Category: Business

  • MIL-OSI Europe: Written question – Food safety – lead and cadmium in ceramics, glass and enamelled tableware and kitchenware – E-000380/2025

    Source: European Parliament

    Question for written answer  E-000380/2025/rev.1
    to the Commission
    Rule 144
    Liesbet Sommen (PPE)

    Potentially toxic metals, such as lead, barium and cadmium, are used in ceramic and glass materials (also food contact materials, or FCMs), as well as for technical applications and in decorative pigments. Directive 84/500/EEC stipulates limit values for lead and cadmium in ceramic materials, but there is no harmonised legislation for glass materials.

    Official checks show that about 20% of the ceramic and glass samples tested release heavy metals into food in harmful quantities. The European Food Safety Authority has published opinions on the adverse health effects of those metals, which occur at levels much lower than the limits currently set.

    The Commission (DG Health and Food Safety) is drafting legislation to address this problem. Publication was scheduled for the second quarter of 2023, but has not yet taken place. In this connection:

    • 1.What is the Commission’s position on harmonised legislation for glass materials?
    • 2.When will this initiative and the accompanying impact assessment be published?

    Submitted: 28.1.2025

    Last updated: 19 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Renewal of the concession for the Autobrennero – E-000615/2025

    Source: European Parliament

    Question for written answer  E-000615/2025
    to the Commission
    Rule 144
    Gaetano Pedulla’ (The Left), Danilo Della Valle (The Left)

    The A22 motorway (the ‘Autobrennero’) is of strategic importance for mobility in Europe. It is currently operated by Autostrada del Brennero S.p.A., a primarily state-owned company whose main shareholders are local authorities. After the concession expired in 2014, its automatic renewal was blocked and a tender procedure opened to find a new concessionaire.

    The current call for tender includes a pre-emption clause for the Autobrennero. However, the terms and criteria set cast doubt on the likelihood that operational continuity of the infrastructure will be assured. There is a risk of the concession winding up in the hands of private operators, sidelining local authorities from the company’s governance.

    In light of this:

    • 1.Can the Commission state the factors it considered and procedure it followed when formulating the opinion it was asked to give on the compatibility of the right of pre-emption granted in the tender with EU principles?
    • 2.To what extent might this opinion impact the tender for the concession, and what are the possible repercussions in the event of a verdict of incompatibility with EU rules?
    • 3.Given the strategic importance of the A22 and the need to ensure that the goals of sustainable mobility, decarbonisation and the protection of public health are pursued, is there any scope for an in-house award of the concession to a fully public company?

    Submitted: 11.2.2025

    Last updated: 19 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Russian shadow fleet causing environmental risks to our waters and coastal communities – Commission should enforce EU sanctions violation law – E-000627/2025

    Source: European Parliament

    Question for written answer  E-000627/2025
    to the Commission
    Rule 144
    Gerben-Jan Gerbrandy (Renew)

    A ‘shadow fleet’ of hundreds of old, rickety tankers is shipping Russian oil, thus bypassing sanctions. Many ships in the fleet pose an environmental threat to European waters and coastal communities. Some have been involved in outright sabotage. EU-based individuals and companies have earned up to EUR 6 billion from this form of sanctions evasion. An embarrassing statistic. Sadly, the Council has been unable to act on this problem, blocked by just a small number of its members. Individual Member States in the Baltic region have had enough and are looking for ways to act on their own.

    • 1.Does the Commission agree that it can act independently of the Council of the EU, the European Council and Member States when it comes to upholding the EU’s sanctions violation law that has been in effect since 2024[1]?
    • 2.Will the Commission exclude companies and individuals profiting from sanctions violation through the shadow fleet from public procurement, tenders and contracts that involve EU funds? If not, please explain why.
    • 3.Will the Commission freeze funding for EU projects if they involve companies and/or individuals who participate in the illegal shipping of Russian oil by way of the so-called shadow fleet?

    Submitted: 11.2.2025

    • [1] OJ L, 2024/1226, 29.4.2024, ELI: http://data.europa.eu/eli/dir/2024/1226/oj.
    Last updated: 19 February 2025

    MIL OSI Europe News

  • MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Hearing On Stopping The Exploitation Of Children Online

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 19, 2025

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today delivered an opening statement during a Senate Judiciary Committee hearing entitled “Children’s Safety in the Digital Era: Strengthening Protections and Addressing Legal Gaps.” Reports of child sexual abuse material (CSAM) have exploded in recent years. Between March 2009 and February 2022, the number of victims identified in CSAM rose tenfold from 2,172 victims to more than 21,413 victims. Between 2012 and 2022, the volume of reports to the National Center for Missing & Exploited Children’s CyberTipline concerning child sexual exploitation increased from 415,650 reports to more than 32 million reports.

    Key Durbin Quotes:

    “Almost exactly two years ago, this Committee held a similar hearing where we heard from six witnesses about the harms social media does to our kids and grandkids—a mom whose son took his own life after he was bullied online; a young woman whose mental and physical health suffered as she chased the unattainable lifestyle depicted on Instagram and other apps; experts who told us how Big Tech designs their platforms to be addictive, keeping users online for longer and longer so they can be fed more targeted ads; and individuals combatting the tidal wave of child sexual abuse material, or CSAM, flowing across the internet.”

    “[Two years ago], the Committee reported five bills that would help protect kids online. This included my STOP CSAM Act and I want to thank Senator Hawley for joining me in that effort, along with bipartisan bills from Senators Graham, Blumenthal, Klobuchar, Cornyn, Blackburn, and Ossoff. These bills were reported out of this Committee unanimously. [The Committee contains] the most conservative Republicans to the most Progressive Democrats. It’s almost unheard of to pass a bill unanimously, yet we did it. Five times.”

    “Now let’s be clear, none of these bills are the silver bullet that would make the internet completely safe for our kids. But they would be significant steps toward finally holding tech companies accountable for the harms they’ve caused, the damages they’ve caused, the deaths that they’ve caused. And that’s why the tech companies opposed them as strongly as they did.”

    “So just over a year ago, I called in the CEOs of five major tech platforms—some under subpoena—to demand answers under oath. And that hearing produced results. Several companies implemented child safety improvements just days before their CEOs came to testify. And Meta CEO Mark Zuckerberg, under pressure from Senator Hawley, gave a long overdue apology to the parents his platform has hurt. But apologies and too-little-too-late reforms are simply not enough. The dozens of parents and survivors in that room and the thousands more impacted in every community across our country demand more. And I, for one, plan to follow through.”

    “I’m under no illusion that it will be easy to pass legislation to protect kids online and finally make the tech industry legally accountable for the damage they cause, but they should face the same liability [that] every other industry in America [faces]. Just last year, Big Tech and its allies in the House killed a bill—the Kids Online Safety and Privacy Act—that would have imposed a basic duty of care on tech platforms. That bill passed the Senate 91 to 3. Yet it didn’t get a vote in the House.”

    “The National Center for Missing & Exploited Children receives 100,000 reports to its CyberTipline every single day. That’s not just a statistic. Each of those reports involves a victim. It could be anything from images of a toddler being raped to a teenager being coerced, extorted, groomed, and encouraged to commit suicide. One hundred thousand reports …every single day. I hope everyone keeps that in mind as we hold this hearing. And I hope it drives them to demand that Congress finally do something.”

    Video of Durbin’s opening statement is available here.

    Audio of Durbin’s opening statement is available here.

    Footage of Durbin’s opening statement is available here for TV Stations.

    During his time as Chair, Durbin and the Committee extensively examined the plague of online child sexual exploitation through hearings, legislation, and oversight efforts. On January 31, 2024, the Committee held a hearing featuring testimony from the CEOs of social media companies Discord, Meta, Snap, TikTok, and X (formerly known as Twitter). This hearing highlighted the ongoing risk to children and the immediate need for Congress to act on the bipartisan bills reported by the Committee. Last Congress, the Committee also reported out Durbin’s STOP CSAM Act, which provides a comprehensive response to online child sexual exploitation by supporting victims and increasing accountability and transparency for online platforms. During today’s opening statement, Durbin announced he plans to re-introduce the STOP CSAM Act again this Congress.

    This week, Durbin will join U.S. Senators Lindsey Graham (R-SC), Sheldon Whitehouse (D-RI), Josh Hawley (R-MO), Amy Klobuchar (D-MN), and Marsha Blackburn (R-TN) to introduce a bill that would sunset Section 230 of the Communications Decency Act in two years.  Section 230—and the legal immunity it provides to Big Tech—has been on the books since 1996—long before social media became a part of our daily lives. To the extent this protection was ever needed, its usefulness has long since passed.

    In addition to the STOP CSAM Act, since February 2023 and under then-Chair Durbin’s leadership, the Committee unanimously reported multiple bipartisan bills to help stop the exploitation of kids online, including:

    1. The EARN IT Act, which removes Big Tech’s blanket immunity from civil and criminal liability for CSAM and establishes a National Commission on Online Child Sexual Exploitation Prevention;
    2. The SHIELD Act, which ensures that federal prosecutors have appropriate and effective tools to address the nonconsensual distribution of sexual imagery;
    3. The Project Safe Childhood Act, which modernizes the investigation and prosecution of online child exploitation crimes; and
    4. The REPORT Act, which combats the rise in online child sexual exploitation by establishing new measures to help strengthen reporting of those crimes to the CyberTipline.

    -30-

    MIL OSI USA News

  • MIL-OSI Europe: President Calviño’s interview with the Süddeutsche Zeitung

    Source: European Investment Bank

    Interview by Matthias Kolb and Alexander Mühlauer (Süddeutschen Zeitung)

    Nadia Calviño is President of the European Investment Bank (EIB), the largest promotional bank in the world. On behalf of the EU Member States, it is tasked with ensuring stability through investments within and beyond the European Union. So it’s little wonder that the former Deputy Prime Minister of Spain would attend the 61st Munich Security Conference. Shortly before the event, Calviño visited Ukrainian President Volodymyr Zelenskyy in Kyiv, signing investment agreements totalling around  €1 billion. Before beginning her interview with the Süddeutsche Zeitung, the 56-year-old wanted to get one thing straight, right from the start: Europe must realise that we are at a turning point in history.

    Something seems to have ruptured between the United States and the European Union. Trump is talking with Putin about the future of Ukraine, without the EU at the table. The US Secretary of Defense says that America will no longer guarantee security in Europe. And US Vice President J.D. Vance says the greatest risk for Europe is not Russia or China, but the alleged internal threat to freedom of expression. How shocked are you by this?

    Calviño: I’m not shocked, or even surprised. I was certain we would see a fundamental change in transatlantic relations. We Europeans need to remember where our strengths lie, stand up for our interests and defend the rules-based world order from which we have benefited so richly over the past 80 years. And the Americans even more so.

    Isn’t the new US government threatening to destroy this world order?

    I am convinced that good transatlantic relations are strategically important for both sides. We must work to create a new foundation for them. In such turbulent times, it is more important than ever for Europe to stand for stability and reliability – not just within our own borders, but also for the rest of the world. That Europe should do even more to uphold a rules-based world order is something I hear often from our partners across the globe.

    But again, do the United States pose a risk to the global order?

    It is in their interest to preserve the things that have made America great. Institutions like the World Bank, the International Monetary Fund or the World Trade Organization, which we founded together. That’s one reason the US dollar is a global reserve currency. There are many win-win situations to be had from working together, and with Europe. But the most important thing is for us to accept that the world of tomorrow is very different from the world of yesterday.

    “We are at a turning point in history.”

    The European Investment Bank is the world’s largest promotional bank. As its president, what can you do to help Europe stand the test of time in this new world?

    We are at a crucial moment in history. And at a turning point in the geopolitical order. The future will depend on the decisions we make today, and every decision counts.

    What does that mean exactly?

    Since I joined the EIB as president in 2024, I have held talks with all 27 EU Member States and our European and international partners, but also with civil society and industry. For the first time, we have set out a clear Strategic Roadmap. 2024 was a record year for us, in which the EIB signed €89 billion in financing to strengthen Europe’s competitiveness and security. These funds will go, for example, to energy infrastructure and renewable projects, to new technologies like artificial intelligence or quantum computers, and to supporting the transport and automotive industries. In 2024, we invested a record amount in energy networks. We also doubled our support for security and defence – to €1 billion – and we expect to double it again in 2025.

    At the Munich Security Conference, we kept hearing the question of where Member States could get the many billions of euros they would need to invest in their armies, including under pressure from Trump. Are they all coming to you now?

    Ursula von der Leyen has already proposed relaxing the rules under the Stability Pact so that EU countries can finance their defence spending. Olaf Scholz has similar ideas. The EIB is not a defence ministry, but there is a lot we can do to help in this area. For example, if Member States want to renovate their roads and bridges to improve military mobility, we can fund that, just like we can fund protection of critical infrastructure like submarine cables, or investments in cybersecurity. We are doing this, and are exchanging with Europe’s finance and defence ministries and with industry.

    What is the EIB financing in Germany in this domain?

    We are currently looking into 14 specific projects across Europe. In 2021, for example, we granted the Munich-based drone startup Quantum Systems a loan of €10 million. Their products are now used by the Ukrainian military, and have both civilian and military applications, so they can be supported by the EIB. The Lithuanian government has just applied to us with a proposal that we are now evaluating. It seeks financial assistance to build the base for the new German army brigade in Rūdninkai, near the border with Belarus.

    Soon 5 000 German soldiers will be permanently stationed in Lithuania, as a deterrent to Russia. Cost projections by the German Defence Ministry for this brigade are over €10 billion. Lithuania would like to invest around €1 billion in the new base. How much money could come from the EIB?

    This is a very important and demanding project, and we’ve only just started looking into the details. Another good example is the EIB support for the expansion of the Danish port in Esbjerg. Going forward, it will be better able to accommodate NATO vessels and the transport of materials for offshore wind farms.

    You just came from a visit to Ukraine. How is the EIB supporting that country?

    The trip to Ukraine was my first one outside the EU as EIB President. We are probably Ukraine’s most important investment partner, and our role is one that our partners value greatly. During my visit, we signed agreements for investment totalling around €1 billion. They will allow major Ukrainian banks to grant more loans to medium-sized companies. And with the country’s government, we have signed packages to finance infrastructure for energy, transport, water and district heating, as well as the construction of bunkers in schools and nurseries. So we are actively investing in all of the important areas for the Ukrainian people to lead normal lives, as far as possible. And, of course, we aim to strengthen the country’s resilience.

    Are you also supporting Ukraine’s defence industry?

    We support the European security and defence industry, which also helps Ukraine. In 2024 we expanded the dual-use approach, so that we can now support a wide range of projects, such as border security, cybersecurity, satellites and drones, and mine clearance.

    The CEO of the Italian arms company Leonardo recently told our reporters that Europe has one main problem: Member States spend more and more money on defence, but don’t work together enough. Is he right?

    It is clear that a common European procurement system would make us stronger and more efficient, especially when it comes to our flagship projects. And yes, I think the European Investment Bank can contribute by acting as an independent appraiser for projects. In 2024, to bring in top expertise, we signed agreements with the NATO Innovation Fund and the European Defence Agency so that we can draw on their technical knowledge in this regard.

    Is there any dispute at the EIB due to differing positions on Ukraine, with member countries like Hungary or Slovakia that have pro-Moscow governments?

    No, not at all.

    “I would never presume to tell a Member State what to do.”

    So you are president of one of the only EU institutions that aren’t divided?

    I told you that I visited the 27 Member States, and listened very carefully to them. On that basis, we drew up our strategy, which was unanimously supported. We are therefore well aligned with the EU priorities and the expectations of the Member States. There is strong support for what we are doing. Including in Ukraine.

    When it comes to Europe’s future, one word always comes up: competitiveness. What does Europe need to do to avoid falling even further behind the US and China economically?

    The different reports, for example by Enrico Letta and Mario Draghi, are quite unanimous: We need market integration, streamlining and investment. So what we need to do is clear. And I think the new Commission is willing to go in that direction. On streamlining, for example, we have teamed up with the Commission to adapt environmental reporting standards so that we can pursue the Paris Agreement and our green transformation objectives in a way that promotes the competitiveness of European industry, as well as green finance and green investment.

    How optimistic are you that Europe will finally begin to react more quickly and actually make decisions? With the capital markets union, we’ve been waiting ten years for things to finally happen. And that’s just one example of many.

    As Spain’s Minister of Finance and its Deputy Prime Minister, I saw lots of things. The euro area crisis, the COVID-19 pandemic. And I have seen how Europe can succeed: Together, we developed the vaccines, and we dealt with the crisis. With the NextGenerationEU package, Spain has made some very far-reaching reforms and, thanks to mobilising investment, it is now the best-performing economy in Europe and a driver of growth and prosperity on the continent. We succeed when we unite, act decisively, truly focus and bring all our energy together.

    In contrast to Spain and other countries, Germany’s economy has been hit hard. Many experts see the debt brake as an obstacle to further growth. What does Germany have to do for things to start looking up again?

    I would never presume to tell a Member State what to do. I simply wish for a strong Germany with a stable, pro-Europe government – because we need a strong Germany at the centre of our union.

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – EU-India relations: Time for a new boost? – 19-02-2025

    Source: European Parliament

    The European Union (EU) is seeking to strengthen its strategic partnership with India, in place since 2004. The European Commission has given a strong signal in this direction. Commission President Ursula von der Leyen announced in Davos that the first visit of the whole College of Commissioners to a third country would be to India, on 27 and 28 February 2025. The EU-India Trade and Technology Council will also meet. A joint communication on a new strategic EU-India agenda is expected in the second quarter of 2025. An EU-India summit may take place in the last quarter of 2025. The EU wants to develop its relationship with India, whose market and economic growth (including in green technology) represents a valuable opportunity for EU companies. India’s strategic geographical position in the heart of the Indo-Pacific, where about 80 % of total global trade by volume passes, makes it a key partner for maintaining the security of the region and the freedom of navigation that are crucial to EU interests. The EU is also looking to expand its circle of key partners, against a backdrop of uncertainty over transatlantic relations. India meanwhile maintains a privileged relationship with Russia and is strengthening ties with the Trump administration. The EU and India are currently negotiating a free trade agreement, an investment protection agreement and an agreement on geographical indications. They also cooperate on a wide range of policies, including security, climate and energy, connectivity, research and innovation, and space. However, as the European Parliament underlined in its report on EU-India relations in January 2024, the partnership has not yet reached its full potential. Meanwhile, the EU-India five-year roadmap to 2025 is coming to an end, creating an opportunity to continue building a strong relationship. To develop their partnership, the EU and India would need to address some challenges. In particular, on trade negotiations New Delhi considers the EU carbon border adjustment mechanism and deforestation legislation to be unfair and detrimental to domestic markets. The EU is concerned about India’s stance on Russia’s invasion of Ukraine and about its human rights situation.

    MIL OSI Europe News

  • MIL-OSI Europe: Swiss–EU agreements: Federal Council takes stock

    Source: Switzerland – Department of Economic Affairs, Education and Research

    At its meeting on 19 February 2025, the Federal Council took stock of ongoing work on the consultation draft for the package to stabilise and further develop the bilateral approach with the European Union (EU). After being briefed on the process of formally vetting the agreements, as well as on the national implementing legislation and accompanying measures, the Federal Council determined which steps to take next.

    MIL OSI Europe News

  • MIL-OSI Security: Union, Missouri Woman Accused of Embezzling from Her Employer

    Source: Office of United States Attorneys

    ST. LOUIS – A woman from Washington, Missouri has been indicted and accused of embezzling more than $100,000 from her former employer.

    Victoria Isgriggs, formerly known as Victoria Denise Missey, was indicted on February 13 with two counts of bank fraud and four counts of wire fraud. She was arrested Wednesday and is scheduled to appear in U.S. District Court in St. Louis the same day to plead not guilty.

    The indictment says Isgriggs, 44, worked at a Franklin County nursery and florist as an office manager and accountant from approximately Nov. 26, 2023, through April 29, 2024.  The indictment accuses Isgriggs of using a company bank account and company credit cards to pay personal expenses, including credit card debt, cell phone expenses, utility bills, and rent. The indictment also accuses Isgriggs of using company credit cards to make personal purchases that included luxury items and airfare.  

    The indictment seeks the forfeiture of jewelry, Christian Louboutin footwear and Louis Vuitton bags and accessories.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    The U.S. Secret Service and the Washington (Missouri) Police Department investigated the case. Assistant U.S. Attorney Jennifer Roy prosecuted the case.

    MIL Security OSI

  • MIL-OSI USA: ICYMI: Lummis Addresses Wyoming Legislature 

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis
    Cheyenne, WY — Senator Cynthia Lummis (R-WY) on Friday addressed her former colleagues in two speeches to the Wyoming House of Representatives and the Wyoming Senate.  
    Senator Lummis discussed the excitement in Washington surrounding President Trump’s agenda, important policy changes that will positively impact Wyoming, and the progress that DOGE and Elon Musk are making in rooting out waste, fraud, and abuse from within our government. 
    Click here to watch Sen. Lummis’ remarks to the Wyoming Senate
    Click here to watch Sen. Lummis’ remarks to the Wyoming House of Representatives
    Excerpts from Sen Lummis’ Wyoming Senate Remarks:
    “It’s such an honor for me to come and get to visit with you. Thank you for allowing me to serve you, and this state, in the United States Senate. It’s an absolute new day in Washington. 

    “Three hundred executive orders. One that we are all proud of is to reverse the Rock Springs Resource Management Plan (RMP), and the Buffalo RMP, there is recognition by this president that we need all sources of energy, including hydrocarbons to run this nation. 
    “Artificial intelligence is going to double the demand we have now for energy – and we don’t have enough baseload energy to meet that need. Well Wyoming does – we export about twelve times more energy than we consume. So, my office is working with AI companies to encourage them to bring their computing needs here and use our energy to produce the computer capacity to make the United States number one in AI – and keep it that way. 
    “I want you to know that I’ve invited three of our new cabinet members to Wyoming. The Senate, as they say, is so different from the U.S. House – the Senate is in the personnel business. And that’s about all we’ve done since January 20th. We’ve confirmed more cabinet members than have been confirmed by this time in recent memory. 
    “One of them, that I’ve invited to Wyoming, is EPA Director Lee Zeldin. Lee has only been to Wyoming once and it was to Teton County. So, he has yet to see the EPA’s impacts on our state. He is anxious to come and anxious to learn. I served in the U.S. House with Lee Zeldin. He is a great guy but he is from New York and our issues are somewhat different than theirs. And he wants desperately to help us through challenging permitting issues and to understand just how clean we can do hydrocarbon energy. No state can do it cleaner than we can.
    “I’ve also invited Sean Duffy, another person with whom I served with in the U.S. House, who is our Transportation Secretary. As you know, the Highway Trust Fund is heading for insolvency in about three years. Part of that is driven by the fact that electric vehicles pay no fuel taxes so the funds are depleted because there are enough vehicles on the road who are not contributing to the safety of our highways because they pay no taxes. Only those of us who drive gasoline and diesel vehicles are contributing. 
    ….
    “The other person I invited out was RFK Jr. RFK Jr. hunts in Sweetwater County and he’s hoping after a pretty grueling process that he has just completed to come out and do a little hunting in Sweetwater County. I asked if while he’s here he might consent to do a healthcare roundtable in Rock Springs. And he said, “absolutely.” 
    And so, unless the president has other plans for his time, we hope to get him this spring to Rock Springs. That is an opportunity to help him understand frontier and rural healthcare in a way that only frontier and rural areas can. 
    ….
    “We are in a new Golden Age in Washington. It’s like nothing I’ve ever seen. I got to be at the White House when President Trump signed the executive order restricting women’s sports to women. It was just a celebration. There were over a hundred women athletes behind the president on these bleachers. 
    …..
    “It’s been indescribably humbling to be there and see America back in charge – and the people back in charge of America.
    “I want to also tell you what Elon Musk is doing is incredibly important to America. He is ferreting our true waste, fraud, and abuse. And it’s shocking to see the pushback he is getting. He is auditing – he is finding where people were paid who should not have been. Government benefits, our dollars, going to people who should not have had them.
    ….
    “Mr. President – thank you for the privilege of the floor.”

    MIL OSI USA News

  • MIL-OSI USA: Ricketts Statement on Confirmation of Kelly Loeffler as Administrator of the Small Business Administration

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    February 19, 2025

    February 19, 2025
    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), issued the following statement after the confirmation of Kelly Loeffler to be Administrator of the Small Business Administration:
    “Kelly Loeffler is a strong leader who understands the vital role small businesses play in our communities. Nebraska is home to over 180,000 small businesses. I look forward to working with her to ensure that small business owners receive the support they need to thrive and continue driving our local economies forward.”

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    MIL OSI USA News

  • MIL-OSI United Kingdom: Additional dates for public Visitor Levy consultation sessions

    Source: Scotland – Highland Council

    The Highland Council has added additional dates to the series of engagement events so members of the public can take part in the current consultation process on the proposed Visitor Levy Scheme for Highland.

    Additional events are to take place in Portree and Kinlochbervie.

    The sessions that have taken place so far have been well received, with people attending to find out more about the consultation process and to ask lots of questions.

    Council Convenor Bill Lobban said: “I’d like to thank everyone who has taken up the opportunity so far to come to speak to our staff to find out more about the consultation process and to ask questions. I’m pleased to see more dates for these drop-in-events being added as we want the consultation to be as inclusive as possible, ensuring that it fairly and accurately captures opinion and feedback from across all communities.”

    The Public Library Community Drop-in Events are informal in-person drop-in sessions to chat with Council staff on the proposed Visitor Levy Scheme and ask questions about the proposal or the consultation process. Public access computers will be available on-site for members of the public to fill in the online consultation document, if required.

    Details of sessions still to take place are as follows:

    • Fort William Library – 26 February 2025, 11:00-13:00
    • Ullapool Community Library – 27 February 2025, 11:00 – 13:00
    • Brora Library – 28 February 2025, 10:30 – 12:30

    The Community Drop-in Events still to take place are:

    • Kyle of Lochalsh Service Point – 20 February 2025, 11:00 – 13:00
    • Kinlochbervie Harbour Officer – 17 March 2025 – 11.30 – 13.30

    There will also be a Community In-person Event on the Isle of Skye on Friday 14 March that will take the form of a formal presentation from Council staff on the proposed Visitor Levy Scheme followed by an opportunity to ask questions. This event will be held in the Skye Candle Visitor Centre , Portree from  2:00-3:30pm.

    Formal industry-led events to discuss the specific business-related aspects of the proposed Visitor Levy Scheme with the opportunity to ask questions about the proposal or the consultation process will also take place. Chambers of Commerce have now publicised details of these sessions that council staff will be attending, and these are also listed on the Highland Council Visitor Levy Consultation website.

    Everyone is being encouraged to regularly check the Visitor Levy Consultation website as further details are confirmed, and registration links to online events are published.

    lso on the website are helpful FAQs that have been updated recently with additional questions raised at earlier public engagement sessions.

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: A conclave on Restructuring of Real Estate Projects organised at IICA

    Source: Government of India (2)

    A conclave on Restructuring of Real Estate Projects organised at IICA

    Discussions held  around the theme “Resolving Insolvencies in Real Estate Projects”

    Development of real estate insolvency and the role of IBC in successful resolution of distressed assets in real estate sector highlighted

    Posted On: 19 FEB 2025 7:19PM by PIB Delhi

    The Post Graduate Insolvency Programme (PGIP), Indian Institute of Corporate Affairs successfully organized a conclave today at Manesar bringing together insolvency professionals, legal experts, experts from ARCs from across the country. The inaugural ceremony was graced by distinguished industry professionals including Mr. Anuj Jain, Mr. Pallav Mohapatra, Mr. Hari Hara Mishra and Dr. K.L. Dhingra, Head of the Centre of Insolvency and Bankruptcy at IICA. Dr. Dhingra highlighted the objective behind the existence of PGIP by IBBI the regulator.

    The conclave featured keynote addresses from prominent figures, including Mr. Anuj Jain and Mr. Pallav Mohapatra, discussions were centered around the theme “Resolving Insolvencies in Real Estate Projects” The keynote address mainly focused on the development of real estate insolvency and the role of IBC in shaping the successful resolution of distressed assets in the real estate sector. Mr. Mohapatra also highlighted the challenges faced by the Insolvency Professionals and the relevant skills required for sector-specific insolvency resolution.

    The panelists included various professionals from Insolvency Professional Entities, Law Firms, ARC and Academicians where leading domain experts expressed their views.

    The PGIP Conclave 2025 served as a vital platform for professionals to exchange knowledge and stay abreast of developments in the insolvency domain.

    ****

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    (Release ID: 2104806) Visitor Counter : 24

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CEPA Forum held today

    Source: Hong Kong Government special administrative region

    CEPA Forum held today
    CEPA Forum held today
    *********************

         The Hong Kong Special Administrative Region (HKSAR) Government and the Ministry of Commerce of the People’s Republic of China co-organised the Forum on the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) today (February 19). The forum aimed to familiarise business sectors with the liberalisation measures and implementation arrangements of the Amendment Agreement II signed by both sides under the CEPA framework on October 9, 2024.     The HKSAR Government would like to express sincere gratitude to the Central Government for its support for the HKSAR, with the Ministry of Commerce and relevant authorities actively responding to the HKSAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services and signing the Amendment Agreement II, enabling more Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong, and the Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce, Mr Fan Shijie, attended the forum and delivered speeches.      Over 350 people, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors, participated in the forum. The forum comprised three breakout sessions covering financial and legal services; audiovisual and telecommunications services; and other services (including construction and related engineering, medical, testing and certification, advertising, and tourism and travel related services). Representatives from over 20 central ministries and HKSAR Government bureaux and departments briefed participants at the forum on the content and implementation arrangements of the Amendment Agreement II, as well as the criteria and procedures for application for preferential treatments, and answered questions from the trade.     The Mainland and Hong Kong signed CEPA in 2003. CEPA has now been upgraded to a comprehensive and modern free trade agreement, covering four major areas, namely Trade in Goods, Trade in Services, Investment, and Economic and Technical Co-operation. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, thus making it easier for Hong Kong service suppliers and professionals to set up enterprises and develop businesses in the Mainland, as well as enabling them to make contribution to the national development of new quality productive forces and solid progress in promoting high-quality development. The Amendment Agreement II came into effect on the day of signing and will be implemented on March 1.

     
    Ends/Wednesday, February 19, 2025Issued at HKT 21:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by FS at HKCGI Annual Celebration Reception 2025 (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Chartered Governance Institute (HKCGI) Annual Celebration Reception 2025 today (February 19):

    David (President of HKCGI, Mr David Simmonds), Edith (past President of HKCGI, Ms Edith Shih), Ellie (Chief Executive of HKCGI, Ms Ellie Pang), Kelvin (Chairman of the Securities and Futures Commission, Dr Kelvin Wong), fellow members, ladies and gentlemen,

         Good evening. It is a great pleasure to join you tonight to celebrate the laudable achievements of the Hong Kong Chartered Governance Institute over the past year.

         I last joined you in October for the Institute’s landmark 75th anniversary celebration. This gathering, I’m honoured to say, carries special significance for this speaker.

         I have been fortunate in my career, blessed to have known and worked with, a great many good people and organisations – including this Institute and its members.

         As Edith just mentioned, my deep and abiding ties with the Institute go back more than 40 years now. Today, I stand here, deeply humbled, in front of so many longstanding friends and associates, as an HKCGI Prize Award recipient. And this Award is one that I accept with immense gratitude.

         Good governance has always been fundamental to our city’s success as an international financial centre. Today, it continues to serve as the bedrock of trust in our companies and stability in our financial system.
          
    From Resilience to Growth

         Last year, the theme of the Institute was “Resilience in Governance”. Over the past year, we have all witnessed Hong Kong’s remarkable resilience in face of a complex external environment. 

         For example, Hong Kong has climbed up in several prominent international rankings – as the freest economy in the world; and Asia’s number one international financial centre, and among the global top three. Our overall international competitiveness is among the world’s top five.

         We have demonstrated our enduring appeal to businesses from all over the world. Last year, the number of Mainland and overseas companies with presence in Hong Kong jumped by 10 per cent, reaching nearly 10 000. The total number of companies in Hong Kong also reached an all-time high of 1.46 million.

         And our capital market is gaining momentum again, signified by higher liquidity and a more vibrant IPO (initial public offering) market, raising funds of more than $87 billion last year and ranking fourth globally. Our stock market surged by some 18 per cent, with an average daily turnover reaching $132 billion last year, an increase of around 26 per cent from a year earlier. The optimism here is marked by another recent boom in the stock market.

         This year, the world will look no less complex. The dynamics of the global economy are rapidly changing. Geo-economic fragmentation fuelled by protectionism and unilateralism, higher-for-longer interest rates, disruptive technologies and climate change are among the predominant forces and challenges reshaping businesses and financial markets everywhere.

         Your strategic theme for 2025, “Governance for Growth”, could not be more timely, for we all look for strategies to find new growth impetus in changing times.

         Hong Kong is a small and externally-oriented economy. Our prosperity has long hinged on our connectivity with both the Mainland and the rest of the world. Navigating changes and challenges has long been our strength.

         Geopolitics present both challenges and opportunities. With the staunch support from our country, and with our resilience, agility and versatility, we have all the good reasons to stay confident.

         For example, in response to geopolitics, many Mainland enterprises see the need to redirect their manufacturing capacity and capabilities overseas, particularly the Global South, including Southeast Asia. With the realignment of the global industrial and supply chains, they need a wide range of financial, high value-added professional and consulting services. Also significant to their businesses are trade financing, corporate treasury and logistics management services, as well as advice on compliance with regional and international standards and practices.

         As an international financial centre, home to global capital, top-notch talent and world-class professional services providers with extensive international connections, Hong Kong is where they want to be to realise their global ambitions. We are encouraging these companies go global using Hong Kong as a platform, by establishing their regional and international headquarters, corporate treasury centres and even R&D (research and development) hubs in the city.

         All the more so, Hong Kong will continue to be a popular destination for such companies to raise capital to support their expansion plans. With the staunch support from the Central Authorities, Hong Kong is working to bring more leading Mainland companies to our stock exchange. The market is optimistic about our IPOs this year. Indeed, more than 100 companies are in the waiting line. Besides, more than the stock market, the full suite of fund-raising options, from angel investments, private equity and venture capital to alternative financing, are at the service of companies at different stages.
          
    Governance for success

         Ladies and gentlemen, governance professionals will be at the core of all these new and exciting developments. More than beneficiaries, by ensuring that businesses embrace good governance as a driver of long-term success and prosperity, you contribute to the high integrity and reputation of Hong Kong as an international financial centre.

         This is an important mission. For that, I am grateful to the HKCGI – to each and every one of you – for your great work.

         Once again, allow me to tell you how deeply honoured I am to receive this award from the Institute – from you, friends and colleagues, believers in Hong Kong, all.

         I wish you the best of business and health in this promising Year of the Snake. Thank you very much.      

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Governor McKee, Rhode Island Commerce Launch New Grant Program to Increase Workforce Development in Ocean Tech Hub Industries

    Source: US State of Rhode Island

    Published on Wednesday, February 19, 2025

    PROVIDENCE, RI — Today, Governor Dan McKee and Rhode Island Commerce launched the Blue Youth Innovation Grant program — a collaboration between Rhode Island Commerce, the RI Department of Labor and Training, and the Community College of Rhode Island — to increase student interest and skills in careers that support industries critical to the success of the Ocean Tech Hub. The Blue Youth Innovation Grant seeks to prepare at least 100 students for future learning and employment in up-and-coming industries critical to our national and regional economic development and security.

    “Through programs like the Blue Youth Innovation Grant, we are charting a course toward a brighter and more prosperous future for Rhode Islanders through education,” said Governor Dan McKee. “Helping to advance the Ocean Tech Hub and our blue economy will help raise incomes and lead to greater economic prosperity.”

    The Ocean Tech Hub was one of 31 initiatives to receive a Tech Hub designation by the Biden-Harris Administration in 2023. Its mission is to advance national and regional economic development, security, and environmental sustainability through innovative ocean technology. Core industries that support the Ocean Tech Hub include robotics, sensors, advanced materials, composites, and artificial intelligence/machine learning, with a focus on undersea applications.

    The Blue Youth Innovation Grant is open to Rhode Island public high schools (including traditional local education districts, charter schools, and career and technical schools), Rhode Island-accredited higher education institutions, and Rhode Island-based employers (employers with at least 51% of employees working in Rhode Island and who are registered with the RI Secretary of State). 

    Funds can be used to:

    • Establish partnerships.
    • Hire coordinators.
    • Compensate instructors.
    • Purchase materials.
    • Develop coursework.
    • Cover additional instructional, coordination, and related expenses.

    “Rhode Island is the Ocean State, and any investment in our blue economy is an investment in our future,” said Secretary of Commerce Liz Tanner. “Creating the workforce of tomorrow starts in the classroom, and the Blue Youth Innovation Grant will help students, schools, and businesses adapt and innovate to ensure Rhode Island is the leader in ocean technology.”

    “This grant is an exciting investment in the state’s evolving blue economy,” said Director of RI Department of Labor & Training, Matthew Weldon. “By equipping students and workers with the skills needed for ocean technology careers, we are building a strong talent pipeline that will land good jobs in the fast-growing sector and ensure the long-term success of our Ocean Tech Hub.”

    “CCRI is proud to partner in this initiative to expand opportunities for students in Rhode Island’s growing ocean technology sector. As the state’s largest provider of workforce education, we are committed to equipping students with the skills and knowledge needed to thrive in these high-demand industries. The Blue Youth Innovation Grant will help strengthen the pipeline from education to employment, ensuring that Rhode Islanders are at the forefront of innovation in the blue economy,” added Rosemary A. Costigan, Ph.D., RN, interim president of CCRI.

    The deadline to apply is Friday, March 28, 2025.

    For more information on eligibility requirements and where to apply, click here.

    For more information on the Ocean Tech Hub, click here.

    MIL OSI USA News

  • MIL-OSI Global: Canadian flight attendants are pushing for fair ground pay amid union negotiations

    Source: The Conversation – Canada – By Kenneth Haggett, Master’s Student, Women and Gender Studies, Saint Mary’s University

    Canadian flight attendants and their union, CUPE’s airline division, have faced chronic workplace issues for the past four decades. Notably, their union has been pushing the federal government and airlines for equitable pay since 2022.

    A key development came in June 2024 when Conservative MP Lianne Rood proposed Bill C-409 to the House of Commons, which would compensate attendants for training and ground time, which includes tasks like aircraft preparation, boarding, deplaning and safety demonstrations.

    However, the Conservative Party of Canada did not consult with CUPE’s airline division in tabling Bill C-409, and CUPE has expressed their uncertainty regarding the Conservative Party’s support.

    In October 2024, NDP MP Bonita Zarrillo tabled Bill C-415, which goes further by requiring attendants to be paid for all hours worked at their full rate of pay. CUPE and the NDP Party have collaborated to push for this bill.

    The issue of unpaid ground time first gained media attention in May 2022 but has been a long-standing concern among flight attendants.

    Industry labour issues

    Flight attendants in Canada work approximately 35 uncompensated hours per month, according to CUPE Airline Division President Wesley Lesosky.

    Attendants are only paid while the aircraft is in the air, meaning ground tasks and delays are unpaid. Flight attendants may work a 10- to 12-hour shift, but only be paid for six to eight hours.

    In the past, attendants were compensated well enough to cover ground duties, but stagnant wages and the current cost-of-living crisis in Canada have left attendants poorly compensated.

    Though the union primarily focuses on organizational inequities resulting in unpaid ground time, flight delays are a major cause of such extended, unpaid hours by prolonging attendants’ duty time.

    While some negotiations have been reported between airlines and the union, such as Air Transat and Air Canada, few deals have been made, leaving flight attendants uncompensated for ground duties.

    Unions mobilize against unpaid ground time

    To call public attention to the issue, the union staged demonstrations in April 2023 and May 2024.

    While the union has sought to avoid taking strike measures — likely due to non-strike provisions in collective agreements — it could legally take job action after March 31 if negotiations fail. Union members could then vote to strike.

    CUPE’s airline division began to renegotiate union agreements with Air Canada in mid-December, ahead of the March 2025 contract expiration. The union’s primary focus is to make better bargains with employers surrounding unpaid ground time. Ideally, new agreements would compensate flight attendants for all hours worked, not simply time spent in the air.

    A Feb. 3 update from the union reveals that, while negotiations are steadily progressing, the process remains lengthy and complex. To strengthen its position, the union has commissioned legal and research professionals to aid in the negotiation of benefits, pensions, wage increases and scheduling changes, among others.

    As sociologists focusing on labour relations, we conducted a literature review on historical trends within the Canadian airline industry, digging deeper into structural issues leading to unpaid ground time.

    Our research has found that the neoliberal shifts of the 1980s are a major determinant of attendants’ deteriorating working conditions. Over time, rising corporate austerity has placed attendants’ wages on the back burner.

    Structural roots of unpaid ground time

    The issue of unpaid ground time is not an isolated issue in the airline industry, but a byproduct of broader economic and labour trends.

    Our findings highlight how neoliberal economic policies — particularly the wave of deregulation and privatization in the 1980s — have strengthened corporate power while weakening unions’ bargaining capacity.

    Founded in 1948, Canada’s first flight attendant union, the Canadian Air Line Flight Attendants’ Association (CALFAA), focused on addressing attendants’ health, safety and wage concerns.

    But with the neoliberal push to deregulate and privatize the industry, CALFAA’s challenges were amplified. In response, CALFAA voted to merge with CUPE — Canada’s leading union — to extend their influence, becoming CUPE’s airline division.

    Yet the growing emphasis on corporate profit continues to erode union power to secure and maintain fair pay and equitable workplace standards. Bargaining processes have become increasingly difficult, with arbitrators often favouring corporate interests.

    State-imposed anti-strike provisions from previous years have curtailed unions’ ability to strike against unfair conditions. Successful airline lobbying has also threatened workplace safety, as indicated in a 2015 case of pilot duty time.

    As airlines continue to compete in a “race to the bottom” to minimize expenses and maximize profit, flight attendants continue to face unpaid labour issues. Federally supported through bailouts and bankruptcy protections, airlines have been pandered to at the expense of airline workers.

    A lack of state and corporate response to the issue at hand indicates the prioritization of austerity over Canadian flight attendants’ financial well-being. Without meaningful policy changes, key issues like unpaid ground time will remain chronically neglected.

    Looking ahead

    Though unpaid ground time is presented as the major issue within the workplace, the extensive, unpaid labour required of flight attendants can lead to poorer mental health, chronic fatigue and other health concerns that pose risks due to their impact on attendants’ ability to perform safety duties.

    With contract negotiations underway, CUPE’s airline division has an opportunity to push for better working conditions and pay structures that reflect all hours worked.

    Canadian airlines must address the issue of unpaid labour and, ultimately, implement more equitable workplace standards for flight attendants.

    Whether airlines and the federal government will indeed act on these demands remains to be seen. Yet the growing pressure from unions and political figures suggests the fight for fair pay is far from over.

    Lauren Cormier, an undergraduate student in sociology at Trent University, co-authored this article.

    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. Canadian flight attendants are pushing for fair ground pay amid union negotiations – https://theconversation.com/canadian-flight-attendants-are-pushing-for-fair-ground-pay-amid-union-negotiations-238959

    MIL OSI – Global Reports

  • MIL-OSI USA: Hoeven: Howard Lutnick Confirmed as Commerce Secretary

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    02.18.25
    WASHINGTON – Senator John Hoeven issued the following statement after the Senate confirmed Howard Lutnick to serve as Secretary of Commerce:
    “We congratulate Secretary Howard Lutnick on his confirmation. During the confirmation process, he committed to increase our nation’s competitiveness and bring supply chains back to the U.S. Secretary Lutnick will play a vital role as President Trump negotiates better trade agreements, with the goal of securing better trade terms for American farmers, ranchers and producers on a long term basis. We look forward to working with him to increase trade, grow our economy and make our nation more competitive.”

    MIL OSI USA News

  • MIL-OSI Security: #StopRansomware: Ghost (Cring) Ransomware

    Source: US Department of Homeland Security

    Summary

    Note: This joint Cybersecurity Advisory is part of an ongoing #StopRansomware effort to publish advisories for network defenders that detail various ransomware variants and ransomware threat actors. These #StopRansomware advisories include recently and historically observed tactics, techniques, and procedures (TTPs) and indicators of compromise (IOCs) to help organizations protect against ransomware. Visit stopransomware.gov to see all #StopRansomware advisories and to learn more about other ransomware threats and no-cost resources.

    The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) are releasing this joint advisory to disseminate known Ghost (Cring)—(“Ghost”)—ransomware IOCs and TTPs identified through FBI investigation as recently as January 2025.

    Beginning early 2021, Ghost actors began attacking victims whose internet facing services ran outdated versions of software and firmware. This indiscriminate targeting of networks containing vulnerabilities has led to the compromise of organizations across more than 70 countries, including organizations in China. Ghost actors, located in China, conduct these widespread attacks for financial gain. Affected victims include critical infrastructure, schools and universities, healthcare, government networks, religious institutions, technology and manufacturing companies, and numerous small- and medium-sized businesses.

    Ghost actors rotate their ransomware executable payloads, switch file extensions for encrypted files, modify ransom note text, and use numerous ransom email addresses, which has led to variable attribution of this group over time. Names associated with this group include Ghost, Cring, Crypt3r, Phantom, Strike, Hello, Wickrme, HsHarada, and Rapture. Samples of ransomware files Ghost used during attacks are: Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe.

    Ghost actors use publicly available code to exploit Common Vulnerabilities and Exposures (CVEs) and gain access to internet facing servers. Ghost actors exploit well known vulnerabilities and target networks where available patches have not been applied.

    The FBI, CISA, and MS-ISAC encourage organizations to implement the recommendations in the Mitigations section of this advisory to reduce the likelihood and impact of Ghost ransomware incidents.

    Download the PDF version of this report:

    For a downloadable copy of IOCs, see:

    Technical Details

    Note: This advisory uses the MITRE ATT&CK® Matrix for Enterprise framework, version 16.1. See the MITRE ATT&CK Tactics and Techniques section of this advisory for a table of the threat actors’ activity mapped to MITRE ATT&CK tactics and techniques.

    Initial Access

    The FBI has observed Ghost actors obtaining initial access to networks by exploiting public facing applications that are associated with multiple CVEs [T1190]. Their methodology includes leveraging vulnerabilities in Fortinet FortiOS appliances (CVE-2018-13379), servers running Adobe ColdFusion (CVE-2010-2861 and CVE-2009-3960), Microsoft SharePoint (CVE-2019-0604), and Microsoft Exchange (CVE-2021-34473CVE-2021-34523, and CVE-2021-31207— commonly referred to as the ProxyShell attack chain).

    Execution

    Ghost actors have been observed uploading a web shell [T1505.003] to a compromised server and leveraging Windows Command Prompt [T1059.003] and/or PowerShell [T1059.001] to download and execute Cobalt Strike Beacon malware [T1105] that is then implanted on victim systems. Despite Ghost actors’ malicious implementation, Cobalt Strike is a commercially available adversary simulation tool often used for the purposes of testing an organization’s security controls.

    Persistence

    Persistence is not a major focus for Ghost actors, as they typically only spend a few days on victim networks. In multiple instances, they have been observed proceeding from initial compromise to the deployment of ransomware within the same day. However, Ghost actors sporadically create new local [T1136.001] and domain accounts [T1136.002] and change passwords for existing accounts [T1098]. In 2024, Ghost actors were observed deploying web shells [T1505.003] on victim web servers.

    Privilege Escalation

    Ghost actors often rely on built in Cobalt Strike functions to steal process tokens running under the SYSTEM user context to impersonate the SYSTEM user, often for the purpose of running Beacon a second time with elevated privileges [T1134.001].

    Ghost actors have been observed using multiple open-source tools in an attempt at privilege escalation through exploitation [T1068] such as “SharpZeroLogon,” “SharpGPPPass,” “BadPotato,” and “GodPotato.” These privilege escalation tools would not generally be used by individuals with legitimate access and credentials. 

    See Table 1 for a descriptive listing of tools.

    Credential Access

    Ghost actors use the built in Cobalt Strike function “hashdump” or Mimikatz [T1003] to collect passwords and/or password hashes to aid them with unauthorized logins and privilege escalation or to pivot to other victim devices.

    Defense Evasion

    Ghost actors used their access through Cobalt Strike to display a list of running processes [T1057] to determine which antivirus software [T1518.001] is running so that it can be disabled [T1562.001]. Ghost frequently runs a command to disable Windows Defender on network connected devices. Options used in this command are: Set-MpPreference -DisableRealtimeMonitoring 1 -DisableIntrusionPreventionSystem 1 -DisableBehaviorMonitoring 1 -DisableScriptScanning 1 -DisableIOAVProtection 1 -EnableControlledFolderAccess Disabled -MAPSReporting Disabled -SubmitSamplesConsent NeverSend.

    Discovery

    Ghost actors have been observed using other built-in Cobalt Strike commands for domain account discovery [T1087.002], open-source tools such as “SharpShares” for network share discovery [T1135], and “Ladon 911” and “SharpNBTScan” for remote systems discovery [T1018]. Network administrators would be unlikely to use these tools for network share or remote systems discovery.

    Lateral Movement

    Ghost actors used elevated access and Windows Management Instrumentation Command-Line (WMIC) [T1047] to run PowerShell commands on additional systems on the victim network— often for the purpose of initiating additional Cobalt Strike Beacon infections. The associated encoded string is a base 64 PowerShell command that always begins with: powershell -nop -w hidden -encodedcommand JABzAD0ATgBlAHcALQBPAGIAagBlAGMAdAAgAEkATwAuAE0AZQBtAG8AcgB5AFMAdAByAGUAYQBtACgALABbAEMAbwBuAHYAZQByAHQAXQA6ADoARgByAG8AbQBCAGEAcwBlADYANABTAHQAcgBpAG4AZwAoACIA… [T1132.001][T1564.003].

    This string decodes to “$s=New-Object IO.MemoryStream(,[Convert]::FromBase64String(“” and is involved with the execution of Cobalt Strike in memory on the target machine.

    In cases where lateral movement attempts are unsuccessful, Ghost actors have been observed abandoning an attack on a victim.

    Exfiltration

    Ghost ransom notes often claim exfiltrated data will be sold if a ransom is not paid. However, Ghost actors do not frequently exfiltrate a significant amount of information or files, such as intellectual property or personally identifiable information (PII), that would cause significant harm to victims if leaked. The FBI has observed limited downloading of data to Cobalt Strike Team Servers [T1041]. Victims and other trusted third parties have reported limited uses of Mega.nz [T1567.002] and installed web shells for similar limited data exfiltration. Note: The typical data exfiltration is less than hundreds of gigabytes of data.

    Command and Control

    Ghost actors rely heavily on Cobalt Strike Beacon malware and Cobalt Strike Team Servers for command and control (C2) operations, which function using hypertext transfer protocol (HTTP) and hypertext transfer protocol secure (HTTPS) [T1071.001]. Ghost rarely registers domains associated with their C2 servers. Instead, connections made to a uniform resource identifier (URI) of a C2 server, for the purpose of downloading and executing Beacon malware, directly reference the C2 server’s IP address. For example, http://xxx.xxx.xxx.xxx:80/Google.com where xxx.xxx.xxx.xxx represents the C2 server’s IP address.

    For email communication with victims, Ghost actors use legitimate email services that include traffic encryption features. [T1573] Some examples of emails services that Ghost actors have been observed using are Tutanota, Skiff, ProtonMail, Onionmail, and Mailfence.

    Note: Table 2 contains a list of Ghost ransom email addresses.

    Impact and Encryption

    Ghost actors use Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe, which are all ransomware executables that share similar functionality. Ghost variants can be used to encrypt specific directories or the entire system’s storage [T1486]. The nature of executables’ operability is based on command line arguments used when executing the ransomware file. Various file extensions and system folders are excluded during the encryption process to avoid encrypting files that would render targeted devices inoperable.

    These ransomware payloads clear Windows Event Logs [T1070.001], disable the Volume Shadow Copy Service, and delete shadow copies to inhibit system recovery attempts [T1490]. Data encrypted with Ghost ransomware variants cannot be recovered without the decryption key. Ghost actors hold the encrypted data for ransom and typically demand anywhere from tens to hundreds of thousands of dollars in cryptocurrency in exchange for decryption software [T1486].

    The impact of Ghost ransomware activity varies widely on a victim-to-victim basis. Ghost actors tend to move to other targets when confronted with hardened systems, such as those where proper network segmentation prevents lateral moment to other devices.

    Indicators of Compromise (IOC)

    Table 1 lists several tools and applications Ghost actors have used for their operations. The use of these tools and applications on a network should be investigated further.

    Note: Authors of these tools generally state that they should not be used in illegal activity.

    Table 1: Tools Leveraged by Ghost Actors
    Name Description Source
    Cobalt Strike Cobalt Strike is penetration testing software. Ghost actors  use an unauthorized version of Cobalt Strike. N/A
    IOX Open-source proxy, used to establish a reverse proxy to a Ghost C2 server from an internal victim device. github[.]com/EddieIvan01/iox
    SharpShares.exe SharpShares.exe is used to enumerate accessible network shares in a domain. Ghost actors use this primarily for host discovery. github[.]com/mitchmoser/SharpShares
    SharpZeroLogon.exe SharpZeroLogon.exe attempts to exploit CVE-2020-1472 and is run against a target Domain Controller. github[.]com/leitosama/SharpZeroLogon
    SharpGPPPass.exe SharpGPPPass.exe attempts to exploit CVE-2014-1812 and targets XML files created through Group Policy Preferences that may contain passwords. N/A
    SpnDump.exe SpnDump.exe is used to list service principal name identifiers, which Ghost actors use for service and hostname enumeration. N/A
    NBT.exe A compiled version of SharpNBTScan, a NetBIOS scanner. Ghost actors use this tool for hostname and IP address enumeration. github[.]com/BronzeTicket/SharpNBTScan
    BadPotato.exe BadPotato.exe is an exploitation tool used for privilege escalation. github[.]com/BeichenDream/BadPotato
    God.exe God.exe is a compiled version of GodPotato and is used for privilege escalation. github[.]com/BeichenDream/GodPotato
    HFS (HTTP File Server) A portable web server program that Ghost actors use to host files for remote access and exfiltration. rejitto[.]com/hfs
    Ladon 911 A multifunctional scanning and exploitation tool, often used by Ghost actors with the MS17010 option to scan for SMB vulnerabilities associated with CVE-2017-0143 and CVE-2017-0144. github[.]com/k8gege/Ladon
    Web Shell A backdoor installed on a web server that allows for the execution of commands and facilitates persistent access. Slight variation of github[.]com/BeichenDream/Chunk-Proxy/blob/main/proxy.aspx
    Table 2: MD5 File Hashes Associated with Ghost Ransomware Activity
    File name MD5 File Hash
    Cring.exe c5d712f82d5d37bb284acd4468ab3533
    Ghost.exe

    34b3009590ec2d361f07cac320671410

    d9c019182d88290e5489cdf3b607f982

    ElysiumO.exe

    29e44e8994197bdb0c2be6fc5dfc15c2

    c9e35b5c1dc8856da25965b385a26ec4

    d1c5e7b8e937625891707f8b4b594314

    Locker.exe ef6a213f59f3fbee2894bd6734bbaed2
    iex.txt, pro.txt (IOX) ac58a214ce7deb3a578c10b97f93d9c3
    x86.log (IOX)

    c3b8f6d102393b4542e9f951c9435255

    0a5c4ad3ec240fbfd00bdc1d36bd54eb

    sp.txt (IOX) ff52fdf84448277b1bc121f592f753c5
    main.txt (IOX) a2fd181f57548c215ac6891d000ec6b9
    isx.txt (IOX) 625bd7275e1892eac50a22f8b4a6355d
    sock.txt (IOX) db38ef2e3d4d8cb785df48f458b35090

    Ransom Email Addresses

    Table 3 is a subset of ransom email addresses that have been included in Ghost ransom notes.

    Table 3: Ransom Email Addresses
    Email Addresses
    asauribe@tutanota.com ghostbackup@skiff.com rainbowforever@tutanota.com
    cringghost@skiff.com ghosts1337@skiff.com retryit1998@mailfence.com
    crptbackup@skiff.com ghosts1337@tuta.io retryit1998@tutamail.com
    d3crypt@onionmail.org ghostsbackup@skiff.com rsacrpthelp@skiff.com
    d3svc@tuta.io hsharada@skiff.com rsahelp@protonmail.com
    eternalnightmare@tutanota.com just4money@tutanota.com sdghost@onionmail.org
    evilcorp@skiff.com kellyreiff@tutanota.com shadowghost@skiff.com
    fileunlock@onionmail.org kev1npt@tuta.io shadowghosts@tutanota.com
    fortihooks@protonmail.com lockhelp1998@skiff.com summerkiller@mailfence.com
    genesis1337@tutanota.com r.heisler@skiff.com summerkiller@tutanota.com
    ghost1998@tutamail.com rainbowforever@skiff.com webroothooks@tutanota.com

    Ransom Notes

    Starting approximately in August 2024, Ghost actors began using TOX IDs in ransom notes as an alternative method for communicating with victims. For example: EFE31926F41889DBF6588F27A2EC3A2D7DEF7D2E9E0A1DEFD39B976A49C11F0E19E03998DBDA and E83CD54EAAB0F31040D855E1ED993E2AC92652FF8E8742D3901580339D135C6EBCD71002885B.

    MITRE ATT&CK Tactics and Techniques

    See Table 4 to Table 13 for all referenced threat actor tactics and techniques in this advisory. For assistance with mapping malicious cyber activity to the MITRE ATT&CK framework, version 16.1, see CISA and MITRE ATT&CK’s Best Practices for MITRE ATT&CK Mapping and CISA’s Decider Tool.

    Table 4: Initial Access
    Technique Title  ID Use
    Exploit Public-Facing Application T1190 Ghost actors exploit multiple vulnerabilities in public-facing systems to gain initial access to servers.
    Table 5: Execution
    Technique Title  ID Use
    Windows Management Instrumentation T1047 Ghost actors abuse WMI to run PowerShell scripts on other devices, resulting in their infection with Cobalt Strike Beacon malware.
    PowerShell T1059.001 Ghost actors use PowerShell for various functions including to deploy Cobalt Strike.
    Windows Command Shell T1059.003 Ghost actors use the Windows Command Shell to download malicious content on to victim servers.
    Table 6: Persistence
    Technique Title  ID Use
    Account Manipulation T1098 Ghost actors change passwords for already established accounts.
    Local Account T1136.001 Ghost actors create new accounts or makes modifications to local accounts.
    Domain Account T1136.002 Ghost actors create new accounts or makes modifications to domain accounts.
    Web Shell T1505.003 Ghost actors upload web shells to victim servers to gain access and for persistence.
    Table 7: Privilege Escalation
    Technique Title  ID Use
    Exploitation for Privilege Escalation T1068 Ghost actors use a suite of open source tools in an attempt to gain elevated privileges through exploitation of vulnerabilities.
    Token Impersonation/Theft T1134.001 Ghost actors use Cobalt Strike to steal process tokens of processes running at a higher privilege.
    Table 8: Defense Evasion
    Technique Title  ID Use
    Application Layer Protocol: Web Protocols T1071.001 Ghost actors use HTTP and HTTPS protocols while conducting C2 operations. 
    Impair Defenses: Disable or Modify Tools T1562.001 Ghost actors disable antivirus products.
    Hidden Window T1564.003 Ghost actors use PowerShell to conceal malicious content within legitimate appearing command windows.
    Table 9: Credential Access
    Technique Title  ID Use
    OS Credential Dumping T1003 Ghost actors use Mimikatz and the Cobalt Strike “hashdump” command to collect passwords and password hashes.
    Table 10: Discovery
    Technique Title  ID Use
    Remote System Discovery T1018 Ghost actors use tools like Ladon 911 and ShapNBTScan for remote systems discovery.
    Process Discovery T1057 Ghost actors run a ps command to list running processes on an infected device.
    Domain Account Discovery T1087.002 Ghost actors run commands such as net group “Domain Admins” /domain to discover a list of domain administrator accounts.
    Network Share Discovery T1135 Ghost actors use various tools for network share discovery for the purpose of host enumeration.
    Software Discovery T1518 Ghost actors use their access to determine which antivirus software is running.
    Security Software Discovery T1518.001 Ghost actors run Cobalt Strike to enumerate running antivirus software.
    Table 11: Exfiltration
    Technique Title  ID Use
    Exfiltration Over C2 Channel T1041 Ghost actors use both web shells and Cobalt Strike to exfiltrate limited data.
    Exfiltration to Cloud Storage T1567.002 Ghost actors sometimes use legitimate cloud storage providers such as Mega.nz for malicious exfiltration operations.
    Table 12: Command and Control
    Technique Title  ID Use
    Web Protocols T1071.001 Ghost actors use Cobalt Strike Beacon malware and Cobalt Strike Team Servers which communicate over HTTP and HTTPS.
    Ingress Tool Transfer T1105 Ghost actors use Cobalt Strike Beacon malware to deliver ransomware payloads to victim servers.
    Standard Encoding T1132.001 Ghost actors use PowerShell commands to encode network traffic which reduces their likelihood of being detected during lateral movement.
    Encrypted Channel T1573 Ghost actors use encrypted email platforms to facilitate communications. 
    Table 13: Impact
    Technique Title  ID Use
    Data Encrypted for Impact T1486 Ghost actors use ransomware variants Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe to encrypt victim files for ransom.
    Inhibit System Recovery T1490 Ghost actors delete volume shadow copies.

    Mitigations

    The FBI, CISA, and MS-ISAC recommend organizations reference their #StopRansomware Guide and implement the mitigations below to improve cybersecurity posture on the basis of the Ghost ransomware activity. These mitigations align with the Cross-Sector Cybersecurity Performance Goals (CPGs) developed by CISA and the National Institute of Standards and Technology (NIST). The CPGs provide a minimum set of practices and protections that CISA and NIST recommend all organizations implement. CISA and NIST based the CPGs on existing cybersecurity frameworks and guidance to protect against the most common and impactful threats, tactics, techniques, and procedures. Visit CISA’s CPGs webpage for more information on the CPGs, including additional recommended baseline protections.

    • Maintain regular system backups that are known-good and stored offline or are segmented from source systems [CPG 2.R]. Ghost ransomware victims whose backups were unaffected by the ransomware attack were often able to restore operations without needing to contact Ghost actors or pay a ransom.
    • Patch known vulnerabilities by applying timely security updates to operating systems, software, and firmware within a risk-informed timeframe [CPG 1.E].
    • Segment networks to restrict lateral movement from initial infected devices and other devices in the same organization [CPG 2.F].
    • Require Phishing-Resistant MFA for access to all privileged accounts and email services accounts.
    • Train users to recognize phishing attempts.
    • Monitor for unauthorized use of PowerShell. Ghost actors leverage PowerShell for malicious purposes, although it is often a helpful tool that is used by administrators and defenders to manage system resources. For more information, visit NSA and CISA’s joint guidance on PowerShell best practices.
      • Implement the principle of least privilege when granting permissions so that employees who require access to PowerShell are aligned with organizational business requirements.
    • Implement allowlisting for applications, scripts, and network traffic to prevent unauthorized execution and access [CPG 3.A].
    • Identify, alert on, and investigate abnormal network activity. Ransomware activity generates unusual network traffic across all phases of the attack chain. This includes running scans to discover other network connected devices, running commands to list, add, or alter administrator accounts, using PowerShell to download and execute remote programs, and running scripts not usually seen on a network. Organizations that can successfully identify and investigate this activity are better able to interrupt malicious activity before ransomware is executed [CPG 3.A].
      • Ghost actors run a significant number of commands, scripts, and programs that IT administrators would have no legitimate reason for running. Victims who have identified and responded to this unusual behavior have successfully prevented Ghost ransomware attacks.
    • Limit exposure of services by disabling unused ports such as, RDP 3398, FTP 21, and SMB 445, and restricting access to essential services through securely configured VPNs or firewalls.
    • Enhance email security by implementing advanced filtering, blocking malicious attachments, and enabling DMARC, DKIM, and SPF to prevent spoofing [CPG 2.M].

    Validate Security Controls

    In addition to applying mitigations, the FBI, CISA, and MS-ISAC recommend exercising, testing, and validating your organization’s security program against the threat behaviors mapped to the MITRE ATT&CK for Enterprise framework in this advisory.

    To get started:

    1. Select an ATT&CK technique described in this advisory (see Table 3 to Table 13).
    2. Align your security technologies against the technique.
    3. Test your technologies against the technique.
    4. Analyze your detection and prevention technologies’ performance.
    5. Repeat the process for all security technologies to obtain a set of comprehensive performance data.
    6. Tune your security program, including people, processes, and technologies, based on the data generated by this process.

    Reporting

    Your organization has no obligation to respond or provide information back to the FBI in response to this joint advisory. If, after reviewing the information provided, your organization decides to provide information to the FBI, reporting must be consistent with applicable state and federal laws.

    The FBI is interested in any information that can be shared, to include logs showing communication to and from foreign IP addresses, a sample ransom note, communications with threat actors, Bitcoin wallet information, and/or decryptor files.

    Additional details of interest include a targeted company point of contact, status and scope of infection, estimated loss, operational impact, date of infection, date detected, initial attack vector, and host and network-based indicators.

    The FBI, CISA, and MS-ISAC do not encourage paying ransom as payment does not guarantee victim files will be recovered. Furthermore, payment may also embolden adversaries to target additional organizations, encourage other criminal actors to engage in the distribution of ransomware, and/or fund illicit activities. Regardless of whether you or your organization have decided to pay the ransom, the FBI and CISA urge you to promptly report ransomware incidents to FBI’s Internet Crime Complain Center (IC3), a local FBI Field Office, or CISA via the agency’s Incident Reporting System or its 24/7 Operations Center (report@cisa.gov) or by calling 1-844-Say-CISA (1-844-729-2472).

    Disclaimer

    The information in this report is being provided “as is” for informational purposes only. The FBI, CISA, and MS-ISAC do not endorse any commercial entity, product, company, or service, including any entities, products, or services linked within this document. Any reference to specific commercial entities, products, processes, or services by service mark, trademark, manufacturer, or otherwise, does not constitute or imply endorsement, recommendation, or favoring by the FBI, CISA, and the MS-ISAC.

    Version History

    February 19, 2025: Initial version.

    MIL Security OSI

  • MIL-OSI: HUB Technology Solutions Acquires Synchena Consulting’s IT Division to Expand Service

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Feb. 19, 2025 (GLOBE NEWSWIRE) — HUB Technology Solutions Ltd., a leading provider of managed IT services and technology solutions in Manitoba, is pleased to announce the acquisition of the IT division of Synchena Consulting Inc., a professional consulting firm specializing in Geographic Information Systems (GIS) and IT services. This strategic acquisition strengthens HUB’s position as a premier IT partner for businesses and municipal government in Manitoba.

    Integrating Synchena’s IT division into HUB Technology Solutions will allow HUB to expand its service offerings and provide enhanced client support. Synchena’s IT division complements HUB’s existing portfolio, which includes managed IT services, cybersecurity, cloud-computing and strategic consulting. The acquisition is expected to deliver significant benefits to both companies’ clients by combining Synchena’s specialized knowledge with HUB’s “Make Technology Simple” approach. 

    “This acquisition marks a significant milestone for HUB Technology Solutions as we continue to grow and enhance the value and partnerships we bring to our clients,” said Troy McLennan, President & CEO of HUB Technology Solutions. “Synchena’s IT division brings a wealth of experience and expertise that aligns perfectly with our mission to simplify IT for businesses and help them achieve their goals. Together, we will deliver even greater value to clients.” 

    Justin Synchena, President of Synchena Consulting, commented on the acquisition: “We are excited about this new chapter for our IT division. HUB Technology Solutions has a stellar reputation, and we are confident that our IT clients will benefit significantly from their comprehensive range of services and client-centric approach. This move allows us to focus on our core GIS consulting services while ensuring our IT clients receive top-notch support from a trusted partner.” 

    Synchena Consulting will continue to focus on its core GIS consulting services while ensuring a smooth transition for its IT clients under HUB’s management. This move allows Synchena to dedicate its resources to expanding its GIS and Asset Management offerings while entrusting its IT clients to a trusted partner. 

    The acquisition reflects HUB Technology Solutions’ ongoing commitment to growth through strategic partnerships and acquisitions. By integrating Synchena’s IT division, HUB aims to solidify further its reputation as a trusted technology partner for small and medium-sized businesses in Manitoba. 

    For more information about this acquisition or HUB Technology Solutions’ services, please contact: 

    Media Contact: 
    Troy McLennan 
    President & CEO, HUB Technology Solutions 
    Phone: 204-772-8822 
    Email: solutions@hub.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a97fb50-7608-41ed-a5f0-a8cdbd0d8325

    The MIL Network

  • MIL-OSI: Buffalo Run Casino & Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Buffalo Casino & Resort has chosen Quick Custom Intelligence’s (QCI) Chatalytics, an AI-based platform, to transform casino operations and enhance guest satisfaction. The QCI Chatalytics package—encompassing Slot Copilot, Player Copilot, the Dashboard, and the Robot Button—integrates OpenAI technology for real-time insights and efficient decision-making across the gaming floor.

    Designed to boost both player and slot management, QCI Chatalytics delivers an advanced combination of AI-driven features. Slot Copilot empowers operators with live slot machine performance monitoring, predictive analytics, and automatically assigned tasks. Player Copilot focuses on personalized engagement by analyzing guest data to guide service strategies and reward offerings. With the Dashboard, teams benefit from an easy-to-read, real-time overview of key performance metrics, enabling swift, data-informed insights. Additionally, the Robot Button automates routine tasks, freeing up staff to concentrate on more valuable responsibilities and boosting overall productivity.

    Mary Jewett, General Manager of Buffalo Run Casino & Resort, conveyed her enthusiasm: “Bringing QCI Chatalytics on board represents a vital step in leveraging AI to enhance our operations. With cutting-edge tools like the Robot Button, Slot Copilot, and Player Copilot, we can offer more tailored guest experiences while gaining a clearer understanding of our gaming operations.”

    Dr. Ralph Thomas, CEO of QCI, outlined his perspective on the new partnership: “We are thrilled to introduce QCI Chatalytics to Buffalo Casino & Resort. By weaving OpenAI’s capabilities into our solution, we deliver an unprecedented degree of automation and clarity. We believe Chatalytics will be a key factor in refining casino floor management and boosting guest satisfaction through instantaneous, data-driven decision-making.”

    The QCI Chatalytics suite is part of Quick Custom Intelligence’s broader mission to spur innovation in the gaming sector, offering a robust set of tools that streamline operations and enhance the overall player experience.

    ABOUT Buffalo Run Casino & Resort
    Owned and operated by the Peoria Tribe of Indians of Oklahoma, Buffalo Run Casino & Resort is future-focused on a gaming entertainment experience that both excites and exceeds guest expectations. Maintaining its reputation for a clean and friendly environment, it empowers team members and continues to elevate hospitality and guest experiences by investing in team member training and career development programs. Consequently, this strategic reinvestment into team members and property has resulted in earning the vote for one of the Best and Brightest Companies in the Nation to work for in 2022.

    Buffalo Run Casino & Resort has over 70,000 square feet of casino floor and features the area’s widest variety of slots and tables games. The resort also includes a non-smoking Hotel, Truckers Lounge with special amenities and offers, the Peoria Showplace in-door event center, the outdoor amphitheater, complimentary entertainment in the Backwoods Bar, an 18-hole championship golf course, two indoor Top Golf® bays, and a smoke-free high-end Player’s Lounge. Additionally, the Buffalo Run Casino & Resort offers three dining experiences including Coal Creek Restaurant with high-end cuisine, the Bistro with hand-tossed brick oven pizza, and the Backwoods Bar & Grill which claims the title for best in-house smoked barbecue in the area.

    Ongoing advancements to the property include the Peoria Showplace remodel, Hotel updates and restaurant remodel with more to come. New technology has been implemented to streamline offer redemption for guests that include self-serve kiosks for dining and promotions, digital core mail pieces, and a mobile app for monthly promotional information. Updates on the casino floor include in-game bonuses and upgraded slots. Innovation and strategic marketing decisions are powered by data driven technology (QCI), empowering the casino to customize the guest experience and increase loyalty in a highly competitive market.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Dr. Ralph Thomas
    Dr. Ralph Thomas is the Co-Founder and Chief Executive Officer of Quick Custom Intelligence. Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network

  • MIL-OSI: Highclere Capital Launches a New and Transformational Mortgage Company

    Source: GlobeNewswire (MIL-OSI)

    Where Deals Get Done

    TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) —

    Highclere Capital Corporation, a new residential mortgage lender who intends to transform the Canadian mortgage industry, today announced its impending launch. The company will offer dynamic mortgage products to Mortgage Brokers across Canada funded by Global Capital Markets Solutions and underpinned by a Loan Origination System powered by AI technology.

    Highclere Capital is actively reaching out to Canadian Mortgage Brokers interested in partnering with an experienced team of lending professionals. Highclere Capital Corporation. plans to provide a range of diversified mortgage solutions—from competitive Prime mortgage products to flexible Alternative options—delivered through a network of reputable Mortgage Brokers and agents committed to empowering Canadian homeowners throughout their journey.

    The company was founded by Leon Dadoun and Paul Grewal, both of which are seasoned and experienced entrepreneurs. The company is led by Leon Dadoun (CEO), a banking professional with 40 years of expertise in Global Debt Capital Markets, International Securitization, and Regulatory Public Policy Formation. Paul Grewal (President) is a well-respected Financial Services Executive in the Canadian Mortgage industry with a proven track record of growing a Mortgage Finance Company and Bank Mortgage Portfolios.

    They have assembled an enthusiastic, experienced team dedicated to supporting Highclere Capital at all levels. In forming this new company, the priority has been on Capital Markets solutions, mortgage technology, product innovation and customer service to ensure that, even in its early stages, Highclere Capital provides reliable, forward-thinking choices to its Canadian partners.

    In a statement, Leon Dadoun, C.E.O., said that “Highclere intends to power its growth, by offering a wide range of residential mortgage products to brokers by innovating in how those mortgages are funded. AI and machine learning technologies will also be at the center of what we do to make sure service levels and adjudication are at the top of the industry. This new system is designed to advance qualified applications more quickly by removing common roadblocks and delays, significantly streamlining the process of securing funding. We will offer flexible solutions tailored to fit unique situations, helping more Canadians achieve their homeownership dreams.”

    Highclere will begin accepting client applications at the end of April 2025

    About Highclere Capital Corporation

    Highclere Capital Corporation is a newly formed Canadian Mortgage Finance Company that specializes in leveraging technology to improve the mortgage process and using internationally sourced capital markets funding to expand mortgage product solutions at competitive rates. In doing so, Highclere intends to empower their partners and clients with innovative approaches that foster long-term success.

    For additional information about Highclere, please visit https://www.highclere.ca.

    Empowering Your Journey

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f65e1c51-02c4-4cf1-a8af-5137759d49fd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1489550c-beb5-430e-870b-18d619be0e8f

    The MIL Network

  • MIL-OSI Global: Will Trump’s tariffs boost the US economy? Don’t count on it

    Source: The Conversation – UK – By Lukasz Rachel, Assistant Professor of Economics, UCL

    It’s hard to keep up with all the tariff announcements coming out of Washington. On February 1, the US president, Donald Trump, announced the introduction of 25% tariffs on most imported goods from Canada and Mexico, and an additional 10% levy on goods from China. The tariffs against Canada and Mexico were soon postponed by a month following some token gestures.

    A week after that, Trump signed an executive order imposing 25% tariffs on all steel and aluminium imports. These tariffs are set to take effect on March 12, a few days after the broad tariffs against Canada and Mexico supposedly come to pass. Trump has now vowed “reciprocal” duties on countries that target products made in the US.

    This may all sound very familiar. Trump imposed tariffs during his first presidency – for example, on steel and aluminium imports in 2018. Studies of this policy are already available. They show that the tariffs led to rising raw material costs and weakened the competitiveness of US manufacturers.

    It is also true that the subsequent US-China trade war of 2018 and 2019 did not collapse the US or global economy. But the tariffs this time round are more comprehensive and cover a larger number of key products and trading partners. Unlike the previous tariffs on China, which were introduced gradually, the current restrictions are to be introduced in one move.

    Dubious justification

    Trump justified the tariffs on Canada and Mexico as a measure to counter the “serious threat” posed by illegal immigration and the influx of drugs, including fentanyl, across US borders. It is difficult to take such an explanation seriously.

    The fentanyl problem essentially exists at the southern border. In 2024, US Customs seized about 19kg of fentanyl at the border with Canada, compared with nearly 9,600kg at the Mexican border. The same is true for migrants. Imposing tariffs on Canada therefore makes little sense.

    The more likely reason for all of Trump’s tariffs lies in his desire to protect domestic producers from foreign competition. Trump and his strategists often refer to the need to reduce the US trade deficit with the rest of the world.

    The basic problem is that in today’s world of globalised supply chains, many components are imported. Goods often cross borders multiple times before reaching consumers in their final form. A good example is the automotive production complex near Detroit, where semi-assembled cars frequently cross the Canadian-American border.

    It is difficult to predict what effect Trump’s tariffs would have on such organised production. But they would probably amount to a very expensive and inefficient reorganisation of production processes. If the tariffs on Canada go ahead, Canadian and American companies, as well as their employees, would suffer.

    Not all areas of production would be affected so drastically. But for the many components that are imported into America, an increase in their prices would translate into cost pressures. This may lead to financial problems for American companies, layoffs or higher prices for final goods.

    A steel and aluminium door is welded at General Motors’ automobile factory in Fort Wayne, Indiana.
    John Gress Media Inc / Shutterstock

    Paradoxically, tariffs could also decrease the competitiveness of American production, at least when it comes to sales in third markets. Cost pressures caused by more expensive components will affect US manufacturers, but not rival manufacturers in, say, China or Europe – at least until they have responded with a trade war.

    Another reason why Trump’s logic may not work is the US dollar exchange rate. The dollar has soared in recent months, especially when Trump has spoken about tariffs, rising more than 5% against the euro since the election. These moves weaken the competitiveness of American manufacturers on global markets.

    That said, Trump has often expressed his desire for a weaker dollar and, following the delay in the implementation of the tariffs, it has come down in value.

    But, notwithstanding this, US businesses are by no means delighted. The tariffs on Canada, Mexico and China were condemned by groups such as the American Chamber of Commerce. And the Wall Street Journal described the move as “the stupidest trade war in history”.

    That’s not all. The primary effect of tariffs is an increase in the price of imported goods. If prices go up, consumers will be less than enthusiastic. High price levels were, after all, a key part of why Trump won November’s election.

    The direct inflationary impulse from the announced tariffs is not, so far, catastrophic. While the inflationary effects of tariffs are not a given, many economists fear they will trigger a mechanism of increasing inflation expectations. This may happen, especially given the likelihood of retaliation by affected countries.

    Before Trump had paused the tariffs, the Canadian prime minister, Justin Trudeau, had announced retaliatory levies of 25% on American goods worth a total of US$107 billion (£84.9 billion). Canada is also considering restrictions on exports of critical minerals crucial to the US tech industry.

    China, on the other hand, announced retaliatory tariffs and measures against US businesses including Google. And the EU has stood firm on its plans to retaliate should Trump implement tariffs against the bloc.

    Should they arise, higher inflation expectations may prompt the US Federal Reserve to raise interest rates. According to recent research, the increase in the cost of credit is a serious reason for dissatisfaction among American consumers and companies alike.

    Reducing the trade deficit

    If tariffs don’t help consumers and hurt a significant number of domestic producers, perhaps they can at least close the US trade deficit? Unfortunately, they also miss the mark here.

    Economists agree that the deficit is due to macroeconomic conditions – specifically, the balance between national investment and saving. The US has a surplus of investment relative to savings, so borrows money from the rest of the world.

    This is, simply put, because the US economy does not produce as much as the American people consume. When net domestic debt increases, the trade deficit also increases because the borrowed money is spent on foreign goods and services.

    Reducing the trade gap can be done through policies that lower domestic debt. Either households and businesses must save more, or government deficits must shrink. In this sense, tariffs are a poor tool.

    Trump’s tariff strategy will create havoc. This will bring opportunities as well as challenges. Europe and other affected countries should stand united against Trump’s tariff threats, responding firmly while promoting trade liberalisation across the world at the same time.

    Lukasz Rachel 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. Will Trump’s tariffs boost the US economy? Don’t count on it – https://theconversation.com/will-trumps-tariffs-boost-the-us-economy-dont-count-on-it-249621

    MIL OSI – Global Reports

  • MIL-OSI Global: Trust in politics is in long-term decline around the world – new research

    Source: The Conversation – UK – By Viktor Valgarðsson, Leverhulme Early Career Fellow in the Department of Politics and International Relations, University of Southampton

    Pro-Trump rioters stormed the US Capitol building to protest against the result of the 2020 presidential election. 72westy / Shutterstock

    Citizens’ trust in their political institutions has been falling around the world. This may not come as a shock to many.

    British politics has been in chaos since the Brexit referendum in 2016. Rioters stormed the US Capitol in protest against the result of the 2020 presidential election. And the US president, Donald Trump, is continuing to attack the supposed “deep-state” controlling American politics. None of these things scream public trust in government.

    But declining political trust is not self-evident. It’s possible that we may be too focused on a couple of countries that dominate our attention, and a lot has been going on in recent years that could explain the situation that we find ourselves in.

    Many researchers have also pointed out that people have never been particularly fond of politics. They suggest that we’ve simply been seeing “trendless fluctuations” in trust – ebbs and flows where we happen to notice declines more than rises or stability.

    In a recently published study, my co-authors and I took on this debate. We analysed more data on political trust than previous studies, from over 5 million respondents to 3,377 surveys conducted in 143 countries between 1958 and 2019.

    Our models suggest that, at least since 1990, trust in parliament and government has indeed been declining by an average of about 8.4 and 7.3 percentage points respectively in democratic countries across the world.

    The same does not apply to trust in non-representative “implementing institutions”, such as the civil service, justice system or police. In fact, we find that trust in the police has increased by about 12.5 percentage points across democracies on average over the same period.

    Thus, declining trust in government appears to be rooted in how politics is practised, which is seemingly less inspiring to citizens today, rather than in a growing distaste for social institutions in general.

    Global trends in trust in six types of institutions in democratic countries between 1990 and 2019.
    Valgarðsson et al. (2025) / British Journal of Political Science, CC BY-NC-ND

    Of course, this global picture masks a more nuanced story. Political trust has been rising in a few smaller countries: Denmark, Ecuador, New Zealand, Norway, Sweden and Switzerland. These nations may chart a path forward for the rest of the democratic world.

    Conversely, trust in the legal system has been declining in many countries in eastern Europe and Latin America. The same appears to be the case more recently in the US, suggesting that implementing institutions are not immune to the political trust crisis.

    Our findings do not answer why citizens of democracies are gradually losing faith in their democratic institutions, or what the consequences could be. They also do not suggest how trust in politics can be rebuilt. But what we do know is concerning.

    For instance, our data tells us that political trust was declining dramatically in Hungary right up until 2010, when Viktor Orbán was re-elected as prime minister (his first term ended in 2002). When in office, Orbán started dismantling the country’s constitutional and liberal democratic order.

    Trust in parliament, the legal system and the police in western Europe and North America.
    Valgarðsson et al. (2025) / British Journal of Political Science, CC BY-NC-ND

    We also know that the US has seen one of the more dramatic declines of political trust in recent times, and that political distrust was a powerful predictor of voting for Trump at least in the 2016 Republican primaries.

    In a survey conducted that year by American National Election Studies, about 24% of Trump’s primary voters said they would “never” trust the federal government to do what is right. This compared with about 9% of voters for rival Republican candidate John Kasich, and 8% and 4% of voters for Democrat candidates Bernie Sanders and Hillary Clinton respectively.

    We do not yet have data for the 2024 US presidential election. But it does not take a political scientist to know that Trump leaned even more heavily on people’s distrust in government in his campaign. Since becoming president, he has stepped up his efforts to dismantle America’s constitutional and liberal democratic order.

    Declining political trust is not the only cause of these developments. We are also seeing illiberal candidates and parties doing increasingly well in countries where we didn’t see the same trust declines in our data. The rising popularity of Geert Wilders in the Netherlands or the far-right Alternative für Deutschland (AfD) party in Germany are both good examples.

    Some of this may be driven partly by more recent trust declines, like in the Netherlands where trust in parliament has dropped substantially since 2020. Or it could be driven by a polarisation of trust between a more trusting majority and a deeply distrusting minority. But much of it is also probably driven by other factors, such as economic distress, attitudes towards immigration and the “culture wars” of our day.

    It stands to reason that voters who deeply distrust the political establishment would tend to be attracted to populist leaders who rail against that establishment.

    These voters probably still support democracy as an ideal. Support for democratic principles has, in fact, remained high globally – although there are worrying signs among younger generations in US and UK. But these voters appear to be more willing to vote for politicians who will attack the institutions needed to make it work.

    Sceptical mistrust of government

    This brings us to one crucial question: are citizens right to distrust government? After all, political institutions haven’t been working all that well for a large portion of citizens – except maybe in areas like Scandinavia, where we have seen rising trust in recent times.

    A degree of sceptical mistrust of government is certainly vital for a healthy democracy. We are reminded of this by some of the more sobering points in our data.

    China has the highest rates of reported trust in the world, while Hungary and Russia have both seen rising trust levels as their governments have become less democratic and seized control of the media environment. Clearly, trust is not unequivocally good from a democratic perspective.

    Our challenge is to find the right balance: a climate of sceptical trust, where we hold our governments to account and engage critically with our institutions without throwing them away in favour of autocratic populists.

    To save the foundations of liberal democracy, we may need to rediscover its appeal to the ordinary citizen. If it’s something about the way politics is practised that citizens distrust, perhaps those politics need to change.

    Viktor Valgarðsson 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. Trust in politics is in long-term decline around the world – new research – https://theconversation.com/trust-in-politics-is-in-long-term-decline-around-the-world-new-research-250078

    MIL OSI – Global Reports

  • MIL-OSI Global: How refugee entrepreneurs are supplying sustainable energy to the camps they live in

    Source: The Conversation – UK – By Sarah Rosenberg-Jansen, Research Advisor on Humanitarian Energy, University of Oxford

    Refugees are providing energy within camps home to millions of displaced people around the world, my research has found.

    There are now more than 120 million forcibly displaced people globally. Although United Nations humanitarian agencies provide firewood and small electric lanterns, these are often not enough for most families.

    To make up the shortfall, entrepreneurial refugees in the camps I visited have become energy suppliers by establishing shops, phone charging stations, even cinemas.

    While visiting camps administered by the UN Refugee Agency in Rwanda, Kenya, the Democratic Republic of the Congo, Somalia, Sudan, Uganda and other countries across Africa, I was struck by the hum of electricity and the smell of cooking in the camps’ markets. Energy was everywhere.

    A mobile phone and electronics market shop at the Kakuma refugee camp, Kenya.
    Sarah Rosenberg-Jansen, CC BY-NC-ND

    In all the camps I visited, people were selling clothes, cooking bowls and toys, as well as lighting and electrical appliances. These shops all used energy – computers totted up bills and printed receipts, radios played music, and people everywhere were using mobile phones and the internet. Fans and motors were working hard to keep things cool and the power on. Refugees buy these products at local markets – which are often run by refugees themselves.

    After conducting over 170 interviews with refugees and humanitarian practitioners, it became clear refugees buy their own energy to run many of these cafes and shops: buying their own diesel, generators, or electricity technologies including solar panels and batteries.

    Formal refugee energy access provided by humanitarian agencies or national governments is projected to be very low: Chatham House statistics suggest 94% of forcibly displaced people living in camps have no meaningful access to power, and 81% lack anything other than the most basic fuels for cooking.

    Renewable connections

    Local energy businesses operating around the camps in Rwanda and Kenya, such as BBOX or MESH Power, provide solar solutions such as selling solar panels and solar home systems from which refugees can have lighting, charge their phones and plug in electrical appliances. These renewable systems help to lower the costs – but sometimes the companies are not able to expand their businesses within refugee camps due to UN restrictions.

    As one of the refugees I spoke to in Rwanda explained: “You can see two types of solar business really. Those using energy that is easy to get to – off-the-shelf products and services – to keep the lights on in the night, or offer cool drinks or a fan. And those businesses where really energy is the business … where people can use solar home systems or other technologies.”

    Sadly, this picture is not uniform across the world. For example, buying diesel in refugee camps or purchasing kerosene for lanterns can be very expensive. Spending by displaced people on simple cooking fuels and technologies, as well as basic lighting, is estimated to be around US$200 (£160) per year per family, for less than four hours of energy a day.

    Buying from external energy suppliers often comes at great cost to refugee families as energy in refugee camps can be incredibly expensive. Estimates suggest that refugee households in Kenya and Burkina Faso spend between 15% and 30% of their income on energy – a figure that in the UK would mean a household was in a situation of extreme fuel poverty.

    In total, refugee households around the world spend at least US$2.1 billion (£1.68 billion) on energy each year.

    Refugee-led businesses

    In the face of such challenges, refugee energy entrepreneurs are expanding the range of energy services and products available to refugee communities in terms of sustainability: providing new solar solutions and electricity connections from solar-powered energy sources. For members of the refugee community who use this service, this can reduce the cost of energy.

    These refugee-led enterprises often start after refugees have saved or borrowed money from friends and family to start their energy businesses – for example, by buying a solar panel and battery and charging customers to use the electricity it generates. Sometimes referred to as micro-enterprises or energy entrepreneurs, they go beyond being passive users of electricity and become active participants in the energy economies of refugee camps.

    Examples of such businesses include Kakuma Ventures, based in Kakuma refugee camp in Kenya, which provides wifi and solar energy access to more than 1,500 people in the camps.

    A grid pylon next to refugee homes at Kigeme refugee camp, Rwanda.
    Sarah Rosenberg-Jansen, CC BY-NC-ND

    Another example is Patapia, based in camps in Uganda, which helps refugee women launch and grow businesses powered by clean energy. Successful refugee-led energy businesses are highlighted by the work of climate change charity Ashden through its Humanitarian Energy Award, and its support for local businesses leading the way on sustainable energy in humanitarian settings.

    Indeed, many new global initiatives and humanitarian programmes are starting to take seriously the role of refugee-led organisations and businesses. Take the work of Last Mile Climate, which is dedicated to helping grassroots initiatives, refugee-led businesses, charities, humanitarian agencies and government organisations tackle climate-related challenges.

    Refugees are also writing on this issue in the media, highlighting how important the issue of inclusivity is in delivering the sustainable energy transition in humanitarian contexts.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


    Sarah Rosenberg-Jansen received funding from the Independent Social Research Foundation (ISRF)

    ref. How refugee entrepreneurs are supplying sustainable energy to the camps they live in – https://theconversation.com/how-refugee-entrepreneurs-are-supplying-sustainable-energy-to-the-camps-they-live-in-242862

    MIL OSI – Global Reports

  • MIL-OSI: Marbanc International Expands Scope of Real Estate Focus to Australia

    Source: GlobeNewswire (MIL-OSI)

    Photo Courtesy of Marbanc International

    NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Marbanc International has broadened its distressed real estate acquisition strategy to capitalize on emerging opportunities in the Australian property and mortgage markets.

    A recent analysis by SQM Research revealed that the number of properties on the market for over 180 days has surged by 10.1% year-over-year, reaching 69,658 listings. Major urban centers – including Melbourne, Darwin, Canberra, and Hobart – experienced double-digit increases in long-term listings. Notably, Victoria saw a 28.4% spike in distressed sale listings, the highest among Australian states.

    Income Direct’s Strategic Expansion

    Marbanc’s wholly owned Australian subsidiary, Income Direct, has been actively sourcing and conducting due diligence on multiple real estate opportunities, including:

    • Distressed properties
    • Developable landholdings
    • Infrastructure sites

    Income Direct’s executive chairman, Gerard Sivaprasad, stated:

    The post-COVID economic climate has created compelling buying opportunities. Our investment committee is currently evaluating several large acreage sites with strong medium-to-long term value potential.

    Market Trends & Future Outlook

    Louis Christopher, managing director of SQM Research, noted that Victoria is the first Australian state where distressed property listings now exceed pre-pandemic levels.

    We can no longer consider this a benign trend in Victoria. While listings remain below pre-COVID levels, the sharp increase suggests more Melbourne property owners may be facing financial distress,” he said.

    Despite Australia’s Reserve Bank being expected to announce a reduction in official interest rates following its upcoming meeting, Marbanc anticipates continued activity in the distressed property sector and is positioned to capitalize on evolving market conditions.

    Contact Information:

    Contact Person: Gerard Sivaprasad
    Company: Marbanc International
    Website: https://marbanc.com/
    Email: gerards@incomedirect.com.au

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b859aad-60a3-4104-ad3d-5283c2e6c84c

    The MIL Network

  • MIL-OSI: TrustCo Announces First Dividend of 2025; Continues Annualized Payout of $1.44 per share

    Source: GlobeNewswire (MIL-OSI)

    GLENVILL, N.Y., Feb. 19, 2025 (GLOBE NEWSWIRE) — The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on February 18, 2025, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on April 1, 2024 to shareholders of record at the close of business on March 7, 2025.

    Chairman, President, and Chief Executive Officer Robert J. McCormick said: “With 2025 now fully under way, many people, us included, see cause for optimism. Since 1904, TrustCo has delivered a strong dividend every quarter. This kind of payout, and the steady corporate performance that supports it, are TrustCo hallmarks that fuel more than just optimism, but rather lead to the genuine satisfaction that investors realize from meeting their financial goals. We are very proud of the team and the effort that make our reliable dividend – and the positive financial benefits that come with it – possible.”

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 136 offices in New York, New Jersey, Vermont, Massachusetts and Florida. Trustco has a more than 100-year tradition of providing high-quality services, including a wide variety of deposit and loan products. In addition, Trustco Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services. Trustco Bank is rated as one of the best performing savings banks in the country. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST. For more information, visit www.trustcobank.com.

    Forward-Looking Statements
    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future developments, results or periods. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. Examples of these include, but are not limited to: the effects of ongoing inflationary pressures and changes in monetary and fiscal policies and laws, including increases in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; changes in and uncertainty related to benchmark interest rates used to price loans and deposits; instability in global economic conditions and geopolitical matters; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling;; the risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, including our upcoming annual report on Form 10-K for fiscal 2024; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    Contact: Robert M. Leonard
      Executive Vice President
      (518) 381-3693

    The MIL Network

  • MIL-OSI Global: Expanding seaweed farms pose a risk to vital marine life

    Source: The Conversation – UK – By Benjamin L.H. Jones, Chief Conservation Officer, Project Seagrass & Research Affiliate, Swansea University

    Seaweeds are commonly grown from long lines of rope. This string of _Eucheuma_ seaweed in Indonesia is positioned above a seagrass meadow. Benjamin Jones/Project Seagrass, CC BY

    Seaweed farming is a rapidly expanding global industry. As a food resource, it has high nutritional value and doesn’t need fertilisers to grow. Seaweed provides valuable habitats for marine life, takes up carbon and absorbs nutrients, plus it helps protect our coastlines from erosion.

    Usually, seaweeds grow on hard, rocky surfaces. Yet, to farm seaweed, potential areas need to be easily accessible and relatively sheltered. This is where seaweed can grow with limited risk of being dislodged by waves. Seaweed farms in Asia, in countries like China and Indonesia, are responsible for more than 95% of global seaweed production. Seaweed farms, particularly those in Southeast Asia, are commonly in the very same environments where seagrass meadows thrive. Competition for resources ensues.

    Evidence shows that tropical seaweed farms, when placed in or on top of tropical seagrass meadows leads to a decline in the growth and productivity of seagrass. There is also evidence that seaweeds outcompete seagrasses in cooler waters, especially when nutrients in the water are very high.

    Despite negative interactions, such as shading, between seaweed and seagrass, some scientists now advocate for a global expansion of seaweed farming in areas where seagrass grows. This call, comes at a time when seagrass global initiatives are trying to stem seagrass loss.

    Efforts are underway to expand these habitats to their once extensive range to help fight climate change and biodiversity loss. Seagrass meadows are a crucial store of carbon, providing habitats for a wide array of animals.

    Why farm seaweed on top of seagrass?

    The reason that some scientists are advocating for farming seaweed in seagrass is that their research claims that the presence of seagrass reduces disease causing bacterial pathogens by 75%. A major win for a relatively low tech industry where seaweed disease outbreaks hinder production. These scientists are not the only ones advocating for seaweed production at scale.

    Global conservation charities, like World Wildlife Fund and The Nature Conservancy, as well as the Earthshot prize launched by Prince William all support seaweed cultivation programmes in areas likely to contain abundant seagrass.

    However, together with other scientists, we have argued in an academic response in the journal PNAS that their claim is premature. We are concerned that, without appropriate management, these seaweed programmes threaten marine biodiversity and the benefits that humans get from the ocean.

    Despite historic and globally widespread seaweed cultivation, effects on seagrass have mostly been ignored. Where studies exist, effects have been negative for seagrass, its ability to capture carbon, and the diverse animals that call it home.

    Entanglement of migratory animals, such as turtles and dugong with seaweed also needs wider consideration. This is especially the case given new legal frameworks to protect their habitat, and there is ongoing concern for these species being killed by seaweed farmers. The equity of coastal fishing grounds also comes into question, as communities that use seagrass for fishing are most likely to lose access.

    Conservation charities advocate for tropical seaweed farms for good reason. This is to improve community resilience in the face of degrading coral reefs and overfishing.

    While projects mostly have the best intentions, they often don’t consider cascading unintended consequences, nor the equity of the whole community. In reality, seaweed farm placement is effectively akin to ocean grabbing (the act of dispossession or appropriation of marine resources or spaces) with farmers winning on a “first come, first serve” basis, despite not owning the seabed.

    Sustainable standards

    If seaweed farming is to be expanded, standards for sustainability must be upheld and strengthened. In 2017, a sustainable seaweed standard was launched by the Aquaculture and Marine Stewardship Councils.

    But few tropical seaweed farms meet the criteria outlined in this standard due to known consequences that affect seagrass (rightly defined in the standard as vulnerable marine habitats) and likely negative effects on endangered species, like dugong, that frequent seagrass habitats.

    Seaweed cultivation strategies have mixed evidence for long-term success. In Tanzania, many farmers have abandoned the industry due to low monetary rewards compared to the investments they put in, and some evidence suggests that the activity reduces income and health, particularly for women. Where seaweed cultivation has been implemented to reduce fishing pressure, it has instead increased (and often just displaced) fishing activity.

    Given the rapidly increasing threats faced by tropical marine habitats despite the role they play in climate resilience, understanding trade-offs prior to large scale expansion of seaweed farming is a priority. To reduce further any negative effects, international programmes and research advocating for large-scale seaweed farms need to align more readily with the seaweed standard.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


    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. Expanding seaweed farms pose a risk to vital marine life – https://theconversation.com/expanding-seaweed-farms-pose-a-risk-to-vital-marine-life-248329

    MIL OSI – Global Reports

  • MIL-OSI Global: Bilingual children with special educational needs may be missing out on support in England

    Source: The Conversation – UK – By Johny Daniel, Assistant Professor, School of Education, Durham University

    Rido/Shutterstock

    English isn’t the first language of over 20% of pupils in schools in England, and this proportion is rising. The children in this group who also have special educational needs or disabilities may be falling through the cracks, missing out on support that would help them succeed.

    My recent research analysed data from 2.5 million English primary school pupils. The findings show that bilingual learners with special educational needs especially struggle with reading. They trail behind both their peers without special educational needs, and other children with special educational needs who speak English as their first language.

    When a pupil has a special educational need such as specific learning difficulties or autism, their language hurdles can make it harder to see the real cause of their challenges. Sometimes, a child’s limited English masks a disability. Other times, disabilities may be confused with language problems. This confusion can delay the help they need.

    Reading is particularly a problem because strong vocabulary and language-processing skills are needed, and the extra task of learning English can slow them down in this area. Maths may rely less on advanced English, so the gap is often smaller in that subject.

    Research suggests that if bilingual pupils with special educational needs get strong support in the early years, they can catch up significantly.

    The right support

    One useful method is data-based decision-making. This means teachers and special needs coordinators regularly track progress in reading, writing or maths. For example, teachers might assess oral reading fluency or brief writing samples to measure progress. By spotting which pupils are falling behind, they can provide small-group tutoring, phonics help or targeted vocabulary lessons.

    Pupils also benefit from clear, structured lessons that focus on reading and writing. They may also need extra time to practise and may learn better if the same vocabulary is taught in different ways, such as through games or acting.

    In addition, research shows that when teachers use examples or stories that reflect different languages and cultures, pupils stay more engaged. This “culturally responsive” teaching boosts children’s language skills.

    Relating lessons to a child’s experiences can help keep them engaged.
    Ground Picture/Shutterstock

    For example, a case study on culturally responsive teaching for bilingual learners with disabilities has shown that connecting lessons to students’ own cultural and linguistic backgrounds can boost both their language skills and their reading comprehension.

    The teacher in the study combined explicit instruction – such as teaching vocabulary or grammar – with discussions in small groups that drew on experiences from the students’ own lives. Her pupils saw significant improvements in literacy that underscores how culturally responsive methods can help bilingual children succeed.

    Room for improvement

    Another way to improve the situation for these children would be better assessments of whether they need additional support.

    My research with colleagues has found that most bilingual pupils in England are not assessed for dyslexia in their first language, which can mask their true skills and needs. If schools allow pupils to be tested in their home language, or at least use bilingual materials, they can get a clearer picture of each pupil’s progress.

    Funding for specialised training is also needed. Schools need resources to hire or develop experts who understand both language learning and disabilities. Educational psychologists, for instance, or English-as-a-second-language teachers with expertise in special educational needs, can provide this much needed support.

    Ofsted inspectors should also check how schools use regular progress monitoring data to adjust teaching for bilingual pupils with special educational needs. If data use becomes a core part of good practice, more schools may be inspired to invest in it.

    The evidence shows many bilingual learners with special educational needs can catch up, or even surpass their peers, if they receive the right support early on. Yet too often, these children are seen only as “language learners,” with their disabilities overlooked, or they are treated as having a disability, while their language needs get ignored.

    We already know strategies that work. By using detailed progress tracking, culturally responsive teaching, and targeted language instruction, schools can close the gap and make sure bilingual pupils with special educational needs and disabilities do not fall behind.

    Johny Daniel 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. Bilingual children with special educational needs may be missing out on support in England – https://theconversation.com/bilingual-children-with-special-educational-needs-may-be-missing-out-on-support-in-england-246822

    MIL OSI – Global Reports

  • MIL-OSI USA: Subsidiary of Chinese State-Owned Entity to Pay $14.2M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program Loan

    Source: US State of North Dakota

    YAPP USA Automotive Systems Inc., a corporation with its principal place of business in Michigan, has agreed to pay $14,208,496 to resolve allegations that it violated the False Claims Act by submitting false claims to obtain a Paycheck Protection Program (PPP) loan for which it was not eligible.

    Congress created the PPP in March 2020 to provide emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. Under the PPP, eligible businesses could receive forgivable loans guaranteed by the Small Business Administration (SBA). Regulations provide various eligibility requirements for the PPP, including limitations on the number of employees and exclusions for certain types of businesses, like those that are owned by government entities. In their loan applications, borrowers were required to certify that they were eligible for the PPP and that the information they provided was accurate.

    YAPP USA’s ultimate parent company is State Development and Investment Corp. Ltd, a company owned and controlled by the People’s Republic of China. Through common ownership and management, YAPP USA is affiliated with dozens of other companies worldwide. In applying for a first-draw PPP loan, YAPP USA represented that it was eligible for the PPP, and it received a first-draw PPP loan in the amount of $9,598,462, which the SBA later forgave. The United States alleged that YAPP USA was not eligible under the SBA rules for a PPP loan because YAPP USA, singly and together with its affiliates, employed more individuals than permitted by SBA’s size standard for its industry. The United States also contended that YAPP USA was not eligible because it is owned by a government entity. YAPP USA will pay $14,208,496 to the United States to resolve these allegations.

    YAPP USA cooperated with the United States’ investigation by identifying individuals involved in or responsible for the conduct and disclosing facts and documents gathered during YAPP USA’s own investigation. As a result, YAPP USA received credit under the department’s guidelines for taking disclosure, cooperation and remediation into account in False Claims Act cases.

    “PPP loans were intended to help small businesses in the United States,” said Deputy Assistant Attorney General Michael D. Granston of the Justice Department’s Civil Division. “The Department remains committed to pursuing those who violated the requirements of this taxpayer funded program.”

    “Congress and the SBA designed the PPP to help small businesses and their employees during the pandemic, not large companies owned by foreign governments,” said Acting U.S. Attorney Richard G. Frohling for the Eastern District of Wisconsin. “This settlement demonstrates that our office will continue to hold accountable those businesses and individuals who abused this vital program.”

    “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the SBA working with the Department of Justice, SBA’s Office of Inspector General, and other Federal law enforcement agencies, as well as private individuals who uncover fraudulent conduct to recover the product of this fraud as well as penalties,” said SBA General Counsel Wendell Davis.

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act, which permit private parties to file an action on behalf of the United States and receive a portion of any recovery. The qui tam lawsuit was filed by GNGH2 Inc; GNGH2 Inc. will receive $1,420,849 in connection with this settlement.

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Wisconsin, with assistance from the SBA’s Office of General Counsel and Office of the Inspector General.

    Trial Attorney Lindsey Roberts of the Justice Department’s Civil Division and Assistant U.S. Attorney Michael Carter for the Eastern District of Wisconsin handled the matter, with assistance from Christopher J. McClintock of the SBA.

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

    MIL OSI USA News

  • MIL-OSI Security: Subsidiary of Chinese State-Owned Entity to Pay $14.2M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program Loan

    Source: United States Attorneys General

    YAPP USA Automotive Systems Inc., a corporation with its principal place of business in Michigan, has agreed to pay $14,208,496 to resolve allegations that it violated the False Claims Act by submitting false claims to obtain a Paycheck Protection Program (PPP) loan for which it was not eligible.

    Congress created the PPP in March 2020 to provide emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. Under the PPP, eligible businesses could receive forgivable loans guaranteed by the Small Business Administration (SBA). Regulations provide various eligibility requirements for the PPP, including limitations on the number of employees and exclusions for certain types of businesses, like those that are owned by government entities. In their loan applications, borrowers were required to certify that they were eligible for the PPP and that the information they provided was accurate.

    YAPP USA’s ultimate parent company is State Development and Investment Corp. Ltd, a company owned and controlled by the People’s Republic of China. Through common ownership and management, YAPP USA is affiliated with dozens of other companies worldwide. In applying for a first-draw PPP loan, YAPP USA represented that it was eligible for the PPP, and it received a first-draw PPP loan in the amount of $9,598,462, which the SBA later forgave. The United States alleged that YAPP USA was not eligible under the SBA rules for a PPP loan because YAPP USA, singly and together with its affiliates, employed more individuals than permitted by SBA’s size standard for its industry. The United States also contended that YAPP USA was not eligible because it is owned by a government entity. YAPP USA will pay $14,208,496 to the United States to resolve these allegations.

    YAPP USA cooperated with the United States’ investigation by identifying individuals involved in or responsible for the conduct and disclosing facts and documents gathered during YAPP USA’s own investigation. As a result, YAPP USA received credit under the department’s guidelines for taking disclosure, cooperation and remediation into account in False Claims Act cases.

    “PPP loans were intended to help small businesses in the United States,” said Deputy Assistant Attorney General Michael D. Granston of the Justice Department’s Civil Division. “The Department remains committed to pursuing those who violated the requirements of this taxpayer funded program.”

    “Congress and the SBA designed the PPP to help small businesses and their employees during the pandemic, not large companies owned by foreign governments,” said Acting U.S. Attorney Richard G. Frohling for the Eastern District of Wisconsin. “This settlement demonstrates that our office will continue to hold accountable those businesses and individuals who abused this vital program.”

    “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the SBA working with the Department of Justice, SBA’s Office of Inspector General, and other Federal law enforcement agencies, as well as private individuals who uncover fraudulent conduct to recover the product of this fraud as well as penalties,” said SBA General Counsel Wendell Davis.

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act, which permit private parties to file an action on behalf of the United States and receive a portion of any recovery. The qui tam lawsuit was filed by GNGH2 Inc; GNGH2 Inc. will receive $1,420,849 in connection with this settlement.

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Wisconsin, with assistance from the SBA’s Office of General Counsel and Office of the Inspector General.

    Trial Attorney Lindsey Roberts of the Justice Department’s Civil Division and Assistant U.S. Attorney Michael Carter for the Eastern District of Wisconsin handled the matter, with assistance from Christopher J. McClintock of the SBA.

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

    MIL Security OSI