Category: Business

  • MIL-OSI USA: Hickenlooper Votes Against Republicans’ Budget Bill That Strips Health Care from Americans, Closes Rural Hospitals, Explodes National Deficit

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Republicans’ legislation will increase prices for Coloradans, strip health care from 17 million Americans, increase the deficit, and give tax cuts to the ultra-wealthy
    Republicans blocked Hickenlooper-backed amendments to protect funding for Medicaid and clean energy
    WASHINGTON – Today, U.S. Senator John Hickenlooper released the following statement after he voted against Republicans’ Senate budget bill:
    “This is pure lunacy, and downright cruel.
    “Republicans have voted to kick 17 million Americans off their health care, push hundreds of rural hospitals toward closure, wipe out millions of American clean energy careers, and add trillions to our national debt. And for what? For lavish tax cuts for the wealthiest Americans.”
    Hickenlooper voted NO on the budget resolution after Republicans voted down critical Democratic-led amendments to prevent cuts to Medicaid, SNAP, and Inflation Reduction Act clean energy funding. While Hickenlooper was successful in working with his colleagues to eliminate devastating public lands provisions and alter a few of the worst clean energy proposals, he joined a bipartisan group of senators in opposition to the final bill. The reconciliation bill now heads to the House for final passage. Hickenlooper will continue fighting against it and urge every member of the House to stop it from becoming law.
    HICKENLOOPER AMENDMENT:
    Hickenlooper spoke on the Senate floor in support of his amendment to protect the Inflation Reduction Act’s residential clean energy credit – which covers 30% of the cost of purchasing and installing residential solar, battery backup, or geothermal heat pumps. Hickenlooper’s amendment would protect the program from Republican cuts for one year, giving clean energy small businesses in Colorado and across the nation a runway (at bare minimum) to weather the storm the Republicans are causing and prepare for the loss of federal funding, in addition to  preserving more than 85,000 American jobs. Watch his full remarks about his amendment HERE.
    “They’re also taxing clean energy and cutting larger energy credits, which will create more expensive energy and more blackouts,” Hickenlooper said. “We should create jobs, cut costs, and boost energy production, not sacrifice working families so that the richest Americans pay less taxes.”
    Click to download full video
    WHAT’S IN THE BILL:
    The Republican-led Senate reconciliation bill includes a $3 trillion tax cut for the wealthiest Americans. It pays for those tax cuts by:
    Taking Health Care Away from 17 Million Americans
    The Republican budget proposal calls for extreme Medicaid cuts of more than $900 billion, which would take away people’s health benefits; make it harder for them to see their health care providers; and prevent seniors from getting nursing home care.
    The budget also fails to extend the Affordable Care Act expanded premium tax credits, which expire at the end of 2025.
    The latest CBO estimates that the combined cuts to Medicaid and the Affordable Care Act would result in 17 million Americans losing health insurance by 2034, and increase our national debt by $3.3 trillion.   
    The cuts would hit rural hospitals the hardest:
    According to initial estimates, more than 338 rural hospitals across the country are at an acute risk of closure as a result of these Medicaid cuts. Including 6 hospitals in Colorado:
    Delta County Memorial Hospital – Delta (CO-03)
    Conejos County Hospital – La Jara (CO-03)
    Grand River Hospital District – Rifle (CO-03)
    Prowers Medical Center – Lamar (CO-04)
    Southwest Memorial Hospital – Cortez (CO-03)
    Arkansas Valley Regional Medical Center – La Junta (CO-03)

    Slashing Investments in Clean Energy and Driving up Energy Bills
    The Republican budget bill guts hundreds of billions in Inflation Reduction Act (IRA) clean energy investments, including tax credits for wind and solar. The results: over a million jobs lost, hundreds of billions in lost GDP and lost wages, electricity price inflation, and killing new renewable energy needed to prevent blackouts.
    Increasing Our National Debt by Trillions
    Even after gutting over $1 trillion from Medicaid and other services, the Senate reconciliation bill will still increase our national debt by more than $3.3 TRILLION.
    The Senate version of the bill adds $900 billion moreto the national debt than the previous House version of the bill.
    Hickenlooper recently took to the Senate floor to slam the bill as “fiscal madness.”
    ADDITIONAL AMENDMENTS:
    In total, Hickenlooper introduced and joined 16+ amendments to the 2025 Senate reconciliation bill to oppose Republican provisions that would harm Coloradans. Specifically, he introduced and joined amendments to:
    Prevent Americans from Losing Health Care
    Protect Nursing Homes and Medicaid Patients: Hickenlooper-led amendment to strike any provision that cuts funding for Medicaid, which covers care for 60% of all nursing home residents.
    Safeguard Small Businesses and Medicaid: Hickenlooper-led amendment to strike any provision that cuts funding for Medicaid and the Affordable Care Act (ACA), which protects access for the 7,000,000 small businesses workers who depend on Medicaid coverage; and protects access for the 4,000,000 small businesses who depend on the ACA exchanges.
    Protect Medicaid: Led by Senator Wyden, Hickenlooper joined this amendment to strike any provision that cuts funding for Medicaid; and would ensure big corporations and the ultra-wealthy pay a fair share in taxes.
    Extend ACA Enhanced Premium Tax Credits: Led by Senator Jon Ossoff, Hickenlooper joined this amendment to permanently extend the Affordable Care Act enhanced Premium Tax Credits.
    Protect Safety Net Programs
    Safeguard SNAP-Education: Led by Senator Angela Alsobrooks, Hickenlooper joined this amendment to strike the section that eliminates the SNAP Education Program, which provides free nutrition education to SNAP recipients.
    Expand Pell Grant Eligibility: Led by Senator Tim Kaine, Hickenlooper joined this amendment to strike the workforce Pell section in the budget bill and replace it with the bipartisan JOBS Act to expand Pell Grant eligibility to include short-term workforce training programs.
    Protect Public Lands
    Block Sale of Public Lands: Hickenlooper-led amendment to block the sale of our public lands. The amendment ensures that public lands cannot be sold if they hold any of the multiple values our public lands offer, including benefits for watershed health, hunting, fishing, recreation, and critical wildlife habitat. It also excludes sale of lands with cultural or historic significance, areas sensitive for national security, areas within an Indian reservation, or lands to which Tribes hold reserved rights.
    Non-Competitive Leasing: Hickenlooper-led amendment to strike provision that would reauthorize non-competitive leasing on federal public lands.
    Maintaining National Park Service Staffing: Led by Senator Angus King, Hickenlooper joined this amendment to strike the repeal of ~$267M in Inflation Reduction Act funding for the National Park Service staffing.
    Address our Climate Crisis + Invest in Renewable Energy
    Protect the solar industry:Hickenlooper-led amendment to change the termination date of the 25D Residential Clean Energy Credit from December 31, 2025 to December 31, 2026 to save jobs and small businesses and help American households power their homes and reduce energy costs with solar, battery storage, and geothermal heat pumps. It is paid for by increasing the top tax bracket to 39.6%.
    RECA Expansion: Hickenlooper-led amendment that adds Colorado to the list of states that benefit from an expanded downwinder provision under the Radiation Exposure Compensation Act.
    Advanced Manufacturing Tax Credit: Led by Senator Michael Bennet, Hickenlooper joined this amendment to strike all changes to the 45X Advanced Manufacturing Tax Credit, but retain foreign entities of concern rules, and strike changes to 48C advanced energy tax credit.
    Maintaining Parity for Wind and Solar Facilities: Led by Senator Jacky Rosen, Hickenlooper joined this amendment to restore parity for solar and wind with other technologies under the Production Tax Credit (45Y) and Investment Tax Credit (48E), paid for with an increase to the top rate at $1 million for individual filers and $1.3M for married filing jointly.
    Eliminating the tax on wind and solar: Led by Senator Adam Schiff, Hickenlooper joined this amendment to strike the new excise tax on wind and solar, paid for with an increase to 39.6 percent for individuals making $10 million.
    Repeal of Termination of Certain Clean Energy Credits: Led by Senators Jean Shaheen and Peter Welch, Hickenlooper joined this amendment to strike provisions that would terminate the Energy Efficient Home Improvement Credit (25C), the Residential Clean Energy Credit (25D), the New Energy Efficient Home Tax Credit (45L), and the Energy Efficient Commercial Building Deduction (179D).
    Maintaining Modernized Royalty Rates: Led by Senator Jacky Rosen, Hickenlooper joined this amendment to strike the repeal of the Inflation Reduction Act royalty rate modernization for oil and gas.
    Budget resolutions guide federal spending and revenue policies for the year. This is the third budget resolution the Senate has voted on during the reconciliation process. Hickenlooper voted against the first package in February, and the second package in April. The Senate and the House must pass identical versions of the budget for the reconciliation bill to become law.

    MIL OSI USA News

  • MIL-OSI Europe: Written question – Ensuring a fair and competitive green transition in the EU – E-002557/2025

    Source: European Parliament

    Question for written answer  E-002557/2025
    to the Commission
    Rule 144
    Sunčana Glavak (PPE)

    Regulations (EU) 2023/959 and 2023/956 of the European Parliament and of the Council have introduced new climate instruments, such as the Emissions Trading System for Buildings and Road Transport (ETS2) and the Carbon Border Adjustment Mechanism (CBAM). These instruments aim to reduce greenhouse gas emissions and bolster the Union’s climate ambitions. However, their financial impact is causing concern among citizens and business entities. Additional costs arising from new requirements could lead to an increase in energy and product prices, which could reduce the competitiveness of the European economy in the long term. It is therefore imperative that, in addition to energy efficiency, we also ensure financial sustainability when implementing green policies, in particular with regard to the fair distribution of costs and the protection of the most vulnerable groups.

    In view of the above:

    • 1.Does the Commission plan to take additional measures to ensure that the green transition does not disproportionately affect the competitiveness of lower-income households and small businesses? If so, which ones?
    • 2.Is the Commission considering introducing targeted co-financing programmes for private users and small businesses to set up the charging infrastructure required for electric vehicles, so as to encourage their wider deployment and availability?

    Submitted: 25.6.2025

    Last updated: 1 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Felling of olive trees and loss of agri-food heritage in Spain – E-002498/2025

    Source: European Parliament

    Question for written answer  E-002498/2025
    to the Commission
    Rule 144
    Jorge Buxadé Villalba (PfE), Mireia Borrás Pabón (PfE)

    Last autumn, in order to build solar photovoltaic plants in the municipalities of Lopera, Arjona and Marmolejo (Jaén), company Greenalia began felling 100 000 olive trees that have stood for a hundred years. Backed by the Regional Government of Andalusia but categorically rejected by the general public, the project will take over more than 426 hectares of olive trees, destroying one of the best olive growing areas and causing irreparable damage to the local economy. It will also result in an irretrievable loss of flora, fauna and landscape, which is at odds with the guidelines laid down in EU legislation on this type of facility.

    In view of the above, and taking into account the grievances of those living in the municipalities concerned:

    • 1.Does the Commission consider replacing century-old olive trees with solar panels to be a welcome development?
    • 2.Does the Commission agree that any change in the use of arable land should be accompanied by a corresponding study of the socio-economic, cultural and heritage impacts, in addition to the purely environmental impact?
    • 3.Is the Commission aware that competition for land and the loss of fertile agricultural land is pushing the agricultural community to a cliff edge?

    Submitted: 23.6.2025

    Last updated: 1 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Acropolis exploited by well-known company for advertisement purposes – E-002478/2025

    Source: European Parliament

    Question for written answer  E-002478/2025
    to the Commission
    Rule 144
    Lefteris Nikolaou-Alavanos (NI)

    The recent use of the Acropolis by a sports company for advertisement purposes constitutes another outrageous expression of the commercialisation of cultural heritage.

    This is not the first time that archaeological sites have been exploited by business groups – there have been dozens of examples already. In fact, a few days later, there was another instance in the Old Palace of Corfu.

    This practice is the result of an EU policy that has been implemented over time by successive governments, including the current Nea Dimokratia Government.

    With the ‘Creative Europe’ programme, the EU aims to enable the cultural and creative sectors to ‘expand their entrepreneurial potential’ in the context of the European single market, ‘recognising the economic value of these sectors, including their wider contribution to growth and competitiveness’.

    This approach based on the commercialisation of cultural heritage is accompanied by the minimisation of state funding for the protection and promotion of cultural heritage and by the pursuit of private sources of revenue, as well as the capitalisation of cultural heritage to boost the profits of other sectors of the economy.

    How does the Commission view the fact that, on the basis of its approach, which is supported and implemented by national governments, it has transformed cultural heritage sites into an opportunity for profit and competition, commercialising both their content and access to it?

    Submitted: 19.6.2025

    Last updated: 1 July 2025

    MIL OSI Europe News

  • MIL-OSI USA: House Foreign Affairs Committee Ranking Member Meeks, McCaul, Bera, Huizenga Introduce Burma GAP Act

    Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

    Washington, D.C. – Representatives Gregory W. Meeks, Ranking Member of the House Foreign Affairs Committee; Michael McCaul; Ami Bera, Ranking Member of the Subcommittee on East Asia and the Pacific; and Bill Huizenga, Chairman of the Subcommittee on South and Central Asia, issued the following statement announcing the bipartisan introduction of the ‘‘Burma Genocide Accountability and Protection Act,” or the “Burma GAP Act.” 

    “In March 2022, Secretary of State Antony Blinken determined that the Burmese military’s widespread campaign of violence against Rohingya in Burma constituted genocide, crimes against humanity and ethnic cleansing. And yet, in 2025, Rohingya and Burma remain in crisis because the military’s brutality has continued. Hundreds of thousands remain internally displaced in Burma, and refugee camps in Bangladesh and the surrounding region are overstretched due to the continued influx of refugees.

    “The United States must not shirk its moral leadership in addressing this crisis, which is also destabilizing the region. Today we are introducing the BURMA Genocide Accountability and Protection Act (the Burma GAP Act) to help create a pathway to safety for Rohingya. This legislation calls for the State Department to develop a holistic strategy to address the Rohingya crisis that involves providing humanitarian assistance, supporting refugees, creating protection mechanisms for ethnic minorities, and authorizing accountability and justice programs.”  

    A previous version of this bill passed the House Foreign Affairs Committee in the 118th Congress (H.R. 8936). A PDF copy of the bill text can be found here.

    BURMA GAP Act Highlights:  

    • Calls for a holistic U.S. strategy to support Rohingya that includes protection efforts; engagement with the Rohingya community and stakeholders to facilitate safe, voluntary, and sustainable repatriation to Burma; developing a comprehensive transitional justice strategy; humanitarian assistance, including basic needs and access to livelihoods; programs to prevent and respond to gender-based violence and trafficking; and support for Rohingya civil society organizations;
    • Authorizes the designation of a Special Representative and Policy Coordinator for Burma to promote a comprehensive effort to resolve the crisis in ways that returns Burma to civilian rule and protects Rohingya and other ethnic minorities in Burma;
    • Authorizes $9 million per year for 5 years for the Department of State to support atrocity crime investigations, transitional justice and accountability mechanisms, as well as witness protection measures for Rohingya and other ethnic minorities in Burma.
    • Calls on the Administration to refuse to recognize the Burmese military and State Administrative Council as Burma’s legitimate government.
    • Calls on the Administration to ensure that Rohingya refugees in camps in Bangladesh receive a ration sufficient to meet the humanitarian minimum standards for food and nutrition;

    Several Rohingya and human rights organizations support the Burma GAP Act, including Campaign for a New Myanmar, Global Center for Responsibility to Protect, International Campaign for the Rohingya, Jewish Rohingya Justice Network, Never Again Coalition, No Business with Genocide, Peace Direct, Refugees International, The Sentry, and U.S. Campaign for Burma.

    MIL OSI USA News

  • MIL-OSI USA: AG Labrador Secures $24 Million for Idaho in Purdue Opioid Settlement

    Source: US State of Idaho

    Home Newsroom AG Labrador Secures $24 Million for Idaho in Purdue Opioid Settlement

    BOISE — Attorney General Raúl Labrador announced today that all 55 attorneys general, representing all eligible states and U.S. territories, agreed to a $7.4 billion settlement with Purdue Pharma and its owners, the Sackler family. The Sackler family has also informed the attorneys general of its plan to proceed with the settlement, which would resolve litigation against Purdue and the Sackler family for their role in creating and worsening the opioid crisis across the country. Idaho stands to receive up to $24 million over the next 15 years.
    “The companies responsible for driving the opioid crisis in our country are finally being held to account,” said Attorney General Labrador. “While these settlements cannot repair the broken lives and families, hopefully we can prevent the wreckage of future addiction with targeted investments in drug treatment and prevention efforts in Idaho.”
    Under the Sacklers’ ownership, Purdue manufactured and aggressively marketed opioid products for decades, fueling the largest drug crisis in the nation’s history. The settlement ends the Sacklers’ control of Purdue and their ability to sell opioids in the United States. Communities across the country will directly receive funds over the next 15 years to support addiction treatment, prevention, and recovery. This settlement in principle is the nation’s largest settlement to date with individuals responsible for the opioid crisis.
    Most of the settlement funds will be distributed in the first three years. The Sacklers will pay $1.5 billion and Purdue will pay roughly $900 million in the first payment, followed by $500 million after one year, an additional $500 million after two years, and $400 million after three years.
    Like prior opioid settlements, the settlement with Purdue and the Sacklers will involve resolution of legal claims by state and local governments. The local government sign-on and voting solicitation process for this settlement will be contingent on bankruptcy court approval. A hearing is scheduled on that matter in the coming days.
    Not including the Purdue and Sackler settlement, Attorney General Labrador has previously secured settlements totaling nearly $32 million in funds specifically for Idaho from companies that helped fuel the opioid epidemic, including Allergan, Kroger, Mylan, Teva Pharmaceutical, CVS Pharmacy, Walgreens, and Walmart. Since taking office in 2023, Attorney General Labrador has obtained over $161 million in consumer protection settlements against companies for deceptive marketing and harmful products.
    Attorney General Labrador is joined in securing this settlement by the attorneys general of Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

    MIL OSI USA News

  • MIL-OSI: Prospectus Approved for Listing of DNO’s USD 600 Million Bonds on Oslo Stock Exchange

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 1 July 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Financial Supervisory Authority of Norway on 1 July 2025 approved the prospectus prepared in connection with the listing on the Oslo Stock Exchange of the Company’s 8.5 percent USD 600 million senior unsecured callable bonds issued on 27 March 2025 with maturity in March 2030 (ISIN: NO0013511113). Trading in the bonds is expected to commence shortly.

    The prospectus dated 1 July 2025 is available on the Company’s website www.dno.no.

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at www.dno.no.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    This release does not constitute any offer or solicitation to sell or purchase any securities. 

    The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or similar.

    The MIL Network

  • MIL-Evening Report: Memo to Shane Jones: what if NZ needs more regional government, not less?

    Source: The Conversation (Au and NZ) – By Jeffrey McNeill, Honorary Research Associate, School of People, Environment and Planning, Te Kunenga ki Pūrehuroa – Massey University

    If the headlines are anything to go by, New Zealand’s regional councils are on life support.

    Regional Development Minister Shane Jones recently wondered whether “there’s going to be a compelling case for regional government to continue to exist”. And Prime Minister Christopher Luxon is open to exploring the possibility of scrapping the councils.

    This has all been driven by the realisation that the government’s proposed resource management reforms would essentially gut local authorities of their basic planning and environmental management functions. Various mayors and other interested parties have agreed. While some are circumspect, there’s broad agreement a review is needed.

    At present, each territorial council writes its own city or district plan. Regional councils write a series of thematic plans addressing different environmental issues. All the plans contain the councils’ regulatory “rules” that determine what people can or cannot do.

    Under the coming reforms, the territorial and regional councils of each region would have only a single chapter each within a broader regional spatial plan. Their function would, for the main part, involve tweaking all-embracing national policies and standards.

    Further, all compliance and monitoring – now a predominantly regional council activity – is to be taken over by a national agency (possibly the Environment Protection Authority). This won’t leave much for regional councils to do, compared with their broad remits now.

    How regional government evolved

    In truth, regional councils have been targets since they were created as part of the Labour government’s 1989 local government reform. Carried out in lockstep with the drafting of the Resource Management Act (passed in 1991), this established two levels of local government.

    City and district councils were to be responsible for infrastructure and the built environment. The new regional councils were more opaque, essentially multi-function, special-purpose authorities, recognising that some government actions are bigger than local but smaller than national.

    In the event, they became what in many countries would be thought of as environmental protection agencies. Their boundaries were drawn to capture river catchments, reflecting their catchment board antecedents, which looked after soil erosion and flood management.

    Other functions were drawn from other government departments. Air-quality management came from the old Department of Health. Coastal management was partly inherited from the Ministry of Transport, shared with the Department of Conservation.

    Public transport and civil defence were tacked on, given their cross-territorial scale and lack of anywhere else to put them.

    Parochialism and politics

    All their various functions have meant regional councils determine who gets to use the region’s resources – and who misses out. And political decisions are a surefire way to make enemies.

    For example, the Resource Management Act applied the presumption that no one could discharge any contaminant into water unless expressly allowed by a rule or a resource consent. Regional councils therefore required their territorial councils to upgrade their rubbish dumps and sewage treatment systems.

    Similarly, farmers could no longer simply take water to irrigate or empty cowshed effluent straight into the nearest stream as of right. The necessary infrastructure upgrades were expensive.

    Ironically, these attempts to minimise the immediate impacts of such demands on water users saw urban voters and environmental groups criticise the councils and the government for being too soft on “dirty dairying” and other polluters.

    Parochialism also plays a part, as does the feeling in some rural communities that they’re forgotten by their regions’ cities, where most voters live. The perceived poor handling of events such as last year’s Hawke’s Bay flooding and the 2018 Wellington bus network failure have not helped.

    The government even replaced Environment Canterbury’s elected council with appointed commissioners in 2010 over performance concerns, particularly in water management.

    Yet the regional council model has largely survived intact – with two exceptions. The Nelson-Marlborough Regional Council was replaced by the Nelson City and Marlborough and Tasman District unitary councils in 1992, as a token sacrifice to the conservative wing of the National government, which vehemently opposed the new regions.

    The genesis of the Auckland Council super-region can be traced to the 1999–2008 Labour government’s frustration at getting a unified position from the city’s seven councils on where to build a stadium for the 2011 Rugby World Cup. Not everyone is happy with the resulting metro-regional solution.

    Who will be accountable?

    If regional government is indeed put to rest, it will be another phase in this piecemeal evolutionary process. But the new model will still require central government to have a significant regional presence – and commensurate central government funding.

    But central government has had a regional-scale presence for a long time. Police, the fire service, economic development and social welfare agencies all have their own regional boundaries. Public health and tertiary training and education are also essentially regional.

    All these functions are inherently political. And in many other countries, they are are delivered by regional governments. Maybe, once the implications are looked at more closely, leaving regional councils intact will seem the easier and cheaper option. Indeed, there is a counter argument that we need more regional government, not less.

    The current impulse for local government change – including district council amalgamation – continues an ad hoc process going back more than 30 years. As I have argued previously, the form, function and funding of local government need to be considered together.

    The regional level of administration will not go away. But the overriding question remains: who should speak for and be accountable to their communities for what are ultimately still political decisions, whoever makes them?

    Jeffrey McNeill 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. Memo to Shane Jones: what if NZ needs more regional government, not less? – https://theconversation.com/memo-to-shane-jones-what-if-nz-needs-more-regional-government-not-less-259778

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Merkley, Salinas, Oregon Delegation Secure Over $2.2 Million Manufacturing Boost for OMEP

    Source: US Representative Andrea Salinas (OR-06)

    Merkley, Salinas Led Charge to Stop Elimination of Key Program for Oregon Manufacturing Extension Partnership

    Washington, D.C. – Oregon’s U.S. Senator Jeff Merkley and U.S. Representative Andrea Salinas (OR-06) announced today, alongside the Oregon delegation—Senator Ron Wyden and Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—that $2,217,708 is heading to the Oregon Manufacturing Extension Partnership (OMEP), which ensures the program can continue to support local manufacturers across the state.

    The federal funding comes from the National Institute of Standards and Technology (NIST) as a part of the Manufacturing Extension Partnership (MEP) program, which is essential to support public-private manufacturing partnerships. This collaboration is vital to help small-and medium-sized manufacturers grow by streamlining operations, develop new products and customers, expand and diversify markets, adopt new technology, and enhance value within supply chains while reducing their risk. In 2024 alone, the MEP program saved Oregon manufacturers $24 million and allowed them to create or retain 1,400 jobs across the state.

    When the Trump Administration moved to eliminate the MEP program earlier this year, Salinas led the Oregon delegation in condemning the decision and urgently pressed U.S. Department of Commerce Secretary Howard Lutnick to change course. Earlier in June, Merkley joined OMEP to hear directly from Oregon companies about how OMEP helps manufacturers grow and innovate. In a Senate Appropriations Committee hearing, Merkley doubled down on urging Secretary Lutnick to support Oregon and American manufacturers by continuing the MEP program. This sustained pressure from Merkley, Salinas, and the Oregon delegation caused the Commerce Department to reverse the elimination of the MEP program and release initial critical federal funding needed to support American manufacturing.

     “Let the protection of the MEP program be a lesson—standing up for the federal funding serving our communities is effective and imperative,” Merkley said. “It’s clear that when Oregon’s manufacturing industry does well, all Oregonians benefit. The release of this federal funding means the Oregon Manufacturing Extension Partnership can continue to provide local manufacturers with the support they need to grow, stay competitive in the global marketplace, and keep the engine of our economy going strong.”

    “I am glad to see funding restored for the Oregon Manufacturing Extension Partnership (OMEP), which plays a crucial role in our local economy, supporting good-paying jobs and ensuring that small and medium-sized businesses across the state can innovate and thrive,” said Salinas. “I led my Oregon delegation colleagues in a letter condemning the Trump Administration’s decision to eliminate this funding. Now, our manufacturers can continue building a stronger future for all Oregonians.” 

    “Make no mistake, battling for Oregon manufacturers and the local jobs with good wages they generate in our communities will always be a top priority,” Wyden said. “Our state’s manufacturers have earned this federal investment with their record of success. And I’m glad the teamwork with our delegation and manufacturers has produced this win that restored our state’s fair share of investment in this business sector and the Oregonians who work in it.” 

    “Oregon’s small- and medium-sized manufacturers are a critical part of our state’s economy, and they thrive when they have consistent, high-quality support to help them grow and stay competitive,” said Bonamici. “I’m pleased that NIST reversed course and restored funding for MEP Centers, including a five-year cooperative agreement with Oregon’s OMEP. This decision will give OMEP the stability it needs to keep delivering critical services, including workforce development, supply chain assistance, and process modernization. I’ll continue fighting to strengthen domestic manufacturing and support the workers and businesses that power it.”

    “I’m proud that this critical manufacturing program was protected after strong advocacy from our delegation,” said Hoyle. “It supports good-paying jobs, helps small manufacturers grow, and strengthens local economies across Oregon. This is exactly the kind of investment we need to support working-class people and keep Oregon’s economy moving forward.”

    “The Oregon Manufacturing Extension Partnership has a proven track record of strengthening our state’s manufacturing sector, creating good-paying jobs, and helping small and mid-sized manufacturers compete in an increasingly complicated global economy,” Dexter said. “I am grateful for Senator Merkley and Representative Salinas’ leadership in demanding Trump reverse the reckless decision to eliminate this critical program.”

     “The Trump Administration’s decision to eliminate the MEP program earlier this year was harmful to our economy and extremely misguided – so we fought it, and we won,” said Bynum. “This funding will provide local manufacturers with the support they need to continue creating jobs for our communities and ensure that our local businesses come out on top.”

    The Oregon delegation is encouraged by the Administration’s decision to continue investing in American manufacturing, and the lawmakers look forward to the Commerce Department’s ongoing support for this critical industry. Oregon manufacturers contribute nearly $40 billion to the state’s economy and support over 175,000 good paying jobs, and OMEP plays a significant role in the manufacturing sector’s success. According to OMEP, their efforts support 530 businesses across the entire state, and it has delivered $3.9 billion in direct economic impact over the past 10 years. In 2024 alone, OMEP leveraged $2.2 million in funding to support $165.6 million in private investment—a 75:1 return on investment for U.S. taxpayers.

    “On behalf of OMEP, I want to extend my sincere thanks to Senator Jeff Merkley, his team, and the entire Oregon congressional delegation for their steadfast support in securing one year of federal funding through the Hollings Manufacturing Extension Partnership,” said Mike Vanier, OMEP President. “Without their advocacy, this funding would have most likely been cut, but their efforts reflect a strong, ongoing commitment to supporting small and medium-sized manufacturers across Oregon. This investment ensures we can continue delivering expert consulting services to help manufacturers improve performance, grow sales, strengthen their workforce, and stay competitive in a rapidly evolving global market. We are deeply grateful for their leadership and dedication to Oregon’s manufacturing community.”

    ###

    MIL OSI USA News

  • MIL-OSI Russia: Dmitry Patrushev discussed the organization’s development strategy until 2030 with the head of Rosgeology Kirill Levin

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Dmitry Patrushev held a working meeting with Kirill Levin, CEO and Chairman of the Management Board of JSC Rosgeologia. The meeting discussed the progress of the implementation of the roadmap for fulfilling the instructions of the President of Russia to ensure financial stabilization of the Rosgeologia holding company.

    Dmitry Patrushev drew attention to the need for unconditional fulfillment of all obligations under the program “Reproduction and Use of Natural Resources” and the project “Geology: Revival of a Legend”, as well as under commercial contracts with subsoil users.

    Also during the meeting, Dmitry Patrushev and Kirill Levin discussed the work plan for preparing an updated strategy for the organization’s development until 2030.

    JSC Rosgeologia is the largest geological holding company in the country, fulfilling the state order for the reproduction of the mineral resource base of the Russian Federation. Its structure includes more than 40 enterprises carrying out a full range of geological exploration work, including prospecting for solid minerals, parametric drilling and seismic exploration for hydrocarbon raw materials, and marine research.

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

    MIL OSI Russia News

  • MIL-OSI USA: Issues Revisited: Titles, Amendments to Rule 15c2-12 Undertakings and Voluntary

    Source: Securities and Exchange Commission

    Good afternoon. Thank you to the Government Finance Officers Association (“GFOA”) for inviting me to speak with you today. In my role as the Securities and Exchange Commission’s (“Commission” or “SEC”) Director of the Office of Municipal Securities (“Office of Municipal Securities” or “OMS”), I get a front row seat to see how government finance professionals strive to advance the continued integrity of the municipal securities market. However, I also get a front row seat to some concerning behaviors that may impact the investor confidence and transparency of the municipal securities market. 

    As is customary, I must remind you that this speech is provided in my official capacity as the Commission’s Director of the Office of Municipal Securities but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    I. What’s in a Title?

    Before I delve into disclosure practices, I would like to start by offering my views on another area of concern to which OMS is paying careful attention. It’s been fifteen years since Congress created a new class of regulated person required to register with the Commission: municipal advisors.[1] But when I speak with market participants or pick up an official statement or visit an issuer’s website, I am regularly confronted with a title that imprecisely[2] reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor.[3]

    While some of you may view using the terms “financial advisor” and “municipal advisor” to be interchangeable when discussing hiring a professional to negotiate terms of a transaction or verify pricing as just a matter of a title, Congress expressly defined those persons who engage in municipal advisory activities[4] as “municipal advisors”.[5]

    I’m going to start with why I think it’s helpful to use regulatory terms. Although not required, using regulatory terms such as “municipal advisor” in solicitations and offering documents is helpful because it clearly indicates to investors that those professionals are subject to the rules and regulations designed to protect investors and municipal entities[6] and obligated persons.[7] Additionally, using defined regulatory terms in these documents may be helpful to municipal entities and obligated persons in avoiding including confusing or ambiguous statements in disclosures to investors.

    Now, for the what. Let’s start with hiring professionals. Municipal entities and obligated persons often retain various professionals through a competitive request for proposal/qualification (“RFP/Q”) process. Before anyone objects, you’re correct: responses to RFP/Qs do not on their own constitute municipal advisory activity.[8] I have, however, observed instances (most notably in public-private partnerships[9] and charter schools[10]) where the work or services requested in the RFP/Qs would require the selected professional to be registered as a municipal advisor because they would be providing advice with respect to the issuance of municipal securities or the use of municipal financial products. In our review of these RFP/Qs, we have either seen municipal entities be silent on requiring that respondents to an RFP/Q be registered as a municipal advisor with the Commission and Municipal Securities Rulemaking Board (“MSRB”) or, worse, affirmatively say that registration as a municipal advisor is not a requirement.[11]

    Given that unregistered entities may be engaging in what appears to be municipal advisory activity, you may want to confirm not only that any professional providing municipal advisory services to you is properly registered[12] but also that you have in your RFP/Qs for services or work constituting municipal advisory activity a requirement that respondents be registered with the Commission and the MSRB as municipal advisors in order to submit a response. At a minimum, I do not believe these RFP/Qs should be soliciting the services of a “financial advisor” or “consultant” which may create the impression that they do not need to be registered with the Commission or the MSRB. If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs.

    Another area where I see a concerning use of “financial advisor,” where “municipal advisor” should be used, is in your offering documents. As previously mentioned, municipal advisor is more than just a title: it is a regulatory term. Using “municipal advisor” tells investors that the firm, its associated persons, and its activities are subject to rules and regulations; that the Commission monitors municipal advisors for compliance; and takes necessary action to enforce Congress’s mandate. If you use municipal advisors in your transactions, I think it would be beneficial to use the defined term “municipal advisor” in your offering documents to accurately describe the professionals fulfilling that role. Using a term that is explicitly defined by law may also help avoid including confusing or ambiguous statements in disclosures to investors.

    There are also strong benefits to being involved with or retaining persons or firms registered and regulated as municipal advisers, as it demonstrates that these persons or firms recognize that they are engaging in municipal advisory activity. Registering as a municipal advisor may also demonstrate that the advisor understands that it has certain legal obligations, including a requirement to register unless an exclusion or exemption applies. These obligations include, among other things, a requirement to disclose to clients any material conflicts of interest. If you remember nothing else from today, remember this: your municipal advisor is required to always act in your best interest.

    II. Observations on Amendments to Continuing Disclosure Undertakings

    Now turning to disclosure practices. When the Commission proposed amendments[13] to Rule 15c2-12 (“Rule 15c2-12” or “Rule”)[14] of the Securities Exchange Act of 1934 (“Exchange Act”) in 1994[15] prohibiting underwriters, subject to certain exemptions, from purchasing or selling municipal securities covered by the Rule in a primary offering, unless the underwriter had reasonably determined that the issuer (or obligated person) had undertaken in a written agreement or contract[16] (“continuing disclosure undertaking”) to provide specified annual information and event notices,[17] practitioners expressed concern[18] that the amendments were not sufficiently flexible to address changing conditions to financial and pertinent operating information. The Commission addressed practitioners’ concerns when it adopted the amendments.[19]

    a. NABL 1 Letter

    The Commission explained in the 1994 Amendments Adopting Release that Rule 15c2-12, as amended, requires that continuing disclosure undertakings specify only the general type of information to be provided[20] and that undertakings should be drafted with sufficient flexibility to accommodate for subsequent developments that may require adjustments in the financial information and operating data contractually agreed upon in the undertaking.[21] Shortly after adoption of the amendments, the National Association of Bond Lawyers (“NABL”) requested[22] staff guidance interpreting an issue that I see continues to be debated thirty-one years later: amending continuing disclosure undertakings.

    Let’s take a moment and revisit the statements made by staff on amending continuing disclosure undertakings in response to the NABL 1 Letter.[23] Staff first noted that in meeting the requirement that annual financial information be specified in reasonable detail, staff anticipated that continuing disclosure undertakings would set forth a general description of the type of financial information and operating data that would be provided. Staff further observed that these descriptions would not need to state more than a general category of financial information and operating data. Moreover, staff noted that where a continuing disclosure undertaking calls for information that no longer can be generated because the operations to which it related had been materially changed or discontinued, a statement to that effect would satisfy the continuing disclosure undertaking. In such instances, staff explained that it may be good practice to provide similar operating data with respect to any substitute or replacement operation. Further, staff noted that issuers and obligated persons may provide additional information that is not required by the terms of the undertaking. Accordingly, the staff did not anticipate that it often would be necessary to amend informational undertakings.

    In addition to providing guidance on the circumstances under which an undertaking could be amended, the staff also provided several examples[24] of annual financial information descriptions. For example, categories of operating data provided for a college or university facility bond offering might include, among others, information regarding attendance, applications, and tuition and room and board rates charged to students. In a water or sewer financing, categories of information provided might include, among others, customers, rates, use, capacity, and demand.

    b. Current State of Continuing Disclosure Undertakings

    Now I would like to take the opportunity to reflect on the current state of continuing disclosure undertakings. Since the 1994 amendments promoted flexibility in drafting continuing disclosure undertakings, staff has heard that practitioners have discovered ambiguities and inconsistencies in their continuing disclosure undertakings that have resulted in overlapping, inconsistent, and outdated information in required disclosures. Consequently, practitioners continue to struggle with questions about amending continuing disclosure undertakings and have asked the staff for guidance on this issue.

    To start, I want to remind practitioners that Rule 15c2-12, as amended, offers flexibility in the content and scope of disclosed financial information.[25] The Rule specifies only general types of information relating to the financial information and operating data to accommodate for any subsequent developments that would require adjustments to the data.[26] Further, adhering to your continuing disclosure undertakings does not preclude you from providing additional information, particularly where disclosure may be necessary to avoid liability under the antifraud provisions.[27]

    The staff recognizes that, despite the staff interpretive guidance in the NABL 1 Letter, which elaborated on statements in the 1994 Amendments Adopting Release, some obligated persons have continued to provide specific and relatively unflexible descriptions of annual financial information or operating data in the continuing disclosure undertakings by, for instance, pointing to specific tables of information in an official statement because they believe it makes it easier for issuers and dissemination agents to comply with the undertaking. Although Rule 15c2-12 does not prohibit such specificity or incorporation by reference,[28] I believe that where obligated persons choose to include references to specific tables or similar specificity, they might consider including language allowing for flexibility, such as describing tables “of the type” or tables “of the kind” provided in the official statement.

    The inclusion in continuing disclosure undertakings of clear descriptions of the disclosures to be made by municipal issuers and obligated persons promotes a more transparent and efficient market. However, drafters of continuing disclosure undertakings may want to be mindful when specifying the particular types of information that will be provided for many years into the future, as continuing disclosure undertakings are contractual obligations that cannot be amended based on a unilateral decision by an issuer or any other party. With very limited exceptions, issuers and obligated persons may not later decide unilaterally what types of information an investor would consider necessary or meaningful, especially where such information has previously been agreed upon.[29]

    Continuing disclosure undertakings would be meaningless if issuers and obligated persons could unilaterally determine that certain types of information were no longer necessary or meaningful to investors.[30] Despite previous requests from the market for guidance on amending continuing disclosure agreements, I remind you that those agreements are contracts governed by state law[31] from which the Commission does not have the authority to provide exemptions. Failure to comply with continuing disclosure undertakings would be breaches of contract enforceable by private parties.[32] This is why staff statements have focused on using language in continuing disclosure agreements that allow for changing conditions.

    III. The Importance of Voluntary Disclosure in the Municipal Securities Market

    Sound, timely, and accurate disclosures of the financial condition and operating status of issuers and obligated persons promotes the continued integrity of the municipal securities market.[33] As we all know, Rule 15c2-12 requires that continuing disclosure undertakings set forth certain enumerated requirements. Rule 15c2-12 does not generally impose an obligation to provide ongoing information beyond the contractual continuing disclosure obligations. I am of the view, however, that voluntary disclosures[34] — providing information beyond contractual continuing disclosure obligations — by issuers and obligated persons can provide market participants with updated financial and other disclosures regarding the effects of evolving economic conditions.[35]

    a. Improving Transparency and Market Efficiencies

    Issuer organizations and other market participants have noted that providing voluntary interim disclosure can serve the interests of municipal issuers and have developed voluntary disclosure best practices designed to improve the quality and quantity of voluntary disclosure in the secondary market.[36] GFOA issued a Best Practices on Voluntary Disclosure in 2021.[37]

    I am of the view that if issuers and obligated persons provide voluntary disclosures of their financial condition and operating status on a more frequent basis, the additional information could potentially reduce information asymmetries and help investors and other market participants identify early warning signs of an issuer’s or obligated person’s deteriorating financial condition sooner (such as budget deficits and imbalances, high unfunded pensions liability, and decreases in property value), which could lead to increased market efficiencies.

    Some examples of helpful voluntary disclosures that municipal issuers and obligated persons could consider disseminating are[38]

    • More Timely Financial Information. Municipal issuers routinely prepare periodic reports containing financial information and/or operating data, such as investment positions, interim financial information, or capital improvement plans, for various non-disclosure purposes,[39] which are generally produced in accordance with governance documents, best practices, and generally accepted guidelines. Municipal issuers could consider submitting such reports via the repository designated by the Commission (currently the MSRB’s Electronic Municipal Market Access (“EMMA”) system) and/or through their own designated website.
    • Reports Prepared for Other Governmental Purposes. Municipal issuers and obligated persons may have prepared reports addressing relevant climate, cybersecurity, litigation, or other risks for other purposes.
    • Reports and Information Shared with Third Parties. Reports prepared to be shared with rating agencies, bank loan providers or other market participants may also include information material to investors.[40]
    • Information Regarding Availability of Federal, State and Local Aid. If it materially affects, or is reasonably likely to materially affect, your ability to repay debt service, you could make available a description of available aid that you have sought or are planning on seeking and any other material terms of the aid to investors.
    • Information Regarding Non-Routine Events that May Impact an Issuer’s Ability to Repay Securities. For instance, a large business relocating to your jurisdiction may have a positive impact, while a natural disaster may have a negative impact. Sharing information with the market on any non-routine events that may impact your ability to repay debt service could be helpful.

    In my view, making any voluntary disclosures available in the place or places where they regularly make information available to investors, such as on the EMMA system and/or on their own websites, would be helpful to both issuers and investors.

    b. Observations on Liability

    I sometimes hear from issuers that they would disclose more information to the market, but that their counsel advises them, as a matter of course, not to provide any information that is not required. I recognize that the issue of liability is often raised in connection with voluntary disclosures.

    I believe that accompanying voluntary disclosures that contain projections or forward-looking statements with meaningful cautionary language — including, for example, (1) a description of relevant facts or assumptions affecting the reasonableness of reliance on and the materiality of the information provided, (2) a description of how certain important information may be incomplete or unknown, and (3) the process or methodology (audited versus unaudited) used by the municipal issuer or obligated person to produce the information — could not only improve the quality of the disclosure but also help mitigate associated legal risks.

    As I observe the municipal securities market and consider appropriate paths to address behaviors that impact investor confidence and transparency, I believe that it would be beneficial for municipal issuers to disclose, to exercise reasonable care, and to follow best practices in the creation and release of any voluntary disclosure.

    It’s always a pleasure to speak with members of the GFOA. Thank you again for the invitation to discuss these important issues with you today.


    [1]           See Section 975(a)(1)(B) (15 U.S.C. 78o-4(a)(1)(B)) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Dodd-Frank”).

    [3]           While state statutes or other governing documents may reference the selection or designation of a “financial advisor” in connection with the issuance of bonds, I am of the view that the term “municipal advisor” should also be used in any RFP/Qs and offering documents issued in these jurisdictions when the requested service may include municipal advisory activity. In the event a state statute or other governing document references “financial advisor” or other term, it may be appropriate to use both terms with appropriate definitions and cross-references.  

    [4]           Pursuant to Exchange Act Rule 15Ba1-1(e) (15 CFR 240.15Ba1-1(e)), “municipal advisory activities” includes, but is not limited to, “[p]roviding advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issue.”

    [5]           See Exchange Act Section 15B(e)(4)(A) (15 U.S.C. 78o-4(e)(4)(A)). The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) (17 CFR 240.15Ba1-1(d)(3)(i) through (viii)).

    [6]           See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67468, 67509 (Nov. 12, 2013) (“Municipal Advisor Adopting Release”).

    [7]           The timeline for being required to register as a municipal advisor when advising clients about conduit financing or other financing options is dependent on certain facts and circumstances. See id. at 67485.

    [8]           Id. at 67475.

    [11]         While the Dodd-Frank Act is a federal law, the municipal advisor registration requirements apply to advice with respect to the issuance of municipal securities regardless of the proposed source of funds used to repay those securities, which may include local tax revenue, state or federal revenue or grants or funds paid by a private lessee or purchaser. The staff is aware of publicly available documents where a state or local government has stated that municipal advisor registration is only required for municipal securities being repaid with federal funds.

    [12]         See Speech, Responsibilities of Regulated Entities to Municipal Issuers, supra note 2.

    [13]         See Exchange Act Release No. 33742 (Mar. 9, 1994), 59 FR 12759 (Mar. 17, 1994) (“1994 Amendments Proposing Release”).

    [14]         See 17 CFR 240.15c2-12. The Commission adopted Rule 15c2-12 in 1989 to enhance disclosure in the   municipal securities market by codifying standards for underwriters to obtain, review, and disseminate disclosure documents. See Exchange Act Release No. 26100 (Sept. 22, 1988), 53 FR 37778 (“1988 Proposing Release”); Exchange Act Release No. 26985 (June 28, 1989), 54 FR 28799 (July 10, 1989) (“1989 Adopting Release”). Rule 15c2-12 requires an underwriter acting in primary offerings of municipal securities with an aggregate principal amount of $1,000,000 or more to obtain and review an official statement “deemed final” by an issuer of the municipal securities, except for the omission of specified information, prior to making a bid, purchase, offer, or sale of municipal securities. See 17 CFR 240.15c2-12(a) and (b)(1).

    [15]         The Commission has amended Rule 15c2-12 over the years to respond to evolving market practices. See Exchange Act Release No. 34961 (Nov. 10, 1994), 59 FR 59590 (Nov. 17, 1994) (“1994 Amendments Adopting Release”); Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008) (“2008 Amendments Adopting Release”); Exchange Act Release No. 62184A (May 27, 2010), 75 FR 33100 (June 10, 2010) (“2010 Amendments Adopting Release”); and Exchange Act Release No. 83885 (Aug. 20, 2018), 83 FR 44700 (Aug. 31, 2018) (“2018 Amendments Adopting Release”).

    [16]         See 17 CFR 240.15c2-12(b)(5).

    [17]         See 17 CFR 240.15c2-12(b)(5)(C).

    [18]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [19]         Id.

    [20]         Id.

    [21]         Id.

    [22]         NABL raised several questions in its letters. See Letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, and Gerald J. Laporte, Vice-Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated June 23, 1995 (‘‘NABL 1 Letter”), available at https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf; and Letter from Catherine McGuire, Chief Counsel, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated Sept. 19, 1995 (“NABL 2 Letter”), available at https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf. See also Letter from Michael Nicholas, Chief Executive Officer, Bond Dealers of America, Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association, Kenneth R. Artin, President, National Association of Bond Lawyers, Cornelia Chebinou, Washington Director, National Association of State Auditors, Comptrollers and Treasures, Michael Decker, Managing Director, Securities Industry and Financial Markets Association, to Jessica Kane, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, dated Aug. 9, 2016 available at https://www.nabl.org/wp-content/uploads/2023/02/20160809-Joint-Letter-on-Amending-CDAs.pdf.

    [23]         See NABL 1 Letter, Question 2, supra note 22.  

    [24]         Id.

    [25]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599; Securities and Exchange Commission, Report on the Municipal Securities Market (July 31, 2012) (“Report on the Municipal Securities Market”), at 70, available at https://www.sec.gov/news/studies/2012/munireport073112.pdf.

    [26]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599 (Commission noting that “the amendments require that the undertaking specify only the general type of information to be supplied . . .”).

    [27]         Id.

    [28]         Id.

    [29]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599. But see NABL 1 Letter, Question 2, supra note 22, outlining scenarios where an undertaking that includes an amendment provisions nevertheless may satisfy the requirements of Rule 15c2-12.

    [30]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [31]         Id. at 59601.

    [32]         Id. (“remedies for breach of any undertaking under applicable state law are a subject for negotiation between the parties to the Offering.”).

    [33]         See Exchange Act Release No. 33741 (Mar. 9, 1994), 59 FR 12748, 12752-754 (Mar. 17, 1994) (“1994 Interpretive Release”).

    [34]         As seen during the Covid-19 Pandemic, variations in voluntary disclosures persisted and the differing approaches to disclosure served as a reminder that required disclosures are not confined to enumerated events. For instance, some issuers included tailored, stand-alone COVID-19-risk sections in their disclosures or uploaded financial informational statements to EMMA identifying impacts on economies and revenues, and expectations regarding associated risk mitigation. See, e.g., MSRB, Municipal Securities Market COVID-19-Related Disclosure Summary (updated Mar. 28, 2021), available at https://www.msrb.org/sites/default/files/2022-09/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf; DPC Data COVID Disclosure Trends Charted in New Infographic, A Year of COVID-Tagged Disclosures, Mar. 2020 to Mar. 2021, available at https://www.dpcdata.com/resources/year-covid-tagged-disclosures/. 

    [35]         See, e.g., Report on the Municipal Securities Market, supra note 25, at III.A.1 and III.B (summarizing market participant and investor interest in voluntary disclosure guidelines and best practices to improve the level and quality of disclosure in the primary and secondary markets); Chairman Jay Clayton and Rebecca Olsen, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, The Importance of Disclosure for our Municipal Markets (May 4, 2020) (the “Municipal Market COVID-19 Statement”), available at https://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.

    [36]         See, e.g., Government Finance Officers Association (“GFOA”) Best Practices Voluntary Disclosure (Oct. 1, 2021) (“Best Practices on Voluntary Disclosure”), available at https://www.gfoa.org/materials/voluntary-disclosure (“Enhanced market communication achieved through voluntary disclosure the issuer to improve its investor relations. This enhanced communication and improved relations with investors can become an important factor for access to the capital for markets….”); National Federation of Municipal Analysts (“NFMA”) Position Paper on Voluntary Interim Disclosures by State and Local Governments (Oct. 26, 2004) (“NFMA Voluntary Interim Disclosures Paper”), at 2-4, available at https://www.nfma.org/assets/documents/nfma_position_interim_disclosure.pdf (NFMA “strongly believe(s) that it is in the best interest of state and local government units and political instrumentalities thereof to provide investors on a voluntary basis with timely disclosure reports derived from information maintained in the normal course of operations” and that “[t]o the extent that governmental issuers have relevant financial information on hand, the benefits of providing voluntary interim disclosure vastly outweigh any administrative burden entailed in disseminating this information to the market.”)

    [37]         See Best Practices on Voluntary Disclosure, supra note 36.

    [38]         See, e.g., id.; Report on the Municipal Securities Market, supra note 25, at 58 (noting that the “practices of market participants in voluntarily providing [large amounts of information about issuers of municipal securities] to investors are not, however, consistent,” further explaining that “[l]arge repeat issuers generally have more comprehensive disclosure than small, infrequent or conduit issuers, who may voluntarily provide little ongoing information to investors.”).

    [39]         In many cases, municipal issuers already prepare and disseminate reports or other documents containing financial information and/or operating data to various governmental or institutional bodies, or to the public. See, e.g., Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020) (“Staff Legal Bulletin No. 21”), available at https://www.sec.gov/municipal/application-antifraud-provisions-staff-legal-bulletin-21; Report of Investigation in the Matter of the City of Harrisburg, Pa. Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market, Exchange Act Release No. 69516 (May 6, 2013), (“Harrisburg Report”), available at https://www.sec.gov/litigation/investreport/34-69516.htm.

    [40]         See Report on the Municipal Securities Market, supra note 25, at 106 n.640.

    MIL OSI USA News

  • MIL-OSI: Industry giant SunnyMining redefines cloud mining: making crypto mining as easy as using an app

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 01, 2025 (GLOBE NEWSWIRE) — When it comes to “mining”, many people still think that they must buy mining machines, understand technology, and keep an eye on the market. But SunnyMining is subverting this traditional perception: “You can easily earn BTC and XRP every day without buying mining machines or understanding blockchain.”

    As a technology leader in the field of cloud mining, SunnyMining uses AI computing power scheduling, green energy data centers and global node deployment to make mining as convenient as using an app. From registration, contract selection to daily settlement, everyone can easily participate.

    Why is SunnyMining “simpler”?

    No equipment, easy to get started: Register to receive $15 free computing power and start mining mainstream currencies such as BTC, LTC, DOGE, etc.

    Automatic system operation: No manual intervention is required, the platform automatically adjusts the computing power according to market dynamics to maximize the efficiency of revenue.

    Multi-terminal support, mining at any time: Supports web, mobile browser and official App operations, whether you are in front of the computer, on the phone or on the road, mining can be easily carried out

    Daily settlement, transparent arrival: All revenue systems are settled daily, progress can be checked, and operations can be controlled.

    Multi-language support, serving the world: SunnyMining currently covers 195 countries, supports multi-language interfaces and 24-hour customer service response.

    A new era of mining: from tech game to mass portal

    SunnyMining believes that mining should not be a threshold, but a “digital income channel” that everyone can access – as natural as using daily applications.

    Relying on intelligent scheduling systems, fully managed cloud nodes and green energy infrastructure, the platform has covered 195 countries around the world, allowing users to start mining without equipment configuration or technical background. They only need to register to start mining, the system runs automatically, and the income is credited daily.

    Free contracts are not a “gimmick”, but a practical starting point

    In the field of mining, “free” is often questioned as a marketing trick, but the $15 registration computing power reward provided by SunnyMining is truly usable, visible, and profitable.

    After registration, users can try out mainstream currencies such as BTC, DOGE, and LTC without any investment, and daily income will be automatically settled in the account. The platform also provides a daily sign-in reward mechanism to continuously encourage novice experience.

    It’s actually very simple to start mining. It only takes three steps

    1. Open SunnyMining official website
    Go to sunnymining.com and register an account with your email.
    2. Receive $15 free computing power
    After registration, you can directly receive free mining rewards and choose BTC, DOGE, XRP and other currencies to start the experience.
    3. Wait for the income to arrive every day
    The system automatically mines and settles every day. You don’t need to do anything, and the income is directly sent to your account.

    Diversified contract options, free configuration of investment rhythm

    Novice experience contract: investment amount: $100, contract period: 2 days, daily income $4, total net profit: $100+$8.
    DOGE-Classic Contract Plan investment amount: $600, contract period: 7 days, daily income $7.8, total net profit: $600+$54.6
    DOGE-Classic Contract Plan: investment amount: $1,200, contract period: 10 days, daily income $16.08, total net profit: $1,300 + $160.8.
    BTC-Intermediate Contract Program: investment amount: $3000, contract period: 16 days, daily income $41.7, total net profit: $3000 + $667.2.
    BTC-Intermediate Contract Program: investment amount: $8000, contract period: 27 days, daily income $119.02, total net profit: $8000 +$3218.
    BTC-Advanced Contract Program: Investment amount: $12,000, contract period: 35 days, daily income $184.8, total net profit: $12,000 + $6468.
    BTC-Advanced Contract Program: Investment amount: $23,000, contract period: 42 days, daily income $365.7, total net profit $23,000 + $15359.4.

    Users can freely choose according to budget, cycle and preference. There is no need for complex configuration. The system will automatically execute and the income will be credited to the account daily.

    It is not just a platform, but also a digital economic distribution system

    SunnyMining’s intelligent system will automatically adjust mining strategies according to market and computing power changes, so that every computing power can bring the highest possible returns.
    McAfee® and Cloudflare® provide bank-level security protection to ensure the stability of user assets and full data encryption.
    What users see is an App-level experience with automatic settlement in the background and one-click operation in the front end. The complex on-chain calculation and security mechanism are encapsulated into a simple system of “light operation + daily income”.

    Sustainability is not only about environmental protection, but also about long-termism

    SunnyMining achieves low-energy and high-efficiency mining operations by deploying green energy infrastructure around the world, combining wind power, hydropower and AI computing power scheduling.
    Unlike traditional “high-energy consumption, high-profit” cyclical mining, SunnyMining is promoting the transformation to an intelligent, environmentally friendly and sustainable revenue model.

    Redefining “Who can mine”

    SunnyMining not only lowers the threshold for mining, but also completely reshapes the way to participate in mining. Through a smarter, greener and easier-to-use system, it is truly returning the right to obtain digital assets to every ordinary person.
    For more details, please visit SunnyMining official website: https://www.sunnymining.com/
    Download APP: https://sunnymining.com/download/

    Media Contact
    SunnyMining
    info@sunnymining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    Attachment

    The MIL Network

  • Hardeep Singh Puri highlights India’s economic milestones and reforms at ICAI Foundation Day

    Source: Government of India

    Source: Government of India (4)

    Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Tuesday outlined India’s remarkable economic transformation over the past eleven years, crediting bold policy reforms, robust governance, and far-reaching social welfare measures for propelling the country from the world’s eleventh largest economy in 2014 to the fourth largest today.

    Addressing the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) at Bharat Mandapam in New Delhi, Puri noted that India’s GDP has more than doubled, from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025. He said India has recently surpassed Japan and is on track to overtake Germany by 2030 to become the world’s third-largest economy.

    Reflecting on a decade of extensive welfare programmes, the Minister highlighted that over 27 crore citizens have been lifted out of multidimensional poverty, nearly four crore homes have been sanctioned under the Pradhan Mantri Awas Yojana, and more than 15 crore rural households now have access to piped drinking water through the Jal Jeevan Mission. Health coverage under Ayushman Bharat now benefits over 70 crore people, providing ₹5 lakh insurance per family each year.

    Puri also underscored India’s ability to attract foreign investment, citing USD 748 billion in foreign direct investment inflows between 2014 and 2025—an increase of 143% over the previous decade—and the rise in source countries from 89 to 112. Landmark economic measures such as the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, Goods and Services Tax, and Direct Benefit Transfers, along with the removal of over 25,000 compliances and 1,400 outdated laws, have further strengthened India’s business environment.

    The Minister pointed to significant improvements in tax administration, with the number of annual income tax returns filed more than doubling from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25. He noted that 95% of these returns are now processed within 30 days, helping ensure that every tax rupee translates into social benefits such as LPG connections for households, medicines for the underprivileged, rural electrification, pensions for senior citizens, and jobs for the youth.

    Highlighting the resilience of India’s banking sector, Puri said gross non-performing assets of scheduled commercial banks have fallen from 14.58% in FY 2017–18 to below 3% in FY 2024–25. He also noted that India’s digital economy continues to expand rapidly, with the Unified Payments Interface (UPI) handling nearly 50% of the world’s real-time digital transactions and serving over 500 million active users. India’s fintech adoption now stands at 87%, compared to a global average of 67%, driven by widespread access to digital identity and mobile connectivity.

    Among flagship initiatives, the Minister lauded the success of the Pradhan Mantri Ujjwala Yojana, which has delivered more than 16.5 crore LPG connections since 2014. This has empowered women, improved health by reducing indoor air pollution, and enhanced public welfare. The Oil & Gas sector’s robust growth was reflected in the doubling of the market capitalization of Public Sector Undertakings (PSUs) to ₹8.79 lakh crore since 2014.

    Looking ahead, Puri urged chartered accountants to embrace new technologies such as artificial intelligence and advanced analytics to automate routine tasks and focus on delivering strategic insights. “Embracing AI is no longer optional—it is essential for staying competitive and innovative in today’s evolving financial world,” he said.

    Puri called on the ICAI community to uphold the values of transparency, efficiency, and accountability as India advances towards its goal of becoming a developed nation by 2047. “On this special day, remember that your profession has the power to protect and sustain our economy. Your dedication is vital for building Viksit Bharat,” he said.

  • MIL-OSI Video: “It’s time to use technology to solve the problem.”: Siemens Healthineers CEO

    Source: World Economic Forum (video statements)

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

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

    #WorldEconomicForum

    https://www.youtube.com/shorts/yRSSe3b6SPY

    MIL OSI Video

  • MIL-OSI USA: SBA Relief Still Available to Texas Small Businesses, Nonprofits and Residents Affected by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, nonprofits, and residents in Texas of the Aug. 1 deadline to apply for low interest federal disaster loans to offset physical damage caused by the severe storm and straight-line winds beginning May 8.

    The disaster declaration covers the Texas counties of Brooks, Duval, Jim Wells, Kleberg, Live Oak, Nueces and San Patricio.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.62% for PNPs, and 2.81% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

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

    The deadline to return physical damage applications is Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico county of Chaves.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico county of Chaves.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Small Businesses and Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico counties of Chaves, De Baca, Eddy, Lea, Lincoln, Otero and Roosevelt.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Small Businesses and Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico counties of Chaves, De Baca, Eddy, Lea, Lincoln, Otero and Roosevelt.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Small Businesses and Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

    The disaster declaration covers the Cheyenne River Sioux Tribe as well as the South Dakota counties of Corson, Dewey, Haakon, Meade, Pennington, Perkins, Potter, Stanley, Sully, Walworth and Ziebach.

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

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

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI: Additional Treasury Bond Auction Announcement – RIKB 32 1015 – Switch Auction

    Source: GlobeNewswire (MIL-OSI)

    Following the settlement of HFF bonds issued by ÍL Fund (formerly the Housing Financing Fund), it has been decided to hold a switch auction, giving owners of the inflation-linked government bond series RIKS 50 0915 the opportunity to exchange them for the nominal bond series RIKB 32 1015. Interested parties are advised to contact a primary dealer to participate in the switch auction.

    Series RIKB 32 1015
    ISIN IS0000037752
    Maturity Date 10/15/2032
    Auction Date 07/03/2025
    Settlement Date 07/08/2025
     
    Buyback issue RIKS 50 0915
    Buyback price (clean) 112.9150, which is equivalent to a yield of 2.78%

    On the Auction Date, between 10:30 a.m. and 11:00 a.m., the Government Debt Management will auction Treasury bonds in the Series, with the ISIN number and with the Maturity Date according to the table above. The Treasury bond will be delivered in electronic form on the Settlement Date.

    Payment for the bonds can only be made with the Buyback issue at the Buyback price. Cash is not accepted.

    The value of the Buyback bond is determined by the Buyback price plus accrued interest and indexation (i.e. dirty price). The bonds must be delivered to the Central Bank before 14:00 on the Settlement Date.

    No fee is paid in relation to the purchase of RIKS 50 0915.

    Further reference is made to the description of the Treasury bond and the General Terms of Auction of Treasury Bonds.

    Further information can be obtained from Government Debt Management at tel: +354 569 9994 or by email to lanamal@lanamal.is.

    The MIL Network

  • MIL-OSI: Banco Santander Chile welcomes Andrés Trautmann Buc as the Bank’s New CEO and Country Head

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, July 01, 2025 (GLOBE NEWSWIRE) — (NYSE: BSAC; SSE: Bsantander). Andrés Trautmann Buc was officially welcomed as the new CEO and Country Head of Banco Santander Chile (“Santander Chile” or the “Company”), an appointment previously announced last February, in the presence of Héctor Grisi, CEO of Banco Santander. Trautmann thus replaces Román Blanco, who is leaving the Chilean subsidiary after a successful tenure with the bank.

    At the meeting, which was attended via streaming by all employees across the country, Grisi thanked Román Blanco for his work over the years, highlighting the strong position of the Chilean subsidiary in terms of results and market share. “The Group is proud to have a bank like Santander Chile: number one in loans, with practically one in three SMEs in the country as a client, and an ROE of 25.9% in a highly competitive environment. We must be Best in Class in each of the markets in which we operate, and to achieve this, it is essential to combine our local presence with the strength of our global scale. That is our greatest strength; we have exceptional teams and a solid culture. Developing it to its full potential is the great challenge we face.” Thus, the executive addressed the bank’s employees, asking them to “give Andrés the same support they gave Román, because having a team that supports him is essential.”

    For his part, Trautmann stated, “I am deeply proud to represent Santander Chile in this new position, a leading bank in the local industry that has made significant contributions to the Group’s global objectives. I know I have a first-class team with whom we will continue to dedicate ourselves strongly to supporting the progress of people and companies with innovative products and services that make their daily lives easier and boost the development of their businesses.”

    In his first appearance as CEO and country head, Trautmann emphasized that “Santander is present in key markets in Europe and the Americas. One of our key goals is precisely to leverage this global capacity and, through our experience and market knowledge, contribute to the growth of Chilean companies that are the driving force of our economy. We also want our more than 4.3 million customers to have a similar service experience in the different geographical areas where the Group operates, so that they feel part of an international entity. This is what they can experience today through the Work/Café branch network deployed in more than nine countries.”

    For his part, Román Blanco stated that “over these three years, we have made great progress in a context where digital banking is advancing rapidly. In this context, we strengthened the growth of Getnet, also adding new features, and Santander Consumer Finance, in addition to the launch of digital accounts and new ways of serving our customers, such as the Work/Café Expresso model.” The executive concluded by thanking “everyone who has been part of this journey over these three years and who has made it possible to accomplish all these achievements. Chile is a country of multiple opportunities and great growth potential. I am convinced that Santander is in the best hands, because through Andrés’s leadership, his business vision, and his ability to work as a team, they will be able to face the new challenges of this industry and achieve the goals we have set for ourselves.”

    Local Perspective with International Experience
    Trautmann, who holds a degree in Business Administration from the University of Chile, has a distinguished career at Santander, having joined the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile, then, between 2010 and 2012, he was in charge of Structured Products Sales in London for Santander UK. From 2013 to 2018, he was responsible for Andean Region Sales for Goldman Sachs in New York. That year, he assumed the position of Head of Markets for Santander’s local subsidiary until 2021, when he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value-added services, products, and solutions.

    From his initial position at Markets, he has led significant achievements such as tripling the growth of the Sales and Trading business and then, from CIB, the Investment Banking area, also driving the expansion of CIB products in large companies, leveraging the global capabilities of the Santander Group. Recently, the executive has also added the Corporate and Institutional Banking and Santander Consumer Finance businesses to his responsibilities, which has given him a comprehensive view of the bank’s management.

    As of March 31, 2025, the bank had total assets of Ch$67,059,423 million (US$70,284 million), total gross loans (including those owed by banks) at amortized cost of Ch$41,098,666 million (US$43,075 million), total deposits of Ch$30,607,715 million (US$32,080 million), and bank owners’ equity of Ch$4,400,233 million (US$4,612 million). The BIS capital ratio was 16.9%, with a core capital ratio of 10.7%. As of March 31, 2025, Santander Chile employed 8,712 people and had 237 branches throughout Chile. Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583

    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network

  • MIL-OSI: Little Pepe Surpasses $3,000,000 Presale Milestone, Ignites Hype Across EVM Layer 2 Meme Space

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 01, 2025 (GLOBE NEWSWIRE) — Viral meme token LILPEPE has already raised over $3 million and is currently in its 4th presale stage, priced at just $0.0013. It’s shaking up the EVM Layer 2 space by merging meme culture with serious blockchain utility—offering lightning-fast transactions, ultra-low fees, and full Ethereum compatibility through the Little Pepe Chain. This innovative blend of virality and infrastructure positions $LILPEPE as a standout project in the next generation of meme space.

    Little Pepe: A New Era of Meme Token Beyond the Hype

    Meme coins have long been viewed as novelty acts—fun, speculative assets with little intrinsic value. But times are changing, and Little Pepe is leading that transformation. Designed from the ground up as a high-speed, low-cost Layer 2 blockchain, the Little Pepe sets a new technical standard while embracing the energy and virality of meme culture.

    Where most meme coins rely solely on community-driven momentum, Little Pepe fuses utility and scalability, making $LILPEPE a token with a real role to play. Built as an ERC-20 token on the Little Pepe, $LILPEPE is more than just a meme fun—it’s the token of a growing ecosystem.

    EVM-Compatible Layer 2: Speed Meets Scalability

    The Layer 2 ecosystem has gained major traction in recent years, especially as Ethereum continues to face scalability and gas fee challenges. Little Pepe addresses those concerns head-on with a network engineered for efficiency. EVM compatibility ensures seamless integration with existing Ethereum-based dApps and wallets, making it easy for developers and users alike to migrate or interact without friction.

    This design choice positions the Little Pepe not just as another Layer 2 solution, but as a meme-powered blockchain that doesn’t sacrifice performance. Its lightning-fast transactions and near-zero gas fees mean users can transact, play, mint, or trade without ever worrying.

    $LILPEPE Presale: Over $3 Million Raised

    $LILPEPE’s presale performance can be a strong indicator of long-term growth. Little Pepe has already crossed the $3 million mark in presale funding, currently sitting in Stage 4. This surge of capital has come from many crypto whales.

    More so, the presale is exclusively available via littlepepe.com, giving investors a chance to get in early before listing on the exchanges. With four stages already underway and a growing community behind it, the momentum is clear.

    Viral Meme Token $LILPEPE

    Timing in crypto is everything, and $LILPEPE arrives at a critical inflection point. Meme coins like PEPE, SHIB, and DOGE have shown that massive gains are possible, but also highlighted the volatility of hype-driven assets. By building real infrastructure beneath the meme, Little Pepe is aiming for something more sustainable.

    The crypto world is hungry for innovation, but also for culture—and Little Pepe provides both. Its blend of humor, decentralization, and technical performance may well mark the arrival of the next big crypto narrative: meme coins with purpose.

    Furthermore, whether you’re a meme enthusiast, a DeFi investor, or someone scouting the next big altcoin breakout, Little Pepe offers something rare in this market: a reason to believe that fun, function, and finance can coexist. With over $3 million raised, a powerful utility token, and a purpose-built Layer 2 chain, $LILPEPE may be early—but it’s already unstoppable.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:
    Website: https://littlepepe.com/
    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details:
    COO-James Stephen
    media@littlepepe.com

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cbb184f-d963-4852-a67a-486c5bb4b5bb

    The MIL Network

  • MIL-OSI Economics: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    Source: Microsoft

    Headline: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President for Experiences and Devices. As a key figure at the helm of Microsoft’s product innovation, he leads a team of tens of thousands of people around the world who have worked to integrate AI into Windows and tools like Microsoft 365, Teams, and more. He’s also a key member of the company’s senior leadership team, which works directly for Microsoft Chairman and CEO Satya Nadella. In this episode, Jha shares his perspective on navigating the complexities of how AI is changing the way we work, and he offers actionable advice on how leaders have to adapt, compete, and bring their people along with them. And now my conversation with Rajesh. Rajesh, thank you so much for being on WorkLab today.  

    RAJESH JHA: Thank you, Molly, for hosting me. It’s a real pleasure to be here with you.  

    MOLLY WOOD: You have more than 30,000 employees, and you run a $100 billion business, which is more than most CEOs do. What are just some of the many lessons I’m sure you have learned from running such a huge organization? 

    RAJESH JHA: It’s been a real privilege to be at Microsoft through so many of the growth years. When I reflect back on my career, there are a few things that are enduring. The mission matters because through the ups and downs, if you have a sense of purpose, you have a North Star, that really does matter. And Microsoft has been really great to always be grounded in our customer successes, our success—this theme of empowerment, from Bill into Steve into Satya. So that was definitely number one. The second thing that I would say is, it seems very trite, but it has really worked for me specifically and my team, is, whenever we are looking at a hard strategic call, we start from, how would the customer react to the decision that we’re making, that has been incredibly grounding, so that’s been enduring. Of course, the team matters, the culture matters, because that’s where the work gets done. And then finally, managing a large business is about, literally, about figuring out how to make elephants dance, because you have a large-scale business, customers expect us to have a certain level of quality and continuity and predictability. At the same time, they take a bet on us to innovate. And so how do you stay nimble and innovate while also being predictable and trustworthy for customers? That is a hard thing to go do, but absolutely essential. It’s an and, it just can’t be an or.  

    MOLLY WOOD: Well, and Microsoft is an elephant that has danced, quite nimbly, for the last 50 years— 

    RAJESH JHA: Sometime clumsily, sometimes nimbly, yes. [laughter]  

    MOLLY WOOD: We’ll focus on the nimble—or not, right, based on your experience in bringing new technologies to market and helping to effectuate some pretty major technological innovations. What insights do you have for leaders who are now navigating this AI transformation?  

    RAJESH JHA: I mean, now is the time for leaders to really consider how their businesses, how their teams, how their skill set—how does that evolve in a world where we are looking at, you know, something at the peer of electricity coming into society, or the internet coming into society. And so it’s time to lean forward, and lean forward in a way that makes sense for their businesses or their business process. It is such a big change that it’s going to probably take a decade to play out, but there is no avoiding the sea change that’s underway now. So some bravery, but bravery on customers’ terms. 

    MOLLY WOOD: Yeah. I’m thinking of leaders who may be wary, who may need a dose of that courage. You’ve spoken about being asked by Steve Ballmer to bring Office to cloud, as one example of a transformation that maybe you were a little wary about. Can you walk us through that experience and how it might give a shot of courage for folks today. 

    RAJESH JHA: This was, you know, back maybe 15 years ago, Microsoft was incredibly profitable and the cloud was a question mark for many at Microsoft. A) would this technology be mature enough? B) is the business model, because the margins were going to be lower on the cloud than our old business model of being on premises. Number three, would we be able to transform fast enough? Because Microsoft had grown up being a server company, a client company, and would we be able to transcend that to be about cloud and mobile. And they were all very important questions. And there was a lot of, you know, let’s hold back. Let’s see if this trend is really real or not. And Steve showed incredible courage by going all in. What Steve did was he gave license to people to go and learn, even if we were not perfect on day one. And so the big lesson for me in how Steve started that journey was, leaders, if you have hesitation, whether it’s a business model hesitation or cultural hesitation, skill hesitation, it’s very hard for the teams to rally behind something where the leader themselves are half-hearted. So that was a very big moment for us, because he was unambiguous about, hey, this is the way that software is going to be delivered in the future. This is the way we can democratize the value we bring to customers. And there were a lot of benefits, and we are just going to go all in.  

    MOLLY WOOD: So leaders have to go all in. But I would imagine it’s not a—progress is not always a straight line. 

    RAJESH JHA: No, it wasn’t. And even with us in the cloud, it wasn’t. But the main thing is, leaders have to lead. And when you’re taking a look, the hard things are process, business model change, culture change, skill change. They’re all incredibly hard, and that’s why there has to be a commitment from the top that we are going to see this through. And then we were eyes wide open as what our deficiencies were. And so we didn’t have the right skill set. We trained people, we brought in new people, we embraced the red—all the things that we were not doing well in this new transformation. We were very open, very honest. It just takes leadership to set the tone here and to set the things in motion. 

    MOLLY WOOD: Right, and to your point, persistence and belief that it is the right direction so that you stay on that road even when it gets hard.  

    RAJESH JHA: That is correct, Molly, absolutely. And then one additional point I would make with persistence and belief is, it’s one thing to say it, it’s another thing to allocate resources to that belief. We have a quote, which is, if you really want to see the strategy of an organization, you’ve got to see where they’re allocating resources.  

    MOLLY WOOD: On the one hand, it sounds like you’re saying, get comfortable with chaos—  

    RAJESH JHA: Controlled chaos, Molly. Controlled chaos.   

    MOLLY WOOD: Then of course there’s the question of how not to break things. You know, security becomes a big concern with incorporating AI, doing it in a way that doesn’t introduce more problems. What is your advice for having proper guardrails in place as you transform in the AI age?  

    RAJESH JHA: So, I’m gonna answer that in two parts. Part one is, what do I mean by controlled chaos? So Satya invited Scott Guthrie, myself, Charlie [Bell] as the three big product leaders at Microsoft to go over to Bill’s house to see GPT-4, and Satya’s exact comment to me at that time was, I’ve gotta get you guys to be believers. And he had already seen it. And so he and Kevin Scott, they were already on board about the capabilities. So anyway, we go over to Bill’s house, it was in the kitchen area, where the OpenAI folks had put in a demo and they had a grader who grades AP biology there. The thing that really got me was it was not just the multiple choice questions that the model was doing a great job of, it was doing a great job on the written answers. There was some of the AP biology stuff, I’ve studied some biology, but they were far above my ability to understand. And so I look at all of that, I’m completely blown away. But then, for me, the big moment was when Bill asked the question, what would you say to the parent of a sick child, and the empathy or the humanity, almost, that it was able to convey in the answer was like, I would’ve felt proud to have written such a thoughtful note. And I was like, god, this is really, I mean, we are leaving behind the low-altitude handshake between computing and humanity. We are taking a look at something that can be almost at the pure level. And so now, fast-forward, it’s not that long, two years, and we are at the point where we are talking about agents and digital labor and people working together. 

    MOLLY WOOD: But that was it, that worked. You became believers. 

    RAJESH JHA: For me, that was it. I lead a large organization, and I see lots of cool stuff all the time, and part of my job is to make sure the trains keep running on time, but make sure I’m open-minded about big things. And when big things show up, I try to scope it and manage it. I have never in my 30 years ever gone to my team and said, drop all your plans. And for me, that was it. None of the existing plans matter anymore. I huddled all my senior leaders, and I said, Folks, I want you all to run a hundred miles an hour. It’s going to be very uncomfortable, because we’re going to unleash some amount of chaos, but let’s make sure we harden our processes that this chaos does not make its way to customers. So what I mean by controlled chaos is, if you’re unleashing a lot of activity all at once, you need to have the mitigating controls and the guardrails to make sure the chaos is controlled and managed. And so we huddled together to make sure our processes were hardened. So that’s one of the things with controlled chaos. But one of the guardrails that is not negotiable is security, as you correctly pointed out. So in our implementation of AI, we started very much from the mindset of, how does the AI inherit all the existing security and governance controls that an organization already has? It’s one thing to come and tell them, hey, rethink all your business process, rethink your scaling, rethink how work is done, and rethink your security and governance. It’s just not doable. And so we architected this from the ground up, that, for example, when you use Microsoft Copilot, it is using your permissions, so it only has access to what you have access to. It can never do any more than what you might do as a human. And then we also made sure that it was the mindset of a copilot, not an autopilot, and so the humans were always in control. So this way, whatever governance, data classification, permissions, you know, conditional access, retention policies—whatever a customer had, and how they managed human-to-human conversations, all of that accreted to human-to-AI conversation. That was a very hard guardrail we knew we just could not compromise.  

    MOLLY WOOD: But I want to go back to the example that you just gave, this moment of having this experience and realizing how— 

    RAJESH JHA: Profound. 

    MOLLY WOOD: Profound—exactly—and sophisticated these models were, because those are the kind of moments that give you the faith to go all in. 

    Rajesh Jha: Just to go back to that moment, Molly, I mean, to think as an engineer, as somebody who’s been in the tech industry a long time, who’s been through so many of the transformations, the big takeaway for me was, you know, for the first time computing, so far, human and machine interaction has been very much—machines are very low level. You know, we interact with pixels, we click on things, we read stuff. When I come in to work, I don’t come in to work thinking, oh, I should do 16 minutes of email and then read four documents and then, you know, open that spreadsheet, take a look at that budget. I come in thinking, I’ve got to work on budget today. So I think at a high level of intent, but then my intent to decompose is, either on my device, on a bunch of icons I’m swiping through, flipping from application to application, or going really low level—reading emails and then clicking a link. And so high-level intent gets reduced to low-level clerical work, almost. So when I saw this demo, I was like, Wow, the interaction is going to change. It is not going to be intent and then reduced to low-level stuff. AI is going to have the capability to have a human-to-human-like conversation. So intent, high-level intent to high-level intent, and that was what was the big takeaway for me. This is the computing for the last 35 years. One thing that hadn’t changed was a fundamental interaction pattern between people and their devices, and that was going to change, because now you could express, hey, I want to write a document that has the following three ideas, take a look at the relevant stuff in my enterprise and on the web—and can you compose a report for me? That is the kind of thing that I would tell another human being if there was a new hire in my team and, you know, I was thinking about a project to give them. This is the kind of way I might express the project to them, and then they will go in and do the work, check in with me, and we go back and forth. Now that was going to be possible.  

    MOLLY WOOD: Let’s keep talking about that idea of leveling up. We now live in a world where I may get an email from your account and I may not know if it was written by you or an AI, and that may not matter.  

    RAJESH JHA: You know, in some ways, it’s not that different from what happens for some of us. Let’s say I was to send a large piece of email to my team. I would actually work with my staff and my leadership team to get the latest status on a few things, and then I would put it in my words, and I would send it out. Now, everybody has that ability, because what the copilot does, you know, if I’m responding to a customer today, I go to my engineer who’s working on the customer issues, and say, hey, what is the latest status on this? And I would take a look at some of the other past conversations. I would try and respond to the customer that way. Now the copilot is doing that for me. It’s taking a look at my past emails. It reaches out to the customer service database. It tells me the latest status on this. It creates me a draft that I then go write and I send it out. And in some ways, I get reminded of, my dad used to run a large steel plant in India, and I visited him about 20 years ago. I walked into his office and he was very proud, because they had just gotten email, and I was working at Microsoft, and he had just gotten email. His secretary walked in at that time, and she said, Mr. Jha, I’ve got your morning messages for you, and here’s a message that I’m just going to go reach out to your technical assistant or respond to this person. This one, I know what to do already. This one, what would you like me to tell the customer, this person’s asking for dinner tomorrow. You’re free. And they were done in 15 minutes, and she left. And I looked at my dad, and I said, god, you’re so old-fashioned. Somebody’s actually printing your email, reading and coming and talking to you about it, whereas, look at me, I’m carrying it on my phone. I can get to it anywhere. But now, you know, I understand he was a smart guy, and I’m a digital clerk. I do all the clerical work myself. You know, I’m sorting messages. I’m replying to staff. I don’t come in to work thinking I should be a digital clerk. I come in to work because I want to lead a team, build products and value. That is what AI is now going to do. It’s going to take the clerical part for all of us, and will automate a lot of clerical parts to let the human ingenuity and the creativity and really let us focus on the intent and the meaning of our work.  

    MOLLY WOOD: We need help, Rajesh. We need help. [laughter] Well, speaking of delivering that help to customers, it’s been about a year, year and a half, since Microsoft 365 Copilot launched. Do you have stories from the trenches? Are there fun examples you can share about how this has gone?  

    RAJESH JHA: Really well. Ever since I came to Microsoft, this is the fastest adoption we’ve seen. When a customer buys a license and gives it to an end user, because the copilot is integrated into your user flows in Office, or Teams in a meeting, or so on and so forth, we see very good uptake in usage and retention. Some things that surprised me a little bit—and in hindsight, perhaps not so surprising—is the amount of customizations that customers do want for AI. I have feedback from some customers saying, hey, your AI, I want it to engage more because, you know, we build safety into our AI so it will not engage on some topics. Some customers want it to engage more, some want it to engage less. So they want to customize that. One of the things that some customers ask for is, hey, I would like your AI to not reach out to the web. I only want it to work with the stuff that’s in my enterprise. And I say, yeah, we’ve got that configuration for you. But can I ask you why? If you allow your employees to be able to use the browser and search the web as a part of their job, why is it not okay for the copilot that’s acting on their behalf to reach out on the web and assist them? So I’m surprised with the amount of configuration that enterprises want, which is, of course, enterprises have different business rules and process, so we built many more customizations in M365 Copilot than I had anticipated coming in. 

    MOLLY WOOD: I read some research recently where one of the AI firms said that they had done some analysis and found themselves really surprised at how long the long tail of interactions with AI are.  

    RAJESH JHA: So true. This generation of AI is about information work. It changes how people write, learn, collaborate, read, and so there’s a long tail. Not all of us triage information the same way.  

    MOLLY WOOD: What are some best practices that are starting to emerge? Because certainly every enterprise is going to adopt differently, interact differently, and then have different use cases that may or may not make their experience work.  

    RAJESH JHA: That’s a great question. I would say the successful implementations that we see are the first stage, of course, is to enable people to get productivity boosts with the AI, where the AI is really assisting you. And then the next most important thing that customers end up doing that gives them a real return on investment is to rethink their high-value business process or high-cost business processes, and figure out how to reconfigure that with agents that can automate a bunch of those processes to be either more effective or more efficient. That, I think, is changing the way work happens. For example, if you’re a lawyer and you’re working with a bunch of documents, instead of having—somebody spent a lot of time going through the past relevant briefs and composing a new template. How do you change a new brief creation? How do you change an approval process? How do you change a customer support ticket handling? How do you change a marketing campaign? How do you change a developer workflow? I see customers actually taking a business process, and they are rewiring that for a world where people and AI can work together to automate that, to make it more effective, more efficient. So that is a good best practice, is not trying to solve a hundred business processes, but taking a few and going really deep and measuring the ROI and tweaking that, because then the payoff is right there. 

    MOLLY WOOD: Well, and to dig in a little further, it also sounds like what you’re saying is that companies and CIOs maybe need to commit. Like, if you don’t commit, if you don’t plug Copilot in, if you don’t enable the full Microsoft Graph, if you maybe don’t give access to the web, people are still going to find these tools and use some version of them that might not be as good as they could be if you really do go all in. 

    RAJESH JHA: Yeah, Molly, it’s exactly right. I mean, it goes back to the point we made, which is, leaders, have, you know, leaders have to lead. And the reason why they have to lead here in this transformation is, if a support organization, a marketing organization, engineering organization is wired to work the old way, they are not automatically going to rewire themselves for a world where AI can do a bunch of tasks and people’s tasks change. That’s not going to happen, bottom-up. It’s going to have to happen from the leaders leaning in and saying, okay, you know, am I sure that I have the right compliance and governance and security? Because those are non-negotiable. But once I have that, how do I lead the way where I empower and I get to a world where AI assisting, to agents and people working together? One of the concepts we’ve talked about, and it’s come out in the new Work Trend Index is, corporations, for the longest time, have had static org charts, and every once in a while you do a reorganization and you reconfigure teams for your new evolving business priorities. But those things are not very frequent, nor should they be very frequent, because there’s a huge lag to those things. The way work happens is people, it’s, teams are less static and they’re more outcome-driven. Some of this started to happen post-COVID also, where the fluidity of the team composition was not represented in the org chart. That thing is going to accelerate far more in a world where digital labor and people, agents and people, are going to work together as business processes get rewired. None of this is going to be possible without leaders committing to that. And the way you can commit to it is by taking a few processes that are incredibly important for your business’ top line or your profitability because it’s a high-cost thing, and trying to figure out how to reconfigure those things for people and agents working together in one team. 

    MOLLY WOOD: What do you wish business leaders understood about AI agents to help them make that commitment? 

    RAJESH JHA: The first thing I would just say is, like, it’s not some distant future, it’s happening now. My product management team, they ran a research today of a bunch of different organizations, and this time, you know, usually we talk to 30,000 people across different organizations, 30 different countries. This time, they also reached out to AI-native companies that have started to emerge, so-called frontier companies. And if you take a look at the frontier companies, it is very obvious that the way the distribution of human work and digital labor, how that gets constituted, there’s very interesting patterns that are starting to emerge. The first thing I would just tell leaders is—of established companies such as myself, my peers, and the rest of large organizations—it’s possible today to take full advantage of agents. The security model exists, the identity model exists, the user interface exists. The hard work here is to actually go pick the processes that give you the most bang for the buck and then be rigorous about measuring that. And this is why we invested in something called the Copilot Impact Dashboard, so customers can take their core KPIs and they can measure how the copilot is moving those KPIs. So be rigorous, but be forward-looking. It’s not, hey, let’s just take a leap of faith and let’s get agents everywhere. Be rigorous with security. Be rigorous with governance. Measure the ROI, but pick the processes that you’re going to go add agents to. 

    MOLLY WOOD: It seems like the other tension, in addition to going all in, right, in addition to commitment, is pace, the pace of introducing that change, going fast to keep up to, you know, be pushed properly by Frontier Firms, but not compromising security and guardrails. 

    RAJESH JHA: And so on the pace, it’s a super good tension that you pick up on, and we deal with the tension all the time ourselves at Microsoft. What is hard is to have pace at scale. But what’s not hard is to have pace at smaller scale. I’m not advocating for a large organization to go and say, go rewire all your business process, fast, into the frontier methodology. I’m saying, pick a few that are really important to you and go with base on those, learn from that. Meanwhile, invest in skilling. Meanwhile, invest in assistance for everybody else. And that’s what we do, too, in my team. We want to move very quickly, but we move very quickly in a scoped garden with a few processes, a few customers, and then once we are sure it is mature and it’s ready, do we then scale it out. So, moving fast doesn’t mean move fast all over, all at once, if you’re a large organization. It means you’re moving fast by having picked and assessed. And, you know, which way do you want to go fast and where do you want to go more cautiously, and then take the lessons from moving fast and more broadly. 

    MOLLY WOOD: Right. It’s so valuable to put a fine point on that, because any problem is manageable in component parts. 

    RAJESH JHA: Hundred percent. Hundred percent. And picking is the important thing. But if you pick something unimportant that you’re moving fast on, you’re not really learning a lot either. 

    MOLLY WOOD: Right. Then the other tension, the technology itself is moving really fast, so you might have incorporated something, you’re doing a great job measuring it, and now there’s a whole new tool. How do you advise business leaders to keep up?  

    RAJESH JHA: The playbook is still the same. You have to figure out how to move fast and stay predictable at the same time. And the way you do that is by managing where you move fast and by having rigorous measures of whether the ROI is working out or not. Because you’re a hundred percent right. I mean, the compression of innovation that I’m seeing in the AI wave is like nothing that we’ve seen before in the last 30 years. 

    MOLLY WOOD: So as we talk about committing, you know, it’s one thing to say, maybe give your model access to the web, but there’s this Microsoft Graph that it seems like really unlocks that power. 

    RAJESH JHA: The Microsoft Graph is really not Microsoft’s graph. It is a graph for the customer. It’s owned by the customer. And what it captures is how people inside of their organization work together—the meetings that are important, the documents that have been created, the chats and the projects that people are working on—the business processes that run in their organization, that is all a part of the Microsoft Graph. So you take the power of a reasoning model that now has access to the graph—remember again, the reasoning model has access to the same things that you would as an individual. So when I ask a reasoning model or an agent to work on my behalf on Microsoft Graph, it is working with my permissions. But now it has the ability to read far more, process far more than I would be able to. You take the unique intellectual property of the customer in the graph with all the right permissions overlaid, and then you let AI work on that, along with what’s available in the web, on the world knowledge, your enterprise knowledge—that is the real enabler. So what is great about the researcher in Microsoft 365 Copilot is that it works with your enterprise permissions and your enterprise data, everything that is in the graph. And that is what I think is a real breakthrough. Now you’ve got the makings of a digital employee, somebody who was able to come in, join an organization, and take advantage of all the intellectual property with all the permissioning honored, and take that and be a part of producing output for the company.  

    MOLLY WOOD: Right. I mean, it’s institutional knowledge, like, think about what a great employee I could be if I knew all the context and all the history that a company had gone through. 

    RAJESH JHA: Exactly. And all the relevant, you know, escalations, projects, all of that stuff. 

    MOLLY WOOD: Switching gears a little. You work very closely with Microsoft CEO Satya Nadella. Are there questions that he regularly asks you that you think all leaders should be asking their employees? 

    RAJESH JHA: I think fundamentally my boss, you know, Satya, I mean, he’s pushing me on exactly the set of questions you were asking, on my own organization. The way he describes the priorities that I have and my peer groups have, three priorities—quality, security, and AI transformation, are you moving fast? Fully understanding that quality and security and then moving fast, sometimes are intentions, but that’s what he’s saying. Are you doing your job to do all of these at the same time? A lot of the thrust of his conversations, questions are, are you evolving your own team to be frontier, and what’s getting in your way? Because whatever we learn then applies to our customers. So are we applying the same methodology to make your enterprise-grade securities non-negotiable. And then at the same time, are you moving fast to take full advantage? Are you really rethinking your production functions? So I would say all of his questions and interactions distill into these three things, and are we doing a good job balancing these three things.  

    MOLLY WOOD: This company has reinvented itself many times. What are the key lessons that we and all business leaders should take from those reinventions? 

    RAJESH JHA: I would say again, mission matters. Through those 50 years, our mission is a theme around empowerment, so number one. Number two, I would say is, team culture matters, of course, because the how and where the work—there’s no substitute for that. But then I would say you gotta do the and, it’s never an or. How do you stay scaled and perform while waiting and disrupting at the same time? That comes down to strong leadership, it comes down to good processes. Then, what you touched on that I want to reiterate is, you know, just resiliency. We didn’t get everything right in the last 50 years. We made mistakes, but being resilient, learning from the mistakes, embracing the red so we can do a better job the next time. I think those are all components that I would just say we benefited from having incredible CEOs from Bill and Steve and Satya, so that has been an amazing, you know, learning experience for me and many others to work with those three amazing individuals.  

    MOLLY WOOD: If our listeners could take away one actionable AI-related insight from you, what would it be? 

    RAJESH JHA: I would say, go embrace agents. Pick out your most important processes, reimagine them how agents and digital labor can rewire that. 

    MOLLY WOOD: We love to ask our WorkLab guests how they are using AI themselves, either at work or in your personal life. Are there use cases that have been really helpful for you that you’re willing to talk about? 

    RAJESH JHA: Yeah, the one thing we didn’t talk about that I feel is just mind-blowing, is this reasoning models. You know, today, Molly, you and I going back and forth, then you ask me a hard question, I’ll give you an answer off the cuff. But if you tell me, Rajesh, go think about it and come back to me. And, you know, I have a set of tools available to me and I come back to you, I’m going to give you a much better answer. And so with the reasoning model, that’s what’s happening. We are now letting the AI actually go reason over stuff, give it more time, more compute, and more tools. And so for me, the real breakthrough was every quarter I sit down with my leadership team to take a look at our plans for the next six months. So I ran the researcher model. The researcher model is a deep reasoning model in M365 Copilot that works with the graph and the web, and I asked it, hey, I’m about to have an off-site with my leadership team to take a look at the plans for the next six months, take a look at the competitive landscape, take a look at customer feedback, take a look at all the ideas that have been accumulating in the team, and try and give me a draft of what might be a good starting point for our off-site for the next six-month planning. It was incredible. It was able to get through my email and documents that I hadn’t fully read but my team was iterating on, it looked at the last year’s plans to take a look at the competitive landscape, gave me a great five-page, actually it was eight-page, document that I can now go and tweak and make it my own, and overlay my perspective and use as a starting point. The other one is, like, often I talk to customers, and before I get on the call, I ask my agent—it’s called a KYC agent that my team built, which is, know your customer—and so before I get on to a call with a customer, I go into that agent experience in M365 Copilot and say, can you bring me up to speed on this customer? And it’s able to get to the support tickets, their adoption, their past communications with me, all of that stuff. And I often end up showing the customer the output, and we walk through it, and their question is like, how did you generate that? And in personal life, you want to make a big purchase, you want to do a seven-day trip planning, you want to buy a new car. You know, instead of clicking on 40 links, they can do a lot of research for you and show you that. So I use it for a lot of that too. 

    MOLLY WOOD: Fast-forward for us, three to five years, if possible. What do you think could be the most profound change in the way we work? 

    RAJESH JHA: You know, I think it goes back to the reconstitution of the workforce between humans and digital labor. I think the way we think about org charts, the way we think about groups coming together, the way we think about production function. I mean, it is a big deal to have intelligence be abundant and for it to be affordable. At the same time, I feel very encouraged about what people can uniquely do when you take a lot of the grind and predictability and, you know, have a colleague that is intelligent. I mean, I feel very bullish about how the economy is going to evolve. It won’t be a straight line. There will be scale backs in some of the roles that we think about investing in today, but there will be new roles we’ll be creating. So it’s very hard to predict exactly how it’s going to play out or whether that’s a three-year horizon, five-year horizon, but I do think that is a very clear trend of where we are headed. 

    MOLLY WOOD: Rajesh Jha is Microsoft’s Executive Vice President of Experiences and Devices. Thank you so much for the time today. I couldn’t appreciate it more. 

    RAJESH JHA: Thank you, Molly. I really do appreciate the time as well. 

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President of Experiences and Devices. Thank you all so much for joining us on this final episode of this season of WorkLab. We’ll be back next season with more insights on how to stay ahead of the curve while the way we work is transforming so quickly. If you’ve got a question or a comment, please drop us an email at worklab@microsoft.com, and check out Microsoft’s Work Trend Indexes and the WorkLab digital publication, where you’ll find all our episodes along with thoughtful stories that explore how business leaders are thriving in today’s new world of work. You can find all of it at microsoft.com/worklab. As for this podcast, please, if you don’t mind, rate us, review us, and follow us wherever you listen. It helps us out a ton. The WorkLab podcast is a place for experts to share their insights and opinions. As students of the future of work, Microsoft values inputs from a diverse set of voices. That said, the opinions and findings of our guests are their own and they may not necessarily reflect Microsoft’s own research or positions. WorkLab is produced by Microsoft with Godfrey Dadich Partners and Reasonable Volume. I’m your host, Molly Wood. Sharon Kallander and Matthew Duncan produced this podcast. Jessica Voelker is the WorkLab editor. 

    MIL OSI Economics

  • MIL-OSI Economics: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    Source: Microsoft

    Headline: Podcast: Microsoft EVP Rajesh Jha on leading with courage in the AI era

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President for Experiences and Devices. As a key figure at the helm of Microsoft’s product innovation, he leads a team of tens of thousands of people around the world who have worked to integrate AI into Windows and tools like Microsoft 365, Teams, and more. He’s also a key member of the company’s senior leadership team, which works directly for Microsoft Chairman and CEO Satya Nadella. In this episode, Jha shares his perspective on navigating the complexities of how AI is changing the way we work, and he offers actionable advice on how leaders have to adapt, compete, and bring their people along with them. And now my conversation with Rajesh. Rajesh, thank you so much for being on WorkLab today.  

    RAJESH JHA: Thank you, Molly, for hosting me. It’s a real pleasure to be here with you.  

    MOLLY WOOD: You have more than 30,000 employees, and you run a $100 billion business, which is more than most CEOs do. What are just some of the many lessons I’m sure you have learned from running such a huge organization? 

    RAJESH JHA: It’s been a real privilege to be at Microsoft through so many of the growth years. When I reflect back on my career, there are a few things that are enduring. The mission matters because through the ups and downs, if you have a sense of purpose, you have a North Star, that really does matter. And Microsoft has been really great to always be grounded in our customer successes, our success—this theme of empowerment, from Bill into Steve into Satya. So that was definitely number one. The second thing that I would say is, it seems very trite, but it has really worked for me specifically and my team, is, whenever we are looking at a hard strategic call, we start from, how would the customer react to the decision that we’re making, that has been incredibly grounding, so that’s been enduring. Of course, the team matters, the culture matters, because that’s where the work gets done. And then finally, managing a large business is about, literally, about figuring out how to make elephants dance, because you have a large-scale business, customers expect us to have a certain level of quality and continuity and predictability. At the same time, they take a bet on us to innovate. And so how do you stay nimble and innovate while also being predictable and trustworthy for customers? That is a hard thing to go do, but absolutely essential. It’s an and, it just can’t be an or.  

    MOLLY WOOD: Well, and Microsoft is an elephant that has danced, quite nimbly, for the last 50 years— 

    RAJESH JHA: Sometime clumsily, sometimes nimbly, yes. [laughter]  

    MOLLY WOOD: We’ll focus on the nimble—or not, right, based on your experience in bringing new technologies to market and helping to effectuate some pretty major technological innovations. What insights do you have for leaders who are now navigating this AI transformation?  

    RAJESH JHA: I mean, now is the time for leaders to really consider how their businesses, how their teams, how their skill set—how does that evolve in a world where we are looking at, you know, something at the peer of electricity coming into society, or the internet coming into society. And so it’s time to lean forward, and lean forward in a way that makes sense for their businesses or their business process. It is such a big change that it’s going to probably take a decade to play out, but there is no avoiding the sea change that’s underway now. So some bravery, but bravery on customers’ terms. 

    MOLLY WOOD: Yeah. I’m thinking of leaders who may be wary, who may need a dose of that courage. You’ve spoken about being asked by Steve Ballmer to bring Office to cloud, as one example of a transformation that maybe you were a little wary about. Can you walk us through that experience and how it might give a shot of courage for folks today. 

    RAJESH JHA: This was, you know, back maybe 15 years ago, Microsoft was incredibly profitable and the cloud was a question mark for many at Microsoft. A) would this technology be mature enough? B) is the business model, because the margins were going to be lower on the cloud than our old business model of being on premises. Number three, would we be able to transform fast enough? Because Microsoft had grown up being a server company, a client company, and would we be able to transcend that to be about cloud and mobile. And they were all very important questions. And there was a lot of, you know, let’s hold back. Let’s see if this trend is really real or not. And Steve showed incredible courage by going all in. What Steve did was he gave license to people to go and learn, even if we were not perfect on day one. And so the big lesson for me in how Steve started that journey was, leaders, if you have hesitation, whether it’s a business model hesitation or cultural hesitation, skill hesitation, it’s very hard for the teams to rally behind something where the leader themselves are half-hearted. So that was a very big moment for us, because he was unambiguous about, hey, this is the way that software is going to be delivered in the future. This is the way we can democratize the value we bring to customers. And there were a lot of benefits, and we are just going to go all in.  

    MOLLY WOOD: So leaders have to go all in. But I would imagine it’s not a—progress is not always a straight line. 

    RAJESH JHA: No, it wasn’t. And even with us in the cloud, it wasn’t. But the main thing is, leaders have to lead. And when you’re taking a look, the hard things are process, business model change, culture change, skill change. They’re all incredibly hard, and that’s why there has to be a commitment from the top that we are going to see this through. And then we were eyes wide open as what our deficiencies were. And so we didn’t have the right skill set. We trained people, we brought in new people, we embraced the red—all the things that we were not doing well in this new transformation. We were very open, very honest. It just takes leadership to set the tone here and to set the things in motion. 

    MOLLY WOOD: Right, and to your point, persistence and belief that it is the right direction so that you stay on that road even when it gets hard.  

    RAJESH JHA: That is correct, Molly, absolutely. And then one additional point I would make with persistence and belief is, it’s one thing to say it, it’s another thing to allocate resources to that belief. We have a quote, which is, if you really want to see the strategy of an organization, you’ve got to see where they’re allocating resources.  

    MOLLY WOOD: On the one hand, it sounds like you’re saying, get comfortable with chaos—  

    RAJESH JHA: Controlled chaos, Molly. Controlled chaos.   

    MOLLY WOOD: Then of course there’s the question of how not to break things. You know, security becomes a big concern with incorporating AI, doing it in a way that doesn’t introduce more problems. What is your advice for having proper guardrails in place as you transform in the AI age?  

    RAJESH JHA: So, I’m gonna answer that in two parts. Part one is, what do I mean by controlled chaos? So Satya invited Scott Guthrie, myself, Charlie [Bell] as the three big product leaders at Microsoft to go over to Bill’s house to see GPT-4, and Satya’s exact comment to me at that time was, I’ve gotta get you guys to be believers. And he had already seen it. And so he and Kevin Scott, they were already on board about the capabilities. So anyway, we go over to Bill’s house, it was in the kitchen area, where the OpenAI folks had put in a demo and they had a grader who grades AP biology there. The thing that really got me was it was not just the multiple choice questions that the model was doing a great job of, it was doing a great job on the written answers. There was some of the AP biology stuff, I’ve studied some biology, but they were far above my ability to understand. And so I look at all of that, I’m completely blown away. But then, for me, the big moment was when Bill asked the question, what would you say to the parent of a sick child, and the empathy or the humanity, almost, that it was able to convey in the answer was like, I would’ve felt proud to have written such a thoughtful note. And I was like, god, this is really, I mean, we are leaving behind the low-altitude handshake between computing and humanity. We are taking a look at something that can be almost at the pure level. And so now, fast-forward, it’s not that long, two years, and we are at the point where we are talking about agents and digital labor and people working together. 

    MOLLY WOOD: But that was it, that worked. You became believers. 

    RAJESH JHA: For me, that was it. I lead a large organization, and I see lots of cool stuff all the time, and part of my job is to make sure the trains keep running on time, but make sure I’m open-minded about big things. And when big things show up, I try to scope it and manage it. I have never in my 30 years ever gone to my team and said, drop all your plans. And for me, that was it. None of the existing plans matter anymore. I huddled all my senior leaders, and I said, Folks, I want you all to run a hundred miles an hour. It’s going to be very uncomfortable, because we’re going to unleash some amount of chaos, but let’s make sure we harden our processes that this chaos does not make its way to customers. So what I mean by controlled chaos is, if you’re unleashing a lot of activity all at once, you need to have the mitigating controls and the guardrails to make sure the chaos is controlled and managed. And so we huddled together to make sure our processes were hardened. So that’s one of the things with controlled chaos. But one of the guardrails that is not negotiable is security, as you correctly pointed out. So in our implementation of AI, we started very much from the mindset of, how does the AI inherit all the existing security and governance controls that an organization already has? It’s one thing to come and tell them, hey, rethink all your business process, rethink your scaling, rethink how work is done, and rethink your security and governance. It’s just not doable. And so we architected this from the ground up, that, for example, when you use Microsoft Copilot, it is using your permissions, so it only has access to what you have access to. It can never do any more than what you might do as a human. And then we also made sure that it was the mindset of a copilot, not an autopilot, and so the humans were always in control. So this way, whatever governance, data classification, permissions, you know, conditional access, retention policies—whatever a customer had, and how they managed human-to-human conversations, all of that accreted to human-to-AI conversation. That was a very hard guardrail we knew we just could not compromise.  

    MOLLY WOOD: But I want to go back to the example that you just gave, this moment of having this experience and realizing how— 

    RAJESH JHA: Profound. 

    MOLLY WOOD: Profound—exactly—and sophisticated these models were, because those are the kind of moments that give you the faith to go all in. 

    Rajesh Jha: Just to go back to that moment, Molly, I mean, to think as an engineer, as somebody who’s been in the tech industry a long time, who’s been through so many of the transformations, the big takeaway for me was, you know, for the first time computing, so far, human and machine interaction has been very much—machines are very low level. You know, we interact with pixels, we click on things, we read stuff. When I come in to work, I don’t come in to work thinking, oh, I should do 16 minutes of email and then read four documents and then, you know, open that spreadsheet, take a look at that budget. I come in thinking, I’ve got to work on budget today. So I think at a high level of intent, but then my intent to decompose is, either on my device, on a bunch of icons I’m swiping through, flipping from application to application, or going really low level—reading emails and then clicking a link. And so high-level intent gets reduced to low-level clerical work, almost. So when I saw this demo, I was like, Wow, the interaction is going to change. It is not going to be intent and then reduced to low-level stuff. AI is going to have the capability to have a human-to-human-like conversation. So intent, high-level intent to high-level intent, and that was what was the big takeaway for me. This is the computing for the last 35 years. One thing that hadn’t changed was a fundamental interaction pattern between people and their devices, and that was going to change, because now you could express, hey, I want to write a document that has the following three ideas, take a look at the relevant stuff in my enterprise and on the web—and can you compose a report for me? That is the kind of thing that I would tell another human being if there was a new hire in my team and, you know, I was thinking about a project to give them. This is the kind of way I might express the project to them, and then they will go in and do the work, check in with me, and we go back and forth. Now that was going to be possible.  

    MOLLY WOOD: Let’s keep talking about that idea of leveling up. We now live in a world where I may get an email from your account and I may not know if it was written by you or an AI, and that may not matter.  

    RAJESH JHA: You know, in some ways, it’s not that different from what happens for some of us. Let’s say I was to send a large piece of email to my team. I would actually work with my staff and my leadership team to get the latest status on a few things, and then I would put it in my words, and I would send it out. Now, everybody has that ability, because what the copilot does, you know, if I’m responding to a customer today, I go to my engineer who’s working on the customer issues, and say, hey, what is the latest status on this? And I would take a look at some of the other past conversations. I would try and respond to the customer that way. Now the copilot is doing that for me. It’s taking a look at my past emails. It reaches out to the customer service database. It tells me the latest status on this. It creates me a draft that I then go write and I send it out. And in some ways, I get reminded of, my dad used to run a large steel plant in India, and I visited him about 20 years ago. I walked into his office and he was very proud, because they had just gotten email, and I was working at Microsoft, and he had just gotten email. His secretary walked in at that time, and she said, Mr. Jha, I’ve got your morning messages for you, and here’s a message that I’m just going to go reach out to your technical assistant or respond to this person. This one, I know what to do already. This one, what would you like me to tell the customer, this person’s asking for dinner tomorrow. You’re free. And they were done in 15 minutes, and she left. And I looked at my dad, and I said, god, you’re so old-fashioned. Somebody’s actually printing your email, reading and coming and talking to you about it, whereas, look at me, I’m carrying it on my phone. I can get to it anywhere. But now, you know, I understand he was a smart guy, and I’m a digital clerk. I do all the clerical work myself. You know, I’m sorting messages. I’m replying to staff. I don’t come in to work thinking I should be a digital clerk. I come in to work because I want to lead a team, build products and value. That is what AI is now going to do. It’s going to take the clerical part for all of us, and will automate a lot of clerical parts to let the human ingenuity and the creativity and really let us focus on the intent and the meaning of our work.  

    MOLLY WOOD: We need help, Rajesh. We need help. [laughter] Well, speaking of delivering that help to customers, it’s been about a year, year and a half, since Microsoft 365 Copilot launched. Do you have stories from the trenches? Are there fun examples you can share about how this has gone?  

    RAJESH JHA: Really well. Ever since I came to Microsoft, this is the fastest adoption we’ve seen. When a customer buys a license and gives it to an end user, because the copilot is integrated into your user flows in Office, or Teams in a meeting, or so on and so forth, we see very good uptake in usage and retention. Some things that surprised me a little bit—and in hindsight, perhaps not so surprising—is the amount of customizations that customers do want for AI. I have feedback from some customers saying, hey, your AI, I want it to engage more because, you know, we build safety into our AI so it will not engage on some topics. Some customers want it to engage more, some want it to engage less. So they want to customize that. One of the things that some customers ask for is, hey, I would like your AI to not reach out to the web. I only want it to work with the stuff that’s in my enterprise. And I say, yeah, we’ve got that configuration for you. But can I ask you why? If you allow your employees to be able to use the browser and search the web as a part of their job, why is it not okay for the copilot that’s acting on their behalf to reach out on the web and assist them? So I’m surprised with the amount of configuration that enterprises want, which is, of course, enterprises have different business rules and process, so we built many more customizations in M365 Copilot than I had anticipated coming in. 

    MOLLY WOOD: I read some research recently where one of the AI firms said that they had done some analysis and found themselves really surprised at how long the long tail of interactions with AI are.  

    RAJESH JHA: So true. This generation of AI is about information work. It changes how people write, learn, collaborate, read, and so there’s a long tail. Not all of us triage information the same way.  

    MOLLY WOOD: What are some best practices that are starting to emerge? Because certainly every enterprise is going to adopt differently, interact differently, and then have different use cases that may or may not make their experience work.  

    RAJESH JHA: That’s a great question. I would say the successful implementations that we see are the first stage, of course, is to enable people to get productivity boosts with the AI, where the AI is really assisting you. And then the next most important thing that customers end up doing that gives them a real return on investment is to rethink their high-value business process or high-cost business processes, and figure out how to reconfigure that with agents that can automate a bunch of those processes to be either more effective or more efficient. That, I think, is changing the way work happens. For example, if you’re a lawyer and you’re working with a bunch of documents, instead of having—somebody spent a lot of time going through the past relevant briefs and composing a new template. How do you change a new brief creation? How do you change an approval process? How do you change a customer support ticket handling? How do you change a marketing campaign? How do you change a developer workflow? I see customers actually taking a business process, and they are rewiring that for a world where people and AI can work together to automate that, to make it more effective, more efficient. So that is a good best practice, is not trying to solve a hundred business processes, but taking a few and going really deep and measuring the ROI and tweaking that, because then the payoff is right there. 

    MOLLY WOOD: Well, and to dig in a little further, it also sounds like what you’re saying is that companies and CIOs maybe need to commit. Like, if you don’t commit, if you don’t plug Copilot in, if you don’t enable the full Microsoft Graph, if you maybe don’t give access to the web, people are still going to find these tools and use some version of them that might not be as good as they could be if you really do go all in. 

    RAJESH JHA: Yeah, Molly, it’s exactly right. I mean, it goes back to the point we made, which is, leaders, have, you know, leaders have to lead. And the reason why they have to lead here in this transformation is, if a support organization, a marketing organization, engineering organization is wired to work the old way, they are not automatically going to rewire themselves for a world where AI can do a bunch of tasks and people’s tasks change. That’s not going to happen, bottom-up. It’s going to have to happen from the leaders leaning in and saying, okay, you know, am I sure that I have the right compliance and governance and security? Because those are non-negotiable. But once I have that, how do I lead the way where I empower and I get to a world where AI assisting, to agents and people working together? One of the concepts we’ve talked about, and it’s come out in the new Work Trend Index is, corporations, for the longest time, have had static org charts, and every once in a while you do a reorganization and you reconfigure teams for your new evolving business priorities. But those things are not very frequent, nor should they be very frequent, because there’s a huge lag to those things. The way work happens is people, it’s, teams are less static and they’re more outcome-driven. Some of this started to happen post-COVID also, where the fluidity of the team composition was not represented in the org chart. That thing is going to accelerate far more in a world where digital labor and people, agents and people, are going to work together as business processes get rewired. None of this is going to be possible without leaders committing to that. And the way you can commit to it is by taking a few processes that are incredibly important for your business’ top line or your profitability because it’s a high-cost thing, and trying to figure out how to reconfigure those things for people and agents working together in one team. 

    MOLLY WOOD: What do you wish business leaders understood about AI agents to help them make that commitment? 

    RAJESH JHA: The first thing I would just say is, like, it’s not some distant future, it’s happening now. My product management team, they ran a research today of a bunch of different organizations, and this time, you know, usually we talk to 30,000 people across different organizations, 30 different countries. This time, they also reached out to AI-native companies that have started to emerge, so-called frontier companies. And if you take a look at the frontier companies, it is very obvious that the way the distribution of human work and digital labor, how that gets constituted, there’s very interesting patterns that are starting to emerge. The first thing I would just tell leaders is—of established companies such as myself, my peers, and the rest of large organizations—it’s possible today to take full advantage of agents. The security model exists, the identity model exists, the user interface exists. The hard work here is to actually go pick the processes that give you the most bang for the buck and then be rigorous about measuring that. And this is why we invested in something called the Copilot Impact Dashboard, so customers can take their core KPIs and they can measure how the copilot is moving those KPIs. So be rigorous, but be forward-looking. It’s not, hey, let’s just take a leap of faith and let’s get agents everywhere. Be rigorous with security. Be rigorous with governance. Measure the ROI, but pick the processes that you’re going to go add agents to. 

    MOLLY WOOD: It seems like the other tension, in addition to going all in, right, in addition to commitment, is pace, the pace of introducing that change, going fast to keep up to, you know, be pushed properly by Frontier Firms, but not compromising security and guardrails. 

    RAJESH JHA: And so on the pace, it’s a super good tension that you pick up on, and we deal with the tension all the time ourselves at Microsoft. What is hard is to have pace at scale. But what’s not hard is to have pace at smaller scale. I’m not advocating for a large organization to go and say, go rewire all your business process, fast, into the frontier methodology. I’m saying, pick a few that are really important to you and go with base on those, learn from that. Meanwhile, invest in skilling. Meanwhile, invest in assistance for everybody else. And that’s what we do, too, in my team. We want to move very quickly, but we move very quickly in a scoped garden with a few processes, a few customers, and then once we are sure it is mature and it’s ready, do we then scale it out. So, moving fast doesn’t mean move fast all over, all at once, if you’re a large organization. It means you’re moving fast by having picked and assessed. And, you know, which way do you want to go fast and where do you want to go more cautiously, and then take the lessons from moving fast and more broadly. 

    MOLLY WOOD: Right. It’s so valuable to put a fine point on that, because any problem is manageable in component parts. 

    RAJESH JHA: Hundred percent. Hundred percent. And picking is the important thing. But if you pick something unimportant that you’re moving fast on, you’re not really learning a lot either. 

    MOLLY WOOD: Right. Then the other tension, the technology itself is moving really fast, so you might have incorporated something, you’re doing a great job measuring it, and now there’s a whole new tool. How do you advise business leaders to keep up?  

    RAJESH JHA: The playbook is still the same. You have to figure out how to move fast and stay predictable at the same time. And the way you do that is by managing where you move fast and by having rigorous measures of whether the ROI is working out or not. Because you’re a hundred percent right. I mean, the compression of innovation that I’m seeing in the AI wave is like nothing that we’ve seen before in the last 30 years. 

    MOLLY WOOD: So as we talk about committing, you know, it’s one thing to say, maybe give your model access to the web, but there’s this Microsoft Graph that it seems like really unlocks that power. 

    RAJESH JHA: The Microsoft Graph is really not Microsoft’s graph. It is a graph for the customer. It’s owned by the customer. And what it captures is how people inside of their organization work together—the meetings that are important, the documents that have been created, the chats and the projects that people are working on—the business processes that run in their organization, that is all a part of the Microsoft Graph. So you take the power of a reasoning model that now has access to the graph—remember again, the reasoning model has access to the same things that you would as an individual. So when I ask a reasoning model or an agent to work on my behalf on Microsoft Graph, it is working with my permissions. But now it has the ability to read far more, process far more than I would be able to. You take the unique intellectual property of the customer in the graph with all the right permissions overlaid, and then you let AI work on that, along with what’s available in the web, on the world knowledge, your enterprise knowledge—that is the real enabler. So what is great about the researcher in Microsoft 365 Copilot is that it works with your enterprise permissions and your enterprise data, everything that is in the graph. And that is what I think is a real breakthrough. Now you’ve got the makings of a digital employee, somebody who was able to come in, join an organization, and take advantage of all the intellectual property with all the permissioning honored, and take that and be a part of producing output for the company.  

    MOLLY WOOD: Right. I mean, it’s institutional knowledge, like, think about what a great employee I could be if I knew all the context and all the history that a company had gone through. 

    RAJESH JHA: Exactly. And all the relevant, you know, escalations, projects, all of that stuff. 

    MOLLY WOOD: Switching gears a little. You work very closely with Microsoft CEO Satya Nadella. Are there questions that he regularly asks you that you think all leaders should be asking their employees? 

    RAJESH JHA: I think fundamentally my boss, you know, Satya, I mean, he’s pushing me on exactly the set of questions you were asking, on my own organization. The way he describes the priorities that I have and my peer groups have, three priorities—quality, security, and AI transformation, are you moving fast? Fully understanding that quality and security and then moving fast, sometimes are intentions, but that’s what he’s saying. Are you doing your job to do all of these at the same time? A lot of the thrust of his conversations, questions are, are you evolving your own team to be frontier, and what’s getting in your way? Because whatever we learn then applies to our customers. So are we applying the same methodology to make your enterprise-grade securities non-negotiable. And then at the same time, are you moving fast to take full advantage? Are you really rethinking your production functions? So I would say all of his questions and interactions distill into these three things, and are we doing a good job balancing these three things.  

    MOLLY WOOD: This company has reinvented itself many times. What are the key lessons that we and all business leaders should take from those reinventions? 

    RAJESH JHA: I would say again, mission matters. Through those 50 years, our mission is a theme around empowerment, so number one. Number two, I would say is, team culture matters, of course, because the how and where the work—there’s no substitute for that. But then I would say you gotta do the and, it’s never an or. How do you stay scaled and perform while waiting and disrupting at the same time? That comes down to strong leadership, it comes down to good processes. Then, what you touched on that I want to reiterate is, you know, just resiliency. We didn’t get everything right in the last 50 years. We made mistakes, but being resilient, learning from the mistakes, embracing the red so we can do a better job the next time. I think those are all components that I would just say we benefited from having incredible CEOs from Bill and Steve and Satya, so that has been an amazing, you know, learning experience for me and many others to work with those three amazing individuals.  

    MOLLY WOOD: If our listeners could take away one actionable AI-related insight from you, what would it be? 

    RAJESH JHA: I would say, go embrace agents. Pick out your most important processes, reimagine them how agents and digital labor can rewire that. 

    MOLLY WOOD: We love to ask our WorkLab guests how they are using AI themselves, either at work or in your personal life. Are there use cases that have been really helpful for you that you’re willing to talk about? 

    RAJESH JHA: Yeah, the one thing we didn’t talk about that I feel is just mind-blowing, is this reasoning models. You know, today, Molly, you and I going back and forth, then you ask me a hard question, I’ll give you an answer off the cuff. But if you tell me, Rajesh, go think about it and come back to me. And, you know, I have a set of tools available to me and I come back to you, I’m going to give you a much better answer. And so with the reasoning model, that’s what’s happening. We are now letting the AI actually go reason over stuff, give it more time, more compute, and more tools. And so for me, the real breakthrough was every quarter I sit down with my leadership team to take a look at our plans for the next six months. So I ran the researcher model. The researcher model is a deep reasoning model in M365 Copilot that works with the graph and the web, and I asked it, hey, I’m about to have an off-site with my leadership team to take a look at the plans for the next six months, take a look at the competitive landscape, take a look at customer feedback, take a look at all the ideas that have been accumulating in the team, and try and give me a draft of what might be a good starting point for our off-site for the next six-month planning. It was incredible. It was able to get through my email and documents that I hadn’t fully read but my team was iterating on, it looked at the last year’s plans to take a look at the competitive landscape, gave me a great five-page, actually it was eight-page, document that I can now go and tweak and make it my own, and overlay my perspective and use as a starting point. The other one is, like, often I talk to customers, and before I get on the call, I ask my agent—it’s called a KYC agent that my team built, which is, know your customer—and so before I get on to a call with a customer, I go into that agent experience in M365 Copilot and say, can you bring me up to speed on this customer? And it’s able to get to the support tickets, their adoption, their past communications with me, all of that stuff. And I often end up showing the customer the output, and we walk through it, and their question is like, how did you generate that? And in personal life, you want to make a big purchase, you want to do a seven-day trip planning, you want to buy a new car. You know, instead of clicking on 40 links, they can do a lot of research for you and show you that. So I use it for a lot of that too. 

    MOLLY WOOD: Fast-forward for us, three to five years, if possible. What do you think could be the most profound change in the way we work? 

    RAJESH JHA: You know, I think it goes back to the reconstitution of the workforce between humans and digital labor. I think the way we think about org charts, the way we think about groups coming together, the way we think about production function. I mean, it is a big deal to have intelligence be abundant and for it to be affordable. At the same time, I feel very encouraged about what people can uniquely do when you take a lot of the grind and predictability and, you know, have a colleague that is intelligent. I mean, I feel very bullish about how the economy is going to evolve. It won’t be a straight line. There will be scale backs in some of the roles that we think about investing in today, but there will be new roles we’ll be creating. So it’s very hard to predict exactly how it’s going to play out or whether that’s a three-year horizon, five-year horizon, but I do think that is a very clear trend of where we are headed. 

    MOLLY WOOD: Rajesh Jha is Microsoft’s Executive Vice President of Experiences and Devices. Thank you so much for the time today. I couldn’t appreciate it more. 

    RAJESH JHA: Thank you, Molly. I really do appreciate the time as well. 

    MOLLY WOOD: That was Rajesh Jha, Microsoft’s Executive Vice President of Experiences and Devices. Thank you all so much for joining us on this final episode of this season of WorkLab. We’ll be back next season with more insights on how to stay ahead of the curve while the way we work is transforming so quickly. If you’ve got a question or a comment, please drop us an email at worklab@microsoft.com, and check out Microsoft’s Work Trend Indexes and the WorkLab digital publication, where you’ll find all our episodes along with thoughtful stories that explore how business leaders are thriving in today’s new world of work. You can find all of it at microsoft.com/worklab. As for this podcast, please, if you don’t mind, rate us, review us, and follow us wherever you listen. It helps us out a ton. The WorkLab podcast is a place for experts to share their insights and opinions. As students of the future of work, Microsoft values inputs from a diverse set of voices. That said, the opinions and findings of our guests are their own and they may not necessarily reflect Microsoft’s own research or positions. WorkLab is produced by Microsoft with Godfrey Dadich Partners and Reasonable Volume. I’m your host, Molly Wood. Sharon Kallander and Matthew Duncan produced this podcast. Jessica Voelker is the WorkLab editor. 

    MIL OSI Economics

  • MIL-OSI Video: Secretary-General/Financing for Development & other topics – Daily Press Briefing | United Nations

    Source: United Nations (video statements)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    ———————————

    Highlights:
    Secretary-General / Financing for Development
    Deputy Secretary-General
    Occupied Palestinian Territory
    Syria
    Humanitarian Syria
    Sudan
    Sudan Humanitarian
    Democratic Republic of the Congo
    Haiti
    Briefing
    ———————————
    SECRETARY-GENERAL/ FINANCING FOR DEVELOPMENT
    This morning, in Sevilla, Spain, the Secretary-General had a closed meeting with the Heads of the Multilateral Development Banks (MDBs). He then had a bilateral meeting with Juan Manuel Moreno Bonilla, President of the regional government of Andalusia and the First Vice-President of the European Committee of the Regions.
    The Secretary-General left Sevilla in the afternoon. We expect to announce his next travel in the coming days.

    DEPUTY SECRETARY-GENERAL
    The Deputy Secretary-General, Amina Mohammed, was also present at the Fourth International Conference on Financing for Development (FFD4) in Sevilla, where she delivered remarks at the High-Level session of the International Business Forum. She called for a shift from international assistance to investments in sustainable development and underscored the private sector’s role in delivering impact at scale.
    She also participated in a G20-Spain high-level special event on debt sustainability in developing countries alongside Prime Minister Pedro Sanchez, and she highlighted the need to break the cycle of debt and welcomed the growing attention from policymakers.
    This evening, she will travel to Vienna to address the 68th session of the Committee on the Peaceful Uses of Outer Space, organized by the United Nations Office for Outer Space Affairs (UNOOSA).
    During her time, there she will meet with Member States, senior government officials and the UN system. She will then return to Seville on Thursday for the closing of FFD4.

    OCCUPIED PALESTINIAN TERRITORY
    Turning to the situation in the Gaza Strip, the Israeli military operations have further intensified in northern Gaza since the issuance of the displacement order on Sunday by the Israeli authorities. In the time since that directive was announced, our partners on the ground say that at least 1,500 families have been displaced from North Gaza, as well as eastern parts of Gaza governorate, towards the central and western parts of Gaza governorate.
    Over the past 48 hours, five school buildings sheltering displaced families in North Gaza were reportedly hit, with deaths and injuries reported. Initial assessments by partners indicate that many families who fled from the schools that were hit have returned to North Gaza, largely due to the lack of alternatives and limited shelter space elsewhere.
    Healthcare also continues to come under attack. The World Health Organization says that in central Gaza yesterday, a tent sheltering displaced people in the courtyard of Al-Aqsa Hospital in Deir al Balah was reportedly hit, injuring five people. The agency added that the hospital’s internal medicine department also sustained some damage, and its oxygen supply line was affected.
    Since October 2023, WHO has documented 734 attacks on healthcare in Gaza. WHO reiterated its call for the protection of civilians and healthcare facilities. OCHA reiterates that under international humanitarian law, civilians and civilian infrastructure must be protected, not targeted.
    Regarding aid operations on the ground, OCHA tells us that movement restrictions remain a major challenge, preventing partners from predictably and sustainably providing critical services and assistance.

    Full Highlights:
    https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+July+2025

    https://www.youtube.com/watch?v=kggmKeR7k-k

    MIL OSI Video

  • MIL-OSI Video: Secretary-General/Financing for Development & other topics – Daily Press Briefing | United Nations

    Source: United Nations (video statements)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    ———————————

    Highlights:
    Secretary-General / Financing for Development
    Deputy Secretary-General
    Occupied Palestinian Territory
    Syria
    Humanitarian Syria
    Sudan
    Sudan Humanitarian
    Democratic Republic of the Congo
    Haiti
    Briefing
    ———————————
    SECRETARY-GENERAL/ FINANCING FOR DEVELOPMENT
    This morning, in Sevilla, Spain, the Secretary-General had a closed meeting with the Heads of the Multilateral Development Banks (MDBs). He then had a bilateral meeting with Juan Manuel Moreno Bonilla, President of the regional government of Andalusia and the First Vice-President of the European Committee of the Regions.
    The Secretary-General left Sevilla in the afternoon. We expect to announce his next travel in the coming days.

    DEPUTY SECRETARY-GENERAL
    The Deputy Secretary-General, Amina Mohammed, was also present at the Fourth International Conference on Financing for Development (FFD4) in Sevilla, where she delivered remarks at the High-Level session of the International Business Forum. She called for a shift from international assistance to investments in sustainable development and underscored the private sector’s role in delivering impact at scale.
    She also participated in a G20-Spain high-level special event on debt sustainability in developing countries alongside Prime Minister Pedro Sanchez, and she highlighted the need to break the cycle of debt and welcomed the growing attention from policymakers.
    This evening, she will travel to Vienna to address the 68th session of the Committee on the Peaceful Uses of Outer Space, organized by the United Nations Office for Outer Space Affairs (UNOOSA).
    During her time, there she will meet with Member States, senior government officials and the UN system. She will then return to Seville on Thursday for the closing of FFD4.

    OCCUPIED PALESTINIAN TERRITORY
    Turning to the situation in the Gaza Strip, the Israeli military operations have further intensified in northern Gaza since the issuance of the displacement order on Sunday by the Israeli authorities. In the time since that directive was announced, our partners on the ground say that at least 1,500 families have been displaced from North Gaza, as well as eastern parts of Gaza governorate, towards the central and western parts of Gaza governorate.
    Over the past 48 hours, five school buildings sheltering displaced families in North Gaza were reportedly hit, with deaths and injuries reported. Initial assessments by partners indicate that many families who fled from the schools that were hit have returned to North Gaza, largely due to the lack of alternatives and limited shelter space elsewhere.
    Healthcare also continues to come under attack. The World Health Organization says that in central Gaza yesterday, a tent sheltering displaced people in the courtyard of Al-Aqsa Hospital in Deir al Balah was reportedly hit, injuring five people. The agency added that the hospital’s internal medicine department also sustained some damage, and its oxygen supply line was affected.
    Since October 2023, WHO has documented 734 attacks on healthcare in Gaza. WHO reiterated its call for the protection of civilians and healthcare facilities. OCHA reiterates that under international humanitarian law, civilians and civilian infrastructure must be protected, not targeted.
    Regarding aid operations on the ground, OCHA tells us that movement restrictions remain a major challenge, preventing partners from predictably and sustainably providing critical services and assistance.

    Full Highlights:
    https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+July+2025

    https://www.youtube.com/watch?v=kggmKeR7k-k

    MIL OSI Video

  • MIL-OSI Banking: IPAA: “‘One Big, Beautiful Bill’ Remains a Win for American Energy”

    Source: Independent Petroleum Association of America

    Headline: IPAA: “‘One Big, Beautiful Bill’ Remains a Win for American Energy”

    IPAA: “‘One Big, Beautiful Bill’ Remains a Win for American Energy”

    WASHINGTON – Independent Petroleum Association of America (IPAA) President & CEO Jeff Eshelman issued the following passage of the budget reconciliation bill in the U.S. Senate:

    “President Trump’s ‘One Big, Beautiful Bill’ remains a win for American energy. The bill passed today improves the ability of independent oil and natural gas producers to supply reliable, affordable energy to the American people.

    “IPAA is pleased that the legislation reinstates oil and natural gas lease sales for onshore and offshore federal lands and makes common sense reforms to the permitting and leasing process on federal lands. IPAA members, the small businesses of the oil patch, are grateful that industry tax treatments including intangible drilling costs and percentage depletion were protected, along with carried interest deductions being preserved.

    “While we are disappointed that the legislation does not include a full repeal of the Methane Emissions Reduction Program (MERP) including the methane tax, as we have consistently argued for and will continue to, the 10-year delay of the MERP provides time to for legislators to work with regulators and industry to craft an alternate solution that makes sense for smaller producers.

    “Independent producers congratulate Majority Leader Thune and Senate leadership for uniting their members on the legislation. IPAA urges quick, unified action to send the OBBB to President Trump for his signature as soon as possible.”

    IPAA worked closely with national groups including the U.S. Chamber of Commerce and National Association of Manufacturers to advocate in support of the One Big Beautiful Bill Act, including for the permanent extension of tax reforms in the 2017 Tax Cuts and Jobs Act (TCJA). IPAA CEO Eshelman is a member of the US Chamber of Commerce’s “Committee of 100” and the National Association of Manufacturers’ “Council of Manufacturing Associations.”

    ###

    MIL OSI Global Banks