Category: Business

  • MIL-OSI USA: Further Extension of Form PF Amendments Compliance Date

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission, together with the U.S. Commodity Futures Trading Commission, today voted to extend the compliance date until Oct. 1, 2025, for the amendments to Form PF that were adopted on Feb. 8, 2024. The compliance date for these amendments was originally March 12, 2025, but was previously extended to June 12, 2025.

    Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as commodity pool operators or commodity trading advisers. This extension will provide more time for filers to program and test for compliance with these amendments.

    MIL OSI USA News

  • MIL-OSI USA: Warnock, Colleagues Introduce Bill to Close Tax Loophole for Big Pharma

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Today, Senator Reverend Warnock introduced the Close the Round-Tripping Loophole Act, to close a tax loophole to make it harder for pharmaceutical companies to move profits to offshore accounts and pay lower taxes on American-sold products 

    Senator Reverend Warnock: “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits”

    Senator Wyden: “This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right” 

    Senator Warner: This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families”

    Senator Welch: “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Finance Committee Ranking Member Ron Wyden (D-OR), Mark Warner (D-VA), and Peter Welch (D-VT) introduced the Close the Round-Tripping Loophole Act, which closes a tax loophole regularly used by pharmaceutical companies to move profits offshore and pay significantly lower corporate tax rates. The corporate tax loophole was blessed by Washington Republicans and signed into law by President Trump in the 2017 Tax Cuts and Jobs Act. 

    “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits,” said Senator Warnock. This critical legislation provides a commonsense fix that helps lower our deficit while forcing Big Pharma to pay their fair share. I urge my colleagues to pass this bill as quickly as possible.”

    “Big, profitable multinationals have been abusing this loophole for many years with the blessing of Trump and Republicans, who are now gearing up to give those corporations even bigger tax breaks in their massive budget bill,” said Senator Wyden. “I’ve spent years investigating Big Pharma’s many tax schemes, and round-tripping is one of their go-to dodges. This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right.”

    “For too long, American corporations have been able to exploit loopholes that let them shift profits overseas and avoid paying their fair share in taxes – leaving hardworking Americans to pick up the tab,” Senator Warner said. This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families.”

    “The ‘round-tripping’ loophole is just another way large corporations and Big Pharma have schemed to rip-off taxpayers and avoid paying their fair share. They’ve been getting away with this for years now—enough’s enough,” said Senator Welch. “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed.”

    The Close the Round-Tripping Loophole Act closes a loophole that large corporations, especially pharmaceutical companies, have used to shift their profits offshore. This legislation would help ensure that companies pay U.S. corporate taxes on profits made in the United States by making it harder for corporations to shift this income to low-tax countries. No small businesses would be subject to these provisions. The proposal would only apply to corporations that average at least $100 million in annual revenue.

    The introduction of the Close the Round-Tripping Loophole Act is Senator Warnock’s most recent effort to combat corporate greed and hold big pharmaceutical companies accountable. In August 2022, Senator Warnock introduced legislation to combat corporate greed and incentivize companies to lower prices at the pump for Georgians by raising taxes on oil and gas companies that utilized greedy practices. In February 2022, Senator Warnock successfully pushed to cap the cost of insulin and prescription drugs for seniors on Medicare.

    Read the Close the Round-Tripping Loophole Act HERE

    MIL OSI USA News

  • MIL-OSI Video: The Briefing Room | Global Gender Gap Report 2025

    Source: World Economic Forum (video statements)

    How long will it take to achieve global gender parity? At the current pace: 123 years.

    In this episode of The Briefing Room, leaders from the World Economic Forum, LinkedIn and the World Bank come together to explore the findings from the Global Gender Gap Report 2025 — the definitive benchmark tracking gender equality across 148 economies.
    Hosted by Stephanie Holmes, Head of Public Engagement at the Forum, the discussion features Saadia Zahidi, Managing Director at the World Economic Forum; Sue Duke, Head of Global Public Policy at LinkedIn; and Norman Loayza, Director of the Global Indicators Group at the World Bank.

    The conversation examines this year’s parity score and why, despite some progress, the world remains generations away from full gender equality. It explores the persistent gaps in women’s political and economic participation, the role of smart policy over national wealth in driving change, and the growing economic imperative to accelerate progress. The panel also reflects on what countries can learn from one another and how gender parity is becoming central to long-term growth and resilience.

    Access the full Global Gender Gap 2025 report and explore the data here:
    https://www.weforum.org/stories/2025/06/global-gender-gap-report-2025-key-findings

    Subscribe for more insights from global leaders on the issues shaping our world.

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

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

    #WorldEconomicForum #GenderGap25 #TheBriefingRoom #GenderEquality

    https://www.youtube.com/watch?v=BkOEU4gTKrU

    MIL OSI Video

  • MIL-OSI USA: Luján, Cortez Masto Lead Senate Spotlight Forum on Trump’s Tariffs and Their Impact on American Families

    US Senate News:

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

    Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs

    Photos from the forum available here.

    Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M.) and Catherine Cortez Masto (D-Nev.), members of the Senate Committee on Finance, hosted a Spotlight Forum titled “Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs.” The forum examined how President Trump’s tariff policies fuel economic instability, raise costs on working families, harm the travel and tourism sector, and benefit special interests. The event featured testimony from policy experts, labor leaders, and small business owners directly impacted by the reckless tariffs. 

    “Across New Mexico and the country, Americans arefeeling pain from President Trump’s tariffs,” said Senator Luján. “Costs, Chaos, Corruption – those aren’t just buzzwords. They’re the reality for hardworking families in New Mexico and across America. President Trump’s tariffs are expected to cost American households $2,600 a year, a price that’s far too expensive for many Americans to afford. That’s why I partnered with Senator Cortez Masto to show the American people that President Trump’s tariffs are a tax on working families, a gut punch to small businesses, and a green light for corruption.”

    “President Trump’s tariffs and the haphazard manner in which he’s deploying them are causing real damage to real Americans,” said Senator Cortez Masto. “It’s now more important than ever that we give a microphone to those most impacted by Trump’s shortsighted economic policies. Senate Democrats will never stop fighting for working families.”

    During the forum, witnesses highlighted that President Trump’s reckless tariffs are hurting small businesses, the economy, and the American consumer.

    The forum featured testimony from:

    • Adam Posen, President, Peterson Institute for International Economics
    • Thea Lee, Economist and Former Deputy Undersecretary for International Labor Affairs
    • Preston Martin, CEO, Bicycle Technologies International
    • Steve Wright, President and General Manager of Jay Peak Resort 
    • Emma Jagoz, Owner of Moon Valley Farm

    “This is one of the worst ways to impose a tax and one of the most regressive ways to redistribute income from poorer to richer Americans and increase the tax burden on poorer people. In addition, because they cause uncertainty, provoke retaliation by other nations, and create opportunities for government corruption, tariffs have many destructive side effects that other forms of taxes do not,” said Adam Posen in his opening statement

    “The Trump tariffs bring all pain and no gain. In the short term, there will be uncertainty, supply bottlenecks, unpredictable price hikes on essential items, and likely decreases in both imports and exports as some trading partners implement retaliatory tariffs. In the long term, there will be irreparable rifts with valued trading partners and lack of coordination on shared goals,” said Thea Lee in her opening statement

    “With over 90% of bicycles, bicycle parts and bicycle accessories manufactured outside the US, the bike industry depends on a global supply chain. BTI imports from around the globe, especially Asia and Europe. Even our US sourced bike products are being affected since they are made from foreign-sourced raw materials. The bicycle industry works on low margins, thus cannot absorb higher tariff expenses,” said Preston Martin in his opening statement

    “In a normal year, roughly 750k Canadian tourists come into Vermont and inject roughly $150m into the State’s economy. Recent data shows that hotel reservations from CAD visitors are down 45% between Jan-April, credit card spending is down nearly 40% across that same time period, border crossings have been declining every month and are down nearly 35% and visits to the Vermont.com website, a data point reflecting the likelihood of visiting in the future are off 70% across the first few months of the year,” said Steve Wright in his opening statement

    “Small and medium-scale farmers of all political affiliations are bracing for a tough year. Input costs are rising, labor costs are soaring, USDA support is being cut, and consumers are stretched thin,” said Emma Jagoz in her opening statement

    Footage of the full forum can be foundHERE.

    MIL OSI USA News

  • MIL-OSI New Zealand: New Zealand food and fibre exports on track to break new records

    Source: New Zealand Government

    Farmers, growers, foresters, fishers and primary processors are driving New Zealand’s economic recovery with export revenue on track to surpass $60 billion for the first time, Agriculture and Forestry Minister Todd McClay announced today at Fieldays. 
    “The latest Situation and Outlook for Primary Industries (SOPI) report forecasts export earnings of $59.9 billion for the year ending 30 June 2025, $3 billion higher than projected in December. This momentum is expected to continue, with exports reaching $65.7 billion by 2029,” Mr McClay says.
    “These figures reflect the hard work and resilience of the hard working men and women of provincial New Zealand.
    “Strong global demand and healthy prices across key markets are positioning our high-quality, safe and sustainable food and fibre exports for record growth.”
    Growth highlights include: 

    dairy export revenue lifting 16 per cent to reach a record $27 billion
    meat and wool export revenue increasing 8 per cent to $12.3 billion
    horticulture export revenue growing by an impressive 19 per cent reaching $8.5 billion
    forestry export revenue jumping 9 per cent to $6.3 billion
    Seafood export revenue lifting 2 per cent to $2.2 billion.

    “The numbers speak for themselves, but the Government remains laser-focused on doubling the value of exports in 10 years, driving higher farm and forest gate returns, and backing the long-term capability, resilience, and health of rural New Zealand,” Mr McClay says.
    “We’re investing heavily to deliver tools and technology to farmers and growers to tackle agricultural emissions with more than $400 million in continuing funding over the next four years and making targeted reforms to support farmer and grower success.
    “Through the Budget, we launched the new $246 million Primary Sector Growth Fund (PSGF) to boost on-farm productivity and resilience.
    “Our trade work continues at pace to open doors for Kiwi exporters, and our new Investment Boost tax incentive will encourage businesses to invest, be more competitive, grow the economy, and lift wages.
    “When rural New Zealand does well, the whole country benefits,” Mr McClay says. 
    “That’s why we’re making sure our Primary Sector have the tools and support they need to deliver long-term economic growth and regional prosperity for all New Zealanders.”
    The June 2025 SOPI is available at: www.mpi.govt.nz/sopi

    MIL OSI New Zealand News

  • MIL-OSI USA: Senator Collins Speaks at 2025 Alzheimer’s Impact Movement Advocacy Forum

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: June 11, 2025

    Click HERE to watch and HERE to download video from the event.
    Click HERE, HERE, and HERE for individual photos
    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Senate Appropriations Committee and a senior member of the Senate Committee on Health, Education, Labor, and Pensions, delivered remarks at the 2025 Alzheimer’s Impact Movement (AIM) Advocacy Forum in Washington. Maine Alzheimer’s advocates Mary Dysart Hartt and her husband Mike introduced Senator Collins at the event. Mary and Mike live in Hampden, and Mary has been a tireless advocate on behalf of Mainers living with Alzheimer’s—like Mike—and their caregivers.
    “When I first joined the Senate, there wasn’t really much of a focus in Washington on brain health. Neurodegenerative diseases were thought of as just part of growing old,” said Senator Collins. “But, working with incredible partners like the Alzheimer’s Association, we have raised awareness and put a federal focus on this disease. For myself and members of the Congressional Task Force on Alzheimer’s I lead, this fight is both a personal cause and a matter of crafting effective policy. We must not let Alzheimer’s be one of the defining diseases of our children’s generation as it has ours.”
    In her remarks, Senator Collins also highlighted her successful legislative efforts to advance Alzheimer’s research, prevention, and treatment. In the 118th Congress, there were 1,868 standalone health care bills introduced in both the U.S. Senate and the U.S. House of Representatives. Of those bills, only 15 passed both chambers and were signed into law. U.S. Senator Susan Collins led or co-led 5 of those 15 bills to passage with strong bipartisan support, and 3 of those 5 bills dealt directly with brain health. Those bills were the National Alzheimer’s Project Act (NAPA), the Building Our Largest Dementia (BOLD) Infrastructure for Alzheimer’s Act, and the Alzheimer’s Accountability and Investment Act.

    MIL OSI USA News

  • MIL-Evening Report: Goodbye to all that? Rethinking Australia’s alliance with Trump’s America

    Source: The Conversation (Au and NZ) – By Mark Beeson, Adjunct professor, Australia-China Relations Institute, University of Technology Sydney

    Even the most ardent supporters of the alliance with the United States – the notional foundation of Australian security for more than 70 years – must be having some misgivings about the second coming of Donald Trump.

    If they’re not, they ought to read the two essays under review here. They offer a host of compelling reasons why a reassessment of the costs, benefits and possible future trajectory of the alliance is long overdue.


    Review: After America: Australia and the new world order – Emma Shortis (Australia Institute Press), Hard New World: Our Post-American Future; Quarterly Essay 98 – Hugh White (Black Inc)


    And yet, notwithstanding the cogency and timeliness of the critiques offered by Emma Shortis and Hugh White, it seems unlikely either of these will be read, much less acted upon, by those Shortis describes as the “mostly men in suits or uniforms, with no democratic accountability” who make security policy on our behalf.

    White, emeritus professor of strategic studies at the ANU, was the principal author of Australia’s Defence White Paper in 2000. Despite having been a prominent member of the defence establishment, it is unlikely even his observations will prove any more palatable to its current incumbents.

    Shortis, an historian and writer, is director of the Australia Institute’s International & Security Affairs Program. She is also a young woman, and while this shouldn’t matter, I suspect it does; at least to the “mostly men” who guard the nation from a host of improbable threats while ignoring what is arguably the most likely and important one: climate change.

    The age of insecurity

    To Shortis’s great credit, she begins her essay with a discussion of a “world on fire” in which the Trump administration is “locking in a bleaker future”.

    This matters for both generational and geographical reasons. While we live in what is arguably the safest place on the planet, the country has the rare distinction of regularly experiencing once-in-100-year floods and droughts, sometimes simultaneously.

    If that’s not a threat to security, especially of the young, it’s hard to know what is. It’s not one the current government or any other in this country has ever taken seriously enough.

    White gives a rather perfunctory acknowledgement of this reality, reflecting an essentially traditional understanding of security – even if some of his conclusions will induce conniptions in Canberra.

    While suggesting Trump is “the most prodigious liar in history”, White thinks he’s done Australia a favour by “puncturing the complacency” surrounding the alliance and our unwillingness to contemplate a world in which the US is not the reliable bedrock of security.

    Shortis doubts the US ever was a trustworthy or reliable ally. This helps explain what she calls the “strategy of pre-emptive capitulation”, in which Australian policymakers fall over themselves to appear useful and supportive to their “great and powerful friend”. Former prime minister John Howard’s activation of the ANZUS alliance in the wake of September 11 and the disastrous decision to take part in the war in Iraq is perhaps the most egregious example of this unfortunate national proclivity.

    White reminds us that all alliances are always transactional. Despite talk of a “history of mateship”, it’s vital to recognise if the great power doesn’t think something is in its “national interest”, it won’t be doing favours for allies. No matter how ingratiating and obliging they may be. While such observations may be unwelcome in Canberra, hopefully they won’t come as a revelation.

    Although White is one of Australia’s most astute critics of the conventional wisdom, sceptics and aspiring peace-builders will find little to cheer in his analysis.

    A good deal of his essay is taken up with the strategic situations in Europe and Asia. The discussion offers a penetrating, but rather despair-inducing insight into humanity’s collective predicament: only by credibly threatening our notional foes with nuclear Armageddon can we hope to keep the peace.

    The problem we now face, White argues, is the likes of Russia and China are beginning to doubt America’s part in the “balance of resolve”. During the Cold War both sides were confident about the other side’s ability and willingness to blow them to pieces.

    Now mutual destruction is less assured. While some of us might think this was a cause for cautious celebration, White suggests it fatally undermines the deterrent effect of nuclear weapons.

    Even before Trump reappeared, this was a source of angst and/or uncertainty for strategists around the world. The principle underpinning international order in a world in which nuclear weapons exist, according to White, is that

    a nuclear power can be stopped, but only by an unambiguous demonstration of willingness to fight a nuclear war to stop it.

    Trump represents a suitably existential threat to this cheery doctrine. Europeans have belatedly recognised the US is no longer reliable and they are responsible for their own security.

    Likewise, an ageing Xi Jinping may want to assure his position in China’s pantheon of great leaders by forcibly returning Taiwan to the motherland. It would be an enormous gamble, of course, but given Trump’s admiration for Xi, and Trump’s apparent willingness to see the world carved up into 19th century-style spheres of influence, it can’t be ruled out.

    Australia’s options

    If there’s one thing both authors agree on it’s that the AUKUS nuclear submarine project, the notional centrepiece of Australia’s future security is vastly overrated. It’s either a “disaster” (Shortis) or “insignificant” (White).

    Likewise, they agree the US is only going to help Australia if it’s judged to be in America’s interest to do so. Recognising quite what an ill-conceived, ludicrously expensive, uncertain project AUKUS is, and just how unreliable a partner the US has become under Trump, might be a useful step on the path to national strategic self-awareness.

    Shortis thinks some members of the Trump administration appear to be “aligned with Russia”. Tying ourselves closer to the US, she writes, “does not make us safer”. A major rethink of, and debate about, Australia’s security policy is clearly necessary.

    Policymakers also ought to take seriously White’s arguments about the need to reconfigure the armed forces to defend Australia independently in an increasingly uncertain international environment.

    Perhaps the hardest idea for Australia’s unimaginative strategic elites to grasp is that, as White points out,

    Asia’s future, and Australia’s, will not be decided in Washington. It will be decided in Asia.

    Former prime minister Paul Keating’s famous remark “Australia needs to seek its security in Asia rather than from Asia” remains largely unheeded. Despite plausible suggestions about developing closer strategic ties with Indonesia and even cooperating with China to offer leadership on climate change, some ideas remain sacrosanct and alternatives remain literally inconceivable.

    Even if we take a narrow view of the nature of security – one revolving around possible military threats to Australia – US Defence Secretary Pete Hesgeth’s demands for greater defence spending on our part confirm White’s point that,

    it is classic Trump to expect more and more from allies while he offers them less and less. This is the dead end into which our “America First” defence policy has led us.

    Quite so.

    Australia’s strategic elites have locked us into the foreign and strategic policies of an increasingly polarised, authoritarian and unpredictable regime.

    But as Shortis observes, we cannot be confident about our ability, or the world’s for that matter, to “just ride Trump out”, and hope everything will return to normal afterwards.

    It is entirely possible the international situation may get worse – possibly much worse – with or without Trump in the White House.

    The reality is American democracy may not survive another four years of Trump and the coterie of startlingly ill-qualified, inhumane, self-promoting chancers who make up much of his administration.

    A much-needed national debate

    Both authors think attempts to “smother” a serious national debate about defence policy in Australia (White), and the security establishment’s obsession with secrecy (Shortis), are the exact opposite of what this country needs at this historical juncture. They’re right.

    Several senior members of Australia’s security community have assured me if I only knew what they did I’d feel very differently about our strategic circumstances.

    Really? One thing I do know is that we’re spending far too much time – and money! – acting on what Shortis describes as a “shallow and ungenerous understanding of what ‘security’ really is”.

    We really could stop the conflicts in Ukraine and Gaza if Xi had a word with Putin and the US stopped supplying Israeli Prime Minister Benjamin Netanyahu with the weapons and money to slaughter women and children. But climate change would still be coming to get us.

    More importantly, global warming will get worse before it gets better, even in the unlikely event that the “international community” (whoever that may be) agrees on meaningful collective action tomorrow.

    You may not agree with all of the ideas and suggestions contained in these essays, but in their different ways they are vital contributions to a much-needed national debate.

    An informed and engaged public is a potential asset, not something to be frightened of, after all. Who knows, it may be possible to come up with some genuinely progressive, innovative ideas about what sort of domestic and international policies might be appropriate for an astonishingly fortunate country with no enemies.

    Perhaps Australia could even offer an example of the sort of creative, independent middle power diplomacy a troubled world might appreciate and even emulate.

    But given our political and strategic elites can’t free themselves from the past, it is difficult to see them dealing imaginatively with the threat of what Shortis calls the looming “environmental catastrophe”.

    No wonder so many of the young despair and have little confidence in democracy’s ability to fix what ails us.

    Mark Beeson 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. Goodbye to all that? Rethinking Australia’s alliance with Trump’s America – https://theconversation.com/goodbye-to-all-that-rethinking-australias-alliance-with-trumps-america-258066

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Inflection Point Acquisition Corp. III Announces the Separate Trading of its Class A Ordinary Shares and Rights, Commencing on or about June 16, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — Inflection Point Acquisition Corp. III (Nasdaq: IPCXU) (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 25,300,000 units, which includes 3,300,000 units issued pursuant to the exercise by the underwriters of their overallotment option, completed on April 28, 2025 (the “Offering”) may elect to separately trade the Class A ordinary shares and rights included in the units commencing on or about June 16, 2025. Any units not separated will continue to trade on The Nasdaq Global Market under the symbol “IPCXU”, and each of the Class A ordinary shares and rights will separately trade on The Nasdaq Global Market under the symbols “IPCX” and “IPCXR,” respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and rights.

    The Company intends to pursue a business combination with a North American or European business in disruptive growth sectors, which complements the expertise of its management team, but may pursue an initial business combination in any industry, sector or geographic region. The company is led by Chairman and Chief Executive Officer Michael Blitzer, Chief Financial Officer Peter Ondishin and Chief Operating Officer Kevin Shannon.

    A registration statement relating to the securities was declared effective on April 24, 2025 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    About Inflection Point Acquisition Corp. III

    Inflection Point Acquisition Corp. III’s acquisition and value creation strategy is to identify, partner with and help grow North American and European businesses in disruptive growth sectors, which complements the expertise of its management team. However, the Company may pursue an initial business combination in any industry, sector or geographic region.

    Contact

    Kevin Shannon
    Inflection Point Acquisition Corp. III
    kevin@inflectionpointacquisition.com

    The MIL Network

  • MIL-OSI: New Providence Acquisition Corp. III Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing June 16, 2025

    Source: GlobeNewswire (MIL-OSI)

    Palm Beach, FL, June 11, 2025 (GLOBE NEWSWIRE) — New Providence Acquisition Corp. III (Nasdaq: NPACU) (the “Company”) announced today that, commencing June 16, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the Nasdaq Global Market under the symbols “NPAC” and “NPACW,” respectively. Those units not separated will continue to trade on the Nasdaq Global Market under the symbol “NPACU.”

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About New Providence Acquisition Corp. III

    The Company is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company seeks to acquire and operate a business in the consumer industry, however, it may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution.

    Forward-Looking Statements

    This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact

    New Providence Acquisition Corp. III
    Leo Valentine
    leo.valentine@npa-corp.com
    929-249-8832

    The MIL Network

  • MIL-OSI USA: Extensions on Extensions: Statement on Further Extension of the Form PF Compliance Date

    Source: Securities and Exchange Commission

    Today’s open meeting looks like a straightforward Commission vote to extend a compliance date for a recently adopted rulemaking.[1] But there is more here than meets the eye. The reality of our action today is more complex – and more concerning. And the clock is ticking because the compliance date at issue is, in fact, tomorrow.

    Form PF is the confidential form on which certain SEC-registered investment advisers to private funds report information to the SEC that helps us to understand potential systemic risk.[2] The SEC, and other regulators including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system. Because these entities generally operate outside of our regulatory view, these data are our best – and perhaps only – way to spot large scale financial disasters originating in the private funds market, or amplified by private fund exposure, before they happen. And, these data can help us understand more fully the impact of a market event if it has already occurred.

    The recent amendments, and the “new” version of the form they create, would improve the quality of these data so that they are more precise and helpful for identifying and responding to systemic risk.[3] Remember, many of our pension fund dollars are invested in private funds – so understanding risks in this market is important for American retirement savings.

    Today, the Commission is attempting to extend the new form’s compliance date under the wire, with just hours to spare, to accommodate a last-minute request[4] from some of the most highly sophisticated, highly resourced entities in our financial system, who have already been given an extension several months ago.[5] Now they’re back for more time with what doesn’t seem like a credible reason.

    The truth is that we are here to extend this compliance date not because firms actually need additional time to comply, but to allow for reconsideration of these amendments more broadly. If you look closely, you’ll find the proof in footnote 12 of today’s release. That footnote admits that the Commission is delaying the Form’s compliance date so it can revisit – or perhaps endeavor to abandon – this information altogether.[6] So, although this extension is for just a few more months, I suspect that we will continue to accommodate requests to extend this compliance date until we have significantly revised or undone this rule.[7],[8]

    Abandoning the APA

    And so, with this vote, we plough ahead and do exactly that. We are simply disregarding the authority of two previous Commissions – at both the SEC and the CFTC – who adopted this new form just one year ago. And while I would posit that entities in such a situation should abide by regulations lawfully adopted and thus file the new form, this procedural quagmire is certainly a far cry from what the APA intends.[9] Much has been said about the Commission’s desire to “return” to a reasoned agency process, [10] but this desire is nowhere to be found when there’s a looming compliance date that some would like to dodge.

    Less Information, But More Retail Access

    Finally, it is important to remember that this timing also just so happens to be aligned with a powerful policy push to increasingly open private markets to retail investors.[11] By preventing these amendments from coming online, we are willfully blindfolding the Commission and similarly hobbling our and other financial regulators’ ability to conduct more precise and effective analysis of private markets. This further undermines our ability to do data-driven rulemaking in the future,[12] including our ability to effectively do an economic analysis if this or any future Commission tries to open private markets to retail investors. And the timing couldn’t be worse, as evidenced by increasingly widespread concern about the stability of private markets.[13]

    Refusing to receive these improved data on systemic risk doesn’t make those risks go away. And we can’t have it both ways. We can’t suggest that its perfectly safe and appropriate for investors of all stripes to gain exposure to these markets while we are going out of our way to put our head in the sand about what’s actually going on in those same markets.[14]

    Conclusion

    Of course, if this Commission wants to revisit Form PF and reconsider any part of the Form, it can attempt to do so as part of the rulemaking process and in proper coordination with the CFTC. Not by forcing through an eleventh-hour compliance date extension under false pretenses.

    Thank you to the staff in the Division of Investment Management, the Division of Economic and Risk Analysis, and the Office of the General Counsel for their work on this release. I’m particularly grateful to many of these team members who also worked on the final form amendments last year. I hope that, one day, the Commission will actually experience the benefits of your work and the important data from these Form PF amendments.


    [1] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date, Release No. [ ] (Jun. 11, 2025) (“Current Compliance Date Extension Release”).

    [2] See Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L. 111-203, 124 Stat. 1376 (2010).

    [3] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers, Release No. IA-6546 (Feb. 8, 2024) [89 FR 17984 (Mar. 12, 2024)].

    [5] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Extension of Compliance Date, Release No. IA-6838 (Jan. 29, 2025) [90 FR 9007 (Feb. 5, 2025)].

    [6] “During the interim period prior to the compliance date of October 1, 2025, the Commissions may continue to review whether Final Form PF raises substantial questions of fact, law, or policy.” Current Compliance Date Extension Release, supra note 1 at n. 12.

    [8] See Current Compliance Date Extension Release, supra note 1.

    [9] The release admits that, in this instance, we are not providing for notice and comment under the APA “[g]iven the time constraints […].” I question the assertion in the release that dispensing with the APA requirements in this circumstance are for “good cause” as required by the statute. See section 553(b)(3)(B) of the Administrative Procedure Act (5 U.S.C. 553(b)(3)(B)) (providing that an agency may dispense with prior notice and comment when it finds, for good cause, that notice and comment are “impracticable, unnecessary, or contrary to the public interest”).

    [11] Chairman Paul S. Atkins, Prepared Remarks Before SEC Speaks (May 19, 2025) (“Much has changed since 2002 — including the growth of private markets and the increased oversight and enhanced reporting by both private fund advisers and registered funds. Indeed, in the last 10 years alone, private fund assets have almost tripled from $11.6 trillion to $30.9 trillion. Allowing [for more retail exposure to private funds via registered closed-end funds] could increase investment opportunities for retail investors seeking to diversify their investment allocation in line with their investment time horizon and risk tolerance.”).

    [13] “‘If growth [from retail investors] outpaces the industry’s ability to manage such complexities, such challenges could have systemic consequences. Private asset managers also face reputational risk if—in a scramble to grow share—credit standards slip or risk management falter.’” Matt Wirz, Moody’s Sounds Alarm on Private Funds for Individuals, The Wall Street Journal (Jun. 10, 2025).

    [14] “A few large private-fund managers now dominate the market and they often invest in the same deals and in each other’s funds. This makes it harder for individuals to diversify their investments and “this kind of interconnectedness can amplify systemic vulnerabilities.’” Id.

    MIL OSI USA News

  • MIL-OSI: CLEAR, T-Mobile Modernize Workforce Identity Verification to Strengthen Enterprise Security

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), the secure identity company, today announced that it worked with T-Mobile to deploy CLEAR1, the identity platform for enterprises, across its operations.

    CLEAR1 enables seamless and secure identity verification for employees, an experience that is as simple as taking a selfie. With this biometric multi-factor authentication (MFA) solution, T-Mobile is able to verify employees and other team members based on who they are – not just the phones and laptops they use or the passwords and security questions they know.

    T-Mobile uses CLEAR1 as an enhanced way to authenticate access to its platforms and systems using biometric MFA, which replaces legacy methods like passwords and one-time PINs.

    “As cyber threats grow more complex and bad actors become more sophisticated, further securing T-Mobile starts with knowing exactly who’s behind the screen,” said Mark Clancy, SVP, Cybersecurity at T-Mobile. “CLEAR1 gives us a strong, identity-first approach that helps us build trust across our systems by verifying the person — not just their credentials. It’s a key step in strengthening our identity verification and better protecting our infrastructure, teams and customers.”

    “Identity is the foundation of trust in every organization,” said Jon Schlegel, Chief Security Officer at CLEAR. “CLEAR1 empowers businesses to strengthen security, reduce friction, and build confidence across their workforce. We’re proud to help organizations meet today’s threats head-on with a solution that’s fast, secure, and built for the real world.”

    Today’s cybercriminals are outpacing outdated screening and authentication methods, posing as trusted employees to gain access to sensitive systems and data. According to estimates from the U.S. Treasury, State Department, and FBI scams involving fake IT workers have generated hundreds of millions of dollars annually since 2018 — highlighting the need for identity-first strategies that strengthen cybersecurity and protect business continuity.

    CLEAR1 empowers organizations in the fight against sophisticated cyber threats by anchoring authentication in real identity, drawing from identity signals across biometrics, documents, device, and source corroboration–to maximize security and minimize friction for employees.

    For more information on how T-Mobile is using CLEAR1, visit: verifywithclear.com/post/case-study-t-mobile

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    MEDIA
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI: Arra Finance To Acquire Crescent Auto Finance, Rapidly Scaling Its Subprime Auto Finance Platform

    Source: GlobeNewswire (MIL-OSI)

    IRVING, Texas, June 11, 2025 (GLOBE NEWSWIRE) — Arra Finance, LLC (“Arra” or the “Company”), a subprime indirect auto finance company, today announced that it has entered into a definitive agreement to acquire the auto financing division of Crescent Bank (“Crescent”), a New Orleans-based FDIC insured bank with approximately $1 billion in assets that has provided nationwide indirect auto lending since 1991. The deal accelerates the rapid expansion of Arra’s platform, enhancing its technology stack and analytics capacity well ahead of growth expectations. Crescent will retain its branch and online retail banking platforms, as well as its commercial lending program, and Arra will become the servicer for Crescent’s $815 million originated auto loan portfolio. The transaction is expected to close in 3Q 2025. Financial terms were not disclosed.

    As a well-established operator in the subprime auto financing space, Crescent has originated upwards of $5.3 billion in auto loans nationwide over its 30-year history and $652 million in the last two years. This acquisition brings Crescent’s e-contracting, internal loan servicing and accelerated auto-decision capabilities to the Arra platform, alongside advanced analytics and additional fraud protection tools in underwriting and funding.

    With financial backing from Obra Capital (“Obra”), Arra now has the operational bandwidth and capital structure necessary to provide a comprehensive suite of financing solutions to auto dealers across the country. Arra expects to rapidly scale delivery of customer financing solutions to dealers by leveraging Crescent’s existing operations, with a significantly increased auto finance origination capacity, larger dealer base and the ability to respond to credit applications within seconds of submission.

    As part of the acquisition, Arra will welcome approximately 180 new employees from Crescent, expanding Arra’s best-in-class team by a factor of six. This includes 24 new sales team members, who will support the deployment of Arra’s capital base and provide a consistent touchpoint for new and existing dealer customers alike. The new additions will continue to be primarily based in Carrollton, Texas, supporting a seamless operational integration while opening new pathways for opportunity, as enabled by Arra’s access to asset-backed financing solutions.

    “With today’s announcement, we have rapidly advanced Arra’s growth trajectory, substantially improving our ability to be the premier financing partner for franchise and select independent dealers,” said Kenn Wardle, Chief Executive Officer of Arra Finance. “After only six months in market, we are on track to outpace our growth targets by a number of years, and we have developed the platform capabilities necessary to deliver responses to credit applications in a matter of seconds. I look forward to welcoming our new team members as we bring our combined offerings to market and continue to streamline the car buying experience for dealers and consumers across the country.”

    Gary Solomon Sr., Chairman of Crescent Bank praised the transaction, stating: “Partnering with Arra and Obra has ensured the talent, momentum and reputation Crescent has garnered over the years will continue to support the auto industry, as Crescent Bank shifts its focus to our core retail banking business.” Crescent Bank has significantly grown its online banking presence nationwide in recent years, particularly in its offering of Certificates of Deposits. Mr. Solomon added, “This is a pivotal moment for Crescent Bank, as we refocus our investment strategy in support of our local New Orleans area community and nationwide customers alike.”

    “Today’s announcement is a major growth milestone for Arra, and a testament to the opportunity in the auto finance market,” added Blair Wallace, President and CEO of Obra. “With the capital structure and flexibility provided by Obra’s insurance company balance sheets, Arra has taken decisive and aggressive steps to meet the needs of dealers across the country and become a leading player in the subprime space. The business is capitalized for success in the long term, and we look forward to seeing what’s next.”

    About Arra Finance
    Arra Finance is a subprime indirect auto finance company that purchases and services retail installment contracts originated by U.S. automobile dealers. Arra offers fast, simplified solutions and options for dealers. The company’s cutting-edge auto finance platform provides more than 1,200 franchise and independent dealerships across 15 states (with planned business expansion to dealerships in 37 states) with auto financing solutions for used car buyers. Its scalable origination system and data warehouse provide dealers with access to finance solutions and enables them to facilitate auto sales for the dealership’s customers. For more information about Arra Finance, please visit www.arrafinance.com.

    About Crescent Bank
    Crescent Bank is a Louisiana chartered, FDIC insured bank which has served the New Orleans area community since 1991 providing retail banking services and direct lending to businesses and consumers. Shortly after its founding, Crescent Bank began to open loan production offices throughout Louisiana to provide auto loans to consumers who were not being served by traditional lending institutions. As the bank succeeded and grew, its geographical lending footprint expanded nationwide. In recent years it has further expanded its retail operations to include offering certificates of deposits to consumers and investors in all states.

    About Obra Capital
    Obra is a specialized alternative asset management firm with approximately $5.8 billion in capital under management as of May 31, 2025. Obra provides investment products and solutions across insurance, multi-sector credit, asset-based finance and longevity investment strategies. Obra aims to generate long-term value and attractive returns for investors through a variety of funds and separate accounts. With capabilities in investing, originating, structuring and servicing, Obra strives to provide differentiated investment opportunities and capital solutions for investors worldwide. For more information about Obra and its registered investment advisors, please visit www.obra.com.

    Media Contact:
    Dan Gagnier
    Gagnier Communications
    Obra@gagnierfc.com
    646-569-5897

    The MIL Network

  • MIL-OSI: Carmelo Marrelli Files Early Warning Report with Respect to BE Resources

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — Marrelli Capital Limited, a company that Carmelo Marrelli (the “Acquiror”), the CEO of BE Resources Inc. (the “Company”), exercises control and direction over, announces today that it has filed an early warning report in respect of its holdings in the Company. On June 11, 2025, the Acquiror acquired 769,230 common shares of the Company (the “Shares”) by way of private agreement (the “Acquisition”) with a third-party vendor.

    Prior to the Acquisition, the Acquiror beneficially owned and exercised control and direction over, through Marrelli Capital Limited, 6,839,946 Shares (or approximately 60.22% of the total issued and outstanding Shares on both a non-diluted and partially diluted basis). Following completion of the Acquisition, the Acquiror beneficially owns and exercises control and direction over, through Marrelli Capital Limited, 7,609,176 Shares (or approximately 66.99% of the total issued and outstanding Shares on both a non-diluted and partially diluted basis). As a result of the Acquisition the Acquiror’s ownership of the Company has increased by more than 2% since the filing of its last early warning report. The Shares were acquired for an aggregate purchase price of $1.00.

    The Acquiror acquired the Shares investment purposes. In the future, the Acquiror may acquire additional securities of the Company including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, and/or other relevant factors, subject to applicable restrictions and contractual obligations.

    A copy of the early warning report will be filed by the Acquiror under the Company’s profile on SEDAR at www.sedarplus.com.

    About BE Resources

    BE Resources Inc. is listed on the TSX Venture Exchange (TSXV: BER.H) and is focused on repositioning its business to pursue opportunities that will optimize its operations and potential. BE Resources’ shares are currently listed on the NEX board under the symbol BER.H. The Company’s head office is located at 82 Richmond St. East, Toronto, Ontario M5C 1P1.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    The MIL Network

  • MIL-OSI: NVIDIA Stockholder Meeting Set for June 25; Individuals Can Participate Online

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., June 11, 2025 (GLOBE NEWSWIRE) — NVIDIA today announced it will hold its 2025 Annual Meeting of Stockholders online on Wednesday, June 25, at 9 a.m. PT. The meeting will take place virtually at www.virtualshareholdermeeting.com/NVDA2025.

    Stockholders will need their control number included in their notice or proxy card to access the meeting and may vote and submit questions while attending the meeting. Non-stockholders are welcome to attend by going to the above link and registering under “Guest Login.”

    The matters to be voted on at the meeting are set forth in the company’s proxy statement filed on May 13, 2025, with the U.S. Securities and Exchange Commission. The proxy statement is available at www.nvidia.com/proxy.

    A replay of the 2025 annual meeting webcast will be available until June 24, 2026, at www.nvidia.com/proxy.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:

    NVIDIA Investor Relations
    ir@nvidia.com

    NVIDIA Corporate Communications
    press@nvidia.com

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

    The MIL Network

  • MIL-OSI Security: Florida Fuel Supplier Charged in Multimillion-Dollar Scheme to Defraud U.S. Department of Defense, other Federal Agencies

    Source: United States Attorneys General 1

    A federal grand jury in Miami returned an indictment today charging a Florida business owner with multiple counts of wire fraud, money laundering, and forgery for orchestrating a scheme to defraud the U.S. Department of Defense and other federal agencies by submitting altered and fake invoices to U.S. Navy ships and other vessels through the SEA Card Program, which allows U.S. vessels to purchase critical fuel from suppliers at ports around the world.

    According to court documents filed in the Southern District of Florida, between August 2022 and January 2024, Jasen Butler, 37, of Jupiter, Florida, the owner of Independent Marine Oil Services LLC, submitted dozens of falsified documents to multiple U.S. warships — including the USS Patriot — demanding and receiving over $5 million dollars in payments for phony expenses that Butler had not incurred. These ships were attempting to purchase fuel in international ports such as Saudi Arabia, Singapore, and Croatia, among others. Butler also concealed his identity from government officials by using a false name and feigning employment by a fictitious fuel division of a different company. As alleged in the indictment, Butler used the millions in fraud proceeds to personally enrich himself and purchase multiple properties, including in Florida and Colorado. 

    “This indictment sends a clear, public message: the Antitrust Division and its Procurement Collusion Strike Force under President Trump will not rest until all who defraud the brave men and women of the U.S. military and the American taxpayers receive swift justice,” said Assistant Attorney General Abigail A. Slater of the Justice Department’s Antitrust Division.

    “Investigating complex fraud schemes which impact U.S. Coast Guard operations is a priority for CGIS,” said Special Agent in Charge Josh Packer of the Coast Guard Investigative Service (CGIS) Southeast Field Office. “CGIS remains committed to working with our law enforcement partners to investigate any fraud which undermines the integrity of the Coast Guard’s supply chain.”

    “Mr. Butler’s alleged involvement in unlawfully submitting fraudulent invoices related to U.S. naval ships receiving fuel during port visits is an affront to the warfighter and taxpayer,” said Special Agent in Charge Greg Gross of the Naval Criminal Investigative Service (NCIS) Economic Crimes Field Office. “NCIS remains committed to thoroughly investigating those who commit fraud impacting the Department of Navy.”

    If convicted, Butler faces maximum penalties of 20 years in prison for each count of wire fraud, up to 10 years for each count of forgery, and up to 10 years for each count of money laundering. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. 

    Assistant Chief Sara Clingan and Trial Attorney Jonathan Pomeranz and of the Antitrust Division’s Washington Criminal Section are prosecuting the case.

    The NCIS and CGIS are investigating the case.

    Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 

    MIL Security OSI

  • MIL-OSI Security: Baltimore County Man Facing Federal Charges in Connection With Bribing Former Baltimore City Finance Official

    Source: Office of United States Attorneys

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland unsealed an indictment charging James Carroll Erny Jr., 54, of Glen Arm, Maryland, with paying more than $10,000 in bribes to Joseph Gillespie, a former Baltimore City Department of Finance, Revenue Collections, employee.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Acting Special Agent in Charge Amanda M. Koldjeski, Federal Bureau of Investigation (FBI) – Baltimore Field Office. 

    As alleged in the indictment, from about August 2021 through September 2023, Erny paid Gillespie at least $10,000 in bribes in exchange for Gillespie extinguishing various financial obligations he owed to Baltimore City. The debt was in connection with various properties Erny owned, including unpaid water bills.

    On February 20, 2025, U.S. District Judge Richard D. Bennett sentenced Gillespie to four years in federal prison, followed by three years of supervised release, in connection with his role in the bribery scheme, along with an unrelated fraud scheme. According to his plea agreement, beginning in 2016, and continuing into 2023, Gillespie engaged in a bribery scheme. Through the scheme, Gillespie abused his position of trust as a public official within the Baltimore City Department of Finance for personal gain.

    As an employee of the Department of Finance’s Revenue Collections, Gillespie routinely accepted bribes from various property owners in Baltimore City. These property owners were subject to financial obligations with Baltimore City, and if these debts remained unpaid, the property became subject to a tax sale. 

    Gillespie accepted these bribes — typically 10-15 percent of the amount owed to the City — in exchange for removing or extinguishing these financial obligations, including for citations, tax, and water obligations, which caused losses for the City.  He also accepted bribes in exchange for delaying or postponing due dates — without approval or permission from other City officials — for payments owed to the City. By adjusting payment due dates, this prevented the City from placing liens on these properties.

    Once Gillespie received bribe payments, he then extinguished the financial obligation owed by marking it as paid in the City’s online records.  After removing the obligation, Gillespie sometimes sent a photograph of a cashier slip reflecting that the City received payment toward the financial obligation when, in fact, no such payment was made.

    The bribery scheme continued for years, and Gillespie admitted that he enlisted the help of multiple co-conspirators.  According to the plea agreement, Gillespie received more than $250,000 in connection with the bribery scheme and caused losses to the City in excess of $1.25 million.

    Erny faces one charge of Bribery in connection with his role in the bribery scheme.  If convicted, he faces a maximum penalty of 10 years in prison. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.  An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    U.S. Attorney Hayes commended the FBI for its work in the investigation and the Baltimore County Police Department for its valuable assistance.  Ms. Hayes also thanked Assistant U.S. Attorneys Paul A. Riley and Evelyn L. Cusson who are prosecuting the federal case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit justice.gov/usao-md  and justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI

  • MIL-OSI: CEA Industries Posts Updated Investor Presentation

    Source: GlobeNewswire (MIL-OSI)

    Conference Call Scheduled for Today, June 11, 2025 at 4:30pm ET 

    CEA Industries to Provide Business Update and Discuss Strategic Implications of Fat Panda Acquisition

    Louisville, Colorado, June 11, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced that it has published an updated investor presentation, now available on the Investor Relations section of its website. Management will host a live conference call today, June 11, 2025, at 4:30pm ET to outline the Company’s new strategic priorities, including the recent acquisition of Fat Panda and the go-forward strategy to accelerate growth and enhance shareholder value.

    To access the conference call, please use the following information:

    CEA Industries management may utilize this presentation during upcoming meetings with analysts and investors. The posting of this presentation is being made pursuant to Regulation FD.

    About CEA Industries Inc.

    CEA Industries Inc. (NASDAQ: CEAD) is a growth-oriented company focused on building category-leading businesses in regulated consumer markets. With a focus on the high-growth, Canadian nicotine vape industry, one of the fastest-expanding segments of the global nicotine market, CEA Industries targets scalable operators with strong regulatory alignment, defensible market share, and high-margin business models. The Company provides capital, operational expertise, and strategic resources to accelerate retail expansion, strengthen e-commerce infrastructure, and drive long-term value creation in performance-driven sectors. For more information, visit www.ceaindustries.com.

    Investor Contact:

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network

  • MIL-OSI: Stifel Announces Victor Nesi to Retire as Co-President and Head of Institutional Group; Joins Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, June 11, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that Victor Nesi, Co-President and Head of the Institutional Group, will retire from his day-to-day operating responsibilities effective July 1, 2025, after 16 years of distinguished service. Mr. Nesi will, however, continue to serve the firm, simultaneously joining its Board of Directors.

    “Victor has been instrumental in building the platform we have today,” said Ronald J. Kruszewski, Chairman and CEO of Stifel. “The transformation of our Institutional Group under his guidance is one of the great success stories in our firm’s history. His strategic vision, leadership, and relentless focus on client service elevated Stifel into a major player in the investment banking world. On a personal level, I am grateful for Victor’s partnership and steady counsel, and I am thrilled he will continue to contribute as a valued member of our Board.”

    Mr. Nesi joined Stifel in 2009, at a formative moment for the firm’s Institutional Group. Under his stewardship, the Institutional Group’s overall revenue grew from $391 million in 2008 to a peak of $2.2 billion in 2021, while extending its reach across geographies, products, and capabilities. Investment banking revenue alone climbed 20x during this time from $84 million to a record $1.6 billion.

    In 2024, the Institutional Group reported $1.6 billion in revenue, which represents a more than fourfold increase since Mr. Nesi’s arrival.

    “Importantly, Victor has also ensured that the Institutional Group is well-positioned for continued success,” added Mr. Kruszewski. “He has put in place a seasoned leadership team and a strong organizational structure designed to carry forward the culture that he helped establish.”

    “It has been an honor and privilege to help grow Stifel into a premier full-service investment bank,” said Mr. Nesi. “Our success is a direct reflection of the extraordinary people of Stifel – their talent, relentless drive, and unwavering commitment have made everything possible. Together, we have built something enduring with the momentum to achieve even greater things. Consequently, I believe this is the appropriate time for me to step back and allow the next generation of leaders to continue driving our firm forward. I am still energized and eager for new challenges and I look forward to supporting Stifel’s continued success in my new role on the Board.”

    Mr. Nesi’s career in investment banking spans four decades. Before coming to Stifel, he held several leadership positions at Merrill Lynch, including Head of Americas Investment Banking. He has also worked as an investment banker at Salomon Brothers and Goldman Sachs and practiced corporate and securities law at Shea & Gould.

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Media Contact
    Neil Shapiro, +1 (212) 271-3447
    shapiron@stifel.com

    Investor Relations Contact
    Joel Jeffrey, +1 (212) 271-3610
    investorrelations@stifel.com

    The MIL Network

  • MIL-Evening Report: 201 ways to say ‘fuck’: what 1.7 billion words of online text shows about how the world swears

    Source: The Conversation (Au and NZ) – By Martin Schweinberger, Lecturer in Applied Linguistics, The University of Queensland

    Our brains swear for good reasons: to vent, cope, boost our grit and feel closer to those around us. Swear words can act as social glue and play meaningful roles in how people communicate, connect and express themselves – both in person, and online.

    In our new research published in Lingua, we analysed more than 1.7 billion words of online language across 20 English-speaking regions. We identified 597 different swear word forms – from standard words, to creative spellings like “4rseholes”, to acronyms like “wtf”.

    The findings challenge a familiar stereotype. Australians – often thought of as prolific swearers – are actually outdone by Americans and Brits, both in how often they swear, and in how many users swear online.

    Facts and figures

    Our study focused on publicly available web data (such as news articles, organisational websites, government or institutional publications, and blogs – but excluding social media and private messaging). We found vulgar words made up 0.036% of all words in the dataset from the United States, followed by 0.025% in the British data and 0.022% in the Australian data.

    Although vulgar language is relatively rare in terms of overall word frequency, it was used by a significant number of individuals.

    Between 12% and 13.3% of Americans, around 10% of Brits, and 9.4% of Australians used at least one vulgar word in their data. Overall, the most frequent vulgar word was “fuck” – with all its variants, it amounted to a stunning 201 different forms.

    We focused on online language that didn’t include social media, because large-scale comparisons need robust, purpose-built datasets. In our case, we used the Global Web-Based English (GloWbE) corpus, which was specifically designed to compare how English is used across different regions online.

    So how much were our findings influenced by the online data we used?

    Telling results come from research happening at the same time as ours. One study analysed the use of “fuck” in social networks on X, examining how network size and strength influence swearing in the UK, US and Australia.

    It used data from 5,660 networks with more than 435,000 users and 7.8 billion words and found what we did. Americans use “fuck” most frequently, while Australians use it the least, but with the most creative spelling variations (some comfort for anyone feeling let down by our online swearing stats).

    Teasing apart cultural differences

    Americans hold relatively conservative attitudes toward public morality, and their high swearing rates are surprising. The cultural contradiction may reflect the country’s strong individualistic culture. Americans often value personal expression – especially in private or anonymous settings like the internet.

    Meanwhile, public displays of swearing are often frowned upon in the US. This is partly due to the lingering influence of religious norms, which frame swearing – particularly religious-based profanity – as a violation of moral decency.

    Significantly, the only religious-based swear word in our dataset, “damn”, was used most frequently by Americans.

    Research suggests swearing is more acceptable in Australian public discourse. Certainly, Australia’s public airing of swear words often takes visitors by surprise. The long-running road safety slogan “If you drink, then drive, you’re a bloody idiot” is striking – such language is rare in official messaging elsewhere.

    Australians may be comfortable swearing in person, but our findings indicate they dial it back online – surprising for a nation so fond of its vernacular.

    In terms of preferences for specific forms of vulgarity, Americans showed a strong preference for variations of “ass(hole)”, the Irish favored “feck”, the British preferred “cunt”, and Pakistanis leaned toward “butt(hole)”.

    The only statistically significant aversion we found was among Americans, who tended to avoid the word “bloody” (folk wisdom claims the word is blasphemous).

    Being fluent in swearing

    People from countries where English is the dominant language – such as the US, Britain, Australia, Canada, New Zealand and Ireland – tend to swear more frequently and with more lexical variety than people in regions where English is less dominant like India, Pakistan, Hong Kong, Ghana or the Philippines. This pattern holds for both frequency and creativity in swearing.

    But Singapore ranked fourth in terms of frequency of swearing in our study, just behind Australia and ahead of New Zealand, Ireland and Canada. English in Singapore is increasingly seen not as a second language, but as a native language, and as a tool for identity, belonging and creativity. Young Singaporeans use social swearing to push back against authority, especially given the government’s strict rules on public language.

    One possible reason we saw less swearing among non-native English speakers is that it is rarely taught. Despite its frequency and social utility, swearing – alongside humour and informal speech – is often left out of language education.

    Cursing comes naturally

    Cultural, social and technological shifts are reshaping linguistic norms, blurring the already blurry lines between informal and formal, private and public language. Just consider the Aussie contributions to the July Oxford English Dictionary updates: expressions like “to strain the potatoes” (to urinate), “no wuckers” and “no wucking furries” (from “no fucking worries”).

    Swearing and vulgarity aren’t just crass or abusive. While they can be used harmfully, research consistently shows they serve important communicative functions – colourful language builds rapport, expresses humour and emotion, signals solidarity and eases tension.

    It’s clear that swearing isn’t just a bad habit that can be easily kicked, like nail-biting or smoking indoors. Besides, history shows that telling people not to swear is one of the best ways to keep swearing alive and well.

    Martin Schweinberger has received funding from from the Centre for Digital Cultures and Society and the School of Languages and Cultures at the University of Queensland. He is currently funded by the Language Data Commons of Australia, which has received investment from the Australian Research Data Commons, funded by the National Collaborative Research Infrastructure Strategy.

    Kate Burridge 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. 201 ways to say ‘fuck’: what 1.7 billion words of online text shows about how the world swears – https://theconversation.com/201-ways-to-say-fuck-what-1-7-billion-words-of-online-text-shows-about-how-the-world-swears-257815

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Extreme weather could send milk prices soaring, deepening challenges for the dairy industry

    Source: The Conversation (Au and NZ) – By Milena Bojovic, Lecturer, Sustainability and Environment, University of Technology Sydney

    Australia’s dairy industry is in the middle of a crisis, fuelled by an almost perfect storm of challenges.

    Climate change and extreme weather have been battering farmlands and impacting animal productivity, creating mounting financial strains and mental health struggles for many farmers.

    Meanwhile, beyond the farm gate, consumer tastes are shifting to a range of dairy substitutes. Interest and investment in alternative dairy proteins is accelerating.

    Earlier this month, industry figures warned consumers to prepare for price rises amid expected shortages of milk, butter and cheese. Already mired in uncertainty, the dairy industry is now being forced to confront some tough questions about its future head on.

    Dairy under pressure

    Dairy is Australia’s third-largest rural industry. It produces more than A$6 billion worth of milk each year, and directly employs more than 30,000 people.

    But the sector has been under sustained pressure. This year alone, repeated extreme weather events have affected key dairy-producing regions in southern and eastern parts of Australia.

    In New South Wales, dairy farmers face increased pressure from floods. In May, many regions had their monthly rainfall records broken – some by huge margins.

    In Victoria, drought and water shortages are worsening. Tasmania, too, continues to endure some of the driest conditions in more than a century.

    Conditions have prompted many farmers to sell down their cattle numbers to conserve feed and water.

    All of this heavily impacts farm productivity. Agriculture has long been predicated on our ability to predict climate conditions and grow food or rear animals according to the cycles of nature.

    As climate change disrupts weather patterns, this makes both short and long-term planning for the sector a growing challenge.

    High costs, low profits

    Climate change isn’t the only test. The industry has also been grappling with productivity and profitability concerns.

    At the farm level, dairy farmers are feeling the impacts of high operating costs. Compared to other types of farming (such as sheep or beef), dairy farms require more plant, machinery and equipment capital, mostly in the form of specialised milking machinery.

    The price of milk also has many farmers concerned. The modest increase in farmgate milk prices – just announced by dairy companies for the start of the next financial year – left many farmers disappointed. Some say the increase isn’t enough to cover rising operating costs.

    Zooming out, there are concerns about a lack of family succession planning for dairy farms. Many young people are wary of taking on such burdens, and the total number of Australian dairy farms has been in steady decline – from more than 6,000 in 2015 to just 4,163 in 2023.

    What’s the solution?

    Is there a way to make the dairy industry more productive, profitable and sustainable? Australian Dairy Farmers is the national policy and advocacy group supporting the profitability and sustainability of the sector.

    In the lead up to this year’s federal election, the group called for $399 million in government investment to address what it said were key priorities. These included:

    • investment in on-farm technologies to improve efficiencies
    • funding for water security
    • upskilling programs for farmers
    • support for succession planning.
    Industry figures have warned consumers to brace for possible increases in the cost of dairy products.
    wisely/Shutterstock

    However, as the industry struggles to grapple with a changing climate, financial strain and mental health pressures, there should also be pathways for incumbent farmers to transition, either to farming dairy differently (such as by reducing herd sizes) or exiting out of dairy farming and into something else.

    Dairy without the cows

    The push to make dairy production more sustainable and efficient faces its own competition. A number of techniques in development promise dairy products without the cows, through cellular agriculture – and more specifically, “precision fermentation”.

    Australian company Eden Brew, in partnership with dairy giant Norco, has plans to produce and commercialise precision fermentation dairy proteins.

    And last year, Australian company All G secured approval to sell precision fermentation lactoferrin (a key dairy ingredient in baby formula) in China – another animal-free milk product.

    It is important to note that cost and scalability for cellular agriculture remains a challenge.

    Nonetheless, Australia’s rapidly growing non-dairy milk market – soy, oat, and so on – is now worth over $600 million annually. This reflects the global shift towards plant-based options driven by health, environmental, and ethical concerns.

    Is there a win-win outcome?

    Is there a possible future where more funding is given to produce milk at scale through precision fermentation while we also look after incumbent dairy workers, farms and the rural sector at large to diversify or leave the sector altogether?

    Some believe this future is possible. This is what researchers call “protein pluralism” – a market where traditional and alternative proteins coexist. Long-term planning from both the dairy industry and government would be needed.

    Remember, while techniques like precision fermentation offer the promise of animal-free dairy products, their benefits are largely yet to materialise. How they will ultimately benefit the whole of society remains speculative.

    What we can do now

    For this reason, some scholars have argued we should prioritise actions that can be taken now. This includes support for practices such as agroecology, which seek to address injustice and inequity in food systems to help empower primary food producers.

    A recent study found Australian dairy farmers were interested in financial and technical advice to make decisions about where they take their business in future.

    Despite growing recognition of the challenges facing the dairy sector, responses from government and alternative dairy remain uneven. A more coordinated approach is needed for affected farmers, helping them adapt or diversify with guidance from government and industry experts.

    Milena Bojovic volunteers with Farm Transitions Australia, a registered charity which helps Australian dairy and beef farmers facing hardship and seeking a transition from the industry. She is affiliated with ARC Centre for Excellence in Synthetic Biology.

    ref. Extreme weather could send milk prices soaring, deepening challenges for the dairy industry – https://theconversation.com/extreme-weather-could-send-milk-prices-soaring-deepening-challenges-for-the-dairy-industry-258175

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: ‘Hard to measure and difficult to shift’: the government’s big productivity challenge

    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra

    Higher productivity has quickly emerged as an economic reform priority for Labor’s second term.

    Prime Minister Anthony Albanese has laid down some markers for a productivity round table in August, saying he wants it to build the “broadest possible base” for further economic reform.

    The government is right to focus on productivity. Improving economic efficiency will increase real wages, help bring down inflation and interest rates, and improve living standards.

    Treasurer Jim Chalmers is flagging a broad productivity agenda, but acknowledges the rewards will take time to percolate through the economy:

    Human capital, competition policy, technology, energy, the care economy – these are where we are going to find the productivity gains, and not quickly, but over the medium term.

    Making the economy operate more efficiently is simple in concept. But Albanese and Chalmers would be well aware productivity is hard to measure, and even more difficult to shift.

    The numbers are fraught

    What do we mean by productivity growth? And how will it help lift the economy? The authors of the bestselling new book Abundance offer this neat explanation:

    People need to think up new ideas. Factories need to innovate new processes. These new ideas and new processes must be encoded into new technologies. All this is grouped under the sterile label of productivity: How much more can we produce with the same number of people and resources?

    At its most basic, productivity measures outputs divided by inputs – what we produce compared to the resources such as labour and capital used to produce it.

    But large parts of the “non-market” economy including the public service, health care and education are excluded from the official productivity figures.

    The Australian Bureau of Statistics is working to address the gap in the data. For example, it is developing “experimental estimates” for the health sector, which suggests hospital productivity has fallen.

    However measurement is fraught. If a nurse, for instance, who previously cared for four patients now looks after eight, is that a productivity improvement? Or a drop in standard of care?

    Flatlining productivity

    Australian productivity growth has averaged just 0.4% a year since 2015 – the lowest rate in 60 years.

    The exception was during COVID, when industries with low productivity, such as accommodation and food, were shut down and those with high productivity – such as IT and communications – thrived.

    The objective must be to return to, or even surpass, historical levels of productivity. However, it won’t be easy given economists have no clear idea why productivity growth has fallen in Australia and overseas.

    Theories include:

    • measurement problems
    • new industries
    • decline in business investment in equipment and technology
    • more service industries, where productivity is lower
    • the easy reforms have all been done.

    No shortage of advice

    Productivity is multidimensional, with an absurd number of moving parts. It depends on skills, technology, investment, knowledge, management, and a host of other factors. Like the movie, it’s “everything, everywhere all at once”.

    The government has a plethora of advice on how to improve productivity. Scientists argue for more scientific research; business lobbies for more investment breaks;
    innovators for more technological advances.

    This poses a dilemma for the Treasurer. Most suggestions on their own would make some difference. Doing all of them would make a huge difference. Alas, government cannot do everything. It must choose where to apply its limited resources.

    Beyond money and time, the government must also have appetite for the fight.

    Interest groups typically support productivity reforms in principle, but resist them if they are directly affected. Every inefficient regulation or program has a supporter somewhere.

    Five pillars

    Jim Chalmers does not need another shopping list. He needs help to sort through options and set priorities for which fights to pick. To this end, in December year he tasked the Productivity Commission with new inquiries into the five main drivers – “pillars” – of higher productivity.




    Read more:
    Labor says its second term will be about productivity reform. These ideas could help shift the dial


    Yet the Albanese government has already been handed a comprehensive blueprint for productivity reform.

    In March 2023, the Productivity Commission released the Advancing Prosperity report, which it described as a “road map”.

    However, it had more of a shopping list feel, incorporating 71 recommendations and 29 “reform directives”. Many were of the “should” variety, lacking a detailed plan of how to do them.

    Roughly speaking, any government only has bandwidth for one big and a few small reforms a term. It cannot implement more than 70, even if that’s ideal.

    Productivity reform will succeed if it involves only a few changes – preferably those that deliver the most improvement for the least complaint.

    Some proposed measures are desirable but controversial. The tax system, for example, is crying out for improvement, but the government is unlikely to take it on.

    Reforming occupational licences to make it easier for tradies to move states is a more modest aim. It would not generate the same productivity gains, but politically would be simpler to implement.

    Nothing to fear

    Finally, some words of caution.

    Productivity is not code for exploiting workers. As The Guardian recently noted:

    When most people hear the word ‘productivity’ they think of their boss wanting them to take on more duties for the same pay. That’s not the case. It’s about getting more out of the hours you work.

    Working harder to get the same result is in fact a drop in productivity. Working shorter hours for the same outputs is productivity growth, with the benefits seen in better work-life balance.

    Nor is productivity just about producing more outputs. Who needs more useless stuff?

    And statistics can mislead, because they measure the value of production, not the quality. A broader accounting for production, incorporating society and the environment, would help the productivity debate avoid this trap.

    Albanese and Chalmers readily acknowledge the government can do more on productivity. Anyone with an interest in driving a more efficient economy, higher real wages and better living standards will hold them to their word.

    This article is part of The Conversation’s series examining the productivity dilemma.

    Stephen Bartos 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. ‘Hard to measure and difficult to shift’: the government’s big productivity challenge – https://theconversation.com/hard-to-measure-and-difficult-to-shift-the-governments-big-productivity-challenge-257968

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: A reversal in US climate policy will send renewables investors packing – and Australia can reap the benefits

    Source: The Conversation (Au and NZ) – By Christian Downie, Professor, Australian National University

    President Donald Trump is trying to unravel the signature climate policy of his predecessor Joe Biden, the Inflation Reduction Act, as part of a sweeping bid to dismantle the United States’ climate ambition.

    The Inflation Reduction Act, or IRA, is a A$530 billion suite of measures that aims to turbocharge clean energy investment and slash emissions in the US. Once hailed as a game-changer for the global clean energy transition, it set in train a fierce international competition for renewable energy investment.

    But the policy is now hanging by a thread, after the US House of Representatives last month narrowly passed a bill to repeal many of its clean energy measures.

    Should the bill pass the Senate, billions of dollars in renewables investment once destined for the US could be looking for a new home. Now is the time for the Albanese government to woo investors with a bolder program of climate action in Australia.

    The Trump administration is seeking to wind back Biden’s signature climate policy.
    Jemal Countess/Getty Images for Climate Power 2020

    What is the Inflation Reduction Act?

    The Inflation Reduction Act passed US Congress in 2022. It legislated billions of dollars in tax credits for solar panels, wind turbines, batteries and geothermal plants, among other technologies.

    It included around A$13 billion in rebates for Americans to electrify their homes, tax credits of almost A$11,000 to electrify their cars, and billions more to establish a “green bank” and target agricultural emissions.

    The money flowed. Last year, almost A$420 billion was invested in the manufacture and deployment of clean energy – double that in 2021, the year before the legislation passed.

    Even in the first quarter of this year, under a Trump presidency, A$103 billion was invested in clean energy tech – an increase on the first quarter results of 2024. Electric vehicle manufacturing projects, especially batteries, were standout performers.

    Then US president Joe Biden in August 2023, celebrating the first anniversary of the Inflation Reduction Act. The policy aimed to turbocharge the clean energy transition.
    Win McNamee/Getty Images

    But then came the proposed repeal. The Trump administration wants to gut tax credits for clean energy technologies. The measures passed the House of Representatives and must now clear the US Senate, where the Republicans have a margin of three votes.

    Initial modelling suggests the bill, if passed, could derail clean energy manufacturing in the US – including in Republican states where new projects were planned.

    The potential economic damage has sparked concern even among Trump’s own troops. Some Republicans last week reportedly urged the scaling back of the cuts, despite voting for the bill in the House.

    Opportunities for Australia

    After the IRA was enacted, many countries followed the US’ lead – including Australia’s Albanese government, which legislated the A$22.7 billion Future Made in Australia package.

    So how will Trump’s unravelling of the policy affect the rest of the world?

    The economic impacts are still being modelled. Some studies suggest the US could cede A$123 billion in investment to other countries.

    The US axing of tax credits for battery and solar technology paves the way for nations such as China and South Korea to capitalise – given, for example, they already dominate battery manufacturing.

    Australia should be doing its utmost to attract investors that no longer see the US as an option. Our existing policies are a start, but they are not sufficient.

    In February this year, Labor increased the investment capacity of the Clean Energy Finance Corporation – Australia’s “green bank” – by A$2 billion. But more will be needed if the government is serious about crowding-in private investment in low-emission technologies exiting the US.

    The government would also be wise to remove incentives that increase fossil fuel use. This includes the diesel fuel rebate, which encourages the use of diesel-powered trucks on mine sites. Fortescue Metals this week announced a push for the subsidy to be wound back – potentially providing the political opening Labor needs.

    What about nuclear?

    Trump has also promised a “nuclear renaissance”, signing four executive orders designed to reinvigorate the US nuclear energy industry.

    But those measures are likely to fail, just as Trump’s 2016 promise to revive the coal industry never eventuated.

    In fact, his cuts to the Loan Programs Office – which helps finance new energy projects including nuclear – threaten to undermine the viability of new nuclear plants. The office has been the guarantor for every new US nuclear plant this century, bar one.

    If the US is struggling to scale up its existing nuclear industry, this does not bode well for the technology’s hopes in Australia. Here, the prospect of a nuclear energy policy still appears alive in the Coalition party room, even though the technology remains politically unpopular, and the economics don’t stack up.

    What’s next?

    Predicting US climate and energy policy is a fool’s errand, given the potential IRA repeal, flip-flopping tariff announcements and daily social media tirades from Trump, including a social media bust-up with former ally Elon Musk over the merits of the repeal itself.

    Stepping back from the politics, we cannot ignore the climate harms flowing from a walk-back on US climate action.

    The US is the world’s second-largest emitter of greenhouse gases. As climate change reaches new extremes, the policy vacuum created by Donald Trump must urgently be filled by the rest of the world.

    Christian Downie receives funding from the Australian Research Council

    ref. A reversal in US climate policy will send renewables investors packing – and Australia can reap the benefits – https://theconversation.com/a-reversal-in-us-climate-policy-will-send-renewables-investors-packing-and-australia-can-reap-the-benefits-258388

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Statement at Open Meeting on Further Extension of the Form PF Compliance Date

    Source: Securities and Exchange Commission

    Good afternoon, ladies and gentlemen. Thank you for being here. This is an open meeting on the 11th of June 2025 of the United States Securities and Exchange Commission under the Government in the Sunshine Act. Commissioners Hester Peirce, Caroline Crenshaw, and Mark Uyeda are also present.

    Today the Commission will vote on extending the compliance date for the most recent amendments to Form PF. Currently, the compliance date for these amendments is tomorrow, June 12, 2025, but I support extending the compliance date to October 1, 2025. The initial compliance date for these amendments was March 12, 2025. In January, the SEC and CFTC jointly extended the compliance date to June 12, 2025. Notwithstanding the prior three-month compliance extension, we have received credible commentary that the current timeline simply does not provide private fund advisers with sufficient opportunity to interpret, implement, and test their systems to ensure accurate and consistent reporting. From my experience with complex technology projects, I sympathize with those points. It is evident to me that additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected.

    The most-recent changes to Form PF will necessitate costly upgrades to internal infrastructure, increased coordination across business units, and integration with third-party vendors. These tasks are inherently complex and require extensive testing to ensure accuracy. Rushing this process increases the likelihood of data errors, which defeats the entire stated purpose of the form—to enhance systemic risk monitoring.

    Form PF was first introduced in 2011 and has subsequently been amended three times, most recently in February 2024. Each time the form has been amended, it has required advisers to provide additional information and more granular data. As a result, even without the most recent amendments, Form PF imposes significant compliance burdens on the private fund industry. The complexity of the form, in addition to the ever-evolving nature of its demands has required advisers to seek costly legal and compliance support to complete it accurately. These costs divert resources away from advisers’ core investment functions.

    Therefore, in addition to our action today, I have directed the staff to undertake a comprehensive review of Form PF. I have serious concerns whether the government’s use of this data justifies the massive burdens it imposes. We should work hard to keep our information requests to a minimum, requesting only what is needed and no more. As the saying goes, “Measure twice, cut once.” While this important work is being done, private fund advisers will continue to provide a wealth of information on the prior version of Form PF.

    I’d like to thank the staff of the Securities and Exchange Commission and the CFTC for their agility in responding to these concerns.

    Now, I’ll turn the meeting over to Natasha Greiner, Director of the Division of Investment Management, for the staff’s recommendation.

    MIL OSI USA News

  • MIL-OSI USA: Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits

    Source: US State of North Carolina

    Headline: Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits

    Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits
    lsaito

    Raleigh, NC

    Today Governor Stein urged Senate Majority Leader John Thune, Senate Finance Committe Chair Mike Crapo, and North Carolina Senators Ted Budd and Thom Tillis to reconsider the U.S. House of Representative’s efforts to end the energy and manufacturing tax credits that the Inflation Reduction Act of 2022 created. These tax credits have helped North Carolina emerge as a top state for clean energy business investment.

    “Our state’s clean energy economy is booming, and companies’ decisions to locate their clean energy advanced manufacturing facilities in North Carolina have brought jobs and opportunities to our state,” said Governor Josh Stein. “H.R. 1’s abrupt changes to these credits would jeopardize much of this investment, stifle the demand that many companies were counting on, and conflict with the goals of reshoring manufacturing that the Trump Administration has championed. H.R. 1 would weaken our economy, raise utility prices on consumers, and undermine our national security.”

    Since the Inflation Reduction Act of 2022 passed, more than $24 billion in clean energy technology investments have been announced across North Carolina. These announcements include batteries for storage and vehicle applications, solar panels, cells, and wafers, electric vehicle charging stations, transformers, critical minerals, and a wide variety of grid-enhancing products. These businesses already or will soon employ tens of thousands of people, in addition to the more than 100,000 people already employed in North Carolina’s clean energy sector. The U.S. House budget resolution’s repeal of these tax credits would threaten jobs in North Carolina and put billions of dollars in investments at risk. 

    Moreover, H.R. 1 could cause a significant cost in electricity prices for North Carolinians – a more than 13 percent increase for households and a more than 20 percent increase for businesses. In total, if these tax credits were repealed, an average North Carolina family could expect to pay $200 more per year to power their homes. 

    Read Governor Stein’s letter calling for the US Senate to protect IRA tax credits here.  

    Jun 11, 2025

    MIL OSI USA News

  • MIL-OSI: Capital Southwest Announces Transition to Monthly Regular Dividends and Declares Total Dividends of $0.64 per share for the Quarter Ending September 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, June 11, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, is pleased to announce a change to its regular dividend payment frequency from quarterly to monthly beginning in July 2025.

    In addition, the Company is pleased to announce that its Board of Directors has declared monthly regular dividends of $0.1934 per share for each of July, August, and September 2025 and a quarterly supplemental dividend of $0.06 per share payable in September 2025, each of which is detailed in the table below.

    Michael Sarner, President and Chief Executive Officer, stated, “We believe that transitioning to a monthly regular dividend is a shareholder friendly initiative which will benefit all shareholders of Capital Southwest. We are pleased with the strong earnings generation and credit quality of our portfolio, which allows us to continue to distribute significant recurring dividends to our shareholders.”

    The Company’s regular monthly dividends for the quarter ending September 30, 2025 will be payable as follows:

    Declared Ex-Dividend Date Record Date Payment Date Amount Per Share
    6/11/2025 7/15/2025 7/15/2025 7/31/2025 $0.1934
    6/11/2025 8/15/2025 8/15/2025 8/29/2025 $0.1934
    6/11/2025 9/15/2025 9/15/2025 9/30/2025 $0.1934

    The Company’s supplemental dividend for the quarter ending September 30, 2025 will be payable as follows:

    Declared Ex-Dividend Date Record Date Payment Date Amount Per Share
    6/11/2025 9/15/2025 9/15/2025 9/30/2025 $0.06
    Total Regular Dividends per Share for Quarter Ending September 30, 2025: $0.58
    Total Supplemental Dividend per Share for Quarter Ending September 30, 2025: $0.06
    Total Dividends per Share for Quarter Ending September 30, 2025: $0.64

    When declaring dividends, the Board of Directors reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

    Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, Equiniti Trust Company. Under the DRIP, if the Company declares a dividend, registered stockholders who have opted in to the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest’s common stock.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.8 billion in investments at fair value as of March 31, 2025. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements

    This press release contains historical information and certain forward-looking statements with respect to the business and investments of the Company, including, but not limited to, the timing, form and amount of any distributions or supplemental dividends in the future. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which the Company invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on the Company’s business and its portfolio companies; regulatory changes; tax treatment; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on the Company’s portfolio companies and the Company’s financial condition; an economic downturn and its impact on the ability of the Company’s portfolio companies to operate and the investment opportunities available to the Company; the impact of supply chain constraints on the Company’s portfolio companies; and the elevated levels of inflation and its impact on the Company’s portfolio companies and the industries in which it invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2025 and any subsequent filings with the SEC, including the “Risk Factors” sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, President and Chief Executive Officer
    214-884-3829

    The MIL Network

  • MIL-OSI USA: Boozman Touts Arkansas National Security Contributions, Cites Military Installation Vulnerability to Drone Threat

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON—U.S. Senator John Boozman (R-AR) secured public support from Secretary of Defense Pete Hegseth and Chairman of the Joint Chiefs of Staff General John Caine for several Natural State military missions and support capacities during a Senate Appropriations Defense Subcommittee hearing. He also expressed concerns about the potential for drone attacks on domestic military assets in light of the latest Ukrainian operation against Russia’s air force.

    Boozman highlighted the recent graduation of two Polish pilots at Ebbing Air National Guard Base in Fort Smith, the first to complete the F-35 Foreign Military Sales pilot training, and emphasized the program’s importance.

    “[This is] an accomplishment we’re very excited to see repeated,” Boozman said before inviting Hegseth to explain “the importance of training our partners and allies on American systems and how that enables mission readiness and deterrence around the world.” 

    “Our ability to project power by, with and through allies is one of the most important force multipliers that we have. The training of their people, and military-to-military training, creates enduring bonds over generations that we’re then able to leverage for future capability. I’m encouraged to hear about those two graduations. I know it keeps our defense industrial base robust and also projects capabilities to allies and partners,” Hegseth responded

    The senator then addressed the depletion of munitions amid conflicts in Ukraine and Israel while raising the need to adequately re-stockpile this capability through our organic industrial base as well as through private industry efforts, including in south Arkansas.

    “I had the opportunity of taking your predecessor to Camden, Arkansas, to see the great work our industry partners are doing to help solve the problem, however, the Department’s organic industrial base also fills important capability gaps,” Boozman said. “Where can we invest more to fix that?” he continued

    “One of my jobs as Chairman is to make sure the youngsters have the combat capability they need, at scale, before they need it. My hope is that we can raise everybody’s capacity through changing the culture not only in munitions production but across the entire national and defense industrial base, encourage competition to keep the prices down, write better contracts and increase the overall capacity,”Caine answered.

    Boozman has repeatedly championed investments in Camden and the industries that produce some of the world’s most effective weapon systems and munitions, including recent expansions by RTX, General Dynamics, Lockheed Martin and Aerojet Rocketdyne – an L3Harris Technologies company. 

    The senator, who chairs the Military Construction and Veterans Affairs Appropriations Subcommittee, also took the opportunity to underscore how vulnerable U.S. installations remain to potential attacks and asked Hegseth how Ukraine’s successful Operation Spider’s Web has changed the way we defend military infrastructure and installations from emerging threats like armed drones. 

    “Even before that operation, it’s something we put on the forefront of our planning. Cheaper, commercially available drones with small explosives represent a new threat. That day, we met to evaluate that we’re doing enough. It’s a critical reality of the modern battlefield that we have a responsibility to address,” Hegseth explained.

    MIL OSI USA News

  • MIL-OSI Analysis: The leading risk factor for cancer isn’t what you think

    Source: The Conversation – Canada – By Kristen Haase, Associate Professor, Nursing, University of British Columbia

    International guidelines say that all older adults should have a geriatric assessment prior to making a decision about their cancer treatment. (Shutterstock)

    If you were to ask most people what causes cancer, the answer would probably be smoking, alcohol, the sun, hair dye or some other avoidable element. But the most important risk factor for cancer is something else: aging. That’s right, the factor most associated with cancer is unavoidable — and a condition that we will all experience.

    Why is this important? Older adults are the fastest growing population in Canada and globally. By 2068, approximately 29 per cent of Canadians will be over age 65. With cancer being one of the most common diseases in older adults and one of the most common diseases in Canada, it means we need to think about how to provide the best cancer care for older adults.

    Demographic shift

    So how are we doing so far? The answer is: not great. This may be surprising, but we also have a great opportunity to innovate and prepare for this demographic shift in cancer care.

    International guidelines — including those from the American Society of Clinical Oncology — say that all older adults should have a geriatric assessment prior to making a decision about their cancer treatment. The most widely used models of geriatric assessment involve a geriatrician.

    With cancer being one of the most common diseases in older adults and one of the most common diseases in Canada, it means we need to think about how to provide the best cancer care for older adults.
    (Shutterstock)

    Consultation with a geriatrician for an older adult allows the oncologist and older adult to engage in a conversation about cancer treatment armed with information. Things like how treatment might affect their cognition, their function, their existing illnesses (which most older adults have when they are diagnosed with cancer), and the years of remaining life.

    Importantly, geriatricians centre their assessment on what matters most to patients. This approach anchors any decision about cancer around the wishes of older adults and their support system. When diagnosed with cancer, older adults undergo many tests and measures of function, but the evidence supports that these are not as accurate as geriatric assessment for identifying problems that may be below the surface.

    Care in Canada

    In Canada, there are currently only a handful of specialized geriatric oncology clinics. The oldest clinic is in Montréal at the Jewish General Hospital, followed closely by the Older Adult with Cancer Clinic at Princess Margaret Cancer Centre in Toronto, led by Shabbir Alibhai, one of the authors of this story. As researchers, we are in touch with clinics in Ontario and Alberta that have told us they have geriatric oncology services under development, so we hope to see new programs soon.

    These clinics aren’t just good for patients. In fact, a study led by Shabbir Alibhai demonstrated a cost savings of approximately $7,000 per older adult seen in these clinics. If we map this onto the number of older adults diagnosed with cancer in Canada every year, this represents a huge cost savings for our public health system. Despite this overwhelming evidence, this is still not routine care.

    In Canada, there are currently only a handful of specialized geriatric oncology clinics.
    (Shutterstock)

    In British Columbia, there are currently no specialized services for older adults with cancer. Over the last five years, Kristen Haase — also an author of this story — has been working with colleagues to understand whether these services are needed and how they could help older adults with cancer in B.C.

    This work involved conversations with more than 100 members of the cancer community. The research team spoke with older adults undergoing cancer treatment, who sometimes had to relocate for cancer treatment. Other participants included caregivers who cared for elderly family members during their cancer treatment and described numerous challenges they faced, and volunteers who ran a free transportation service — a service also mostly staffed by older adult volunteers.

    The research team also heard from health-care professionals: oncologists, nurses, physiotherapists and social workers. The latter group coalesced around the need for additional supports within the cancer care system so they could do their job well, and best support older adults.

    The results indicate that both those working in the system and those using the system want and need better support.

    Barriers to care

    So where are we now and why don’t we have these services across Canada?

    Cost is obviously a barrier to any health-care service. But with evidence that any costs will be offset by demonstrated cost savings, this is a non-starter.

    Health human resources are one huge restriction. Geriatricians are in high demand and there is low supply. However, nurse-led models have also been shown to be successful. With the expanding role of nurse practitioners across Canada, this option has huge potential to innovate care, and at a lower cost.

    There is an opportunity to innovate models of care that are targeted to those who need services the most: those who are most frail, are most likely to benefit from tailored care, and will reap the most benefit in terms of quality of life.
    (Shutterstock)

    Another reason is good old inertia. Our clinical care model in oncology has remained mostly intact for over three decades. It is primarily a single physician-driven model. Although modern therapies for cancer have emerged at a breathtaking pace and have been introduced into clinical practice, it is much harder to change the model of care, particularly for strategies such as geriatric assessment that are harder to implement than a new drug or surgical/radiation technique.

    The last, and perhaps the most difficult to pin down of all potential reasons for the absence of specialized cancer services for older adults, is agism. Agism is discrimination based on age. It is one of the most common forms of discrimination and it is deeply embedded in many of our systems. Imagine a scenario where children diagnosed with cancer couldn’t access a pediatrician. We would collectively be outraged. Yet somehow, we accept this for older adults.

    Due to the overwhelming number of older adults who are and will be diagnosed with cancer in the coming years, it will never be possible for all of them to receive specialized geriatric services. But there is an opportunity to innovate models of care that are targeted to those who need services the most: those who are most frail, are most likely to benefit from tailored care, and will reap the most benefit in terms of quality of life.

    Stratifying these programs around those who need them the most will also have the greatest financial impact. And if personal stories of improving quality of life for older adults with cancer or international guidelines don’t move decision-makers, hopefully cost savings will.

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

    ref. The leading risk factor for cancer isn’t what you think – https://theconversation.com/the-leading-risk-factor-for-cancer-isnt-what-you-think-253834

    MIL OSI Analysis

  • MIL-OSI Analysis: Sanctuary cities can’t protect people from ICE immigration raids − but they don’t actually violate federal law

    Source: The Conversation – USA – By Benjamin Gonzalez O’Brien, Professor of Political Science, San Diego State University

    While sanctuary policies for immigrants have grown in the U.S. since the 1980s, the Trump administration is the first to challenge them. Marcos Silva/iStock/Getty Images Plus

    The Trump administration plans to send special response teams of Immigration and Customs Enforcement agents to conduct immigration raids in four cities run by Democratic mayors, NBC news reported on June 11, 2025, citing two unnamed sources familiar with the planning process.

    NBC reports that New York City, Philadelphia, Chicago and Seattle are four of the five places that would be affected by this deployment, as well as northern Virginia. These cities are also among the other major metropolitan hubs – as well as more than 200 small towns and counties and a dozen states – that over the past 40 years have adopted what are often known as sanctuary policies.

    Special response teams are tactical units under ICE that are trained to respond to extreme situations such as drug and arms smugglers. These units have been used to respond to recent immigration protests in Los Angeles in response to ICE raids. President Donald Trump has also deployed 4,000 National Guard troops, as well as about 700 Marines, to quell protests in that city. Los Angeles Mayor Karen Bass and California Gov. Gavin Newsom have said the presence of troops is exacerbating the situation and are challenging the legality of these deployments in court.

    While sanctuary policies often prohibit local participation in immigration enforcement or cooperation with ICE, if large-scale raids take place in New York, Philadelphia, Chicago and Seattle, their designation as sanctuary cities offers little protection to immigrants living without legal authorization from deportation.

    There is not a single definition of a sanctuary policy. But it often involves local authorities not asking about a resident’s immigration status, or not sharing that personal information with federal immigration authorities.

    So when a San Francisco police officer pulls someone over for a traffic violation, the officer will not ask if the person is living in the country legally.

    American presidents, from Ronald Reagan to Joe Biden, have chosen to leave sanctuary policies largely unchallenged since different places first adopted them in the 1970s. This changed in 2017, when President Donald Trump first tried to cut federal funding to sanctuary places, claiming that their policies “willfully violate Federal law.” Legal challenges during his first term stopped him from actually withholding the money.

    At the start of his second term, Trump signed two executive orders in January and April 2025 which again state that his administration will withhold federal money from areas with sanctuary policies.

    “Working on papers to withhold all Federal Funding for any City or State that allows these Death Traps to exist!!!” Trump said, according to an April White House statement. This statement was immediately followed by his April executive order.

    These two executive orders task the attorney general and secretary of homeland security with publishing a list of all sanctuary places and notifying local and state officials of “non-compliance, providing an opportunity to correct it.” Those that do not comply with federal law, according to the orders, may lose federal funding.

    San Francisco and 14 other sanctuary cities, including New Haven, Connecticut, and Portland, Oregon, sued the Trump administration in February on the grounds that it was illegally trying to coerce cities to comply with its policies. A U.S. district court judge in California issued an injunction on April 24 preventing the administration – at least for the time being – from cutting funding from places with sanctuary policies.

    However, as researchers who have studied sanctuary policies for over a decade, we know that Trump’s claim that sanctuary policies violate federal immigration law is not correct.

    It’s true that the federal government has exclusive jurisdiction over immigration. Yet there is no federal requirement that state or local governments participate or cooperate in federal immigration enforcement, which would require an act of Congress.

    A sign is seen at the Nogales, Ariz., and Mariposa, Mexico, border crossing.
    Jan Sonnenmair/Getty Images

    What’s behind sanctuary policies

    In 1979, the Los Angeles Police Department was the first to announce a prohibition on local officials asking about a resident’s immigration status.

    However, it was not until the 1980s that the sanctuary movement took off, when hundreds of thousands of Salvadorans, Guatemalans and Nicaraguans fled civil war and violence in their home countries and migrated to the U.S. This prompted a number of cities to declare solidarity with the faith-based sanctuary movement that offered refuge to Salvadoran, Guatemalan and Nicaraguan asylum seekers facing deportation.

    In 1985, Berkeley, Calif., and San Francisco pledged that city officials, including police officers, would not report Central Americans to immigration authorities as long as they were law abiding.

    Berkeley also banned officials from using local money to work with federal immigration authorities.

    “We are not asking anyone to do anything illegal,” Nancy Walker, a supervisor for San Francisco, said in 1985, according to The New York Times. “We have got to extend our hand to these people. If these people go home, they die. They are asking us to let them stay.”

    Today, there are hundreds of sanctuary cities, towns, counties and states across the country that all have a variation of policies that limit their cooperation with federal immigration authorities.

    Sometimes – but not always – places with sanctuary policies bar local law enforcement agencies from working with Immigration and Customs Enforcement, the country’s main immigration enforcement agency.

    A large part of ICE’s work is identifying, arresting and deporting immigrants living in the U.S. illegally. In order to carry out this work, ICE issues what is known as “detainer requests” to local law enforcement authorities. A detainer request asks local law enforcement to hold a specific arrested person already being held by police until that person can be transferred to ICE, which can then take steps to deport them.

    While places without sanctuary policies tend to comply with these requests, some sanctuary jurisdictions, like the state of California, only do so in the cases of particular violent criminal offenses.

    Yet local officials in sanctuary places cannot legally block ICE from arresting local residents who are living in the country illegally, or from carrying out any other parts of its work.

    Can Trump withhold federal funding?

    Trump claimed in 2017 that sanctuary policies violated federal law, and he issued an executive order that tried to rescind federal grants that these jurisdictions received.

    However, the 9th Circuit Court of Appeals ruled in a 2018 case involving San Francisco and Santa Clara County, California, that the president could not refuse to “disperse the federal grants in question without congressional authorization.”

    Federal courts, meanwhile, split over whether Trump could freeze funding attached to a specific federal program called the Edward Byrne Memorial Assistance Grant Program, which provides about US$250 million in annual funding to state and local law enforcement.

    These cases were in the process of being appealed to the Supreme Court when the Department of Justice, under Biden, asked that they be dismissed.

    Other Supreme Court rulings also suggest that the Trump administration’s claim that it can withhold federal funding from sanctuary places rests on shaky legal ground.

    The Supreme Court ruled in 1992 and again in 1997 that the federal government could not coerce state or local governments to use their resources to enforce a federal regulatory program, or compel them to enact or administer a federal regulatory program.

    Under pressure

    The first Trump administration was not generally successful, with the exception of the split over the Edward Byrne Memorial Assistance Grant Program, at stripping funding from sanctuary places. But cutting federal funding – even if it happens temporarily – can be economically damaging to cities and counties while they challenge the decision in court.

    Local officials also face other kinds of political pressure to comply with the Trump administration’s demands.

    A legal group founded by Stephen Miller, deputy chief of staff in the Trump administration, for example, sent letters to dozens of local officials in January threatening criminal prosecution for their sanctuary policies.

    Michelle Wu, the mayor of Boston, a sanctuary city, testifies during a House committee hearing on sanctuary city mayors on March 5, 2025, in Washington.
    Nathan Posner/Anadolu via Getty Images

    The real effects of sanctuary policies

    One part of Trump’s argument against sanctuary policies is that places with these policies have more crime than those that do not.

    But there is no established relationship between sanctuary status and crime rates.

    There is, however, evidence that when local law enforcement and ICE work together, it reduces the likelihood of immigrant and Latino communities to report crimes, likely for fear of being arrested by federal immigration authorities.

    Sanctuary policies are certainly worthy of debate, but this requires an accurate representation of what they are, what they do, and the effects they have.

    This is an updated version of a story originally published on May 28, 2025.

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

    ref. Sanctuary cities can’t protect people from ICE immigration raids − but they don’t actually violate federal law – https://theconversation.com/sanctuary-cities-cant-protect-people-from-ice-immigration-raids-but-they-dont-actually-violate-federal-law-255831

    MIL OSI Analysis

  • MIL-OSI USA: Labonte named Associate Vice President for University Safety

    Source: US State of Connecticut

    Dear Colleagues,

    I’m pleased to announce that I have appointed UConn Police Chief Gene Labonte to the position of Associate Vice President for University Safety following a national search. Gene has served as our Chief of Police since July 2023, and going forward he will serve as both police chief and AVP.

    At UConn, those who have had the opportunity to work with Chief Labonte know that his service to the university in this critical role is defined by integrity, professionalism, and outstanding leadership.

    As chief, he brings a thoughtful, well-informed approach to his work reflecting his decades-long experience in law enforcement matched with a thorough understanding of the complexities and nuances involved in overseeing a police department at a large public research university with campuses throughout the state.

    Chief Gene Labonte (contributed photo).

    One of the many reasons he was an exceptional candidate for AVP is because of that understanding, which allows him to see the university not through the lens of law enforcement alone, but also through the larger and more expansive lens of “public safety” more generally, a strength that is essential to being effective in both of these positions.

    In addition, Chief Labonte’s open, transparent style of communication, collegiality, and responsiveness are highly valued by his colleagues throughout the institution.

    Prior to his arrival at UConn, Chief Labonte served as Associate Vice President for Public Safety and Risk Management/Chief of Police and Salem State University in Salem, Mass., which is part of the commonwealth’s public university system. He began his law enforcement career in 1990 with the Connecticut State Police, serving until 2012 and departing at the rank of Lieutenant Colonel.

    He succeeds Hans Rhynhart, who is retiring after more than three decades at UConn that included rising from a police officer to Chief of Police and later AVP for University Safety. His last day at UConn is June 30.

    I would like to thank the search committee, which was chaired by Vice President for Diversity and Inclusion Jeffrey Hines. It also included Mansfield Town Manager Ryan Aylesworth, Assistant Vice President for Student Life Cyndi Costanzo, Deputy General Counsel Nathan LaVallee, UConn Health Chief of Staff Andrea Keilty, interim Vice President for Communications Mike Kirk, African American Cultural Center Director Alicia McKenzie, Hartford Campus Dean Mark Overmyer-Velazquez, Vice President for Quality and Patient Care Services/Chief Nursing Officer/JDH Chief Operating Officer Caryl Ryan, Vice Provost Dan Schwartz, and Director of Business Services for University Safety Darshana Sonpal.

    Thanks also to Maryann Markowski from the President’s Office and Michelle Fournier from Human Resources for supporting the search committee and search process.

    Please join me in congratulating and thanking Chief Labonte for his willingness to step into this additional role and in offering thanks, gratitude, and our very best wishes to Hans for his long and dedicated service to UConn.

    Sincerely,
    Radenka Maric
    UConn President

    MIL OSI USA News

  • MIL-Evening Report: Medical scans are big business and investors are circling. Here are 3 reasons to be concerned

    Source: The Conversation (Au and NZ) – By Sean Docking, Research Fellow, School of Public Health and Preventive Medicine, Monash University

    wedmoments.stock/Shutterstock

    Timely access to high-quality medical imaging can be lifesaving and life-altering. Radiology can confirm a fractured bone, give us an early glimpse of our baby or detect cancer.

    But behind the x-ray, ultrasound, CT and MRI machines is a growing, highly profitable industry worth almost A$6 billion a year.

    Corporate ownership dominates the sector. In our new study, we show how for-profit corporations own about three in every five private radiology clinics.

    As radiology becomes an increasingly attractive target for investors, are we letting business interests reshape a key part of our health-care system?

    30 million scans and counting

    In 2023–24, two in five Australians had an x-ray, ultrasound, CT scan or MRI. That’s about 30.8 million scans in total (individuals may have two or more scans).

    Medicare funds most of this imaging. In fact, imaging is now Medicare’s second-largest area of spending, behind only GP visits.

    But a growing number of scans are not bulk billed and patients are out of pocket on average about $125 per scan. An estimated 274,000 Australians are delaying or forgoing scans each year because of the cost.

    There have also been dramatic changes behind the scenes. Since the early 2000s, for-profit corporations have been buying small radiologist-owned clinics.

    Today, 65% of private radiology practices are owned by publicly listed shareholders or private investors, including private equity firms. This marks a significant shift from clinician-led to investor-driven health care.

    Need an ultrasound? You may end up at a private radiology clinic.
    Inside Creative House/Shutterstock

    Why should we care?

    Advocates of corporate ownership suggest this business-focused approach can make the system more efficient through economies of scale. They say this allows consolidation of administration tasks and a reduction in overheads.

    Easy access to finance can help buy expensive imaging machines. It can also provide investment towards new technologies, such as artificial intelligence.

    Yet, there are three main reasons why corporate ownership of the radiology sector may be cause for concern.

    1. It reduces competition

    Large corporations buying up a bunch of smaller practices ultimately leads to less competition. In Tasmania, for example, 11 of the 17 private radiology clinics are owned by one company, significantly limiting patient choice.

    We also found limited competition among radiology providers in South Australia, the Northern Territory and Australian Capital Territory.

    When a single company dominates a local market, it creates the conditions for higher fees and reduced incentives to bulk bill. However, objective data on the impact of reduced competition on the affordability of scans is scarce.

    2. It may lead to too many expensive scans

    High-cost scans, such as MRIs and CTs, are lucrative. Medicare expenditure on MRI scans alone has doubled since 2012.

    This may reflect improved access and a recommended shift towards more sensitive tests for some conditions. However, for-profit corporations now own about 76% of MRI machines in private clinics. These corporations may be financially incentivised to offer more costly imaging over equally effective, lower-cost options.

    With profits tied to the number of scans, there’s growing unease financial motives may be influencing when and how often these scans are used.

    While radiology corporations are not the ones requesting scans, there is little incentive for them to address overuse of radiology services, an issue for high-income countries such as Australia.

    Low-value imaging may also generate overdiagnosis (when something shows up on imaging but will never cause the patient any health issues, for example). It can lead to unnecessarily exposing patients to radiation and cause unwarranted patient (and doctor) anxiety. This can ultimately lead to more tests and unnecessary treatment.

    Is an MRI scan really necessary? Sometimes cheaper imaging is best.
    illustrissima/Shutterstock

    3. Radiology clinics become an asset

    Private equity firms view radiology clinics as a commodity to be bought, their value increased, then sold over a relatively short time frame (typically three to seven years).

    These firms generate profit not from delivering care, but from boosting the clinic’s value and charging them annual “management fees”.

    A prime example is unfolding. I-MED, Australia’s largest radiology provider, is considering listing the business on the Australian Stock Exchange after failing to sell at a reported $3 billion. Its UK private equity owner bought I-MED for about $1.26 billion in 2018. If sold, this would be the latest of multiple owners since delisting from the stock exchange in 2006.

    If there are debts, health-care companies can collapse, as we’ve seen recently with hospital chain Healthscope, which is owned by a Canadian-based private equity firm.

    Experience of private equity’s role in health care in the United States also offers a cautionary tale. Reductions in the quality of care, asset stripping and ultimately the closure and bankruptcy of vital health-care providers have prompted Congressional investigations. The state of Oregon is on the verge of blocking private equity firms from controlling health-care providers.

    What next?

    As radiology becomes an increasingly attractive target for investors, questions are mounting about whether this profit-driven model can coexist with the public’s need for affordable, accessible health care.

    Medicare was designed to guarantee affordable access to quality health care for all Australians, not guarantee revenue for corporations.

    While unwinding corporate participation in the radiology sector is near impossible, there is still time to implement safeguards that prevent wealthy investors from prioritising financial gain over Australians’ health and wellbeing.

    Stronger oversight and greater transparency from these corporations are needed to ensure Medicare dollars deliver real value for patients and the public.


    We would like to acknowledge Jenn Lacy-Nichols (University of Melbourne) and Martin Hensher (University of Tasmania) who co-authored the paper mentioned in this article.

    Sean Docking is a member of UniSuper (Industry Super Holdings Pty Ltd) as part of his superannuation; Unisuper is an investor in PRP Diagnostic Imaging. He has no direct investments in any diagnostic imaging companies.

    Rachelle Buchbinder has received grant funding from NHMRC, MRFF, Arthritis Australia and HCF Foundation. She receives royalties from UpToDate for writing and editing ‘Plantar fasciitis’. She also receives royalties for her book entitled ‘Hippocrasy: How doctors are betraying their oath’. She has not received funding from for-profit industry, including from radiology companies.

    ref. Medical scans are big business and investors are circling. Here are 3 reasons to be concerned – https://theconversation.com/medical-scans-are-big-business-and-investors-are-circling-here-are-3-reasons-to-be-concerned-257820

    MIL OSI AnalysisEveningReport.nz