Category: Business

  • MIL-OSI Africa: African Development Bank project restores electricity in Zimbabwean communities following devastating Cyclone Idai

    In March 2019, Cyclone Idai tore through Zimbabwe’s eastern districts with unprecedented fury, leaving behind a trail of devastation. Among the hardest hit regions were Chimanimani and Chipinge, where the lifelines of modern life—electricity, roads, and water systems—were severed in a matter of hours.

    The 155-kilometer powerline stretching from Middle Sabi to Charter, once the backbone of energy supply for Manicaland Province, lay in ruins, plunging over 300,000 people into darkness. For more than two agonizing months, industries ground to a halt, hospitals operated without reliable power for life-saving equipment, and school computer labs stayed closed.

    “The cyclone brought operations to a near standstill, recalls Witness Teteni, engineering foreman at Charter Sawmills, a facility employing 320 workers. “We experienced numerous power faults that severely disrupted our work. We had to rely on generators, which are expensive to run and not environmentally friendly.

    The African Development Bank stepped forward with a $24.7 million Post-Cyclone Idai Emergency Recovery Project (PCIREP), implemented through the United Nations Office for Project Services (UNOPS), the United Nations agency dedicated to implementing humanitarian and development projects, in partnership with the Government of Zimbabwe.

    The goal was not just to restore what had been lost, but to provide a better, stronger, and more resilient replacement.

    A beacon of light and hope

    The electricity component of PCIREP, representing $3.7 million in strategic investment, focused on reinforcing 155 kilometers of 33kV overhead power lines and constructing a new 12-kilometer 33kV distribution line in Chipinge to separate the two districts’ power supplies.

    It also included infrastructure upgrades such as replacing wooden poles with steel, using installation techniques that help these poles better withstand extreme weather conditions. The project also saw the supply of essential equipment, including vehicles and tools, to the state-owned Zimbabwe Electricity Distribution Company (ZETDC).

    The African Development Bank-supported project has helped restore power to over 300,000 people. “We have significantly reduced the number of faults in the system,” explains engineer Selina Mudzinganyama, who oversaw the rehabilitation. “Maintenance costs have also gone down because the upgraded design is built to withstand harsher conditions. Clinics, schools, and households now enjoy reliable power, and businesses can operate without constant interruptions.”

    Echoing this, Andreas Moyo, development engineer for ZETDC’s Eastern Region, says, “We now have just our normal faults. The safety, especially for these lines that we reinforced, has improved a lot. We only experience small faults now—one hour, and it’s sorted, whereas before we could easily go quite a long time without resolution.”

    In Chimanimani’s health facilities, the impact has been life changing. Clinical nurse Patricia Chikandi describes the transformation: “Reliable electricity has been a game-changer for us. During emergencies, we no longer worry about power cuts, and our vaccines are stored safely in temperature-controlled refrigerators. It has improved the quality of care we provide.”

    Farai Ndlovu, a student at Chipinge High School, says, “With electricity back, we can use computers in the lab and study after dark. This is helping us prepare better for exams and giving us skills we wouldn’t have access to otherwise.”

    For agriculture workers, it means more earnings. “Before the power line was restored, our irrigation systems were unreliable, and we often lost crops,” says smallholder farmer Tsitsi Mutswairo. “Now, with consistent electricity, our yields have improved significantly, and we’re earning more from our produce.”

    It’s a similar story for Leonard Nyamukondiwa, an agro-processor in Chipinge. “Before the rehabilitation, we couldn’t meet our targets because of constant outages. Now, we’re able to process more produce, and our profits have increased.”

    Electricity equals entrepreneurship

    Perhaps nowhere is the project’s impact more visible than in Jacob Mukunukuji’s workshop in Marimauta Village.

    Before the power line restoration, Jacob’s business was severely constrained by the high cost of diesel generators. Now, with access to reliable three-phase industrial power, his small workshop has become a hub for skills development, training apprentices from local vocational centers, and creating a ripple effect of opportunity throughout the community.

    “Having electricity is very, very important because I can make whatever I want,” Jacob explains, gesturing toward his creations—rip saw tables, grinding mills, and maize processing equipment that serve farmers across the region.

    He points to Paul, whom he trained and now employs as a welder in his workshop. “He is part of the fourth batch I am training. One of my first graduates, Danmore Majuta has his own copper workshop at Rusitu. Another female apprentice is manufacturing window frames and building materials for general local housing maintenance.”

    A model for sustainable development

    Today, the lights are on in Chimanimani and Chipinge. Community elder and farmer Jeremiah Mutasa highlights the transformation: “The power lines have brought hope back to our region. We have electricity for our homes, our farms, and our schools. It’s more than just power; it is the light that keeps our community alive.”

    The project, which aligns with Zimbabwe’s National Development Strategy (NDS1), demonstrates how targeted infrastructure investments can transform entire regions.

    As the African Development Bank’s Power Engineer, Seaga Molepo sums it up: “The electricity infrastructure interventions under this project exemplify the critical intersection of disaster recovery and sustainable development. The successful collaboration between the Bank, the Government of Zimbabwe, and UNOPS proves that when we align our efforts with clear strategic priorities – particularly ‘Lighting and Powering Africa’ – we can deliver transformative results that improve the quality of life for the people we serve.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    MIL OSI Africa

  • MIL-OSI Canada: Technology transforming tailings ponds

    [. Yet, for decades, operators have been forced to store most of the water they use on site, leading to billions of litres now contained largely in tailings ponds.

    Alberta is investing $50 million from the industry-funded TIER system to help develop new and improved technologies that make cleaning up oil sands mine water safer and more effective. Led by Emissions Reduction Alberta, the new Tailings Technology Challenge will help speed up work to safely reclaim the water in oil sands tailing ponds and eventually return the land for use by future generations.

    “Alberta’s government is taking action by funding technologies that make treating oil sands water faster, effective and affordable. We look forward to seeing the innovative solutions that come out of this funding challenge, and once again demonstrate Alberta’s global reputation for sustainable energy development and environmental stewardship.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    “Tailings and mine water management remain among the most significant challenges facing Alberta’s energy sector. Through this challenge, we’re demonstrating our commitment to funding solutions that make water treatment and tailings remediation more affordable, scalable and effective.”

    Justin Riemer, CEO, Emissions Reduction Alberta

    As in other mines, the oil sands processing creates leftover water called tailings that need to be properly managed. Recently, Alberta’s Oil Sands Mine Water Steering Committee brought together industry, academics and Indigenous leaders to identify the best path forward to safely address mine water and reclaim land.

    This new funding competition will support both new and improved technologies to help oil sands companies minimize freshwater use, promote responsible ways to manage mine water and reclaim mine sites. Using technology for better on-site treatment will help improve safety, reduce future clean up costs and environmental risks, and speed up the process of safely addressing mine water and restoring sites so they are ready for future use.

    “Innovation has always played an instrumental role in the oil sands and continues to be an area of focus. Oil sands companies are collaborating and investing to advance environmental technologies, including many focused on mine water and tailings management. We’re excited to see this initiative, as announced today, seeking to explore technology development in an area that’s important to all Albertans.”

    Kendall Dilling, president, Pathways Alliance 

    Quick facts

    • All mines produce tailings. In the oil sands, tailings describe a mixture of water, sand, clay and residual bitumen that are the byproduct of the oil extraction process.
    • From 2013 to 2023, oil sands mine operations reduced the amount of fresh water used per barrel by 28 per cent. Recycled water use increased by 51 per cent over that same period.
    • The Tailings Technology Challenge is open to oil sands operators and technology providers until Sept. 24.
    • The Tailings Technology Challenge will invest in scale-up, pilot, demonstration and first-of-kind commercial technologies and solutions to reduce and manage fluid tailings and the treatment of oil sands mine water.
    • Eligible technologies include both engineered and natural solutions that treat tailings to improve water quality and mine process water.
    • Successful applicants can receive up to $15 million per project, with a minimum funding request of $1 million.
    • Oil sands operators are responsible for site management and reclamation, while ongoing research continues to inform and refine best practices to support effective policy and regulatory outcomes.

    Related information

    • Emissions Reduction Alberta
    • Using science and technology to tackle tailings ponds (June 12, 2025)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI Security: Central Ohio woman sentenced to more than 5 years in prison for $2.8 million pandemic relief fraud scheme

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – A Westerville woman who claimed affiliation with Dayton-area pizza restaurants to obtain nearly $1.9 million in COVD-19 relief funds was sentenced in U.S. District Court today to 70 months in prison.

    Lorie A. Schaefer, 63, also assisted a co-defendant in fraudulently receiving more than $980,000 pandemic relief loans in exchange for payment, causing a total of $2.8 million in fraud.

    According to court documents, Schaefer opened new bank accounts in December 2020 prior to registering a fictitious business name with the State of Ohio in March 2021.

    Schaefer fraudulently claimed affiliation with the Flying Pizza restaurants in Dayton, Centerville and Fairborn. When notified that a Paycheck Protection Plan (PPP) loan for nearly $1.9 million had been filed in the name of Flying Pizza, individuals at the family-owned business said their restaurants could not justify such a large loan.

    Schaefer claimed to have 98 employees and submitted altered bank records as part of her application. Schaefer also claimed the business was established in March 2021, even though the original Flying Pizza was established in 1984. Additionally, she claimed not to be under indictment despite having pending theft charges in Meigs County. Schaefer attached multiple fraudulent documents to her PPP application, including a bank statement, tax records, and a letter from the IRS.

    Bank records indicate Schaefer improperly used PPP funds for personal expenses, for example, nearly $26,000 on liposuction, a $10,000 check for a “newborn baby gift,” and more than $900,000 to purchase and renovate a home in Westerville. Schaefer also made purchases at Wayfair, Lamps Plus, Kroger, KFC, Burger King, Arby’s, McDonald’s and Olive Garden. Evidence also suggests Schaefer used the fraud proceeds to purchase vehicles in Ohio and property in Australia.

    After being charged in this case, Schaefer committed new offenses and violated her pre-trial release multiple times, leading to the revocation of her bond.

    She pleaded guilty in July 2024 and twice attempted to withdraw her guilty plea.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Anthony Licari, Special Agent in Charge, Department of Transportation Office of Inspector General, Midwestern Region; and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; announced the sentence imposed today by U.S. District Court Judge Edmund A. Sargus, Jr. Assistant United States Attorney David J. Twombly is representing the United States in this case.

    # # #

    MIL Security OSI

  • MIL-OSI Security: Former New York State Assembly Candidate Charged with Wire Fraud

    Source: US FBI

    Defendant Dao Yin Allegedly Reported Fake Campaign Donations to Defraud New York State of $162,800 in Public Matching Funds

    Earlier today in federal court in Brooklyn, a criminal complaint was unsealed charging Dao Yin, a Queens resident and former 2024 New York State Assembly candidate, with wire fraud in connection with his scheme to defraud New York State’s public campaign finance system by reporting false campaign contributions—including forged signatures of purported contributors—to secure matching funds.  Yin was arrested today and is scheduled to be arraigned this afternoon before United States Magistrate Judge Vera M. Scanlon.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York; Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Christopher G. Raia, Assistant Director in Charge, New York Field Office (FBI); and Jocelyn E. Strauber, Commissioner, New York City Department of Investigation, announced the charges.

     “As alleged, the defendant, a former candidate for public office, submitted forged campaign contribution cards from members of the very community he hoped to represent, to fraudulently obtain thousands of dollars in public matching funds that he was not entitled to receive,” stated United States Attorney Nocella.  “Today’s arrest demonstrates that this Office will protect the integrity of elections and pursue candidates for elected office who violate campaign finance laws.”

    Mr. Nocella expressed his appreciation to the New York State Public Campaign Finance Board (PCFB) for its assistance.

    “Through lies and deceit, the defendant allegedly stole over $160,000 in taxpayer dollars to fund his campaign for elected office,” stated Matthew R. Galeotti, Head of the Department of Justice’s Criminal Division.  “Fraud and public corruption threaten the integrity of our elections and will not be tolerated.  The Criminal Division remains committed to aggressively prosecuting frauds that undermine U.S. interests and waste public funds.”

     “Dao Yin allegedly fabricated support to be unlawfully awarded more than $150,000 to further his election campaign. Yin also allegedly abused his position to defraud a matching funds program that could have been used to support other candidates for state office. The FBI remains committed to investigating any individual who implements deceitful tactics to find a seat in public office,” stated FBI Assistant Director in Charge Raia.

    “As charged, this former candidate for the New York State Assembly manipulated the campaign finance system through fraudulent campaign contributions in order to claim matching funds that he was not eligible to receive,” stated DOI Commissioner Strauber.  “DOI and our law enforcement partners in the United States Attorney’s Office for the Eastern District of New York and the FBI remain committed to protecting the integrity of the campaign finance system and public dollars.”

    The New York State Public Campaign Finance Program

    The PCFB oversees and administers the New York State Public Campaign Finance Program (the Program), which provides candidates running for statewide or state legislative office the ability to qualify for and receive public matching funds based on small donations from residents in applicable districts.

    To participate in the Program, a candidate must register an authorized committee with the PCFB, be in a covered election for a covered office, meet threshold requirements for the number of matchable contributions received, and total monetary contributions received, and adhere to all other program requirements such as making periodic disclosures to the PCFB.  Contributions between $5 and $250 are generally eligible for public matching funds provided they meet certain criteria.  For a State Assembly race, the candidate generally must have raised a minimum of $6,000 in matchable contributions and have a minimum of 75 matchable donations. For cash contributions to qualify for matching funds, the candidate’s authorized committee is required to submit contribution cards that, among other information, list each contributor’s name, residential address, and date of contribution.  The contribution card also must be signed by the contributor.

    The Fraudulent Scheme

    As alleged in the complaint, the defendant registered his campaign committee, Dao Yin for New York 2024 (the Committee), with the PCFB so that it could receive funds through the Program.  The defendant served as the treasurer of the Committee.

    To qualify for public matching funds, the defendant submitted fraudulent contribution cards through the Committee to the PCFB that listed the names and purported to bear the signatures of individuals he falsely claimed had donated to the Committee.  By doing so, the defendant obtained approximately $162,800 in public matching funds from the Program.

    The charges in the complaint are allegations, and the defendant is presumed innocent unless and until proven guilty. If convicted of all charges, the defendant faces a maximum sentence of 20 years’ imprisonment.

    The government’s case is being handled by the Office’s Public Integrity Section and the Public Integrity Section of the Justice Department’s Criminal Division.  Assistant United States Attorneys Andrew D. Grubin and Rebecca Schuman, along with Trial Attorney Lina Peng, are in charge of the prosecution with assistance from Paralegal Specialist Daniel Arakawa.

    The Defendant:

    DAO YIN
    Age:  62
    Flushing, NY

    E.D.N.Y. Docket No. 25-MJ-208

    MIL Security OSI

  • MIL-OSI: Fairy Devices Launches Global Sales of THINKLET – Programmable Wearable AI Device for Developers

    Source: GlobeNewswire (MIL-OSI)

    TOKYO, June 17, 2025 (GLOBE NEWSWIRE) — Fairy Devices Inc., a Tokyo-based deep tech platformer, today announced the global launch of THINKLET, a programmable wearable AI device for AI application developers.

    The international sales page is available at
    https://mimi.fairydevices.jp/technology/device/thinklet/en/

    THINKLET is a programmable wearable AI device that enables developers to build AI applications using the THINKLET App SDK. It is designed for engineers with software development experience.
    A full suite of developer resources—including an official developer portal, tutorials, and sample apps—is available at
    https://fairydevicesrd.github.io/thinklet.app.developer/
    (Note: The content is available in Japanese only. Please use your preferred translation tool.)
    Sample movies created with THINKLET are available at the following link:
    https://www.youtube.com/@fairydevicesinc.official5032

    THINKLET was exhibited at the ACM CHI Conference on Human Factors in Computing Systems 2025, the premier international conference for Human-Computer Interaction, where it received high praise from researchers around the world.
    https://fairydevices-chi2025.studio.site/

    Lightweight and worn around the neck, THINKLET is built for hands-free daily operation. It features a wide-angle Full HD camera, a five-microphone array for reliable voice capture in noisy environments, GPS and a 9-axis motion sensor for activity and location tracking, cellular connectivity via SIM card, and wireless interfaces such as Wi-Fi and Bluetooth. These features make it ideal for applications such as remote collaboration, on-site data capture, and voice-based AI interaction.

    Note: THINKLET is intended for developers with software development experience. It is not a plug-and-play consumer device.

    THINKLET has already been adopted by a wide range of Japanese research institutions and industrial partners—including Daikin Industries, a global air conditioning manufacturer—for use in field operations and prototyping of AI-powered solutions. With global availability now open, Fairy Devices aims to enable developers worldwide to build practical wearable AI applications.

    For more information or to request a developer unit, please visit
    https://mimi.fairydevices.jp/technology/device/thinklet/en/

    About Fairy Devices Inc.
    Fairy Devices is a Japan-based technology company dedicated to revolutionizing how onsite and deskless workers interact with devices and data, particularly in industrial and field environments. By combining cutting-edge hardware, AI-driven software, and user-centric design, we create solutions that streamline workflows, improve safety, boost productivity, and enable interaction with AI. Our flagship product, THINKLET, exemplifies our commitment to pioneering next-generation human-computer interaction—providing a powerful wearable AI platform that supports both practical operations and advanced research.

    Media Contact
    Fairy Devices Inc.
    Email: thinklet-sales@fairydevices.jp
    Website: https://fairydevices.jp/en

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2ce2219c-77c9-4e06-b273-d8d593b06d78

    The MIL Network

  • MIL-OSI: Solutions30 Annual General Meeting Results – June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    Approval of all resolutions

    Nomination of new Supervisory Board members

    The Solutions 30 SE General Meeting was held in Luxembourg on June 17, 2025, chaired by Gianbeppi Fortis, Chairman of the Management Board.

    All resolutions proposed at the Annual General Meeting were adopted, including:

    • Approval of the annual accounts and the consolidated accounts of the Company for the financial year ended on 31 December 2024, and allocation of results;
    • Approval of the nomination of Mrs. Maria Zesch et de Mr. Olivier Domergue as members of the Supervisory Board, and approval of the renewal of Mrs. Pascale Mourvillier’s mandate as member of the Supervisory Board;
    • Re-appointment of PKF Audit & Conseil S. à r.l. as approved statutory auditor;
    • Appointment of PKF Audit & Conseil S. à r.l in relation to the assurance opinion on the sustainability reporting included in the management report for the financial year 2025;
    • Approval of the annual remuneration of the Supervisory Board members;
    • Approval of the remuneration report (advisory vote);     

    Solutions30 thanks its shareholders for their support and trust.

    Results of the votes will be available today on the Group’s website: www.solutions30.com.

    About Solutions30 SE

    Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.

    Visit our website to learn more: www.solutions30.com

    Contact

    Individual Shareholders:
    Tel: +33 1 86 86 00 63 – shareholders@solutions30.com

    Investor relations
    Investor.relations@solutions30.com

    Press – Image 7:

    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

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    The MIL Network

  • MIL-OSI: RIBER completes phase I of ROSIE with a partnership agreement signed with NQCP, a leading research center in Denmark

    Source: GlobeNewswire (MIL-OSI)

    RIBER completes phase I of ROSIE with a partnership agreement signed with NQCP, a leading research center in Denmark

    Bezons (France), June 17, 2025 – 6:00pm (CET) – RIBER, the global leader in Molecular Beam Epitaxy (MBE) equipment for the semiconductor industry, announces the signing of a three-year collaborative partnership with the Novo Nordisk Foundation Quantum Computing Programme (NQCP), a world-class research center based in Denmark.

    A strategic partnership to qualify the ROSIE process, the first 300 mm machine dedicated to photonics and compatible with silicon fabs

    This partnership marks a major milestone in RIBER’s ambition to become an integral part of silicon fab production lines. It focuses on the industrial qualification of ROSIE (Riber Oxide Silicon Epitaxy), a platform specifically designed for oxide growth on 300 mm wafers and fully compliant with SEMI standards.

    ROSIE is aimed at several strategic markets:

    • ultra-fast optical communications, particularly the Datacom / Telecom segments;
    • optical computing;
    • photonic quantum technologies.

    First ROSIE system sold

    The partnership includes the sale of the first ROSIE unit to NQCP, with delivery scheduled for the second half of 2025. The system will be integrated into a pilot line dedicated to photonic technologies. The program involves joint development work to optimize the process, which will be standardized in the equipment to enable rapid production ramp-up and fast-track achievement of the productivity levels expected by customers.

    A French-born platform supported by France 2030 to tackle global silicon industry challenges

    Developed since 2021, ROSIE embodies RIBER’s commitment to breakthrough innovation, combining cutting-edge MBE expertise with full compatibility with the industrial requirements of silicon production lines. The project has received support from the Île-de-France Region through the Innov’Up program and from Bpifrance under the France 2030 investment plan.

    An exceptional collaboration

    Partnering with Professor Krogstrup’s team was a natural choice.

    “The scientific environment, the team’s outstanding expertise, and their enthusiasm were decisive in our decision,” comments Dr. Jean-Louis Guyaux, Chief Technology Officer of RIBER Lab.

    Annie Geoffroy, Chairwoman and CEO of RIBER, adds: “Our partnership with a leading European lab in integrated silicon photonics is a strategic lever to accelerate the development of innovative processes. This collaboration will help us better meet growing market demands for performance, miniaturization, and energy efficiency, while also strengthening our capacity for innovation.

    Driving a European innovation forward

    Through this partnership, RIBER confirms its driving force in the European ecosystem for applied photonics research. It showcases the ability of a French industrial SME to bring cutting-edge technology to a global stage and underlines the power of collaboration between industry and science in shaping tomorrow’s technologies.

    This collaboration launches Phase II of the ROSIE journey – industrialization. It is a source of pride for RIBER to see a French technology emerge as a key enabler for next-generation quantum components,” concludes Annie Geoffroy.

    About NQCP

    The Novo Nordisk Foundation Quantum Computing Programme (NQCP) is a research initiative launched by the Novo Nordisk Foundation, in collaboration with the Niels Bohr Institute at the University of Copenhagen. The program aims to develop a fault-tolerant quantum computing (FTQC) hardware and quantum algorithms that solve complex life-science problems.
    NQCP takes an interdisciplinary approach, exploring multiple qubit technologies to identify the most promising platform. It leverages a global network of academic and industrial partners. The program also includes the creation of the Quantum Foundry Copenhagen, a facility dedicated to new manufacturing processes for high-precision quantum components, essential for the future generation of quantum computing processors.
    More information: https://nqcp.ku.dk/

    About RIBER

    Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels. Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductors that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing. RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
    www.riber.com

    Contacts

    RIBER
    Annie Geoffroy | tel: +33 (0)1 39 96 65 00 | invest@riber.com

    ACTUS FINANCE & COMMUNICATION
    Cyril Combe | tel: +33 (0)1 53 67 36 36 | ccombe@actus.fr

    Attachment

    The MIL Network

  • MIL-OSI: Orca Announces Results of the Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, June 17, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) is pleased to announce the voting results from its annual meeting of shareholders held on June 17, 2025 (the “Meeting“). The results for each of the resolutions set forth in the Company’s management proxy circular dated June 17, 2025 are set forth below:

    1.  Fixing the Number of Directors

    By ordinary resolution passed via ballot, the number of directors to be elected at the Meeting was fixed at five members. The results of the ballot were as follows:

        Percentage of Votes Cast at the Meeting (%)
    Class   For   Against
    A   100%   0%
    B   99.64%   0.36%
             

    2.  Election of Directors

    By ordinary resolution passed via ballot, all of the nominees proposed as directors were duly elected as directors of Orca to serve until the next annual meeting or until their successors are duly appointed or elected. The results of the ballot were as follows:

            Percentage of Votes Cast at the Meeting (%)
    Name of Nominee   Class   For     Withheld
    David Ross   A
    B
      100%
    99.51%
      0%
    0.49%
    Jay Lyons   A
    B
      100%
    99.13%
      0%
    0.87%
    Linda Beal   A
    B
      100%
    99.36%
      0%
    0.64%
    Dr. Frannie Léautier   A
    B
      100%
    99.36%
      0%
    0.64%
    Lisa Mitchell   A
    B
      100%
    99.13%
      0%
    0.87%
                 

    3.  Appointment of Auditors

    By ordinary resolution passed via ballot, KPMG LLP, Chartered Professional Accountants, were appointed as auditors of the Company until the next annual meeting or until their successors are duly appointed and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

        Percentage of Votes Cast at the Meeting (%)
    Class   For   Withheld
    A   100%   0%
    B   99.93%   0.07%
             

    About Orca Energy Group Inc.

    Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI: 1st Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    17 June 2025

                                        Oxford Technology 2 VCT Plc (the “Company”)

    Legal Entity Identifier: 2138002COY2EXJDHWB30   

     1st Quarter Results 

    Oxford Technology 2 VCT Plc presents its quarterly update for the 3 month period ending 31 May 2025. The Directors have reviewed the valuation of its entire portfolio as at that date. The unaudited net asset value (NAV) per share for each Class (as at 31 May 2025) were included in the Annual Report for the year ended 28 February 2025 released earlier today and are shown in the table below, together with other associated data:

      Unaudited NAV
    p per share 31/05/25
    Audited NAV p per share 28/02/25 Change in NAV % Cumulative Dividends
    p per share
    to 31/05/25
    Total NAV Return
    p per share
    Shares in Issue
    Share Class          
    OT1 37.7 36.6 3.1% 55.0 92.7 5,431,655
    OT2 15.8 15.2 4.1% 22.5 38.3 5,331,889
    OT3 15.0 15.1 -0.3% 42.0 57.0 6,254,596
    OT4 18.3 19.8 -7.6% 48.0 66.3 10,826,748

    The NAVs incorporate bid prices of Arecor Therapeutics plc of 42p (a reduction of 6p since 28 February 2025) and Scancell Holdings Plc of 9.5p (an increase of 1.4p). The Directors have also reviewed the carrying costs of the unquoted investments and these remain unchanged from their values at 28 February 2025, apart from the impact of the recent investment in ImmunoBiology Limited (“ImmBio”).

    Shareholders are reminded that the Chairman’s statement in the Company’s 2025 Annual Financial Statements (“2025 Annual Report”) included details of how each Share Class’s net asset value per share changes with movements in the share prices of the Company’s primary AIM investments.

    No dividends were paid during the period under review. As indicated in the 2025 Annual Report, a total of £40,000 was invested by the Company in ImmBio in the period (OT2 Share Class: £30,000 and  OT3 Share Class: £10,000). The holding in Mirriad Advertising Plc, which had negligible value, has been disposed of (OT4 Share Class only). No other shares were bought nor sold in any the portfolio companies in any of the four Share Classes.

    The Directors are not aware of any other events or transactions which have taken place between 31 May 2025 and the publication of this statement which have had a material effect on the financial position of the Company.

    At 31 May 2025, the Company’s issued share capital by Share Class is shown in the table above. The Company holds no shares in treasury and the total voting rights in the Company are 27,844,888. This figure of 27,844,888 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

    Enquiries: Lucius Cary Oxford Technology Management 01865 784466

    This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.

    The MIL Network

  • MIL-OSI Analysis: Brazil’s ‘bill of devastation’ pushes Amazon towards tipping point

    Source: The Conversation – Global Perspectives – By Philip Fearnside, Biólogo e pesquisador titular (Departamento de Ecologia), Instituto Nacional de Pesquisas da Amazônia (INPA)

    A bill essentially abolishing Brazil’s environmental licensing system is just days away from likely passage by the country’s National Congress. Despite the environmental discourse of President Luiz Inácio “Lula” da Silva, what is known as the “bill of devastation” (PL 2159/2021) apparently has his tacit approval. Even if Lula vetoes the bill, anti-environmental voting blocks in the National Congress have more than the 60% in each house needed to override a veto.

    The “bill of devastation” has been promoted as relieving “low impact” projects of unnecessary bureaucracy, but it is very much more than this. First, it is for both “low” and “medium” impact projects, two categories that are vaguely defined, allowing projects with major impacts to be benefitted. The bill applies to licensing at both the state and federal levels, and at the state level there is expected to be a “race to the bottom” as states compete to attract investments by loosening environmental restrictions.

    The “medium impact” category is a misnomer, as it includes most mining projects such as the mine tailings dams that broke in 2015 at Mariana and in 2019 at Brumadinho to create two of Brazil’s worst environmental disasters.

    Under the bill, these “low” and “medium” impact projects would be licensed by what is known as “self-licensing,”. This eliminates the need for an environmental impact assessment, public hearings and specification of compensatory measures in the event of accidents or other impacts. Basically, this self-declared statement consists of checking a series of boxes on an online form.

    Bypassing any public or committee debate, at the last minute before the Senate’s plenary vote the bill was modified with an amendment that increased its environmental impact even more. The amendment created a “Special Environmental License” that would allow any project considered to be “strategic” to have an accelerated approval process, regardless of the magnitude of its impacts.

    The amendment is believed to be specifically intended to facilitate the controversial mouth-of-the-Amazon oil project, which has major potential impacts both from potentially uncontrollable oil spills and from its impact on climate change.

    Brazil’s imminent climate disaster

    Global climate and the Amazon forest are both approaching tipping points where the process of collapse escapes from human control. These imminent disasters are intertwined: if the Amazon forest were to collapse it would release more than enough greenhouse gases to push global temperatures beyond the point where human society loses the option to contain climate change by cutting emissions to zero, and if global temperatures rise uncontrollably, it would soon push the Amazon forest to collapse.

    The Amazon forest is on the verge of tipping points in terms of temperature, the ongoing increase in dry season length, the percentage of forest cleared and a combination of various climatic and direct anthropogenic impacts.

    The loss of the Amazon forest that would result from crossing any of these tipping points would, among other impacts, sacrifice the forest’s vital role in recycling water.

    A volume of water greater than the Amazon River’s total flow is released as water vapor by the leaves of the trees, providing rainfall that not only maintains Amazon forest but also maintains agriculture and city water supplies in other parts of Brazil and in neighboring countries. The water vapor is transported by winds known as “flying rivers” to São Paulo, the World’s fourth largest city, which depends on this water supply.

    Amazon destruction

    Given these catastrophic prospects, Brazil’s government should be acting decisively to halt the country’s greenhouse gas emissions and to lead the World in combatting climate change. These necessities are interrelated, as effective leadership is done through example and Brazil cannot continue to merely exhort other countries to reduce their emissions when its domestic decisions are acting to increase global warming. This includes the “bill of devastation”.

    Rapidly phasing out fossil fuel use is fundamental to containing global warming. The amount by which human society must reduce its emissions and the trajectory in time that this reduction must follow are determined by analysis of the best available data and climate models.

    The “Global Stocktake” by the Climate Convention, released at COP-28 in 2023, showed that anthropogenic emissions must decline by 43% by 2030 compared to 2023, and by 84% by 2050 to stay within the limit currently agreed under the Paris Agreement of 1.5 ºC above the pre-industrial average global temperature.

    This limit represents a tipping point both for the global climate system and for the Amazon forest. Above this point there is a sharp increase in the annual probability of uncontrollable feedbacks driving the system to a catastrophic shift or collapse.

    The mouth-of-the-Amazon project is critical. A massive auction of drilling rights, both onshore and offshore, is scheduled for 17 June, including 47 blocks in the mouth of the Amazon River.

    Environmental approval of the first “experimental” well (FZA-M-59) is viewed as the key to international oil companies being willing to bid on these blocks. The head of the Brazilian licensing agency (IBAMA) has been under intense pressure to approve the project.

    Oil project

    Within the licensing debate, the focus is almost entirely on whether Petrobras has the infrastructure and personnel to mount a rescue operation for marine wildlife in the event of an oil spill, rather than the more basic question of whether a leak could be plugged if it should occur.

    Unfortunately, there are strong indications that a leak could not be plugged for months or years, as the site has double the 1.5-km water depth at the Deepwater Horizon well in the Gulf of Mexico that spilled uncontrollably for five months in 2010, and the ocean currents are much stronger and more complex in the mouth of the Amazon.

    Petrobras constantly brags about its long experience with offshore oil extraction, but neither Petrobras nor any other company has plugged a leak at a location with the depth and complexity of the mouth-of-the-Amazon site.

    Containing global warming is inconsistent with opening new oil fields due to the economic logic of these projects, which is different from the economics of continued extraction of existing oilfields. This is what led the International Energy Agency (IEA) to recommend that no new oil or gas fields be opened anywhere in the World.

    In the case of the mouth of the Amazon project, the expectation is that it would take five years to begin commercial production and another five years to pay for the investment; since no one will want to stop with zero profit, the project implies extracting petroleum for many years after that – far beyond the time when the World must stop using oil as fuel.

    Petrobras claims that the mouth-of-the-Amazon project and other planned new oilfields are needed for Brazil’s “energy security” to guarantee that Brazilians will not lack fuel for their vehicles.

    The falsity of this argument is obvious from the fact that Brazil currently exports over half of the oil it extracts, and this percentage is expected to rise with the planned expansion. The reserves in Brazil’s existing oilfields are far greater than what the country can consume before fossil-fuel use must cease. In other words, the expansion of oil extraction is purely a matter of money.

    Another argument promoted by Petrobras and by President Lula is that the oil revenue is needed to pay for Brazil’s energy transition. While the energy transition must indeed be paid for, it should have a guaranteed place in Brazil annual budget, like health and education, and not be treated as something optional that depends on windfall financial gains.

    President Lula’s sleepwalk

    President Lula apparently lacks understanding of Brazil’s suicidal course towards a climate catastrophe. He has surrounded himself with proponents of projects with enormous climatic consequences, such as his minister of transportation who presses for Highway BR-319 and his minister of mines and energy and the president of Petrobras who push for the mouth-of-the-Amazon and other new oil and gas projects.

    Clearly, Lula does not listen to his minister of environment and climate change on these issues. He lives in a “disinformation space,” to use the term coined by Ukrainian President Volodymyr Zelinski to describe Donald Trump. The question of whether President Lula will awake from his sleepwalk before COP-30 in November is critical, as this is his opportunity to assume global leadership on climate change. Although there is no indication that this is likely, efforts to penetrate his disinformation space must continue.

    Philip Fearnside receives funding from the National Council for Scientific and Technological Development (CNPq), the Amazonas State Research Support Foundation (FAPEAM), and the Brazilian Research Network on Global Climate Change (Rede Clima).

    ref. Brazil’s ‘bill of devastation’ pushes Amazon towards tipping point – https://theconversation.com/brazils-bill-of-devastation-pushes-amazon-towards-tipping-point-259027

    MIL OSI Analysis

  • MIL-OSI Russia: Chinese-Kyrgyz cooperation has great potential – Xi Jinping /more details/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    ASTANA, June 17 (Xinhua) — Chinese President Xi Jinping on Tuesday said cooperation between China and Kyrgyzstan has great potential, calling on the two countries to increase trade and investment and expand cooperation in developing sectors.

    Xi Jinping made the statement at a meeting with Kyrgyz President Sadyr Japarov on the sidelines of the second China-Central Asia summit in the Kazakh capital Astana.

    Since the establishment of diplomatic relations 33 years ago, Chinese-Kyrgyz ties have developed rapidly and are now at the highest level in their entire history, Xi Jinping noted.

    He recalled the fruitful meeting with S. Japarov in February in Beijing. During the talks, a number of important consensuses were reached, giving a new and powerful impetus to bilateral cooperation.

    China is willing to work with Kyrgyzstan to continuously deepen the alignment of development strategies, continue to firmly support each other on issues concerning their core interests and major concerns, and safeguard the common and long-term interests of both sides, Xi said.

    Xi Jinping called on the two sides to deepen financial cooperation, improve connectivity networks and promote high-quality construction of the China-Kyrgyzstan-Uzbekistan railway.

    He also called on both sides to stimulate new growth factors in clean energy, green minerals and artificial intelligence, strengthen exchanges in areas such as culture, tourism, education and health care, and implement more projects to benefit the peoples of the two countries.

    Xi Jinping stressed that China and Kyrgyzstan are beneficiaries of economic globalization, and called on the two sides to jointly oppose unilateralism, firmly safeguard the international economic and trade order, and promote the building of a more fair and equitable global governance system.

    Recalling that China and Kyrgyzstan will take turns chairing the Shanghai Cooperation Organization (SCO) and hosting summits, Xi Jinping said Beijing is ready to work with Bishkek to support each other and jointly promote the further development of the SCO.

    For his part, S. Japarov said that under the outstanding leadership of Chairman Xi Jinping, China is moving along the path of prosperity and strength, achieving great achievements and playing an important leadership role in the international arena.

    The Kyrgyz side attaches great importance to the development of relations with China and values strategic partnership based on mutual respect, equality and mutual benefit, as well as good-neighborly friendship, he said.

    According to him, the Kyrgyz side firmly supports China in matters concerning its fundamental interests, adheres to the one-China principle, and also opposes any form of “Taiwan independence” and any interference by external forces in the country’s internal affairs.

    Noting that China is Kyrgyzstan’s largest trade and investment partner, the President indicated that the Kyrgyz side invites more Chinese companies to do business in Kyrgyzstan and is ready to work with China to jointly advance projects such as the China-Kyrgyzstan-Uzbekistan railway, strengthen cooperation in energy, green minerals and other areas for the benefit of the peoples of the two countries.

    Bishkek actively supports three important global initiatives put forward by Chairman Xi Jinping and is ready to cooperate with Beijing for their joint implementation, said S. Japarov.

    He added that Kyrgyzstan will closely coordinate positions and cooperate with China within the framework of the UN, SCO and the China-Central Asia mechanism to promote regional and global security, stability, development and prosperity.

    Following the meeting, the two heads of state attended a signing ceremony for a number of bilateral cooperation documents covering agriculture, customs, science and technology, media and other areas. –0–

    MIL OSI Russia News

  • MIL-OSI United Kingdom: UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    UK-Ukraine TechBridge Investment Accelerator at London Tech Week 2025

    9 – 11 June 2025 

    During London Tech Week, UK Government, in collaboration with 1991 Ventures and Ukraine’s Ministry of Digital Transformation (MDT), strengthened the UK-Ukraine bilateral relationship through a series of key meetings and events under the UK-Ukraine TechBridge programme, a component of the 100 Year Partnership agreement. 

    9 June 

    On the Startup Stage at London Tech Week, the UK-Ukraine TechBridge Investment Accelerator project concluded with a pitching session. Ukrainian Deputy Minister for Digital Transformation, Oleksandr Bornyakov (MDT), and Denis Gursky of 1991 Ventures joined Rodney Berkeley, Director of Infrastructure and Technology at the Department for Business & Trade (DBT), in delivering opening remarks. Pitches were delivered by 11 high potential Ukrainian tech start-ups providing innovative solutions from databases to support clinical trials, AI-powered Software as a Service (SaaS), and direct air carbon capture technology for agriculture. The Investment Accelerator project aimed at upskilling Ukrainian tech founders to scale up their businesses in the UK. 

    10 June 

    A breakfast event was hosted by the Embassy of Ukraine focused on promoting Ukraine’s CodeUA (B2B platform) initiative and connecting highly skilled Ukrainian tech companies with global business representatives. The event provided valuable insights into Ukraine’s tech ecosystem and facilitated new, collaborative opportunities for those wanting to invest in innovative, and secure technology partnerships. 

    The day concluded with an evening reception at the London Stock Exchange Group, supported by the UK-Ukraine TechBridge and DiiaCity Utd. This event celebrated the global potential of Ukraine’s tech ecosystem, bringing together Ukrainian and UK government representatives, investors, tech companies, and thought leaders to deepen cooperation between our two nations.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: As Trump moves to decimate state AI laws, Governor Newsom taps the nation’s top experts for groundbreaking AI report

    Source: US State of California Governor

    Jun 17, 2025

    What you need to know: Against the backdrop of President Trump’s massive and costly bill gutting laws protecting against AI-generated child pornography, scams, and other criminal activity, Governor Newsom is continuing his leadership by releasing a groundbreaking new report from leading experts and academics to help guide the responsible, safe, and ethical development and deployment of AI in California and beyond.

    SAN FRANCISCO – Today, Governor Newsom advanced California’s ongoing leadership in the responsible development and deployment of artificial intelligence with the release of a new report from world-leading AI academics and experts. The group, which was convened at the request of the Governor last September, today released its final report, The California Report on Frontier AI Policy. This landmark report will help pave the way for the responsible, ethical, and safe use of AI for the benefit of all Californians by offering a policy framework for workable guardrails based on an empirical, science-based analysis of the technology’s capabilities and risks. The announcement comes as President Trump pushes his massive spending bill, which includes a 10-year moratorium on state laws protecting against the misuse of AI, including California’s laws that ban AI-generated child pornography, deepfake porn, and robocall scams against the elderly.

    “California is the home of innovation and technology that is driving the nation’s economic growth — including the emerging AI industry. As Donald Trump chooses to take our nation back to the past by dismantling laws protecting public safety, California will continue to lead the way with smart and effective policymaking. I thank the experts and academics who responded to my call for this important report to help ensure that, as we move forward to help nurture AI technology, we do so with the safety of Californians at the top of mind.”

    Governor Gavin Newsom

    AI is already changing the world, and California will play a pivotal role in defining that future. As the fourth-largest economy in the world and the birthplace of the tech industry, California continues to dominate this sector as the leader in AI. The state is home to 32 of the 50 top AI companies worldwide. In addition to championing safe, responsible, and ethical development and use of this emerging industry, California is harnessing its potential to increase government efficiency and support state operations. 

    Studying AI’s risk and opportunities 

    Today’s report is a result of the Governor’s convening of leading experts on artificial intelligence and policy to help California develop workable guardrails for deploying generative AI (GenAI), focusing on developing an empirical, science-based trajectory analysis of frontier models and their capabilities and attendant risks. Authors include the  “godmother of AI,” Dr. Fei-Fei Li, Professor of Computer Science at Stanford University and Founding Co-Director of Stanford’s Human-Centered AI Institute;  Mariano-Florentino “Tino” Cuéllar, President of the Carnegie Endowment for International Peace and member of the National Academy of Sciences Committee on Social and Ethical Implications of Computing Research; and Dr. Jennifer Tour Chayes, Dean of the College of Computing, Data Science, and Society at UC Berkeley.

    The report includes recommendations on ensuring evidence-based policymaking, balancing the need for transparency with considerations such as security risks, and determining the appropriate level of regulation in this fast-evolving field.  

    Public engagement

    The report incorporated robust public participation in the drafting process. The final report incorporates public feedback submitted following the draft released in March 2025, and provides a framework that can help California policymakers, as well as policymakers across the country, provide guardrails on the frontier of AI development

    California’s AI global leadership 

    California has launched efforts to help the state take advantage of this emerging technology, while also creating responsible policy guardrails to protect Californians, including businesses and workers

    In 2023, Governor Newsom signed an executive order laying out California’s measured approach to state GenAI procurement. That EO has shaped the future of ethical, transparent, and trustworthy GenAI deployment, all while California remains the world’s GenAI leader. Within state government, projects are already underway to utilize GenAI to reduce highway congestion, improve roadway safety, and enhance customer service in a state call center. 

    First of-its-kind effort with NVIDIA

    In August 2024, the state partnered with NVIDIA to launch a first-of-its-kind AI collaboration. The initiative, signed by Governor Gavin Newsom and NVIDIA founder & CEO Jensen Huang, aims to train students, educators and workers; support job creation and promote innovation; and use AI to solve challenges that can improve the lives of Californians.

     

    Staying ahead of threats 

    Last year, Governor Newsom also signed a series of bills to crack down on sexually explicit deepfakes and require AI watermarking, ban AI-generated child pornography, protect consumers by preventing scams from AI-generated robocalls, protect performers’ digital likenesses, and combat deepfake election content

    Press releases, Recent news

    Recent news

    News What you need to know: As Governor Newsom’s motion to block the Trump Administration’s illegal militarization of downtown Los Angeles heads to the Ninth Circuit, former military leaders agree – Trump’s takeover poses grave risk to both servicemembers and…

    News What you need to know: Donald Trump is raiding public safety funds to bankroll his militarized birthday party this Saturday, while stripping local police departments, first responders, and communities across the country of the tools they need to keep Americans…

    News What you need to know: President Trump’s illegal military deployment impacts firefighting resources already seeing cuts by the U.S. Forest Service. SACRAMENTO – With the risk of catastrophic wildfire on the rise as peak fire season sets in across California, the…

    MIL OSI USA News

  • MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Conflict in Middle East, Budget Reconciliation, GENIUS Act

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Mornings With Maria on Fox Business to discuss the conflict in the Middle East, the ongoing negotiations of the budget reconciliation package, and final passage of the GENIUS Act.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Trump preventing Iran from obtaining a nuclear weapon: “It’s not surprising. President [Donald] Trump has been entirely clear this entire period that Iran needs to come to the table, that he will not allow them to have a nuclear weapon. Yet what does Iran do? Continues to tap the ball. They go past the 60-day window that they’d been given, and they continue to advance their nuclear program. It’s no surprise that Israel has taken the action that they have, Maria. I think they have no choice. This is an existential decision on behalf of [Israel Prime Minister Benjamin] Netanyahu. He cannot let Iran have a nuclear weapon because Iran’s been very clear: death to Israel and also death to America. We have to take them at their word. This regime has been nothing but using every tactic in the book to, basically, buy more time to ‘negotiate’ while, in the background, they continue to develop this weapon. This capability is something we can’t let them finalize. President Trump has been, again, extraordinarily clear. He will not let that happen.”

    Hagerty on the U.S. standing with Israel: “I think President Trump has been very clear. He’s not for these forever wars that go on. I agree with that. At the same time, he’s also been very clear that we stand with Israel. I think most people in America feel the same way. I think President Trump has a spectrum of options before him. I’m not going to get ahead of him and try to predict what he might do, but I’ll say this: Israel’s doing an incredible job. Their intelligence has been impeccable, and I think the Iranians need to wake up and realize they’re on their back foot. They’re on their back heel, and they need to get to the table quickly to get this resolved because they are not winning.”

    Hagerty on China supporting Iran’s terror regime: “They have been supporting Iran, Maria, over time. If you think about it, who’s been buying this illicit oil? Iran’s been evading sanctions. How? They’re selling their oil to China. China’s been providing the funds. The funds have been used, therefore, to build up Hamas, to build up Hezbollah, to build up Houthis. It’s Iranian technology, Iranian knowhow, that’s being used, along with Iranian funds, which are being, basically, funneled from China through Iran, back into these zones of terror. China needs to bring this to a complete halt. They need to join us, and we need to see this come to an end.”

    Hagerty on the ongoing budget reconciliation negotiations: “There’s a lot in that that, I think, is going to be refined. There’s going to be more deficit reduction orientation in what the Senate is working on right now. I’m not going to get in the middle of negotiations, but just take SALT, for example, the state and local tax exemption. It came over from the House with a $40,000 exemption per year. The Senate’s come back with a $10,000 exemption. That’s a negotiation that’s underway. Again, I’m not going to try to get ahead of the negotiators, but this is what’s going to take place. This is how it gets done here in Washington. Overall, though, I’d say this: we have to keep in mind that to not address this, to not address the extension of the 2017 Tax Cuts and Jobs Act, would deliver north of $4 trillion of tax increases to the American people. The White House budget model predicts that there would be a six percent decline in GDP next year, were that to happen. We’re not going to let that happen either, Maria. So, we’re in the process of fine-tuning. Everybody wants this to be as conservative as it can be, but also, it’s imperative that we get this passed and passed quickly, so the capital expenditure plans can firm up, so that the investments that we want to see happen in America do begin to get plans. The 2026 is the best year we’ve seen on record.”

    Hagerty on SALT provisions: “I think you look at the Senate, we don’t have a SALT constituency in the Senate. We don’t have [Republican] senators from California, New York, Illinois. We’re trying to address this, but we’re trying to do this in a fiscally responsible manner. Again, we’re in the middle of a negotiation. [Representative] Mike [Lawler] is at $40,000, the U.S. Senate right now is at $10,000. Again, I’m sure Mike will be clear in his point tomorrow, but we’re in the middle of a negotiation. We’ll see where it lands.”

    Hagerty on the IRA subsidies: “I think they’re going to be scrutinized very, very carefully, Maria. I understand the arguments that is that certain companies are relied, to their detriment, on the tax subsidies that were there, but I think we’re going through this with a fine-tooth comb. Certainly, we don’t want to see anymore new utilization of these types of tools, and I think they’re trying to minimize the disruption in the damage that might have occurred from those companies that have already relied upon it and started projects.”

    Hagerty on final passage of the GENIUS Act: “I’m very enthusiastic about the stablecoin legislation that I’ve led. We’ve been working on this for months. We have a strong bipartisan product. We will deliver that midday today. We’ll have it ready, and I think it’s got a tremendous amount of input from the industry, from my colleagues here. We’ve involved the administration. I think we’re going to have a great product that actually sets the stage for moving into a modern-day payment system into the 21st century. Getting us off the old system that was designed in the 1970s and eighties, making the dollar the key element in the digital arena. And frankly, it will stimulate more demand for U.S. treasuries. It will strengthen the dollar’s position as a reserve currency. We’re going to see that advance in a way that, again, takes a lot of friction out of an old, clunky system, reduces counterparty risk, reduces currency risk, and will bring a lot of working capital back to the companies that need it and back into the economy. With respect to the [Securities and Exchange Commission], I couldn’t ask for a better partner than [SEC Chairman] Paul Atkins. He’s doing a terrific job already. We’re going to be working arm-in-arm to try to help advance the entire cryptocurrency industry, the entirety of this industry, that’ll keep us on the cutting edge of the 21st century. As you mentioned, I want to make my state a hub. We’ve got Bitcoin miners there. We’ve got Bitcoin Park there. We had the great Bitcoin Conference there that President Trump attended. That’s where he announced that he would be firing [Former SEC Chairman] Gary Gensler. I think that received great applause, and I think everybody’s extremely happy to see someone, strong conservative, hard-nosed fellow, like Paul Atkins, coming into office. I’m looking forward to working, arm-in-arm, together with him.”

    MIL OSI USA News

  • MIL-OSI: 74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Paris, June 17, 2025 – 74Software today announces the appointment of Julia Siepmann as Group Chief Human Resources Officer, effective as of 19th May 2025.

    Julia Siepmann brings over 20-years of global experience in strategic human resources management within technology-driven companies undergoing companywide transformation. Throughout her career, she has demonstrated a strong ability to lead deep cultural evolutions, implement global HR frameworks, and foster inclusive, engaging, and high-performing work environments.

    Prior to joining 74Software, Julia served as Chief Human Resources Officer at Nielsen, Analytics Portfolio Organizations. She previously spent over 15 years at Teradata where she held Global HR leadership roles based in London and Singapore. Known for her thoughtful and structured approach, she has led numerous Global programs focused on HR transformation, employee engagement, and inclusion. Julia is based in London, United Kingdom.

    Patrick Donovan, Chief Executive Officer of 74Software, stated:

    “Julia’s appointment marks an important step in driving our development. We are committed to our team and their development, and her proven leadership and deep expertise in organizational transformation and talent management will be key assets in strengthening our corporate culture and sustaining our growth. We are pleased to welcome her to the executive leadership team.”

    Julia will play a central role in shaping and executing a human resources strategy aligned with 74Software’s development ambitions. Her mission will be to enhance organizational performance by fostering cohesion across entities, supporting talent development, and embedding a company culture rooted in respect, equity, and well-being.

    “I am delighted to be joining 74Software at a pivotal time in its growth as a portfolio company uniting several strong technology brands around shared values and a common culture,” said Julia Siepmann. “In a constantly evolving and competitive environment, HR plays a critical role in supporting this momentum and shaping a compelling, forward-looking employee value proposition. I look forward to contributing to the development of an inclusive, high-performing, and sustainable organization.”

    With this appointment, the Executive Committee of 74Software now comprises 9 members representing 4 nationalities:

    • Patrick Donovan, Chief Executive Officer
    • Éric Bierry, Deputy CEO, CEO of SBS
    • Roland Royer, CEO of Axway
    • Tobias Unger, Chief Financial Officer
    • Xavier Rebeuf, Chief R&D Operations
    • Paul French, Chief of Staff
    • Philippe Buisson, Chief of Integration and Secretary
    • Yann Metz-Pasquier, Chief Strategy Officer
    • Julia Siepmann, Chief Human Resources Officer

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Attachment

    The MIL Network

  • MIL-OSI: Reliance Global Group Signs Letter of Intent to Sell Fortman Insurance for $5 Million in Cash

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, NJ, June 17, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance,” “we,” “us,” “our” or the “Company”) today announced it has signed a non-binding Letter of Intent (LOI) to sell Fortman Insurance Agency (“Fortman”), a wholly owned subsidiary for $5 million in cash. The contemplated sale price represents a meaningful premium over the original acquisition cost, underscoring the Company’s ability to acquire, improve, and opportunistically monetize assets to drive shareholder value.

    Since acquiring Fortman, Reliance has implemented operational enhancements, upgraded internal systems, and established a strong leadership team. As a result, Fortman has evolved into a well-capitalized, efficiently run agency with a growing customer base and enhanced market presence.

    Ezra Beyman, CEO of Reliance, commented, “The potential sale of Fortman demonstrates our disciplined capital allocation strategy and commitment to value creation. We acquired Fortman at a compelling valuation, strengthened its operations, and are now positioned to realize a meaningful return. This contemplated transaction reflects our ability to execute and supports our broader goal of building a highly profitable and focused organization. Not only does the sale price represent a premium to what we paid for Fortman, but it also adds substantial cash to our balance sheet—an especially notable achievement in light of our current market capitalization. We believe that this highlights the substantial underlying value embedded across our broader portfolio.”

    Proceeds from the sale are expected to support Reliance’s planned acquisition of Spetner Associates (“Spetner”), a rapidly growing and synergistic insurance platform. As highlighted in previous announcements, Spetner has experienced robust growth in recent years and is expected to generate strong cash flow at both the subsidiary and parent company levels. The Company believes Spetner will integrate seamlessly into Reliance’s operations under the OneFirm strategy.

    “By monetizing Fortman at a premium, we are building internal cash reserves that are intended to advance the Spetner acquisition,” added Beyman. “This strategy reflects our commitment to enhancing shareholder value while pursuing transformative and accretive growth opportunities. We believe replacing our Fortman subsidiary with Spetner aligns with our long-term vision for scale, synergy, and sustained cash flow generation.”

    The LOI is non-binding and subject to customary due diligence and negotiation of definitive documentation. The Company will provide additional updates as the transaction progresses.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance.  In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

    • Our ability to complete the non-binding Letter of Intent to sell Fortman Insurance Agency for $5 million and to realize the contemplated premium over our original acquisition cost;
    • Our plans to deploy the proceeds from the Fortman sale for the proposed acquisition of Spetner Associates, Inc.;
    • Our expectation that the Spetner acquisition will close on commercially reasonable terms and receive any required regulatory and shareholder approvals;
    • Our objectives to continue acquiring, improving and opportunistically monetizing agency-level assets to drive shareholder value;
    • Our intentions to pursue disciplined, accretive growth opportunities in the InsurTech and insurance agency industries; and
    • Other statements of our plans, objectives, expectations and intentions with respect to future operations, financial results, products and services.

    These forward-looking statements are based on a number of assumptions, including the assumptions that: the LOI will not be terminated prior to execution of definitive purchase agreements; due diligence and documentation negotiations will proceed without material adverse findings; the Fortman sale and the Spetner acquisition will both close as expected; our revenue and EBITDA projections for Spetner are attainable; integration risks will be managed successfully; and there will be no material adverse changes in market, economic or regulatory conditions affecting our businesses. There can be no assurance that any of these assumptions will prove correct.

    There are numerous risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These include, among others: the risk that the Fortman buyer may withdraw or renegotiate the terms of the LOI; delays or failure to complete either the Fortman sale or the Spetner acquisition; unanticipated liabilities or integration challenges in connection with Spetner; our inability to realize the projected revenue or EBITDA benefits; competition in the InsurTech and agency brokerage industry; changes in insurance regulation or Nasdaq listing requirements; general economic or financial market conditions; and the other risks and uncertainties described in the “Risk Factors” section of our Registration Statement on Form S-1 and our periodic reports filed with the Securities and Exchange Commission.

    You should carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, and the other reports we have filed or will file with the SEC for a more complete discussion of risks and uncertainties. Except as required by law, Reliance Global Group, Inc. disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com 

    The MIL Network

  • MIL-OSI: Top California Lender, LLC Closes $5.3 Million Loan for Mixed-Use Development

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, June 17, 2025 (GLOBE NEWSWIRE) — Top California Lender, a private lender specializing in commercial real estate lending, is proud to announce the successful closing of a $5.3 million loan to finance the acquisition of a mixed-use development in Boise, Idaho. This transaction highlights the company’s commitment to supporting innovative projects in emerging markets across the United States.

    The loan, structured as a 12-month bridge term with an interest rate of 9.5% and interest-only payments, supports the purchase of a 25,000-square-foot property featuring retail spaces and residential units in Boise’s thriving downtown area. The borrower, a local real estate group with a proven track record, plans to renovate the property to enhance its appeal to tenants, capitalizing on the city’s growing population and economic momentum. The loan includes no prepayment penalty, offering flexibility to adapt to market conditions.

    “This closing reflects our ability to provide fast, tailored financing for strategic investments in up-and-coming markets,” said Jerry Dean, CEO of Top California Lender, LLC. “We are thrilled to partner with this experienced team to unlock the potential of this Boise property and contribute to the area’s revitalization.”

    The deal underscores the increasing demand for acquisition financing in the Mountain West, where Boise’s economic growth continues to attract investors. Top California Lender’s efficient process, targeting closings within 30 days of approval, enabled the swift execution of this transaction, reinforcing its reputation as a trusted lender in the commercial real estate sector.

    For more information about Top California Lender’s loan programs, including Rehab/Renovation Loans, Construction Loans, Bridge Loans, Commercial Acquisition Loans, and Change of Use Loans, visit www.topcalifornialender.com or contact info@topcalifornialender.com.

    The MIL Network

  • MIL-OSI: Top California Lender, LLC Closes $5.3 Million Loan for Mixed-Use Development

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, June 17, 2025 (GLOBE NEWSWIRE) — Top California Lender, a private lender specializing in commercial real estate lending, is proud to announce the successful closing of a $5.3 million loan to finance the acquisition of a mixed-use development in Boise, Idaho. This transaction highlights the company’s commitment to supporting innovative projects in emerging markets across the United States.

    The loan, structured as a 12-month bridge term with an interest rate of 9.5% and interest-only payments, supports the purchase of a 25,000-square-foot property featuring retail spaces and residential units in Boise’s thriving downtown area. The borrower, a local real estate group with a proven track record, plans to renovate the property to enhance its appeal to tenants, capitalizing on the city’s growing population and economic momentum. The loan includes no prepayment penalty, offering flexibility to adapt to market conditions.

    “This closing reflects our ability to provide fast, tailored financing for strategic investments in up-and-coming markets,” said Jerry Dean, CEO of Top California Lender, LLC. “We are thrilled to partner with this experienced team to unlock the potential of this Boise property and contribute to the area’s revitalization.”

    The deal underscores the increasing demand for acquisition financing in the Mountain West, where Boise’s economic growth continues to attract investors. Top California Lender’s efficient process, targeting closings within 30 days of approval, enabled the swift execution of this transaction, reinforcing its reputation as a trusted lender in the commercial real estate sector.

    For more information about Top California Lender’s loan programs, including Rehab/Renovation Loans, Construction Loans, Bridge Loans, Commercial Acquisition Loans, and Change of Use Loans, visit www.topcalifornialender.com or contact info@topcalifornialender.com.

    The MIL Network

  • MIL-OSI: Top California Lender, LLC Closes $5.3 Million Loan for Mixed-Use Development

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, June 17, 2025 (GLOBE NEWSWIRE) — Top California Lender, a private lender specializing in commercial real estate lending, is proud to announce the successful closing of a $5.3 million loan to finance the acquisition of a mixed-use development in Boise, Idaho. This transaction highlights the company’s commitment to supporting innovative projects in emerging markets across the United States.

    The loan, structured as a 12-month bridge term with an interest rate of 9.5% and interest-only payments, supports the purchase of a 25,000-square-foot property featuring retail spaces and residential units in Boise’s thriving downtown area. The borrower, a local real estate group with a proven track record, plans to renovate the property to enhance its appeal to tenants, capitalizing on the city’s growing population and economic momentum. The loan includes no prepayment penalty, offering flexibility to adapt to market conditions.

    “This closing reflects our ability to provide fast, tailored financing for strategic investments in up-and-coming markets,” said Jerry Dean, CEO of Top California Lender, LLC. “We are thrilled to partner with this experienced team to unlock the potential of this Boise property and contribute to the area’s revitalization.”

    The deal underscores the increasing demand for acquisition financing in the Mountain West, where Boise’s economic growth continues to attract investors. Top California Lender’s efficient process, targeting closings within 30 days of approval, enabled the swift execution of this transaction, reinforcing its reputation as a trusted lender in the commercial real estate sector.

    For more information about Top California Lender’s loan programs, including Rehab/Renovation Loans, Construction Loans, Bridge Loans, Commercial Acquisition Loans, and Change of Use Loans, visit www.topcalifornialender.com or contact info@topcalifornialender.com.

    The MIL Network

  • MIL-OSI Economics: Breaking down the chaos of a seemingly infinite workday

    Source: Microsoft

    Headline: Breaking down the chaos of a seemingly infinite workday

    In our recent 2025 Work Trend Index Annual Report, we charted the emergence of the Frontier Firm—powered by intelligence on tap, run by human-agent teams, and defined by a new role for every employee, the agent boss. These firms are redesigning business processes around AI and agents to scale rapidly, operate with agility, and generate value faster than traditional companies.

    But organizations will never complete their journey to becoming a Frontier Firm by concentrating on process alone. Our research, based on trillions of globally aggregated and anonymized Microsoft 365 productivity signals, reveals a challenging new roadblock: a seemingly infinite workday. 

    AI offers a way out of the mire, especially if paired with a reimagined rhythm of work. Otherwise, we risk using AI to accelerate a broken system. To get a handle on this barrier to transformation, let’s start our infinite workday. 

    The workday often begins before a lot of people are out of bed. By 6 am, many Microsoft 365 users are scanning overflowing inboxes in hopes of getting ahead. Our telemetry data shows:  

    • 40% of people who are online at 6 am are reviewing email for the day’s priorities. 

    • The average worker receives 117 emails daily—most of them skimmed in under 60 seconds. 

    • Mass emails with 20+ recipients are up 7% in the past year, while one-on-one threads are on the decline (-5%). 

    The inbox may still be the front door to work, but too often it opens to a flood of unprioritized chaos. 

    The chaos of the infinite workday

    It starts early, mostly in email, and quickly swells to a focus-sapping flood of messages, meetings, and interruptions. 

    By 8 am, Microsoft Teams overtakes email as the dominant communication channel, shifting the day into high gear.  

    • The average worker receives 153 Teams messages per weekday. 

    • Messages per person are up 6% YOY globally—more than 20% in regions like Central and Eastern Europe, the Middle East, and Africa, and over 15% in the UK and South Korea. 

    Each email or message notification may seem small, but together they can set a frenetic tempo for the day ahead.  

    The most valuable hours of the workday are often ruled by someone else’s agenda. Half (50%) of all meetings take place between 9–11 am and 1–3 pm—precisely when, as research shows, many people have a natural productivity spike in their day, due to their circadian rhythms. But our data reveals that we fill this time with meetings, leaving little room for deep focus. Tuesdays now carry the heaviest meeting load (23%), while Fridays taper to just 16%. Instead of deep work, these prime hours are spent cycling through a carousel of calls. 

    Meetings hijack prime focus time

    Studies show that many people have two natural performance spikes each day, but our data reveals that we fill one of them with meetings, leaving little room for focus work.

    An area chart showing average productivity levels for workers between the hours of 6 am and 12 am, indicating that a high percentage of meetings are often scheduled during peak productivity hours, leaving workers with less time to dedicate to focus work.

    But meetings aren’t the only force fracturing attention. By 11 am—peak productivity for many—message activity also surges, with 54% of users active. According to our telemetry data it’s the most overloaded hour of the day, as real-time messages, scheduled meetings, and constant app switching converge, making focus on any one task nearly impossible. 

    Calendars may show a break in meetings after lunch, but that could also be a mirage. During this time we see Word, Excel, and PowerPoint (WXP) usage surge as employees attempt focus work like writing, analyzing data, and creating decks—but that time is fragmented. Our telemetry data shows that, on average, employees using Microsoft 365 are interrupted every 2 minutes by a meeting, email, or notification. That competing digital noise doesn’t appear on calendars, but as many information workers will likely attest, it’s deeply felt. In fact, our global Work Trend Index survey shows that nearly half of employees (48%)—and more than half of leaders (52%)—say their work feels chaotic and fragmented. 

    The issue isn’t just volume—it’s sprawl. Our data shows that modes of communication are changing, coordination is more complex, and mental load is heavier.  

    • 57% of meetings are ad hoc calls without a calendar invite—and 1 in 10 scheduled meetings are booked at the last minute.  

    • Large meetings (65+ attendees) are the fastest-growing type—likely a result of employees navigating increasingly complex, cross-functional teams. 

    • Nearly a third of meetings now span multiple time zones—up 35% since 2021. 

    • And in the final 10 minutes before a meeting, PowerPoint edits spike 122%—the digital equivalent of cramming before an exam. 

    For many, the workday now feels like navigating chaos—reacting to others’ priorities and losing focus on what matters most. In a time when every hour counts, that drift could quietly drain energy and stall business progress. 

    The shift to the triple peak day that started during the pandemic is no longer a trend—for many, it’s the norm. Today’s workday stretches well into the evening. Our telemetry data shows that meetings after 8 pm are up 16% year over year, with global and flexible teams accounting for much of the increase. And it’s not just meetings: the average employee now sends or receives more than 50 messages outside of core business hours, and by 10 pm, nearly a third (29%) of active workers dive back into their inboxes, pointing to a steady rise in after-hours activity. 

    But “working late” can be experienced differently. A recent study from Microsoft Research found that remote workers often see evening hours as a productive window for quiet catch-up. Hybrid workers, by contrast, are more likely to experience that same time as a source of stress. For managers and leaders, this isn’t just a footnote—it’s a signal that can help set clearer expectations, shape team culture, and better support teams. 

    And for some, this pressure spills into the weekend—making Sunday feel like just another Monday:  

    • Our telemetry data shows a notable bump in weekend email usage. Nearly 20% of employees actively working on the weekend are checking their email before noon on Saturday and Sunday—waking up to work, even on typical days off. And over 5% are back in email on Sunday evenings (6 pm and later)—the Sunday scaries are real and measurable. 

    • And while email patterns mimic the workweek, other apps tell a different story: over the weekend, usage of WXP overtakes Teams messages as employees finally carve out time for uninterrupted focus work. 

    The infinite workday bleeds into evenings and weekends

    Boundaries are eroding as 1 in 3 employees say the pace of work over the past five years makes it impossible to keep up.

    This points to a larger truth: the modern workday for many has no clear start or finish. As business demands grow more complex and expectations continue to rise, time once reserved for focus or recovery may now be spent catching up, prepping, and chasing clarity. It’s the professional equivalent of needing to assemble a bike before every ride. Too much energy is spent organizing chaos before meaningful work can begin.  

    Leaders are feeling the squeeze. With flat budgets and rising pressure to perform, 1 in 3 employees in our global Work Trend Index survey responded that the pace of work over the past five years has made it impossible to keep up. The signals are clear: it’s time to break the cycle. The future of work won’t be defined by how much drudgery we automate, but by what we choose to fundamentally reimagine. AI can give us the leverage to redesign the rhythm of work, refocus our teams on new and differentiating work, and fix what has become a seemingly infinite workday. The question isn’t whether work will change. It’s whether we will. 

    Adopting AI isn’t enough. What you need now is a Frontier Firm mindset—one that questions how time is spent, how work gets done, and what truly drives impact. Here are three places to start: 

    1. Follow the 80/20 rule. In a world of flat budgets and shrinking attention, activity is not the same as progress. The most effective organizations know this—and act on it. Frontier Firms are putting the Pareto Principle into practice, focusing on the 20% of work that delivers 80% of the outcomes. AI makes this not only possible but scalable. By deploying AI and agents to streamline low-value tasks—status meetings, routine reports, admin churn—leaders can reclaim time for what moves the business: deep work, fast decisions, and focused execution. The companies that can win in the age of AI won’t just work harder—they’ll work smarter and sharper. Not sure where to start? Watch this leadership keynote from the Microsoft 365 Community Conference on Building the Future Firm.  

    2. Redesign for the Work Chart. Today, teams are organized by static functions like finance, marketing, and engineering. But with expertise available on demand through AI and agents, rigid structures add unnecessary friction. Take a product launch: content lives in marketing, data in analytics, budget in finance, and messaging with comms. A simple update like a price adjustment can take days and multiple meetings. It’s time to move from the org chart to the Work Chart—an agile, outcome-driven model in which lean teams form around a goal and use AI to fill skill gaps and move fast. At Supergood, an AI-first agency formerly called Supernatural, employees use a platform powered by decades of ad strategy to access insights instantly—no need to loop in a strategist on every brief. 

    3. Become an agent boss. There’s a new generation of professionals rising through the chaos—not by working more, but by working smarter. We call them agent bosses. Take Alex Farach, a researcher at Microsoft who uses a trio of agents to supercharge his work: one collects new research daily, the next runs statistical analysis, and the third drafts briefs to help connect the dots. Instead of getting bogged down in manual work, Farach can focus on what matters—fast, high-quality insights that benefit the entire team. This is the future of work: human-agent teams built to adapt and scale. 


    Methodology 

    Microsoft 365 Telemetry  
    All data is based on aggregated and anonymized Microsoft 365 productivity signals, ending February 15, 2025. Data excludes education (Edu) and European Union (EU) tenants. 

    • Interruptions 
      Employees are interrupted every two minutes during core work hours—275 times a day—by meetings, emails, or chats.  
      Calculated as a rolling 28-day sum of pings (meeting invites, emails, chats) per unique user per workday. The two-minute figure reflects the average time between pings during an eight-hour workday. The 275 is based on the 24-hour day. Based on the top 20% of users by ping volume received. 

    • Last-Minute PowerPoint Edits  
      Edits in PowerPoint spike 122% in the final 10 minutes before a meeting.  
      Calculated as a rolling 28-day sum of PowerPoint view and edit actions per meeting participant, measured across fixed time windows before meetings. 

    • Ad Hoc Meetings  
      60% of meetings are unscheduled or ad hoc.  
      Based on a rolling 28-day volume of unique meetings per user per workday. Represents the top 20% of users by meeting volume. 

    • After-Hours Chats  
      Chats sent outside the standard 9-to-5 workday are up 15% year over year, with an average of 58 messages per user now arriving before or after hours.  
      Calculated as a rolling 28-day sum of chats sent outside of Monday–Friday, 9 am–5 pm 

    • Late-Night Meetings & Cross–Time Zone Work  
      Meetings starting after 8 pm are up 16% year over year, driven by an increase in cross–time zone collaboration. 30% of meetings now span multiple time zones—a figure that has risen 8 percentage points since 2021.  
      Measured as a rolling 28-day sum of meetings starting between 8 pm and 11:59 pm, adjusted for each participant’s local time. 

    Work Trend Index Survey  
    The Work Trend Index survey was conducted by an independent research firm, Edelman Data x Intelligence, among 31,000 full-time employed or self-employed knowledge workers across 31 markets between February 6, 2025 and March 24, 2025. This survey was 20 minutes in length and conducted online, in either the English language or translated to local languages across markets. 1,000 full-time workers were surveyed in each market, and global results have been aggregated across all responses to provide an average. In the US, an additional sample of 4,500 full-time employed or self-employed knowledge workers was collected across nine sub-regions/metros. 

    Global markets surveyed include:   
    Argentina, Australia, Brazil, Canada, China, Colombia, Czech Republic, Finland, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, United States, and Vietnam. 

    Sub-regions/Metros in the United States surveyed include: Atlanta, Austin, Boston, DC Metro, Houston, New York City, North Carolina, Pittsburgh, and the San Francisco Bay Area. 

    Audiences mentioned in the report are defined as follows: 

    • Knowledge workers: Those who typically work at a desk (whether in an office or at home). This group includes those who are in person or working remotely in some capacity. 

    • Leaders: Knowledge workers in mid to upper job levels (e.g., SVP, VP, Sr. Director, General Manager, EVP, C-Suite, President, etc.) who have at least some decision-making influence related to hiring, budgeting, employee benefits, internal communications, operations, etc. 

    • Employees: Knowledge workers who are not in mid to upper job levels or have no influence on decision-making related to hiring, budgeting, employee benefits, internal communications, operations, etc. 

    • Managers: Knowledge workers who manage a team or group of employees. Managers can be business decision makers or non-business decision makers. 

    • Frontier Firms: Leaders who say their company has organization-wide deployment of AI and believe their organization is a leader in actively investing in AI, and is measuring ROI on these investments. They say they have seen some ROI from implementation of AI and believe it is critical to their long-term success as an organization. They believe agents will be key to realizing a return on their company’s AI investments. These leaders say they work at organizations that are currently using agents or other AI tools that bring previously outsourced skill sets in-house, or are using multi-agent systems that collaborate to achieve a goal or execute complex workflows. Their company plans to moderately or extensively incorporate agents into its AI strategy over the next 12–18 months. 

    MIL OSI Economics

  • MIL-OSI United Kingdom: Crossbench Peerages June 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Press release

    Crossbench Peerages June 2025

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life.

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life upon the undermentioned:

    Nominations for Crossbench Peerages:

    1. Sir Tim Barrow GCMG LVO MBE – lately National Security Adviser. Former Second Permanent Under-Secretary and Political Director at the Foreign, Commonwealth & Development Office (FCDO).

    2. Dr Simon Case CVO – lately Cabinet Secretary and Head of the Civil Service. Former Private Secretary to HRH Prince William, Duke of Cambridge. Former Principal Private Secretary to the Prime Minister.

    3. Dame Katherine Grainger DBE – Chair of the British Olympic Association, former Chair of UK Sport and former Olympian. Former Chancellor of Oxford Brookes University, currently Chancellor of the University of Glasgow.

    4. Dame Sharon White, Lady Chote, DBE – former Chair of the John Lewis Partnership, former Chief Executive of the Ofcom and former Second Permanent Secretary at HM Treasury.

    Citations

    Sir Tim Barrow GCMG LVO MBE

    Sir Tim Barrow served as National Security Adviser from 2022 to 2024. Prior to this he was the Second Permanent Secretary and Political Director at the Foreign, Commonwealth and Development Office (FCDO). As Political Director, he worked on the biggest foreign policy issues facing the country, including playing a leading role in the UK’s diplomatic response to Putin’s illegal war in Ukraine.

    Sir Tim was the Permanent Representative of the United Kingdom to the European Union from 2017 to 2020 and the British Ambassador to the European Union from 2020 to 2021 and played an important role in the United Kingdom’s Brexit negotiations with the EU.

    Sir Tim’s civil service career began at the Foreign and Commonwealth Office (FCO) in 1986. He served in London, Kyiv, Moscow and Brussels before his appointment as the British Ambassador to Ukraine in 2006. In 2008, he became the Ambassador to the Western European Union and the UK Representative to the Political and Security Committee. From 2011 to 2016, he served as the British Ambassador to Russia before returning to London as the Foreign, Commonwealth and Development Office’s Political Director.

    Dr Simon Case CVO

    Dr Simon Case was Cabinet Secretary and Head of the Civil Service from September 2020 to December 2024. As Cabinet Secretary he supported four Prime Ministers in responding to the Covid-19 pandemic, the war in Ukraine and the delivery of the funeral arrangements for Queen Elizabeth II. Before this he was appointed Permanent Secretary at No.10.

    Simon has had a long and varied career as a senior public servant. He served as Private Secretary to HRH Prince William, Duke of Cambridge and as Principal Private Secretary to the Prime Minister from 2016 to 2017. He has also served as Director General for Northern Ireland and Ireland and Director General for the UK-EU relationship, both at the Department for Exiting the European Union, and Director of Strategy at GCHQ.

    Since leaving Government, he has been appointed as the independent Chair of the Barrow Delivery Board Barrow Transformation Fund, a £200m government package to deepen and develop Barrow’s crucial role at the heart of UK national security and nuclear submarine-building, overseen by the Defence Nuclear Enterprise. He is also a Non-Executive Director at the Ministry of Defence. Simon holds a PhD in political history from Queen Mary’s University of London.

    Dame Katherine Grainger DBE

    Dame Katherine Grainger is Britain’s most decorated female rower and the only female athlete – in any sport – to gain medals in five consecutive Olympic Games. Following her completion of two terms as Chair of UK Sport, Dame Katherine was appointed as Chair of the British Olympic Association.

    Born in Glasgow, Dame Katherine read law at the University of Edinburgh and then obtained a Masters in law from the University of Glasgow and a PhD from King’s College London. Dame Katherine began rowing in 1993, winning a silver medal at the Sydney, Athens and Beijing Olympics, before winning a gold medal in London, and a further silver medal in Rio de Janeiro, as well as eight World Championship medals, including six gold medals.

    Dame Katherine is on the board of the Youth Sport Trust and is patron of Netball Scotland, Winning Scotland and the National Coastwatch Institution. She was appointed a DBE in 2017, following previous awards of MBE and CBE. Katherine was previously Chancellor of Oxford Brookes University and is currently the Chancellor of the University of Glasgow and Honorary Colonel of the 215 (Scottish) Multirole Medical Regiment of the British Army. She is also the Honorary President of Scottish Rowing.

    Dame Sharon White DBE

    Dame Sharon White has spent much of her career in public service, holding a number of the most senior positions in the Civil Service.  She was the first black person and second woman to be a Permanent Secretary at HM Treasury, serving as the Second Permanent Secretary between 2013 and 2015, after which she was CEO of Ofcom from March 2015 to November 2019.

    Dame Sharon joined the Civil Service in 1998, working at HM Treasury, the British Embassy in Washington, the 10 Downing Street Policy Unit and the World Bank, before becoming a Director General in the Department for International Development, followed by the MoJ, DWP and HMT. Dame Sharon was appointed DBE in 2020 for Public Service. Dame Sharon is an honorary fellow at Nuffield College, University of  Oxford, and was a Non-Executive Director for Barratt Developments.

    Since leaving the Civil Service, Dame Sharon has become the Managing Director and Head of Europe for Caisse de dépôt et placement du Québec (the Quebec Deposition and Investment Fund), having previously been the Chair of the John Lewis Partnership from February 2020 until September 2024.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Anyone could be vulnerable to sim-swap fraud

    Source: Anglia Ruskin University

    By Hossein Abroshan, Anglia Ruskin University

    The cyberattack that has targeted Marks & Spencer (M&S) is the latest in a growing wave of cases involving something called sim-swap fraud. While the full technical details remain under investigation, a report in the Times suggests that cyber attackers used this method to access M&S internal systems, possibly by taking control of an employee’s mobile number and convincing IT staff to reset critical login credentials.

    Sim-swap fraud is not a new phenomenon, but it is becoming increasingly dangerous and more prevalent. According to CIFAS, the UK’s national fraud prevention service, Sim-swap incidents have surged from under 300 in 2022 to almost 3,000 in 2023. What had been mainly a risk to cryptocurrency investors or online influencers is now much more prevalent.

    This form of cyberattack shows how major companies and ordinary people can be compromised through a tactic that exploits human factors, such as trust and how we have built our digital identities around mobile phones.

    Sim-swap fraud begins when a scammer convinces a mobile operator to transfer a victim’s number to a new sim card, or even an esim (one that’s embedded in the device), under the scammer’s control.

    This can be done over the phone, through an online chat, or even with the help of a bribed insider. Once the number is transferred, all calls and texts intended for the victim are redirected to the scammer. This includes those crucial verification codes used for logging into email, banking, messaging apps such as WhatsApp, and government services such as HMRC.

    This alone would be dangerous. But what makes sim-swap fraud so influential is that the cyber scammer often already has access to a patchwork of personal data about their target. That information may have been collected from data breaches, phishing attacks, low-reputation websites, or even the victim’s social media.

    People often underestimate the extent to which they reveal themselves online: a birthday posted on Instagram, a phone number included in a job posting, or a home address used in an online giveaway. Scammers combine this data to build a convincing profile, enough to fool a mobile operator’s customer service staff into believing they’re talking to the real account holder.

    How the sim-swap fraud works

    Once the scammer gains control of a number, the consequences are extensive. Attackers can access sensitive information, including personal documents and request and receive password reset links for the user’s other accounts. They can log in to WhatsApp or Telegram accounts, read private messages, impersonate the user, and even contact friends or family members to conduct further scams.

    The victims might see false messages posted in their names or fraudulent transactions made from their accounts. This can lead to financial loss, reputation damage, as well as emotional and mental health issues on the part of the victims.

    In the case of M&S, attackers apparently used this access to manipulate internal processes and gain access to sensitive systems. This highlights a broader risk: many companies still rely on phone numbers as a secondary verification method for staff, making their systems vulnerable to the same cyberattack used against individuals.

    How sim-Swap fraud works – Hossein Abroshan

    Reducing the risk

    While real-time detection of mobile number hijacking remains difficult, taking specific steps can significantly reduce the likelihood of being targeted and victimised. People should avoid sharing personal data unnecessarily, especially across multiple platforms and, very importantly, on unknown or untrusted websites.

    Many attackers don’t obtain all the necessary information from a single source. Instead, they collect it incrementally, using public profiles, marketing databases and past leaks to form a comprehensive picture.

    Being mindful of where you share your phone number, birthday or other identifiers can make it harder for others to impersonate you. It is also crucial to learn how phishing works and how to recognise it, so you will not submit your sensitive information to phishing or fake websites.

    Avoiding SMS-based authentication, where possible, is another key step. Many services now support authenticator apps, such as Google Authenticator, Microsoft Authenticator, Due or Authy, which are not tied to your mobile number. For mobile accounts themselves, setting up a unique pin or password to your account, which must be provided to authorise any changes, can add an extra layer of protection. This makes it harder for someone to initiate a sim swap without that code. However, users alone cannot fulfil this duty.

    Mobile network operators must strengthen identity verification practices, moving beyond basic questions about names and addresses that can be easily gathered or guessed. Banks and other financial institutions should reconsider using SMS or, at the very least, SMS-only as the default method for sensitive authentication. And companies, particularly those handling personal data or financial assets, need to train their IT and customer service teams to recognise the signs of identity based attacks.

    Sim-swap fraud is effective not because it’s highly technical, but because it exploits our trust in phone numbers for identity verification. The M&S case and similar examples show how fragile that trust can be – and why securing our mobile identities is no longer optional.

    Hossein Abroshan, Senior Lecturer, School of Computing and Information Science, Anglia Ruskin University

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    The opinions expressed in VIEWPOINT articles are those of the author(s) and do not necessarily reflect the views of ARU.

    If you wish to republish this article, please follow these guidelines: https://theconversation.com/uk/republishing-guidelines

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Social enterprise café opens at Keady TMAC Centre

    Source: Northern Ireland City of Armagh

    (L-R) Elaine Leonard, Manager, The Appleby Trust; Lord Mayor of Armagh City, Banbridge and Craigavon, Alderman Stephen Moutray; Thomas O’Hanlon, Chairman of The Appleby Trust pictured at the launch of the new social enterprise café ‘The Gathering Rooms’ at the TMAC in Keady.

    A warm and welcoming space, friendly faces and good food at reasonable prices are on the menu at a new social enterprise café launched at the Tommy Makem Arts and Community Centre (TMAC) in Keady!

    Armagh City, Banbridge and Craigavon Borough Council is delighted to welcome The Gathering Rooms to operate a café at the TMAC – a new venture following on from The Gathering Rooms Café in Armagh, which is run by local charity, The Appleby Trust. The charity has been training and employing young people with autism since 2019.

    Since opening its doors five years ago, the project has helped over 100 young people with autism to develop practical employment and social skills to build confidence, boost independence and help to secure employment opportunities within the hospitality sector.

    The Lord Mayor of Armagh City, Banbridge and Craigavon, Alderman Stephen Moutray said:

    Community facilities aim to be vibrant and inclusive places for people to meet and connect through social activities, workshops and classes, thereby reducing loneliness and social isolation, particularly in rural areas. This initiative will support this aim and provide training and employment opportunities to young people who may otherwise experience barriers to employment.

    “We encourage new users to visit the facility to find out more about the programme of events and activities on offer, along with support and funding available to community groups.”

    Under supervision, the young people learn how to work in the kitchen and front of house serving customers. They also get involved with the day-to-day running of the café by helping with orders and deliveries.

    Thomas O’Hanlon, Chair of The Appleby Trust said:

    “This is an exciting new venture for The Appleby Trust. As a social economy project operating across Armagh, Lurgan and Banbridge, we are committed to creating meaningful, supported employment opportunities. Through our Print It companies and our coffee shop in the Gathering Rooms, we provide valuable services while supporting those who rely on us. 

    “This new outreach marks a significant step forward — not only in expanding our footprint but in continuing our mission to support and empower individuals in our communities. We are initially operating two days a week from the TMAC, and we’re optimistic about extending this service to other locations in the future.”

    The Gathering Rooms at the TMAC will be open Mondays and Thursdays, 10am – 2pm, serving tea and coffee with freshly made scones and traybakes along with healthy breakfast options and light snacks.

    MIL OSI United Kingdom

  • MIL-OSI Russia: From neural networks to stock markets: how computer science is being developed at the Nizhny Novgorod HSE

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Established in 2011 International Laboratory of Algorithms and Technologies for Network Structure Analysis (LATASS) HSE University in Nizhny Novgorod conducts a wide range of fundamental and applied research, including joint projects with large companies: Sber, Yandex and other leaders of the IT industry. The methods developed by HSE scientists not only enrich science, but also improve the work of companies’ transport, and conduct medical and genetic research more successfully. HSE.Glavnoe talked about the work of the laboratory with its head, Professor Valery Kalyagin.

    — Tell us how the laboratory was created.

    — It was organized in 2011 under the Russian government mega-grant program. At that time, the work of a foreign scientist was a mandatory condition for participation in the competition. We were lucky that Professor Panagiotis Pardalos of the University of Florida responded to our proposal for cooperation. He continues to actively collaborate with the HSE and remains the scientific director of the laboratory. Oleg Kozyrev, Eduard Babkin and Boris Goldengorin actively participated in the preparation of the application. Boris Goldengorin played an important role in the development of the laboratory.

    At that time, the study of algorithms for analyzing network structures and what is now called computer science was a new direction for HSE in Nizhny Novgorod.

    Three years later, the grant work was highly appreciated by the Ministry of Education and Science of the Russian Federation, and it was extended for two years. When it was ending, we applied to create an international laboratory at the HSE, we were supported, and now we continue our work as a laboratory of the National Research University Higher School of Economics.

    In the first years of our work, we attracted many young researchers who later became renowned scientists and practitioners.

    — What interested them in the new laboratory?

    — They had a unique opportunity to develop, to work with famous scientists in a creative atmosphere. Almost all of them took advantage of it and over the past years have grown as scientists, researchers and teachers. The development strategy from the very beginning was built on the obligatory combination of scientific research and teaching. And now all our research staff teach, this component of the work, the transfer of experience and competencies, is very important for a scientist.

    — What have you managed to accomplish during this time?

    — Over the past years, the laboratory has become a well-known scientific center in Russia and in the world, largely due to the efforts of Professor Pardalos, who pays much attention to recognition. We have many contacts with colleagues from different universities and scientific centers. Our laboratory is a co-organizer of a large international conference on optimization and applications, we participate in its program committee, and our scientific director is a multiple honorary chairman of the program committee.

    We actively cooperate with our leading universities – MIPT, MSU, the Keldysh Institute of Applied Mathematics of the Russian Academy of Sciences, with Siberian and Ural scientific centers in Novosibirsk, Irkutsk and Yekaterinburg.

    — What are the key areas of your work?

    — These are mainly computer sciences: network models, technologies for analyzing network structures, various aspects of optimization, including problems of combinatorial or discrete optimization on graphs, applications to data mining.

    — How can this be explained to a person who is not knowledgeable in higher mathematics?

    — I will try to explain it in an accessible way. A network is a set of nodes and connections between them. The most understandable examples are social and telecommunication networks, where nodes are people or clients of a mobile operator, and connections are communications between them, measured in a certain way. This can be a graph with special attributes or a hypergraph.

    The optimization task is also clear: you have, for example, a social network, and you want to understand which nodes to place information in so that it passes through the network faster, or, on the contrary, which nodes to block so that a fake message stops circulating in the network.

    Another class of tasks that interests employees are large databases, queries for information in them. This is called the “nearest neighbor search problem” in a data array, when you give some query to a large data set and want to find the object in this database that is most similar to your query.

    If the database consists of 10-20 objects, there are no difficulties, but when there are many of them, you need to organize the search correctly and quickly. For this search, a special graph structure is created on this data, and it speeds up the search by an order of magnitude using special algorithms.

    — Is it possible to use your results in biology or medicine?

    — We are investigating a class of network models that includes some biological networks, such as the network of neurons in the brain or the co-expression network of genes.

    There are billions of neurons, and we can’t measure anything in these networks. But with the help of an electroencephalogram, it is possible to track the activity of individual areas of the brain and analyze the connections between them. Interesting network structures are being created that can be used to study brain activity, including in diseases — for example, analyzing neuron networks in Parkinson’s disease and epilepsy, which helps in their research.

    A gene co-expression network (GCN) is constructed based on gene expression profiles for multiple samples or experimental conditions. Researchers look for pairs of genes that show a similar expression pattern across all samples. The result is a network model that can be analyzed for practical purposes, such as identifying the most important nodes in the model. The identified gene cluster means that the gene and its neighbors have similar expression profiles. This can then be used to simplify drug testing.

    — How widely is your work applied in economics?

    — Another well-known network is stock markets. We analyze assets, identify connections between them. Taking them into account, a stock market network is formed. Analysis of stock market networks allows us to form investment portfolios. A classic example is the Markowitz model of the optimal investment portfolio. However, using such models does not mean that you will avoid a risk that can cancel out all potential income.

    Large trading companies, banks, and firms that advise investors want to have a clear model for how to form investment portfolios. They do not strive for super-profits, but want to invest reliably. And then network models turn out to be useful. Additional information about connections helps to identify portfolios with the necessary characteristics.

    – You and your colleagues are probably rich people.

    — We do not trade on the markets and do not give recommendations. Students write final theses on these and other topics and analyze how and which portfolios work on different markets.

    This does not replace analysis, but it is useful for it and opens up additional opportunities for activity in the stock market.

    For example, there is a possibility of choosing a portfolio by constructing a market network graph and identifying independent sets in it. It has been experimentally proven that such sets provide diversified and interesting portfolios in terms of profitability.

    — Do the models you have developed suggest different development scenarios?

    — The laboratory actively studies the uncertainty of algorithms for constructing various graph structures in network models such as gene co-expression networks, brain networks, and stock market networks.

    If uncertainty is high, then conclusions may be false: we hope to get rich, but our expectations do not come true.

    — How does solving fundamental scientific problems combine with applied work?

    — We have a strong group headed by Dmitry Malyshev. In its direction (algorithmic graph theory), the research of this group is closer to theoretical computer science and discrete mathematics. A significant number of postgraduate students and young employees of the laboratory have defended dissertations on these topics. Despite the fundamental theoretical nature of the research, it also has applied significance. Estimates of the computational complexity of problems on graphs help to identify computationally difficult problems and find classes of problems that can be solved quickly.

    In the first years of the laboratory’s work, we developed a direction of intelligent data analysis and AI. It is headed by Andrey Savchenko. He develops the direction of intelligent data analysis in conditions of limited resources, for example, on mobile devices that are less powerful than desktop computers or laptops. For example, we want to classify photos, texts, something else on our smartphone, but we do not have access to a powerful resource. On a smartphone, you cannot deploy a full-fledged neural network. He and his colleagues developed an approach that allows you to effectively solve such problems, and patented it as a result of intellectual activity (RIA). There are already applications that you can download and use.

    — Is this necessary now, when we are promised quantum computers with unlimited capabilities?

    — The head of a research center at a large foreign company recently said that we have returned to the situation of the 1970s, when scientists and practitioners, given the limited capabilities of processors and computer memory, paid special attention to the efficiency of algorithms. Then the speed of processors and the capacity of memory, including RAM, increased sharply, and this lost some of its relevance. Now the problem has returned, since we do not expect a significant improvement in hardware. When you train large language models or search large databases, you return to the need for fast calculations under conditions of limited resources. Now many large manufacturers of computing resources and IT companies are conducting research into the efficient use of existing capabilities. If we reduce calculations on at least one node by 1%, we will get a significant effect. We had a successful project with an IT company on the use of patterns (templates) of the computation graph to speed up the training of neural networks. Such tasks are becoming increasingly popular.

    The emergence of a quantum computer with unlimited capabilities is still not a matter for the very near future.

    — Which companies have used your developments?

    — We developed an algorithm for organizing the delivery of products to stores for a large retail chain. This is called the transport routing problem, it is also network-based and calculates traffic along a road network. The problem has high computational complexity. If you have 100 cars and 1000 stores and you want to optimize traffic, then solving such a problem manually is difficult. It is also not easy for a computer to solve it, but clever algorithms help. This enables AI to manage the logistics of transport use.

    — Is there a problem with the transition of scientists to industrial partners?

    — There is a problem of personnel outflow in IT companies. We start interacting with companies, companies see the qualifications of our personnel, offer them to engage in science and solve interesting problems and attract specialists with better conditions.

    — With which HSE departments does the laboratory collaborate?

    — The closest cooperation has been established with International Center for Analysis and Decision Making and with Laboratory of Applied Network Analysis.

    — How do you see the prospects for research?

    — We focus on a combination of fundamental and applied research so that we have both good theoretical results and publications, as well as joint projects with industry.

    The campus strategy is to expand applied research, and this is a nationwide trend. We must learn to meaningfully answer the question of how our theoretical developments can make a real contribution to the development of the country’s economy and social sphere. We see our prospects in the development of algorithms and technologies for artificial intelligence systems.

    In addition to the purely scientific component, popularization of science is important in order to make theoretical and applied results accessible to schoolchildren, our future students and laboratory staff.

    The laboratory, as one of the leading scientific centers in the field of computer science and applications, is open to new partnership projects of both fundamental and applied nature.

    — What educational programs do you participate in?

    “We are involved in two key programs on campus: “Applied Mathematics and Computer Science» (bachelor’s degree training) and «Intelligent data analysis» (training of masters). The laboratory’s subject matter is actively present in these programs. This is reflected both in teaching and in the students’ scientific work.

    All international laboratories develop research expertise and pass it on to young people. If we do not have contact with students, where will we recruit new young employees?

    I would like to add that our graduates are in demand in many companies and countries.

    — Why is it important to preserve fundamental research?

    — We are now seeing the second birth of mathematics, the development of intelligent data analysis and artificial intelligence technologies has generated tasks that require specialists with developed abstract thinking and a broad outlook, which fundamental mathematics provides. At the same time, many sections of mathematics are in demand. This is a sign of the 21st century.

    For example, we have a huge data set and are trying to understand how it is structured. Often, the high dimensionality of the data is an obstacle to its analysis. To reduce the dimensionality without losing information, we need to have a good understanding of many sections of fundamental mathematics – from classical methods of linear algebra and mathematical analysis to advanced probabilistic models and topology.

    Mathematicians have perked up, people see that they need to expand their field of activity to applied research, this is a characteristic feature of HSE.

    — How do you manage to maintain international connections?

    — We continue contacts with foreign scientists. Since 2012, we have regularly held an annual international conference on network analysis, international schools for young scientists. Almost everyone who came to Nizhny Novgorod continues to communicate, respond to proposals, despite the past pandemic and the current situation. For young scientists, this is an additional opportunity to assess the level of their research, it becomes clearer when in contact with colleagues from abroad. We strive for young people to actively communicate with guests. Students are also interested in this.

    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 Analysis: China’s support for Mali’s military carries risks: researcher outlines what they are

    Source: The Conversation – Africa – By Paa Kwesi Wolseley Prah, Postdoctoral Fellow, Dublin City University

    Mali, a landlocked Sahelian nation of 25 million people, has faced significant instability since 2012, marked by terrorism, state neglect and armed conflicts.

    That year a Tuareg rebellion started in northern Mali and President Amadou Toumani Touré was ousted in a military coup. Constitutional rule was suspended. Rebels in northern Mali went on to seize cities like Timbuktu, Gao and Kidal, declaring an independent Islamic State of Azawad and imposing sharia law.

    They also destroyed cultural heritage sites, including 14 of Timbuktu’s 16 Unesco-listed mausoleums. The crisis prompted international intervention, including a UN authorised mission, which retook northern cities within weeks. Islamist rebels retreated into civilian populations and remote areas.

    Despite these efforts, violence against civilians by extremist groups and community militias has continued. By 2023, 8.8 million Malians needed humanitarian assistance. Over 375,500 were internally displaced, primarily women and children.

    Meanwhile, the former French colony had turned to China for military assistance. Between 2012 and 2013, China provided €5 million (about US$5.8 million) in logistical equipment to improve the Malian army’s mobility.




    Read more:
    China’s interests in Africa are being shaped by the race for renewable energy


    In August 2013, the Chinese People’s Liberation Army gave the Malian army military supplies totalling 1.6 billion CFA francs (about US$2.8 million). China made similar donations between 2014 and 2023.

    I am an international security and global governance researcher. My recent research explored the impact of China’s security sector assistance on Mali’s fragility.

    China’s assistance to Mali aims to equip the country to address terrorism and insurgency. But I argue that it may have unintended consequences and cause further damage to the country.

    The heavy reliance on Chinese supply exposes Mali to vulnerabilities, including supply disruptions, diminished bargaining power, and limited strategic flexibility. This could destabilise security even more should China face manufacturing issues or supply chain disruptions leading to delays or shortages in the production of weapons.

    It also raises concerns about the potential influence of China on Mali’s defence policies and decision-making processes. In turn this could entrench the Malian military government’s position. China takes a hands-off approach to the governance structures of the countries it engages with. Hopes of democratisation in the country could be affected.




    Read more:
    US trade wars with China – and how they play out in Africa


    Rich in resources

    Mali has significant natural resources, including 800 tons of gold reserves (it’s Africa’s fourth-largest producer), iron ore, manganese, lithium, and potential uranium and hydrocarbon deposits.

    In 2019, gold production generated US$734 million, or 9.7% of Mali’s GDP, supporting over 10% of the population.

    Chinese firms, such as Ganfeng Lithium and China National Nuclear Corporation, have invested heavily in Mali’s mining sector. They are involved in a US$130 million lithium project and uranium exploration in the Kidal and Falea regions.

    Despite security risks, including attacks on Chinese personnel in 2015 and 2021, China remains committed due to Mali’s resource potential.

    Beyond mining, China has invested in Mali’s infrastructure. A US$2.7 billion railway modernisation project connects Bamako to Dakar, facilitating resource exports like iron ore and bauxite.

    The total of Mali’s external debt to China is not explicitly stated. But the 2014 loan agreement of US$11 billion and the 2016 loan of US$2.7 billion alone suggest Mali’s debt to China could be at least US$13 billion. This is without including loans for projects like the Bamako-Ségou expressway, and bridges in Bamako.

    This has often been criticised as “debt trap diplomacy”, increasing recipient countries’ dependence on Beijing. In Mali, I believe this risks entrenching economic vulnerability and giving China geopolitical leverage.




    Read more:
    China reaps most of the benefits of its relationship with Africa: what’s behind the imbalance


    China’s security sector assistance to Mali

    Historically, Mali relied on France. More recently, it’s used Russia’s expeditionary corps, formerly known as Wagner Group, for security support.

    In 2011, China provided US$11.4 million in grants, US$8.1 million in zero-interest loans, and a US$100.8 million concessional loan to foster bilateral cooperation.

    China’s participation in the United Nations Multidimensional Integrated Stabilisation Mission in Mali, starting in 2013 with 395 personnel, marked a shift in its security engagement.

    Chinese peacekeepers, including engineers, medical personnel and security guards, repaired infrastructure, provided medical aid and supported Mali’s 2013 elections.

    Their professionalism earned praise from the UN special envoy Albert Gerard Koenders for helping to ensure a smooth election.

    China’s involvement in Mali challenged traditional European approaches to peacekeeping, particularly France’s military-heavy strategy.




    Read more:
    China-Africa relations: new priorities have driven major shifts over the last 24 years – 5 essential reads


    How China’s assistance contributes to Mali’s fragility

    In spite of the positives, China’s security sector assistance contributes to Mali’s fragility in several ways.

    First, its no-strings-attached nature allows Mali’s military junta to consolidate power without making democratic or governance reforms.

    This lack of accountability enables corrupt military factions to operate unchecked. Governance weaknesses and authoritarianism can continue.

    Second, the heavy reliance on Chinese supply raises concerns about the potential influence of China on Mali’s defence decisions.

    This over-reliance on military solutions risks escalating conflicts and could lead to human rights abuses by security forces, as seen in increased violence against civilians. It doesn’t address root causes of conflict like social cohesion or local governance.

    Third, Mali’s growing dependence on Chinese aid — both military and economic — makes it vulnerable to disruptions from geopolitical tensions, supply chain issues, or changes in China’s foreign policy. This limits Mali’s ability to diversify its military capabilities or respond to evolving threats.

    Finally, China’s infrastructure investments, such as the US$1.48 billion (750 billion CFA francs) Bamako-Dakar railway loan, creates “debt trap diplomacy”.

    This pattern deepens economic dependence and reduces policy autonomy, further weakening state resilience.




    Read more:
    Maps showing China’s growing influence in Africa distort reality – but some risks are real


    The way forward

    To mitigate the risks of Chinese security sector assistance and promote sustainable stability, Mali must adopt a multifaceted strategy.

    First, it should collaborate with China to align security sector assistance with civilian-led security approaches.

    Second, Mali should diversify security and economic partnerships with donors like the US, the UK, and the EU.

    Third, transparent guidelines, developed through consultation with stakeholders, should assess the impacts of assistance to avoid deepening dependence.

    Fourth, engaging civil society and publishing regular reports on security sector assistance use and outcomes will foster public trust.

    Finally, promoting regional economic integration and ties with global powers will bolster Mali’s economic resilience.

    Paa Kwesi Wolseley Prah 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. China’s support for Mali’s military carries risks: researcher outlines what they are – https://theconversation.com/chinas-support-for-malis-military-carries-risks-researcher-outlines-what-they-are-257738

    MIL OSI Analysis

  • MIL-OSI USA: In Memoriam: Former Athletics Administrator and Trustee Phil Barry

    Source: US State of Connecticut

    Phil Barry ’54, who dedicated over 60 years of his life to the University of Connecticut as a student, Division of Athletics administrator, and later as a member of the Board of Trustees, passed away June 14 at the age of 96.

    Born Philip Paul Barry in Willimantic on March 30, 1929, to the late Patrick and Rosa (Giraca) Barry, he leaves his beloved wife of 68 years, Lena (Gray) Barry, of Brooklyn, Conn. A lifelong resident of eastern Connecticut, Barry was a friend to all, a dedicated family man, loyal associate, and collaborator to organize good times.

    Phil Barry (Contributed photo)

    A 1947 graduate of Windham High School, he was class president of his freshman and senior classes. He excelled in sports – particularly basketball and baseball.

    Barry enrolled at UConn and his academic career was interrupted by service in the United States Army, in which he completed officer training for two years during the Korean War. Following his military discharge, he graduated from UConn in 1954 and worked for two years at the former Willimantic Trust Company, where he met his wife when she came in to cash her nursing payroll checks.

    Barry was hired in the UConn Division of Athletics as ticket manager and worked for 31 years in the department. His career in athletics progressed to business manager and later assistant to the director of athletics. In August 1970, he was named assistant director of athletics and in 1983 was named associate director of athletics for operations, before retiring in 1987. At UConn, he served on many search committees to fill staff and team coaching vacancies.

    Barry served as the first treasurer of the Big East Conference at the league’s inception in 1979 and was also secretary-treasurer of the Yankee Conference.

    He was active for many years in the Collegiate Athletic Business Management Association, serving that national group as president in 1974 and being named National Athletic Business Manager of the Year in 1975.

    Following retirement, Barry was a member of UConn’s Board of Trustees from 2001-09 and the Board of Directors of the UConn Alumni Association. Barry was elected and served two terms as a member of the Mansfield Town Council. During his tenure, he focused on the Downtown Storrs project and worked to foster closer ties between the Town of Mansfield and UConn.

    Phil Barry accepts the National Athletic Business Manager of the Year Award in 1975 from the College Athletic Business Managers Association. (Contributed photo)

    In the community, Barry had many interests, including membership in the Willimantic Country Club, Elks Club, and Irish Club of Willimantic. He was one of the last living members of Roy’s Boys – a dedicated group of Willimantic area baseball players who benefited as teens under the guidance and teaching of Willimantic YMCA Director Roy Dissinger.

    Barry was predeceased by his brother, John (Eloise) Barry; his sister, Pauline (Ben) Nault; and his son-in-law, John Geissler.  In addition to his wife, Lena, Phil leaves four children: Patricia Geissler, David (Lori) Barry, Douglas (Pamela) Barry, and Daniel (Julie) Barry. He had nine grandchildren, which include Kristin (Phillippe and their children, Daysia, Mariah, and Devin), Alyssa (Michael), Sean, Nikki, Jessica, Anna, Emma, Ryan, and Bradley.

    Barry’s family will receive relatives and friends Tuesday, July 1, 2025, from 4 p.m. to 7p.m. at First Baptist Church of Mansfield, 945 Storrs Road, Storrs. A memorial service will be celebrated Wednesday, July 2, 2025, at 1 p.m. at First Baptist Church of Mansfield in Storrs. The family invites those attending to wear UConn blue and white.

    The family would like to thank the kind and compassionate staff at Creamery Brook and Pierce Home in Brooklyn for its extraordinary care since 2019. Donations may be made in Barry’s honor to either St. Jude Children’s Research Hospital or Pierce Memorial Baptist Home Recreation Fund (checks made payable to PMBH, noting Recreation), 44 Canterbury Road, Brooklyn, CT 06234.

    Potter Funeral Home Obituary

    MIL OSI USA News

  • MIL-OSI USA: Celebrating Completion of $45M Food Hub in the Bronx

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of the New York State Regional Food Hub, a $45 million cold-storage facility that will transform food access across New York. The first-of-its-kind 60,000 square-foot facility, operated by GrowNYC in the Hunts Point neighborhood of the Bronx, will enable a 600 percent increase in locally-sourced food distribution — from approximately 3 million pounds to 20 million pounds annually by 2034 — while creating over 200 new jobs and providing a critical economic lifeline to New York farmers. The facility, supported by $19 million from New York State, as recommended by the New York City Regional Economic Development Council, represents a joint State and City investment designed to strengthen the local food economy, support New York farmers, and improve access to healthy and affordable foods for low-income communities.

    “The New York State Regional Food Hub is a game-changer for families and farmers across New York,” Governor Hochul said. “From the streets of the Bronx to the farms of Batavia, the Empire State has so much to offer. That’s why we invested in this massive GrowNYC facility to expand access to fresh, local food while creating new economic opportunities for our agricultural producers.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “We are proud to support this transformative infrastructure that will create jobs and dramatically expand access to affordable, healthy food for New Yorkers. ESD’s strategic investment enhances the efficiency, sustainability, and equity of our state’s food system by connecting upstate farmers directly to downstate markets, ensuring urban families have access to the quality produce they deserve. The New York State Regional Food Hub represents a model investment that will benefit communities across our state.”

    New York State Agriculture Commissioner Richard A. Ball said, “The New York State Regional Food Hub is designed to be a game changer for our farmers bringing product to market and to our families who will have greater access to quality New York grown fruits and vegetables. We learned during the pandemic that we needed to double down on our efforts to strengthen the food supply chain and make sure that we had a food system right here in New York that was resilient and could feed its communities. This Food Hub is a tremendous piece of that puzzle and will provide an incredible benefit to our underserved populations and to our farmers.”

    GrowNYC President and CEO Marcel Van Ooyen said, “We’re beyond grateful for the vast support from City and State leaders that led to the completion of this state-of-the-art facility and that will advance our work promoting equitable food access in New York. Our Food Hub provides ample opportunities for GrowNYC and farmers to make a tangible impact on the everyday lives of underserved New Yorkers, and I’m hopeful it will serve as a scalable model for how cities across the United States can combat hunger while supporting local farm systems.”

    The Food Hub will enable GrowNYC to quadruple its aggregation and distribution square footage, dramatically expanding wholesale distribution capacity to make fresh, local foods accessible to underserved New Yorkers. The facility will serve wholesale buyers including institutions and restaurants while strengthening innovative partnerships with nonprofit organizations. Building on GrowNYC’s current work distributing free produce through New York State Department of Agriculture and Markets New York Food for New York Families program — which unites a network of 20 community partners including Graham Windham and The POINT to serve the Hunts Point community and beyond — the expanded Hub will significantly scale these vital food access efforts. Additional funding was provided by the New York City Economic Development Corporation, the New York City Council, U.S. Economic Development Administration, Bank of America, and others.

    The facility addresses a critical need identified during the COVID-19 pandemic, when food insecurity in New York City grew from 1.4 million residents to approximately 2 million. By sourcing food directly from regional farms and creating new jobs, the Hub will support New York State farmers — particularly small- and mid-sized operations — while increasing food distribution capacity and enhancing access to New York City’s wholesale marketplace. The processing facility will assist upstate producers and processors in targeting institutional and private sector procurement opportunities, offering a significant boost to New York’s agricultural economy while building a more resilient food supply chain.

    NYCREDC Co-Chairs Félix V. Matos Rodríguez, City University of New York Chancellor, and William D. Rahm, CEO of Everview Partners, said, “The NYCREDC sees the Food Hub as a vital tool to address our region’s needs, and an engine of economic opportunity for New York City and our upstate neighbors. The expansive cold storage space will help alleviate food insecurity — a major struggle for many households in the region — and support farming communities’ livelihoods. This investment strengthens our regional food system and builds economic partnerships that benefit communities across New York State.”

    State Senator Michelle Hinchey said, “Strengthening the connection between upstate farmers and downstate communities has long been one of New York’s greatest opportunities — and the NYS Regional Food Hub brings that vision to scale. Every New Yorker deserves to eat fresh, healthy food, and this innovative model lays the groundwork to expand food access to more New Yorkers, especially those in historically underserved communities. It sets a national standard for how we fight hunger and invest in agriculture as a powerful engine of both economic growth and social progress, and I’m proud to champion this project alongside partners who share that vision.”

    Assemblymember Donna Lupardo said, “We have anxiously awaited the opening of GrowNYC’s new Regional Food Hub. Providing expanded market opportunities for NY farmers is a win-win for them and for the communities who will benefit from fresh and locally sourced fruits and vegetables. I’m very happy that Empire State Development agreed with NYC’s Regional Council to make this substantial investment. I’m sure that other cities will want to emulate the work being done here.”

    The New York State Regional Food Hub was first developed as the result of the New York State-New York City Regional Food Hubs Task Force, which created a roadmap to build a Regional Food Hub System. The goal was to enhance the connection between upstate food producers and the downstate market, increase access to fresh food for underserved populations, boost in-state food production and consumption, and create new job opportunities in the growing sector of food manufacturing. As a high priority in the task force’s final action plan, this facility now serves as a national model for creating sustainable, self-sufficient food systems that safeguard local food supplies.

    MIL OSI USA News

  • MIL-OSI USA: Ernst Lays Out Six “Big Beautiful” Options to Save Tens of Billions

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senate DOGE Caucus Chair Joni Ernst (R-Iowa) rolled out six proposals for the One Big Beautiful Bill based on her decade of work to make Washington Squeal, reduce reckless spending, and save taxpayers’ money.
    Ernst’s proposals would save tens of billions of dollars by eliminating bogus payments, snapping back SNAP overpayments, ending unemployment for millionaires, defunding welfare for politicians, stopping subsidies for union bosses, and selling vacant buildings.
    Here is some of the coverage of the proposals:
    Fox News | Republican senators roll out DOGE budget proposals for Trump’s ‘big, beautiful bill’
    “While a $9.4 billion rescissions package, a formal request from the executive branch to codify its DOGE cuts, is in the works, proponents of the Senate DOGE package say their total estimated savings would accentuate that and also surpass it in value.”
    National Review |Ernst Pushes Plan to End Food Stamp Overpayments to Cut Spending in ‘Big, Beautiful’ Bill
    “Senator Joni Ernst (R., Iowa) is rolling out a series of measures to cut spending in the GOP’s ‘big, beautiful,’ bill including a proposal for ending mismanagement in the Supplemental Nutrition Assistance Program, commonly known as food stamps.”
    New York Post | Sen. Joni Ernst pushes to ban taxpayer-funded union time in One Big Beautiful Bill Act
    “Sen. Joni Ernst wants to tweak the House-passed One Big Beautiful Bill Act to eliminate the longstanding practice of taxpayer-funded union time. Approximately $160 million of your money went toward fed workers’ union time as of 2019, the last time such data was available, and Ernst (R-Iowa) has been on a quest for more recent information.”
    Breitbart | Sen. Joni Ernst Aims to Stop Fraudulent Payments as Pay-For in Big Beautiful Bill
    “The Hawkeye State senator, as the chair of the Small Business Committee, aims to have her bill, the Delivering on Government Efficiency (DOGE) in Spending Act, as a pay-for in Trump’s marquee bill to stop fraudulent and improper federal payments. The legislation could have a significant effect, as more than $160 billion in improper payments occurred in fiscal year 2024.”
    The six proposals are:
    Saving billions in bogus payments
    Snapping back overpayments
    Ernst’s Snap Back Inaccurate SNAP Payments Act strengthens the integrity of the important Supplemental Nutrition Assistance Program (SNAP) by identifying all errors, clawing back overpayments, and holding states with high payment inaccuracies accountable.
    In 2023, there were approximately $10.73 billion in overpayments. However, the true cost is unknown because errors totaling $56 or less are excluded.
    Ending unemployment for millionaires
    Eliminating welfare for politicians
    The ELECT Act eliminates the Presidential Election Campaign Fund, which utilizes tax dollars to fund presidential campaigns.
    This fund has been dipped into previously to reduce spending. Last year, $320 million was allocated to Secret Service and $25 million was given to the Department of Justice.
    Ending the absurd practice of taxpayer-funded union time
    Ernst’s Protecting Taxpayers’ Wallet Act ends the absurd policy of taxpayer-funded union time which allows federal employees to engage in union activities when they are supposed to be serving the American people.
    It cost taxpayers at least $160 million per year according to the most recent report from 2019.
    Selling vacant buildings
    Ernst has exposed how it costs billions every year to maintain thousands of vacant government buildings and empty offices.
    Selling just a handful of these buildings would generate hundreds of millions of dollars.

    MIL OSI USA News

  • MIL-OSI: 2025 AI Governance Survey Reveals Critical Gaps Between AI Ambition and Operational Readiness

    Source: GlobeNewswire (MIL-OSI)

    LEWES, Del., June 17, 2025 (GLOBE NEWSWIRE) — Pacific AI, the healthcare AI governance company, today announced the results of the 2025 AI Governance Survey, exploring how organizations are managing the risks and responsibilities of deploying generative AI systems. Conducted in April and May by Gradient Flow, the results highlight the priorities, practices, and concerns of professionals and technology leaders in this space. The results will be presented in an upcoming webinar on the state of AI governance taking place at 2pm ET on June 18.

    As AI becomes foundational for modern business, governance should be top of mind. However, the results indicate that the pressure to innovate is outpacing the ability to scale AI systems safely and responsibly. Despite 75% of respondents reporting the existence of AI usage policies, only 59% have dedicated governance roles, and just 54% maintain incident response playbooks for AI-specific risks. Fewer than half (48%) of organizations are monitoring their AI systems for accuracy, misuse, or drift—numbers that drop drastically in small firms.

    The leading barrier to effective governance is the pressure to move fast. Nearly half (45%) of all respondents—and 56% of technical leaders—cite speed-to-market as the top challenge, often resulting in shortcuts that compromise safety. Technical leaders, who are driving the most aggressive deployment timelines, are simultaneously those most aware of these governance shortcomings.

    Other key findings show:

    • Production Reality Gaps. Only 30% of organizations have deployed generative AI systems to production, with just 13% managing multiple deployments. Large enterprises are five times more likely than small firms to have multiple systems running.
    • Technical Leader Ambition. Technical Leaders drive more aggressive adoption, with 48% targeting 3-5 new use cases versus 25% for other roles.
    • Small Company Vulnerability. Small companies consistently lag in governance maturity: only 36% have governance officers (vs 62-64% for larger firms), and just 41% provide annual AI training (vs 59-79%).
    • Regulatory Awareness Deficits. Familiarity with frameworks like NIST AI RMF remains concentrated in large enterprises. Small companies report only 14% familiarity with most major standards, exposing compliance risk.
    • Immature Incident Response. Many organizations lack protocols for AI-specific failure modes, such as prompt injection attacks or biased outputs, indicating a lack of capabilities beyond traditional IT playbooks.

    “This survey exposes a growing disconnect between AI policy and practice. Organizations that don’t address it are playing with fire and they know it,” said David Talby, CEO, Pacific AI. “Without responsible AI practices baked into the entire AI development lifecycle, developers and thereby the organizations they work for are escalating legal, financial, and reputational risks.”

    To help, Pacific AI provides a free AI Policy Suite available to anyone. Recent updates include an AI Incident Reporting Policy addressing some of the major gaps reported in the survey. Conforming to 110 different laws, regulations, and industry standards, the Policy Suite ensures companies are operating legally anywhere in the US. This can be especially beneficial to smaller organizations with limited resources that still need to track and implement evolving legislation and industry standards.

    Register here for our upcoming webinar,“The State of AI Governance,” detailing the research and outlining the priorities, practices, and concerns of technology leaders using AI. Read the full survey report here. To learn more about Pacific AI, visit https://pacific.ai/.

    About Pacific AI
    Pacific AI is dedicated to helping organizations deliver AI systems that comply with the rapidly evolving regulatory landscape in the USA. Whatever your starting point, Pacific AI can help you reach the next level of AI governance, implement tools and controls for compliance, or audit and certify what you’ve already built. To learn more, visit: https://www.pacific.ai.

    Contact
    Gina Devine
    Head of Communications
    Pacific AI Corp.
    gina@pacific.ai

    The MIL Network

  • MIL-OSI: Annual Report and Financial Statements for the year ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    17 June 2025

    Northern Venture Trust PLC
    Annual Report and Financial Statements for the year ended 31 March 2025

    Northern Venture Trust PLC is a Venture Capital Trust (VCT) advised by Mercia Fund Management Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.

    Financial highlights (comparative figures as at 31 March 2024):

      Year ended
    31 March
    2025
    Year ended
    31 March
    2024
    Net assets £121.3m £114.8m
    Net asset value per share 61.5p 60.3p
    Return per share    
    Revenue 0.4p 0.6p
    Capital 3.8p 1.2p
    Total 4.2p 1.8p
    Dividend per share declared in respect of the period    
    Interim dividend 1.6p 1.6p
    Proposed final dividend 1.5p 1.6p
    Total 3.1p 3.2p
    Return to shareholders since launch    
    Net asset value per share 61.5p 60.3p
    Cumulative dividends paid per share  ^* 195.3p 192.1p
    Cumulative return per share^ 256.8p 252.4p
    Mid-market share price at end of period 57.0p 57.5p
    Share price discount to net asset value 7.3% 4.6%
    Annualised tax-free dividend yield  ^** 5.1% 5.2%

    *        Excluding proposed final dividend payable on 5 September 2025.

    **        Based on net asset value per share at the start of the period.
    ^ Definitions of the terms and alternative performance measures used in this report can be found in the glossary of terms in the annual report.

    Chair’s statement

    Overview
    Over the past 12 months, the UK economy has displayed resilience, with inflation easing and interest rates falling, albeit at slower rates than initially forecasted. Uncertainties posed by geopolitical events and conflicts continue to cause volatility in the financial markets, and notably increased following the end of the financial reporting period.

    It is pleasing to note that the valuation of our unquoted portfolio has increased during the past year. Investment activity remained consistent with the two previous financial years, with £14.3 million invested in six new and 11 existing portfolio companies.

    Despite the macroeconomic environment, our share offer of £15 million was oversubscribed and I would like to thank existing shareholders for their continued support and warmly welcome new investors. Proceeds from the share offer, together with sales proceeds from investments, mean that the Company is well positioned both to pursue new opportunities to support small and medium businesses and to work with existing portfolio companies to realise their growth plans.

    Results and dividend
    In the year ended 31 March 2025 the Company delivered a return on ordinary activities of 4.2 pence per share (year ended 31 March 2024: 1.8 pence), representing a total return of 7.0% on the opening net asset value (NAV) per share. The NAV per share as at 31 March 2025, after deducting dividends paid during the year of 3.2 pence, was 61.5 pence, compared with 60.3 pence at 31 March 2024. The strong result for the year generated a performance fee to our Adviser of £399,000 (year ended 31 March 2024: £nil).

    There were six exits in the year, the most notable being Gentronix, sold for net proceeds of £6.1 million compared to an original cost of £1.4 million, a 4.5 times lifetime return.

    Investment income was higher than the prior period at £2.6 million (year ended 31 March 2024: £2.2 million), which included £0.8 million interest income on realised investments.

    In 2018 we revised our dividend policy in the light of the new VCT rules for investment introduced in 2015 and 2017, which we expected to result in more volatile returns. We introduced an annualised target dividend yield of 5% of opening NAV, which has been exceeded in every period since. Having already declared an interim dividend of 1.6 pence per share which was paid in January 2025, your Directors now propose a final dividend of 1.5 pence per share. The total of 3.1 pence per share is equivalent to 5.1% of the opening net asset value per share of 60.3 pence. The final dividend, if approved, will be paid on 5 September 2025 to shareholders on the register on 8 August 2025.

    Our dividend investment scheme, under which dividends can be re-invested in new ordinary shares free of dealing costs and with the benefit of the tax reliefs available on new VCT share subscriptions, continues to operate with around 16% participation during the year. Instructions on how to join the scheme are included within the dividend section of our website, which can be found here: mercia.co.uk/vcts/nvt/.

    Investment portfolio
    Investment activity has remained strong, with £8.9 million of capital provided to six new venture capital investments and £5.4 million of follow-on capital invested into the existing portfolio. We also made progress in realising the Company’s mature portfolio acquired under the previous VCT rules with the remaining such investments now totalling £9.4 million (31 March 2024: £16.0 million).

    The value of the portfolio increased by £5.6 million (2.8 pence per share) in the year, with several portfolio companies enjoying significant growth: Pure Pet Food and Project Glow Topco (t/a The Beauty Tech Group) both increased in value by over £3 million. Against this there were some significant write-downs in the investments in Adludio and Newcells Biotech.

    Share offers and liquidity
    In April 2024 shares related to the second allotment of the 2023/24 share offer, totalling £20 million, were issued. This allotment saw the issuance of 12,234,307 new ordinary shares, yielding gross subscriptions of £7.8 million.

    As a result of the public share offer launched in January 2025, 24,216,029 new ordinary shares were issued in April 2025, yielding gross proceeds of £15 million.

    The Board continues to monitor liquidity carefully and plans to raise up to £20 million of new capital in the 2025/26 tax year. Further details will be provided in due course.

    Share buy-backs
    We have maintained our policy of being willing to buy back the Company’s shares in the market when necessary, in order to maintain liquidity, at a 5% discount to NAV. During the year ended 31 March 2025 a total of 7,272,999 (year ended 31 March 2024: 5,263,205) shares were repurchased by the Company for cancellation at an average price of 56.6 pence (year ended 31 March 2024: 58.0 pence), representing 3.8% (year ended 31 March 2024: 3.2%) of the opening issued share capital.

    Responsible investment
    The Company is mindful of its Environmental, Social and Governance (ESG) responsibilities and we have outlined our evolving approach in the annual report.

    VCT legislation and qualifying status
    We have continued to meet the stringent and complex qualifying conditions laid down by HM Revenue & Customs for maintaining our approval as a VCT. The Investment Adviser monitors the position closely and reports regularly to the Board. Philip Hare & Associates LLP has continued to act as independent adviser to the Company on VCT taxation matters.

    In September 2024 we were pleased that the extension of the VCT Sunset Clause until 2035 was confirmed. The ‘Sunset Clause’ is a European state aid requirement which, without extension, would have removed the VCT tax reliefs that investors receive on newly issued VCT shares.

    Whilst no further amendments to VCT legislation have been announced, it is possible that further changes will be made in the future. We will continue to work closely with the Investment Adviser to maintain compliance with the scheme rules at all times.

    Investor communications
    The Board is conscious of its responsibility to communicate transparently and regularly with shareholders. Aside from the recent newsletter, we look forward to welcoming shareholders to our AGM and to our forthcoming investor seminar to be held on 7 October 2025 in London. A copy of the recent newsletter and details of how to register for the October seminar can be found on the Company’s website at www.mercia.co.uk/vcts/nvt/.

    Audit tender process
    Following a formal and rigorous audit tender process, the Board has resolved that it intends to recommend Johnston Carmichael LLP for appointment as the Company’s auditor for the financial year ending 31 March 2026 onwards, subject to shareholder approval at the AGM in 2025. Forvis Mazars will remain the Company’s auditor until the AGM in 2025. The Board would like to thank Forvis Mazars LLP for their diligent service over the past five years.

    Annual General Meeting
    The Company’s AGM will be held at 12:30pm on 5 August 2025. The AGM provides an excellent opportunity for shareholders, the Directors and the Investment Adviser to meet in person, exchange views and comment. We will hold the AGM in person at Fora, 210 Euston Road, London, NW1 2DA. We also intend to offer remote access for shareholders through an online webinar facility for those who would prefer not to travel. Full details and formal notice of the AGM are set out in a separate document. Please note that shareholders attending remotely must register their votes ahead of time, as it will not be possible to count votes from online participants at the AGM.

    Board succession
    John E Milad joined the Board on 21 August 2024. John brings over 25 years’ experience as an executive leader, board member, venture capital investor and investment banker focused on the life sciences and medical technology sectors. He is currently the CEO of ERS Genomics, a licenser of the Nobel Prize-winning CRISPR / Cas9 gene editing technology.

    Further biographical details for all the Directors can be found in the annual report.

    We will mark the retirement from the Board of David Mayes at the AGM. David was appointed in November 2014. Over the past decade, he has served the Company and its shareholders with dedication and commitment. On behalf of the Board and our shareholders, I would like to thank David for his valuable contributions and steadfast support to the Company during his tenure.

    Performance Fee
    I am pleased to report that the Company’s performance over the past financial year has met the threshold required to trigger the payment of a performance fee of £399,000 to the Investment Adviser. This outcome reflects a year of strong execution and value creation within the portfolio, and I would like to extend the Board’s thanks to the Adviser’s team for delivering results that warrant this reward.

    The performance fee has been calculated in line with the revised fee structure agreed with shareholders in 2023. Under this framework, which was designed to provide stronger alignment with long-term shareholder value creation, the performance fee payable is broadly comparable to the level that would have been paid under the legacy arrangement. The performance fee is intended to reward the Adviser for delivering sustained solid performance over time. In addition to the performance fee, the Company’s co-investment scheme continues to play a vital role in aligning the interests of the Adviser’s team with those of our shareholders. Together, these mechanisms provide a well-structured incentive framework that encourages long-term thinking and disciplined capital deployment in the interests of all shareholders.

    Outlook
    We are cautiously optimistic of the UK’s growth prospects, while remaining aware of and vigilant to the volatility generated from both domestic and global sources. We remain positive about the resilience, diversity and growth potential of the portfolio and its ability to generate long term shareholder value.

    Deborah Hudson
    Chair
    17 June 2025

    Income statement
    for the year ended 31 March 2025

        Year ended 31 March 2025   Year ended 31 March 2024
    Revenue
    £000
    Capital
    £000
    Total
    £000
      Revenue
    £000
    Capital
    £000
    Total
    £000
    Gain / (loss) on disposal of investments       3,555 3,575   1,203 1,203
    Unrealised fair value gains / (losses) on investments       5,603 5,603   2,499 2,499
            9,158 9,158   3,702 3,702
                         
    Dividend and interest income       2,594 2,594   2,220 2,220
    Investment management fee       (568) (2,103) (2,671)   (516) (1,549) (2,065)
    Other expenses       (600) (600)   (641) (641)
                         
    Return before tax       1,426 7,055 8,481   1,063 2,153 3,216
    Tax on return       (592) 592   79 (79)
                         
    Return after tax       834 7,647 8,481   1,142 2,074 3,216
                         
    Return per share       0.4p 3.8p 4.2p   0.6p 1.2p 1.8p

    Balance sheet
    as at 31 March 2025

        31 March
    2025
    £000
      31 March
    2024
    £000
    Fixed assets            
    Investments       93,537   82,574
                 
    Current assets            
    Debtors       2,895   951
    Cash and cash equivalents       25,439   31,497
            28,334   32,448
                 
    Creditors (amounts falling due within one year)       (620)   (191)
    Net current assets       27,714   32,257
    Net assets       121,251   114,831
                 
    Capital and reserves            
    Called-up equity share capital       49,302   47,615
    Share premium       35,348   30,418
    Capital redemption reserve       8,476   6,658
    Capital reserve       20,451   28,099
    Revaluation reserve       6,779   882
    Revenue reserve       895   1,159
    Total equity shareholders’ funds       121,251   114,831
    Net asset value per share       61.5p   60.3p

    Statement of changes in equity
    for the year ended 31 March 2025

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000
    Share premium
    £000
    Capital redemption
    reserve
    £000
    Revaluation reserve*
    £000
      Capital
    reserve
    £000
    Revenue
    reserve
    £000
      Total
    £000
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831
    Return after tax       5,897   1,750 834   8,481
    Dividends paid         (5,282) (1,098)   (6,380)
    Net proceeds of share issues       3,505 4,930     8,435
    Shares purchased for cancellation       (1,818) 1,818   (4,116)   (4,116)
    At 31 March 2025       49,302 35,348 8,476 6,779   20,451 895   121,251

    for the year ended 31 March 2024

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000
    Share premium
    £000
    Capital redemption
    reserve
    £000
    Revaluation reserve*
    £000
      Capital
    reserve
    £000
    Revenue
    reserve
    £000
      Total
    £000
    At 31 March 2023       41,230 19,394 5,342 1,698   34,433 400   102,497
    Return after tax       (816)   2,890 1,142   3,216
    Dividends paid         (6,156) (383)   (6,539)
    Net proceeds of share issues       7,701 11,024     18,725
    Shares purchased for cancellation       (1,316) 1,316   (3,068)   (3,068)
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831

    Statement of cash flows
    for the year ended 31 March 2025

          Year ended
    31 March
    2025
    £000
      Year ended
    31 March
    2024
    £000
    Cash flows from operating activities              
    Return before tax         8,481   3,216
    Adjustments for:              
    (Gain) / loss on disposal of investments         (3,555)   (1,203)
    Movements in fair value of investments         (5,603)   (2,499)
    (Increase) / decrease in debtors         58   (103)
    Increase / (decrease) in creditors         429   8
    Net cash inflow / (outflow) from operating activities         (190)   (581)
                   
    Cash flows from investing activities              
    Purchase of investments         (14,258)   (15,351)
    Proceeds on disposal of investments         10,451   24,310
    Net cash inflow / (outflow) from investing activities         (3,807)   8,959
    Cash flows from financing activities              
    Issue of ordinary shares         8,801   19,353
    Share issue expenses         (366)   (628)
    Purchase of ordinary shares for cancellation         (4,116)   (3,068)
    Equity dividends paid         (6,380)   (6,539)
    Net cash inflow / (outflow) from financing activities         (2,061)   9,118
    Increase / (decrease) in cash and cash equivalents         (6,058)   17,496
    Cash and cash equivalents at beginning of year         31,497   14,001
    Cash and cash equivalents at end of year         25,439   31,497

    Investment portfolio
    31 March 2025

    Fifteen largest venture capital investments

    Cost
    £000
    Valuation
    £000
    Like for like valuation
    increase / (decrease)
    over year**
    £000
    % of net assets
    by value
     
    1 Project Glow Topco (t/a The Beauty Tech Group) 1,686 7,323 3,766 6.0%  
    2 Pure Pet Food 1,675 6,205 3,301 5.1%  
    3 Rockar 1,877 3,559 393 2.9%  
    4 Pimberly 2,060 3,520 41 2.9%  
    5 Tutora (t/a Tutorful) 3,305 3,305 2.7%  
    6 Forensic Analytics 2,717 2,717 2.2%  
    7 Netacea 2,631 2,631 2.2%  
    8 Biological Preparations Group 2,366 2,620 445 2.2%  
    9 Ridge Pharma 1,497 2,527 359 2.1%  
    10 Enate 1,516 2,176 659 1.8%  
    11 LMC Software 1,950 2,156 207 1.8%  
    12 Broker Insights 2,076 2,152 68 1.8%  
    13 Turbine Simulated Cell Technologies 1,863 2,074 22 1.7%  
    14 Clarilis 1,972 1,972 1.6%  
    15 Semble 1,951 1,951 1.6%  
    Other venture capital investments          
    16 Naitive Technologies 1,836 1,938 104 1.6%  
    17 Napo 1,933 1,933 1.6%  
    18 Risk Ledger 1,412 1,911 500 1.6%  
    19 Social Value Portal 1,888 1,888 1.5%  
    20 Administrate 2,906 1,842 (184) 1.5%  
    21 Send Technology Solutions 1,770 1,838 69 1.5%  
    22 Moonshot 1,329 1,805 478 1.5%  
    23 IDOX* 238 1,799 (139) 1.5%  
    24 Newcells Biotech 3,225 1,777 (1,693) 1.5%
    25 Volumatic Holdings 216 1,773 (148) 1.5%
    26 Locate Bio 1,753 1,753 1.4%
    27 VoxPopMe 1,660 1,660 1.4%
    28 Camena Bioscience 1,594 1,594 1.3%
    29 Wonderush Ltd (t/a Hownow) 1,421 1,421 1.2%
    30 Ski Zoom (t/a Heidi Ski) 1,404 1,404 1.2%
    31 Axis Spine Technologies 1,353 1,357 4 1.1%
    32 Buoyant Upholstery 672 1,349 (719) 1.1%
    33 Culture AI 1,324 1,324 1.1%
    34 Duke & Dexter 1,237 1,281 637 1.1%
    35 Promethean 1,281 1,281 1.1%
    36 Optellum 1,276 1,276 1.1%
    37 Rego Technologies (t/a Upp)(formerly Volo) 2,504 1,104 401 0.9%
    38 Centuro Global 1,038 1,038 0.9%
    39 iOpt 941 1,025 84 0.8%
    40 Tozaro (formerly MIP Discovery) 1,025 1,025 0.8%
    41 Scalpel 976 976 0.8%
    42 Seahawk Bidco 513 971 (21) 0.8%
    43 Wobble Genomics 968 968 0.8%
    44 Warwick Acoustics 964 964 0.8%
    45 Oddbox 1,093 869 71 0.7%
    46 Synthesized 510 751 240 0.6%
    47 Quotevine 1,311 495 495 0.4%
    48 Thanksbox (t/a Mo) 1,685 402 (13) 0.3%
    49 Atlas Cloud 704 387 (1) 0.3%
    50 RTC Group* 436 345 0.3%
    51 Fresh Approach (UK) Holdings 885 313 (127) 0.3%
    52 Sorted 182 241 58 0.2%
    53 Arnlea Holdings 1,305 227 (11) 0.2%
    54 Sen Corporation 681 141 (156) 0.1%
    55 Northrow 1,494 76 (615) 0.1%
    56 Angle* 131 36 (9) 0.0%
    57 Adludio 2,927 33 (2,904) 0.0%
    58 Customs Connect Group 1,525 33 (80) 0.0%
    59 Velocity Composites* 90 25 (6) 0.0%
      Total venture capital investments 86,758 93,537   77.1%
      Net current assets   27,714   22.9%
      Net assets   121,251   100.0%

    *        Listed on AIM.

    **        This change in ‘like for like’ valuations is a comparison of the 31 March 2025 valuations with the 31 March 2024 valuations (or where a new investment has been made in the year, the investment amount), having adjusted for any partial disposals, loan stock repayments or new and follow-on investments in the year.

    Risk management
    The Board carries out a regular and robust assessment of the risk environment in which the Company operates and seeks to identify new risks as they emerge. The principal and emerging risks and uncertainties identified by the Board which might affect the Company’s business model and future performance, and the steps taken with a view to their mitigation, are as follows:

    Risk Mitigation
    Availability of qualifying investments: there can be no guarantee that suitable investment opportunities will be identified in order to meet the Company’s objectives, which could have an adverse effect on Investor returns. Additionally, the Company’s ability to obtain maximum value from its investments may be limited by the requirements of the relevant VCT Rules in order to maintain the VCT status of the Company. The Investment Adviser has a dedicated investment team that identifies and transacts in qualifying investments. The Directors regularly meet with the Investment Adviser to maintain awareness of the pipeline, and factors this into the Company’s fund raising plans.
    Credit risk: the Company holds a number of financial instruments and cash deposits and is dependent on the counterparties discharging their commitment. Such balances my be held with banks or in money market funds as part of the Company’s liquidity management. The Directors review the creditworthiness of the counterparties to these instruments including the rating of money market funds to seek to manage and mitigate exposure to credit risk.
    Economic and geopolitical risk: events such as economic recession or general fluctuation in stock markets, exchange rates and interest rates, notwithstanding recent lower inflation and falling interest rates, may affect the valuation of investee companies and their ability to access adequate financial resources, as well as affecting the Company’s own share price and discount to net asset value. In addition, US trade policy and hostilities in the Middle East and Ukraine (including sanctions on the Russian Federation) may have further economic consequences as a result of market volatility and the restricted access to certain commodities and energy supplies. Such conditions may adversely affect the performance of companies in which the Company has invested (or may invest), which in turn may adversely affect the performance of the Company, and may have an impact on the number or quality of investment opportunities available to the Company and the ability of the Investment Adviser to realise the Company’s investments. Any of these factors could have an adverse effect on Investor returns. The Company invests in a diversified portfolio of investments spanning various industry sectors and which are at different stages of growth. The Company maintains sufficient cash reserves to be able to provide additional funding to investee companies where it is appropriate and in the interests of the Company to do so. The Investment Adviser’s team is structured such that appropriate monitoring and oversight is undertaken by an experienced investment executive. As part of this oversight, the investment executive will guide and support the board of each unquoted investee company. At all times, and particularly during periods of heightened economic uncertainty, the investment team of the Investment Adviser share best practice from across the portfolio with the investee management teams in order to help with addressing economic challenges.
    Financial risk: most of the Company’s investments involve a medium to long-term commitment and many are illiquid. The Directors consider that it is inappropriate to finance the Company’s activities through borrowing except on an occasional short-term basis. Accordingly they seek to maintain a proportion of the Company’s assets in cash or cash equivalents in order to be in a position to pursue new unquoted investment opportunities and to make follow-on investments in existing portfolio companies. The Company has very little direct exposure to foreign currency risk and does not enter into derivative transactions.
    Investment and liquidity risk: the Company invests in early stage companies which may be pre-revenue at the point of investment. Portfolio companies may also require significant funds, through multiple funding rounds to develop their technology or the products being developed may be subject to regulatory approvals before they can be launched into the market. This involves a higher degree of risk and company failure compared to investment in larger companies with established business models. Early stage companies generally have limited product lines, markets and financial resources and may be more dependent on key individuals. The securities of companies in which the Company invests are typically unlisted, making them particularly illiquid and may represent minority stakes, which may cause difficulties in valuing and disposing of the securities. The Company may invest in businesses whose shares are quoted on AIM however this may not mean that they can be readily traded and the spread between the buying and selling prices of such shares may be wide. The Directors aim to limit the investment and liquidity risk through regular monitoring of the investment portfolio and oversight of the Investment Adviser, who is responsible for advising the Board in accordance with the Company’s investment objective. The investment and liquidity risks are mitigated through the careful selection, close monitoring and timely realisation of investments, by carrying out rigorous due diligence procedures and maintaining a wide spread of holdings in terms of financing stage and industry sector within the rules of the VCT scheme. The Board reviews the investment portfolio and liquidity with the Investment Adviser on a regular basis.
    Legislative and regulatory risk: in order to maintain its approval as a VCT, the Company is required to comply with current VCT legislation in the UK. Changes to UK legislation in the future could have an adverse effect on the Company’s ability to achieve satisfactory investment returns whilst retaining its VCT approval. The Company is registered with the Financial Conduct Authority (FCA) as a small internally managed AIF and is required to comply with a number of reporting and other regulatory requirements. Failure to comply correctly or changes in the regulatory regime could affect the status of the VCT. The Board and the Investment Adviser monitor political developments and where appropriate seek to make representations either directly or through relevant trade bodies. The Board also works closely with the Adviser to ensure that the Company remains compliant with the relevant regulatory requirements.
    Operational risk: the Company does not have any employees and the Board relies on a number of third party providers, including the Investment Adviser, registrar and custodian, sponsor, receiving agent, lawyers and tax advisers, to provide it with the necessary services to operate. Such operations delegated to the Company’s key service providers may not be performed in a timely or accurate manner, resulting in reputational, regulatory, or financial damage. The risk of cyber-attack or failure of the systems and controls at any of the Company’s third party providers may lead to an inability to service shareholder needs adequately, to provide accurate reporting and accounting and to ensure adherence to all VCT legislation rules. The Board has appointed an Audit and Risk Committee, who monitor the effectiveness of the system of internal controls, both financial and non-financial, operated by the Company and the Investment Adviser. These controls are designed to ensure that the Company’s assets are safeguarded and that proper accounting records are maintained. Third party suppliers are required to have in place their own risk and controls framework, business continuity plans and the necessary expertise and resources in place to ensure that a high quality service can be maintained even under stressed scenarios.
    Performance of the Investment Adviser: the successful implementation of the Company’s investment policy is dependent on the expertise of the Investment Adviser and its ability to attract and retain suitable staff. The Company’s ability to achieve its investment objectives is largely dependent on the performance of the Investment Adviser in the acquisition and disposal of assets and the management of such assets. The Board has broad discretion to monitor the performance of the Investment Adviser and the power to appoint a replacement, but the Investment Adviser’s performance or that of any replacement cannot be guaranteed. The Board have both formal reviews by way of the Management Engagement Committee and Board meetings, and informal reviews over the course of the year outside of the formal Board timetable. Performance is closely monitored, including receiving detailed league table information and other market intelligence. Any concerns or suggestions are passed to the Investment Adviser, which are robustly challenged.
    Stock market risk: a small proportion of the Company’s investments are quoted on AIM and will be subject to market fluctuations upwards and downwards. External factors such as terrorist activity, political activity or global health crises, can negatively impact stock markets worldwide. In times of adverse sentiment there may be very little, if any, market demand for shares in smaller companies quoted on AIM. The Company’s small number of holdings of quoted investments are actively managed by the Investment Adviser, and the Board keeps the portfolio and the actions taken under ongoing review.
    VCT qualifying status risk: while it is the intention of the Directors that the Company will be managed so as to continue to qualify as a VCT, there can be no guarantee that this status will be maintained. A failure to continue meeting the qualifying requirements could result in the loss of VCT tax relief, the Company losing its exemption from corporation tax on capital gains, to shareholders being liable to pay income tax on dividends received from the Company and, in certain circumstances, to shareholders being required to repay the initial income tax relief on their investment. The Investment Adviser keeps the Company’s VCT qualifying status under continual review and its reports are reviewed by the Board on a quarterly basis. The Board has also retained Philip Hare & Associates LLP to undertake an independent VCT status monitoring role.

    Other matters

    The above summary of results for the year ended 31 March 2025 does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006 and has not been delivered to the Registrar of Companies. Statutory financial statements will be filed with the Registrar of Companies in due course; the independent auditor’s report on those financial statements under Section 495 of the Companies Act 2006 is unqualified, does not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the report and does not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

    The calculation of the return per share is based on the return after tax for the year of £8,481,000 (2024: £3,216,000) and on 200,018,249 (2024: 179,260,563) shares, being the weighted average number of shares in issue during the period.

    If approved by shareholders, the proposed final dividend of 1.5 pence per share for the year ended 31 March 2025 will be paid on 5 September 2025 to shareholders on the register at the close of business on 8 August 2025.

    The full annual report including financial statements for the year ended 31 March 2025 is expected to be made available to shareholders on or around 27 June 2025 and will be available to the public at the registered office of the company at Forward House, 17 High Street, Henley-in-Arden B95 5AA and on the Company’s website.

    The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website) are not incorporated into, nor form part of, this announcement.

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