Category: Business

MIL-OSI Russia: Financial news: On recognizing exchange bond programs as invalid and canceling their registration

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

In accordance with the Listing Rules of Moscow Exchange PJSC, in connection with the receipt of the relevant application, the Chairman of the Management Board on February 14, 2025 made the following decisions:

to declare the exchange bond programs invalid; to cancel the registration of the exchange bond programs:

Name of the Issuer Limited Liability Company “Sovcom Finance”

Name of the program Series 001P Exchange Bond Program

Program registration number 4-00548-R-001P-02E dated 08/07/2020

Contact information for media 7 (495) 363-3232Pr@moex.kom

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

February 15, 2025
MIL-OSI Security: Federal Indictment in Chicago Charges Two Chinese Companies and Four Individuals with Conspiring to Unlawfully Possess Trade Secrets

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

CHICAGO — Two related Chinese companies conspired with former employees of an Illinois facility operated by Philips Medical Systems to unlawfully possess Philips’ trade secrets, according to an indictment returned in federal court in Chicago.

Philips owned and operated a facility in Aurora, Ill., that engaged in the research, development, and manufacture of X-ray tubes used in computed tomography (CT) medical imaging machines. The company spent years developing its proprietary X-ray technology and selling devices incorporating this proprietary technology to medical facilities. According to the indictment, China-based KUNSHAN GUOLI ELECTRONIC TECHNOLOGY CO. LTD. and a Kunshan GuoLi vice president, XIAOQIN DU, 63, of Suzhou, China, helped form a rival X-ray tube development company and headquartered it in Aurora. In 2017, Kunshan GuoLi and Du recruited and hired for the new company three engineers from Philips’ Aurora facility, CHIH-YEE JEN, 69, of Mequon, Wisc., FINCE TENDIAN, 56, of Aurora, Ill., and VLADIMIR NEVTONENKO, 76, of Arlington Heights, Ill.

The indictment alleges that before the end of his employment at Philips, Jen copied, without authorization, Philips’ X-ray trade secret information from internal Philips databases. Jen stole the proprietary information on behalf of Kunshan GuoLi and Du, the indictment states. Jen used the stolen information in connection with his work developing X-ray tubes at the rival X-ray tube development company for Kunshan GuoLi and a related Chinese company, KUNSHAN YIYUAN MEDICAL TECHNOLOGY CO. LTD., the indictment states. Jen then shared the information with Tendian, who used it in her work for the new company, the indictment states. Nevtonenko also allegedly possessed and used the stolen information in his work there.

The indictment charges the two Chinese companies and the four individuals with conspiracy to unlawfully possess trade secrets. Jen is also charged with an individual count of possession or attempted possession of a stolen trade secret. Jen, Tendian, and Nevtonenko pleaded not guilty during their arraignments in federal court in Chicago. Arraignments for the companies have not yet been scheduled, and an arrest warrant has been issued for Du. A joint status report on the case will be submitted to U.S. District Judge Edmond E. Chang by March 31, 2025.

The indictment was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. The government is represented by Assistant U.S. Attorneys Kavitha Babu, Vikas Didwania, and Ramon Villalpando.

The public is reminded that an indictment is not evidence of guilt. Defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

MIL Security OSI –

February 15, 2025

MIL-OSI: Pinnacle Bankshares Corporation Announces 2024 4th Quarter & Full-Year Earnings

Source: GlobeNewswire (MIL-OSI)

ALTAVISTA, Va., Feb. 14, 2025 (GLOBE NEWSWIRE) — Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (the “Company” or “Pinnacle”) for First National Bank (the “Bank”), was $2,800,000, or $1.27 per basic and diluted share, for the fourth quarter of 2024, while net income for the year ended December 31, 2024 was $9,178,000, or $4.15 per basic and diluted share. In comparison, net income was $2,279,000, or $1.04 per basic and diluted share, and $9,762,000 or $4.45 per basic and diluted share, respectively, for the same periods of 2023. Consolidated results for 2024 are unaudited.

2024 4^thQuarter & Full-Year Highlights
Income Statement comparisons are to the 4^thQuarter & year ended December 31, 2023
Balance Sheet, Capital Ratios, and Stock Price comparisons are to December 31, 2023

Income Statement

For the 4^thQuarter of 2024:

Net Income increased $521,000, or 23%, overall and 30% excluding Bank Owned Life Insurance (BOLI) proceeds.*

For 2024:

Net Income decreased $584,000, or 6%, overall and was approximately equal to 2023 Net Income excluding BOLI proceeds.*
Return on Assets was 0.92%.
Net Interest Income increased $2.3 million, or 7% while Net Interest Margin expanded to 3.70%.
Provision for Credit Losses increased to $752,000 due to loan growth of 11%. Asset Quality remains strong with low Nonperforming Loans and no Other Real Estate Owned (OREO).
Noninterest Income increased $499,000, or 7.5%, excluding BOLI proceeds, which was driven by higher fees from Merchant Card Processing and Sales of Mortgage Loans.*
Noninterest Expense increased $2.1 million, or 7%, primarily due to higher Core Operating System expenses as well as Salaries and Employee Benefits.

Balance Sheet

Cash and Cash Equivalents increased $20.6 million, or 24%, to $108 million.
Loans increased $70.5 million, or 11%, to $712 million.
Securities decreased $57.8 million, or 25%, to $176 million due to maturing U.S. Treasury Notes. The Securities Portfolio is relatively short term in nature with $58 million in U.S. Treasury Notes maturing during the first four months of 2025 providing liquidity, funding, and optionality.
Total Assets increased $27.5 million, or 3%, to $1.04 Billion.
Deposits increased $18.5 million, or 2%, to $951 million with Deposit Accounts growing 4%.
As of year-end, Liquidity was strong at 33%, and 12% excluding Available for Sale Securities.

Capital Ratios & Stock Price

The Bank’s Leverage Ratio increased to 9.21% due primarily to profitability, while its Total Risk Based Capital Ratio decreased slightly to 13.52% due to loan growth.
Pinnacle’s Stock Price ended the year at $31.20 per share, based on the last trade, which is an increase of $7.19, or 30%. Total Return was 34.11% for 2024.

*BOLI proceeds of $779,000 and $725,000 were received during the 4^thQuarter of 2024 and 2023, respectively. BOLI proceeds of $779,000 and $1,363,000 were received during full-year 2024 and 2023, respectively.

Net Income and Profitability

Net income generated during the fourth quarter of 2024 represents a $521,000, or 23%, increase as compared to the same time period of 2023. Net of BOLI proceeds, net income generated during the fourth quarter of 2024 represents a $467,000, or 30%, increase as compared to the same time period of 2023. The increase was driven by higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses.

Net income generated for 2024 represents a $584,000, or 6%, decrease as compared to the prior year. Net of BOLI proceeds, net income generated for 2024 and was approximately equal to the prior year. The overall decrease was driven by higher noninterest expense and provision for credit losses, partially offset by higher net interest income.

Profitability as measured by the Company’s return on average assets (“ROA”) decreased to 0.92% for 2024, as compared to 1.00% for the same time period of 2023. Correspondingly, return on average equity (“ROE”) decreased to 12.49% for 2024, as compared to 15.69% for the same time period of 2023.

“We are pleased with Pinnacle’s 2024 core performance and investments made for our future through market expansion and talent acquisition,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. He further commented, “Our Company continues to perform very well compared to peers and has benefitted from ample liquidity, an expanding net interest margin, and strong asset quality. These factors have contributed to enhanced returns for our shareholders through increased dividends and share price appreciation.”

Net Interest Income and Margin

The Company generated $9,279,000 in net interest income for the fourth quarter of 2024, which represents a $908,000, or 11%, increase as compared to $8,371,000 for the fourth quarter of 2023. Interest income increased $1,514,000, or 14%, due to higher yields on earning assets and increased loan volume, while interest expense increased $606,000, or 23%, due to higher interest rates paid on deposits and increased certificates of deposit volume.

The Company generated $35,448,000 in net interest income for 2024, which represents a $2,276,000, or 7%, increase as compared to $33,172,000 for 2023. Interest income increased $5,855,000, or 14%, as yield on earning assets increased 54 basis points to 4.98%. Interest expense increased $3,579,000, or 41%, due to higher interest rates paid on deposits as cost to fund earning assets increased 36 basis points to 1.28%. Net interest margin increased to 3.70% for 2024 from 3.52% for 2023.

Reserves for Credit Losses and Asset Quality

Provision for credit losses was $356,000 in the fourth quarter of 2024 as compared to $4,000 in the fourth quarter of 2023. For 2024, the provision for credit losses was $752,000 as compared to $70,000 in 2023. Provision expense increased for the quarter and year as a result of higher loan volume.

The allowance for credit losses (ACL) was $5,084,000 as of December 31, 2024, which represented 0.71% of total loans outstanding. In comparison, the ACL was $4,511,000 or 0.70% of total loans outstanding as of December 31, 2023. Non-performing loans to total loans decreased to 0.22% as of December 31, 2024, compared to 0.24% as of year-end 2023. ACL coverage of non-performing loans was 321% as of December 31, 2024, compared to 290% as of year-end 2023. Management views the allowance balance as being sufficient to offset potential future losses in the loan portfolio.

Noninterest Income and Expense

Noninterest income for the fourth quarter of 2024 increased $324,000, or 14%, to $2,681,000 as compared to $2,357,000 for the fourth quarter of 2023. The increase was primarily due to a $100,000 increase in fees generated from sales of mortgage loans, a $100,000 increase in other recoveries, a $45,000 increase in BOLI returns, including earlier referenced proceeds, a $23,000 increase in merchant card fees, and a $20,000 increase in service charges on loan accounts.

Noninterest income for 2024 decreased $85,000, or 1%, to $7,879,000 as compared to $7,964,000 for 2023. The slight decrease was mainly due to a $538,000 decrease in BOLI returns, including earlier referenced proceeds, and a $106,000 decrease in interchange fees. These decreases were partially offset by a $153,000 increase in fees generated from the sale of mortgage loans, a $126,000 increase in merchant card fees, a $98,000 increase in other recoveries, a $63,000 increase in nonsufficient funds and other deposit service charges, a $58,000 increase in service charges on loan accounts, and a $53,000 increase in commissions and fees from sales of investment and insurance products. Excluding BOLI proceeds, noninterest income increased $499,000, 7.5%, year-over-year.

Noninterest expense for the fourth quarter of 2024 increased $280,000, or 3%, to $8,373,000 as compared to $8,093,000 for the fourth quarter of 2023. The increase was primarily due to a $310,000 increase in salaries and employee benefits, a $75,000 increase in occupancy expense, and a $24,000 increase in dealer loan expense partially offset by a $293,000 decrease in core operating system expenses.

Noninterest expense for 2024 increased $2,137,000, or 7%, to $31,417,000 as compared to $29,280,000 for 2023. The increase was mainly due to a $758,000 increase in salaries and employee benefits, a $401,000 increase in core operating system expenses, a $213,000 increase in occupancy expense, a $210,000 in other losses, and a $133,000 increase dealer loan expenses.

The Balance Sheet and Liquidity

Total assets as of December 31, 2024, were $1,043,994,000, up $27,465,000, or 3%, from $1,016,528,000 as of December 31, 2023. The principal components of the Company’s assets as of December 31, 2024, were $711,918,000 in total loans, $175,816,000 in securities, and $108,213,000 in cash and cash equivalents. For 2024, total loans increased $70,481,000, or 11%, from $641,437,000, securities decreased $57,762,000, or 25%, from $233,579,000, and cash and cash equivalents increased $20,624,000, or 24%, from $87,589,000.

The majority of the Company’s securities portfolio is relatively short-term in nature with forty-nine percent (49%) invested in U.S. Treasury Notes having an average maturity of less than a year with $58,000,000 maturing during the first four months of 2025. The Company’s entire securities portfolio was classified as available for sale on December 31, 2024, which provides transparency regarding unrealized losses. Unrealized losses associated within the available for sale securities portfolio were $11,817,000 as of December 31, 2024, or six percent (6%) of book value, an improvement from $14,943,000 as of December 31, 2023.

The Company had a strong liquidity ratio of 33% as of December 31, 2024. The liquidity ratio excluding the available for sale securities portfolio was 12% providing the opportunity to sell excess funds at an attractive federal funds rate. The Company has access to multiple liquidity lines of credit through its correspondent banking relationships and the Federal Home Loan Bank. None of these contingency funding sources have been utilized.

Total liabilities as of December 31, 2024 were $965,608,000, up $17,485,000, or 2%, from $948,123,000 as of December 31, 2023, as deposits increased $18,475,000, or 2%, in 2024 to $950,919,000 from $932,444,000. First National Bank’s number of deposit accounts increased 4% during the same time period as the Bank has benefited from the closures of large national bank branches and bank mergers within markets served along with its reputation for providing extraordinary customer service.

Total stockholders’ equity as of December 31, 2024 was $78,386,000 and consisted primarily of $69,035,000 in retained earnings. In comparison, as of December 31, 2023 total stockholders’ equity was $68,405,000. The increase is due primarily to 2024 profitability and an increase in the market value of the securities portfolio and pension assets. Both the Company and Bank remain “well capitalized” per all regulatory definitions.

New Full Service Branch in South Boston

On January 2, 2025, First National Bank opened a full service branch at 4027 Halifax Road, South Boston, Virginia. This is in addition to the Bank opening a Loan Production Office (LPO) at 97A Main Street, South Boston, Virginia in the third quarter of 2024. We have had great response from the South Boston and Halifax community and look forward to servicing customers with a community bank approach.

Company Information

Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. A Loan Production Office and a full-service branch have recently been opened in the South Boston area of Halifax County. First National Bank is in its 117^th year of operation.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

Selected Financial Highlights are shown on the next page.

Pinnacle Bankshares Corporation Selected Financial Highlights (12/31/2024 and 9/30/24 results unaudited) (In thousands, except ratios, share, and per share data)

	3 Months Ended			3 Months Ended			3 Months Ended
Income Statement Highlights	12/31/2024			9/30/2024			12/31/2023
Interest Income	$	12,543		$	12,262		$	11,029
Interest Expense		3,264			3,321			2,658
Net Interest Income		9,279			8,941			8,371
Provision for Credit Losses		356			136			4
Noninterest Income		2,681			1,763			2,357
Noninterest Expense		8,373			7,961			8,093
Net Income		2,800			2,085			2,279
Earnings Per Share (Basic)		1.27			0.94			1.04
Earnings Per Share (Diluted)		1.27			0.94			1.04

	Year Ended			Year Ended			Year Ended
Income Statement Highlights	12/31/2024			12/31/2023			12/31/2022
Interest Income	$	47,743		$	41,888		$	31,788
Interest Expense		12,295			8,716			1,348
Net Interest Income		35,448			33,172			30,440
Provision for Credit Losses		752			70			190
Noninterest Income		7,879			7,964			7,023
Noninterest Expense		31,417			29,280			27,237
Net Income		9,178			9,762			8,242
Earnings Per Share (Basic)		4.15			4.45			3.78
Earnings Per Share (Diluted)		4.15			4.45			3.78

Balance Sheet Highlights	12/31/2024			12/31/2023			12/31/2022
Cash and Cash Equivalents	$	108,213		$	87,589		$	36,521
Total Loans		711,918			641,437			632,896
Total Securities		175,816			233,579			251,114
Total Assets		1,043,994			1,016,528			969,931
Total Deposits		950,919			932,444			899,238
Total Liabilities		965,608			948,123			912,923
Stockholders’ Equity		78,386			68,405			57,008
Shares Outstanding		2,212,270			2,198,158			2,178,486

Ratios and Stock Price	12/31/2024			12/31/2023			12/31/2022
Gross Loan-to-Deposit Ratio		74.87	%		68.79	%		70.38	%
Net Interest Margin (Year-to-date)		3.70	%		3.52	%		3.18	%
Liquidity		32.60	%		37.27	%		32.68	%
Efficiency Ratio		72.49	%		71.20	%		72.71	%
Return on Average Assets (ROA)		0.92	%		1.00	%		0.82	%
Return on Average Equity (ROE)		12.49	%		15.69	%		14.62	%
Leverage Ratio (Bank)		9.21	%		8.82	%		8.06	%
Tier 1 Capital Ratio (Bank)		12.81	%		12.98	%		12.03	%
Total Capital Ratio (Bank)		13.52	%		13.67	%		12.63	%
Stock Price	$	31.20		$	24.01		$	19.20
Book Value	$	35.43		$	31.12		$	26.17


Asset Quality Highlights	12/31/2024			12/31/2023			12/31/2022
Nonaccruing Loans	$	1,582		$	1,557		$	1,561
Loans 90 Days or More Past Due and Accruing		0			0			221
Total Nonperforming Loans		1,582			1,557			1,782
Loan Modifications		109			357			1,056
Loans Individually Evaluated		2,010			2,287			2,884
Other Real Estate Owned (OREO) (Foreclosed Assets)		0			0			0
Total Nonperforming Assets		1,582			1,557			1,782
Nonperforming Loans to Total Loans		0.22	%		0.24	%		0.28	%
Nonperforming Assets to Total Assets		0.15	%		0.15	%		0.18	%
Allowance for Credit Losses	$	5,084		$	4,511		$	3,853
Allowance for Credit Losses to Total Loans		0.71	%		0.70	%		0.61	%
Allowance for Credit Losses to Nonperforming Loans		321	%		290	%		216	%

CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com

The MIL Network –

February 15, 2025

MIL-OSI USA: SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy

Source: Securities and Exchange Commission

The Securities and Exchange Commission will host the SEC’s 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 – 4:30 p.m. ET.

The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors.

“The annual Small Business Forum provides an important platform for identifying pressing issues affecting capital raising for small businesses in communities across the country,” said SEC Acting Chairman Mark Uyeda. “We encourage entrepreneurs, investors, and members of the public to join us for this important event.”

The event will feature appearances by SEC Commissioners and discussions with thought leaders from across the small business ecosystem on capital raising by early- to late-stage private companies and smaller public companies. All forum participants whether in person or viewing online will have the opportunity to submit policy recommendations in advance and to vote online at the end of the event to prioritize those recommendations that will be included in a report for the Commission and Congress.

The forum, which was hosted virtually from 2020-2024, will return to an in-person format while also continuing to allow for virtual attendance so individuals unable to attend in person can participate.

Registration information and a full agenda will be announced and available on SEC.gov as the event draws closer.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: Senator Murray on Trump Indiscriminately Firing Workers at Hanford and Bonneville Power Administration, Threatening Energy Security in Washington State

US Senate News:

Source: United States Senator for Washington State Patty Murray

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, issued the following statement in response to reports that the Trump administration began firing Washington state workers at the Hanford site and the Bonneville Power Administration. The Trump administration has ordered mass firings of federal workers who are on their “probationary” period—meaning workers who were hired or promoted within the past 1-2 years.

“Yesterday, the Trump administration began indiscriminately laying off Hanford workers in Washington state, as well as hundreds of workers at the Bonneville Power Administration who deliver clean and reliable energy to families across the Pacific Northwest.

“At Hanford, in addition to the deferred resignations, over a dozen people were laid off—including safety engineers, environmental scientists, people who monitor and respond to urgent safety issues, folks who make sure Hanford workers’ rights are protected, and others who are absolutely critical to the Hanford cleanup mission and the safety of the workers there. These reckless firings will slow down critical cleanup work and make workers less safe—trying to run Hanford with a skeleton crew is a recipe for disaster that could have irreversible impacts. An adequate federal workforce is essential for oversight of the work executed by nearly 12,000 contractor workers at the Hanford site. These layoffs will hurt companies, workers, and their families across Eastern Washington.

“Adding insult to injury, the Trump administration has also needlessly laid off a handful of employees at PNNL—workers who power cutting-edge research and groundbreaking innovations on everything from energy storage to nuclear security.

“At the Bonneville Power Administration, I’ve heard the Trump administration is laying off more than 600 people across the Northwest—this includes everyone from electricians and engineers, to biologists, to lineworkers, to cybersecurity experts, and so many others. These are literally the people who help keep the lights on—and now they’re being fired on a whim because Trump and Elon Musk don’t have a clue about what they do and why it’s important, and don’t care to learn. They don’t seem to even understand that these are positions funded by ratepayers—by all of us in the Northwest—not from federal funding.

“The callousness of this administration is breathtaking—these mass layoffs pose a serious threat to our energy security and the health and safety of people across our state, not to mention the livelihoods of so many hardworking families who have done nothing wrong and whose work is sorely needed. These firings will raise energy costs for Washington ratepayers and jeopardize the reliability of the grid in the Northwest—a genuinely life-or-death concern for millions. I will keep doing everything I can to raise the voices of the people harmed by this administration’s indefensible policies and fight back.”

Senator Murray has worked tirelessly to support Hanford workers and ensure the federal government lives up to its cleanup obligations at Hanford throughout her time in Congress—beating back efforts by multiple administrations to underfund Hanford cleanup. Murray secured a record $3.035 billion for the Hanford cleanup—$191.4 million above the fiscal year 2023 funding level in the fiscal year 2024 government funding package she negotiated and passed through Congress as Appropriations Chair, which was signed into law on March 9^th. In December 2023, Murray’s Beryllium Testing Fairness Act, to help Hanford workers suffering from toxic beryllium exposure, was signed into law by President Biden.

Senator Murray has been a longtime supporter of the BPA, and the low-cost energy it provides to millions across the Pacific Northwest, and she has been vocal in her opposition to attempts to privatize the organization. During the first Trump administration, Senator Murray also successfully worked against Trump’s repeated attempts to privatize BPA and sell the BPA power grid.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: Q&A: Mysterious Drug Pricing Needs a Dose of Sunshine

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
Q: What are pharmacy benefit managers?
A: Iowans may not know exactly what pharmacy benefit managers (PBMs) are, but they do know they’re fed up with sticker shock at the pharmacy counter. Six decades ago, PBMs started out processing drug claims. Then, they evolved into an intermediary between pharmaceutical companies, pharmacies and third-party payers, including health insurance companies, self-insured employers, unions and government programs. Eventually, a complex system emerged, expanding PBMs’ influence and profits instead of driving down costs and improving patient services. For example, PBMs’ business models incentivize purchasing brand name drugs over lower-priced generic drugs. Today, just three PBMs control nearly 80 percent of the prescription drug market. These conglomerates operate out of the view of regulators and consumers, setting prescription drug costs, deciding which drugs are covered by insurance plans, determining how they’re dispensed and pocketing unknown sums that might otherwise be passed along as savings to consumers. What’s more, they undercut local independent pharmacies. Things need to change.
For the better part of a decade, I’ve been laser-focused on shining a spotlight on PBMs. In 2019, as chairman of the Senate Finance Committee, I called the top executives from major PBMs to testify about drug pricing in America. I teamed up with Senator Ron Wyden to conduct a two-year bipartisan investigation into insulin price gouging. And I requested the Federal Trade Commission (FTC) to look into potential anticompetitive practices occurring in the industry. Three bills I co-sponsored have been signed into law, including the CREATES Act, Right Rebate Act and Patient Right to Know Drug Prices Act. In 2023, the Judiciary Committee passed five of my bipartisan bills to boost competition in the pharmaceutical industry and improve patient access to more affordable prescription medicines.
At my annual 99 county meetings, I hear regularly from Iowans who struggle to afford their medications and want to know why getting a prescription filled is so unnecessarily complicated, from mail-order options to confusing coupons and rebates. They also want to know why Americans pay more for the identical prescription medications than patients in other countries. According to theCenters for Disease Control and Prevention (CDC), recent data show nearly 50 percent of Americans used at least one prescription drug in the previous month, nearly 25 percent used three or more prescription drugs and 13.5 percent used five or more. Tens of millions of Americans rely on pharmaceutical therapies to manage chronic conditions, particularly those diagnosed with diabetes, heart disease, hypertension, arthritis and cancer. This is a matter of life and death for loved ones in families across the country. In 2023, the U.S. health care system spent $449.7 billion on retail prescription drugs, more than any other country. American taxpayers and patients aren’t getting the most bang for the buck.
Q: What are you doing in this Congress to hold PBMs accountable?
A: Returning as Chairman of the Senate Judiciary Committee in January, lowering drug prices is among my top legislative and oversight priorities. That includes building on my efforts to shine a bright light on PBMs. To that end, I’m pushing the FTC to finish its work. While I’ve welcomed a couple of its interim reports, it’s time to get the job done. Senator Maria Cantwell, Ranking Member of the Senate Commerce Committee, and I have teamed up to reintroduce a pair of bipartisan bills to combat the high cost of prescription drugs and pull back the curtain on PBMs. Transparency brings accountability. The Prescription Pricing for the People Actwould require the FTC to finish its study in a timely manner and provide policy recommendations to Congress to improve competition and protect consumers. The Pharmacy Benefit Manager (PBM) Transparency Act would ban deceptive and unfair pricing schemes and require PBMs to report to the FTC how much they make through spread pricing and pharmacy fees. Spread pricing is the difference between what PBMs charge a health plan and what they pay to a pharmacy for a certain drug. This practice is costing patients and taxpayers while curtailing access to affordable prescription drugs. I’m committed to bringing sunshine and fairness to the prescription drug marketplace. Learn more about my work to lower prescription drug prices here.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: Grassley, Colleagues Reintroduce Bill to Permanently Repeal the Death Tax

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-S.D.) and 44 senators in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.

“After a farmer or business owner puts a lifetime of work into a family business, the death tax slaps the next generation with an unaffordable burden upon the passing of a loved one. It’s an outdated measure that’s keeping family farms and businesses from where they’re supposed to be; in the family. Our legislation would end this tax so that family farms can keep their money, invest in the rural communities and create new opportunities,” Grassley said.

“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability,” Thune said.

Additional cosponsors are Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.).

Companion legislation was introduced in the House of Representatives by Rep. Randy Feenstra (R-Iowa).

Find bill text HERE.

Background:

Grassley has long opposed the death tax, he welcomed the Senate’s attempt to repeal the death tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally-owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms and ranches.

The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

-30-

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: Relief Still Available to Florida Private Nonprofits Hit by May Tornadoes

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Florida of the March 17 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight-line winds and tornadoes that occurred May 10, 2024.

The disaster declaration covers the counties of Baker, Columbia, Gadsen, Hamilton, Jefferson, Lafayette, Leon, Liberty, Madison, Santa Rosa, Suwanee, Taylor and Wakulla.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is March 17, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: SBA Relief Still Available to Florida Businesses Affected by May Storms and Tornadoes

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Florida of the March 17, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight-line winds and tornadoes that occurred on May 10, 2024.

The disaster declaration covers the counties of Gadsden, Jefferson, Leon, Liberty, and Wakulla in Florida, as well as the counties of Grady and Thomas in Georgia.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is March 17, 2025.

# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: SBA Relief Still Available to Oklahoma Private Nonprofits Affected by May Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Oklahoma of the March 14, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line‑winds, tornadoes and flooding that occurred May 19-28, 2024.

The disaster declaration covers the counties of Blaine, Caddo, Custer, Delaware, Jackson, Mayes, Roger Mills, Rogers and Woods.

Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs that provide non-critical services of a governmental nature and suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

EIDLs are available for working capital needs cause by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.

Interest rates can be as low as 3.25% with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications no later than March 14.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 15, 2025
MIL-OSI Security: Raleigh Man Sentenced to Over 10 years in Prison for Drugs and Guns

Source: United States Department of Justice (National Center for Disaster Fraud)

WILMINGTON, N.C. – A Raleigh man was sentenced to 152 months in prison for wire fraud, conspiracy to distribute and possession with the intent to distribute heroin, possession with the intent to distribute heroin, and possession of a firearm in furtherance of drug trafficking. On September 16, 2024, and November 4, 2024, Cory Sean Heard, age 47, pled guilty to the charges.

According to court documents and other information presented in court, on February 8, 2021, Heard was pulled over by the Raleigh Police Department for a routine traffic stop. During a search of Heard’s car, officers located a 9mm pistol, a bag of heroin, and a digital scale. Further investigation by the Federal Bureau of Investigation (FBI) revealed that between 2019 and 2021, Heard sold over 100 grams of heroin.

While investigating Heard for drug distribution, the FBI learned that in March 2020, Heard submitted a fraudulent Economic Injury Disaster Loan (“EIDL”) application and IRS Form Schedule C for a fake business. As a result of this fraudulent EIDL application, Heard received a cash advance. Further investigation revealed that Heard also received PPP funds for an alleged car washing business. As part of the resolution of this case, Heard agreed, and was ordered to pay, $140,000 in restitution to the Small Business Administration.

Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by Chief U.S. District Judge Richard E. Myers II. The Raleigh Police Department and Federal Bureau of Investigation investigated the case and Assistant U.S. Attorney Lori Warlick and Special Assistant U.S. Attorney Lisa Labresh prosecuted the case.

Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case Nos. 5:21-CR-178-M and 5:23-CR-388-M.

###

MIL Security OSI –

February 15, 2025

MIL-OSI: Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

COLDWATER, Mich., Feb. 14, 2025 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter net income of $2,650,000, or $0.57 per share, compared to net income of $2,437,000, or $0.54 per share, for the fourth quarter of 2023. Southern earned $10,402,000 or $2.28 per share, for the year ended December 31, 2024, compared with $10,905,000 or $2.40 per share, for the same period one year ago.

John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “2024 was another solid year with total assets reaching approximately $1.5 billion. During the year ended December 31, 2024, total loans and deposits grew to $1.116 billion and $1.252 billion, respectively. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality.”

The allowance for credit losses totaled $12,782,000, or 1.14% of loans on December 31, 2024, compared to $11,697,000, or 1.13% on December 31, 2023. Net loan charge-offs totaled $27,000 for 2024, compared to $15,000 for 2023. Non-performing loans as a percentage of total loans were 0.08% on December 31, 2024 and December 31, 2023.

The annualized return on average assets for the years ended December 31, 2024, and December 31, 2023, was 0.71% and 0.80%, respectively. The annualized return on average equity was 10.07% for 2024 compared to 11.94% for 2023. The tax equivalent net interest margin for the years ending December 31, 2024, and 2023 was 2.98% and 3.16%, respectively.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.

This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.


SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share data)
	December 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	73,737		$	71,620
Federal funds sold		259			1,468
Securities available for sale, at fair value		159,320			169,740
Securities held-to-maturity, at amortized cost		60,454			61,600
Loans held-for-sale		995			169
Loans, net of allowance for credit losses of $12,782 – 2024, $11,697 – 2023		1,103,652			1,024,720
Premises and equipment, net		25,600			23,114
Net cash surrender value of life insurance		23,139			22,472
Goodwill		13,422			13,422
Other intangible assets, net		111			147
Other assets		35,866			26,323
TOTAL ASSETS	$	1,496,555		$	1,414,795

LIABILITIES
Deposits:
Non-interest bearing	$	223,583		$	226,178
Interest bearing		1,028,212			931,793
Total deposits		1,251,795			1,157,971

Securities sold under agreements to repurchase and overnight borrowings		1,560			1,738
Accrued expenses and other liabilities		18,355			15,703
Other borrowings		82,900			106,900
Subordinated debentures		34,722			34,653
Total liabilities		1,389,332			1,316,965

SHAREHOLDERS’ EQUITY
Preferred stock, 100,000 shares authorized; none issued or outstanding		–			–
Common stock, $2.50 par value:
Authorized – 10,000,000 shares
Issued and outstanding – 4,577,107 shares in 2024, 4,533,637 shares in 2023		11,438			11,330
Additional paid-in capital		13,438			13,126
Retained earnings		97,462			89,808
Accumulated other comprehensive loss		(15,115	)		(16,434	)
Total shareholders’ equity		107,223			97,830
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,496,555		$	1,414,795


SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Interest income:
Loans, including fees	$	16,628	$	15,308	$	64,376	$	54,887
Federal funds sold and balances with banks		999		766		4,629		3,125
Securities:
Taxable		1,376		1,635		5,889		6,291
Tax-exempt		318		304		1,222		1,265
Total interest income		19,321		18,013		76,116		65,568

Interest expense:
Deposits		7,358		6,077		29,013		20,593
Other		1,315		1,606		6,016		4,995
Total interest expense		8,673		7,683		35,029		25,588
Net interest income		10,648		10,330		41,087		39,980
Provision for credit losses		353		–		1,014		950
Net interest income after provision for credit losses		10,295		10,330		40,073		39,030

Non-interest income:
Service charges on deposit accounts		422		422		1,692		1,670
Trust fees		704		632		2,744		2,419
Net gains on loan sales		253		119		672		305
Earnings on life insurance assets		170		161		667		617
ATM and debit card fee income		462		447		1,818		1,786
Other		289		296		898		941
Total non-interest income		2,300		2,077		8,491		7,738

Non-interest expense:
Salaries and employee benefits		6,233		5,836		22,388		20,586
Occupancy, net		540		416		2,054		1,813
Equipment		425		385		1,658		1,449
Professional and outside services		581		770		2,156		2,243
Software maintenance		635		608		2,452		2,247
ATM expenses		212		201		841		803
Printing, postage, and supplies		97		118		510		437
Telecommunication expenses		73		109		313		376
Other		1,096		940		4,053		3,466
Total non-interest expense		9,892		9,383		36,425		33,420
INCOME BEFORE INCOME TAXES		2,703		3,024		12,139		13,348
Federal income tax provision		53		587		1,737		2,443
NET INCOME	$	2,650	$	2,437	$	10,402	$	10,905

Basic Earnings Per Common Share	$	0.57	$	0.54	$	2.28	$	2.40
Diluted Earnings Per Common Share		0.57		0.54		2.28		2.40
Dividends Declared Per Common Share		0.15		0.14		0.60		0.56

The MIL Network –

February 15, 2025

MIL-OSI: Calian Reports on the Election of Directors Voting Results

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ontario, Feb. 14, 2025 (GLOBE NEWSWIRE) — The following matter was voted upon at the Annual Meeting of Shareholders of Calian® Group Ltd. (TSX:CGY), held on February 13, 2025 in Ottawa, Ontario. This and other matters voted upon are described in greater detail in the Notice of Annual Meeting of Shareholders and Management Proxy Circular dated December 30, 2024.

Detailed results of the vote for the election of directors are set out below.   

Name of Nominee	Votes For	% Votes For	Votes Against	% Votes Against
George Weber	6,474,389	82.99%	1,327,223	17.01%
Josh Blair	7,786,162	99.80%	15,450	0.20%
Kevin Ford	7,788,179	99.83%	13,433	0.17%
Lisa Greatrix	7,781,072	99.74%	20,540	0.26%
Lori O’Neill	7,630,438	97.81%	171,174	2.19%
Young Park	7,634,699	97.86%	166,913	2.14%
Jo-Anne Poirier	7,635,858	97.88%	165,754	2.12%
Royden Ronald Richardson	7,633,263	97.84%	168,349	2.16%
Valerie Sorbie	7,638,974	97.92%	162,638	2.08%

 
For more details, including the outcome of other matters that came before the Meeting, please see the report of voting results filed at www.sedarplus.ca.

About Calian

www.calian.com

We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries:

media@calian.com

613-599-8600

Investor Relations inquiries:

ir@calian.com

—————————————————————————–

DISCLAIMER

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

The MIL Network –

February 15, 2025

MIL-OSI Video: Gita Gopinath: Tackling economic uncertainty in 2025 #mtl #meettheleader #wef25

Source: World Economic Forum (video statements)

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
Twitter ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#WorldEconomicForum

https://www.youtube.com/watch?v=jnpa6LvglK8

MIL OSI Video –

February 15, 2025
MIL-OSI USA: Peters Reintroduces Bipartisan Legislation to Help Combat Human Rights Violations

US Senate News:

Source: United States Senator for Michigan Gary Peters

Published: 02.14.2025

Peters’ Bipartisan Bill Would Help U.S. Companies Identify and Avoid Doing Business with Foreign Entities Linked to Human Rights Abuses

WASHINGTON, DC – U.S. Senator Gary Peters (D-MI) reintroduced bipartisan legislation to help American businesses identify and avoid doing business with foreign entities linked to human rights abuses, particularly the use of forced labor in China. The Combating CCP Labor Abuses Act – which Peters reintroduced with U.S. Senators Cynthia Lummis (R-WY) and John Curtis (R-UT) – would direct the Commerce Department to offer training and guidance to U.S. exporters that are, or are considering, exporting goods to businesses in the People’s Republic of China where forced labor and significant human rights abuses have occurred. The bill – which unanimously passed the Senate last Congress – would also require the Commerce Department to provide additional insight that might help U.S. exporters avoid doing business with foreign entities that are subject to the influence or control of nations such as the People’s Republic of China that may be implicated in forced labor or human rights violations.

“We must do everything we can to condemn and deter human rights abuses being committed by our adversaries, including China,” said Senator Peters, a member of the Commerce, Science, and Transportation Committee. “This bipartisan bill will provide our businesses with important insight that can help avoid business dealings with foreign entities that might be involved in these atrocities.”

The bipartisan legislation has earned the support of the Uyghur Human Rights Project and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).

“Business complicity in the genocide of the Uyghurs has to be stopped,” said Omer Kanat, Uyghur Human Rights Project Executive Director. “The US government should act on its 2021 genocide finding, by ensuring small businesses have options. This bill is important for them to stop any kind of business with the companies involved in the ongoing slow-genocide policies in China – including hi-tech surveillance, textiles, EV batteries, and much more.”

The government of the People’s Republic of China has perpetrated egregious human rights abuses—including in the Xinjiang Uyghur Autonomous Region—against Uyghurs and other ethnic and religious minority groups. The Chinese government’s actions have encompassed mass detention in internment camps, the use of forced labor, and other atrocities. This has led the U.S. State Department to determine that the People’s Republic of China, “under the direction and control” of the Chinese Communist Party, “has committed genocide against predominantly Muslim Uyghurs and other ethnic and religious minority groups in Xinjiang.”

The U.S. Department of Commerce provides valuable assistance to help U.S. businesses and exporters increase sales and tap into new markets, such as through export counseling provided by the U.S. Commercial Service. Peters’ bipartisan bill would build on existing human rights training for Department staff by ensuring its workforce is specifically informed about emerging trends and issues with respect to human rights abuses occurring around the world, such as the situation in the Xinjiang Uyghur Autonomous Region.

MIL OSI USA News –

February 15, 2025
MIL-OSI USA: As Tax Season Ramps Up, Warren, Cassidy Renew Effort to Simplify IRS Error Notices for Taxpayers
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren

February 14, 2025

Bill Text (PDF) | Bill One-Pager (PDF)

Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Bill Cassidy (R-La.) reintroduced the Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act, a bill to improve math error notices — an Internal Revenue Service (IRS) authority used to quickly adjust taxpayers’ returns.

Representatives Brad Schneider (D-Ill.) and Randy Feenstra (R-Iowa) recently reintroduced the bill in the House, and the bill passed unanimously out of the U.S. House Ways and Means Committee during markup on February 12, 2025.

Each year, the IRS sends millions of Americans math error notices, expedited adjustments to tax returns that contain simple math or clerical errors. These “vague and confusing” notices often list several potential errors that may have been made rather than specifying the exact issue leading to a refund being reduced. The notices also fail to explain that taxpayers have only 60 days to challenge the IRS’s position and fail to explain how taxpayers can contest these notices, causing many taxpayers to forfeit their right to challenge the adjustments.

The lawmakers hope to improve this unworkable system to help taxpayers, especially low-income and non-English speaking Americans, who cannot afford lawyers to help them navigate the complicated correspondence process. The Math ACT was included in the Senate Finance Committee’s discussion draft of bipartisan legislation that aims to reform IRS administration and procedure.

“IRS communications to taxpayers should be clear and easy to understand,” said Senator Warren. “This bipartisan bill will reform notoriously confusing error notices so that hardworking Americans can get the money they’re entitled to quickly and fairly.”

“Taxes are already complicated, and the last thing Americans need is more confusion,” said Dr. Cassidy. “We’re making sure the IRS does its part to inform taxpayers when they correct inevitable errors made on tax returns.”

“If the IRS finds a mistake on a tax return, this agency should be required to clearly communicate that error to the taxpayer and explain why a tax refund is higher or lower than expected. That’s why I’m glad to introduce legislation to ensure that the IRS clearly spells out errors on tax forms and helps taxpayers not only understand the mistake but also challenge it if they see fit,” said Representative Feenstra. “Filing taxes is already burdensome and time-consuming. We can improve customer service by instituting open and transparent communication between the IRS and the taxpayer when a tax error is identified.”

Senators Warren and Cassidy initially introduced the bill in 118th Congress.

The IRS MATH Act reforms the math error process by:
- Directing the IRS to improve notices of math or clerical errors, requiring that notices:
  
  Identify the line item the IRS is changing;
  
  Explain the reason for the change, and;
  
  Clearly list the taxpayer’s required response date.
- Requiring that the IRS notify the taxpayer of abatement determinations.
- Requiring the Treasury Secretary to provide additional procedures for requesting an abatement of a math or clerical error adjustment, including by telephone or in person.
- Creating a pilot program coordinated by the IRS and National Taxpayer Advocate to determine the benefit of sending math or clerical error notices by certified or registered mail.
Senator Warren has, throughout her career, advocated for low-income taxpayers and for improved IRS procedures:
- In January 2025, Senator Elizabeth Warren (D-Mass.) led over 135 members of Congress in writing to Treasury Secretary-Designate Scott Bessent and Internal Revenue Services’ (IRS) Commissioner-Designate Billy Long, urging them to maintain and expand the IRS’ Direct File program.
- In October 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), and Representative Katie Porter (D-Calif.) wrote to the Department of the Treasury and the Internal Revenue Service urging the agencies to make the Direct File tax filing program more secure and accessible by ending reliance on ID.me, which uses a flawed facial recognition software.
- In April 2024, following the 2024 tax filing deadline, at a hearing of the U.S. Senate Committee on Finance, Senator Elizabeth Warren questioned IRS Commissioner Daniel I. Werfel, on the IRS’s use of Inflation Reduction Act funds to successfully pilot a Direct File program, a first-of-its-kind option for Americans in twelve states to be able to file their taxes online directly with the IRS, easily and for free.
- In April 2024, Senator Warren and colleagues applauded the success of Direct File’s Pilot during the 2024 tax filing season, highlighting rave reviews, millions of dollars in refunds claimed and filing fees saved.
- In April 2024, Senator Warren sent a letter to Chair Lina M. Khan of the Federal Trade Commission (FTC), blasting Intuit, the maker of TurboTax, for continuing to relentlessly upsell TurboTax users despite numerous FTC and state lawsuits and settlements. Senator Warren applauded the FTC’s oversight of Intuit, and urged the Commission to continue to take action to protect taxpayers from tax preparation companies that pile junk fees onto users.
- In March 2024, Senator Warren celebrated the successful launch of the IRS’s Direct File pilot.
- In March 2024, Senator Warren highlighted the positive feedback that the IRS’s Direct File pilot in 12 states has received from taxpayers and asked Secretary of the Treasury Janet Yellen to commit to expanding and extending the program in 2025 if positive feedback continues, which Yellen agreed to.
- In February 2024, Senators Warren, Blumenthal, Sanders, and Representative Porter sent a response to Intuit, blasting the company for its failure to answer basic questions the lawmakers asked in their January 2, 2024 letter seeking an accounting of the expenses underlying the company’s massive federal research tax breaks.
- In January 2024, Senators Warren, Blumenthal (D-Conn.), and Bernie Sanders (I-Vt.), and Representative Katie Porter (D-Calif.) sent a letter to Intuit requesting a full accounting of the expenses underlying the company’s massive federal research tax breaks by January 16, 2024. Intuit disclosed that it received $94 million in federal research tax credits in 2022, while simultaneously spending millions lobbying against the establishment of a free program for Americans to file their taxes online.
- In October 2023, Senators Warren, Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, Blumenthal, Tammy Duckworth (D-Ill.), Sanders, Sheldon Whitehouse (D-R.I.), and Representative Porter sent letters to five tax preparation companies—H&R Block, TaxAct, TaxSlayer, Ramsey Solutions, and Intuit—that recently received notices of penalty offenses from the Federal Trade Commission (FTC) regarding the misuse of taxpayer’s sensitive and confidential information.
- In October 2023, Senators Warren and Patty Murray (D-Wash.), Chair of the Senate Appropriations Committee, and Representatives Porter, Brad Sherman (D-Calif.), and Don Beyer (D-Va.) released a statement supporting the U.S. Department of Treasury and the Internal Revenue Service (IRS) joint announcement of their 2024 pilot of Direct File, a program that allows Americans to file tax returns digitally and free of charge. The lawmakers acknowledged the Inflation Reduction Act’s role in the program’s development, and stated their intention to support the IRS’s efforts to develop and expand the Direct File pilot.
- In August 2023, Senator Warren and Representative Porter sent a letter to the Free File Alliance, the American Coalition for Taxpayer Rights, Intuit, and H&R Block admonishing the companies’ relentless lobbying against the Internal Revenue Service’s (IRS) direct free filing tool.
- In July 2023, Senators Warren, Wyden, Blumenthal, Duckworth, Sanders, and Whitehouse and Representative Porter released a report revealing the outrageous, extensive, and potentially illegal sharing of taxpayers’ sensitive personal and financial information with Meta by online tax preparation companies. The lawmakers also sent a letter to the IRS, the Treasury Inspector General for Tax Administration, the Federal Trade Commission, and the Department of Justice highlighting their key findings and calling on these departments to fully investigate this matter and prosecute any company or individuals who violated the law.
- In June 2023, Senators Warren and Tom Carper (D-Del.) and Representatives Sherman, Porter, and Beyer, led a coalition of 99 Democratic lawmakers in a letter to IRS Commissioner Daniel Werfel and Deputy Treasury Secretary Adewale Adeyemo, applauding the IRS’s announcement of a pilot of a free tax filing tool next year.
- In May 2023, Senator Warren’s call for a Free E-File Program was finally answered by the IRS through the Inflation Reduction Act .
- In April 2023, Senators Warren and Carper led 29 other senators in a letter to the IRS Commissioner, urging the agency to simplify the tax process and broaden access to free e-filing options.
- In April 2023, at a hearing of the Senate Finance Committee, Senator Warren questioned the IRS Commissioner about the agency’s failed Free-File partnership with private tax preparation software companies and called on the agency to implement a direct E-File program.
- In December 2022, Senators Warren and Wyden and Representatives Porter and Sherman sent letters to tax preparation companies H&R Block, TaxAct, and TaxSlayer, plus big tech firms Meta and Google, amid reports that the tax preparation companies have been secretly transmitting individual taxpayers’ sensitive financial information to Meta and Google
- In August 2022, Senator Warren highlighted key priorities she secured in the Senate’s Inflation Reduction Act, including establishing an IRS task force to look into developing and running an IRS-run free direct E-File tax return system, based on Senator Warren’s Tax Filing Simplification Act.
- In July 2022, Senator Warren led 22 lawmakers to introduce the Tax Filing Simplification Act of 2022, legislation that would direct the IRS to develop its own free online tax preparation and filing service that would simplify the tax filing process for millions of Americans.
- In June 2022, at a hearing of the Senate Finance Committee, Secretary of Treasury Janet Yellen agreed with Senator Warren on the need to create a free tax filing system that actually works for Americans.
- In June 2022, Senator Warren and Representatives Porter and Sherman sent a letter to Richard K. Delmar, Acting Treasury Department Inspector, General, J. Russell George, Treasury Inspector General for Tax Administration, and Andrew Katsaros, Acting Inspector General at the Federal Trade Commission, regarding troubling reports of Intuit’s abuse of the revolving door and the company’s hiring of former federal regulators and influence-peddlers to defend its shady business practices. In the letter, which is a follow up to the prior April 2022 letter, the lawmakers call out Intuit for forcing American taxpayers into paying for services that should be free, and request an in-depth investigation into the company and its use of the revolving door to influence policy decisions at those agencies.
- In April 2022, Senator Warren and Representatives Sherman and Porter sent a letter to Intuit regarding the company’s unethical use of the revolving door to hire former regulators to defend their shady business practices that scam taxpayers out of billions of dollars. In June 2022, the lawmakers sent a follow-up.
- In February 2022, Senator Warren and Representative Pramila Jayapal (D-Wash.) sent a letter to the Acting Inspector General of the Department of Treasury and the Treasury Inspector General for Tax Administration, calling on them to open an investigation into the unethical revolving door between the world’s largest accounting firms and the Treasury Department and IRS.
- In February 2022, Senator Warren made the case for increased funding for the Internal Revenue Service (IRS) through the Build Back Better Act and called on the administration to create the simplified filing tools proposed in her Tax Filing Simplification Act.
MIL OSI USA News –
February 15, 2025
MIL-OSI USA: Warren, Hirono Press Defense Secretary Hegseth on Cost and Military Readiness Impact of Deploying Troops to Southern Border, Guantanamo Bay
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren

February 14, 2025

“[DoD’s] new immigration operations — which the Trump administration is planning at an unprecedented scale — threaten to burden the Department’s resources and undermine our national security.”

Text of Letter (PDF)

Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Mazie Hirono (D-Hawaii) wrote to Secretary of Defense (DoD) Pete Hegseth regarding the military’s recent deployment of active-duty forces to the southern border and Guantanamo, and the Department of Defense’s (DOD) new involvement in immigration detention and deportation.

On his first day in office, President Trump signed an Executive Order directing the United States Northern Command (NORTHCOM) to “seal the borders” and “to provide steady-state southern border security.” On January 29, President Trump directed DoD to “expand the Migrant Operations Center at Naval Station Guantanamo Bay to full capacity” of 30,000. As a result, NORTHCOM has deployed about 2,000 active-duty troops to the southern border, bringing the total under DoD’s command to over 4,000. These deployments have drawn from numerous Army and Marine Corps units, and DoD has required the 10th Mountain Division from Fort Drum, New York to oversee the units. In the near term, the Trump administration is reportedly considering deploying up to 10,000 troops to the southern border — double the scale of DoD’s border deployment in 2019 and 2020. That number could grow; during President Trump’s first term, then-Secretary of Defense Mark Esper said Stephen Miller (now White House Deputy Chief of Staff) said that “[w]e need a quarter-million troops” at the southern border.

Following Immigration and Customs Enforcement’s (ICE) reversal of its policy prohibiting the use of military aircraft to deport migrants, DoD has operated over 10 deportation flights around the world. At Guantanamo, SOUTHCOM’s has deployed over 500 Marines and DoD has not ruled out detaining women and children there. A former Pentagon official estimates that these operations would “quickly skyrocket into tens of millions, if not hundreds of millions, of dollars.”

At a hearing of the Senate Armed Services Committee on February 13, 2025, Admiral Alvin Holsey, SOUTHCOM Commander, confirmed that the Pentagon does not have a cost estimate for these immigration operations, though the department is supposed to consider costs before deploying troops. At the same hearing, General Gregory Guillot, NORTHCOM Commander, told senators that only one training day has been set aside per week for deployed troops operating outside their specialties to maintain their skills, so troops are only doing 20% of relevant military training while deployed for immigration enforcement.

“[DoD’s] new immigration-related operations place significant — and unnecessary — burdens on DoD resources, personnel, and readiness,” wrote the senators.

The aircraft now used for deportations, for example, cost far more than the commercial and chartered flights that ICE normally uses for deportations. The new aircraft, the military C-17 plane, costs taxpayers over $28,000 per flight hour for a single deportation, compared to $8,577 per flight hour on civilian aircraft alternatives that ICE often uses. Similarly, ICE’s contract for Guantanamo’s migrant operations center requires it to pay a staggering $272,000 per detention bed, compared to around $57,00 per bed at ICE facilities within the United States.

DoD may not have a realistic estimate of how much these new operations will cost. During President Trump’s first term, when DoD deployed troops to the border between FY2018 and FY2020, the Department estimated that its border operations would total $1 billion in unreimbursed costs. The Government Accountability Office (GAO) later found that “DOD did not present reliable cost estimates.” Since then, DoD has not implemented any of GAO’s recommendations for improving how it estimates the cost of assisting DHS’s immigration operations.

DoD’s growing participation in DHS immigration operations will pose serious costs for units’ readiness. The Defense Secretary discontinued part of DoD’s border operations between 2018 and 2020 after finding that “continued support for the mission would negatively affect military readiness and morale.” The commandant of the Marine Corps warned at the time that the operation posed an “unacceptable risk to Marine Corps combat readiness and solvency,” as a result of separated units and canceled training exercises.

“Likewise, we are concerned about how these operations may impact servicemembers’ morale. In recent years, DoD personnel who deployed to the border have reported dangerously low morale, driven by an unclear mission, isolation, boredom, poor accommodations, and more,” wrote the lawmakers. “Poor morale even contributed to a series of suicides by members of the Texas National Guard who deployed to the southern border.”

“(T)he Trump administration is militarizing the country’s immigration enforcement system in an apparent attempt to signal toughness. But this political stunt will come at a high cost; it risks diverting DoD’s resources away from its vital mission in ways that compromise our national security,” the senators concluded.

The senators requested that DoD provide more clarity about troop deployment to the border and anticipated costs by February 27, 2025.

Senator Warren has sought to protect military resources and prevent unnecessary costs that compromise national security:
- In December 2024, Senators Elizabeth Warren, Josh Hawley (R-Mo.), and Jeff Merkley (D-Ore.) wrote to the leaders of each of the top 10 U.S. automakers with concerns about the companies’ fierce opposition to car owners’ right to repair the vehicles they own in the way they choose.
- In December 2024, Senator Elizabeth Warren and Representative Marie Gluesenkamp Perez (D-Wash.) introduced the Servicemember Right-to-Repair Act to increase military readiness and cut costs by allowing servicemembers to repair their own equipment.
- In December 2024, Senator Elizabeth Warren wrote to the Department of Defense with continued concerns about DoD’s failure to prevent price gouging and overpayments in the military’s TRICARE health program. DoD’s response to Senator Warren’s July 2023 letter revealed a list of nearly 250 bad actors who have overcharged our military by nearly $46 million, which the Senator released today.
- In June 2024, Senators Elizabeth Warren, Mike Rounds (R-S.D.), Peter Welch (D-Vt.), U.S. Representative Buddy Carter (R-Ga.), and 20 other lawmakers sent a letter to Assistant Secretary of Defense for Health Affairs Dr. Lester Martinez-Lopez and Director of the Defense Health Agency (DHA) Lieutenant General Telita Crosland, raising concerns over Express Scripts’ exclusive contract to administer TRICARE’s pharmacy program, the healthcare system for the military, retirees, and their families.
- In July 2023, U.S. Senator Elizabeth Warren chaired a hearing of the Senate Armed Services Subcommittee on Personnel. She called out the Department of Defense (DoD) for wasting billions in taxpayers dollars due to price gouging by defense contractors for services and in health care, and identified opportunities for cost savings when DoD buys personnel-related goods and services.
- In July 2023, U.S. Senator Elizabeth Warren (D-Mass.) sent a letter to Secretary of Defense Lloyd J. Austin III and Director of the Defense Health Agency (DHA), Lieutenant General Telita Crosland, regarding a series of DoD Inspector General (IG) reports finding that the Department of Defense (DoD) is failing to prevent price gouging and overpayments to contractors in the TRICARE health program.
- In June 2023, Senators Warren and Mike Braun (R-Ind.), alongside Rep. Garamendi, reintroduced the bipartisan Stop Price Gouging the Military Act, which would close loopholes in current acquisition laws, tie financial incentives for contractors to performance, and provide the Department of Defense (DoD) the information necessary to prevent future rip-offs.
- In May 2023, Senator Warren and Representative John Garamendi sent letters to DoD, Boeing, and TransDigm on companies’ refusal to provide cost or pricing data.
- In May 2023, Senators Warren, Sanders, Braun, and Grassley sent a letter to DoD urging an investigation into contractor price gouging.
- In October 2022, Senator Warren obtained a commitment from DoD not to increase contract prices due to inflation.
- In October 2022 Senator Warren sent a letter to DoD urging them to insist on receiving certified cost or pricing data to justify any contract adjustments.
- In June 2022, Senator Warren and Representative Garamendi introduced the bicameral Stop Price Gouging the Military Act, which would enhance DoD’s ability to access certified cost and pricing data. Part of Senator Warren’s legislation was incorporated into the FY 2023 National Defense Authorization Act reported to the Senate.
- In September 2020, Senator Warren and Representative Ro Khanna (D-Calif.) formally requested that the Department of Defense (DoD) Inspector General (IG) investigate reports that the Pentagon redirected hundreds of millions of dollars of funds meant for COVID-19 response via the Defense Production Act (DPA) to defense contractors for “jet engine parts, body armor and dress uniforms.”
- In May 2020, Senator Warren wrote to the Department requesting clarification on how the Department would prevent profiteering following a recent change to increase payments to contractors in response to the COVID-19 pandemic.
- In March 2020, Senator Warren joined her colleagues in urging the FTC to use its full authority to prevent abusive price gouging on consumer health products during the COVID-19 pandemic.
- In April 2019, Senator Elizabeth Warren, along with Senator Jack Reed (D-R.I.), Ranking Member of the Senate Armed Services Committee, and four other members of the Armed Services Committee, wrote to then-Acting Secretary of Defense Patrick Shanahan to seek clarification about statements made by Department of Defense officials about the deployment of military personnel to the southwest border and assurances that this deployment would not negatively affect military readiness.
- In November 2018, Senator Warren, along with Representative Jackie Speier (D-Calif.), then-Chairwoman of the Military Personnel Subcommittee of the House Armed Services Committee, and former Representative Beto O’Rourke (D-Texas), sent a bicameral letter to then-Secretary of Defense James Mattis requesting information about President Trump’s decision to deploy more than 5,000 active duty military personnel to the southwest border.
- In May 2017, Senator Warren sent a letter to the Department of Defense Inspector General asking for an investigation into defense contractor TransDigm’s refusal to provide cost information to the Department of Defense.
MIL OSI USA News –
February 15, 2025
MIL-OSI USA: Tuberville Calls for Permanent Repeal of the Death Tax

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator John Thune (R-SD) in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death. Sen. Tuberville has helped introduce this legislation in both the 117^th and 118^th congresses.

“The Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,” said Senator Tuberville. “Our government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners, so that we can continue to rely on their contributions for a strong economy.”

“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

Senators Tuberville and Thune are joined by U.S. Sens. Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Roger Wicker (R-MS), and Todd Young (R-IN) in cosponsoring the legislation.

Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04).

Read full text of the legislation here.

BACKGROUND:

The Senate attempted to repeal the estate tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms, and ranches.

MORE:

ICYMI: Tuberville in Yellowhammer News: “Protect family farmers by repealing the death tax”
Tuberville Pushes to Permanently Repeal the Death Tax
Tuberville Joins Effort to Permanently Repeal the Death Tax

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 15, 2025
MIL-OSI United Kingdom: Remarks made by Technology Secretary Peter Kyle at the Munich Security Conference
Source: United Kingdom – Executive Government & Departments

Technology Secretary Peter Kyle spoke about the the UK’s approach to the responsible development of artificial intelligence at the Munich Security Conference.
Innovation is defined by its ability to surprise.

Only a few years ago, GPT-2 meant nothing to the public.

For many of us, AI felt like a distant possibility at best.

Something that would never – could never – live up to the hype.

And yet, overnight, ChatGPT became a household name.

It unleashed an unprecedented wave of technological change.

And the pace of progress shows no signs of slowing down.

With DeepSeek, we’ve just seen once again just how sudden, how unpredictable, innovation can be.

The AI revolution is happening.

Ignoring it is simply not an option.

In the UK, we reject the doomsayers and the pessimists.

Because we are optimistic about the extraordinary potential of this technology.

And hopeful for the radical, far-reaching change it will bring.

We launched the AI Opportunities Action Plan to put us on the front foot.

Working in collaboration with our international partners, we’re going to create one of the biggest clusters of AI innovation in the world and deliver a new era of prosperity and wealth creation for our country.

This is a once-in-a-generation opportunity.

If we can seize it, we will close the door on a decade of slow growth and stagnant productivity.

Of taxes that are just too high.

We will deliver new jobs that put more money in working people’s pockets.

And we will drive forward a digital revolution inside government to make our state smaller, smarter, and more efficient.

But none of that is possible unless we can mitigate its risks that AI presents.

After all, businesses will only use these technologies if they can trust them.

Security and innovation go hand in hand.

AI is a powerful tool and powerful tools can be misused.

State-sponsored hackers are using AI to write malicious code and identify system vulnerabilities, increasing the sophistication and efficiency of their attacks.

Criminals are using AI deepfakes to assist in fraud, breaching security by impersonating officials.

Last year, attackers used live deepfake technology during a video call to mimic bank officials.

They stole $25 million.

And now we are seeing instances of people using AI to assist them in planning violent and harmful acts.

These aren’t distant possibilities.

They are real, tangible harms, happening right now.

The implications for our people could be pervasive and profound.

In the UK, we have built the largest team in a government dedicated to understanding AI capabilities and risks in the world.

That work is rooted in the strength of our partnerships with the companies who are right at the frontier of AI.

Working with those companies, the government can conduct scientifically informed tests to understand new AI capabilities and the risks they pose.

Make no mistake, I’m talking about risks to our people, their way of life, and the sovereignty and stability which underpins it.

That is why today, I am renaming our AI Safety Institute as the AI Security Institute.

This change brings us into line with what most people would expect an Institute like this to be doing.

They are not looking into freedom of speech.

They are not deciding what counts as bias or discrimination.

They are not politicians – nor should they be.

They are scientists – scientists who are squarely focused on rigorous research into the most serious emerging risks.

They are researching AI’s potential to assist with the development of chemical and biological weapons.

They are building on the expertise of our National Cyber Security Centre (NCSC) to understand how this technology could be used to help malicious actors commit cyber-attacks.

They want to understand how AI could undermine human control.

Our research shows that those risks are clear:

There has been a clear upward trend in AI system capabilities most relevant to national security in the past 18 months.

For the first time last year, AI models demonstrated PhD-level performance on chemistry and biology question sets.

The safeguards designed to prevent these models doing harm are not currently sufficient.

Every model tested by the Institute is vulnerable to safeguard evasion attacks.

And it is almost certain that these capabilities will continue to improve, while novel risks will emerge from systems acting as autonomous agents to complete tasks with only limited human instruction. 

The more we understand these risks, the better we can work with companies to address them.

And the faster we can keep our nation safe, the faster our people can embrace the potential of AI to create wealth and improve their lives.

There are certain security risks which require immediate action.

That is why the Security Institute will collaborate with the Defence Science and Technology Laboratory, the Ministry of Defence’s science and technology organisation, to assess the dual-use scientific capabilities of frontier AI.

Today, we are also launching a criminal misuse team in the Security Institute, who will partner directly with the Home Office to conduct research on a range of crime and security issues which threaten to harm our citizens.

Earlier this month, the UK set out plans to make it illegal to own AI tools optimised to make images of child sexual abuse.

Reports of AI-generated child sexual abuse material found online by the Internet Watch Foundation have quadrupled in a single year.

The Security Institute will work with the Home Office to explore what more we can do to prevent abusers using AI to commit their sickening crimes.

A security risk is a security risk, no matter where it comes from.

US companies have shown the lead in taking security risks seriously.

But we need to scrutinise all models regardless of their jurisdiction of origin.

So I’ve instructed the Security Institute to take a leading role in testing AI models wherever they come from, open or closed.

While we can’t discuss these results publicly, we will share them with our allies.

We are alive to the security risks of today.

But we need to focus on tomorrow, too, and the day after that.

We are now seeing the glimmers of AI agents that can act autonomously, of their own accord.

The 2025 International AI Safety Report, led by Yoshua Bengio, warns us that – without the checks and balances of people directing them – we must consider the possibility that risks won’t just come from malicious actors misusing AI models, but from the models themselves.

We don’t yet know the full extent of these risks.

However, as we deploy AI across our economy, our society, and the critical infrastructure that keeps our nation secure, we cannot afford to ignore them.

Because losing oversight and control of advanced AI systems, particularly Artificial General Intelligence (AGI), would be catastrophic.

It must be avoided at all costs.

I want to be clear exactly what this testing is, and what it’s not.

It’s not a barrier to market access. Not a blocker to innovation.

It is urgent scientific work to understand serious risks to our country.

Governments are not passive bystanders in the AI revolution.

We have agency in how AI shapes our society.

And we have a responsibility to use that agency to defend our democratic way of life.

Only countries with a deep and knowing understanding of this technology will be able to build the capacity they need to deliver for their citizens in the twenty-first century.

But success is not a given.

It depends on the democratic world rallying together to maintain our leadership in AI.

Together, we can protect our fundamental values – freedom, openness, and opportunity.

If we do that, we won’t just keep our people safe.

We will ensure that they are first to benefit from the new era of wealth and prosperity which AI will bring.

Updates to this page

Published 14 February 2025
MIL OSI United Kingdom –
February 15, 2025
MIL-OSI Video: EU Archives: George W. Bush in Brussels, Kyoto Protocol & New EU Passenger Rights

Source: European Commission (video statements)

Have you ever wondered what the European Union was up to 30 years ago? Dive with us into the European Commission’s audiovisual archives and discover important anniversaries with our new weekly AV history teaser!

Upcoming anniversaries in the teaser:

· 1990: The 1000th weekly meeting of the Commission of the European Communities
· 2005: New rights for passengers in the EU
· 2005: The Kyoto Procotol enters into force
· 2005: Summit of the EU and USA in Brussels

Get the complete material from our archive: https://europa.eu/!RjHQhC https://europa.eu/!mF98DY https://europa.eu/!jU36JY https://europa.eu/!qJ43uJ Find more historical material on the Audiovisual Portal of the European Commission: https://audiovisual.ec.europa.eu/en/

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Check our website: http://ec.europa.eu/

https://www.youtube.com/watch?v=9O3TdZDpAWg

MIL OSI Video –

February 15, 2025
MIL-OSI Canada: Alberta welcomes the best of women’s hockey
Since its debut over a year ago, the Professional Women’s Hockey League (PWHL) has seen tremendous success, breaking attendance records and selling out arenas across North America. The next stop of the PWHL’s neutral-ground Takeover Tour will be in Edmonton, where two Canadian teams will battle at Rogers Place, the heart of Edmonton’s world-renowned Ice District.

The hype around the PWHL proves the growing demand for women’s hockey and increasing support for professional women’s sport. Alberta’s government staunchly supports women’s sports, working to remove barriers women face and increase participation in sport and recreation. Each year, Alberta’s government commits $18 million to increase access to sport and recreation through the Every Kid Can Play program and Active Communities Initiative, as well as more than $50,000 to support women in sport leadership – helping Albertan women thrive, both on and off the ice.

“Alberta’s government is thrilled to welcome the PWHL to our capital city. Hockey runs deep in Alberta, and we couldn’t be more proud to have the world’s best women’s hockey players compete here. Sunday’s game is about more than hockey – it’s about showing girls across the province that there is not only space for them in sport, but that their dreams are within reach, and the entire province is rooting for them.”

Joseph Schow, Minister of Tourism and Sport

Sunday’s much-anticipated game is the direct result of conversations had during Minister Schow’s mission to New York this past fall, and will draw a sold-out crowd, injecting millions into the local economy as visitors book accommodations, eat at restaurants and shop at local businesses. As the PWHL continues to build its audience and consider expansion, Sunday’s game will highlight Alberta as a premier destination, with world-class sport infrastructure and the world’s best hockey fans.

“The support from Edmonton and the Alberta hockey community leading up to our PWHL Takeover Tour game has been incredible. We’re thankful for the partnership with local leaders, who have been instrumental in bringing our world-class players to Edmonton, and we look forward to an unforgettable weekend, capped by our Feb. 16 game.”

Amy Scheer, executive vice-president of Business Operations, PWHL

Sunday’s game will give four Albertan players the opportunity to play in front of a hometown crowd. This includes Ottawa Charge forward Danielle Serdachny, the second overall pick in the 2024 draft, along with her teammates: defender Stephanie Markowski from Edmonton and goaltender Emerance Maschmeyer from Bruderheim. Also featured in the game are Ottawa head coach Carla McLeod, from Spruce Grove, and Calgary’s Jessica Kondas, a defender for the Toronto Sceptres.

“Explore Edmonton is proud to celebrate women’s hockey with the first ever PWHL game in Edmonton, where hockey culture thrives and is supported by the best fans. There is strength in partnership, and we are glad to work alongside the event partners and funders to bring the community together to continue our hockey legacy and support women-in-sport.”

Traci Bednard, president and CEO, Explore Edmonton

Related information
- PWHL Takeover Tour
Related news
- Promoting Alberta tourism in New York City (Sept. 20, 2024)
MIL OSI Canada News –
February 15, 2025
MIL-OSI USA: Acting Chairman Pham Announces Brian Young as Director of Enforcement

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced Brian Young will serve as the agency’s Director of Enforcement. Young has been serving in an acting capacity since January 22, and previously was the Director of the Whistleblower Office. He is a distinguished federal prosecutor with nearly 20 years of service at the Department of Justice, including Acting Director of Litigation for the Antitrust Division and Chief of the Litigation Unit for the Fraud Section of the Criminal Division, and has successfully tried some of the most high-profile criminal fraud and manipulation cases in the CFTC’s markets.
“Brian exemplifies the best of what we stand for at the CFTC,” said Acting Chairman Pham. “He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC’s mission to protect the American public from fraudsters and scammers. I am confident that under Brian’s leadership, the CFTC will expand and scale our resources to help more victims than ever before and ensure the integrity of our markets in the name of justice. Brian has hit the ground running and I look forward to seeing his continued impact to strengthen the Division of Enforcement and deliver results.”
“I want to thank Acting Chairman Pham for her confidence in me and for her commitment to continuing the CFTC’s aggressive efforts to protect our global commodity markets from fraud, manipulation, and other abusive practices,” said Young. “As former Director of the Whistleblower Officer, I worked closely with the talented and dedicated staff of the Division of Enforcement, and I look forward to working with this highly motivated group to help bring justice for victims, protect those who cannot protect themselves, and root out misconduct and wrongdoing.”
Brian Young, Director of Enforcement
Young joined the CFTC in 2024 as the Director of the Whistleblower Office following nearly 20 years at the Department of Justice. During his first year as the Director of the Whistleblower Office, Young oversaw a team that achieved a record high number of annual dispositions of whistleblower award applications. His most recent role at DOJ was as the Acting Director of Litigation for the Antitrust Division, where he served as the highest-ranking career official in the Antitrust Division’s litigation program. There, he oversaw criminal prosecutions brought under the Sherman Act as well as civil merger and antitrust conduct litigation.
Before his time at the Antitrust Division, Young served in various roles in the Fraud Section of the Criminal Division, culminating in his appointment as Chief of the Fraud Section’s Litigation Unit. While at the Fraud Section, Young tried several of the most significant white collar crime matters in the past decade, including prosecutions of the first individuals tried in the United States on charges of manipulating the London Interbank Offered Rate (LIBOR); the former head of HSBC Bank’s Foreign Exchange (FX) desk in connection with a scheme to “frontrun” a client on a $3.5 billion FX trade; and two former London and Singapore-based Deutsche Bank precious metals traders arising from a scheme to “spoof” the futures markets by placing over $1 billion in non-bona fide orders on the Chicago Mercantile Exchange.
Young joined the DOJ through the Attorney General’s Honors Program and began his career as a law clerk for the Honorable Alice M. Batchelder of the United States Court of Appeals for the Sixth Circuit. During his time at DOJ, Young received the Attorney General’s Award for Distinguished Service, three Assistant Attorney General’s Awards for Exceptional Service, and an Outstanding Service Award from the Washington Field Office of the Federal Bureau of Investigation.

MIL OSI USA News –

February 15, 2025
MIL-OSI Video: MTL | IMF’s Gita Gopinath: What’s ahead for economic growth in 2025 – and what leaders must do now

Source: World Economic Forum (video statements)

How will inflation, conflict and technological change shape economies in the year ahead?

The International Monetary Fund’s First Deputy Managing Director Gita Gopinath sat down with Meet The Leader at the World Economic Forum‘s Annual Meeting in Davos, Switzerland to share what’s next for global growth.

She identified the statistics that she found most compelling and the risks and opportunities leaders must prioritize in 2025. She also described the pivot countries will need to make in fiscal policy to tackle historic levels of global public debt (levels that could hit the $100 trillion mark) and how “optimism bias” could stand in the way.

This special episode of interview of Meet The Leader was recorded at the World Economic Forum’s Annual Meeting in Davos, Switzerland.
About the research cited:IMF World Economic Outlook: https://www.imf.org/en/Publications/WEO/Issues/2025/01/17/world-economic-outlook-update-january-2025

Find a transcript here: https://www.weforum.org/podcasts/meet-the-leader/episodes/gita-gopinath-imf-economic-outlook

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

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#WorldEconomicForum

https://www.youtube.com/watch?v=1eh1vvvtF7c

MIL OSI Video –

February 15, 2025
MIL-OSI USA: Luján, Colleagues Demand: Hands Off Medicare and Medicaid

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Dismantling Medicaid is a Direct Attack on New Mexicans;
New Mexico has the Most Medicaid Recipients Per Capita Than Any Other State
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M) joined U.S. Senators Edward J. Markey (D-Mass.) and Senator Elizabeth Warren (D-Mass.) in writing a letter to President Trump demanding the Trump administration, Elon Musk, and the Department of Government Efficiency (DOGE) to not dismantle Medicare and Medicaid to pay for the Republican Tax Scam that gives a handout to the country’s most wealthy. This follows reporting that Elon Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). CMS administers Medicare and Medicaid.
In 2024, 68 million seniors and people with disabilities seniors relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. Nearly 80 million Americans relied on Medicaid, making it the largest public health insurance program in the United States. In New Mexico, one in three New Mexicans rely on Medicare and over 780,000 individuals rely on Medicaid to access health care.
In the letter the lawmakers wrote, “We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs. Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.
The lawmakers continued, “We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder. Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.”
The lawmakers urged, “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.”
Senator Luján has long supported protecting Medicare and Medicaid from attacks during his career in Congress. In the nomination hearing for Robert F. Kennedy Jr. to become Secretary of Health and Human Services, Senator Luján questioned Mr. Kennedy on his understanding of the importance of Medicaid and pressed Mr. Kennedy for his commitment to protect Medicaid from cuts. Additionally, Senator Luján pressed Mr. Kennedy regarding his views on Medicare drug price negotiation and confirm he will not pause negotiations, as CEOs representing the largest pharmaceutical companies have requested.
In addition to Senators Luján, Markey, and Warren, the letter is signed by Senate Minority Leader Chuck Schumer (D-N.Y.) and Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wisc.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
The full text of the letter is available here.

MIL OSI USA News –

February 15, 2025
MIL-OSI: STEALTHGAS INC. Announces the Date for the Release of the Fourth Quarter and Twelve Months 2024 Financial and Operating Results, Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

ATHENS, Greece, Feb. 14, 2025 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS) (the “Company”), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it will release its fourth quarter operating and financial results for the period ended December 31, 2024 before the market opens in New York on February 21, 2025.

On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

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

Online Registration:
https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733

Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc.’s fleet consists of fully pressurised, semi refrigerated and fully refrigerated vessels. StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Visit our website at www.stealthgas.com

The MIL Network –

February 15, 2025
MIL-OSI Global: Congress, not the president, decides on government spending − a constitutional law professor explains how the ‘power of the purse’ works

Source: The Conversation – USA – By Zachary Price, Associate Professor of Law, University of California College of the Law, San Francisco

Congress has the authority to spend the nation’s money. Presidents try to get around that limitation. ATU Images-The Image Bank/Getty Images

Because of the Trump administration’s efforts to cut staff and spending, Congress’ “power of the purse” has been in the news lately. Many of these actions have been challenged in court.

I’m a law professor who has written about Congress’ power of the purse and some of the legal and constitutional issues that surround it. Here’s a brief explanation of the concept – and of why you should care about it.

How it works

Under the U.S. Constitution, Congress holds what’s commonly called the “power of the purse.” Congress, in other words, holds the authority to control government expenditures.

Concretely, Congress may enact laws that raise revenue through taxes and import duties, and it may also spend money for “the common Defence and general Welfare,” terms in the Constitution that are understood to cover almost any spending that Congress thinks is a good idea.

The Constitution, however, provides that “[n]o Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Because of this clause, officials may not spend any government money unless a statute “appropriates,” or makes available, specific funds for the relevant purpose.

Although the Constitution forbids any appropriation for the Army that lasts longer than two years, Congress can choose in other contexts whether to provide an appropriation permanently or only for a prescribed length of time. Some benefits programs such as Social Security today have permanent appropriations, but most government agencies receive funds for their operations for just a year at a time.

James Madison, who wrote much of the U.S. Constitution, said Congress’ power of the purse was ‘the most complete and effectual weapon with which any constitution can arm the immediate representatives of the people.’
wynnter-iStock/Getty Images Plus

Leverage over policy and presidents

Why does all of this matter?

Historically, the British Parliament’s control over government funds created a powerful check on the crown, and Parliament developed the practice of annual appropriations to ensure that it would always have leverage over royal policy.

Reflecting this history, James Madison, the fourth president and a leading figure in the Constitutional Convention, wrote in the Federalist Papers that the power of the purse was “the most complete and effectual weapon with which any constitution can arm the immediate representatives of the people, for obtaining a redress of every grievance, and for carrying into effect every just and salutary measure.”

This sort of leverage over policy still matters. American presidents today exercise vast powers. Over time, Congress has conferred extensive regulatory authorities on administrative agencies that operate under the president’s supervision.

Congress has also established a large Army, Navy, and Air Force over which the president is commander in chief. Presidents, moreover, have claimed the power to employ these armed forces in significant ways even without a declaration of war or other specific authorization from Congress.

Congress’ power of the purse gives it a say in how these powers are exercised. If Congress doesn’t like what an administrative agency is doing, it can cut its budget or deny funds for enforcing certain regulations – something it does regularly.

Likewise, Congress can deny funds for certain military operations or impose constraints on military activities – something it also does with some regularity. In the 1970s, Congress helped end the Vietnam War in part by withholding appropriations for military activities in Indochina.

Who’s in charge here?

Annual appropriations also give rise to the frustrating phenomenon of government “shutdowns”: If annual funding runs out before Congress enacts new appropriations, government agencies generally must halt operations.

On the whole, however, annual appropriations continue to serve much the same purpose in the United States that they did in Britain: They provide a potent check on the executive branch.

Given how strong this check is, it may not be surprising that presidents have sought ways to get around it.

President Donald Trump, right, and Elon Musk, left, are cutting congressionally approved government programs and staff – an effort that may be unconstitutional.
Andrew Harnik/Getty Images

Based on debatable legal claims, President Barack Obama continued certain health insurance subsidies under the Affordable Care Act even after Congress denied appropriations for them. President Joe Biden attempted massive student debt relief without clear authority from Congress. Courts blocked both those actions, but now the new Trump administration has adopted several controversial policies that implicate Congress’ power of the purse.

On the one hand, the administration has apparently offered many federal employees nine months of paid leave if they agree to resign from federal service. But the legal basis for these offers is unclear, and it may be that no current appropriation by Congress provides funds for them.

On the other hand, the administration has attempted to “pause” certain government spending, even though existing appropriations made by Congress may require at least some of this spending.

These actions could violate not only Congress’ constitutional power of the purse but also specific statutes that Congress has enacted to reinforce its constitutional power.

The buyout offers could violate a law called the Anti-Deficiency Act that makes it unlawful, and sometimes criminal, for government officials to commit to spending money without an appropriation providing the necessary funds.

For their part, the pauses could violate a 1974 law called the Impoundment Control Act that generally forbids the government from delaying or withholding spending that Congress has mandated. Courts are now considering challenges to these actions based on these laws and other issues.

Trump may be hoping that Congress will cure any legal problems by ratifying these actions after the fact in its next round of appropriations legislation. But if Trump is indeed defying Congress’ spending laws and yet faces no consequences, his actions could chip away at Congress’ authority to check presidential policies in the future through its spending choices.

James Madison would not have been pleased.

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

– ref. Congress, not the president, decides on government spending − a constitutional law professor explains how the ‘power of the purse’ works – https://theconversation.com/congress-not-the-president-decides-on-government-spending-a-constitutional-law-professor-explains-how-the-power-of-the-purse-works-248644

MIL OSI – Global Reports –

February 15, 2025
MIL-OSI Global: Most of the world has long feared US power. Now its allies do too.

Source: The Conversation – UK – By Andrew Gawthorpe, Lecturer in History and International Studies, Leiden University

When a new US president takes office, his first order of business is usually to reassure America’s allies and warn its enemies. However, Donald Trump is doing things differently. It seems his goal is to strike fear into the heart not of America’s foes, but rather its friends.

American presidents have traditionally seen the country’s network of allies as a “force multiplier” – something that magnifies American power and applies it more effectively. A broad range of allies means trading partners, military bases and diplomatic support in international institutions. According to this line of reasoning, it is in America’s own interests to defend and support its allies – the benefits outweigh the cost.

Trump, by contrast, views allies both as competitors and burdens. He thinks they are too reliant on American military power to defend themselves, and that their economic relationship with the US makes them rich at the expense of American workers. He wants US allies, particularly in Europe, to spend more of their own money on defence and to buy more goods from the US.

He also seems even more willing than in his first term to deploy America’s formidable tools of coercion to make this happen. His widespread threats of tariffs, for instance, are designed to force countries to go along with his wishes, including in non-economic aspects of the relationship. He is also threatening to use economic and military force in alarming ways, such as to seize control of Canada, Greenland and the Panama Canal.

The result is a world in which American allies can no longer rely on the US to be a reliable partner. They may increasingly have to fend for themselves against not just their traditional foes, but also a predatory Washington.

Although all US allies are concerned about this turn of events, some are more surprised than others. The biggest shock has come in Europe, which has long occupied a privileged place in America’s strategic thinking.

Europeans knew that a second Trump term was going to be rough. On the campaign trail, for example, he vowed across-the-board tariffs of up to 20%. But they didn’t expect Trump to threaten the territory of Nato members Canada and Denmark, which owns Greenland.

As a result, Europeans’ view of the US has shifted since Trump returned to the White House. According to the results of a recent survey by the European Council on Foreign Relations, the majority of people in Europe no longer see the US as an ally that shares the same interests and values, instead agreeing that it is only a “necessary partner”.

For other US allies and partners, particularly in the global south, this shift is less surprising. Panama owes its existence to an act of US imperialism. The US sent military forces to assist the country in seceding from Colombia in 1903, with the ultimate goal of working with the country’s new government to build the canal.

But Panama has since witnessed numerous American military interventions. Most recently, in December 1989, the then US president, George H.W. Bush, ordered 20,000 US troops to Panama where they toppled the government and arrested the country’s president, Manuel Noriega, on charges of drug trafficking, racketeering and money laundering.

Non-western countries have long been used to the idea that the US will disregard their interests and take advantage of their weakness if policymakers in Washington deem it necessary. What we are witnessing now is the extension of this precariousness to all.

Weakness for flattery

For world leaders looking to navigate this turbulent time, there is an additional problem. Trump has a habit of personalising diplomacy, deciding whom he likes and whom he doesn’t like based on their perceived friendliness to him rather than a more detached calculation of their interests.

He is also a sucker for big, splashy acts of diplomacy. He often gives the impression that his main goal is to be able to sign a deal – any deal – which he can declare to be a victory, rather than giving too much thought to the underlying interests at stake.

This means that smart leaders can flatter and deceive him. In early February, Trump postponed tariffs on Mexico after the country’s president, Claudia Sheinbaum, promised to send troops to the US-Mexico border to tackle the cartels trafficking the drug fentanyl in the US.

The only problem is that almost all fentanyl is trafficked by US citizens at legal border crossings, who bring in very small quantities of the drug in their vehicles. According to Raúl Benítez, a military expert at Mexico’s National Autonomous University, the “ant-like traffic of fentanyl” makes control of the trade “almost impossible”.

So, sending additional troops to the border will probably do very little to stem the flow of fentanyl. Trump declared victory anyway – and now other world leaders are studying Sheinbaum’s approach.

But the occasional weakness for flattery hardly makes Trump reliable.
Instead, Trump presents US allies with a dangerous and unpredictable force. Like the leaders of Russia and China, Trump seems to view the world as split into spheres of influence in which powerful countries are free to bully their neighbours.

Many countries will conclude that America is just another aggressive great power to be managed, rather than a country that at least pays lip service to international law. Some might even decide they have no choice other than to develop closer relations with Russia and China, and drift out of the US orbit.

One thing is clear: US allies must do more to ensure they can defend their interests independently. Unlike a country such as Panama, European countries have the resources to do this, if only they can summon the will. They should count themselves lucky – and get to work.

Andrew Gawthorpe 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. Most of the world has long feared US power. Now its allies do too. – https://theconversation.com/most-of-the-world-has-long-feared-us-power-now-its-allies-do-too-249826

MIL OSI – Global Reports –

February 15, 2025
MIL-OSI Global: Bridget Jones: Mad About the Boy – our favourite frazzled English woman is back but life’s more complicated

Source: The Conversation – UK – By Mary Harrod, Professor of French and Screen Studies, University of Warwick

Bridget Jones, the endearingly chaotic heroine who is unlucky in love, is back – but not as many might expect. This is the fourth Bridget Jones film, which adapts the story of the third book in Helen Fielding’s much-loved series (the third film, Bridget Jones’s Baby, was based on the fourth book).

When Bridget Jones’s Diary came out in 2001, our heroine’s low-level eating disorder, neediness and alcohol abuse associated female singlehood with mental instability. In this new instalment, we see an older Bridget with more mature concerns.

The woman we meet in the long opening pre-credit sequence of Mad About The Boy is frazzled, manic and, as we’ve seen Bridget before, given to long bouts on the sofa communing with a bottle of white wine. However, this time she’s not down because love eludes her but because she had a wonderful love and lost it. Our once bubbly singleton has been reconfigured as a subdued widow with two young kids.

Mad About the Boy starts several years after the death of Bridget’s husband Mark Darcy (Colin Firth). While echoes of melancholy endure throughout, once in its stride the film does reestablish the reassuringly comical coordinates of the Jones-verse. At its best, it offers the brilliant one-liners and set pieces to be expected from its star writing team – including Dan Mazer (Ali G, Borat) and Abi Morgan (Shame, The Iron Lady) as well as Fielding herself – served up with a good dose of Bridget Jones’s signature slapstick.

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Embracing the usual trappings of popular feminism, Mad About the Boy champions body positivity and romantic optimism for middle-aged women. It is the latest in a growing genre of story that affords older female characters active sexual identities, including by pairing them up with younger partners. Think of the Sex and the City reboot And Just Like That, the Nicole Kidman corporate kink romance Babygirl or the romcom Good Luck Leo Grande (starring Emma Thompson, who plays a wry gynaecologist in Mad About the Boy).

The most interesting consideration in updating the Jones franchise for the 21st century comes from its interrogation of internet dating practices: a classic source of humour in stories about Generation X rejoining the dating game. This is most memorably mined in the novel and series Fleishman is in Trouble. Watching the trailer you might expect Mad about the Boy to centralise Tinder. But this proves a bluff.

Bridget Jones: Mad About The Boy trailer.

The app leads to the relationship between Bridget and the film’s eponymous “boy”, Roxster, which is initiated in emphatically physical terms when he rescues her from a tree. This scene was full of nods to the famous shot of her backside sliding down a fireman’s pole in the original film. While the connection is consolidated over a dating app, this relationship quickly regains IRL contours as they engage in passionate sex.

In a self-aware gesture towards the franchise’s debt to Jane Austen’s Pride and Prejudice, Bridget brings up the findings of sociological research on dating apps while talking to her friends about why she’s not met anyone IRL yet. Apps, such as Tinder, provide the illusion of a dating life without ever having to engage in the messy business of actually meeting someone, let alone having sex Bridget argues. She backs this up with the research that suggest this removal of intimacy during the courting stage is not dissimilar to the marriage mart in Austen’s Regency England where young, eligible women were essentially “on display” for men.

At the end of the day, Roxster ghosts Bridget and she is left anxiously checking her phone, drinking alone again and obsessing. This, however, is the old Bridget Jones. Even though the boy does eventually come back, Bridget ends up taking the advice from one of her perennially supportive friends to “let him disintegrate into nothingness”. Symbolically rejecting the flakiness that comes with digitising human relationships, Bridget mirrors society’s increasing disenchantment with dating apps.

The idea of spending time on concrete and lasting relationships underpins Daniel Cleaver’s (Hugh Grant) narrative arc too. With no “kin” he can draw on to put down as an emergency contact, his close friendship with Bridget ends up counting all the more.

At the heart of this film is a strong validation of real connection, understood in terms of corporeality, dependability and also emotional intelligence that cannot be reproduced by dating apps and their algorithms. Likewise, it considers the broader climate of romantic and social crisis in today’s culture, as birth rates plummet and more people live alone and suffer from loneliness. Friendship and family, whether blood or chosen, are just as important here as romance.

Zellweger is effervescent and Hugh Grant gives a show-stealing performance as devilish Lothario-with-a-heart Cleaver. It’s great to see old Bridge back and not so mad after all.

Mary Harrod 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. Bridget Jones: Mad About the Boy – our favourite frazzled English woman is back but life’s more complicated – https://theconversation.com/bridget-jones-mad-about-the-boy-our-favourite-frazzled-english-woman-is-back-but-lifes-more-complicated-249807

MIL OSI – Global Reports –

February 15, 2025
MIL-OSI Global: White Lotus does Thailand dirty

Source: The Conversation – UK – By Andrew Russell, Lecturer, Faculty of Creative & Cultural Industries, University of Portsmouth

Did you hear? There’s been another murder at a White Lotus hotel, this time the one in Thailand.

Back for its third season, Mike White’s critically acclaimed and Emmy award-winning tragi-comedy series follows the terrible exploits of the White Lotus’s rich, primarily white holidaymakers, alongside the local employees.

There is social satire, a lot of drama and always a death in paradise. In the first season there was death in Hawaii; the second in Sicily, Italy, and now, in the third, there’s death in Koh Samui.

As someone who has researched on screen representations of Thailand I was intrigued to see how the show handled this locale. Disappointingly, the exoticness and beauty of Thailand is foregrounded, as is the mysticism of Buddhism.

The series follows four groups of people, the majority of whom the audience are made to feel repulsed by in some way.

The first is the Ratliff family. There’s father, Timothy (Jason Isaacs) who works in finance and mother, Victoria (Parker Posey), whose anxiety means she is heavily medicated and constantly falling asleep. Then the kids: daughter, Piper (Sarah Catherine Hook) who is studying Buddhism; son Lochlan (Sam Nivola) who has poor posture from being glued to his computer; and Saxon (Patrick Schwarzenegger), the eldest of the three, whose primary focus is having sex.

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The second group is three middle-aged women who are on a “girls’ holiday” who abandon their inhibitions as the series progresses. They are routinely referred to as cougars by Saxon. Then there is odd couple Chelsea (Aimee Lou Wood) and her older partner Rick (Walton Goggins), who seem to be going through a rocky patch.

The one likeable person, Belinda (Natasha Rothwell), is a character previously seen working in the spa in the first season’s Hawaiian resort. She’s in Thailand on a research trip for her own wellbeing business.

Terrible people

As with previous series, the ignorance of the holidaymakers is clear. Thailand is referred to as Taiwan. Piper is told by her mother that she can’t possibly be a Buddhist because she isn’t Chinese. The stereotype of the older, rich, bald white male – referred to here as LBHs (losers back home) – who retires to Thailand with a much younger wife is hammered home in various episodes.

Through these guests’ continued cultural ignorance and insensitivity, the few Thai characters we are introduced to are subservient and constantly smiling, always there to please. There’s never a sense of disgust at the exploits of the rich white customers. They are voiceless and for the most part, absent.

Belinda, the only black character, is also the only one who converses in any meaningful way with a Thai person. The only sort of story that gives any space to Thai characters is about a blossoming love between the security guard Gaitok (Tayme Thapthimthong) and health expert Mook (Lalisa Manoban), but this is sidelined.

There is a clear cultural, economic and racial split presented, one that fails to allow any Thai character the ability to air their criticisms of the guests or to be developed in a meaningful way. In the main, the focus is on whiteness – a criticism previous series have also garnered.

An imaginary Thailand

All these facets together create a version of Thailand that is seen through the lens of orientalism. This is a western way of looking at non-western places as full of mysticism, eroticism and exoticness, where nothing normal occurs.

This lens is foregrounded by characters constantly saying things like: “Thailand is full of people either looking for something or hiding from something”, and “Whatever happens in Thailand, stays in Thailand”.

There is a constant flow of alcohol, and drugs can be procured away from the resort. Incest is even hinted at in the first few episodes as the audience are shown Lochlan gazing upon the naked body of his brother. The country is portrayed as a playground for white debauchery, where anything goes – much like in The Hangover part II (2011), a trope I have written about in my research.

The link to orientalism is further enhanced by the way in which Thai religion is shown as being mystical. Anytime a character engages in a spiritual practice it is accompanied by a tinkling score indicating something otherworldly is occurring. This isn’t limited to Western characters. When Gaitok, makes an offering at a shrine the visuals are presented in slow motion as candlelight flickers with a mythical aura pervading.

The previous seasons have seen a boom in travel to filming locations in Sicily and Hawaii, driven by their onscreen depictions), and this season’s Thailand setting will likely lead to the same.

The landscape is a constant focal point, exemplifying the British sociologist John Urry’s theory of the “tourist gaze”. Exotic portions of the landscape are lingered upon, from the jungle and palm trees to ocean vistas. Monkeys are continuously seen, alongside other “exotic” creatures.

This is a recurring trait seen in Hollywood films set in Thailand, from Anna and the King of Siam (1946) to The Impossible (2012), situating it purely as an exotic locale.

This series uses iconic tourist locations, such as the Buddhist temple Wat Pho which forms the background for a conversation in one scene. Also, what appears to be the Phi Phi Islands, known for their pristine beaches and clear waters, drift past during a luxury yacht trip. Sadly, Thailand in this series is reduced to a digestible set of iconic images for the audience.

White Lotus engages in a double game. The series is clearly critical of the characters, presenting lifestyle and holidays as desirable and aspirational, all the while reinforcing antiquated orientalist stereotypes itself. You would hope a show trying to show the evils of a certain kind of tourism wouldn’t also be guilty of the thing it’s attempting to lampoon.

Andrew Russell 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. White Lotus does Thailand dirty – https://theconversation.com/white-lotus-does-thailand-dirty-249812

MIL OSI – Global Reports –

February 15, 2025
MIL-OSI Global: Apple Cider Vinegar: how social media gave rise to fraudulent wellness influencers like Belle Gibson

Source: The Conversation – UK – By Stephanie Alice Baker, Reader (Associate Professor) in Sociology, City St George’s, University of London

This article contains spoilers for Apple Cider Vinegar.

The new Netflix series Apple Cider Vinegar tells the story of wellness influencer Belle Gibson, who built a loyal following on social media by documenting her cancer journey online. But in 2015, Gibson was exposed as a fraud. She never had cancer, and lied about donating funds to charities and ill children.

The series documents Gibson’s rise to fame and subsequent downfall, portraying some of the psychological factors that influenced her deceit. But this scandal also illustrates a larger story about the conditions that enable cancer frauds such as Gibson to gain credibility and influence online.

The 2000s were characterised by the “blogging revolution” – a shift in how people produced and consumed information. Blogs enabled content creators to share their lives and experiences publicly, and engage directly with their readers. Niche communities formed around common interests ranging from health to heartbreak.

Gibson capitalised on this trend, creating a blog called The Whole Pantry where she documented her alleged journey battling a rare form of terminal brain cancer. She claimed on her blog to have decided to reject conventional cancer treatments.

Instead, Gibson expressed that she was empowered to heal herself naturally through nutrition, determination and love – as well as alternative medicine including Ayurvedic treatments, craniosacral therapy, oxygen therapy and colonics.

The blog was developed into an app in 2013 and a book in 2014 – with Gibson’s story being legitimised by a reputable publisher and brands, then further fuelled by her social media presence.

Gibson’s primary platform of communication was Instagram. She used the photo-and-video sharing app to build and engage with her followers through inspirational quotes, personal anecdotes and evocative photographs. Lifestyle and wellness influencers typically earn trust and intimacy by presenting themselves as authentic, accessible – and autonomous from state and corporate interests.

A quote from Gibson’s book, also called The Whole Pantry, encapsulates the way she executed this strategy to appeal to online followers. She wrote: “Too many people over-edit themselves. There’s not enough honesty out there. It’s human to feel sick, to ask questions, to search for answers … Never refine yourself in a way which takes away your heart, message and truest self.”

This persona allowed Gibson not only to achieve fame online, but to establish a parasocial relationship with her followers by distancing herself from the medical establishment, appearing relatable and unfiltered in her exchanges with followers.

The mass media has long been recognised as facilitating parasocial relationships: emotional and imaginary bonds that, despite feeling real, tend to be one-dimensional and one-sided. The original parasocial relationships were formed with media figures such as news anchors, radio hosts, and film and pop stars.

Today, content creators on social media are the primary influencers. Although these relationships are typically one-sided, they can still feel intimate and real.

The role of the wellness industry

In the aftermath of the scandal, people searched for who to blame. Fingers were pointed at the press for glamorising Gibson, as well as a publisher and other companies that failed to adequately fact-check Gibson’s claims.

Criticism was also directed at the wellness industry for peddling misinformation and pseudoscience.

There’s an assumption that wellness is mainly a female pursuit – and the Netflix series follows several female wellness influencers who have built brands around their illness and disease.

In fact, the gendered dimensions of wellness are more complicated. The original founders of the wellness movement were male. Although many struggled to commodify wellness, they increasingly tapped into a market of women, many of whom felt justifiably unheard and overlooked by health professionals.

There’s an irony that Gibson’s wellness brand went by the Instagram handle “healing_belle”. Part of the success of the wellness industry today is derived from promising miracle cures and remedies for various forms of illness and disease. Many wellness influencers have built successful brands by commodifying health and wellbeing.

This is a far cry from the movement’s origins and the more positive conception of health they sought to establish – which aimed to operate in conjunction with medicine, rather than against it.

Gibson rose to fame in a climate of low institutional trust, where her lived experience was valued over institutional expertise. Similar to many alt-health influencers, her suspicion of conventional medicine resulted in controversial claims about vaccination, and the benefits of Gerson therapy – a regimen that claims to cure cancer through a special diet, supplements and enemas – and raw milk.

It was by documenting the negative side effects of chemotherapy and radiotherapy in her book that Gibson was able to present her lifestyle and lived experience as a hopeful alternative path to healing.

After she was convicted of misleading and deceptive conduct in 2017 and ordered by the Federal Court of Australia to pay a fine of AUS$410,000 (£206,000), one might have expected to see a decrease in cancer frauds, given the global publicity this scandal attracted.

Instead, other high-profile cases of content creators peddling cancer misinformation on short video platforms have emerged at an alarming rate – often using social media to monetise fake miracle cures, from apricot kernels to soursop tea.

Short-form video platforms such as TikTok, Instagram Reels and YouTube Shorts have changed the dynamics of fame. Algorithms are central to the user experience on these apps, allowing relatively unknown content creators to gain visibility and attention online.

Whereas Gibson spent years cultivating a following online, today a content creator with only a handful of followers can upload an engaging video and achieve millions of views.

The technologies have changed, but there is an industry of content creators profiting from misleading and harmful advice. The prevalence of cancer misinformation online highlights that the problem runs much deeper than the case of Gibson, as told in Apple Cider Vinegar.

Stephanie Alice Baker 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. Apple Cider Vinegar: how social media gave rise to fraudulent wellness influencers like Belle Gibson – https://theconversation.com/apple-cider-vinegar-how-social-media-gave-rise-to-fraudulent-wellness-influencers-like-belle-gibson-249432

MIL OSI – Global Reports –

February 15, 2025

Name of the Issuer	Limited Liability Company “Sovcom Finance”
Name of the program	Series 001P Exchange Bond Program
Program registration number	4-00548-R-001P-02E dated 08/07/2020

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