lumon, and likely a more menacing view of marching bands. For Richman, the finale brought both big obstacles and major rewards.

    “I mean, the marching band scenes were extremely challenging,” he says. “But I hesitate because with the finale, for example, where we were doing a lot of work with structure, that’s a part of the process I particularly enjoy. So it’s challenging, but it’s also very satisfying and just fun.”

    Season two of Severance is now streaming on Apple TV+. Watch Geoffrey Richman, Ben Stiller, and additional Severance editors discuss the making of the season two finale in Behind the Mac, available now on YouTube. (Warning: this film contains spoilers from season two of Severance.)

    Press Contacts

    Starlayne Meza

    Apple

    starlayne_meza@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Security: Private Shipping Company to Pay $400,000 to Settle Allegations of Transshipping Fentanyl Precursor Chemicals

    Source: Office of United States Attorneys

    SAN ANTONIO – IMC Pro International Inc. has agreed to pay $400,000 to the United States to resolve allegations it violated the Controlled Substances Act through transshipping fentanyl precursor chemicals.

    The United States alleged IMC Pro International Inc., a North Carolina-based shipping and logistics company, entered business agreements with several companies operating in China. Under the terms of these arrangements, IMC Pro agreed to provide these Chinese companies with access to IMC Pro’s accounts for common carriers in order to generate domestic shipping labels for the final destinations of various goods and products sold or manufactured by the Chinese companies. These labels identified IMC Pro as the company or entity shipping the packages, though IMC Pro did not store or handle the packages at any time, nor did IMC Pro maintain any records concerning the contents of the packages.

    The United States became aware of these business agreements after the U.S. Drug Enforcement Administration seized five packages in Eagle Pass, identifying IMC Pro as the shipper. Chemical analysis determined the five packages contained a total of 26.4 kgs of 1-BOC-4 Piperidone, a List I Regulated Chemical; and 138.66 kgs of (2-Bromoethyl) benzene, a chemical on the DEA’s Special Surveillance List and a laboratory supply within the definition provided under 21 U.S.C § 842(a)(11). Both chemicals are known to be used in the production of fentanyl. The United States alleged its investigation determined these packages were imported into the United States from China, transshipped to Eagle Pass, and intended for transport across the U.S./Mexican border where they were to be sent to be used in the production and manufacture of illicit fentanyl.

    “In the face of the fentanyl epidemic, my office will hold both those who distribute illicit fentanyl and those who provide the means to manufacture such substances accountable for their actions,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “IMC Pro took on a responsibility to ensure the packages shipped under its name complied with federal laws and regulations. I encourage shipping and logistics companies that may have engaged in similar business arrangements to uphold their own responsibilities and assist in the efforts to stop the flow of fentanyl.”

    “In addition to going after the drug cartels, DEA will continue to hold companies accountable who make it easy for drug trafficking organizations to get their hands on precursor chemicals to produce deadly synthetic drugs like fentanyl,” said Special Agent in Charge Daniel Comeaux for the DEA Houston Division. “This first-of-its-kind settlement exposes loopholes some companies are exploiting to bring poison to our communities.”

    The settlement includes an affirmation by IMC Pro that it will not engage in similar business agreements with foreign-based entities at any time now or in the future; the affirmation is binding on the company’s successors in interest as well. IMC Pro, upon being made aware its domestic shipping accounts had been used to transship fentanyl precursors, immediately took steps to shut down such shipping accounts and end the prior business agreements. IMC Pro is further cooperating with the United States to assist in identifying other instances of transshipment of fentanyl precursors.

    Assistant U.S. Attorney Erin Van De Walle negotiated the settlement on behalf of the United States.

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    ###

    MIL Security OSI –

  • MIL-OSI: Ninepoint 2024 Short Duration Flow-Through Limited Partnership Announces Completion of Rollover Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Ninepoint 2024 Short Duration Flow-Through Limited Partnership (the “Partnership”), announced today that it had completed the tax-deferred transfer of the assets of the Partnership (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnership’s press release of January 17, 2025.

    National Class Rollover Details

    3,736,868 Series A shares of the Resource Class were issued at their net asset value of $5.870034 per share. The final net asset value per National Class Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $18.361785 per Partnership unit. Accordingly, each holder of National Class Partnership Class A units will receive 3.128055 Resource Class Series A shares for each National Class Partnership Class A unit held. The adjusted cost base for each National Class Partnership Class A unit was $4.098694 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $1.310301 per share. The after-tax return was 44.35% for an Ontario investor taxed at the highest marginal rate.

    1,009,890 Series F shares of the Resource Class were issued at their net asset value of $6.094742 per share. The final net asset value per National Class Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $19.132332 per Partnership unit. Accordingly, each holder of National Class Partnership Class F units will receive 3.139154 Resource Class Series F shares for each National Class Partnership Class F unit held. The adjusted cost base for each National Class Partnership Class F unit was $4.915675 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $1.565923 per share. The after-tax return was 47.89% for an Ontario investor taxed at the highest marginal rate.

    Quebec Class Rollover Details

    587,982 Series A shares of the Resource Class were issued at their net asset value of $5.870034 per share. The final net asset value per Quebec Class Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.7267 per Partnership unit. Accordingly, each holder of Quebec Class Partnership Class A units will receive 3.019865 Resource Class Series A shares for each Quebec Class Partnership Class A unit held. The adjusted cost base for each Quebec Class Partnership Class A unit was $1.014487 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $0.335938 per share. The after-tax return was 54.96% for a Quebec investor taxed at the highest marginal rate.

    53,315 Series F shares of the Resource Class were issued at their net asset value of $6.094742 per share. The final net asset value per Quebec Class Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.462837 per Partnership unit. Accordingly, each holder of Quebec Class Partnership Class F units will receive 3.029306 Resource Class Series F shares for each Quebec Class Partnership Class F unit held. The adjusted cost base for each Quebec Class Partnership Class F unit was $1.930983 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $0.637434 per share. The after-tax return was 58.29% for a Quebec investor taxed at the highest marginal rate.

    For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

    Additional information: The prospectus for the Resource Class is available at www.ninepoint.com, through a broker or by contacting us at (866) 299-9906 or invest@ninepoint.com.   Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    The MIL Network –

  • MIL-OSI: Bitcoinese Launches Blockchain Research Lab to Accelerate Innovation and Global Collaboration

    Source: GlobeNewswire (MIL-OSI)

    Hamburg, Germany, March 26, 2025 (GLOBE NEWSWIRE) — Bitcoinese has officially launched its new Blockchain Research Lab, a dedicated initiative focused on advancing blockchain infrastructure, smart contract security, cross-chain technology, and applied AI systems. This move positions Bitcoinese at the forefront of blockchain research, aiming to foster innovation through global academic and industry partnerships.

    Establishing a Research-Driven Future for Blockchain Development

    The newly formed Bitcoinese Blockchain Research Lab will serve as a central hub for exploring next-generation blockchain solutions, with a strong emphasis on interdisciplinary collaboration. By uniting researchers, developers, and technologists, the lab will produce whitepapers, prototypes, and open-source frameworks designed to solve complex challenges in digital infrastructure.

    Key areas of focus include:

    Scalable Blockchain Architecture: Researching high-throughput, low-latency consensus mechanisms and energy-efficient systems.

    Smart Contract Security: Developing automated audit tools and formal verification methods for decentralized applications.

    Cross-Chain Protocols: Designing interoperability frameworks for seamless asset transfers between blockchains.

    AI Integration: Investigating the convergence of artificial intelligence and decentralized ledgers for predictive analytics and autonomous finance.

    The lab will operate with a global, open-access model, allowing select external contributors to participate in research programs and collaborate on technical publications.

    Partnerships with Universities and Industry Experts

    To ensure real-world impact, Bitcoinese is forming strategic partnerships with universities, technology institutes, and blockchain research foundations across Europe, Asia, and North America. These collaborations will involve joint publications, co-hosted conferences, and talent development programs aimed at fostering the next generation of blockchain engineers and scientists.

    Bitcoinese will also offer research grants and fellowships to emerging scholars and developers working on critical blockchain advancements. The lab will regularly publish peer-reviewed studies and technical documentation for the public and industry stakeholders.

    Accelerating Open-Source Innovation

    A core goal of the Blockchain Research Lab is to support the open-source blockchain ecosystem. All major findings and tools developed by the lab will be published under open-source licenses, enabling adoption and contribution from global communities.

    Initial projects under development include:

    A modular testing environment for smart contract stress testing.

    A decentralized benchmarking tool for cross-chain bridges.

    An open AI oracle system for autonomous smart contract execution.

    These initiatives are expected to provide essential infrastructure for developers working on DeFi, enterprise blockchain, supply chain, and digital identity solutions.

    Bitcoinese’s Commitment to Long-Term Technological Advancement

    By launching the Blockchain Research Lab, Bitcoinese reinforces its commitment to long-term technological innovation and global cooperation. The company views research as a foundational pillar of its ecosystem and believes that investment in knowledge, transparency, and experimentation is critical to driving the next wave of blockchain adoption.

    Bitcoinese plans to host its first Blockchain Research Forum in the coming year, inviting scholars, developers, and policymakers to engage in discussions around security, regulation, scalability, and ethics in decentralized technology.

    This research-led initiative underscores Bitcoinese’s vision of building a blockchain future grounded in evidence-based development and collaborative progress.

    The MIL Network –

  • MIL-OSI: Electric Tri-Converter Demo Results a Breakthrough for Aether Aurora™ SAF Solution

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 26, 2025 (GLOBE NEWSWIRE) — Aether Fuels (Aether), a sustainable fuels technology company, today reported exciting demonstration results for the electric Tri-Converter technology embedded in its proprietary Aether Aurora™ solution which aims to transform the economics of sustainable fuels and accelerate large-scale deployment. This electric Tri-Converter demonstration has a capacity that is more than 50 times larger than the previously demonstrated pilot plant. The results represent a breakthrough for sustainable aviation fuel (SAF) production.

    The electric Tri-Converter converts waste carbon feedstocks into the syngas that supplies the downstream Fischer-Tropsch (FT) unit in the Aether Aurora process. The purpose of the demo was to prove that the electric Tri-Converter can continuously produce syngas at an increasingly larger scale using a mix of real-world feedstocks, including biogenic CO2, renewable natural gas (RNG), and clean hydrogen. The program is part of Aether’s program to build and operate a fully integrated demonstration plant (the “Demo Plant”) producing more than one barrel per day of sustainable fuels. Aether plans to complete the construction of the Demo Plant later this year.

    The demonstrator is a joint project between Aether and GTI Energy. Aether Aurora integrates technology elements first developed by GTI Energy in a gas-to-liquids program, which is supported by grants from the U.S. Department of Energy (DOE). Aether has licensed the relevant technologies from GTI Energy and leverages the laboratory and demonstration spaces at its Chicago-area campus. Aether has subsequently taken over responsibility for future Aether Aurora development and commercialization, including expanding its R&D team.

    The results of the demonstrator validate that the electric Tri-Converter is ready for integration into the Demo Plant. More critically, they demonstrate the solution’s capability to use a wide range of abundant feedstocks to create sustainable fuels—a breakthrough that can potentially shatter a key barrier to scaling production.

    This milestone was celebrated yesterday at the Aether and GTI Energy demonstrator site where Aether investors and feedstock executives joined federal, state and local officials to view the technology, meet the team, tour Aether’s R&D center and GTI Energy lab spaces, and learn how the innovations will accelerate the transition to sustainable fuels. State Senator Laura Murphy (IL-28th) was on hand to deliver opening remarks.

    The Syngas Generation Engine for Next-Gen Sustainable Fuels

    Aether Aurora optimizes the well-established FT process to create drop-in liquid hydrocarbons leveraging its novel electric Tri-Converter and Upgrading technologies. As the solution’s “syngas generation engine”, the electric Tri-Converter improves and streamlines the process where feedstocks and the internally recycled downstream byproducts are converted into syngas. This is achieved via novel catalysts and a reactor that uses electricity instead of combustion to generate the reaction heat. Where typical syngas production requires multiple reactors to convert the same mix of inputs, Aether Aurora employs just one. The streamlined equipment configuration reduces CAPEX while the electrification innovations generate higher energy efficiency and yields than a conventional combustion reactor.

    Aether’s demonstrator is supported by suppliers that include bp for RNG, Invenergy for clean hydrogen production, and Certarus Ltd for low carbon energy supply and logistics.

    State Senator Murphy remarked: “The road to the future is paved in sustainable practices, and GTI Energy and Aether Fuels are at the forefront of this future. They are leading the way in developing energy solutions that will transform how we power industries, transportation and everyday life. Their innovation not only drives us forward, it drives economic growth that supports every hardworking Illinoisan.”

    Aether CEO, Conor Madigan, said: “This is an exciting milestone for Aether and a tribute to our R&D experts and our partners at GTI Energy. The aviation and ocean shipping industries need affordable sustainable fuels at scale and the electric Tri-Converter technology is a transformative step forward. It drives critical process simplification and enables cost-efficient feedstock flexibility. When integrated into our Aether Aurora solution we’re making SAF production more scalable and cost effective.”

    GTI Energy’s VP of Carbon Management and Conversion, Don Stevenson, said: “GTI Energy has a long history of pioneering advanced energy solutions, and we’re proud to see technologies incubated in our labs being integrated into solutions for scaling low-emission fuels. Through collaboration with DOE and companies like Aether Fuels, GTI Energy helps unlock the potential of waste carbon streams while creating economically viable fuels solutions for industries.”

    Elie Fayad, Aether’s Senior Director of R&D, noted: “Today’s milestone represents nearly a decade of dedicated innovation and significant R&D investment by GTI Energy and Aether Fuels. The electric Tri-Converter is one of the breakthroughs in our Aether Aurora solution that drastically improves SAF economics and brings large-scale deployment within reach.”

    Aether Aurora is trademarked by Aether Fuels.

    About Aether Fuels

    Aether Fuels is a climate technology company revolutionizing sustainable fuel production to help hard-to-abate industries like aviation and ocean shipping achieve their decarbonization goals. Our breakthrough Aether Aurora™ technology converts waste carbon into drop-in liquid fuels with near-ideal carbon conversion efficiency. The scalable solution addresses the core requirements of next-generation sustainable fuels by increasing production yields and reducing capital costs, while utilizing a diverse range of feedstocks. Founded in 2022 and backed by global investors and partners, we maintain principal offices in the U.S. and Singapore. To learn more, visit www.aetherfuels.com or follow us on LinkedIn.

    About GTI Energy

    GTI Energy is a technology development and training organization. Our trusted team works to scale impactful solutions for energy systems by leveraging gases, liquids, infrastructure, and efficiency. We embrace systems thinking, innovation, and collaboration to develop, scale, and deploy the technologies needed for low-emission, low-cost, and resilient energy systems.

    Contacts

    Aether Fuels Communications  
    Kelsey Duke; Diffusion PR for Aether Fuels;  
    E-mail: AetherFuels@Diffusionpr.com  

    GTI Energy
    Kristin Cone
    E-mail: kcone@gti.energy

    The MIL Network –

  • MIL-OSI Global: Spring statement: defence spending boosted as further disability benefit cuts announced

    Source: The Conversation – UK – By Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    Not even six months on from Labour’s first budget, and the world is a much-changed place. Geopolitical tensions and uncertainties, already high last year, have risen further, and with them the cost of the UK’s debt, while economic growth has stalled. As such, Chancellor Rachel Reeves has confronted an array of unpalatable choices – notably cutting disability benefits – to enable her to increase defence spending and stabilise the public finances. Here’s what our panel of experts made of the statement:

    Falling inflation wasn’t enough to prevent further disability cuts

    Shampa Roy-Mukherjee, Vice Dean and Professor in Economics, University of East London

    The independent Office for Budget Responsibility (OBR) has halved the UK’s 2025 growth forecast to 1%, down from the previously projected 2%. This sluggish growth, coupled with increased borrowing costs, has effectively eliminated the government’s £9.9 billion “fiscal headroom” – its financial buffer – resulting in a £4.1 billion shortfall by 2029-30.

    There was some short-term relief in the latest inflation figures. These showed a slowdown in price rises in February (2.8% against 3% in January). The dip was caused by discounting of items like clothing. But given around half of businesses are considering price rises to combat tax hikes and the national living wage increase coming in April, this relief is likely to be short-lived. The OBR forecasts that inflation will climb back up to 3.2% this year.

    The government had previously set out its controversial plans for £5 billion in welfare cuts. But the OBR rejected the claim that the reforms would save that much, estimating the savings at £3.4 billion, leaving Reeves with a £1.6 billion shortfall. As such, she has had to announce additional welfare reforms.

    These include freezing the universal credit health element until 2030 and reducing it to £50 a week for new claimants. This is aimed at saving an additional £500 million by 2030 – and combined with other planned welfare reforms could affect more than 3 million people. But the standard allowance for universal credit will see an above-inflation increase from 2026-27 and the incomes of those with the most severe lifelong conditions will be protected.

    Civil service administrative budgets are also to be reduced – by 15% by 2029-30. This, along with other efficiency and productivity improvements, will lead to annual savings of £3.5 billion. These cuts will focus on areas like human resources, policy advice, and office management, rather than frontline services.

    The Civil Service could see 10,000 jobs axed.
    pxl.store/Shutterstock

    Reeves resorted to tricks and ‘efficiency savings’

    Steve Schifferes, Honorary Research Fellow, City St George’s, University of London

    Reeves has announced a series of tweaks to her spending plans to address the economic situation which has meant that she is in danger of breaking her self-imposed fiscal rules. The chancellor was at pains to say that these rules are “non-negotiable”.

    But these are unlikely to tackle the deeper problem – that in the short term she cannot rely on economic growth to square the circle of Labour’s three contradictory election pledges. These were more spending on public services, lower taxes and strict fiscal rules.

    The UK, in fact, is particularly vulnerable to the disruption of global trade that is likely to result from US president Donald Trump’s tariff wars. And the productivity gains from her long-term infrastructure plans will take years – if not a decade – to translate into higher growth.

    Like many chancellors, Reeves has resorted to various tricks – such as counting money moved to the defence budget to build tanks and aircraft as capital spending (and therefore exempt from the borrowing rules). And she has called for “efficiency savings” in the civil service and government departments that are unlikely to be realised.

    But the biggest savings are coming from deeper than expected cuts in disability payments and other welfare payments, reducing the income of more than 3 million people. This is upsetting many Labour MPs. Her big sweetener – £2 billion for social housing next year – is actually less than that already allocated by the previous Conservative government.

    Crucially, the further savings likely to be demanded in the spending review (announced on June 11) from unprotected departments including local government, justice and environment, will certainly look a lot like a return to austerity.

    In the end – and possibly as soon as the autumn budget – the chancellor will have to accept that as well as spending cuts, she will have to consider tax increases and possibly even a revision of the fiscal rules.

    Otherwise, she will remain at the mercy of the markets and the forecasters. Any long-term strategy will be strangled by the need to continually adjust policy to meet the fiscal “headroom” target she has set which leaves little room for manoeuvre. This requires an implausibly accurate prediction of the state of the economy in five years’ time by the OBR.

    More reaction to follow shortly.

    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. Spring statement: defence spending boosted as further disability benefit cuts announced – https://theconversation.com/spring-statement-defence-spending-boosted-as-further-disability-benefit-cuts-announced-253149

    MIL OSI – Global Reports –