Category: Business

MIL-OSI Asia-Pac: PARLIAMENT QUESTION: Initiatives for the Empowerment of Divyangjans
Source: Government of India (2)

Posted On: 04 FEB 2025 4:58PM by PIB Delhi

The Department of Empowerment of Persons with Disabilities (Divyangjan), under the Ministry of Social Justice and Empowerment, marked International Day of Persons with Disabilities 2024 with launch of 16 groundbreaking initiatives to empower Divyangjan across India. Through these initiatives, the Department aim to ensure equal opportunities, accessibility and empowerment for every Divyangjan. Widespread awareness has been done through print, electronic, digital and social media platforms to ensure that Divyangjan across India including those in remote or underserved areas are informed about these initiatives.

List of Initiatives:
1. Sugamya Bharat Abhiyan: An online platform for empanelment of accessibility auditors for built environments was introduced, reflecting the government’s commitment to creating inclusive infrastructure
2. Sugamya Bharat Yatra: A unique initiative in partnership with the Association for Persons with Disabilities, where Divyangjan will assess the accessibility of public spaces using the AI-enabled ‘Yes to Access’ app.
3. Pathways to Access – Part 3 Compendium: The third installment of the series highlights key government documents on employment, financial services and healthcare for persons with disabilities, empowering them with knowledge and access to resources.
4. High-Power Spectacles: Developed by CSIR-CSIO, these glasses cater to individuals with low vision, offering superior optical clarity and improving quality of life.
5. Divyasha E-Coffee Table Book: ALIMCO’s e-book, launched to commemorate its 50- year journey, showcases inspiring stories and achievements in providing assistive devices to Divyangjan.
6. Kadam Knee Joint: An indigenous innovation developed by IIT Madras and SBMT, offering enhanced mobility and durability, launched as a major leap in assistive technology.
7. Awareness Generation and Publicity Portal: A digital platform for seamless application under the Awareness Generation and Publicity Scheme was inaugurated to enhance transparency and efficiency.
8. Accessible Storybooks: In collaboration with NIEPVD and NBT, 21 accessible books in Braille, audio and large print formats were launched to promote inclusive education.
9. Standard Bharti Braille Code: A draft for standardized Braille scripts in 13 Indian languages was introduced for public consultation, ensuring consistency and compatibility with Unicode standards.
10. Braille Books Portal: An online submission portal for creating Braille books was unveiled, fostering inclusive education.
11. MoU with Infosys BPM: A significant partnership to enhance employment opportunities for Divyangjan through the PM DAKSH portal’s Divyangjan Rozgar Setu initiative.
12. Employability Skills Book: Released in 11 Indian languages, this book bridges the gap between education and employment for Divyangjan, promoting economic independence.
13. Infosys Springboard Skill Programme: Infosys Springboard in collaboration with Yunikee offered courses to help deaf learners across India to develop skills across various fields and acquire marketable abilities.
14. Google Extension for Persons with Hearing Impairment: SignUp Media and Yunikee partnered to provide robust, reliable, accessible source of sign language communication in entertainment, information and educational media for the Deaf community in India in accessing entertainment and other video content.
15. E-Sanidhya Portal: Tata Power Community Development Trust and NIEPID, Secunderabad developed Tata E-Sanidhya Neuro-Diversity Platform as a specialized online and offline (digital) service designed to assist individuals with neuro-diversity conditions, particularly those affected by autism.
16. Computer-Based Indian Intelligence Test by NIEPID, Secunderabad: NIEPID has developed an indigenous Indian Test of Intelligence, with the key strengths in its cultural relevance and sensitivity. The data from 4,070 children across different parts of India ensures that the test represents the Indian population accurately.
The chapter IX of the RPwD Act 2016 provides for registration of institutes like NGOs, etc. that are working for the empowerment of persons with disabilities. It further states that the appropriate Government may within the limits of their economic capacity and development, grant financial assistance to registered institutions to provide services and to implement the schemes and programmes across the country including rural & semi-urban areas, in pursuance of the provisions of the said Act. Most of the initiatives launched are in collaboration with private sector and Non-Governmental Organizations to create an inclusive environment for Persons with Disabilities in the country. Such initiatives include launch of better aids and appliances for use of Divyangjan, MoUs with private companies to enhance employment opportunities for divyangjan, sharing codes for enhancing accessibility and Accessible Learning Materials etc.

These 16 initiatives have been launched to ensure equal opportunities, accessibility and empowerment for every Divyangjan and to create an inclusive environment for Persons with Disabilities in the country. Periodic review and regular follow-ups with the stakeholders are done by the Department for holistic improvement towards the empowerment of Persons with Disabilities. To address identified gaps, Department is focused on strict policy implementation and enforcement, alongside strengthening monitoring mechanisms.

The Department launched National Disability Information Helpline Service (NDIHS) on Short Code-14456 in January 2024. The helpline provides round-the-clock telephonic assistance in English and Hindi through an Interactive Voice Response System (IVRS) and call attendant support during working hours. NDIHS provides information about aids and assistive devices, Unique Disability ID (UDID) services, educational and economic empowerment programmes for persons with disabilities (PwDs), benefits, and concessions under Government schemes etc. Around 65,000 persons have been assisted through the helpline so far.

This information was provided by UNION MINISTER OF STATE FOR SOCIAL JUSTICE AND EMPOWERMENT, SHRI B.L. VERMA, in a written reply to a question in Lok Sabha today.

*****

VM

(Lok Sabha US Q426)

(Release ID: 2099647) Visitor Counter : 36

MIL OSI Asia Pacific News –
February 5, 2025
MIL-OSI USA: Governor Phil Scott Lays Out Direction for Navigating National Politics
Source: US State of Vermont

Montpelier, Vt. – Governor Phil Scott has directed his Administration to take a disciplined and measured approach to any major proposals coming from Washington, D.C.

In last week’s meeting of the Governor’s Cabinet, Scott asked his team to remain disciplined, thoughtful and factual when evaluating and responding to changes in federal policy. This includes taking time to fully assess each proposal and distinguish between what is rhetoric, and what is real, in terms of impacts to Vermont.

“We cannot be in a constant state of fear, panic and disruption over the next four years,” Governor Scott said.

The Governor noted that while there will be areas of disagreement, there may also be policy positions which could be beneficial to Vermont.

“We need to stay focused on Vermont and remain disciplined as we distinguish between what is fact and what is rhetoric before we react to any change in federal policy or law. We will follow through on Vermonters’ priorities: housing, education, public safety, and affordability, and do our part to unite Americans by focusing on solutions and results, not the chaos and anger being used to divide us.”

Governor Forms Decision Support Team on Potential Tariffs

As a result of President Trump’s recent proposal on tariffs, Governor Scott has tasked Secretary of Commerce and Community Development Lindsay Kurrle with leading a multi-agency effort to assess the possible impacts on Vermont. While the tariffs have been paused for 30 days, the Decision Support Team will begin its work immediately, so Vermont is prepared for any further changes in policy.

“As I have said in the past, I am not a fan of increasing tariffs on our friends and close allies. And most Vermonters agree, a trade war with our largest trading partner, which could increase costs on already overburdened working families, seems like a bad idea,” Governor Scott said. “But we should be fair and take time to understand what problem the President intends to solve, the results he expects to get, and the risks he’s willing to take, before we cast judgement. We need actual data and credible analysis to demonstrate disadvantages we are concerned about.”

The Governor added, “while the President’s tariffs would undoubtedly be very disruptive, and the risk of higher prices has been well reported, I have directed my team to weigh the outcomes fairly and objectively,” he said.

Governor Scott also charged the team with identifying options for mitigating short-term and long-term impacts on consumers and ratepayers, as well as opportunities for expanding any potential upside.

“The Governor has asked for a tangible analysis of net impacts, not a knee jerk reaction to the idea of tariffs or the unfortunate friction trade federal policies create with our very good friends to the north and that is exactly what we’re going to provide,” Secretary Kurrle said.

While the President has paused potential tariffs for 30 days, Kurrle said the team will continue reviewing the President’s proposals and she will update the Governor weekly and as necessary.

The interagency team includes:
- Agency of Commerce and Community Development
- Department of Labor
- Agency of Agriculture
- Public Service Department
###

MIL OSI USA News –
February 5, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.7 billion
Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
$182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
Board Authorizes 100% Increase of the Regular Quarterly Dividend
Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	December 31, 2024			December 31, 2023
U.S. GAAP
Revenue	$	59,262		$	57,313
Expenses		40,109			41,517
Operating income		19,153			15,796
Non-operating income		3,452			6,199
Net income		16,797			16,560
Diluted earnings per share	$	0.70		$	0.66
Operating margin		32.3	%		27.6	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Investment advisory and incentive fees
Funds	$	40,441		$	37,748
Institutional and Private Wealth Management		15,057			13,712
SICAV		4	(a)		1,541	(a)
Total	$	55,502		$	53,001
Distribution fees and other income		3,760			4,312
Total revenue	$	59,262		$	57,313

(a) Reflects change in reporting methodology. See AUM table.

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	December 31, 2024		December 31, 2023
Compensation	$	26,593	$	27,316
Management fee		2,512		2,444
Distribution costs		5,634		5,848
Other operating expenses		5,370		5,909
Total expenses	$	40,109	$	41,517

The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.

Non-Operating Income

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Gain from investments, net	$	644		$	3,529
Interest and dividend income		3,090			2,951
Interest expense (a)		(282	)		(281	)
Total non-operating income	$	3,452		$	6,199

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

Assets Under Management

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Mutual Funds	$	8,078	$	8,440	$	7,973
Closed-end Funds		7,344		7,459		7,097
Institutional & PWM (a) (b)		10,700		10,984		10,738
SICAV (c)		9		9		631
Total Equities		26,131		26,892		26,439

100% U.S. Treasury Money Market Fund		5,552		5,268		4,615
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,584		5,300		4,647
Total Assets Under Management	$	31,715	$	32,192	$	31,086

(a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,
2024, and December 31, 2023, respectively.
(b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.
(c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.

Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

Mutual Funds

Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $27 million;
Net outflows of $209 million; and
Net market depreciation of $126 million.

Closed-end Funds

Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $129 million;
Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
Net market depreciation of $155 million.

Institutional & PWM

Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

Net outflows of $345 million; and
Net market appreciation of $61 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

The Gabelli Growth Fund – Up 35.8% For 2024

The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

“The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

The Gabelli Gold Fund – Up 15.2% For 2024

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

“Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

The Gabelli Small Cap Growth Fund

We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

ETFs

In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

Assets Under Administration

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Teton-Keeley Funds (a)	$	809	$	883	$	964
SICAV		408		431		–
Total Assets Under Administration	$	1,217	$	1,314	$	964

(a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at
December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

Return to Shareholders

During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

Balance Sheet Information

As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

Symposiums/Conferences

On November 4^th and 5^th, we hosted the 48^th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
On November 15^th, we hosted the 6^th Annual Healthcare Symposium in connection with Columbia Business School.
On December 5^th, we hosted the 2^nd Section 852(b)(6) Conference.
In addition to the above, we hosted the following during 2024:
- 34^th Pump, Valve & Water Systems Symposium
- 30^th Aerospace & Defense Symposium
- 18^th Omaha Research Trip
- 16^th Media & Entertainment Symposium
- 15^th Specialty Chemicals Symposium
- 10^th Waste & Environmental Services Conference
- 2^nd PFAS Symposium

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst^TM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Active Transparent Exchange-Traded Funds
GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

IMPORTANT DISCLOSURES

Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
These traditional risks may be even greater in challenging or uncertain market conditions.
Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

Active Exchange-Traded Funds
GABELI LOVE OUR PLANET & PEOPLE: LOPP
GABELLI GROWTH INNOVATORS: GGRW
GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

IMPORTANT DISCLOSURES
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
• You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
• These additional risks may be even greater in challenging or uncertain market conditions.
• The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

GCAD
Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

LOPP
The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

Money Market Fund
Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Growth
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

Gold
Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023
Revenue:
Investment advisory and incentive fees	$	55,502		$	53,829		$	53,001
Distribution fees and other income		3,760			3,717			4,312
Total revenue		59,262			57,546			57,313
Expenses:
Compensation		26,593			22,566			27,316
Management fee		2,512			2,517			2,444
Distribution costs		5,634			6,033			5,848
Other operating expenses		5,370			4,801			5,909
Total expenses		40,109			35,917			41,517
Operating income		19,153			21,629			15,796
Non-operating income:
Gain from investments, net		644			3,370			3,529
Interest and dividend income		3,090			2,947			2,951
Interest expense		(282	)		(290	)		(281	)
Charitable giving contribution		–			(5,000	)		–
Total non-operating income		3,452			1,027			6,199
Income before provision for income taxes		22,605			22,656			21,995
Provision for income taxes		5,808			5,822			5,435
Net income	$	16,797		$	16,834		$	16,560

Earnings per share attributable to common
stockholders:
Basic	$	0.70		$	0.69		$	0.66
Diluted	$	0.70		$	0.69		$	0.66

Weighted average shares outstanding:
Basic		23,971			24,263			25,038
Diluted		23,971			24,263			25,038

Shares outstanding		22,930			24,235			24,906

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and cash equivalents	$	17,254	$	61,801
Short-term investments in U.S. Treasury Bills		99,216		99,025
Investments in securities		36,855		19,998
Seed capital investments		29,452		24,044
Receivable from brokers		3,103		4,562
Other receivables		21,246		21,178
Deferred tax asset and income tax receivable		7,553		8,927
Other assets		9,509		9,896
Total assets	$	224,188	$	249,431

Liabilities and stockholders’ equity
Income taxes payable	$	196	$	17
Compensation payable		38,489		23,399
Accrued expenses and other liabilities		48,929		45,036
Total liabilities		87,614		68,452

Stockholders’ equity		136,574		180,979
Total liabilities and stockholders’ equity	$	224,188	$	249,431

Shares outstanding		22,930		24,906

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Equities:
Mutual Funds
Beginning of period assets		$	8,440		$	8,035		$	7,546
	Inflows		211			175			153
	Outflows		(420	)		(415	)		(451	)
	Net inflows (outflows)		(209	)		(240	)		(298	)
	Market appreciation (depreciation)		(126	)		652			744
	Fund distributions, net of reinvestment		(27	)		(7	)		(19	)
	Total increase (decrease)		(362	)		405			427
Assets under management, end of period		$	8,078		$	8,440		$	7,973		-4.3	%	1.3	%
Percentage of total assets under management			25.5	%		26.2	%		25.6	%
Average assets under management		$	8,447		$	8,177		$	7,593		3.3	%	11.2	%

Closed-end Funds
Beginning of period assets		$	7,459		$	7,052		$	6,727
	Inflows		212			25			16
	Outflows		(43	)		(32	)		(63	)
	Net inflows (outflows)		169			(7	)		(47	)
	Market appreciation (depreciation)		(155	)		540			544
	Fund distributions, net of reinvestment		(129	)		(126	)		(127	)
	Total increase (decrease)		(115	)		407			370
Assets under management, end of period			7,344		$	7,459		$	7,097		-1.5	%	3.5	%
Percentage of total assets under management			23.2	%		23.2	%		22.8	%
Average assets under management		$	7,610		$	7,260		$	6,785		4.8	%	12.2	%

Institutional & PWM
Beginning of period assets		$	10,984		$	10,436		$	10,034
	Inflows		62			87			63
	Outflows		(407	)		(373	)		(371	)
	Net inflows (outflows)		(345	)		(286	)		(308	)
	Market appreciation (depreciation)		61			834			1,012
	Total increase (decrease)		(284	)		548			704
Assets under management, end of period		$	10,700		$	10,984		$	10,738		-2.6	%	-0.4	%
Percentage of total assets under management			33.7	%		34.1	%		34.5	%
Average assets under management		$	11,085		$	10,905		$	10,005		1.7	%	10.8	%

SICAV
Beginning of period assets		$	9		$	9		$	622
	Inflows		–			–			82
	Outflows		–			–			(110	)
	Net inflows (outflows)		–			–			(28	)
	Market appreciation (depreciation)		–			–			37
	Total increase (decrease)		–			–			9
Assets under management, end of period		$	9		$	9		$	631		0.0	%	-98.6	%
Percentage of total assets under management			0.0	%		0.0	%		2.0	%
Average assets under management		$	9		$	9		$	628		0.0	%	-98.6	%

Total Equities
Beginning of period assets		$	26,892		$	25,532		$	24,929
	Inflows		485			287			314
	Outflows		(870	)		(820	)		(995	)
	Net inflows (outflows)		(385	)		(533	)		(681	)
	Market appreciation (depreciation)		(220	)		2,026			2,337
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(761	)		1,360			1,510
Assets under management, end of period		$	26,131		$	26,892		$	26,439		-2.8	%	-1.2	%
Percentage of total assets under management			82.4	%		83.5	%		85.1	%
Average assets under management		$	27,151		$	26,351		$	25,011		3.0	%	8.6	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	5,268		$	5,159		$	4,217
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,552		$	5,268		$	4,615		5.4	%	20.3	%
Percentage of total assets under management			17.5	%		16.4	%		14.8	%
Average assets under management		$	5,415		$	5,246		$	4,418		3.2	%	22.6	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32		$	32
	Inflows		–			–			–
	Outflows		–			–			–
	Net inflows (outflows)		–			–			–
	Market appreciation (depreciation)		–			–			–
	Total increase (decrease)		–			–			–
Assets under management, end of period		$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management			0.1	%		0.1	%		0.1	%
Average assets under management		$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	5,300		$	5,191		$	4,249
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,584		$	5,300		$	4,647		5.4	%	20.2	%
Percentage of total assets under management			17.6	%		16.5	%		14.9	%
Average assets under management		$	5,447		$	5,278		$	4,450		3.2	%	22.4	%

Total AUM
Beginning of period assets		$	32,192		$	30,723		$	29,178
	Inflows		2,141			1,532			1,738
	Outflows		(2,310	)		(2,025	)		(2,083	)
	Net inflows (outflows)		(169	)		(493	)		(345	)
	Market appreciation (depreciation)		(152	)		2,095			2,399
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(477	)		1,469			1,908
Assets under management, end of period		$	31,715		$	32,192		$	31,086		-1.5	%	2.0	%
Average assets under management		$	32,598		$	31,629		$	29,461		3.1	%	10.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Equities:
Mutual Funds
Beginning of period assets		$	7,973		$	8,140
	Inflows		751			711
	Outflows		(1,626	)		(1,616	)
	Net inflows (outflows)		(875	)		(905	)
	Market appreciation (depreciation)		1,023			772
	Fund distributions, net of reinvestment		(43	)		(34	)
	Total increase (decrease)		105			(167	)
Assets under management, end of period		$	8,078		$	7,973		1.3	%
Percentage of total assets under management			25.5	%		25.6	%
Average assets under management		$	8,173		$	8,035		1.7	%

Closed-end Funds
Beginning of period assets		$	7,097		$	7,046
	Inflows		281			41
	Outflows		(226	)		(130	)
	Net inflows (outflows)		55			(89	)
	Market appreciation (depreciation)		700			654
	Fund distributions, net of reinvestment		(508	)		(514	)
	Total increase (decrease)		247			51
Assets under management, end of period		$	7,344		$	7,097		3.5	%
Percentage of total assets under management			23.2	%		22.8	%
Average assets under management		$	7,274		$	7,058		3.1	%

Institutional & PWM
Beginning of period assets		$	10,738		$	10,714
	Inflows		340			241
	Outflows		(1,701	)		(1,739	)
	Net inflows (outflows)		(1,361	)		(1,498	)
	Market appreciation (depreciation)		1,323			1,522
	Total increase (decrease)		(38	)		24
Assets under management, end of period		$	10,700		$	10,738		-0.4	%
Percentage of total assets under management			33.7	%		34.5	%
Average assets under management		$	10,891		$	10,670		2.1	%

SICAV
Beginning of period assets		$	631		$	867
	Inflows		–			357
	Outflows		(2	)		(624	)
	Net inflows (outflows)		(2	)		(267	)
	Market appreciation (depreciation)		–			31
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(622	)		(236	)
Assets under management, end of period		$	9		$	631		-98.6	%
Percentage of total assets under management			0.0	%		2.0	%
Average assets under management		$	9		$	694		-98.7	%

Total Equities
Beginning of period assets		$	26,439		$	26,767
	Inflows		1,372			1,350
	Outflows		(3,555	)		(4,109	)
	Net inflows (outflows)		(2,183	)		(2,759	)
	Market appreciation (depreciation)		3,046			2,979
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(308	)		(328	)
Assets under management, end of period		$	26,131		$	26,439		-1.2	%
Percentage of total assets under management			82.4	%		85.1	%
Average assets under management		$	26,347		$	26,457		-0.4	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	4,615		$	2,462
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,552		$	4,615		20.3	%
Percentage of total assets under management			17.5	%		14.8	%
Average assets under management		$	5,140		$	3,823		34.4	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32
	Inflows		–			–
	Outflows		–			–
	Net inflows (outflows)		–			–
	Market appreciation (depreciation)		–			–
	Total increase (decrease)		–			–
Assets under management, end of period		$	32		$	32		0.0	%
Percentage of total assets under management			0.1	%		0.1	%
Average assets under management		$	32		$	32		0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	4,647		$	2,494
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,584		$	4,647		20.2	%
Percentage of total assets under management			17.6	%		14.9	%
Average assets under management		$	5,172		$	3,855		34.2	%

Total AUM
Beginning of period assets		$	31,086		$	29,261
	Inflows		7,168			6,848
	Outflows		(8,677	)		(7,645	)
	Net inflows (outflows)		(1,509	)		(797	)
	Market appreciation (depreciation)		3,309			3,170
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		629			1,825
Assets under management, end of period		$	31,715		$	31,086		2.0	%
Average assets under management		$	31,519		$	30,312		4.0	%

Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

The MIL Network –

February 5, 2025

MIL-OSI: Red Cat CEO Jeff Thompson to Present at TD Cowen’s 46th Annual Aerospace & Defense Conference

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, Feb. 04, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced that its Chief Executive Officer, Jeff Thompson, will present at TD Cowen’s 46th Annual Aerospace & Defense Conference on Wednesday, February 12, 2025.

Thompson’s presentation is scheduled from 1:20 PM to 2:00 PM ET in Track 2 (Salon II, Conference Level) at The Ritz-Carlton, Pentagon City in Arlington, VA. He will discuss Red Cat’s latest advancements in drone technology and the company’s strategic initiatives within the aerospace and defense sectors.

TD Cowen’s 46th Annual Aerospace & Defense Conference, taking place February 11-13, 2025, brings together industry leaders for a series of presentations, fireside chats, and panel discussions. Moderated by members of the TD Cowen research team, the event will highlight key trends shaping the aerospace and defense industries.

Investors and attendees interested in scheduling a one-on-one meeting with Mr. Thompson are encouraged to contact the Company through the investor relations section of the Red Cat website.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

About TD Securities

As a leading corporate and investment bank, TD Securities offers a wide range of integrated capital markets products and services. Our corporate, government, and institutional clients choose us for our innovation, execution, and experience.

With more than 7,100 professionals operating out of 34 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions.

TD Cowen is a division of TD Securities. As part of TD Securities’ broader suite of integrated capital markets products and services, our offering includes investment banking, research, sales and trading, prime brokerage, outsourced trading, and commission management services.

We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

The MIL Network –

February 5, 2025
MIL-OSI Security: Disbarred Queens Attorney Sentenced to 54 Months in Prison for Defrauding Clients

Source: Office of United States Attorneys

Defendant Falsely Held Himself Out as a Trusted Attorney in the Korean-American Community

Earlier today, in federal court in Brooklyn, disbarred attorney Hyun W. Lee, also known as “Michael Lee,” was sentenced by United States District Judge Pamela K. Chen to 54 months in prison for wire fraud in connection with a scheme to defraud his real estate clients and their counterparties of funds held in his attorney escrow account. As part of the sentence, Lee was ordered to pay the government $3.27 million in forfeiture and restitution to the victims in the amount of $3.29 million. Lee pleaded guilty to wire fraud in December 2023.

John J. Durham, United States Attorney for the Eastern District of New York, announced the sentence.

“The defendant was disbarred from the practice of law for reprehensible misconduct, but that severe penalty did not deter him from continuing to abuse the trust of clients, so it is my hope that he will get the message after serving a term of imprisonment for his crimes,” stated United States Attorney Durham. “It is particularly egregious that Lee committed these crimes by holding himself out as a trusted lawyer to clients within the Korean-American community in Queens, where many immigrants have little experience with the legal system and place an enormous amount of trust in the hands of individuals like the defendant who profess to represent their interests in legal proceedings.”

Mr. Durham thanked the Queens County District Attorney’s Office for their assistance in this matter.

Lee was an attorney licensed by the State of New York admitted to practice in 2003. He maintained an office in Flushing, Queens, where he represented buyers and sellers in connection with the purchase and sale of real property. On March 11, 2020, Lee was disbarred as a result of charges brought by the Grievance Committee that he had engaged in a pattern and practice of misappropriating client and third-party funds. As a result, Lee was not permitted to accept funds from clients and third parties.

Between February 2018 and May 2023, Lee induced clients and counterparties to entrust funds to him for the purchase of real estate based on misrepresentations that he would release the funds deposited into his escrow account. Instead, Lee misappropriated these funds and used them for his own benefit, which included gambling at casinos and to pay expenses at a restaurant that he was a part-owner. Lee misrepresented that he was an attorney authorized to represent clients in connection with the purchase and sale of real estate, and to receive and hold funds in his escrow account in connection with real estate transactions.

In furtherance of the scheme, Lee misled clients about the status of funds held in his escrow account by fabricating documents leading them to believe their funds were secure. While documentation Lee showed to clients reflected a balance in Lee’s escrow account of nearly $3 million, in reality Lee had depleted the escrow account down to only approximately $25,000. Lee failed to honor requests by clients and their counterparties to release funds from his escrow account, falsely claiming that he was in the process of working out an equitable distribution of funds that remained. In reality, Lee had already spent virtually all of the funds in the account.

Victims who suffered losses as a result of the conduct of Lee, or other New York lawyers who engage in misconduct, may be eligible to receive compensation by filing a claim with the Lawyer’s Fund for Client Protection, which may be reached by calling (800) 442-3863 or e-mailing info@nylawfund.org

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant U.S. Attorney Hiral D. Mehta is in charge of the prosecution with assistance from Special Agent Martin Sullivan.

The Defendant:

HYUN W. LEE (also known as “Michael Lee”)
Age: 51
Closter, New Jersey

E.D.N.Y. Docket No. 23-CR-465 (PKC)

MIL Security OSI –

February 5, 2025
MIL-Evening Report: Graffiti removal isn’t the enemy of art. It’s part of a vibrant dialogue on life in the big city

Source: The Conversation (Au and NZ) – By Sabina Andron, Postdoctoral Research Fellow in Cities and Urbanism, The University of Melbourne

Thanks Radical Graffiti for informing me where my next job is!

This is the message I woke up to on January 26, as one of my research participants saw some anti-colonial graffiti in Melbourne posted on the popular Instagram page. The “job” he refers to is that of removing graffiti – a costly, relentless and largely overlooked maintenance operation in modern cities.

Graffiti removal is an ongoing practice in big cities such as Sydney and Melbourne.
Sabina Andron

You may have heard of various statues being defaced across the country to protest Australia Day. And if you live in Melbourne, you’ve probably come across the city’s iconic “Pam the Bird” graffiti. Pam’s creator was arrested on January 30, about a week after a massive image of the bird appeared on the Novotel hotel in South Wharf.

What you don’t see, however, are the groups of workers standing by to evaluate and repair the damage done by graffiti artists. These graffiti removal technicians, or “buffers”, often posses a more detailed knowledge of the urban fabric than many architects and planners.

With millions invested in graffiti removal in Australia, as part of a visual policing of surfaces, I argue “buff” deserves recognition as a cultural and aesthetic practice of its own.

Buff commonly appears as mismatched rectangular shapes.
Sabina Andron

What is “buff” and how does it work?

Graffiti removal is the practice of removing, erasing or obliterating unauthorised displays from publicly visible urban surfaces.

In graffiti culture, this removal is colloquially known as “buff”. The name comes from a chemical train washing facility deployed by the Municipal Transit Authority in New York City in the 1970s, when graffiti clean-up efforts first started.

Buff is typically conducted by authorised municipal officers or private contractors and businesses. It involves the chemical and mechanical treatment of urban surfaces, often underpinned by zero tolerance policies that have turned it into a global billion dollar industry.

Greg Ireland demonstrating his products inside his Graffiti Removal Chemicals training facility in Melbourne.
Sabina Andron

Whether they work for local councils through apps such as Snap Send Solve, run private businesses, or operate independently as anti-graffiti vigilantes, buffers either remove unwanted marks, or paint over them to obstruct them from view.

And with the removal of one image, comes the creation of another.

In this example chemicals are used to destroy the surface paint, leaving behind a ‘ghost’ image.
Sabina Andron

A symbiotic relationship

It’s a common misconception that buff is strictly an image removal process – a zero sum game aimed at returning public surfaces to a pristine material state. This assumption is the main reason it has been afforded little attention as a creative practice.

In fact, buff produces some of the most interesting visual forms within contemporary cities. It contributes to the visual cultures of cities worldwide, not just through maintaining visual order, but through delivering easily overlooked painterly compositions.

The visual forms of buff done by vigilantes can be even more jarring than the graffiti they cover.
Sabina Andron

Much like graffiti, buff is a widespread visual and symbolic feature of contemporary cities. These two practices need each other, and engage with cities in symmetrical and symbiotic ways.

Buff will sometimes closely follow the contours of the graffiti it obstructs.
Sabina Andron

Also, although they operate on different mandates, graffiti writers and buffers largely respect each others’ resourcefulness and creativity. As one buffer has repeatedly told me, “tagging and buffing are more related than people are prepared to see.”

Buffers and writers use walls collaboratively. Here, a graffiti writer acknowledges the abater with a message: ‘legendary buff’.
Sabina Andron

Graffiti removal as aesthetic practice

Keen urban enthusiasts have been documenting buff in many forms, from the early photographs of Avalon Kalin in the United States, to artist Lorenzo Servi’s The City Is Ours bookzine on graffiti removal, to Hans Leo Maes’ photographic collection of buff from the 2019 Hong Kong protests.

Most famously, buff made the object of a 2001 experimental documentary by Matt McCormick. This cult favourite popularised the idea of graffiti removal as a subconsciously creative act with aesthetics that resemble the works of abstract expressionists such as Mark Rothko or Agnes Martin.

The abstract expressionist aesthetics of repeated buff interventions.
Sabina Andron

A suite of other contemporary artists and photographers, many of who come from a graffiti background, also engage with buff in their practice. Mobstr, Germain Prévost (Ipin), Thierry Furger, Nelio Riga and Svetlana Feoktistova provide just some examples of buff-generated creativity.

Three different buff treatments of the same wall.
Sabina Andron

Others such as activist Kyle Magee have served prison sentences for buffing public ads, raising questions about not only the legitimacy of public images, but the legitimacy of their obstruction.

An example of activist buff on street posters.
Sabina Andron

Beyond visual order mandates

Involuntarily perhaps, creativity is everywhere. Urban surfaces are prized visual and material assets in cities, with the potential to generate huge symbolic and economic capital.

No matter how many millions of dollars are invested in removing graffiti, or pursuing criminal cases against its creators, public surfaces will always be contentious forums of visual production, obstruction and collaboration.

Textured surfaces resulting from visual dialogues between graffiti and buff.
Sabina Andron

Alongside graffiti, posters, stickers and myriad other inscriptions, buff adds new textures to the surfaces of our cities. Its aesthetic and cultural value should be celebrated.

Sabina Andron 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. Graffiti removal isn’t the enemy of art. It’s part of a vibrant dialogue on life in the big city – https://theconversation.com/graffiti-removal-isnt-the-enemy-of-art-its-part-of-a-vibrant-dialogue-on-life-in-the-big-city-248668

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it

Source: The Conversation (Au and NZ) – By Liudmila Tarabashkina, Senior Lecturer, The University of Western Australia

Joanna Dorota/Shutterstock, Zoom Team/Shutterstock, The Conversation

The economic cost of food waste in Australia is staggering. It’s estimated $36.6 billion is lost to the economy every year. Much of our fresh produce never even makes it to stores, rejected at the farm gate due to cosmetic reasons, such as its appearance, size or ripeness.

We’ve known about this problem for a long time, which has given rise to the “ugly” food movement. Once-rejected produce has been rebranded as “wonky” in the UK, “inglorious” in France, “naturally imperfect” in Canada or an “odd bunch” in Australia.

While the existence of these campaigns is commendable, there’s another major marketing challenge if we want to reduce food waste – acceptance of climate-affected produce.

Broadly speaking, this refers to produce affected by extreme or moderate weather events. Droughts are an example of such climate events, predicted to become more intense and frequent as a result of global climate change.

Climate-affected produce resembles “ugly” food as it is often smaller, misshapen or has surface imperfections.

Climate-affected produce often has a lot in common with ‘ugly’ fruit, but may also differ in taste and texture.
Alexey Borodin/Shutterstock

But in contrast to “ugly food”, the taste and texture of climate-affected produce can be quite different.

Under the effects of drought, apples may become sweeter and more granular, chillies hotter and onions more pungent. In the case of mild or moderate droughts, such produce is still edible.

Our recent research points to some uncomfortable truths. Many consumers prefer to avoid climate-affected produce altogether. And when price is a factor, they won’t choose it without a discount.

But our research also offers suggestions on how purchases of such produce could be encouraged – including marketing messages that highlight the “resilience” of climate-affected produce.

Our research

We carried out two discrete choice experiments with consumers who buy fresh fruit and vegetables. One sample was drawn from among Australian students, the other from members of the wider Australian population.

Participants were shown eight different apple options simulating a shopping environment, which were described with a range of different attributes including firmness, sweetness, appearance and size.

The apples were also labelled with a price tag and information on whether they were sold at a supermarket or farmers’ market. All climate-affected apples were presented with a “resilience” message: “resilient apple – survived the drought”.

We sought to examine how produce’s “organoleptic” properties – the way it impacts our different senses – as well as levels of empathy toward the farmers impact consumers’ willingness to choose climate-affected produce, and how much they’d pay for it.

Drought can make apples sweeter, smaller, and less firm.
The Conversation, Natthapol Siridech/Shutterstock, PickPik

A preference for perfect

We found when an apple’s firmness, size and aesthetics were important and empathy towards farmers was low, consumers tended to avoid climate-affected produce. They instead chose unaffected alternatives at higher prices (no such effect was observed for sweetness).

This finding might not be surprising, but it’s still cause for concern. If farmers cannot repurpose climate-affected produce into spreads, jams, smoothies or animal feed, it can’t enter supply chains and may end up as waste.

Previous campaigns for “ugly” fruit and vegetables may not offer much help with this problem, either. These campaigns emphasise the unaffected taste and texture of the produce. Marketing climate-affected produce needs a different approach.

Otherwise, we expect a discount

When price was important to consumers, they chose climate-affected produce, regardless of their levels of empathy toward farmers. But they were only willing to pay discounted prices for it.

That might seem like a more positive outcome. But consumer expectations that climate-affected produce will always be discounted may disadvantage farmers with lower profit margins and diminish its value as a still-usable resource.

Getting climate-affected (but still edible) produce into supply chains can help reduce food waste.
Ekaterina Pokrovsky/Shutterstock

The power of “resilience” messaging

Importantly, we found when the “resilience” message resonated with consumers, they were more inclined to consider climate-affected apples. This was true even when their empathy towards farmers was low.

This suggests that when empathy fails, leveraging marketing messages that highlight “resilience” could be another avenue worth exploring.

Our research team is now exploring what types of “resilience” messages can encourage purchases of climate-affected produce.

Australians have been conditioned for many years to expect only aesthetically pleasing fruit and vegetables.

Given extreme weather events are unlikely to become less frequent in the future, climate-affected produce is likely here to stay. If we want consumers to embrace it, we need to have uncomfortable conversations around its different taste and texture, and rethink what we’re willing to accept.

This research was supported by the University of Western Australia Business School Future Fund Research Grant.

– ref. Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it – https://theconversation.com/climate-affected-produce-is-here-to-stay-heres-what-it-takes-for-consumers-to-embrace-it-248776

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election

Source: The Conversation (Au and NZ) – By Andrew Podger, Honorary Professor of Public Policy, Australian National University

Oakland Images/Shutterstock

Opposition Leader Peter Dutton has doubled down on his commitment to sack thousands of public servants if he’s elected prime minister.

Dutton has again highlighted the “wasteful” 36,000 increase in public service jobs under Labor, which he says has made the Australian Public service “bloated and inefficient”.

While there is considerable political hyperbole and Trumpian allusions in Dutton’s statements, there are areas where legitimate savings could be made by whoever wins the coming election. That includes a second-term Albanese government, which would need to find efficiencies to offset promised wage increases.

Dutton’s commitment

Dutton unrealistically mentioned A$24 billion in potential savings over four years by reversing the growth in the number of new public service jobs since the last election.

Dutton’s claim of 36,000 extra bureaucrats under the Albanese government is broadly correct. The latest State of the Service Report shows the ongoing workforce increased from 133,976 in June 2021 to 170,186 in June last year. This was offset by a reduction of around 4,000 non-ongoing employees.

Labor has reduced the use of consultants and contractors, though at best those savings only partially offset the costs of the public service expansion.

Reversing the net increase in costs in the next term of Parliament, however, will not be easy and could not be done immediately.

In turn, Labor is hiring fewer consultants and contractors. Those numbers could rise again if permanent positions are axed under a Coalition government.

Dutton is careful not to make any specific commitments regarding the number of jobs that would go nor the dollar savings involved. However, he and his shadow ministers have repeatedly referred to the 36,000 new positions under Labor.

While the Coalition won’t be detailing any spending cuts until after the election, Dutton has alluded to US President Donald Trump’s playbook by targeting “culture, diversity and inclusion advisers”.

Dutton contends these roles add to costs while providing little public service:

Such positions, as I say, do nothing to improve the lives of everyday Australians.

Putting the public service growth into context

Despite Dutton’s combative language, the growth of the Australian Public Service is not nearly as dramatic as he claims, nor is it concentrated in Canberra.

The State of the Service Report shows the Australian Public Service headcount is lower now (0.68%) as a percentage of the Australian population than it was in 2008 (0.75%). It is also a smaller share of the overall Australian workforce (1.36% compared to 1.52%).

Despite Dutton’s often repeated claim that all of the additional public servants are based in Canberra, the proportion of the public service working in the capital has decreased to just 36.9%.

The numbers back up the government’s claim that the expanded bureaucracy has delivered improvements to critical public services such as the National Disability Insurance Scheme, Veterans’ Affairs and Centrelink outside of Canberra.

Labor has also committed to savings

Despite its defence of the public service, a re-elected Labor government would also need to find efficiencies.

The Australian Financial Review has drawn attention to the mid-year budget update, which forecast no growth in the public service wages bill from 2025–26 to 2027–28. This is despite an enterprise bargaining agreement to increase wages by 11.2% over the three years to March 2026.

Finance and Public Service Minister Katy Gallagher has dismissed the Coalition’s claims of a $7.4 billion black hole. She says Labor’s forecasting method is the same as the one the Liberals used in government

And the minister has restated Labor’s commitment to finding its own savings through the 1% efficiency dividend, which she says is “largely a good thing”.

In other words, the Albanese government is assuming pay increases will be offset by efficiency measures over the next three years. That will require some effort.

Where savings could actually be made

Regardless of who forms the next government, there are savings to be made across the public service, which has become too top heavy.

Remuneration is a mess, with extraordinary variations in pay, particularly among the senior executive level.

A wholesale change in the membership of the Remuneration Tribunal, which sets public service pay levels, and a review of its methodology are much needed.

There should also be more emphasis on skills and capability, and less on diversity. A strong business case exists to maximise the talent pool the public service draws on, but care is needed to not compromise the merit principle in the pursuit of equity.

Dutton’s plan raises legitimate concerns

Dutton’s populist rhetoric about the public service raises legitimate concerns beyond the potential job cuts.

There’s a real risk the Coalition will resurrect its ideological preference for the private sector, with its associated extra costs and conflicts of interest.

Nor is there any clear commitment to avoiding a return to the politicisation of the bureaucracy evident under former prime minister Scott Morrison, which contributed to the Robodebt scandal.

The Albanese government has sadly dropped the ball by failing to legislate to promote merit-based appointments, leaving open opportunities for politically based hirings and firings.

With election day fast approaching, voters may reasonably be wary of both sides of politics when it comes to the independence and performance of the public service.

Andrew Podger 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. Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election – https://theconversation.com/peter-dutton-is-promising-to-slash-the-public-service-voters-wont-know-how-many-jobs-are-lost-until-after-the-election-248897

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: OpenAI says DeepSeek ‘inappropriately’ copied ChatGPT – but it’s facing copyright claims too

Source: The Conversation (Au and NZ) – By Lea Frermann, Senior Lecturer in Natural Language Processing, The University of Melbourne, The University of Melbourne

TA Design/Shutterstock

Until a few weeks ago, few people in the Western world had heard of a small Chinese artificial intelligence (AI) company known as DeepSeek. But on January 20, it captured global attention when it released a new AI model called R1.

R1 is a “reasoning” model, meaning it works through tasks step by step and details its working process to a user. It is a more advanced version of DeepSeek’s V3 model, which was released in December. DeepSeek’s new offering is almost as powerful as rival company OpenAI’s most advanced AI model o1, but at a fraction of the cost.

Within days, DeepSeek’s app surpassed ChatGPT in new downloads and set stock prices of tech companies in the United States tumbling. It also led OpenAI to claim that its Chinese rival had effectively pilfered some of the crown jewels from OpenAI’s models to build its own.

In a statement to the New York Times, the company said:

We are aware of and reviewing indications that DeepSeek may have inappropriately distilled our models, and will share information as we know more. We take aggressive, proactive countermeasures to protect our technology and will continue working closely with the US government to protect the most capable models being built here.

The Conversation approached DeepSeek for comment, but it did not respond.

But even if DeepSeek copied – or, in scientific parlance, “distilled” – at least some of ChatGPT to build R1, it’s worth remembering that OpenAI also stands accused of disrespecting intellectual property while developing its models.

What is distillation?

Model distillation is a common machine learning technique in which a smaller “student model” is trained on predictions of a larger and more complex “teacher model”.

When completed, the student may be nearly as good as the teacher but will represent the teacher’s knowledge more effectively and compactly.

To do so, it is not necessary to access the inner workings of the teacher. All one needs to pull off this trick is to ask the teacher model enough questions to train the student.

This is what OpenAI claims DeepSeek has done: queried OpenAI’s o1 at a massive scale and used the observed outputs to train DeepSeek’s own, more efficient models.

A fraction of the resources

DeepSeek claims that both the training and usage of R1 required only a fraction of the resources needed to develop their competitors’ best models.

There are reasons to be sceptical of some of the company’s marketing hype – for example, a new independent report suggests the hardware spend on R1 was as high as US$500 million. But even so, DeepSeek was still built very quickly and efficiently compared with rival models.

This might be because DeepSeek distilled OpenAI’s output. However, there is currently no method to prove this conclusively. One method that is in the early stages of development is watermarking AI outputs. This adds invisible patterns to the outputs, similar to those applied to copyrighted images. There are various ways to do this in theory, but none is effective or efficient enough to have made it into practice.

There are other reasons that help explain DeepSeek’s success, such as the company’s deep and challenging technical work.

The technical advances made by DeepSeek included taking advantage of less powerful but cheaper AI chips (also called graphical processing units, or GPUs).

DeepSeek had no choice but to adapt after the US has banned firms from exporting the most powerful AI chips to China.

While Western AI companies can buy these powerful units, the export ban forced Chinese companies to innovate to make the best use of cheaper alternatives.

The US has banned the export of the most powerful computer chips to China.
Nor Gal/Shutterstock

A series of lawsuits

OpenAI’s terms of use explicitly state nobody may use its AI models to develop competing products. However, its own models are trained on massive datasets scraped from the web. These datasets contained a substantial amount of copyrighted material, which OpenAI says it is entitled to use on the basis of “fair use”:

Training AI models using publicly available internet materials is fair use, as supported by long-standing and widely accepted precedents. We view this principle as fair to creators, necessary for innovators, and critical for US competitiveness.

This argument will be tested in court. Newspapers, musicians, authors and other creatives have filed a series of lawsuits against OpenAI on the grounds of copyright infringement.

Of course, this is quite distinct to what OpenAI accuses DeepSeek of doing. Nevertheless OpenAI isn’t attracting much sympathy for its claim that DeepSeek illegitimately harvested its model output.

The war of words and lawsuits is an artefact of how the rapid advance of AI has outpaced the development of clear legal rules for the industry. And while these recent events might reduce the power of AI incumbents, much hinges on the outcome of the various ongoing legal disputes.

Shaking up the global conversation

DeepSeek has shown it is possible to develop state-of-the-art models cheaply and efficiently. Whether they can compete with OpenAI on a level playing field remains to be seen.

Over the weekend, OpenAI attempted to demonstrate its supremacy by publicly releasing its most advanced consumer model, o3-mini.

OpenAI claims this model substantially outperforms even its own previous market-leading version, o1, and is the “most cost-efficient model in our reasoning series”.

These developments herald an era of increased choice for consumers, with a diversity of AI models on the market. This is good news for users: competitive pressures will make models cheaper to use.

And the benefits extend further.

Training and using these models places a massive strain on global energy consumption. As these models become more ubiquitous, we all benefit from improvements to their efficiency.

DeepSeek’s rise certainly marks new territory for building models more cheaply and efficiently. Perhaps it will also shake up the global conversation on how AI companies should collect and use their training data.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. OpenAI says DeepSeek ‘inappropriately’ copied ChatGPT – but it’s facing copyright claims too – https://theconversation.com/openai-says-deepseek-inappropriately-copied-chatgpt-but-its-facing-copyright-claims-too-248863

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Global: Dementia: why prescription drugs like antibiotics and vaccines have been linked to lower risk of the disease

Source: The Conversation – UK – By Rahul Sidhu, PhD Candidate, Neuroscience, University of Sheffield

Antibiotics, antivirals and anti-inflammatory drugs were all associated with reduced dementia risk Slladkaya/ Shutterstock

There’s currently no cure for dementia. Although some recently developed drugs show promise in slowing the progress of the disease, these are both costly and may have limited benefit for many patients.

However, a recent Cambridge-led study has found a link between commonly used prescription drugs – including antibiotics, antivirals and vaccines – and a lower risk of dementia.

Given these drugs are already licensed and their safety profiles well established, this could enable faster and more cost-effective clinical trials in the search for a cure.

The study analysed health data from 130 million people, including one million people who had been diagnosed with dementia. Having identified possible links with prescription drugs and dementia risk, the researchers conducted a systematic review of 14 studies to explore these links further and understand which prescription drugs might affect dementia outcomes.

This led them to the conclusion that antibiotics, antivirals and anti-inflammatory drugs were all associated with reduced dementia risk. The researchers also found a link between the hepatitis A, typhoid and diphtheria vaccines and lower dementia risk.

It’s unknown how long participants had been taking any of these prescription drugs or how many times they’d been prescribed them during their lifetime, so it will be important for future studies to investigate these factors.

Immune reponse and brain health

Based on their findings, the researchers suggest that the protective effects that these prescription drugs appear to have may be because they reduce inflammation, control infections and improve overall brain health.

This supports the theory that common types of dementia could be triggered by viral or bacterial infections. We know that infections that last a few days to several weeks, whether bacterial or viral, can cause great damage to the brain. This is because infections cause an enhanced immune response from the body, which can damage brain cells – disrupting brain connections and accelerating memory decline.

Antibiotics and antivirals help to combat infections.

Antivirals and antibiotics help combat infections, which in turn may dampen this excessive immune response. Meanwhile, vaccines can prevent these infections from occurring in the first place. In both cases, this can significantly reduce the risk of prolonged infections and their potentially devastating consequences for brain health.

It’s also worth noting that other studies have also shown an association between the BCG vaccine, which protects against tuberculosis, and a decreased risk of Alzheimer’s (a type of dementia).

Read more:
My work investigating the links between viruses and Alzheimer’s disease was dismissed for years – but now the evidence is building

Inflammation and dementia risk

Regarding the new study’s finding of a link between the use of anti-inflammatory medications and a reduced risk of dementia, notably non-steroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen were identified as potentially protecting against memory decline.

Again, this is another piece of evidence suggesting that inflammation plays a central role in dementia.Inflammation is the body’s natural way of defending itself against injury or infection. But when inflammation lasts too long, it can cause harm – particularly to the brain. Long-lasting inflammation releases chemicals that can damage healthy tissue. These chemicals can damage brain cells and disrupt communication between them, which leads to memory loss.

Anti-inflammatory drugs work by blocking the production of certain molecules that cause inflammation. By doing this, they might help protect brain cells from damage caused by long-term inflammation.

Next steps

The evidence for the benefits of other types of drugs on dementia risk was less consistent. The study found that certain blood-pressure drugs, antidepressants and diabetes drugs were linked to both a lower and higher risk of dementia.

One possible reason is that these prescription drugs affect different biological processes. Even drugs designed to treat the same condition may target different biological mechanisms, which might explain the varying results.

For example, some blood pressure medications – such as ACE inhibitors and angiotensin II receptor blockers (ARBs) – improve brain health by enhancing blood flow and reducing inflammation. On the other hand, beta-blockers primarily lower heart rate and may not provide the same neuroprotective benefits.

Diabetes drugs also had mixed associations with dementia risk. But as people with diabetes are already at a higher risk of developing dementia, this makes it difficult to determine whether this association was due to the effects of the drugs themselves, or if diabetes is the main factor at play.

Overall, more research is needed to confirm this study’s findings and better understand how all these drugs appear to influence dementia risk. Randomised controlled trials will be crucial to see if these prescription drugs really can be repurposed to prevent dementia effectively. At the same time, looking into the biological mechanisms that are potentially affected by these drugs could shed light on the causes of dementia.

This research highlights the importance of addressing inflammation and infections as part of a broader strategy for maintaining brain health. And by finding new uses for existing drugs, scientists could deliver treatments to patients more quickly – offering hope in the fight against dementia.

Rahul Sidhu 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. Dementia: why prescription drugs like antibiotics and vaccines have been linked to lower risk of the disease – https://theconversation.com/dementia-why-prescription-drugs-like-antibiotics-and-vaccines-have-been-linked-to-lower-risk-of-the-disease-248041

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Security: Wisconsin Man Indicted for Selling and Smuggling Firearms to Buyers in Saudi Arabia

Source: Office of United States Attorneys

CLEVELAND – A six-count indictment was unsealed today charging a Viroqua, Wisconsin, man for allegedly selling firearms and related parts without a license to buyers in Saudi Arabia, shipping the prohibited items, and then lying to federal inspectors about it.

According to allegations in the indictment, Mark John Buschman, 60, conducted an illegal export conspiracy for more than five years, lasting from about February 2019 to about December 2024. Buschman obtained firearms and firearms parts in the U.S. and advertised the items for sale on eBay and other online marketplace-style websites. When buyers in Saudi Arabia expressed interest in the items for sale, he agreed to sell and ship the items out of the country to them. Throughout the course of the conspiracy, Saudi Arabian-based buyers paid the defendant approximately $398,000.

Court documents indicate that serial numbers from some of the firearms and firearms parts were removed before he shipped the items. The defendant then prepared the items further before shipping them, by concealing the firearms and firearm parts inside of common household appliances and tools such as toasters, coffee makers, space heaters, fans, and landscaping edge trimmers. For example, the defendant concealed rifle barrels in items such as car axles, and smaller pistols inside of toasters. Using a fake return address, the defendant shipped the items through the U.S. Postal Service to freight forwarders, which are companies that specialize in the logistics of shipping items from one country to another. The defendant allegedly shipped the items to freight forwarding companies that operated out of Ohio, New Jersey, Oregon and elsewhere, without declaring that the shipments contained firearms and firearms parts.

Buschman is charged by indictment with conspiracy to smuggle goods from the United States; attempted smuggling of goods from the United States; transporting and shipping firearms with removed, obliterated, or altered serial numbers; mailing firearms as non-mailable prohibited items; unlawful dealing in firearms without a license; and making false statements to law enforcement.

If convicted on all counts, Buschman faces a penalty of 42 years in prison and fines of up to $1.5 million. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The case is being investigated by the Homeland Security Investigations (HSI) Cleveland Office, the U.S. Postal Inspection Service, Cleveland Office (of the Pittsburgh Division), and the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF). Elements of the Office of Customs and Border Protection (CBP) also assisted HSI.

The case is being prosecuted by Assistant U.S. Attorneys Matthew Shepherd and Jerome J. Teresinski for the Northern District of Ohio. Trial Attorney Christopher Cook of the Department’s National Security Division, and Assistant U.S. Attorney Corey Stephan of the Western District of Wisconsin U.S. Attorney’s Office, assisted during the investigation of this case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Man Pleads Guilty to Conspiracy to Launder Money in Connection with $100 Million Health Care Fraud Scheme

Source: Office of United States Attorneys

Greensboro, NC – Chaudhry Shabbir Ahmed pled guilty on Monday, February 3, 2025, to conspiring to launder over $3 million in connection with a $100 million dollar health care fraud scheme, announced Acting United States Attorney Randall S. Galyon.

According to court documents, Ahmed conspired with another individual to represent himself as the owner of two durable medical equipment businesses—Dune Medical Supply, LLC located in High Point, North Carolina and Prospect Health Solutions, Inc. located in Fort Lauderdale, Florida. Ahmed and a co-conspirator used a sham purchase agreement to make it appear as though Ahmed owned and operated these companies, even though the co-conspirator continued to control the companies. Once Ahmed was listed on relevant documents as the sole owner of Dune and Prospect, including documents submitted to Medicare, Dune and Prospect collectively submitted more than $100 million in fraudulent claims to Medicare. The claims were submitted between April 2024 and August 2024 for durable medical equipment that Medicare beneficiaries never received, requested, or needed, or that the provider never ordered.

Before the scheme was discovered, Medicare electronically deposited more than $33 million in claim reimbursements into bank accounts held in the name of Dune and Prospect at various financial institutions. Ahmed had access to these accounts and would withdraw fraud proceeds in cash at bank branches. For example, on June 30, 2024, Ahmed withdrew $400,000 in cash from Prospect’s bank account and on August 9, 2024, Ahmed withdrew $500,000 in cash from Prospect’s bank account.

As part of the plea agreement, Ahmed agreed to forfeit over $17.6 million dollars that was seized during the investigation, as well as a Rolex watch and cryptocurrency.

Sentencing is scheduled to take place on June 24, 2025, at 9:30 a.m. in Greensboro, North Carolina, before Chief United States District Judge Catherine C. Eagles. At sentencing, Ahmed faces a maximum sentence of five years in prison, a period of supervised release of up to three years, and monetary penalties.

The Department of Health and Human Services-Office of Inspector General and the Federal Bureau of Investigation are investigating the case, and it is being prosecuted by Assistant U.S. Attorneys Rebecca Mayer, JoAnna McFadden, and Ashley Waid.

###

MIL Security OSI –

February 5, 2025
MIL-OSI Global: USAid shutdown isn’t just a humanitarian issue – it’s a threat to American interests

Source: The Conversation – UK – By Natasha Lindstaedt, Professor in the Department of Government, University of Essex

The website for the United States Agency for International Development (USAid), the world’s biggest aid donor, has gone dark.

Donald Trump’s new administration plans to place the autonomous agency under the control of the state department. The secretary of state, Marco Rubio, has now declared himself as head of the agency to “align” it with Trump’s priorities.

Several days ago, on January 26, Rubio said: “Every dollar we spend, every programme we fund, and every policy we pursue must be justified with the answer to three simple questions: Does it make America safer? Does it make America stronger? Does it make America more prosperous?”

But the decision to freeze USAid, which is part of Trump’s policy to put “America first”, places everyone at risk. Organisations that provide vital care for vulnerable people around the world are being forced to halt operations. The boss of one such organisation said: “People will die.”

Elon Musk, the world’s richest man and a close adviser to Trump, is playing an active role in the destruction of USAid. He has claimed – without providing any evidence – that the agency is “beyond repair”. “It needs to die,” Musk wrote on X.

Musk, who leads the newly formed Department of Government Efficiency (Doge), is gearing to cut trillions of dollars from the US budget. However, by seeing cuts to USAid as a solution, Trump and Musk are catering to an audience that has a fundamental misunderstanding about US foreign aid more generally.

Surveys demonstrate that Americans believe 25% of the federal budget is spent on foreign aid. In reality, the US gives about 0.2% of its gross national product (GNP), the total value of goods and services produced by a country, to foreign aid – or less than 1% of its federal budget. This is far below the UN target of 0.7% of GNP.

But, despite this, USAid provided 42% of all humanitarian aid globally in 2024. This included about US$72 billion (£58 billion) in aid in a wide range of areas, from helping people access clean water, sanitation, healthcare and energy, to providing disaster relief, shelter and food.

USAid also delivered programmes aimed at supporting democracy, civil society, economic development and landmine clearance in war zones, as well as working to prevent organised crime, terrorism and conflict. The gutting of USAid will have a profound impact on human security.

The Trump administration has granted a waiver for the continuation of “life-saving humanitarian assistance”. This includes a programme that helps 20 million people living with HIV/Aids access anti-retroviral drugs. But there are questions about the future of US Aids organisation, the President’s Emergency Plan for Aids Relief (Pepfar).

To date, over 43 million people worldwide have died from Aids. But one of the biggest success stories of the George W. Bush administration was its launch of Pepfar in 2003. The World Health Organization says that Pepfar, working in partnership with USAid, has saved 26 million lives.

Pepfar employs more than 250,000 doctors, nurses and other staff across 55 countries. One of the functions that USAid performs is ordering and procuring the drugs used by Pepfar to keep the millions infected with HIV alive. It remains to be seen whether federal payments to USAid’s locally run partner organisations will be stopped.

We are, in any case, likely to see an uptick in other infectious diseases. USAid had been working to prevent current outbreaks of mpox and Marburg virus from spreading beyond Africa. It is not clear what the future is for these programmes.

And USAid’s work with malaria, a disease that kills about 450,000 children under the age of five each year, is facing uncertainty. From 2000 to 2021, USAid’s work helped to prevent 7.6 million deaths from malaria. Also in doubt is USAid’s work to develop and implement the malaria vaccine, which was considered a gamechanger for combating the disease.

At the same time, USAid responds to an average of 65 natural disasters each year. In 2024 alone, it responded to 84 separate crises across 66 different countries. The government is letting go all of the staff important for implementing these types of programmes.

Dozens of senior USAid officials have been placed on leave, while contractors working on the agency’s programmes have been furloughed. Up to 3,000 aid workers in Washington DC could reportedly be laid off this week.

What Trump’s team misunderstand is that the work of USAid is also vital for preserving American interests. China, which has poured more than US$1 trillion of assistance into infrastructure projects in Asia, Africa, Europe and Latin America since 2013, will now be given an opportunity to exert more influence around the world. The void in US aid is a gift for China in the battle for soft power.

White House press secretary, Karoline Leavitt, lists some of what she calls the ‘insane priorities’ that USAid has been spending money on.

Global aid sector in disarray

Foreign aid relies on certainty and transparency about the future of aid programmes. But the Trump administration has offered little clarity while US foreign aid programmes are all being reviewed. One aid organisation referred to the situation as an “absolute dumpster fire” due to the uncertainty.

There have already been reports of total confusion in health clinics previously supported by USAid, which were shut down without warning. Africa will probably be the region most negatively affected. Local workers in healthcare-related projects on the continent will lose their jobs, while nurses, doctors and healthcare workers across clinics will be unable to continue their vital work.

The Democrats have claimed that Trump does not have the legal authority to eradicate a congressionally funded independent agency. They have said court challenges are already in motion and have pledged to try to block approval of Trump’s state department nominations until the shutdown is reversed.

Trump did try to cut US foreign aid during his first term, but Congress refused. He then tried – and ultimately failed – to freeze the flow of aid appropriated by Congress. This time, Trump is not bothering to play by the rules.

Natasha Lindstaedt 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. USAid shutdown isn’t just a humanitarian issue – it’s a threat to American interests – https://theconversation.com/usaid-shutdown-isnt-just-a-humanitarian-issue-its-a-threat-to-american-interests-248939

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Global: Ofsted report cards are a superficial change – the inspectorate needs a culture shift

Source: The Conversation – UK – By Andrew Clapham, Associate Professor of Education Policy, Nottingham Trent University

Ofsted, England’s education inspectorate, has released proposals for a new approach to inspecting schools and other education providers. The proposals are now under consultation, with parents, teachers, education professionals and learners invited to share their views.

These proposals mark the latest changes to Ofsted after the public outcry following the suicide of headteacher Ruth Perry in January 2023. The coroner’s report in December 2023 ruled that the Ofsted inspection had contributed to Perry’s suicide. But the proposals neglect key areas that we, having researched people’s experiences of Ofsted, believe should change. These include the behaviour of inspectors and the process of inspecting schools.

Crucially, the proposal document emphasises the continuing importance and authority of Ofsted in raising achievement in the school system. And in a recent speech on the proposals, education secretary Bridget Phillipson said: “The improvements in inspection and accountability starting in the 90s have been instrumental for raising standards in our schools. With Ofsted’s role right at its heart. And to those who call for the abolition of a strong, independent, effective inspectorate, I have said before and I will say again: never.”

Our current research work, analysing written submissions of experiences of Ofsted to the education select committee, has found a stark picture of the inherently unfair and unhealthy nature of Ofsted inspections and the toll they take on teachers.

Ofsted’s chief inspector Martyn Oliver explains the proposed report cards.

Anticipating an Ofsted inspection informs almost everything teachers do, and under these proposals, this will not change. If Ofsted’s position of power and authority over schools remains and these problems stay unaddressed, it will continue to cause risk and harm to those working in the state education sector in England.

Report cards

Central to the proposed changes is the introduction of report cards, which will replace a system which gave schools a headline judgement of “inadequate”, “requires improvement”, “good” or “outstanding”. Instead, a range of aspects of a school’s remit – including leadership and governance, achievement, inclusion, attendance and personal development and wellbeing – will each be assessed on a five-point scale.

These range from “causing concern” (red on the report card) to “attention needed” (amber), “secure” (light green), “strong” (green) and “exemplary” (dark green).

These grading scales will also focus on how schools support disadvantaged and vulnerable pupils, and there will be more emphasis on the local circumstances which schools operate in. Whether a school meets its safeguarding responsibilities will be assessed not on a scale but as either “met” or “not met”.

Ofsted will also publish contextual data on the school. These data will include categories such as the number of children with special educational needs and disabilities, performance data, attendance and absence data along with socio-economic indicators for the area the school serves.

But concerns are already being raised. Paul Whiteman, general secretary of the school leaders’ union the NAHT, has argued that the new system will repeat the high stakes of the previous single-word judgements.

Inspector behaviour and accountability

There are two specific areas where we believe the new proposals have particularly failed. The first concerns inspectors’ conduct.

Ofsted’s chief inspector Martyn Oliver has maintained that Ofsted needs to become more empathic and respectful, emphasising the moral and professional duty of inspectors.

The consultation document states that “professional dialogue between inspectors and leaders will be a priority”. But the appalling behaviour that has been alleged of some inspectors is not acknowledged, and there is no indication as to how this culture of harm is being addressed.

The second concerns the inspection process. There is no mention of Ofsted becoming more accountable. In her independent learning review for Ofsted, former chief inspector Dame Christine Gilbert recommended the institution of an improved complaints system for when a school believes an inspection outcome is unfair. But this is not mentioned in the proposals.

Neither is there any consideration of sharing the evidence base – the information gathered by Ofsted inspectors during their visit to a school – on which an inspection judgement is made. Presumably this would be too time consuming, as suggested by Amanda Spielman, another previous chief inspector of Ofsted.

It is perhaps unsurprising that Ruth Perry’s sister, Julia Waters, has commented that the risk of harm from Ofsted remains.

We would therefore seek far more than a simple rebrand of the previous Ofsted model. Only a root and branch reform of the inspectorate would address the fundamental issues affecting teachers and schools.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Ofsted report cards are a superficial change – the inspectorate needs a culture shift – https://theconversation.com/ofsted-report-cards-are-a-superficial-change-the-inspectorate-needs-a-culture-shift-249037

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Global: The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone

Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

Below the Sky/Shutterstock

The first weeks of the Donald Trump’s administration have been marked by a flurry of announcements and U-turns on US trade policy.

One of the first decrees centred on Trump’s favourite word: tariffs. He announced that US consumers and businesses would be taxed an extra 25% when they bought Canadian or Mexican products. (Canadian oil got off more lightly, with a 10% tariff.)

But because this is Donald Trump we’re talking about, it later emerged that none of this was actually happening, for now. It might be next month, or later, or maybe not at all.

However, US residents definitely face an additional 10% on the cost of products from China. There is also a plan for a 100% tax on semiconductors from Taiwan.

And President Trump announced new import taxes will “definitely happen” on products from the European Union. If these do ever come to pass, it’s possible there may be a better deal for the UK.

The reason for the possible Great British exemption from new US import taxes is that the stated goal of these taxes is to reduce the US trade deficit. This deficit refers to the fact that the US buys much more from the rest of the world than the rest of the world buys from it.

And, depending on how we measure the financial flows coming in and out of tax havens such as the British Virgin Islands, the UK is one of the few countries in a position to make the case that it actually has a trade deficit with the US (the UK buys more from the US than the US buys from it).

What about consumers?

Being able to avoid new US tariffs would be very good news for the UK. If the US imposed import taxes on UK products and services, it would be bad for their consumers, who end up paying more. But it would also be bad for UK industry. Moreover, the UK would likely retaliate and tax US products, ultimately hurting British consumers as well.

In theory, the UK miraculously escaping new US import taxes might even mean it indirectly benefits from a trade war between the US and the EU. If the UK can sell and buy more cheaply to both sides while they tax each other, it becomes more competitive. The UK would also get its imports more cheaply, and international businesses may want to establish subsidiaries in the UK.

It is interesting to imagine a world in which a medium-sized, free trade supporting country like the UK ends up the winner of a global commercial war between its two most important trading partners.

Things are not that simple however. Research shows that a major impact of tariffs is changes in global supply chains.

As the UK has learned the hard way with Brexit, modern supply chains are increasingly interconnected. British exports are typically made with components from the European continent, which are themselves made with Chinese inputs.

Additional costs anywhere in the chain result in more expensive products. Moreover, it is not clear that UK products made with EU and Chinese components would be exempt from US import tax.

Disruption to supply chains could force up the cost of UK exports.
Peter Titmuss/Shutterstock

This is a global problem. For every final product a UK consumer ends up buying, there are many firms trying to source the best possible components and materials to make it with. If the US levies a 100% tax on chips and semiconductors from Taiwan, this means that products from the US tech industry will become more expensive for UK firms to use. This is even more pertinent given that China has retaliated to the new 10% US tax on its products by limiting the export of metals the US uses to produce its own chips.

In this way it is easy to underestimate how sensitive supply chains are to small shocks, and what the butterfly effect of a trade war between two other countries might be on products bought and sold in the UK. So, while the UK would definitely be better off not being subject to US taxes, the main focus should be on helping to avoid global trade wars.

How to do this is not clear, because no one seems to understand what Trump really wants from his tariffs. One theory is that he wants to pass for a madman and bully other countries into committing to buy more US-manufactured products.

Or, in the case of Europe, to increase military spending by buying more US military equipment. In that case, tariffs would be short-lived and the impact limited. It will simply increase the incentives for international firms not to depend too much on the US.

Or perhaps Trump really has no idea what he is doing, seemingly pursuing the two opposing goals of keeping domestic prices low while attempting to reduce its trade imbalance with ever-increasing import taxes. In that case, the consequences for consumers all over the world would be very bad. This is in part because of the effect on supply chains, but also because when the US economy is in bad shape the entire world suffers.

Renaud Foucart 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. The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone – https://theconversation.com/the-uk-would-be-lucky-to-avoid-us-tariffs-but-a-global-trade-war-would-hurt-everyone-248963

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Global: How AI imagery could be used to develop fake archaeology

Source: The Conversation – UK – By Colleen Morgan, Senior Lecturer in Digital Archaeology and Heritage, University of York

Generative AI is often seen as the epitome of our times, and sometimes even as futuristic. We can use it to invent new art or technology, analyse emerging data, or simulate people, places and things. But interestingly, it is also having an impact on how we view the past.

AI imagery has already been used to illustrate popular articles, such as covering scientific discoveries about Neanderthals. It was employed to animate the Mesolithic period (from about 9,000 to 4,300 years ago) in a museum. TikTok users have adopted it to make realistic short videos about archaeology and history. It’s even been used in a TV documentary about Stonehenge.

Yet there are many issues with using AI imagery in archaeology – some of which are also found more broadly within generative AI use. These include its environmental impact and the violation of intellectual property (using training data created by humans).

But others are more specific to archaeology. As an academic who has worked extensively on “resurrecting” the past through digital technology, generative AI has both fascinating potential and enormous risk for archaeological misrepresentation.

Even before the use of AI, it was widely accepted within archaeology that visualisations of the past are highly fraught and should be treated with extreme caution. For example, archaeologist Stephanie Moser examined 550 reconstructions published in academic and popular texts on human evolution. Her review found highly biased depictions, such as only males hunting, making art and tools and performing rituals, while women were in more passive roles.

A similar study by Diane Gifford-Gonzalez revealed that “not one of 231 depictions of prehistoric males shows a man touching a child, woman, or an older person of either sex … no child is ever shown doing useful work.” These reconstructions do not reflect scientists’ nuanced understanding of the past. We know humans organised themselves in an incredible array of variety, with a multitude of gender roles and self-expression.

A recent DNA-based study, for example, showed that women were actually at the centre of societies in the iron age.

The stakes of representation in archaeology are high. For example, the hotly-debated, dark-skinned reconstruction of “Cheddar Man”, originally found in south-west England, was based on ancient DNA analysis. It made headlines for disrupting the perception that all human ancestors in the north were light-skinned.

Reconstructed head of the Cheddar Man based on the shape of his skull and DNA analysis, shown at the Natural History Museum in London.
wikipedia, CC BY-SA

This and similar controversies reveal the iconic power of reconstructions, their political implications, and their ability to shape our understanding of the past.

While the Cheddar Man reconstruction demonstrates that research is iterative, such reconstructions are sticky. They have profound visual legacies and are not easily supplanted when new data becomes available.

This is exacerbated as they are incorporated into generative AI data sets.
Beyond the use of outmoded data, generative AI visualisations of the past can be extremely poor.

Even when more plausible details are included, they can be seamlessly integrated with other highly inaccurate elements. For example, it is impossible for viewers to disentangle the data-led from the so-called hallucinations (mistakes) produced by AI.

Highlighting uncertainty is of central importance and concern among archaeologists. Archaeological illustrator Simon James noted that reconstruction artists have used strategically placed clouds of smoke to obscure unknown elements.

As a digital archaeologist, I have made virtual reconstructions of many different sites and subjects. I know there is often estimation and guesswork involved in making holistic representations.

Indeed, photo-realistic accuracy is not always the paramount consideration in visualisation – particularly when exploring different hypotheses or addressing young audiences. But knowing what is backed by archaeological data and what is more speculative is key for authentic visual communication.

Pseudoarchaeology

This is particularly important at a time when pseudoarchaeology is increasingly prevalent in popular media, such as the Ancient Apocalypse show on Netflix. The celebrity host and author Graham Hancock asserts there was a lost ice age civilisation of Atlantis, with advanced technology. But this claim has been thoroughly repudiated by archaeologists.

Arguably, hoaxes will be much easier to perpetuate using generative AI.
Beyond the high potential for misinformation about archaeology, the use of generative AI for archaeological visualisations can actually be harmful for archaeological knowledge production.

My research has shown that crafting reconstructions and illustrations in archaeology is incredibly important for understanding and interpreting the past. Creating visualisations based on science – and indeed soundscapes, smellscapes and other interpretations based on multiple senses – is very helpful for generating new questions.

Drawing allows archaeologists to create more detailed mental models and therefore a better understanding of archaeological remains. By delegating this creation to AI, archaeologists lose a powerful tool for knowledge generation. Moreover, my collaborative work with artists has demonstrated the intriguing possibilities that creative approaches open up to tell new stories about the past.

Even with all of these problems, I encourage an engaged, critical, applied approach to understanding the impact of digital technologies on our investigation of the past. And this includes exploring the uses of generative AI for archaeological visualisation.

Archaeologists and non-specialists are able to leverage generative AI to creatively produce interpretive media. Indeed, some archaeologists are already exploring AI to generate hypotheses about ancient life. And we are teaching critical uses of AI to our archaeology students.

But what remains imperative is that archaeologists engage with and critique all visualisations – both those created by generative AI and using other media.

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

– ref. How AI imagery could be used to develop fake archaeology – https://theconversation.com/how-ai-imagery-could-be-used-to-develop-fake-archaeology-247838

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI USA: Governor Polis Statement on New Deal Between Altitude Sports and Comcast

Source: US State of Colorado

DENVER – Today, Governor Polis released the following statement on the deal between Altitude Sports and Comcast, allowing more Coloradans to watch the Denver Nuggets and Colorado Avalanche.

“After far too long a wait, Comcast and Altitude are finally putting Coloradans first, allowing us to watch our world-class Denver Nuggets and Colorado Avalanche. This means that more Colorado fans and kids can grow up watching the greatness of players like Nikola Jokic, Jamal Murray, Nathan McKinnon, Cale Makar and many others without their families jumping through hoops. I’m so excited that this new deal means getting to watch and cheer on our incredible Colorado teams,” said Governor Jared Polis.

In 2019, Governor Polis sent a letter to Jim Martin, then President and CEO of Kroenke Sports & Entertainment, encouraging the company to reach a deal allowing Coloradans to watch their favorite teams at home on DISH and Comcast and has had several follow-up conversations with both sides.

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MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Sen. Kenya Wicks Appointed Deputy Whip for the Democratic Caucus

Source: US State of Georgia

ATLANTA (February 4, 2025) — Freshman Senator Kenya Wicks (D– Fayette) was recently appointed Deputy Whip of the Senate Minority Caucus

Sen. Kenya Wicks expressed enthusiasm at the appointment: “Serving as Deputy Whip as a freshman Senator is truly an honor. I greatly appreciate this vote of confidence from my fellow party members, and I want to thank Minority Whip Sen. Kim Jackson for this appointment. I am ready to get to work for this caucus by assisting with advocacy, planning for the rest of session and following through with our priorities.”

The full leadership board for the Minority Caucus includes:

Minority Leader – Sen Harold Jones, II – District 22 (Augusta)

Minority Whip – Sen. Kim Jackson – District 41 (Stone Mountain)

Minority Caucus Chair – Sen. Elena Parent – District 44 (Atlanta)

Minority Caucus Vice Chair – Sen. Sonya Halpern – District 39 (Atlanta)

Minority Caucus Finance Chair – Sen. Jason Esteves – District 35 (Atlanta)

Minority Caucus Secretary – Sen. Nan Orrock – District 36 (Atlanta)

Minority Deputy Whip – Sen. Kenya Wicks – District 34 (Fayetteville)

Sen. Wicks was also elected as the Vice Chair of the Clayton County Senate Delegation. Senators representing Clayton County include Sen. Gail Davenport (D–Jonesboro), Sen. Elena Parent (D–Atlanta) and Sen. Kenya Wicks (D–Fayette). The Senate Delegation of Clayton County collaborates to serve the best interests of Clayton County Residents.

The full leadership board for the Clayton County Delegation includes:

Chair – Sen Gail Davenport – District 17 (Jonesboro)

Vice Chair – Sen. Kenya Wicks – District 34 (Fayetteville)

Secretary – Sen. Elena Parent – District 44 (Atlanta)

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Sen. Kenya Wicks represents the 34^th Senate District, which includes portions of Clayton and Fayette Counties. She may be reached by email at Kenya.Wicks@senate.ga.gov.

MIL OSI USA News –

February 5, 2025
MIL-OSI: Innovate BC and NRC IRAP Invest $1.5M to Support 12 Cleantech Innovation Pilot Projects in British Columbia

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Through the BC Fast Pilot program, Innovate BC and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) are investing a combined total of $1.5M in funding across twelve B.C.-based companies to pilot innovation projects. Projects areas include wildfire management, critical minerals, water treatment, artificial intelligence and data analytics in applications to clean technology and agriculture, and more. The funding will support pilot testing for new technologies.

“Through BC Fast, local companies have the opportunity to show what they are capable of by creating new technology solutions to the challenges we’re facing in public health, resource management and so much more,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “I look forward to watching these companies grow by selling to local and diversified international markets, and increase global awareness of the talent and business opportunities available in the B.C. tech ecosystem and our rapidly expanding knowledge economy.”

The BC Fast Pilot program helps regional small-medium sized enterprises design, build, and operate a pilot plant or small demonstration of their technology in real-world conditions. This allows B.C. technology companies to demonstrate the impact of their product, measure the value of their solution, and encourage customer adoption, with the goal of scaling their solutions while strengthening key industries, solving local and global challenges, and driving prosperity for British Columbians.

“Innovation transforms industries and helps them remain competitive in global markets, and through the BC Fast Pilot program, we’re supporting the growth of B.C. companies creating new solutions that aim to do just that,” said Peter Cowan, President + CEO of Innovate BC. “This year’s recipients, which are addressing critical areas such as emission reduction, wildfire management, and health sciences, emphasize the immense value in advancing entrepreneurship and the impact of innovation in creating a more prosperous, future-ready British Columbia. We’re proud to deliver this initiative in partnership with NRC IRAP, strengthening the region’s innovation economy and cementing B.C.’s reputation as a global leader in technology.”

Projects funded through this round of BC Fast Pilot are working to provide innovative solutions in support of high-impact sectors such as sustainability, resource management and public health, emphasizing pilot testing to validate effectiveness and scalability. One of this year’s recipients, FireSwarm Solutions, is working to enhance wildfire detection and management through advanced drone technology and is being piloted in Squamish. joni, piloting their project in both Victoria and Richmond, are addressing menstrual care accessibility in public spaces with an IOT-enabled technology.

This is the sixth round of funding through the BC Fast Pilot program, which was launched in 2019. Since the program’s inception, and including this year’s awardees, $11.4M has been invested into 87 B.C. pilot demonstrations.

“Through the BC Fast Pilot program and our partnership with Innovate BC, we are supporting Canadian innovators in bringing their ideas to life,” says Mitch Davies, President, National Research Council of Canada. “By enabling companies to demonstrate their technologies in practical applications, we are helping them gather valuable market insight. This in turn brings them closer to customer adoption, and to providing innovative cleantech solutions to address current challenges.”

Previous program participants include Open Ocean Robotics, which, since receiving funding in 2019/20, has partnered with the Royal Canadian Navy on marine innovation, expanded to Canada’s east coast, secured $800,000 from PacifiCan’s Business Scale-up and Productivity program, and landed major contracts with the National Oceanic and Atmospheric Administration (NOAA). Similarly, pH7 Technologies, a 2022/23 participant, secured $1.5M from PacifiCan, raised $16M USD in a Series A round, and was recognized as one of the Global Cleantech 100 companies in 2024 and 2025.

This funding prioritizes regional projects, with a focus on cleantech and projects that involve physical installations and are capital intensive in nature, and those that involve Indigenous communities or organizations.

To view and download digital assets relating to this announcement, please click here.

Media Contact

Michael Gleboff
Communications + Community Manager
mgleboff@innovatebc.ca
604-602-5210

About Innovate BC

A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.

Learn More

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb5a1d30-493a-444a-aa44-ce1dd59987cf

The MIL Network –

February 5, 2025
MIL-OSI Global: Trump wants Greenland – but here’s what the people of Greenland want

Source: The Conversation – UK – By Gustav Agneman, Associate Professor, Department of Economics, Norwegian University of Science and Technology

Kulusuk village in East Greenland. Shutterstock/Muratart

In 2018, a colleague and I, together with a team of Greenlandic research assistants, conducted one of the most comprehensive surveys to date on public opinion in Greenland. We travelled to 13 randomly selected towns and settlements across the island nation, conducting in-person interviews with a representative sample of adult residents.

The survey explored a wide range of topics. We asked for views on climate change, economic matters – and the prospect of independence from Denmark. Until recently, this was the latest poll on what the people of Greenland thought about this issue.

Greenland, a former Danish colony, is currently an autonomous territory within the Kingdom of Denmark. This political arrangement grants Greenland extensive self-rule, including control over most domestic affairs, as well as its own prime minister and parliament. However, Denmark retains authority over foreign policy, defence and monetary policy.

While our survey results were covered in Greenlandic and Danish media upon their release, they received scant international attention. This changed abruptly on January 15, when newly re-elected US president Donald Trump reposted an old news article about our results. The headline stated that two-thirds of Greenlandic citizens support independence.

Trump posting the 2018 poll in 2025.
Truth Social

Trump did not add a comment in the post but the insinuation was clear given his recent statements about annexing Greenland from Denmark: Greenlandic residents want independence from Denmark, and therefore, they might be open to other political or economic arrangements with the US.

“I think we’re going to have it,” Trump recently said after a phone call with the Danish prime minister, Mette Frederiksen, who told him the land was “not for sale”. Trump has in the past spoken of somehow “purchasing” Greenland but has since moved on towards speaking in more assertive terms about taking control of the territory.

Back in 2018, when we conducted the survey, Trump had not yet revealed any plans to annex the island nation. It was a scenario we could hardly even have imagined and therefore did not ask our participants about. As such, regardless of how Trump framed them, the survey results in no way indicated that the population harboured a desire to join the US.

In fact, a recent survey conducted by Sermitsiaq (a Greenlandic newspaper) and Berlingske (a Danish newspaper) directly addressed this question and found that only 6% of respondents wanted Greenland to leave Denmark and instead become part of the US.

In the study I published based on the 2018 data collection, I reported that a majority of the Greenlandic population aspired to independence. Two-thirds of the participants thought that “Greenland should become an independent country at some point in the future”.

Opinions were more divergent regarding the timing of independence. When asked how they would vote in an independence referendum if it were held today, respondents who stated a preference were evenly split between “yes” and “no” to independence.

The Act on Greenland Self-Government, passed in 2009, grants the Greenlandic government the legal authority to unilaterally call a referendum on separating from the political union with Denmark. According to the law, “the decision regarding Greenland’s independence shall be taken by the people of Greenland”.

During the 15 years since its passage, the option to call a referendum has not been exercised. This is likely due to the potential economic consequences of leaving the union with Denmark.

Each year, Denmark sends a block grant that covers approximately half of Greenland’s budget. This supports a welfare system that is more extensive than what is available to most Americans. In addition, Denmark administers many costly public services, including national defence.

This backdrop presents a dilemma for many Greenlanders who aspire to independence, as they weigh welfare concerns against political sovereignty. This was also evident from my study, which revealed that economic considerations influence independence preferences.

For many Greenlanders, the island nation’s rich natural resources present a potential bridge between economic self-sufficiency and full sovereignty. Foreign investments and the associated tax revenues from resource extraction are seen as key to reducing economic dependence on Denmark. Presumably, these natural resources, which include rare earths and other strategic minerals, also help explain Trump’s interest in Greenland.

As Greenland’s future is likely to remain at the centre of a geopolitical power struggle for some time, it is crucial to remember that only Greenlanders have the right to determine their own path. What scarce information is available on their views suggests that while many aspire to independence, it is not driven by a desire to join the US.

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

– ref. Trump wants Greenland – but here’s what the people of Greenland want – https://theconversation.com/trump-wants-greenland-but-heres-what-the-people-of-greenland-want-248745

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Global: Emilia Pérez: the film’s wildly unrealistic representation of Mexican narco-violence and trans lives is insulting

Source: The Conversation – UK – By Ailsa Peate, Lecturer in Latin American and Museum Studies, University of Westminster

You would think that Jacques Audiard’s 13-time Oscar-nominated Emilia Pérez was the most watched film of the year given the discussion it has generated. The Mexican-set, French-made film’s opening weekend in Mexico tells a different story.

Emilia Pérez sees the eponymous antagonist-heroine experience a transformation, undergoing gender-affirming procedures in order to leave behind her former dangerous, violent life as a cartel leader in Mexico.

It came eighth at the box office in Mexico, which is hardly surprising. The effects of narco violence saw 613 murders and 626 disappearances between September and December 2024 in Sinaloa State in northwestern Mexico as its eponymous cartel’s factions fight for territory.

Considering the context in which it was released, little positive noise has been made about Emilia Pérez within Mexico given its sensationalist, reductive representations of violence. Internationally, its representation of trans experiences has been criticised.

Though well acted, it is thoughtless. The luxurious life Emilia lives as a trans woman is far detached from reality of most trans people in Mexico, where the average life expectancy for a trans person is 35.

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We follow Rita Mora Castro (Zoe Saldaña), an underappreciated lawyer who works hard only for men to take the credit. Rita is hired by cartel head Juan “Manitas” del Monte (Karla Sofía Gascón) to find a surgeon for her transition to start again as Emilia Pérez. After the transition, Emilia has Manitas declared dead, leaving behind her mourning wife, Jessi (Selena Gómez) and their two young sons who she has relocated to Switzerland for their safety.

After four years, Emilia tracks down Rita to have Jessi and the children moved back to Mexico, posing as Manitas’ distant relative. Emilia then works with Rita to launch a non-profit, “La Lucecita”, that helps the families of missing persons after Emilia becomes appalled by how many disappeared people there are in Mexico.

Emilia’s immediate reaction to such social injustice demonstrates a naivety on Audiard’s part. Despite Manitas having destroyed lives, Emilia wants to dignify them. We are asked to believe that she had no idea about these wretched, miserable souls. But thankfully, Emilia’s “La Lucecita” is here to rescue them. The NGO will find the remains of the disappeared, making them visible again. Good thing Emilia made all that (drug) money to fund the work…

Trailer for Emilia Pérez.

The sheer unbelievability of Pérez not knowing about the violent reverberations of her work aside, I was gratified to see the disappeared of Mexico centralised in the film. The stories of Argentina, Chile, Uruguay, Guatemala and Colombia usually dominate when it comes to the consequences of human rights abuses in the region.

Political prisoners, state terrorism, death flights and extrajudicial murders date back at least as far as the 1960s in Mexico, with the Indomitable Memory Museum in Mexico City doing fantastic work to highlight this history and dignify victims. In particular, the story of the Ayotzinapa 43, who were disappeared en route to Mexico City for an annual march against state corruption and human rights abuses in 2014.

But, considering its direction, Emilia Pérez takes on a white saviour narrative and our heroine simply throws (drug) money at the problem. Audiard’s (admitted) lack of serious thought given to violence ,wealth and power in this context is laughable. Ask “searcher” groups, who go looking for the remains of their disappeared loved ones, like Las Rastredoras de El Fuerte to conjure up money for their work at a fancy gala (and watch I Called for You in Silence, a heartbreaking documentary on their struggles) and see what the reaction is.

Emilia Pérez had the chance to add some nuance to the violence in Mexico today, to demonstrate that this does not exist in a vacuum. It had a chance to go beyond what the transfeminist philosopher Sayak Valencia and the expert in feminist visual culture Sonia Herrera Sánchez would term a kind of sensationalist, colonialist “pornomisery” to present gender fluidity and sexuality in a troubled and troubling context.

I was disappointed. I found it impossible to watch the film without seeing constant instances of what Sayak Valencia deems gore capitalism in action. “Death has become the most profitable business in existence,” according to Valencia.

She outlines that in the era of drug war Mexico (2006 to the present) power is the new capital in a moment where hyper-masculinity and levels of violence are out of control. The lifeless body signifies a capital of fear and power.

Rather than Emilia Pérez forming any coherent commentary on this, the film contributes to it – how much will Audiard make from a film about bodies, what is done to them and how they are destroyed by Mexico’s drug war? How many awards? How much (more) power gained?

Zoe Saldaña sings “El Mal” from Emilia Pérez.

Bodily transition – from living to dead; from male to female – is a motif in the film, and one used as a lazy plot device. Emilia is no longer Manitas; in fact, she’s Manitas’ antithesis, who, therefore, does good for society. This dichotomy between “giving woman” and “violent man” only serves to perpetuate outdated views of womanhood. Karla Sofía Gascón was strong in this role, though I must ask why a Mexican trans actress couldn’t have played Pérez. For instance, Nava Mau of Baby Reindeer.

We know that Emilia Pérez isn’t that bothered about nuance, being one reason the film has been so ripe for satire. It is a narco-telenovela-cum-queer musical from the perspective of a 72-year-old white French man.

If you are looking for a show or film that does what Emilia Pérez should have, I can only recommend the one-off series Somos, a thoughtful take on the 2011 Allende massacre to temper such thoughtless representation.

Ailsa Peate 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. Emilia Pérez: the film’s wildly unrealistic representation of Mexican narco-violence and trans lives is insulting – https://theconversation.com/emilia-perez-the-films-wildly-unrealistic-representation-of-mexican-narco-violence-and-trans-lives-is-insulting-249066

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Global: Putting DeepSeek to the test: how its performance compares against other AI tools

Source: The Conversation – UK – By Simon Thorne, Senior Lecturer in Computing and Information Systems, Cardiff Metropolitan University

Mojahid Mottakin / Shutterstock

China’s new DeepSeek Large Language Model (LLM) has disrupted the US-dominated market, offering a relatively high-performance chatbot model at significantly lower cost.

The reduced cost of development and lower subscription prices compared with US AI tools contributed to American chip maker Nvidia losing US$600 billion (£480 billion) in market value over one day. Nvidia makes the computer chips used to train the majority of LLMs, the underlying technology used in ChatGPT and other AI chatbots. DeepSeek uses cheaper Nvidia H800 chips over the more expensive state-of-the-art versions.

ChatGPT developer OpenAI reportedly spent somewhere between US$100 million and US$1 billion on the development of a very recent version of its product called o1. In contrast, DeepSeek accomplished its training in just two months at a cost of US$5.6 million using a series of clever innovations.

But just how well does DeepSeek’s AI chatbot, R1, compare with other, similar AI tools on performance?

DeepSeek claims its models perform comparably to OpenAI’s offerings, even exceeding the o1 model in certain benchmark tests. However, benchmarks that use Massive Multitask Language Understanding (MMLU) tests evaluate knowledge across multiple subjects using multiple choice questions. Many LLMs are trained and optimised for such tests, making them unreliable as true indicators of real-world performance.

An alternative methodology for the objective evaluation of LLMs uses a set of tests developed by researchers at Cardiff Metropolitan, Bristol and Cardiff universities – known collectively as the Knowledge Observation Group (KOG). These tests probe LLMs’ ability to mimic human language and knowledge through questions that require implicit human understanding to answer. The core tests are kept secret, to avoid LLM companies training their models for these tests.

KOG deployed public tests inspired by work by Colin Fraser, a data scientist at Meta, to evaluate DeepSeek against other LLMs. The following results were observed:

The tests used to produce this table are “adversarial” in nature. In other words, they are designed to be “hard” and to test LLMs in way that are not sympathetic to how they are designed. This means the performance of these models in this test is likely to be different to their performance in mainstream benchmarking tests.

DeepSeek scored 5.5 out of 6, outperforming OpenAI’s o1 – its advanced reasoning (known as “chain-of-thought”) model – as well as ChatGPT-4o, the free version of ChatGPT. But Deepseek was marginally outperformed by Anthropic’s ClaudeAI and OpenAI’s o1 mini, both of which scored a perfect 6/6. It’s interesting that o1 underperformed against its “smaller” counterpart, o1 mini.

DeepThink R1 – a chain-of-thought AI tool made by DeepSeek – underperformed in comparison to DeepSeek with a score of 3.5.

This result shows how competitive DeepSeek’s chatbot already is, beating OpenAI’s flagship models. It is likely to spur further development for DeepSeek, which now has a strong foundation to build upon. However, the Chinese tech company does have one serious problem the other LLMs do not: censorship.

Censorship challenges

Despite its strong performance and popularity, DeepSeek has faced criticism over its responses to politically sensitive topics in China. For instance, prompts related to Tiananmen Square, Taiwan, Uyghur Muslims and democratic movements are met with the response: “Sorry, that is beyond my current scope.”

But this issue is not necessarily unique to DeepSeek, and the potential for political influence and censorship in LLMs more generally is a growing concern. The announcement of Donald Trump’s US$500 billion Stargate LLM project, involving OpenAI, Nvidia, Oracle, Microsoft, and Arm, also raises fears of political influence.

Additionally, Meta’s recent decision to abandon fact-checking on Facebook and Instagram suggests an increasing trend toward populism over truthfulness.

DeepSeek’s arrival has caused serious disruption to the LLM market. US companies such as OpenAI and Anthropic will be forced to innovate their products to maintain relevance and match its performance and cost.

DeepSeek’s success is already challenging the status quo, demonstrating that high-performance LLM models can be developed without billion-dollar budgets. It also highlights the risks of LLM censorship, the spread of misinformation, and why independent evaluations matter.

As LLMs become more deeply embedded in global politics and business, transparency and accountability will be essential to ensure that the future of LLMs is safe, useful and trustworthy.

Simon Thorne 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. Putting DeepSeek to the test: how its performance compares against other AI tools – https://theconversation.com/putting-deepseek-to-the-test-how-its-performance-compares-against-other-ai-tools-248368

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI USA: Luján Statement on Voting Against RFK Jr. to Serve as Nation’s Top Health Official

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

Kennedy Has Profited Off Spreading Vaccine Misinformation and Conspiracy Theories

Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement after Senate Republicans voted to advance Robert F. Kennedy Jr.’s nomination to serve as Secretary of Health and Human Services:

“Despite Mr. Kennedy’s troubling track record of peddling misinformation and conspiracy theories, Senate Republicans have chosen to advance his nomination to the Senate Floor. Mr. Kennedy is not only a dangerous nominee that will undermine public health, but he also has no real plan to lower costs or improve care for Americans, and elevating him to the nation’s top health position puts American lives and livelihoods at risk.

“During his hearing, I asked Mr. Kennedy if he would stand up to President Trump to protect health care for children and families. Not only did he have a deep misunderstanding of Medicaid, he would not commit to defending it. It’s clear to me that he will answer to President Trump, not the American people.

“Republicans and Democrats alike raised concerns about Mr. Kennedy’s nomination, yet his nomination continues to move forward. The American people deserve better.”

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Kennedy champions bill to stop government from awarding contracts to biased banks

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the No Red and Blue Banks Act to stop the federal government from awarding contracts to financial institutions that discriminate against companies based on the customers’ social policy.

“The government shouldn’t reward banks for discriminating against businesses because of their industry or politics. The No Red and Blue Banks Act would fight political bias among banks by refusing to reward bad actors with government contracts,”said Kennedy.

Sen. Kevin Cramer (R-N.D.) cosponsored the bill.

The No Red and Blue Banks Act would prohibit the General Services Administration from giving government contracts to insured depository institutions that refuse business to lawful companies because of the companies’ social policy.

The full bill text is available here.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Kennedy introduces resolution to undo Biden admin bureaucracy that leads to consumer uncertainty
US Senate News:
Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced a joint resolution of disapproval under Congressional Review Act (CRA) procedures for the Office of Comptroller of the Currency’s (OCC) rule that delays the bank merger approval process by adding more red tape that could lead to consumer uncertainty.

The Biden administration’s rule, which went into effect on Jan. 1, 2025, amended the Bank Merger Act of 1960 to make it harder for the OCC to approve healthy bank mergers quickly. Kennedy’s resolution would reverse the Biden administration’s misguided rule so that banks can stay in business and serve hard working Americans.

“Big government shouldn’t stand in the way of healthy bank mergers that occur in the free market and serve consumers and job creators. In order to stabilize the banking industry and protect the Americans who depend on strong banks, Congress should quickly reverse the Biden administration’s bureaucratic rule,” said Kennedy.

Sens. Bill Hagerty (R-Tenn.) and Thom Tillis (R-N.C.) joined the resolution.

Background:
- Historically, federal bank regulators assumed that a potential merger passed muster. The burden of showing that a merger would harm business and consumers fell on the OCC and bank regulators.
- The Biden administration’s rule shifted the burden to individual banks, making it harder for them to fulfill their obligations by making smart, strategic mergers.
Text of the resolution is available here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Hoeven, Pfluger Continue Efforts to Block Biden’s Natural Gas Tax, Alleviate Burden on U.S. Domestic Energy Production
US Senate News:
Source: United States Senator for North Dakota John Hoeven

02.04.25

WASHINGTON – Senator John Hoeven (R-N.D.) and Congressman August Pfluger (R-Texas) today reintroduced their bicameral Congressional Review Act (CRA) resolution of disapproval to block implementation of the Biden administration’s Natural Gas Tax, which was passed as part of the Inflation Reduction Act, Democrats’ reckless tax-and-spend legislation in 2022.

“When it comes to bringing down prices and making America energy secure again, we have our work cut out for us. The Biden-Harris administration imposed countless policies like the Natural Gas Tax that drive up the cost of production and limit the ability to fully utilize our nation’s abundant energy resources, and it will take real time and effort to undo the effects of their Green New Deal agenda,” said Senator Hoeven, a member of the Senate Energy and Natural Resources Committee. “Through efforts like this CRA resolution, we are working to get our nation back on the right track, providing needed regulatory and tax relief to deliver real cost savings to American energy producers and consumers.”

“As part of his war on energy, former President Biden took radical steps to end fossil fuels during his administration which hurt the hardworking energy producers in my district who have worked diligently to increase production while fueling our allies abroad,” said Rep. Pfluger, a member of the House Energy and Commerce Committee. “Biden’s burdensome natural gas tax has handicapped technological innovation, reduced supplies of affordable energy, and increased both costs and emissions. With President Trump back in office, it is time to restore American energy dominance – which is why I am proud to lead this CRA to rescind this ill-conceived natural gas tax.”

This legislation comes as part of Hoeven’s broader efforts in the new Congress and with the Trump administration to unlock America’s energy potential and rescind the wide array of costly taxes and regulations imposed under President Biden. Among other priorities, Hoeven is working to:
- Improve access to taxpayer-owned energy resources.
- Streamline the approval process for energy development and the construction of infrastructure needed to get energy to market.
- Reduce the cost of production, fight inflation and bring down prices for American consumers.
The Hoeven-Pfluger bill is cosponsored by Senators Shelley Moore Capito (R-W.Va.), Mike Lee (R-Utah), James Lankford (R-Okla.), Katie Britt (R-Ala.), Steve Daines (R-Mont.), Roger Marshall (R-Kan.), Kevin Cramer (R-N.D.), Cynthia Lummis (R-Wyo.), James Risch (R-Idaho), Rick Scott (R-Fla.), Ted Cruz (R-Texas), Rand Paul (R-Ky.), Mike Crapo (R-Idaho), Jim Justice (R-W.Va.), Tommy Tuberville (R-Ala.), John Kennedy (R-La.), Cindy Hyde-Smith (R-Miss.), Mike Rounds (R-S.D.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Markwayne Mullin (R-Okla.), Roger Wicker (R-Miss.), John Ricketts (R-Neb.) and John Barrasso (R-Wyo.). The full text of the legislation can be found here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Hearing On The Fentanyl Crisis

US Senate News:

Source: United States Senator for Illinois Dick Durbin

February 04, 2025

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today delivered an opening statement during a Senate Judiciary Committee hearing entitled “The Poisoning of America: Fentanyl, its Analogues, and the Need for Permanent Class Scheduling.” During today’s hearing, Democratic Senators will speak to the negative impact that the Justice Department purges of senior law enforcement officials will have on combating the fentanyl crisis, how dragooning U.S. Drug Enforcement Administration (DEA) agents into mass deportations will take their focus away from their drug enforcement duties, how the Trump Administration’s proposed funding freeze will affect state and local law enforcement, should it go into effect, and the need to hold social media companies accountable for peddling fentanyl to our nation’s kids.

Key Durbin Quotes:

“In just a decade, this synthetic opioid [fentanyl] has emerged as the deadliest drug in American history. All it takes is two milligrams—that’s a fraction of the size of a penny—to cause an overdose. It is so cheap that dealers are lacing lethal amounts into street drugs like cocaine and heroin, and their buyers are none the wiser.”

“There is an overdose crisis in America, but we’ve learned that evidence-based solutions reduce deaths. In fact, in 2023, overdose deaths actually decreased for the first time since 2018 – going down by more than 10 percent. We need to look at every factor that contributed to this reduction. Counseling and treatment, training for first responders, and getting Naloxone to our hardest-hit communities are all making a difference.”

“We must also address how this poison gets into the hands of the most vulnerable people in America—our kids. Too often, fentanyl is peddled in the open on some of the world’s largest social media platforms.”

“Last Congress, the Judiciary Committee advanced several bipartisan bills that would finally hold these companies accountable and demand safeguards be put in place to protect our children. One of those bills is the Cooper Davis Act. Cooper is a 16-year-old Kansas teen who tragically lost his life to a fentanyl-laced pill he bought through Snapchat. This bill would require Big Tech companies to take a more proactive role in stopping drug dealers from using their platforms… In the coming days, I will join Senators Marshall, Shaheen, and others to reintroduce what will now be called the Cooper Davis and Devon Norring Act. I hope the Committee will again advance this critical legislation on a bipartisan basis.”

“And I hope that Congress will finally – finally – allow these companies to be sued by their victims’ families so they can be held accountable in a court of law. Enough teens have died due to Big Tech’s deliberate indifference.”

“We must also acknowledge the role the U.S. has played in arming cartels to the teeth. We send hundreds of thousands of firearms south of our border in an ‘iron river’… and they facilitate the use of violence to traffic fentanyl into the U.S.”

“The federal funding freeze, which we’ve been talking about, if it is going to stop the efforts of law enforcement to combat fentanyl is a bad idea. The same is true of the recent order diverting federal law enforcement agents, including from the DEA and ATF, away from combatting fentanyl and firearms trafficked by cartels and working, instead, on a mass deportation effort.”

“I’m also gravely concerned about the negative impact of mass removals of senior career law enforcement at the Department of Justice and FBI, and our ability to hold traffickers accountable and cut off the supply of fentanyl.”

“The recent actions we’ve seen distract us from the need to take a comprehensive bipartisan approach to tackle this crisis—including investing in addiction prevention and treatment, enforcing and strengthening our gun laws, and giving federal, state, and local law enforcement the resources they need to do their jobs effectively.”

“Getting fentanyl off the streets is a herculean task that will require us all to come together and work across the aisle to make this country healthier and safer.”

Video of Durbin’s opening statement is available here.

Audio of Durbin’s opening statement is available here.

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

Yesterday, Durbin and U.S. Representative Joaquin Castro (D-TX-20) led the bicameral introduction of the Stop Arming Cartels Act. The bill would seek to stem this “iron river” of firearms trafficking from the United States to Mexico, enabled by weak American gun laws and dangerous gun industry practices. The deadly stream of firearms trafficking exacerbates violence, enables cartels who smuggle migrants to our southern border, and facilitates the illicit trade of narcotics, including fentanyl, across the border back into the United States. According to a 2021 study from the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), 70 percent of crime guns recovered in Mexico from 2014-2018 and submitted for tracing were U.S.-sourced.

-30-

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: The Journey Begins
Source: Securities and Exchange Commission

When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars’ license plates to “collect” the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor.

The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone. But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead. I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.

First, despite now being charged with leading the SEC’s new Crypto Task Force, the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. Commission positions always require a vote of the Commission.

Second, it took us a long time to get into this mess, and it is going to take us some time to get out of it. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year.[2] In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.[3] Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products. Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.

Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers. As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.

Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services. This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities. The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate. Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.

Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging. Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity. As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.

Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token. Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy. If people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops. In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.

Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions. We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime. The Commission staff already has achieved one milestone—the rescission of Staff Accounting Bulletin 121—but there is much more to do.[4] This list is not exhaustive, nor is it presented in order of priority or order of expected completion.
1. Security Status: The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets.
2. Scoping Out: The Task Force will work to help identify some areas that fall outside the Commission’s jurisdiction. As an initial step, the staff welcomes requests for no-action letters. No-action letters typically come in the form of a staff statement addressing specific circumstances spelled out in the letter under which the staff will not recommend enforcement action to the Commission. This statement is specific to the particular circumstances but gives the broader public a helpful window into the staff’s thinking.
3. Coin and Token Offerings: The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset. These tokens would be deemed to be non-securities and thus there would be no uncertainty as to whether they would be able to trade freely on secondary markets not registered with the SEC as long as the information is kept up-to-date and accurate. This approach would bridge the gap until a more permanent rule or legislation could be finalized. It would provide a pathway for existing tokens to find their way out of the fog of uncertainty that obscures a feasible path forward and would encourage the provision of greater disclosure.
4. Registered Offerings: The Task Force will consider working with staff to recommend that the Commission modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path for doing so.
5. Special Purpose Broker Dealer: The Task Force will explore possible updates to the special-purpose broker dealer no-action statement, which in its current form has not been a success. An initial change we may suggest is that the statement be expanded to cover broker-dealers that custody crypto asset securities alongside crypto assets that are not securities. We will work with the public to identify other obstacles to registration.
6. Custody Solutions for Investment Advisers: We will work with investment advisers to provide an appropriate regulatory framework within which advisers can safely, legally, and practically custody client assets themselves or with a third-party.
7. Crypto-Lending and Staking: We need to provide clarity about whether crypto-lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.
8. Crypto Exchange-Traded Products: The Commission already is receiving SRO proposed rule changes to list new types of crypto exchange-traded products. The Task Force will work with the staff to provide clear statements about the approach used when approving or disapproving these applications. The Task Force will also assist the staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including to allow for staking and in-kind creations and redemptions. Before these changes can be operationalized, however, the Commission may have to make progress on custody and other issues.
9. Clearing Agencies and Transfer Agents: The Task Force also plans to work on the intersection of crypto and clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.
10. Cross-Border Sandbox: Many crypto projects are international in scope. The Task Force is considering ways to facilitate cross-border experimentation on a limited scale and temporary timeframe, with the possibility of more permanent, long-term approaches.
This brief overview of how the Task Force is looking at the journey ahead is not exhaustive or definitive, but I hope it has piqued your interest. Although the obstacles to getting to our final destination of a sensible, clear ruleset are daunting, if we collaborate, the journey will be exhilarating and rewarding. This is the beginning of the conversation—one we do not want to have just with ourselves. Please visit our Crypto Task Force webpage to follow what the Task Force is doing and to engage with the Task Force.

How to Engage with the Crypto Task Force

Written Submissions

If you would like to provide written input on the issues the Task Force is considering, including those described above, you may submit that input by sending an email with the subject line “Crypto Task Force Input” to crypto@sec.gov. Documents submitted will generally be posted on www.sec.gov. Submissions received will be posted without change or redaction of personal identifying information. You should only make submissions that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

Meetings (In-Person or Virtual)

The Task Force will consider requests for in-person or virtual meetings with members of the public who would like to discuss approaches to addressing issues related to regulation of crypto assets, including those described above. To request a meeting, please complete the Request Form for Meetings with the Crypto Task Force. The Task Force requests that any person or firm requesting a meeting provide a brief written summary of the issues that it plans to discuss with Task Force members. The Task Force plans to post these summaries to the Commission’s website, which will increase the transparency of its engagement with the public and promote open dialogue among parties interested in these issues.

Summaries received will be posted without change; the Commission does not edit personal identifying information from submissions. You should only submit information in these summaries that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

MIL OSI USA News –
February 5, 2025
MIL-OSI USA: CFTC Division of Enforcement to Refocus on Fraud and Helping Victims, Stop Regulation by Enforcement

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced a reorganization of the Division of Enforcement’s task forces to combat fraud and help victims while ending the practice of regulation by enforcement.
“The CFTC is strengthening its enforcement program to focus on victims of fraud, as well as remaining vigilant for other violations of law. This simplified structure will stop regulation by enforcement and is more efficient. These much-needed changes will maximize the CFTC’s resources to bring more actions to pursue fraudsters and other bad actors, and not punish good citizens. I commend the Division of Enforcement for upholding the CFTC’s mission to protect the American public.”
“Fraudsters are constantly evolving their tactics to exploit market participants and undermine the rules that provide the foundation for a vibrant, resilient and innovation-forward marketplace,” said Brian Young, CFTC Acting Director of Enforcement. “This taskforce realignment will enhance our vigorous and energetic enforcement program by empowering our talented staff to focus their expertise on matters that secure justice for victims and uphold public confidence in the integrity of our markets.”
Previous task forces will be simplified into two new Division of Enforcement task forces: the Complex Fraud Task Force and the Retail Fraud and General Enforcement Task Force.
The Complex Fraud Task Force will be responsible for all preliminary inquiries, investigations, and litigations relating to complex fraud and manipulation across all asset classes. The Acting Chief will be Deputy Director Paul Hayeck.
The Retail Fraud and General Enforcement Task Force will focus on retail fraud and handle general enforcement matters involving other violations of the Commodity Exchange Act. The Acting Chief will be Deputy Director Charles Marvine.
The new structure will better leverage staff expertise to more efficiently utilize the CFTC’s resources to prevent fraud, manipulation, and abuse and ensure market integrity. It also provides enhanced governance and oversight of enforcement matters to prevent overreach and enhance consistency, fairness, and due process.
You can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

MIL OSI USA News –

February 5, 2025
MIL-OSI: World’s First Holographic 3D Ad Network Launches at Simon Malls Nationwide

Source: GlobeNewswire (MIL-OSI)

New York, New York, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hologram Media Network (HMN) has launched the world’s first always-on holographic advertising network, built in collaboration with Proto Hologram. Featuring next-generation Proto Luma devices, the network spans Simon^® malls across the nation, offering a revolutionary platform that merges the digital and physical worlds in dynamic, interactive ways.

The network – which has already deployed across 30 premier Simon locations – including Los Angeles’ Del Amo Mall, New York’s Roosevelt Field Mall, Atlanta’s Lenox Square Mall, Nashville’s Opry Mills, and Chicago’s Woodfield Mall – offers limited advertising inventory, featuring 3D creative advertising programmed alongside exclusive IP content collaborations. Each month’s holographic show is curated with captivating storytelling from major studios, creators, artists, and influencers, as well as live interactive hologram events with celebrities. Initial content showcased experiences for Paramount Pictures‘ Sonic the Hedgehog 3 in December and Sony Pictures’ Paddington in Peru in February, immersing customers in lifelike 3D encounters with beloved characters and creating unforgettable and interactive moments.

A Proto Luma installed by Hologram Media Networks at Simon’s Del Amo Mall in Southern California. (Credit: Steven Hong).

Unprecedented Engagement Metrics and Cutting-Edge Experiences

Early data highlights the effectiveness of HMN’s installations, with viewers engaging with holograms for an average of 24 seconds— over 500% higher than video dwell times on leading social media platforms like TikTok. This extended watch time underscores the ability of HMN’s holograms to command attention in today’s crowded media landscape. Augmented Reality (AR) experiences integrated with holographic displays are driving impressive 35% click-through rates, with thousands of customers engaging in the first two weeks of campaigns.

“Today’s consumers live in a world where engaging with 3D experiences is becoming second nature,” said James Andrew Felts, CEO of HMN. “Platforms like Meta Quest, Fortnite, and Roblox have normalized interacting with immersive content. HMN elevates this trend by bringing experiential media to real world spaces at scale, bridging the digital and physical spaces in ways that match changing customer expectations.”

A Game-Changer for Advertising

HMN represents a leap forward in advertising optionality in the Out-Of-Home space. Unlike conventional 3D illusions or anamorphic screens, HMN offers holographic experiences that are three-dimensional and with no headsets or special equipment needed, creating captivating communal experiences. These displays bring content to life with a level of depth and realism that hasn’t been seen at scale in high traffic media locations like malls.

“I’ve witnessed the evolution of countless mediums, but nothing compares to this,” said Proto Founder David Nussbaum, who has spent over 25 years in marketing and entertainment. “Together with HMN, we’re not just delivering ads—we’re creating personal, unforgettable moments at scale. This is a new era for interactive media, where the lines between the digital and physical worlds disappear.”

Augmented Reality (AR) is core to HMN’s offering, seamlessly integrated into holographic promotions and content shows. Viewers can unlock exclusive AR experiences, save them to personalized accounts, and reengage with interactive features. For example, viewers of the Sonic The Hedgehog 3 showcase could scan a QR code to unlock an AR scene with characters for photos and further engagement.

Technology Tailored for Retail

The Proto Luma, Proto’s latest innovation, powers the HMN network. Designed for retail, the Luma is more compact and cost-effective than Proto’s flagship Epic, while still delivering vivid 3D holograms. Its integration with Proto’s proprietary AI Persona tools and RetailSage fleet management system ensures seamless operation at scale.

Proto is the original hologram device and spatial compute platform already in use by Fortune 500 companies worldwide across enterprise, healthcare, education, entertainment and more. In the retail space, Proto has previously partnered with companies including Amazon, Burberry, H&M, Walmart, Target and Verizon.

HMN and Proto will execute monthly live events featuring celebrities, influencers and brand ambassadors. In December, comedian Howie Mandel delighted shoppers by interacting with them in real-time via hologram, turning a routine outing into an extraordinary experience.

Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, has a longstanding reputation for innovation and enhancing the shopping experience. Known for blending retail with entertainment and lifestyle offerings, Simon has consistently redefined what modern malls can achieve. From advanced digital wayfinding systems to integrating omnichannel retail strategies, Simon continues to lead in creating immersive environments that draw and engage shoppers. Their embrace of cutting-edge technology underscores their commitment to staying ahead in an evolving retail landscape.

“Hologram Media Network (HMN) represents the next frontier of engagement for Simon,” said Dennis Tietjen, Senior Vice President of Business Development at Simon. “We’re excited to collaborate on bringing this revolutionary technology to our properties, transforming the way brands connect with shoppers and delivering an unparalleled experience for our guests.”

Proto Founder David Nussbaum (Left) and HMN CEO James Andrew Felts with the Sonic the Hedgehog 3 hologram. (Credit: Steven Hong)

Future Expansion

HMN will soon announce deployments with additional malls and plans to expand the network to 150 Proto units by the end of 2025.

“Our vision is not just to present holograms but to create a dynamic ecosystem where customers can interact with digital content in the real world,” Felts explained. “This is a glimpse into the future we envision, where consumers experience the blending of their online and physical worlds.”

For Hologram Media Network distribution and ad sales contact: andrew@hologrammedia.net
+1 818.385.5259

For photos, videos, demonstrations, interviews and other press info contact: owen@protohologram.com

Proto investor Paris Hilton in one of Hologram Media Network’s Proto Luma mall installations. (Credit: Steven Hong)

About Hologram Media Network:

Hologram Media Network is a pioneering digital out-of-home (DOOH) advertising platform specializing in immersive, 3D holographic experiences. With a mission to revolutionize consumer engagement in the real world, we deploy cutting-edge hologram units in high-traffic locations such as shopping malls and movie theaters. By combining innovative technology with strategic placement, we offer advertisers unparalleled opportunities to captivate audiences in dynamic, interactive ways. Our vision is to create a nationwide network of 200 premium hologram displays within two years, setting a new standard for DOOH advertising.

To learn more about Hologram Media Network, visit www.hologrammedia.net

About Proto Inc.:

Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

About Simon:

Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

The MIL Network –

February 5, 2025

Category: Business

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