Category: Business

MIL-OSI: Eureka Acquisition Corp Announces the Redemption Request Deadline as June 17, 2025 for the Upcoming Extraordinary General Meeting to be Held on June 20, 2025

Source: GlobeNewswire (MIL-OSI)

New York, June 05, 2025 (GLOBE NEWSWIRE) — Eureka Acquisition Corp (the “Company”) (Nasdaq: EURK), a blank check company, today announced that June 17, 2025 is the deadline for delivery of redemption request from the Company’s shareholders for its upcoming extraordinary general meeting in lieu of an annual general meeting of shareholders (the “Extraordinary General Meeting”)

The Extraordinary General Meeting is scheduled to be held on June 20, 2025. Since June 19, 2025 is a federal holiday, June 17, 2025, two business days before the date of the Extraordinary General Meeting, is the deadline for delivery of redemption requests from the Company’s shareholders.

There is no change to the location, the record date, or any of the other proposals to be acted upon at the Extraordinary General Meeting.

If you have questions regarding the certification of your position or delivery of your shares, please contact:

Continental Stock Transfer & Trust Company
1 State Street 30th Floor
New York, NY 10004-1561
E-mail: spacredemptions@continentalstock.com

The Company’s shareholders who have questions regarding the Extraordinary General Meeting, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at ksmith@advantageproxy.com.

About Eureka Acquisition Corp

Eureka Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the date of the Extraordinary General Meeting and the redemption request deadline. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Additional Information and Where to Find It

On June 3, 2025, the Company filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the Extraordinary General Meeting. The Company will amend and supplement the definitive proxy statement to provide information about the redemption request deadline. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by contacting the Company’s proxy solicitor.

Participants in the Solicitation

The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Extraordinary General Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement. You may obtain free copies of these documents using the sources indicated above.

Contact Information:
Fen Zhang
Chairman and Chief Executive Officer
Email: eric.zhang@hercules.global
Tel: +86 135 0189 0555

The MIL Network –

June 6, 2025

MIL-OSI: Concrete Pumping Holdings Reports Second Quarter Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

DENVER, June 05, 2025 (GLOBE NEWSWIRE) — Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the second quarter ended April 30, 2025.

Second Quarter Fiscal Year 2025 Summary vs. Second Quarter of Fiscal Year 2024 (where applicable)

Revenue of $94.0 million compared to $107.1 million.
Gross profit of $36.2 million compared to $41.8 million.
Income from operations of $8.3 million compared to $12.1 million.
Net loss of $0.0 million compared to net income of $3.0 million.
Net loss attributable to common shareholders was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share.
Adjusted EBITDA¹ of $22.5 million compared to $27.5 million, with Adjusted EBITDA margin¹ of 23.9% compared to 25.7%
Amounts outstanding under debt agreements were $425.0 million with net debt¹ of $387.2 million. Total available liquidity at quarter end was $352.5 million compared to $216.9 million one year ago.
Leverage ratio¹ at quarter end of 3.7x.

Management Commentary

“In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions,” said CPH CEO Bruce Young. “Despite these pressures, we delivered solid results by remaining focused on cost discipline, fleet optimization, and strategic pricing across our businesses.”

“Our U.S. Concrete Waste Management segment once again delivered strong growth, highlighting both the appeal of our unique offering and the rising demand for sustainable jobsite solutions. Although our U.S. Concrete Pumping segment remains affected by weakness in commercial construction and, more recently, by emerging challenges in residential construction, the infrastructure market has remained resilient, helping to partially offset broader market pressures and support the segment’s performance.”

“We remain committed to generating strong free cash flow, deleveraging the balance sheet, and pursuing disciplined, strategic M&A that complements our core capabilities and geographic footprint. These priorities position us well for long-term value creation. While the near-term demand backdrop remains challenged, we are confident that our leadership position, operational discipline, and breadth of service offerings will allow us to capitalize on the eventual recovery in commercial construction activities.”

______________
¹ Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Second Quarter Fiscal Year 2025 Financial Results

Revenue in the second quarter of fiscal year 2025 was $94.0 million compared to $107.1 million in the second quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects.

Gross profit in the second quarter of fiscal year 2025 was $36.2 million compared to $41.8 million in the prior year quarter. Gross margin declined 50 basis points to 38.5% compared to 39.0% in the prior year quarter.

General and administrative expenses (“G&A”) in the second quarter declined 6% to $27.9 million compared to $29.7 million in the prior year quarter primarily due to lower labor costs of approximately $1.3 million and non-cash decreases in amortization expense of $0.8 million. As a percentage of revenue, G&A costs were 29.7% in the second quarter compared to 27.7% in the prior year quarter.

Net loss in the second quarter of fiscal year 2025 was $0.0 million compared to net income of $3.0 million in the prior year quarter. Net loss attributable to common shareholders in the second quarter of fiscal year 2025 was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share, in the prior year quarter.

Adjusted EBITDA in the second quarter of fiscal year 2025 was $22.5 million compared to $27.5 million in the prior year quarter. Adjusted EBITDA margin was 23.9% compared to 25.7% in the prior year quarter.

Liquidity

On April 30, 2025, the Company had debt outstanding of $425.0 million, net debt of $387.2 million and total available liquidity of $352.5 million.

Segment Results

U.S. Concrete Pumping. Revenue in the second quarter of fiscal year 2025 was $62.1 million compared to $74.6 million in the prior year quarter. The decline was driven by a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Net loss in the second quarter of fiscal year 2025 was $1.6 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $12.7 million in the second quarter of fiscal year 2025 compared to $17.5 million in the prior year quarter. These decreases were largely driven by the decrease in revenue, as discussed above.

U.S. Concrete Waste Management Services. Revenue in the second quarter of fiscal year 2025 increased 7% to $18.1 million compared to $16.9 million in the prior year quarter. The increase was driven by organic growth and pricing improvements. Net income in the second quarter of fiscal year 2025 was $1.2 million compared to net income of $1.1 million in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 increased 12% to $6.7 million compared to $5.9 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to higher revenue and disciplined cost control.

U.K. Operations. Revenue in the second quarter of fiscal year 2025 was $13.8 million compared to $15.5 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work. Net income in the second quarter of fiscal year 2025 was $0.4 million compared to $1.0 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the second quarter of fiscal year 2025 compared to $4.1 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue.

Fiscal Year 2025 Outlook

The Company now expects fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow² to be approximately $45.0 million. These expectations assume the construction market will not start to meaningfully recover until fiscal year 2026 and that the Company continues to strengthen its organizational infrastructure and invest in its fleet to position the business for growth in fiscal 2026.

________________
² Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.

Share Repurchase Program

In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company’s share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. All authorizations are set to expire on December 31, 2026.

During the six months ended April 30, 2025, the Company repurchased 1,311,386 shares for a total of $7.8 million at an average share price of $5.97 per share. Including the new $15.0 million share repurchase authorization approved in June 2025, a total of $24.2 million would have been available for purchase under the Company’s repurchase program as of April 30, 2025.

“Today’s additional $15.0 million share repurchase authorization reflects our commitment to driving shareholder value,” said Bruce Young. “Our disciplined approach to capital allocation, strong free cash flow and consistent operational execution have allowed us to support the growth of our businesses while delivering expected shareholder returns and creating long-term value.”

Conference Call

The Company will hold a conference call on Thursday, June 5, 2025, at 5:00 p.m. Eastern time to discuss its second quarter 2025 results.

Date: Thursday, June 5, 2025
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13752905

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860.

The conference call will be broadcast live and is available for replay here (https://viavid.webcasts.com/starthere.jsp?ei=1714111&tp_key=af0b6ebb93) as well as the investor relations section of the Company’s website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through June 12, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13752905

About Concrete Pumping Holdings

Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across 22 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 21 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

Forward‐Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company’s fiscal year 2025 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP.

EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Reconciliation of Net Debt” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization.

Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

Contact:

Company: Iain Humphries Chief Financial Officer 1-303-289-7497	Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 BBCP@gateway-grp.com


Concrete Pumping Holdings, Inc.
Condensed Consolidated Balance Sheets

	As of April 30,			As of October 31,
(in thousands, except per share amounts)	2025			2024
Current assets:
Cash and cash equivalents	$	37,788		$	43,041
Receivables, net of allowance for doubtful accounts of $881 and $916, respectively		48,378			56,441
Inventory		6,157			5,922
Prepaid expenses and other current assets		11,231			6,956
Total current assets		103,554			112,360

Property, plant and equipment, net		412,967			415,726
Intangible assets, net		99,793			105,612
Goodwill		223,998			222,996
Right-of-use operating lease assets		24,757			26,179
Other non-current assets		11,437			12,578
Deferred financing costs		2,284			2,539
Total assets	$	878,790		$	897,990

Current liabilities:
Revolving loan	$	–		$	20
Operating lease obligations, current portion		4,860			4,817
Accounts payable		12,341			7,668
Accrued payroll and payroll expenses		11,757			14,303
Accrued expenses and other current liabilities		27,069			28,673
Income taxes payable		1,861			850
Total current liabilities		57,888			56,331

Long term debt, net of discount for deferred financing costs		417,346			373,260
Operating lease obligations, non-current		20,418			21,716
Deferred income taxes		84,402			86,647
Other liabilities, non-current		11,891			13,321
Total liabilities		591,945			551,275


Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of April 30, 2025 and October 31, 2024		25,000			25,000

Stockholders’ equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 52,132,683 and 53,273,644 issued and outstanding as of April 30, 2025 and October 31, 2024, respectively		6			6
Additional paid-in capital		388,737			386,313
Treasury stock		(35,972	)		(25,881	)
Accumulated other comprehensive income (loss)		3,089			(483	)
Accumulated deficit		(94,015	)		(38,240	)
Total stockholders’ equity		261,845			321,715

Total liabilities and stockholders’ equity	$	878,790		$	897,990


Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Operations

	Three Months Ended April 30,						Six Months Ended April 30,
(in thousands, except per share amounts)	2025			2024			2025			2024

Revenue	$	93,958		$	107,062		$	180,404		$	204,773
Cost of operations		57,776			65,295			112,987			129,692
Gross profit		36,182			41,767			67,417			75,081
Gross margin		38.5	%		39.0	%		37.4	%		36.7	%

General and administrative expenses		27,922			29,712			55,672			61,570
Income from operations		8,260			12,055			11,745			13,511

Interest expense and amortization of deferred financing costs		(8,554	)		(6,903	)		(14,769	)		(13,426	)
Loss on extinguishment of debt		–			–			(1,392	)		–
Interest income		260			30			673			90
Change in fair value of warrant liabilities		–			–			–			130
Other income (expense), net		28			44			62			84
Income (loss) before income taxes		(6	)		5,226			(3,681	)		389

Income tax expense (benefit)		(2	)		2,180			(1,038	)		1,169

Net income (loss)		(4	)		3,046			(2,643	)		(780	)

Less preferred shares dividends		(426	)		(430	)		(865	)		(870	)

Loss available to common shareholders	$	(430	)	$	2,616		$	(3,508	)	$	(1,650	)

Weighted average common shares outstanding
Basic		52,699			53,430			52,875			53,501
Diluted		52,699			54,380			52,875			53,501

Net income per common share
Basic	$	(0.01	)	$	0.05		$	(0.07	)	$	(0.03	)
Diluted	$	(0.01	)	$	0.05		$	(0.07	)	$	(0.03	)


Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Cash Flows

	For the Six Months Ended April 30,
(in thousands, except per share amounts)	2025			2024

Net loss	$	(2,643	)	$	(780	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash operating lease expense		2,575			2,567
Foreign currency adjustments		(54	)		(451	)
Depreciation		20,726			20,565
Deferred income taxes		(2,706	)		(590	)
Amortization of deferred financing costs		896			890
Amortization of intangible assets		6,058			7,771
Stock-based compensation expense		905			1,273
Change in fair value of warrant liabilities		–			(130	)
Loss on extinguishment of debt		1,392			–
Net gain on the sale of property, plant and equipment		(188	)		(1,147	)
Other operating activities		(46	)		65
Net changes in operating assets and liabilities:
Receivables		8,407			6,279
Inventory		(130	)		612
Other operating assets		(6,297	)		(2,420	)
Accounts payable		4,296			(1,218	)
Other operating liabilities		(2,424	)		(3,841	)
Net cash provided by operating activities		30,767			29,445

Cash flows from investing activities:
Purchases of property, plant and equipment		(19,491	)		(28,817	)
Proceeds from sale of property, plant and equipment		3,232			5,236
Net cash used in investing activities		(16,259	)		(23,581	)

Cash flows from financing activities:
Proceeds on long term debt		425,000			–
Payments on long term debt		(375,000	)		–
Proceeds on revolving loan		124,474			167,611
Payments on revolving loan		(124,494	)		(170,138	)
Dividends paid		(53,132	)
Payment of debt issuance costs		(8,153	)		–
Purchase of treasury stock		(8,508	)		(3,017	)
Other financing activities		(136	)		1,409
Net cash used in financing activities		(19,949	)		(4,135	)
Effect of foreign currency exchange rate changes on cash		188			366
Net increase (decrease) in cash and cash equivalents		(5,253	)		2,095
Cash and cash equivalents:
Beginning of period		43,041			15,861
End of period	$	37,788		$	17,956


Concrete Pumping Holdings, Inc.
Segment Revenue

	Three Months Ended April 30,				Change
(in thousands, unless otherwise stated)	2025		2024		$			%
U.S. Concrete Pumping		62,109	$	74,617	$	(12,508	)		(16.8	)%
U.S. Concrete Waste Management Services⁽¹⁾		18,057		16,898		1,159			6.9	%
U.K. Operations		13,792		15,547		(1,755	)		(11.3	)%
Total revenue	$	93,958	$	107,062	$	(13,104	)		(12.2	)%
(1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded.

	Six Months Ended April 30,				Change
(in thousands, unless otherwise stated)	2025		2024		$			%
U.S. Concrete Pumping	$	119,022	$	141,300	$	(22,278	)		(15.8	)%
U.S. Concrete Waste Management Services⁽¹⁾		34,750		32,518		2,232			6.9	%
U.K. Operations		26,632		30,955		(4,323	)		(14.0	)%
Total revenue	$	180,404	$	204,773	$	(24,369	)		(11.9	)%
(1) For the six months ended April 30, 2025 and 2024, intersegment revenue of $0.2 million isexcluded.

Concrete Pumping Holdings, Inc.

Segment Adjusted EBITDA and Net Income (Loss)

During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.

	Three Months Ended April 30, 2024						Six Months Ended April 30, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services			U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Net income (loss)	$	(999	)	$	3,001		$	(7,843	)	$	5,406
Interest expense and amortization of deferred financing costs, net of interest income		6,193			–			11,947			–
EBITDA		15,979			6,188			23,016			11,568
Stock-based compensation		737			–			1,273			–
Other expense (income), net		(7	)		–			(27	)		(7	)
Other Adjustments		514			–			3,668			–
Adjusted EBITDA		17,223			6,188			27,930			11,561

Recast Adjustment
Net income (loss)	$	1,936		$	(1,936	)	$	5,578		$	(5,578	)
Interest expense and amortization of deferred financing costs, net of interest income		(1,566	)		1,566			(3,323	)		3,323
EBITDA		370			(370	)		2,255			(2,255	)
Stock-based compensation		(189	)		189			(350	)		350
Other expense (income), net		–			–			3			(3	)
Other Adjustments		67			(67	)		(774	)		774
Adjusted EBITDA		248			(248	)		1,134			(1,134	)

Current Report As Recast
Net income (loss)	$	937		$	1,065		$	(2,265	)	$	(172	)
Interest expense and amortization of deferred financing costs, net of interest income		4,627			1,566			8,624			3,323
EBITDA		16,349			5,818			25,271			9,313
Stock-based compensation		548			189			923			350
Other expense (income), net		(7	)		–			(24	)		(10	)
Other Adjustments		581			(67	)		2,894			774
Adjusted EBITDA		17,471			5,940			29,064			10,427


Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss) Continued

	Net Income (Loss)
	Three Months Ended April 30					Change
(in thousands, unless otherwise stated)	2025			2024		$			%
U.S. Concrete Pumping	$	(1,601	)	$	937	$	(2,538	)		*
U.S. Concrete Waste Management Services		1,202			1,065		137			(12.9	)%
U.K. Operations		395			1,044		(649	)		(62.2	)%
Total	$	(4	)	$	3,046	$	(3,050	)		(100.1	)%
*Change is not meaningful

	Adjusted EBITDA
	Three Months Ended April 30					Change
(in thousands, unless otherwise stated)	2025			2024		$			%
U.S. Concrete Pumping	$	12,663		$	17,471	$	(4,808	)		(27.5	)%
U.S. Concrete Waste Management Services		6,655			5,940		715			12.0	%
U.K. Operations		3,179			4,137		(958	)		(23.2	)%
Total	$	22,497		$	27,548	$	(5,051	)		(18.3	)%

	Net Income (Loss)
	Six Months Ended April 30						Change
(in thousands, unless otherwise stated)	2025			2024			$			%
U.S. Concrete Pumping	$	(4,681	)	$	(2,265	)	$	(2,416	)		(106.7	)%
U.S. Concrete Waste Management Services		1,426			(172	)		1,598			*
U.K. Operations		612			1,527			(915	)		(59.9	)%
Other		–			130			(130	)		*
Total	$	(2,643	)	$	(780	)	$	(1,863	)		(238.8	)%
*Change is not meaningful

	Adjusted EBITDA
	Six Months Ended April 30						Change
(in thousands, unless otherwise stated)	2025			2024			$			%
U.S. Concrete Pumping	$	21,800		$	29,064		$	(7,264	)		(25.0	)%
U.S. Concrete Waste Management Services		11,701			10,427			1,274			12.2	%
U.K. Operations		6,007			7,339			(1,332	)		(18.1	)%
Total	$	39,508		$	46,830		$	(7,322	)		(15.6	)%


Concrete Pumping Holdings, Inc.
Quarterly Financial Performance

(dollars in millions)	Revenue		Net Income			Adjusted EBITDA¹		Capital Expenditures²		Adjusted EBITDA less Capital Expenditures		Earnings (Loss) Per Diluted Share

Q1 2024	$	98	$	(4	)	$	19	$	17	$	3	$	(0.08	)
Q2 2024	$	107	$	3		$	28	$	7	$	21	$	0.05
Q3 2024	$	110	$	8		$	32	$	6	$	26	$	0.13
Q4 2024	$	111	$	9		$	34	$	2	$	32	$	0.16
Q1 2025	$	86	$	(3	)	$	17	$	4	$	13	$	(0.06	)
Q2 2025	$	94	$	–		$	22	$	12	$	10	$	(0.01	)

¹Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
²Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:
*Q1 2024 capex includes approximately $5 million growth investment.
*Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment.
*Q3 2024 capex includes approximately $4 million growth investment.
*Q4 2024 capex includes approximately $3 million growth investment.
*Q1 2025 capex includes approximately $2 million growth investment.
*Q2 2025 capex includes approximately $2 million growth investment.


Concrete Pumping Holdings, Inc.
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA

	Three Months Ended April 30,						Six Months Ended April 30,
(dollars in thousands)	2025			2024			2025			2024
Consolidated
Net income (loss)	$	(4	)	$	3,046		$	(2,643	)	$	(780	)
Interest expense and amortization of deferred financing costs, net of interest income		8,294			6,873			14,096			13,336
Income tax expense (benefit)		(2	)		2,180			(1,038	)		1,169
Depreciation and amortization		13,584			14,239			26,784			28,337
EBITDA		21,872			26,338			37,199			42,062
Loss on debt extinguishment		–			–			1,392			–
Stock based compensation		538			737			905			1,273
Change in fair value of warrant liabilities		–			–			–			(130	)
Other expense (income), net		(28	)		(44	)		(62	)		(84	)
Other adjustments(1)		115			517			74			3,709
Adjusted EBITDA	$	22,497		$	27,548		$	39,508		$	46,830

U.S. Concrete Pumping
Net income (loss)	$	(1,601	)	$	937		$	(4,681	)	$	(2,265	)
Interest expense and amortization of deferred financing costs, net of interest income		5,211			4,627			8,522			8,624
Income tax expense (benefit)		(482	)		515			(1,662	)		(1,588	)
Depreciation and amortization		9,006			10,270			18,081			20,500
EBITDA		12,134			16,349			20,260			25,271
Loss on debt extinguishment		–			–			862			–
Stock based compensation		371			548			609			923
Other expense (income), net		(4	)		(7	)		(18	)		(24	)
Other adjustments(1)		162			581			87			2,894
Adjusted EBITDA	$	12,663		$	17,471		$	21,800		$	29,064

U.S. Concrete Waste Management Services
Net income (loss)	$	1,202		$	1,065		$	1,426		$	(172	)
Interest expense and amortization of deferred financing costs, net of interest income		2,369			1,566			4,141			3,323
Income tax expense		332			1,067			415			1,982
Depreciation and amortization		2,651			2,120			4,927			4,180
EBITDA		6,554			5,818			10,909			9,313
Loss on debt extinguishment		–			–			530			–
Stock based compensation		167			189			296			350
Other expense (income), net		(12	)		–			(14	)		(10	)
Other adjustments		(54	)		(67	)		(20	)		774
Adjusted EBITDA	$	6,655		$	5,940		$	11,701		$	10,427

⁽¹⁾Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the six months ended April 30, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

	Three Months Ended April 30,						Six Months Ended April 30,
(dollars in thousands)	2025			2024			2025			2024
U.K. Operations
Net income	$	395		$	1,044		$	612		$	1,527
Interest expense, net		714			680			1,433			1,389
Income tax expense		148			598			209			775
Depreciation and amortization		1,927			1,849			3,776			3,657
EBITDA		3,184			4,171			6,030			7,348
Other expense (income), net		(12	)		(37	)		(30	)		(50	)
Other adjustments		7			3			7			41
Adjusted EBITDA	$	3,179		$	4,137		$	6,007		$	7,339

Other
Net income	$	–		$	–		$	–		$	130
EBITDA		–			–			–			130
Change in fair value of warrant liabilities		–			–			–			(130	)
Adjusted EBITDA	$	–		$	–		$	–		$	–


Concrete Pumping Holdings, Inc.
Reconciliation of Net Debt

	April 30,			July 31,			October 31,			January 31,			April 30,
(in thousands)	2024			2024			2024			2025			2025
Senior Notes		375,000			375,000			375,000			425,000			425,000
Revolving loan draws outstanding		16,428			–			20			–			–
Less: Cash		(17,956	)		(26,333	)		(43,041	)		(85,132	)		(37,788	)
Net debt	$	373,472		$	348,667		$	331,979		$	339,868		$	387,212


Concrete Pumping Holdings, Inc.
Reconciliation of Historical Adjusted EBITDA

(dollars in thousands)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025				Q2 2025
Consolidated
Net income (loss)	$	(3,826	)	$	3,046		$	7,560		$	9,427		$	(2,639	)	$	(4	)
Interest expense and amortization of deferred financing costs		6,463			6,873			6,261			5,976			5,802			8,294
Income tax expense (benefit)		(1,011	)		2,180			3,081			3,854			(1,036	)		(2	)
Depreciation and amortization		14,097			14,239			14,491			14,283			13,200			13,584
EBITDA		15,723			26,338			31,393			33,540			15,327			21,872
Transaction expenses		–			–			–			–			–			–
Loss on debt extinguishment		–			–			–			–			1,392			–
Stock based compensation		536			737			644			477			367			538
Change in fair value of warrant liabilities		(130	)		–			–			–			–			–
Other expense (income), net		(39	)		(44	)		(276	)		(47	)		(34	)		(28	)
Other adjustments⁽¹⁾		3,191			517			(123	)		(290	)		(41	)		115
Adjusted EBITDA	$	19,281		$	27,548		$	31,638		$	33,680		$	17,011		$	22,497

⁽¹⁾Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

The MIL Network –

June 6, 2025

MIL-OSI: Byrna Technologies Announces Preliminary Fiscal Second Quarter Record Revenues of $28.5 Million

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., June 05, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal second quarter ended May 31, 2025.

Preliminary Second Quarter Results
Based on preliminary unaudited results, Byrna expects total revenue for the fiscal second quarter of 2025 to be $28.5 million, representing a 41% increase from $20.3 million in the fiscal second quarter of 2024. The record Q2 performance was driven by strong early demand for the new Byrna Compact Launcher (CL), which launched on May 1, along with meaningful channel expansion.

E-commerce sales grew 15% year-over-year, supported by growing brand recognition and an increasingly balanced channel mix.

Dealer sales rose 106% year-over-year to $7.5 million, driven by early success in the Company’s partnership with Sportsman’s Warehouse, which soft-launched Byrna products in select stores during the second quarter. As of quarter-end, the program had rolled out an initial group of stores featuring shop-in-shop formats, with in-store ‘Byrna Genius’ installations expected to begin in July to support continued growth and deepen in-store engagement. Growth in the dealer channel also reflected continued momentum from Byrna’s traditional distributor network.

International sales rose 86%, including approximately $800,000 in royalty revenue from Byrna LATAM, which is up from a negligible base in the prior year period.

To ensure sufficient supply for the CL launch and build inventory across product lines, Byrna produced 38,237 Compact Launchers in the quarter, contributing to a total of 63,835 launchers manufactured.

Management Commentary
“We are continuing to raise the bar at Byrna and are encouraged with our ability to generate a record $28.5 million in revenue for the second quarter,” said Byrna CEO Bryan Ganz. “While we saw softness in overall consumer spending throughout the quarter, the launch of the CL and sustained expansion of our total addressable market helped drive a 41% year-over-year increase in revenue. This success is a testament to the growing strength of our brand and the innovation behind the CL.

“Over the past six months, we’ve steadily ramped production to support a successful launch of the CL. With the rollout now underway and a healthy inventory of SD and LE launchers in place, we are transitioning to a steady-state production cadence of 15,000 launchers per month. Combined with the ramping Sportsman’s Warehouse partnership and an expanded influencer roster—including the recent addition of Tucker Carlson—we’re well positioned to maintain momentum through the second half of 2025 and beyond.”

Preliminary Fiscal Second Quarter 2025 Sales Breakdown:

Sales Channel ($ in millions)	Q2 2025	Q2 2024	% Change
Web	16.6	14.4	15%
Byrna Dedicated Dealers	7.5	3.6	106%
Law Enforcement / Schools / Pvt Security	0.1	0.0	120%
Retail Stores	0.8	0.2	223%
International	3.6	1.9	86%
Total Sales	28.5	20.3	41%

Conference Call
Byrna plans to report its full financial results for the fiscal second quarter in July, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the second fiscal quarter 2025, the timing of the release of full financial results for the quarter, expectations for future sales growth and demand trends, the impact of marketing strategies, the anticipated performance of new products and retail store expansion, and the Company’s ability to sustain momentum throughout 2025. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners or endorsers; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or tariffs, sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

The MIL Network –

June 6, 2025

MIL-OSI: Oportun Completes $439 Million Asset Backed Securitization

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., June 05, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the issuance of $439 million of two-year revolving fixed rate asset-backed notes secured by a pool of unsecured and secured installment loans.

The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. Fitch rated all classes of notes, assigning ratings of AAA, AA-, A-, BBB-, and BB-, respectively. Goldman Sachs & Co. LLC served as the sole structuring agent and co-lead, and Deutsche Bank Securities Inc., Jefferies and Natixis Corporate & Investment Banking also served as co-leads.

The weighted average coupon on the transaction was 5.57%, and the weighted average yield was 5.67%. The Class A notes were priced with a coupon of 4.88% per annum; the Class B notes were priced with a coupon of 5.28% per annum; the Class C notes were priced with a coupon of 5.52% per annum; the Class D notes were priced with a coupon of 6.45% per annum; and the Class E notes were priced at 98.95% with a coupon of 9.40% and a yield of 10.19% per annum.

“This transaction marks an important milestone for Oportun and reflects a growing recognition of the strength and resilience of our business. Achieving our first AAA rating demonstrates how far we’ve come in expanding access to affordable credit,” said Paul Appleton, Interim Chief Financial Officer at Oportun. “The 5.67% yield on this bond issuance was 1.28% lower than our prior ABS transaction in January, reflecting robust investor demand and creating greater efficiency and value — both for Oportun and for the members we serve.”

For more information visit oportun.com. The notes were offered pursuant to Rule 144A under the Securities Act of 1933, as amended.

This press release does 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

The MIL Network –

June 6, 2025
MIL-OSI Russia: Financial news: Average price of MTPL policy in Q1 was 6.9 thousand rubles

Translation. Region: Russian Federal

Source: Central Bank of Russia –

In January-March 2025, the cost of a classic MTPL policy for ordinary motorists was on average 5.1% lower than a year earlier (7.3 thousand rubles). They issued almost 8.3 million such compulsory motor insurance contracts.

Another 1.5 million classic MTPL policies were issued to other categories of policyholders (public transport, business representatives, etc.). In the first quarter, about 0.9 million were concluded.short-term OSAGO contractsThese policies are in demand mainly among taxi drivers, who took them out for an average of two days for 272 rubles.

The total amount of premiums under compulsory motor third party liability insurance amounted to 73.9 billion rubles, and payments amounted to 51.7 billion rubles.

Overall, the insurance market in Q1 increased almost 1.5 times, to 845.4 billion rubles. As in the previous year, almost all of the growth was provided by the segment of accumulative and investment life insurance. The volume of payments for this period increased more than twofold, to 602.5 billion rubles. Read more about the situation on the market in“Review of key performance indicators of insurers”.

Preview photo: LeManna / Shutterstock / Fotodom

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

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

HTTPS: //vv. KBR.ru/Press/Event/? ID = 24681

MIL OSI Russia News –

June 6, 2025
MIL-OSI Russia: Dmitry Chernyshenko: Seven winners of the third wave of selection of research centers in the field of artificial intelligence will receive 4.7 billion rubles

Translation. Region: Russian Federal

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

At the Government Coordination Centre, Deputy Prime Minister Dmitry Chernyshenko presented the results of the selection of the third wave of research centres in the field of artificial intelligence (AI). The winning universities and research organisations will receive grants to conduct research and create breakthrough world-class industry solutions.

Dmitry Chernyshenko reported that the winners were HSE University, Innopolis, ISP RAS, ITMO University, MIPT, Skoltech, and for the first time, Lomonosov Moscow State University will be involved in the research.

“Each of the seven selected third wave centers will receive 676 million rubles for two years – until 2026 – to conduct fundamental research in the field of strong, trusted, multi-agent AI. The total amount of budget funding will be 4.7 billion rubles for all centers,” he added.

The Deputy Prime Minister noted that President Vladimir Putin and Prime Minister Mikhail Mishustin set the task of focusing on fundamental areas in the field of AI and conducting research in other areas, but with the mandatory use of AI technologies. Within the framework of the federal project “Artificial Intelligence”, the operator of which is the Ministry of Economic Development, a grant competition is being held for research centers.

“Investments in AI research centers have already proven their effectiveness. The first wave of centers dealt with issues of strong, trusted, ethical artificial intelligence. The second wave is dedicated to industry research for medicine, transport, industry and smart cities. These centers create almost half of all Russian scientific groundwork in AI. President Vladimir Putin set the task of publishing at least 450 papers at top-level conferences in the field of AI in the world by 2030 – A*. We see that investments are achieving results, so the Government continues to develop such support programs,” Dmitry Chernyshenko emphasized.

He added that an important foresight session on fundamental and exploratory research in the field of AI was held in 2024. At it, leading Russian scientists with a global reputation identified 10 priority areas for the development of science in the field of artificial intelligence in the coming years.

“These areas are a strategic benchmark for public investment, which, as a rule, also attracts off-budget investment. The selection of the third wave was carried out taking into account these priorities, and we plan to conduct further research in Russia in relation to them. The Ministry of Economic Development and the Ministry of Education and Science are also preparing a unified research program in the field of AI, which will consolidate this logic,” concluded Dmitry Chernyshenko.

He asked the selected centers to support the winners and prize winners of the AI Olympiads, who also took part in the event.

A total of 19 applications from centers from 10 regions of Russia were submitted for selection. The centers’ programs state the key areas of foresight in fundamental and exploratory research in the field of AI, conducted in 2024: agent/multi-agent systems, elements of strong AI, fundamental and generative AI models.

“Artificial intelligence today has a significant impact on the development of many sectors of the economy. On the instructions of the President, the national strategy for the development of AI until 2030 is being implemented. Support for the activities of research centers in this area is a critically important tool that allows us to create a research base for the comprehensive development of sovereign AI in the country,” said First Deputy Minister of Economic Development Maxim Kolesnikov.

Grigory Bokov, Director of the Research Center for Artificial Intelligence at Lomonosov Moscow State University, said that the goal of their center is to develop modern artificial intelligence technologies, including in the direction of so-called general artificial intelligence, capable of solving a wide range of problems, just as humans do.

“We combine deep scientific research with applied developments that can already be in demand in the economy, industry, medicine and education. The project involves specialists from seven departments of Moscow State University, including leading Russian and foreign scientists,” he said.

Expert support for the competitive selection and subsequent support for the implementation of research center activity programs is provided by the Strategic Agency for Support and Formation of AI Developments (SAPFIR), a project office created on the basis of the Skolkovo Foundation.

“In the next two years, SAPFIR will focus on supporting research centers to achieve all their goals in both the scientific and commercial parts. Their activities will contribute to the creation of a technological reserve for Russia in the field of artificial intelligence, as well as attracting and developing the best personnel in the country,” said SAPFIR Director Tatyana Soyuznova.

Let us recall that in 2021, the first wave of research centers in the field of AI was selected as part of the federal project “Artificial Intelligence” (national program “Digital Economy”). Six scientific and educational organizations received state support totaling more than 8 billion rubles. Their work resulted in 165 articles in leading scientific journals, 206 publications at top-level conferences, as well as the creation and support of 15 frameworks. Together with 36 industrial partners, including Sber, Yandex, MTS and other large companies, the centers have already implemented about 50 applied solutions.

As part of the second selection wave, support was received by industry AI centers based at leading universities and research centers, such as the N.N. Blokhin National Medical Research Center of Oncology, S.P. Korolev Samara University, and others. These centers focus on training industry specialists, creating databases, and supporting specialized frameworks. RUB 3.8 billion from the federal budget has been allocated to finance their activities in 2023–2026.

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

MIL OSI Russia News –

June 6, 2025
MIL-OSI Russia: Moscow hosts photo exhibition in honor of 80th anniversary of Victory in Chinese People’s War of Resistance against Japanese Aggression and World Anti-Fascist War

Translation. Region: Russian Federal

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

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

Moscow, June 5 (Xinhua) — A photo exhibition titled “Shoulder to Shoulder – Towards a Common Victory” dedicated to the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War was held at the Chinese Cultural Center in Moscow on Thursday.

The event featured unique photographs from the Xinhua archive, which captured key events of the war years and the heroic feat of the Chinese people in the war, and also reflected the contribution of China and the Soviet Union to the victory over fascism and militarism. In addition, visitors were able to see modern photographs telling about the development of Russian-Chinese military and cultural-humanitarian cooperation in recent years.

Opening the exhibition, First Deputy Chairperson of the Russian-Chinese Friendship Society Galina Kulikova recalled that on May 9, Russia solemnly celebrated the 80th anniversary of Victory in the Great Patriotic War. The festive parade on Red Square was attended by leaders of a number of foreign countries, and the main guest was the Chairman of the People’s Republic of China Xi Jinping, she noted.

“These events are a tribute to the Great Victory of our countries. We, on the Western Front, and China, on the Eastern Front, won a decisive victory. This Victory was achieved by our countries at the cost of more than 64 million lives. In the name of those who gave their lives so that we can gather today, celebrate these dates, and solve the problems that the heads of our states set for us, we are obliged to and will always remember them,” said G. Kulikova.

The Plenipotentiary Minister of the Chinese Embassy in the Russian Federation Zhang Wei noted the dedication of the peoples of China and Russia in the fight against militarism and fascism, as well as the fact that during the war a deep friendship arose between the countries, which became a powerful incentive for the comprehensive development of bilateral relations.

“At the new historical starting point of the 80th anniversary of the victory in the World Anti-Fascist War, under the strategic leadership of the leaders of the two countries, China and Russia will continue to stand shoulder to shoulder, interact side by side, and hand in hand advance the building of a community with a shared future for mankind. Together, we will write a brilliant chapter of just and peaceful development,” he stressed.

The First Deputy Chairman of the Federation Council Committee on International Affairs of the Russian Federation, former Russian Ambassador to China Andrei Denisov, for his part, pointed out that the joint statement of the Russian Federation and China, adopted following the state visit of Chinese Chairman Xi Jinping to Moscow, said a lot about the war, about preserving and passing on historical memory to younger generations, and preventing the distortion of historical truth.

“The Soviet Union and China are named at the very beginning of the first chapter of the joint statement as ‘the main theatres of military operations in Europe and Asia’. It is emphasized that they have become ‘two key forces’ in the fight against fascism and militarism,” he added, noting that he is looking forward to the celebration of the 80th anniversary of the victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War, which will be held in China in September. According to him, this will be a significant political event.

Deputy Chairman of the Central Committee of the Communist Party of the Russian Federation, First Deputy Chairman of the State Duma Committee on International Affairs Dmitry Novikov expressed the opinion that the photo exhibition will become part of the commemorative events dedicated to the two 80th anniversaries. He noted that in China, as in Russia, great attention is paid to preserving the memory of the war and the fight against the falsification of history.

“This is extremely important from the point of view of ensuring that such tragedies do not happen again. It depends on each of us that the horrors of wars, the horrors of fascist terror do not happen again. Our peoples, who made the greatest sacrifices on the altar of Victory, can, must and are obliged to do more for this than others,” he emphasized.

The exhibition was prepared by the Xinxia Asia-Europe Bureau, China lmage Group, the Russian-Chinese Friendship Society and the Chinese Cultural Center. The co-organizers were the Union of Chinese Entrepreneurs in Russia and the Passion company. The event was held with the support of the Chinese Embassy in the Russian Federation. –0–

MIL OSI Russia News –

June 6, 2025
MIL-OSI: “America’s AI Arsenal Just Went Live”: AI Insider Briefs Public on Secret Supercomputer Built by Musk

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, June 05, 2025 (GLOBE NEWSWIRE) — A newly surfaced report from bestselling author and tech insider James Altucher outlines the existence of a massive U.S.-based artificial intelligence weapon — one that could redefine America’s global standing in the AI arms race.

According to Altucher, the project — code-named Project Colossus — is being built by Elon Musk’s company xAI, in coordination with recent policy changes made by the Trump administration. Housed in a low-profile facility in Memphis, Tennessee, Altucher says this machine is already operational — and growing more powerful by the day.

“The Fastest Supercomputer on the Planet”

The briefing claims the facility is equipped with 200,000 cutting-edge AI chips, making it the most powerful computing center in the Western Hemisphere.

“It contains not just one or two… but 200,000 units of Nvidia’s all-powerful AI chips… making it the most advanced AI facility known to man.”

“The fastest supercomputer on the planet.” — Jensen Huang, Nvidia CEO

Altucher notes that Musk plans to expand this further in the coming weeks, with rumors of additional hardware that could multiply its power tenfold.

Trump Cleared the Runway

The report links the timing of Project Colossus to a major political shift. On Day 1 of his second term, Donald Trump reversed Biden-era restrictions on AI development.

“In one of his FIRST acts as President… Donald Trump overturned Executive Order #14110.”

Altucher claims this decision allowed developers like Musk to operate “without red tape or delay” — accelerating America’s path toward dominance in the next generation of AI systems.

Altucher: This Is “Artificial Superintelligence”

Altucher describes this moment not as another software release — but a seismic shift in how technology operates.

“This second wave of ARTIFICIAL SUPERINTELLIGENCE… Will rival all of the great innovations of the past. Electricity… the wheel… even the discovery of fire.”

His report urges Americans to understand what’s unfolding — not just in Silicon Valley, but in unmarked warehouses like the one now powering Project Colossus.

About James Altucher

James Altucher is a computer scientist, entrepreneur, and author who has worked on AI projects for over 40 years. A former IBM consultant and Wall Street technologist, he now focuses on breaking down emerging tech developments for a general audience. His latest briefing examines how Artificial Superintelligence is reshaping U.S. strategy and infrastructure.

Media Contact:
Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com

The MIL Network –

June 6, 2025
MIL-OSI: Binah Capital Group Announces PKS Investments as Finalist in Two Categories for the 2025 Wealth Management Industry Awards

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, Inc. (“Binah Capital”) (NASDAQ: BCG), a financial services enterprise supporting the growth of independent financial advisors, today announced that PKS Investments (“PKS”), a Binah Capital Group company, has been named a finalist in two categories for the prestigious 2025 Wealth Management Industry Awards (“The Wealthies”). The categories are Transition Support / Transition Services, recognizing PKS’s excellence in advisor transition solutions, and Chief Executive Officer of the Year, recognizing Katherine Flouton, CEO of PKS Investments.

This dual recognition underscores Binah’s unmatched commitment to leadership and operational excellence in supporting independent financial advisors through critical growth and transition stages.

With decades of experience and a proven, scalable process, PKS has successfully supported thousands of advisor transitions, helping firms navigate change with confidence, clarity, and continuity. Through high-touch service model, operational excellence, and strategic leadership, PKS has redefined the benchmark for transition support within the wealth management industry.

“We are incredibly proud to see Katherine Flouton and PKS Investments recognized among the industry’s top innovators,” said Craig Gould, Chief Executive Officer of Binah Capital Group. “These nominations reflect our unwavering commitment to empowering independent advisors with the leadership, infrastructure, and flexibility they need to thrive in an evolving landscape.”

Now in its 11th year, the Wealth Management Industry Awards is the only awards program of its kind to honor outstanding achievements by companies, organizations and individuals that support financial advisor success.

A panel of judges made up of top names in the industry, led by WealthManagement.com director of editorial strategy and operations David Armstrong, chose the finalists and will determine the winners, which each year recognizes the firms and individuals who are bringing new innovations to market that make a real difference to the daily activities of financial advisors. Winners will be announced at a gala and awards ceremony in New York City on September 4th.

About Binah Capital Group
Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace. For more, please visit: www.binahcap.com.

About Purshe Kaplan Sterling Investments
Purshe Kaplan Sterling Investments (PKS) is a leading independent broker-dealer offering comprehensive support services for financial advisors nationwide. PKS’s flexible affiliation models, operational precision, and client-first philosophy enable advisors to deliver outstanding service while growing their businesses with confidence.

Contact:

Binah Capital Investor Relations
ir@binahcap.com

Binah Capital Public Relations
media@binahcap.com

The MIL Network –

June 6, 2025
MIL-OSI: Arovia Returns to Kickstarter with the Splay Max – The Ultimate Portable 2-in-1 Display and Projector
Source: GlobeNewswire (MIL-OSI)

HOUSTON, June 05, 2025 (GLOBE NEWSWIRE) — Arovia, the Texas-based innovators behind the award-winning, patent-granted Splay portable display, is back with a bigger, bolder sequel: Splay Max. Launching today on Kickstarter, Splay Max is a fully collapsible, ultra-portable 2-in-1 device that functions as both a full HD display and a high-performance projector, delivering large-screen impact for work, play, and everything in between.

Building on community feedback from the original Splay, Arovia designed the Splay Max with a dramatically 2x, larger 35-inch screen in display mode and up to 100 inches in projector mode, all while folding down to the size of a headphone case. For the next 45 days, backers can secure Splay Max on Kickstarter for just $799, a nearly 50% discount from its anticipated $1,499 retail price.

“Our original backers shaped the future of portable displays,” said Alex Wesley, CEO and Co-Founder of Arovia. “They told us what they needed: something bigger, just as portable, and even more versatile. We listened, we engineered, and now we’re thrilled to bring Splay Max to life.”

Splay Max is more than just a bigger screen. It’s an ultra-portable, collapsible solution that offers:
- 35” Full HD Display Mode (1920×1080 resolution)
- Projector Mode up to 80” with auto keystone correction
- Ultra-portable and collapsible form factor
- Built-in speakers and rechargeable battery
- Glare-free, low blue light award-winning nanomaterial screen for eye comfort
- Tripod compatible for flexible projector setups
Designed for both professionals and everyday users, Splay Max is ideal for business presentations, government field work, remote collaboration, digital nomad setups, camping trips, outdoor movies, and portable gaming.

Arovia is inviting early adopters, tech lovers, and mobile professionals to be among the first to experience Splay Max by backing the project on Kickstarter before the campaign ends in mid-July

To back the project or learn more, visit: www.arovia.com

Kickstarter link: https://www.kickstarter.com/projects/splaydisplay/1610772056?ref=d3dc3n&token=3198e2b6

YouTube: @splay2182

For press inquiries or review units, please contact:

Chris Herbert
Pendulum PR
cherbert@pendulum-pr.com
614-448-8703

A video accompanying this release is available here: https://www.globenewswire.com/NewsRoom/AttachmentNg/98f6cfc2-96b4-4b9c-9b79-1296e8aba35f

The MIL Network –
June 6, 2025
MIL-OSI Global: The proposed Strong Borders Act gives police new invasive search powers that may breach Charter rights

Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

The new Liberal government has tabled its first bill in Parliament, the Strong Borders Act, or Bill C-2. Buried within it are several new powers that give police easier access to our private information.

The bill responds to recent calls to beef up the enforcement of our border with the United States. It gives customs and immigration officials new powers: to search items being exported, like potentially stolen vehicles, and to deport migrants believed to be abusing Canada’s refugee protections.

New police powers

But while facing pressure from the U.S. to act, the Canadian government is using the apparent urgency of the moment to give police and intelligence agents a host of new powers to search our private data — powers that have nothing to do with the border.

Some of them are already controversial and will no doubt be tested in the Supreme Court of Canada, if and when they’re passed. But many have also been on the wish list of previous governments, as part of “lawful access” bills that would make it easier for police to obtain details about a person’s online activity in cases involving child pornography, financial or gang-related crime.

Why now? Why make another attempt to lower the barriers to police access to private data? And what is the controversy over these new powers?

Gaps in the law

The Charter of Rights and Freedoms protects the right to privacy of anyone in Canada. Police need authority — explicit permission set out somewhere in the law — to carry out a search or seizure of our private data for an investigative purpose.

A law that allows police to do this must itself be reasonable, in the sense of striking the right balance between law enforcement and individual privacy.

For the first 20 years of the web, it wasn’t clear what the police could or couldn’t do to gather information about us online.

The Supreme Court held in 2014 that when police ask Shaw or Telus to give them a name attaching to an online account, this amounts to a search. While a person’s name and address may not reveal much on its own, the court held, it opens a door to something very private: a person’s entire search history.

But the court in that case did not decide what kind of power police needed to make this demand, only that police need permission in law to make it.

In Canadian law, requesting a name and address attached to an online account amounts to a search.
(Shutterstock)

In 2024, the Supreme Court held that when police ask for an internet protocol (IP) address linked to a person’s online activity, even that is private because it can open a window onto a lot more personal information.

Police have been using warrant provisions in the Criminal Code to make a demand for an IP address, or the name and address linked to an online account. To get a warrant, in most cases, they need to show a judge they have reason to believe a crime has been committed that is linked to the account — in other words, they must show probable cause.

Police have complained about how difficult this can be in some cases. They’ve long been calling for more tools.

Expansive new powers

The Strong Borders Act makes it easier for police and other state agents in a few ways.

It will be easier to get a warrant because the new bill allows police to ask service providers like Shaw or Telus — without a warrant — whether they have information about an IP address or a person’s account.

To then obtain that information, police need a warrant — but on the lower standard of reasonable suspicion of a crime, instead of probable cause. This can also apply to foreign entities like Google or Meta.

Canadian Security Intelligence Service agents can ask a provider like Shaw or Google whether they have information about an account holder on no grounds at all. But in this case, the person of interest can’t be a citizen or a permanent resident.

Compelling providers

More concerning are powers in the bill compelling companies like Google or Apple, along with Shaw and Telus, to assist police in obtaining access to private data.

Any company that provides Canadians with a service that stores or transmits information in digital form — pretty much anything we do on a phone or computer — can be ordered to help police gain immediate access to our data.

The bill does this by stipulating that a company can be told to install “any device, equipment or other thing that may enable an authorized person to access information.”

There are important limits on this. Police can only gain access if they have a warrant or other lawful permission. And a service provider need not comply with any order that would “introduce a systemic vulnerability,” like compelling them to install a backdoor to encryption.

But the point is that these new powers compel companies to implement “capabilities” for “extracting… information that is authorized to be accessed.” They turn the brands we have an intimate relationship with — gmail, iCloud, Instagram and many others — into tools of the state.

Future challenges

For some of us, the thought that Apple or Google can now be conscripted to serve as a state agent to facilitate ready access to private data is unsettling. Even if there are safeguards.

Courts will have to decide at some point whether searches conducted under these new powers strike a reasonable balance between law enforcement and personal privacy. Courts have held that our privacy interest in personal data is high.

Whether police interest in quicker and easier access to that data in certain cases is equally high is an open question. But one thing is clear: it doesn’t seem to have much to do with the border.

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

– ref. The proposed Strong Borders Act gives police new invasive search powers that may breach Charter rights – https://theconversation.com/the-proposed-strong-borders-act-gives-police-new-invasive-search-powers-that-may-breach-charter-rights-258257

MIL OSI – Global Reports –

June 6, 2025
MIL-OSI Africa: African Medical Centre of Excellence (AMCE) Opens its Doors to the Public as it Seeks to Transform Healthcare in Africa

Source: Africa Press Organisation – English (2) – Report:

ABUJA, Nigeria, June 5, 2025/APO Group/ —

The African Medical Centre of Excellence (AMCE) officially opened today, marking a historic milestone in Africa’s journey towards healthcare sovereignty. The US$300 million tertiary medical facility, developed by African Export-Import Bank (Afreximbank) (www.Afreximbank.com) in partnership with King’s College Hospital London, welcomed His Excellency President Bola Ahmed Tinubu as guest of honour, represented by His Excellency, Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria, alongside high-ranking Government and private sector officials, including the Minsters of Health, Finance, and Foreign Affairs, Nigeria Customs Services, Nigeria Immigration Services, Nigerian National Petroleum Corporation Limited (NNPCL) and Bank of Industry (BOI), among others.

Located in Abuja and designed to meet the highest global standards, AMCE Abuja offers world-class services across oncology, haematology, cardiology, and general medical services. More than a hospital, the facility represents a bold statement of Africa’s determination to reduce dependence on foreign health systems and reverse the estimated US$6-10 billion Africans spend annually seeking treatment abroad.

The opening of AMCE Abuja comes at a critical time, as Africa seeks to strengthen its healthcare systems and reduce reliance on external providers. The COVID-19 pandemic exposed the vulnerabilities of this reliance, with global supply shortages putting immense pressure on African nations. Similarly, past responses to health crises like Ebola have reinforced the urgent need for resilient, homegrown solutions. Decades after independence, millions of Africans continue to suffer from diseases like sickle cell and malaria, conditions that could be better managed with targeted local research and investment. Yet these illnesses often receive limited global attention or funding, leaving critical treatment gaps. AMCE Abuja represents a bold step forward, bringing world-class care to the continent, centering African health priorities, and laying the groundwork for a healthier, more self-reliant future. In strategic partnership with Bank of Industry (BOI), and Nigerian National Petroleum Corporation Limited (NNPCL), AMCE reflects what’s possible when African institutions unite with shared purpose.

“Today, we are not merely unveiling a building, we are making a bold, collective statement: we will no longer accept medical vulnerability as destiny. The African Medical Centre of Excellence stands as proof that Africa is ready to compete with the best in global healthcare. I commend Afreximbank and its visionary President, Professor Benedict Oramah, and salute the partnership with King’s College Hospital for turning this audacious dream into reality. This is what happens when African institutions confront African challenges with African solutions.

“Over the past two years, we have taken deliberate steps to transform Nigeria’s health sector—from unlocking the healthcare value chain through the Presidential Initiative (PVAC), to expanding pharmaceutical production, regulatory systems, and diagnostic access, and securing over $2.2 billion in new investments through the Nigeria Health Sector Renewal Initiative. But excellence must be sustained. That’s why we’re investing in the roads, power, and connectivity that enable great institutions to thrive. With the largest stem cell lab in West Africa and plans for a medical school, this Centre is more than a hospital, it is a place to heal the sick, and to train the future.” — H.E. Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, represented by H.E. Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria

Commenting on the momentous achievement, Prof. Benedict Oramah, President and Chairman of the Board of Directors of both Afreximbank and AMCE, thanked the Federal Government of Nigeria for providing the land on which the AMCE stands, adding: ” In 2013, I had my own close call when I became seriously ill and was evacuated to King’s College Hospital in London, where a frantic battle to save my life ensued. Being here today is a testament to the power of cutting-edge medical research, clinical knowledge, and a solid healthcare ecosystem. The event we mark today is proof that society is better off saving lives than burying its dead, and that it is a living person who can contribute to development and social transformation. This experience led me to conclude that one of the major contributions I could make to Africa was to help Afreximbank deliver on its health and medical strategy in every way possible. Our vision for the African Medical Centre of Excellence is not just to provide top-notch healthcare but to serve as a catalyst for the transformation of the African health sector, making a bold statement to the world that Africa is finally taking its destiny into its own hands in healthcare sovereignty and global standards.”

President Oramah also announced the launch of the Africa Life Sciences Foundation to act as the vehicle for mobilising appropriate risk capital to drive research efforts and called on African and non-African governments, banks, high net worth individuals and corporate organisations to join the Bank in investing in the hospital, through this platform.

Brian Deaver, Chief Executive Officer of AMCE, highlighted the facility’s comprehensive approach: “Today, we don’t just open a hospital—we launch a healthcare revolution for Africa. AMCE represents a paradigm shift in how specialised medical care is delivered on the continent. Our integrated model encompasses early diagnosis, advanced treatment, and long-term disease management, creating a seamless continuum of care that improves patient outcomes and health experiences.”

He added: “Our mission extends beyond treatment to include world-class medical education, groundbreaking research, and continuous innovation. By combining international expertise with local talent development, AMCE will build sustainable healthcare capacity that serves generations to come.

AMCE’s opening signals a new era for Africa — one in which self-reliance replaces dependency, and world-class care is no longer the privilege of a few but the standard for many. By anchoring healthcare delivery, talent development, and innovation on the continent, AMCE is not just stemming the outflow of medical dollars, but redefining Africa’s place in the global health ecosystem.

Through its clinical partnerships with King’s College Hospital, London and The Christie NHS Foundation Trust, AMCE will be home to advance research, education, and medical excellence by fostering continuous knowledge exchange. In its next phase, AMCE will expand to include a second 350-bed hospital, medical and nursing schools, a medical sciences foundation, research centres, and residential facilities. Together, this integrated ecosystem will position Nigeria as a leading hub for specialist healthcare, medical training, and clinical research on the continent.

Professor Clive Kay, Chief Executive Officer of King’s College Hospital NHS Foundation Trust said, “We are proud to partner with Afreximbank on this important initiative. The African Medical Centre of Excellence represents a positive step forward, and by bringing together world-class clinical standards, training, and research, we aim to share our expertise and support the development of a sustainable model of care that responds directly to the needs of African patients”.

Now open, AMCE welcomes patients, healthcare professionals, researchers, and partners to join its mission of delivering world-class healthcare, fostering innovation, and building a healthier, more self-reliant Africa. AMCE is the largest specialised private hospital in Nigeria and West Africa focusing on cardiovascular services, haematology, comprehensive oncology, and general medical services. It currently boasts of 170 beds with a plan to expand this to 500 beds upon completion. It features the largest stem cell laboratory in the region, fifteen post stem cell isolation rooms in West Africa alongside five theatres and three catheterisation laboratories. It also features a 20 bed intensive care unit, six critical care unit beds and 20 chemotherapy chairs with compounding pharmacy among others. Some of the specialised equipment in Nigeria and the region are exclusively hosted by AMCE Abuja. They include the 18 Mev cyclotron, 3 Tesla Magnetic Resonance Imaging, 256 slices computed tomography, brachytherapy machine with iridium source, 4 biosafety cabinets and 128 slices computed tomography machines, among others.

MIL OSI Africa –

June 6, 2025
MIL-OSI Africa: Ecobank Transnational Incorporated Appoints Group Chief Financial Officer Ayo Adepoju as Group Executive Director

Source: Africa Press Organisation – English (2) – Report:

LOMÉ, Togo, June 5, 2025/APO Group/ —

The Board of Directors of Ecobank Transnational Incorporated (ETI) (www.Ecobank.com), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.

Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.

As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.

Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.

Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.

Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future. I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record. His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”

Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth. His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”

Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.

He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.

This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.

MIL OSI Africa –

June 6, 2025
MIL-OSI Security: Charleston Woman Pleads Guilty to Role in COVID-19 Fraud Conspiracy

Source: US FBI

CHARLESTON, W.Va. – Damisha Brown, 32, of Charleston, pleaded guilty today to conspiracy to commit bank fraud. Brown received $15,625 in proceeds from a criminally derived Paycheck Protection Plan (PPP) loan, guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

According to court documents and statements made in court, co-defendant Kisha Sutton conspired with Brown and others to obtain fraudulent PPP loans. Sutton submitted a PPP loan application on Brown’s behalf on April 25, 2021. The application listed Brown as a sole proprietor hair dresser who received $75,000 in gross income in 2020. The application was filed with an Internal Revenue Service (IRS) Form 1040, Schedule C Profit or Loss from Business, stating that the applicant had earned $75,000 in 2020. As part of her guilty pleas, Brown admitted that she never earned $75,000 as a hair dresser in one year and that the IRS Form 1040 submitted with her application was fraudulent and created solely to obtain the PPP loan.

A PPP lender in California approved Brown’s loan application. The $15,625 in loan proceeds was deposited in Brown’s personal bank account on April 30, 2021. Brown admitted that she knew the $15,625 represented proceeds from the fraudulent PPP loan. Between April 30 and May 27, 2021, Sutton received $3,500 from Brown as her share of the fraudulent PPP loan proceeds. Brown transferred the money to Sutton using a digital wallet application. Brown admitted that she transferred the $3,500 as Sutton’s compensation for facilitating the submission of her fraudulent loan, in keeping with their agreement. Brown further admitted that she spent the remainder of the loan proceeds on ineligible personal expenses.

The CARES Act made forgivable PPP loans available to qualifying sole proprietors, independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other eligible expenses. Applicants were required to certify that they were in operation on February 15, 2020, and provide documentation showing their prior gross income from either 2019 or 2020.

Brown is scheduled to be sentenced on October 2, 2025, and faces a maximum penalty of 30 years in prison, up to five years of supervised release, and a $1 million fine. Brown also owes $12,125 in restitution.

Brown and Sutton, 44, of Jersey City, New Jersey, are among seven individuals indicted by a federal grand jury on charges alleging they and others conspired, as well as aided and abetted one another, to obtain fraudulent PPP loans totaling $140,625. On March 25, 2025, co-defendant William Powell pleaded guilty to conspiracy to commit bank fraud and co-defendant Jasmine Spencer pleaded guilty to aiding and abetting bank fraud. Powell, 35, of Huntington, and Spencer, 32, of Charleston, are scheduled to be sentenced on July 9, 2025. The indictment against Sutton and the other defendants remains pending. An indictment is merely an allegation and all defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the West Virginia State Police – Bureau of Criminal Investigation (BCI), and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

United States District Judge Irene C. Berger presided over the hearing. Assistant United States Attorneys Jonathan T. Storage and Jennifer D. Gordon and former Assistant United States Attorney Holly Wilson have prosecuted the case.

Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-192.

###

MIL Security OSI –

June 6, 2025
MIL-OSI USA: NEWS: Luján Responds to Latest CBO Estimates Showing 16 Million People Will Become Uninsured from Republican Health Agenda

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement on a new analysis from the Congressional Budget Office (CBO) showing 16 million people will lose coverage from the Republican reconciliation plan, including their failure to extend premium tax credits that Americans use to buy affordable health insurance:
“Millions of Americans will lose coverage, health care costs will rise, and people will get sick and lose their lives – that’s the sad reality of the Republican agenda. Congressional Republicans keep peddling lies about their plan, but the facts are the facts. This bill would dismantle the Affordable Care Act, gut Medicaid, take food away from kids, families, and seniors, and make life harder for New Mexicans.
“We should be expanding access to care – not ripping it away. I’ll keep fighting to protect New Mexicans’ health care, lower costs, and build a healthier America. The American people need to see this for what it is: an attack on their health and livelihoods. I won’t stop sounding the alarm — and I won’t stop fighting for New Mexicans.”
The letter from CBO can be found here.
CBO’s score can be found here.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Auburn Team Wins 2025 NASA Moon and Mars Design Competition

Source: NASA

A team from Auburn University took top honors in NASA’s 2025 Revolutionary Aerospace Systems – Academic Linkage (RASC-AL) Competition Forum, where undergraduate and graduate teams competed to develop new concepts for operating on the Moon, Mars and beyond.
Auburn’s project, “Dynamic Ecosystems for Mars Environmental Control and Life Support Systems (ECLSS) Testing, Evaluation, and Reliability (DEMETER)” advised by Dr. Davide Guzzetti, took home top prize out of 14 Finalist Teams from academic institutions across the nation. Virginia Polytechnic Institute and State University took second place overall for their concept, “Adaptive Device for Assistance and Maintenance (ADAM),” advised by Dr. Kevin Shinpaugh. The University of Maryland took third place overall with their project, “Servicing Crane Outfitted Rover for Payloads, Inspection, Operations, N’stuff (SCORPION),” advised by Dr. David Akin, Nich Bolatto, and Charlie Hanner.
The first and second place overall winning teams will present their work at the 2025 AIAA Accelerating Space Commerce, Exploration, and New Discovery (ASCEND) Conference in Las Vegas, Nevada in July.

The RASC-AL Competition, which took place from June 2-4, 2025, in Cocoa Beach, Florida, is a unique initiative designed to bridge the gap between academia and the aerospace industry, empowering undergraduate and graduate students to apply their classroom knowledge to real-world challenges in space exploration. This year’s themes included “Sustained Lunar Evolution – An Inspirational Moment,” “Advanced Science Missions and Technology Demonstrators for Human-Mars Precursor Campaign,” and “Small Lunar Servicing and Maintenance Robot.”
“The RASC-AL Competition cultivates students who bring bold, imaginative thinking to the kinds of complex challenges we tackle at NASA,” said Dan Mazanek, RASC-AL program sponsor and senior space systems engineer at NASA’s Langley Research Center in Hampton, Virginia. “These teams push the boundaries of what’s possible in space system design and offer new insights. These insights help build critical engineering capabilities, preparing the next generation of aerospace leaders to step confidently into the future of space exploration.”
As NASA continues to push the boundaries of space exploration, the RASC-AL Competition stands as an opportunity for aspiring aerospace professionals to design real-world solutions to complex problems facing the Agency. By engaging with the next generation of innovators, NASA can collaborate with the academic community to crowd-source new solutions for the challenges of tomorrow.
Additional 2025 Forum Awards include:
Best in Theme: Sustained Lunar Evolution: An Inspirational Moment

Virginia Polytechnic Institute and State University

Project Title: Project Aeneas

Advisor: Dr. Kevin Shinpaugh

Best in Theme: Advanced Science Missions and Technology Demonstrators for Human-Mars Precursor Campaign

Auburn University

Project Title: Dynamic Ecosystems for Mars ECLSS Testing, Evaluation, and Reliability (DEMETER)

Advisor: Dr. Davide Guzzetti

Best in Theme: Small Lunar Servicing and Maintenance Robot

Virginia Polytechnic Institute and State University

Project Title: Adaptive Device for Assistance and Maintenance (ADAM)

Advisor: Dr. Kevin Shinpaugh

Best Prototype: South Dakota State University

Project Title: Next-gen Operations and Versatile Assistant (NOVA)

Advisor: Dr. Todd Letcher, Allea Klauenberg, Liam Murray, Alex Schaar, Nick Sieler, Dylan Stephens, Carter Waggoner

RASC-AL is open to undergraduate and graduate students studying disciplines related to human exploration, including aerospace, bio-medical, electrical, and mechanical engineering, and life, physical, and computer sciences. RASC-AL projects allow students to incorporate their coursework into space exploration objectives in a team environment and help bridge strategic knowledge gaps associated with NASA’s vision. Students have the opportunity to interact with NASA officials and industry experts and develop relationships that could lead to participation in other NASA student research programs. 
RASC-AL is sponsored by the Strategies and Architectures Office within the Exploration Systems Development Mission Directorate at NASA Headquarters, and by the Space Mission Analysis Branch within the Systems Analysis and Concepts Directorate at NASA Langley. It is administered by the National Institute of Aerospace. 
For more information about the RASC-AL competition, including complete theme and submission guidelines, visit: http://rascal.nianet.org.
National Institute of Aerospace

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: FEMA Assistance Extended To July 25 for Kentuckians Affected by April Storms

Source: US Federal Emergency Management Agency

Headline: FEMA Assistance Extended To July 25 for Kentuckians Affected by April Storms

FEMA Assistance Extended To July 25 for Kentuckians Affected by April Storms

FRANKFORT, Ky

– Kentucky homeowners and renters who suffered uninsured or underinsured damage to their property from the April severe storms, flooding, straight-line winds, tornadoes, flooding, landslides and mudslides now have until July 25 to apply for FEMA assistance

Survivors are encouraged to file insurance claims for damage to their homes, personal property and vehicles before they apply for FEMA assistance

FEMA Individual Assistance cannot duplicate insurance benefits or other sources of assistance

How To Apply for FEMA AssistanceThere are several ways to apply for FEMA assistance:Online at DisasterAssistance

gov

Visit any Disaster Recovery Center

To find a center close to you, visit fema

gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”)

Use the FEMA mobile app

Call the FEMA Helpline at 800-621-3362

It is open 7 a

m

to 10 p

m

Eastern Time

Help is available in many languages

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service

FEMA works with every household on a case-by-case basis

FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

Survivors should keep their contact information updated with FEMA as the agency may need to call to schedule a home inspection or get additional information

Disaster assistance is not a substitute for insurance and is not intended to compensate for all losses caused by a disaster

The assistance is intended to meet basic needs and supplement disaster recovery efforts

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860 and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Thu, 06/05/2025 – 12:47

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Governor Newsom provides eligible homeowners $20,000 through new CalAssist Mortgage Fund for California disaster survivors

Source: US State of California 2

Jun 5, 2025

What you need to know: California is launching the CalAssist Mortgage Fund on June 12, 2025, to provide $105 million in relief offering up to $20,000 to homeowners whose homes were destroyed in recent disasters, including the Los Angeles firestorms.

LOS ANGELES — California is launching the CalAssist Mortgage Fund on June 12, 2025, to provide grants up to $20,000 to homeowners whose homes were destroyed or left uninhabitable in recent fire, floods, and other disasters. This includes those individuals whose homes were destroyed by the LA-area firestorms earlier this year.

“Homeowners whose home was destroyed in a recent fire, flood or other disaster deserve support in their recovery. We know that recovery takes time, and the state is here to support. Today, California is extending this ongoing support to disaster victims in Los Angeles and beyond, by assisting with mortgage payments to relieve financial pressure and stress as families rebuild and recover.”

Governor Gavin Newsom

This new disaster mortgage relief program, managed by the California Housing Finance Agency (CalHFA), will be paired with $25 million in additional housing counseling support through CalHFA’s National Mortgage Settlement Housing Counseling Program, and none of the funds impact the proposed 2025-2026 budget.

The CalAssist Mortgage Fund provides relief for the most vulnerable homeowners whose homes have been destroyed or left uninhabitable as the result of a disaster that received a State of Emergency proclamation by the Governor or a Major Disaster Declaration approved by the President between January 2023 and January 2025, such as the Eaton Fire, Palisades Fire, Park Fire and San Diego floods.

When applications open on June 12, eligible homeowners can apply for grants covering up to three months of mortgage payments, up to $20,000 total.

“When disaster strikes and families lose their homes, every step toward recovery makes a meaningful difference,” said Tomiquia Moss, Secretary of California’s Business, Consumer Services and Housing Agency. “The CalAssist Mortgage Fund will provide more than $100 million in valuable support to help ease the financial pressure survivors face, giving them a little more breathing room as they navigate the challenging path of rebuilding their lives.”

How to access funding

To provide time for affected homeowners to get prepared to apply, application and eligibility information about the CalAssist Mortgage Fund is now available at CalAssistMortgageFund.org. These grants do not have to be repaid and applying to the program is free. Grants will be sent directly to the approved homeowner’s mortgage servicer.

“For communities affected by disasters, the CalAssist Mortgage Fund will provide homeowners with financial assistance that allows them to focus on healing and recovery,” said Rebecca Franklin, Chief Deputy Director at CalHFA. “Hard-working families across the state, from Altadena to Chico, deserve relief as they work to recover from these devastating events.”

Homeowners can call the CalAssist Mortgage Fund for in-depth, one-on-one assistance with preparing and completing their application. Call 800-501-0019 from 8 a.m. – 5 p.m., Monday through Friday. Additionally, homeowners can also access free support and services from HUD-certified housing counseling agencies.

The Governor previously had secured commitments from more than 400 financial institutions, including five major lenders (Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo), to offer homeowners impacted by the L.A. wildfires a 90-day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies or charging late fees.

Fast-tracking rebuilding efforts

Governor Newsom has provided unprecedented support to assist Los Angeles’ recovery from this year’s firestorms. In addition to recently announcing a new AI tool to supercharge the approval of building permits, Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. Additionally, he signed an executive order to cut more red tape and continue streamlining rebuilding, recovery, and relief for survivors. The Governor also issued an executive order removing barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.

Giving survivors a stronger voice in recovery

To help provide the Los Angeles community with a stronger voice in the rebuilding and recovery efforts, Governor Newsom launched Engaged California, a new platform that gives Californians a unique opportunity to share their thoughts and connect with other people on topics that are important to them. It creates new opportunities for Californians to connect with their government to inform and shape policy through honest, respectful discussions. The program was launched in February with the first use case focusing on the impacts of the Los Angeles wildfires.

Press releases, Recent news

Recent news

Jun 4, 2025

News What you need to know: California added a record of nearly 7,000 megawatts of new clean energy capacity in 2024, marking the largest single-year increase in state history and the third consecutive year of unprecedented growth. SACRAMENTO – California has achieved…

Jun 4, 2025

News What you need to know: California leads the nation in strong gun safety laws, correlating with thousands of lives saved. Sacramento, California – Year after year, California is ranked as the #1 state in the country for its strong gun safety laws — along with some…

Jun 4, 2025

News SACRAMENTO – For the second year in a row, California ranks highest on Fortune 500’s list as the state with the most corporations generating the largest revenues. As host to 58 Fortune 500 companies, California leads the nation – followed by Texas with 54 and New…

MIL OSI USA News –

June 6, 2025
MIL-OSI Global: Labubus, Sonny Angels and Smiskis: Are blind toy boxes just child’s play or something more concerning?

Source: The Conversation – Canada – By Eugene Y. Chan, Associate Professor of Marketing, Toronto Metropolitan University

Collectible figurines on display at Pop Mart in Ivano-Frankivsk, Ukraine, on April 29, 2025. (Shutterstock)

If you’ve seen videos of people tearing into tiny toy packages online, or noticed teens obsessing over pastel-coloured figurines at the mall, you’ve probably encountered the global craze for blind box toys.

These small collectibles — usually figures of cartoonish characters — are sold in sealed packaging that hides which specific item is inside. You might get the one you want, or you might not. That uncertainty is part of the thrill.

Unlike traditional toys, these figures are marketed as collectibles. Many are part of themed series, with some designs labelled as “rare” or “secret,” appearing in as few as one in every 144 boxes. This sense of exclusivity fuels repeat purchases and has spawned a resale market where rare figures can command hundreds of dollars.

Popular among children and adults alike, blind box toys have grown into a billion-dollar industry. One of the more popular brands is Pop Mart, a Chinese toy company founded in 2010 known for its collectible designer toys sold in mystery packs.

Gen Z consumers, in particular, have embraced blind box toys both as a nostalgic pastime and as a form of legitimate collecting. The proliferation of unboxing videos on platforms like TikTok and YouTube, where creators open dozens of blind boxes on camera, has added to their appeal.

For many fans, these toys offer more than just cuteness: they also provide suspense, surprise and a rush of dopamine with every box opened. But how did this niche product become a global obsession?

From Tokyo streets to western malls

The origins of blind box toys trace back to East Asia. Capsule toy vending machines called gashapon originated in Japan in the 1960s. By the 1980s, they had become a cultural fixture. These machines dispense small toys in opaque plastic balls, with customers never quite sure which item they’ll receive.

In the early 2010s, Chinese companies like Pop Mart adapted the gashapon model for the mainstream retail space. Instead of vending machines, they began selling artist-designed vinyl toys in blind boxes at dedicated boutiques.

A tourist uses a gashapon machine in Osaka, Japan, in 2024. Gashapon machines are similar to the coin-operated toy vending machines seen outside grocery stores and other retailers in North America.
(Shutterstock)

Pop Mart’s success helped transform the blind box into a mainstream commercial phenomenon. Characters like Molly, Skullpanda and Dimoo became instant hits, combining Japanese kawaii esthetics with western pop art sensibilities.

Pop Mart figures have since developed a cult-like following. Many consumers treat the toys as affordable art objects, displayed in cabinets, on purses or traded online.

Today, blind box retail stores have expanded globally from Asia to Europe and North America. In October 2024, Pop Mart opened its first store in the Midwestern United States, located on Chicago’s Magnificent Mile at The Shops at North Bridge. The store offers exclusive products and taps into the growing demand for collectibles among American consumers.

The psychology behind the mystery

What makes blind box toys so hard to resist?

Their success relies on a psychological principle known as variable-ratio reinforcement — the same reward pattern that makes slot machines so addictive.

You never know exactly when you’ll score the item you’re after, but the possibility that the next box might contain it keeps people coming back. This unpredictability keeps people engaged, especially when the potential reward is framed as rare or valuable.

Cconsumer psychology research also suggests that anticipation plays a major role. Studies show that dopamine, the brain’s reward chemical, spikes not just when we get what we want, but when we anticipate it. The sealed packaging, the suspense of unwrapping and the hope for a rare figure all heighten this effect.

Sonny Angels on display in a store in Shenzhen, China, in March 2019.
(Shutterstock)

For younger collectors, the excitement of “the chase” can foster compulsive buying habits. This effect is amplified by the social influence of watching unboxings online or seeing friends complete their sets, and it becomes a powerful loop.

Even when buyers don’t get the figure they want, the sunk cost fallacy — the feeling that they’ve already invested too much time or money to walk away — keeps them buying more.

The hidden costs of blind boxes

As blind box toys surge in popularity, they have drawn criticism from consumer advocates, psychologists and environmentalists alike.

Some worry that blind boxes normalize gambling-like behaviours, especially among children. The randomness, excitement and promise of rare rewards closely mirror the mechanisms behind loot boxes in video games — another product that has sparked global concern over youth exposure to gambling psychology.

Several countries, including Belgium and the Netherlands, have regulated loot boxes under gambling laws. Blind boxes, though currently unregulated, may be next in line for scrutiny.

Read more:
Blind bags: how toy makers are making a fortune with child gambling

There are also environmental concerns. Many blind box toys come in excessive packaging — plastic wraps, foil bags, cardboard boxes — most of which is discarded immediately. The collectibles themselves are often made of non-recyclable plastics, raising questions about sustainability in an era of rising consumer awareness over waste.

Even among adult fans, some critics question whether blind boxes are designed less to bring joy and more to trigger compulsive consumption. The joy of collecting, they argue, is increasingly overshadowed by the mechanics of engineered desire.

What should we make of the blind box boom?

Blind box toys are not inherently harmful, and for many, they’re a source of fun, nostalgia and self-expression. They also offer an accessible way for consumers to engage with designer art in a collectible, miniature form, as many of them are created by individual artists.

But blind box toys also raise deeper questions about how modern marketing leverages psychological triggers associated with gambling, especially when it comes to children.

As these toys continue to gain traction in the West, it’s worth asking more critical questions, like: are we buying into mystery or are we being sold obsession and compulsion?

The blind box trend reflects broader shifts in how products are marketed, how value is perceived and how consumer behaviour is shaped in a digital, attention-driven economy. Understanding the forces at play may be the first step toward more informed — and perhaps more mindful — collecting.

Eugene Y. Chan 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. Labubus, Sonny Angels and Smiskis: Are blind toy boxes just child’s play or something more concerning? – https://theconversation.com/labubus-sonny-angels-and-smiskis-are-blind-toy-boxes-just-childs-play-or-something-more-concerning-257611

MIL OSI – Global Reports –

June 6, 2025
MIL-OSI USA: Pressley, Democratic Women’s Caucus, Mamas’ Caucus, Dads Caucus Sound Alarm on Secretary Kennedy Launching Baby Formula Review at a Gutted HHS

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Lawmakers Demand FDA Halt “Operation Stork Speed” Until HHS Employees Are Rehired and Proper Guardrails in Place

Text of Letter

WASHINGTON – Congresswoman Ayanna Pressley (MA-07), Co-Chair of the Democratic Women’s Caucus (DWC) Reproductive Health Care Task Force, alongside DWC member Brittany Pettersen (CO-07), Mamas’ Caucus Chair Rashida Tlaib (MI-12), and Dads Caucus Chair Jimmy Gomez (CA-34) led 21 Democratic Caucus members in sounding the alarm over the Department of Health and Human Services’ (HHS) launch of Operation Stork Speed — an initiative the agency claims will evaluate the safety of nutrients and ingredients found in infant formula.

In their letter to HHS Secretary Robert F. Kennedy, the lawmakers raise concerns over the safety and feasibility of Operation Stork Speed while laying off tens of thousands of HHS employees — including 3,500 at the FDA, many of whom oversee infant formula and nutrition. They also demand the FDA halt this initiative until HHS employees are rehired and until there are proper guardrails to conduct a comprehensive, evidence-based review.

“The infant formula supply chain is fragile, and even a small disruption can have devastating consequences. No parent or guardian should struggle to feed their child due to failed safety standards, corporate greed or supply chain failures. Ensuring safe, affordable, and accessible formula is a matter of public health, economic justice, and basic dignity for families—especially women who are often primary caregivers,” wrote the lawmakers.

“From gutting staff responsible for scientific research to perpetuating anti-vaccine theories, you have repeatedly undermined scientific research. This, coupled with President Trump’s arbitrary mandate for federal agencies to repeal 10 regulations for every new rule, serves to further jeopardize the health and safety of families,” continued the lawmakers.

The Members also call on the agency to ensure infant formula is safe, accessible and affordable for all women and babies who need it in the face of ongoing regulatory reversals and staff reduction.

“Ensuring safe, affordable, and accessible formula is a matter of public health, economic justice, and basic dignity for families—especially women who are often primary caregivers. We ask for your swift response to our questions regarding how you will ensure infant formula is safe, accessible and affordable for all women and babies who need it in the face of ongoing regulatory reversals and staff reduction,” concluded the lawmakers.

In addition to letter leads Ayanna Pressley, Brittany Pettersen, Rashida Tlaib, and Jimmy Gomez, the letter was signed by Reps. Teresa Leger Fernandez, Deborah Ross, Nikema Williams, Jasmine Crockett, Andrea Salinas, LaMonica McIver, Pramila Jayapal, Nydia Velázquez, Julie Johnson, Kelly Morrison, Summer Lee, Dan Goldman, Eric Swalwell, April McClain Delaney, Betty McCollum, Delia Ramirez, Suzanne Bonamici, Laura Friedman, Veronica Escobar, Yvette Clarke, and Jan Schakowsky.

Text of the letter can be found here.

Rep. Pressley has long advocated for safe, accessible, and affordable baby formula.

In May 2022, Rep. Pressley, along with Congressman Jamaal Bowman, Ed.D. (NY-16) and Congresswomen Pramila Jayapal (WA-07) and Grace Meng (NY-06), urged President Biden to use all applicable executive authorities to end the baby formula shortage.

Through her efforts on the House Committee on Oversight and Reform, the Committee had previously requested information from the nation’s largest formula manufacturers on their efforts to address the shortage of infant formula that is impacting families across the United States.

In May 2022, Rep. Pressley, along with Rep. Lori Trahan (MA-03), Assistant Speaker Katherine Clark (MA-05) and the Massachusetts delegation, sent a letter to Abbott Laboratories Chairman and CEO Robert Ford requesting urgent information on the company’s plans to replenish its Similac baby formula in Massachusetts.

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MIL OSI USA News –

June 6, 2025
MIL-OSI Europe: Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Source: European Investment Bank

EIB
- EIB’s advisory services to work with Bulgarian government on greening coal-powered Maritsa East Complex
- Goal is to promote clean energy at site where open-pit mines operate
- EIB assistance to extend to Bulgarian efforts to boost EU funding
Bulgaria will receive advisory support from the European Investment Bank (EIB) for greening one of Europe’s largest sites for coal-fired electricity production – the Maritsa East Complex. Both sides today signed an agreement under which the EIB will advise the Bulgarian government as it pursues a plan to decarbonise the Maritsa East Complex, which generates up to 35% of the country’s electricity.

EIB Advisory will work with the Bulgarian Ministry of Energy to ensure the timely development of priority projects promoting renewable energy at the Maritsa East Complex, which has among the largest open-pit coal mines operating in Europe. EIB Advisory will also help to strengthen the Ministry’s capacity to manage complex projects and expand European Union funding.

“Fostering economic and social cohesion is at the heart of the EIB’s mission and we stand ready to support a just transition for the Bulgarian regions most affected by the shift away from mining and carbon-intensive energy production and industrial activities,” said EIB Vice-President Kyriacos Kakouris. “Our approach endeavours to ensure that no people or places are left behind in the transition to a low-carbon and climate-resilient economy and society.”

The burning of coal to produce electricity is major source of the greenhouse gases that cause climate change and cutting emissions at Maritsa East Complex is key for the clean-economy goals of Bulgaria and the EU as a whole.

“Efforts to decarbonise the Maritsa East Complex are key to its sustainable development and to ensuring conditions for competitiveness and growth of the economy and the better well-being of Bulgarians,” said Bulgarian Energy Minister Zhecho Stankov. “We are happy that the government has the EIB as a partner in the process. It is an institution with many years of experience and proven expertise. I am confident that this cooperation will ensure the sustainable long-term operation of the Maritsa East Complex in line with the challenges of the green future.”

The Ministry of Energy, supported by EIB Advisory under a technical assistance accord signed in early 2024, has made substantial progress in defining a strategic pathway for the transition of the Maritsa East Complex.

The assistance included a comprehensive analysis of the state of the complex, an assessment of existing infrastructure and the development of an investor roadmap. These efforts clarified the scope of high-impact projects that can be implemented in the near term to drive Bulgaria’s decarbonisation strategy. Investment priorities by the companies operating in the Maritsa East Complex were also identified, refining the list of strategic projects contributing to the transition efforts.

The EIB provides its advisory support under the European Commission’s InvestEU Advisory Hub to help Bulgaria’s coal-to-clean energy transition.

Background information

About the EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. 

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.   

In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, EIB advisory teams helped mobilise over €200 billion of investments across Europe and beyond.

About the InvestEU Advisory Hub

The InvestEU programme provides the EU with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It helps mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible.

The InvestEU Advisory Hub is the central entry point for project promoters and intermediaries seeking advisory support and technical assistance related to centrally managed EU investment funds. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners, who work directly together to help projects reach the financing stage.

EIB Advisory provides technical and financial expertise to support the development of sustainable and bankable projects in various sectors. In Bulgaria, EIB experts are assisting public authorities and businesses in preparing infrastructure investments in energy, energy efficiency, healthcare, transport and the environment, improving project planning and enhancing access to funding through tailored services and capacity building.

Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
©EIB
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Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
©EIB
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Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
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MIL OSI Europe News –
June 6, 2025
MIL-OSI Europe: EIB Group takes part in International Social Housing Festival in Dublin

Source: European Investment Bank

EIB

This week, a delegation from the European Investment Bank (EIB) Group attended the International Social Housing Festival in Dublin to highlight our support for the housing sector.

The EIB Group’s director for housing, Tanguy Desrousseaux, took part in a fireside chat alongside two housing providers in Ireland, the Housing Finance Association (HFA) and the Approved Housing Bodies (AHB).

The fireside chat focused on the partnership between the HFA and EIB, which has been instrumental in scaling up housing delivery in Ireland, and delved into opportunities for new agreements between the two institutions. Over the past eight years, the EIB has lent €750 million to the HFA, enabling the construction of over 5 000 affordable homes and the energy-efficient renovation of 550 homes.

The EIB Group’s managerial advisor for housing, Gerry Muscat, spoke at panels on “Ensuring Sustainability and Affordability – Challenges and Opportunities for the European Affordable Housing Plan.” and “Financing Affordable Housing in the EU – Opportunities and Challenges in the new European Context.” Meanwhile, Andrea Colantonio, a senior economist, represented the EIB Group in a jury at the European Responsible Housing Awards ceremony and participated in a panel event titled “Guiding Europe Home – The compass for a New Housing Paradigm.”

The conference follows a number of EIB Group housing events confirming its commitment to supporting the housing sector across Europe.

In July 2024, the EIB Group’s newly established Housing Task Force organised a kick-off event in Luxembourg featuring around 300 public and private stakeholders to discuss scaling up financial support for affordable and sustainable housing throughout the EU. The event was followed by technical meetings in Brussels and Milan in the autumn with stakeholders to help shape a pan-European investment platform alongside the Commission.

MIL OSI Europe News –

June 6, 2025
MIL-OSI USA: Moran Leads Effort to Secure Future of Red River Army Depot

Source: Congressman Nathaniel Moran (R-TX-01)

Congressman Nathaniel Moran (R-TX-01) issued the following statement regarding the future operations of the Red River Army Depot (RRAD).

Washington, D.C. — Today, Congressman Nathaniel Moran (R-TX-01) issued the following statement regarding the future operations of the Red River Army Depot (RRAD). Earlier this week, Congressman Moran led a letter to Secretary of Defense Pete Hegseth detailing the critical role that RRAD plays in military preparedness and the need to continue supporting RRAD operations and personnel. This letter, which was co-signed by 11 other members of the Texas Congressional Delegation, stated in part:

“As Congress works to help fulfill President Trump’s vision of peace through strength, it is critical that we place renewed emphasis on our nation’s maintenance and repair depots that directly support America’s soldiers, sailors, and airmen. For that reason, I strongly urge the Department of Defense to continue operations at Red River Army Depot at full operational capacity—and to actively pursue new mission-critical opportunities that expand its role in our national defense strategy.

RRAD is not only a cornerstone of America’s military logistics capability, it is also a model of cost-efficiency. Unlike many government facilities, RRAD is funded entirely by the workload it receives from military branches and commercial partners—making it self-sufficient, accountable, and agile. It doesn’t waste taxpayer dollars. It maximizes them.

We are actively pursuing conversations with the Department of Defense, the Department of the Army, and Army Chief of Staff General Randy A. George. While we await a formal response to our letter, I remain committed to safeguarding RRAD’s mission and ensuring it remains a key pillar of our national defense infrastructure.

We thank the Department of Defense for its continued dedication to national security and stand ready to work together to strengthen our industrial base, protect the jobs of thousands of skilled Texans, and fulfill our shared mission of peace through strength.”

This week’s letter from Congressman Moran to Secretary Hegseth comes just ahead of the recent visit to Washington, D.C. by representatives from the Texarkana area, who are advocating directly on behalf of RRAD’s mission and future growth. Congressman Moran and his staff have worked closely with these local leaders to support their visit and ensure their voices are heard at the highest levels of the Department of Defense and the U.S. Army.

“We are deeply grateful to Congressman Moran and our congressional delegation for their steadfast leadership and unwavering advocacy on behalf of Red River Army Depot,” said David Orr, Texarkana City Manager. “Their efforts highlight just how essential RRAD is—not only to the strength of our local economy, but to the readiness of our nation’s armed forces. I am proud to stand alongside them in urging continued investment in this world-class facility. Together, we are ensuring that Texarkana remains a vital partner in supporting the brave men and women who defend our freedom.”

Robin Hickerson, President and CEO of the Texarkana USA Regional Chamber of Commerce, added: “Red River Army Depot is a critical part of both our local economy and our national defense. It provides quality jobs for families across the region and plays a key role in supporting our military readiness. Our Chamber of Commerce Military Affairs Committee is honored to visit Washington, D.C., to advocate for the Depot, and we are beyond grateful to Congressman Moran for his unwavering commitment to RRAD and its mission.”

The full letter can be read here.

Background:

Congressman Moran and his colleagues from the Texas Congressional Delegation recently submitted a unified letter to Secretary of Defense Pete Hegseth and other senior officials, stressing RRAD’s strategic value and calling for continued and expanded operations at the site.

Located on 15,375 acres in Northeast Texas and housing over 1,400 buildings with more than 8 million square feet of industrial space, Red River Army Depot is a pivotal asset within the Army’s organic industrial base. As the designated Center of Industrial and Technical Excellence for Tactical Wheeled Vehicles, RRAD provides indispensable repair and remanufacturing support for critical military systems including the Mine Resistant Ambush Protected (MRAP) vehicle, the High Mobility Multipurpose Wheeled Vehicle (HMMWV), and the Bradley Fighting Vehicle.

Beyond the Army, RRAD also delivers support to the Marine Corps, Air Force, and Navy—making it a vital hub of inter-service readiness. Its 3,500-member workforce is lean, experienced, and capable of rapidly scaling operations to meet the evolving needs of our warfighters—having done so during previous combat operations in Iraq and Afghanistan, and now again as it provides assistance to U.S. allies in Israel and Ukraine.

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MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Ramirez, Jacobs, Jayapal, Pocan, 18 Members of Congress Introduce Legislation to Condition Weapons to Israel, Save Lives

Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

The legislation comes as the government of Netanyahu escalates ground operations in Gaza and the West Bank and the Trump Administration advocates for the displacement of Palestinians

Washington, D.C. – Today, Members of Congress Delia C. Ramirez (IL-03), Sara Jacobs (CA-51), Pramila Jayapal (WA-07), and Mark Pocan (WI-02) led 18 members of Congress to introduce the Block the Bombs Act. The legislation would withhold the transfer of offensive weapons to Israel and demand Israel’s compliance with U.S. and international law. Given Netanyahu and Trump’s plan to continue and expand ground operations in Gaza and the West Bank and displace Palestinians, the Block the Bombs Act is an important and time-sensitive step to assert Congress’s oversight authority to protect civilians from starvation, displacement, and death.

Watch the Press Conference

Amid the negotiation of a new ceasefire deal, it is reported that the death toll in Gaza has surpassed 54,000 people, while the entire 2.1 million population of Gaza faces prolonged food shortages due to Israeli military blockades. Nearly half a million people are facing a possible famine, acute malnutrition, starvation, illness, and death. Since filing the bill, 36 people, including children, were killed while sleeping in a school-turned-shelter in Gaza City, and more than two dozen have been killed close to aid distribution points in Gaza. The actions of Netanyahu’s government in Gaza have been described by Former Israeli Prime Minister Ehud Olmert as “war crimes” against Palestinians.

“Netanyahu and Trump are a lethal, unaccountable, extremist duo. Trump has bypassed Congressional oversight on weapons transfers. The Israeli government is currently escalating attacks on the civilian population of Gaza. They are both out of control. Congress needs to assert its oversight authority,” said Congresswoman Ramirez. “Enough is enough. By introducing the Block the Bombs Act, a broad coalition is listening to the American people who don’t want their taxpayers’ money to continue supporting gross violations of US, international, and humanitarian law.”

“Self-defense cannot be justification for killing tens of thousands of people, imposing a humanitarian blockade, or forcing the displacement of a population. And yet, this is exactly what the Netanyahu Government has done for more than a year in Gaza. The United States shouldn’t facilitate this any longer by transferring offensive weapons to Israel that will be used to prolong and compound this mass suffering and death,” said Congresswoman Jacobs. “While I will always support the Iron Dome and other defensive systems, I believe we can’t in good conscience send offensive weapons systems that have caused significant civilian casualties and violated U.S. and international law.”

“This is a moment of great moral consequence. Over the past year and a half, the Government of Israel has repeatedly used U.S.-supplied weapons in violation of both international and U.S. laws,” said Jayapal. “We can no longer be complicit and allow our tax dollars to facilitate this violence and destruction. I am proud to co-lead this bill that would prevent the transfer of the most egregious offensive weapons to Israel without firm assurances that they will not be used indiscriminately against civilian populations.”

“For the last year and a half, Benjamin Netanyahu has laid siege to Gaza, killing at least 54,000 people, repeatedly displacing the entire population, and cutting off access to desperately needed humanitarian aid,” said Congressman Pocan. “This commonsense bill will prevent more unchecked transfers of these offensive weapons systems that are used to violate international human rights laws and hopefully help bring this devastating conflict to an end.”

The Block the Bombs Act requires Israel’s government to establish in writing the use of offensive weapons in accordance with US and International law, and it must be approved by Congress through a joint resolution. The legislation focuses on the worst-offending offensive weapons that are supplied by the US and have been involved in the grossest civilian casualties and documented violations of international law in Gaza. It does not impact Iron Dome or Israel’s ability to defend itself.

The bill is cosponsored by Representatives Becca Balint (VT-AL), André Carson (IN-07), Greg Casar (TX-35), Lloyd Doggett (TX-37), Veronica Escobar (TX-16) Maxwell Frost (FL-10), Jesús Chuy García (IL-04), Jonathan Jackson (IL-01), Hank Johnson (GA-04), Summer Lee (PA-12), Alexandria Ocasio-Cortez (NY-14), Ilhan Omar (MN-05), Ayanna Pressley (MA-07), Jan Schakowsky (IL-09), Lateefah Simon (CA-12), Rashida Tlaib (MI-12), Nydia Velázquez (NY-07), and Bonnie Watson Coleman (NJ-12).

It also has the support of local and national organizations like Adalah Justice Project, American Arab Anti-Discrimination Committee, American Friends Service Committee (AFSC), American Muslims for Palestine (AMP), Americans for Justice in Palestine Action (AJP Action), Amnesty International USA, Arab Resource & Organizing Center Action (AROC Action), Center for Civilians in Conflict (CIVIC), Center for Constitutional Rights, Center for International Policy Advocacy, Center for Jewish Nonviolence, Christians for a Free Palestine, Council on American-Islamic Relations (CAIR), Defense for Children International – Palestine, Demand Progress, Emgage Action, Friends Committee on National Legislation, Global Ministries of the Christian Church (Disciples of Christ) and United Church of Christ, Human Rights Watch, Illinois Muslim Action Network, IfNotNow Movement, IMEU Policy Project, Indivisible, Jewish Voice for Peace Action, Jews for Racial & Economic Justice (JFREJ), Justice Democrats, MADRE, MPower Change Action Fund, Muslim Advocates, New Internationalism Project, Institute for Policy Studies, Presbyterian Church (USA), Progressive Democrats of America (PDA), Rabbis for Ceasefire, Rising Majority, Sunrise Movement, The American Council for Judaism, The United Methodist Church – General Board of Church and Society, US Campaign for Palestinian Rights Action, US Council of Muslim Organizations (USCMO), Win Without War, Working Families Party

“The Block the Bombs Act is a historic bill that prohibits the transfer and sale of specific U.S. weapons to Israel that the Israeli government has consistently used to commit atrocities against civilians in violation of both international and U.S. law,”” said Brad Parker, Associate Director of Policy at the Center for Constitutional Rights. “It’s a straightforward challenge to United States complicity in Israel’s genocidal campaign in Gaza as Israeli forces block humanitarian assistance and directly target schools, hospitals, and civilians. As the Israeli government escalates the murder, starvation, and forcible transfer of Palestinians with President Trump’s full support, we recognize and appreciate the bold leadership of Reps. Ramirez, Jacobs, Jayapal, and Pocan.”

“Despite opportunities to change course, the Biden administration failed to do so. And now the Trump administration is failing to do so. They have to stop providing weapons to Israel, and they won’t do it without Congressional oversight. Which is why this Block the Bombs Bill is so important. It is your right to demand it, and we are standing with Congresswoman Ramirez to build support for it,” said Paul O’Brien, Executive Director of Amnesty International, during a press conference.

“Our weapons have been used to inflict atrocity after atrocity against Palestinians in Gaza. This is why HR 3565, the Block the Bombs Act, is so necessary. By passing it, Congress will prevent the Trump administration from delivering more bombs, artillery shells, and tank rounds that would enable further atrocities against the Palestinian people,” expressed Josh Ruebner, Policy Director of IMEU, at a press conference.

“We’ve documented how the Israeli government has collectively punished the civilian population, deprived the population of objects indispensable to its survival, and used starvation as a weapon of war. This year, Human Rights Watch found that US officials are complicit in Israel’s war crimes and will remain so unless and until weapons are suspended. Legislation like the Block the Bombs Act is long overdue. We hope members will support this effort in recognition of the humanity and dignity of the population suffering in Gaza and to bring US actions in line with US and international law,” Ida Sawyer, Director for Crisis and Conflict of Human Rights Watch.

For photos and videos of the event, click here.

BACKGROUND:

Israel’s war in Gaza began after a Hamas terrorist attack on Israel on Oct. 7, 2023, killing 1,200 people and taking about 250 hostages. Israel’s military campaign has killed over 54,000 people, mostly women and children. The offensive has destroyed vast areas, displaced around 90% of the population, and left people almost completely reliant on international aid. According to the United Nations, Gaza is “the hungriest place on Earth. The agency warns that the entire Palestinian territory’s population is at risk of famine, given that the mission to deliver help is “one of the most obstructed aid operations in recent history.”

At the moment, Hamas militants are still holding 58 hostages, around a third believed to be alive, after most of the rest were released in ceasefire agreements or other deals.

MIL OSI USA News –

June 6, 2025
MIL-OSI Global: How Trump’s ‘gold standard’ politicizes federal science

Source: The Conversation – USA – By H. Christopher Frey, Glenn E. Futrell Distinguished University Professor of Environmental Engineering, North Carolina State University

President Donald Trump holds up an executive order promoting coal production, with Environmental Protection Agency Administrator Lee Zeldin, left, and the secretaries of Interior and Energy behind him. AP Photo/Evan Vucci

The first time Donald Trump was president, the head of the U.S. Environmental Protection Agency developed a regulation known as the “science transparency” rule. The administration liked to call it the “secret science” rule.

“Transparency” sounds positive, but this rule instead prevented the EPA from using some of the best available science to protect human health.

For example, it required the EPA to ignore or downplay studies that established links between exposure to chemicals and health damage if those studies were based on confidential patient information that could not be released to the public. The problem: Many health studies, including those underpinning many U.S. pollution rules, rely on confidential patient information.

A U.S. District Court struck down the rule on procedural grounds a few weeks after it was issued. But now, the idea is back.

Trump’s so-called Restoring Gold Standard Science executive order of May 23, 2025, resurrects many features of the EPA’s vacated rule, but it applies them to all federal agencies.

To many readers, the executive order might sound reasonable. It mentions “transparency,” “reproducibility” and “uncertainty.” However, the devil is in the details.

What’s wrong with transparency and reproducibility?

“Transparency” implies that scientists should adequately explain all elements of their work, including hypotheses, methods, results and conclusions in a way that helps others see how those conclusions were reached.

“Data transparency” is an expectation that scientists should share all data used in the study so other scientists can recalculate the results. This is also known as “reproducibility.”

Trump’s executive order focuses on reproducibility. However, if there are errors in the data or methods of the original study, being able to reproduce its results may only ensure consistency but not scientific rigor.

More important to scientific rigor is “replicability.” Replicability means different scientists, working with different data and different methods, can arrive at consistent findings. For example, studies of human exposure to a set of pollutants at different locations, and with different populations, that consistently find relationships to health effects, such as illness and premature death, can increase confidence in the findings.

Replicability doesn’t require releasing confidential health data, as reproducibility would. Instead, it looks for the same results broadly from other sources.

During the first Trump administration, people in cities across the U.S. participated in marches for science, protesting the administration’s actions to cut the use of scientific evidence out of policymaking.
Michael Siluk/UCG/Universal Images Group via Getty Images

The science transparency rule in the first Trump administration was intended to limit the EPA’s ability to consider epidemiologic studies like those that established the health harms from exposure to secondhand smoke and to PM2.5, fine particles often from pollution.

Many large-scale studies that assess how exposure to pollution can harm human health are based on personal data collected according to strict protocols to ensure privacy. Preventing policymakers from considering those findings means they are left to make important decisions about pollution and chemicals without crucial evidence about the health risks.

These attempts to create barriers to using valid science echoed tactics used by the tobacco industry from the 1960s well into the 1990s to deny that tobacco use harmed human health.

Uncertainty: A matter of balance

Trump’s new executive order also emphasizes “uncertainty.”

In the first Trump administration, the EPA administrator and his hand-picked science advisers, none of whom were epidemiologists, focused on “uncertainty” in epidemiological studies used to inform decisions on air quality standards.

The EPA’s scientific integrity policy requires that policymakers “shall not knowingly misrepresent, exaggerate, or downplay areas of scientific uncertainty associated with policy decisions.”

That might sound reasonable. However, in the final 2020 rule for the nation’s PM2.5 air quality standard, EPA Administrator Andrew Wheeler stated that “limitations in the science lead to considerable uncertainty” to justify not lowering the standard, the level considered unhealthy. PM2.5 comes largely from fossil fuel combustion in cars, power plants and factories.

In contrast, an independent external group of scientific experts, which I was part of as an environmental engineer and former EPA adviser, reviewed the same evidence and came to a very different conclusion. We found clear scientific evidence supporting a more stringent standard for PM2.5.

Skepticism versus denial

The executive order also requires that science be conducted in a manner that is “skeptical of its findings and assumptions.”

A true skeptic can be swayed to change an inference based on evidence, whereas a denialist holds a fixed view irrespective of evidence. Denialists tend to cherry-pick evidence, set impossible levels of evidence and engage in logical fallacies.

The first Trump administration stacked the EPA Clean Air Scientific Advisory Committee, which advises EPA on setting health-protective air quality standards, with opponents of environmental regulation, including people connected to industries the EPA regulates. The committee then amplified uncertainties. It also shifted the burden of proof in ways inconsistent with the statutory requirement to protect public health with an adequate margin of safety.

The current administration has been dismantling science advisory committees in various agencies again and purging key EPA committees of independent experts.

Who decides when politics trumps science

According to Trump, “violations” of his executive order will be determined by a “senior appointee designated by the agency head.” This means a political appointee accountable to the White House. Thus, science in each federal agency will be politicized.

The political appointee is required to “correct scientific information.”

Anyone can file a “request for correction” regarding a published agency report. During the first Trump administration, chemical companies or their representatives repeatedly filed requests for changes to final EPA toxicity assessments on ethylene oxide and chloroprene. The administration delayed health-protective actions, which were finally addressed during the Biden administration for both chemicals.

The request for correction process is intended to correct errors, not to bias assessments to be more favorable to industry and to delay protective actions.

The bottom line on Trump’s ‘gold standard’

While the language of the executive order may seem innocuous based on a casual reading, it risks undermining unbiased science in all federal agencies, subject to political whims.

Setting impossible bars for “transparency” can mean regulators ignore relevant and valid scientific studies. Overemphasizing uncertainties can be used to raise doubt and unduly undermine confidence in robust findings.

A politicized process also has the potential to punish federal employees and to ignore external peer reviewers who have the temerity to advance evidence-based findings contrary to White House ideology.

Thus, this executive order could be used to deprive the American public of accurate and unbiased information regarding chemicals in the environment. That would prevent the development of effective evidence-based policies necessary for the protection of human health, rather than advancing the best available science.

H. Christopher Frey receives funding from the California Air Resources Board via a research grant to North Carolina State University. He was on leave from NCSU to the U.S. Environmental Protection Agency from 2021 to 2024. From 2021 to 2022, he served as Deputy Assistant Administrator of Science Policy. From 2022-20224, he served as the senate-confirmed Assistant Administrator of the Office of Research and Development and concurrently served as the EPA Science Advisor. He was a member of the EPA Clean Air Scientific Advisory Committee from 2008 to 2012, and chaired CASAC from 2012 to 2015.

– ref. How Trump’s ‘gold standard’ politicizes federal science – https://theconversation.com/how-trumps-gold-standard-politicizes-federal-science-258277

MIL OSI – Global Reports –

June 6, 2025
MIL-OSI USA: Ivey, Van Hollen, Klobuchar Lead Nearly 100 Members in Pressing Administration for Answers on Cancellation of Protected Status for Afghans Living in U.S.

Source: United States House of Representatives – Congressman Glenn Ivey – Maryland (4th District)

Decision could endanger thousands of Afghans, including many who supported U.S. efforts during the war in Afghanistan

WASHINGTON – Congressman Glenn Ivey (D-Md.), joined Senators Chris Van Hollen (D-Md.) and Amy Klobuchar (D-Minn.) in leading 98 of their colleagues in pressing for answers from the Department of Homeland Security and Department of State around the decision to terminate Temporary Protected Status (TPS) for Afghan nationals living in the United States. The lawmakers’ letter, sent to Secretary of Homeland Security Kristi Noem and Secretary of State Marco Rubio, notes the devastating impact of this decision, including on the many Afghans who supported the U.S. military during the war in Afghanistan and who face significant danger upon their return.

“We write with deep concern about the Department of Homeland Security’s termination of Temporary Protected Status (TPS) for Afghanistan, which is scheduled to take effect on July 14, 2025. This decision is devastating for resettled Afghan nationals in the United States who have fled widespread violence, economic instability, challenging humanitarian conditions, and human rights abuses in their home country. Many of these Afghans fearlessly served as strong allies to the United States military during the war in Afghanistan, and we cannot blatantly disregard their service. We respectfully ask that you redesignate Afghanistan for TPS to ensure Afghan nationals in the U.S. are not forced to return to devastating humanitarian, civic, and economic conditions,” the lawmakers began.

They go on to note, “The Secretary of Homeland Security ‘may designate a foreign country for TPS due to conditions in the country that temporarily prevent the country’s nationals from returning safely, or in certain circumstances, where the country is unable to handle the return of its nationals adequately.’ This is why, following the withdrawal of American troops and the return of the Taliban to power in Afghanistan, in May 2022 the U.S. designated Afghanistan for TPS.”

“The grave conditions that forced Afghan nationals to flee and seek refuge in the U.S. following the return of the Taliban to power remain. Because of this harsh reality, forcing Afghan nationals in the U.S. to return to Afghanistan would be reckless and inhumane, and would threaten the safety and well-being of thousands of individuals and families, especially women and girls,” they stress.

The lawmakers close the letter urging the Administration to reverse course and seeking the following information:

Please provide any reports that credibly determine that conditions have improved in Afghanistan since 2023.

The TPS termination announcement stated that “there are recipients who have been under investigation for fraud and threatening our public safety and national security.” Please provide additional details on how the Administration made this determination and how widespread these allegations of fraud and threats are.

Describe the collaboration with the Department of Homeland Security and Department of State to reach the determination that Afghanistan no longer meets the conditions for designation for TPS.

Please provide any reports that indicate the Taliban is no longer a threat to Afghan nationals that assisted the United States military during the war in Afghanistan.

What steps are you taking to ensure that Afghan nationals who previously had TPS will not be sent back to persecution or torture in Afghanistan?

In addition to Senator Van Hollen, Congressman Ivey, and Senator Klobuchar, the letter was signed by Senators Alsobrooks, Baldwin, Blumenthal, Booker, Coons, Cortez Masto, Duckworth, Durbin, Fetterman, Gillibrand, Heinrich, Hirono, Kaine, Kelly, Kim, King, Markey, Padilla, Reed, Rosen, Sanders, Schiff, Smith, Warner, Warnock, Welch, and Wyden and Representatives Amo, Ansari, Balint, Bell, Beyer, Budzinski, Carbajal, Carter, Casten, Castro, Chu, Clarke, Cleaver, Courtney, Dean, DeGette, DelBene, Elfreth, Evans (Pa.), Fields, Garcia (Calif.), García (Ill.), Garcia (Texas), Goldman, Gomez, Gonzalez, Gottheimer, Hayes, Jackson (Ill.), Jayapal, Johnson (Ga.), Johnson (Texas), Kaptur, Keating, Kelly (Ill.), Kennedy (N.Y.), Krishnamoorthi, Landsman, Larson, Latimer, Levin, Lieu, Lofgren, Lynch, McClain Delaney, McClellan, McCollum, McGovern, Meeks, Mfume, Moulton, Norton, Olszewski, Pallone, Panetta, Peters (Calif.), Raskin, Sánchez, Scanlon, Schakowsky, Sherman, Sorensen, Subramanyam, Swalwell, Titus, Tlaib, Tokuda, Tonko, Vargas, Veasey, and Watson Coleman.

The full text of the letter is available here and below.

Dear Secretary Noem and Secretary Rubio:

We write with deep concern about the Department of Homeland Security’s termination of Temporary Protected Status (TPS) for Afghanistan, which is scheduled to take effect on July 14, 2025. This decision is devastating for resettled Afghan nationals in the United States who have fled widespread violence, economic instability, challenging humanitarian conditions, and human rights abuses in their home country. Many of these Afghans fearlessly served as strong allies to the United States military during the war in Afghanistan, and we cannot blatantly disregard their service. We respectfully ask that you redesignate Afghanistan for TPS to ensure Afghan nationals in the U.S. are not forced to return to devastating humanitarian, civic, and economic conditions.

The Secretary of Homeland Security “may designate a foreign country for TPS due to conditions in the country that temporarily prevent the country’s nationals from returning safely, or in certain circumstances, where the country is unable to handle the return of its nationals adequately.” This is why, following the withdrawal of American troops and the return of the Taliban to power in Afghanistan, in May 2022 the U.S. designated Afghanistan for TPS. In September 2023, the U.S. extended and redesignated TPS for Afghanistan. The Administration’s decision to terminate TPS for Afghanistan negatively impacts approximately 9,000 Afghan nationals.

In your announcement, you state that “there are notable improvements in the security and economic situation such that requiring the return of Afghan nationals to Afghanistan does not pose a threat to their personal safety due to armed conflict or extraordinary and temporary conditions.” But you also concede that threats of violence and terrorism, as well as humanitarian concerns, remain. The Islamic State Khorasan Province (ISKP), the Afghan affiliate of the Islamic State (ISIS), continues to launch attacks against ethnic and religious minorities and against the Taliban, leading to innocent civilian casualties. If Afghan nationals are forced to return to Afghanistan, they will be caught in the crossfire between the Taliban and ISKP. According to Human Rights Watch, in 2024, Taliban authorities intensified their crackdown on human rights, especially against women and girls. Women and girls are banned from attending secondary school or university and are unable to move freely. The Taliban also continues to detain and torture journalists, curtailing free speech and media. The 2023 U.S. State Department Human Rights Report covering Afghanistan found that women’s rights rapidly declined and restrictions on freedom of expression increased. The horrific human rights conditions in Afghanistan are unsafe for Afghan nationals to return to and returning would put their personal safety at immediate risk.

We are also deeply concerned about the State Department Human Rights Report finding that widespread arbitrary and unlawful killings against officials associated with the pre-August 2021 government have occurred. Afghan nationals who assisted the U.S. military should not be put in harm’s way because they supported the U.S. in its fight against the Taliban. This would be a betrayal of those who bravely served alongside our servicemembers for nearly two decades.

Afghan civilians still face devastating humanitarian and economic conditions. Over half of the population in Afghanistan needs urgent humanitarian assistance. Human Rights Watch reports that in 2024, 12.4 million people were facing food insecurity and 2.9 million were at emergency levels of hunger. The World Bank also found that in Afghanistan, as of May 2025, “per capita income has stagnated, while poverty and food insecurity remain pressing challenges, exacerbated by high unemployment and restrictions on women’s economic participation.”

The grave conditions that forced Afghan nationals to flee and seek refuge in the U.S. following the return of the Taliban to power remain. Because of this harsh reality, forcing Afghan nationals in the U.S. to return to Afghanistan would be reckless and inhumane, and would threaten the safety and well-being of thousands of individuals and families, especially women and girls.

In August 2021, Americans welcomed Afghan nationals at Washington Dulles International Airport in Virginia with open arms, and we refuse to turn our backs on them now. We strongly urge you to reconsider your decision to terminate TPS for Afghanistan and ask that you respond to the following requests no later than two weeks of receipt of this letter:

Please provide any reports that credibly determine that conditions have improved in Afghanistan since 2023.

The TPS termination announcement stated that “there are recipients who have been under investigation for fraud and threatening our public safety and national security.” Please provide additional details on how the Administration made this determination and how widespread these allegations of fraud and threats are.

Describe the collaboration with the Department of Homeland Security and Department of State to reach the determination that Afghanistan no longer meets the conditions for designation for TPS.

Please provide any reports that indicate the Taliban is no longer a threat to Afghan nationals that assisted the United States military during the war in Afghanistan.

What steps are you taking to ensure that Afghan nationals who previously had TPS will not be sent back to persecution or torture in Afghanistan? Thank you for your attention to this urgent matter and we hope to receive your responses soon.

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MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Luján, Fischer Introduce Bipartisan Legislation to Secure America’s Satellite Systems

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Subcommittee on Telecommunications and Media, and U.S. Senator Deb Fischer (R-Neb.), Chair of the Subcommittee on Telecommunications and Media, introduced the bipartisan Secure Space Act of 2025 to protect America’s satellite systems from foreign threats and strengthen national security.
Companion legislation – sponsored by House Energy & Commerce Committee Ranking Member Frank Pallone (D-N.J.) and Chairman Brett Guthrie (R-Ky.) – passed the U.S. House on April 28, 2025.
“As satellite technology continues to advance, so do the threats to our national security. The Secure Space Act blocks satellite licenses for untrusted entities and protects our skies from foreign adversaries,” said Senator Luján. “This bill would help protect U.S. innovation and defend our communications networks from foreign entities that seek to hijack our future.”
“Americans rely on crucial communications services provided by our satellite systems now more than ever. That’s why we must prevent foreign adversaries like Communist China and Russia from undermining our ability to utilize these services safely and reliably,” said Senator Fischer. “My bill strengthens our communications infrastructure against these vulnerabilities to make Americans’ network access more secure.”
Background:
The Secure Space Act of 2025 prohibits the Federal Communications Commission (FCC) from granting satellite licenses or U.S. market access for foreign-licensed satellite systems to any entity or its affiliates that produce or provide communications equipment or services deemed a national security risk.
The legislation amends the Secure and Trusted Communications Networks Act of 2019 to extend this prohibition to both geostationary and non-geostationary orbit satellite systems, including gateway stations. It applies to new licenses and authorizations issued after the bill’s enactment and requires the FCC to establish implementing regulations within one year.
Click here to read text of the bill.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: A Young Old: Remarks at the Third Annual Conference on Emerging Trends in Asset Management

Source: Securities and Exchange Commission

Thank you, Natasha [Vij Greiner]. Good morning and welcome to the Third Annual Conference on Emerging Trends in Asset Management. Before I begin, I must remind you that my views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.

Today’s four panels take us on a tour from the beginning of the ’40 Acts up to the most recent developments in asset management, and on to the developments likely to come in the near future. These panels are in keeping with the asset management industry, which is an iterative one in which new developments are rooted in the old. I am looking forward particularly to hearing from our “Forever Young” panel of former IM Directors who will reminisce on 85 years of the Investment Company and Investment Advisers Acts.

Thinking back to my arrival at the Division of Investment Management as a wide-eyed staff attorney 25 years ago makes me feel anything but young. But happy memories linger from my four years in the Division: Immersing myself in Division history with the well-worn green binder “bibles,” wrestling through current issues in a rulemaking, or imagining the future of asset management through the eyes of the red book. My colleagues, of course, were the highlight of that experience. Paul Roye as Division Director, Hunter Jones as remarkably patient supervisor, Bob Plaze as master rule-drafter, Martha Peterson as consummate mentor, and countless colleagues who only recently left the staff, including: Bill Middlebrooks, Beckie Marquigny, Chris Chow, Penelope Saltzman, Jennifer McHugh, Jennifer Sawin, Janet Grossnickle, and Nadya Roytblat, to name a few. These and other members of the Division staff poured themselves into administering the statutory framework within which the asset management industry has flourished.

Although I am not feeling it personally, the first panel’s “Forever Young” title is an apt reminder that the regulatory framework must retain nimbleness and flexibility even though these characteristics typically wane with age. As the panel embodies, however, the wisdom of the past should guide our exercise of that flexibility. The asset management industry is in the midst of an age of innovation, a topic which will occupy the last three panels. Continued product proliferation, increased retail access to private markets, and tokenization will expand the menu of investment options available to investors. Accompanying that expansion should be education, including the innovative use of new technological tools to educate investors and their financial professionals about innovative product offerings.

For the sake of portfolio diversification, retail investors need access to a broad range of investment opportunities. The breadth of the public markets, where retail investors do most of their investing, has suffered as the number of listed companies has declined,[1] companies wait longer to attempt an IPO, and several large companies dominate the public market indices. The Commission should work on reforming public company regulation to help address this decline. But some asset classes are not fit for the public markets. Accordingly, retail investors and the financial professionals that serve them also are looking for additional diversification in the private markets.

Commission rules and regulations along with Commission staff positions have contributed to keeping retail investors out of the private markets. We should consider how to amend the “accredited investor” definition in the Commission’s rules so that more people are eligible to invest in the private markets. In August 2020, the Commission supplemented slightly the existing net income and wealth categories for qualifying natural persons, a change the Commission admitted was marginal.[2] I would like to see more meaningful expansions as would many retail investors who resent being cut off from an increasingly large segment of the market. The Commission staff can take other steps at once to allow retail investors greater access to private markets. For example, as Chairman Atkins recently noted, since 2002, Commission staff has taken the position that closed-end funds investing 15% or more of their assets in private funds should impose a minimum initial investment requirement of $25,000 and restrict sales to investors that meet the accredited investor standard.[3] Neither the statute nor Commission rules require such limitations. Removing them would allow retail investors greater access to private investments through a closed-end fund wrapper with the benefit of professional management. I support the Chairman’s directive that the staff address this situation, including by ensuring that funds are making adequate disclosure regarding conflicts of interest, illiquidity, and fees for closed-end funds that trade on exchanges. We also should work with fund sponsors that want to experiment with interval funds.

Some retail investors also want to add digital assets to their investment portfolios. Until recently, the Commission mostly stymied their efforts to do so through convenient and cost‑efficient securities products. Some ’40 Act funds afforded investors indirect exposure to crypto assets, but only when pushed by the courts did the Commission greenlight the trading of spot bitcoin (and later spot ether) exchange-traded products under the 1933 Act. The Trading and Markets staff is working diligently through many applications to list a whole range of digital asset ETPs. A standardized approach for such ETPs could ease the burden for the industry and the SEC staff. Asset managers are also creating new products under the ’40 Act. Just as a reminder a fund that invests primarily in spot crypto assets that are not securities cannot register as an investment company under the ’40 Act.

Additional guidance could open the door to enhanced investor choice and increased portfolio diversification for investors. The Commission is working, for example, on providing clarity for investment advisers and investment companies. One area in which there is a lack of clarity is how investment advisers and investment companies can hold digital assets in compliance with the current Commission custody requirements. One issue causing significant uncertainty is whether using state-‑chartered limited purpose trusts as a custodian of crypto assets would be consistent with the custody requirements of the Investment Company Act and Investment Advisers Act, and particularly whether they meet the definition of a bank provided in both Acts. More options for crypto asset custody may be coming following the rescission of Staff Accounting Bulletin No. 121[4] and clarifying statements made by federal banking regulators, including the OCC.[5] I hope that the staff of the Division of Investment Management can clarify how funds and advisers can treat a state trust as a bank with respect to the custody of crypto assets. More permanent clarity about how to apply the custody provisions to digital assets requires a deeper look at whether the custody requirements should continue to be based solely on qualified custodian status rather than on principles and qualitative criteria that may better ensure the safe custody of crypto assets. The Commission also should address questions as to whether registered investment companies may obtain exposure to crypto assets through investments that do not trade on a U.S.-regulated exchange and the tokenization of securities issued by registered investment companies.

The third panel deals with product proliferation, a testament to the creativity of the asset management industry and the flexibility of the governing statutes. The growth in and variety of exchange-traded funds is remarkable. The breadth of offerings serves a wide diversity of investor needs and often does so very cost effectively. Some of these products are complex and not fit for every client portfolio. Some of these products are designed not to be held for more than a day. They are tools for managing risk and volatility, enhancing returns, and limiting loss. If used incorrectly, they can have the opposite effects. The staff of the Commission, which is not a merit regulator, works hard with registrants to get the disclosures right for these products. Given the importance of understanding how these products work, I would like the Commission to consider whether overly conservative regulatory limits on marketing funds serve inadvertently to inhibit educational efforts by fund sponsors for financial professionals and investors.[6]

I look forward to seeing asset managers continue to innovate to serve investor needs. I hope that the SEC will commit itself to apply the many years of experience we have accrued with the flexibility necessary to accommodate innovation by incumbents and new entrants to the industry. May the rest of the conference help you to gain wisdom from industry and regulatory veterans, while staying forever young.

[1] The number of public companies listed on exchanges has fallen from 5,243 in 2004 to 4,862 in 2024, calculated based on Monthly Stock data from Center for Research in Security Prices, LLC (CRSP). As the following paper details, public company counts differ depending on what types of companies they include. See Vladimir Ivanov, Michael Pessin & Albert Sheen, Courts of Reporting Issuers Subject to the Securities Act of 1934 and Public Firms in 2023, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission, at 7 (Apr. 28, 2025), https://www.sec.gov/files/dera-registrant-count-2504.pdf.

[2] The change allowed certain natural persons to qualify as accredited based on defined measures of professional knowledge, experience, or certifications. Accredited Investor Definition, Rel. Nos. 33-10824, 34-89669, 85 Fed. Reg. 64234 (Oct. 9, 2020), https://www.govinfo.gov/content/pkg/FR-2020-10-09/pdf/2020-19189.pdf. The Commission noted that it did not expect the number of newly eligible individual accredited investors to be significant compared to the number of individuals then eligible to participate in private offerings. Id. at 64243.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Wasserman Schultz Leads Over Fifty House Democrats in Legal Defense of TPS for Venezuelans

Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

“The Executive Branch advances an interpretation of the TPS statute that, in essence, rewrites the statute to claim a power that Congress did not delegate,” said the Members in the brief’s introduction and summary. “Further, the Executive Branch asserts an interpretation of the TPS statute that leaves no role for the judiciary.”

Washington, DC – Today, U.S. Representative Debbie Wasserman Schultz (FL-25) led 54 Democratic Members of Congress to support and defend Venezuelans from the Trump Administration’s baseless termination of Temporary Protected Status (TPS) by filing an amicus brief with the United States Court of Appeals for the Ninth Circuit in National TPS Alliance v. Noem.

This filing follows the Supreme Court’s decision to allow Secretary of Homeland Security Kristi Noem to proceed with rapidly revoking the lawful status of Venezuelans while the case moves forward. Before its ruling, Wasserman Schultz led 48 Democrats in a similar brief to the Supreme Court.

“The Executive Branch advances an interpretation of the TPS statute that, in essence, rewrites the statute to claim a power that Congress did not delegate,” said the Members in the brief’s introduction and summary. “Further, the Executive Branch asserts an interpretation of the TPS statute that leaves no role for the judiciary.”

The brief continues, “Amici, drawing on their experience and expertise as members of Congress, explain how these offered interpretations are incorrect and further explain that the TPS statute does not allow for vacatur…noting the long history of bipartisan Congressional support for temporary protected status for Venezuelans who fled dangerous conditions in their country, conditions that persist today.”

Wasserman Schultz was joined by House Judiciary Committee Ranking Member Rep. Jamie Raskin (MD-8), House Committee on Homeland Security Ranking Member Rep. Bennie Thompson (MS-2), House Rules Committee Ranking Member Rep. James McGovern (MA-2), House Committee on Small Business Ranking Member Rep. Nydia Velazquez (NY-7), House Committee on Agriculture Ranking Member Rep. Jared Huffman (CA-2), Congressional Hispanic Caucus Chair Rep. Adriano Espaillat (NY-13), and House Progressive Caucus Chair Rep. Greg Casar (TX-35), as well as all Democratic Members of the Florida Congressional Delegation.

Additional signers include Reps. Judy Chu (CA-28), Jerry Nadler (NY-12), Eleanor Holmes Norton (DC-00), John Larson(CT-01), Jan Schakowsky (IL-09), Kathy Castor (FL-14), Steve Cohen (TN-09), Henry C. (“Hank”) Johnson, Jr. (GA-04), Paul Tonko (NY-20), Frederica S. Wilson (FL-24), Dina Titus (NV-01), Emanuel Cleaver II (MO-05), Lois Frankel (FL-22), Juan Vargas (CA-52), Donald S. Beyer, Jr. (VA-08), J. Luis Correa (CA-46), Pramila Jayapal (WA-07), Darren Soto (FL-09), Robin L. Kelly(IL-02), Steven Horsford (NV-04), Veronica Escobar (TX-16), Lizzie Fletcher (TX-07), Jesús G. “Chuy” García (IL-04), Sylvia R. Garcia (TX-27), Alexandria Ocasio-Cortez (NY-14), Mary Gay Scanlon (PA-05), Rashida Tlaib (MI-12), Shontel Brown (OH-11), Troy Carter (LA-02), Nikema Williams(GA-05), Sheila Cherfilus-McCormick (FL-20), Maxwell Alejandro Frost (FL-10), Jasmine Crockett (TX-30), Robert Garcia (CA-42), Glenn Ivey (MD-04), Sydney Kamlager-Dove (CA-37), Summer L. Lee (PA-12), Jared Moskowitz (FL-23), Delia C. Ramirez (IL-03), Andrea Salinas (OR-06), Gabe Amo (RI-01), Janelle Bynum (OR-05), Sarah Elfreth (MD-03), Cleo Fields (LA-06), Dave Min (CA-47), and Luz Rivas(CA-29).

Wasserman Schultz, who co-chairs the Venezuela Democracy Caucus, also recently partnered with Reps. Darren Soto(FL-9) and María Elvira Salazar (FL-27) to sponsor bipartisan legislation to reverse Trump’s termination of TPS for Venezuelans and redesignate protections.

The full amicus brief can be found here.

####

MIL OSI USA News –

June 6, 2025
MIL-OSI: 401(K) Plan Sponsors Expected to Favor Blend Target Date Funds, according to PIMCO Consultant Survey
Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., June 05, 2025 (GLOBE NEWSWIRE) — Nearly two-thirds of institutional consultants and 80 percent of aggregators say they expect plan sponsors to increase their implementation of blend target date funds, retirement asset allocation vehicles that blend active and passive management approaches, according to the 19^th Annual Defined Contribution (DC) Consulting Study conducted by PIMCO, a global leader in active fixed income with expertise across public and private markets.

Institutional consultants and aggregators also said they plan to focus more research and ratings on blend TDFs; while aggregators, in particular, intend to significantly increase their focus on personalized TDFs, advisor managed accounts (AMAs) and dual qualified default investment alternatives, vehicles that start out as traditional TDFs and then transition to a more personalized solution as workers approach retirement.

Additionally, in the next year, roughly half of the consultants surveyed and one-third of the aggregators said they expect sponsors to adopt private market investments within their asset allocation offerings, with private credit as the most likely option.

PIMCO surveyed 35 consultants and advisory firms, who serve over 27,000 clients, as part of the firm’s effort to capture the breadth of views in the industry as well as services available amid rapidly changing demographics of plan participants. Published results were based on responses from firms with more than $8.8 trillion in DC assets under management.

“We have seen the emergence of new themes in our survey as the industry continues to evolve,” said Rene Martel, Managing Director and PIMCO’s Head of Retirement. “This year, blend TDFs and private investments have joined other priorities as plan sponsors broaden their offering to address the diverse needs of their participants.”

Other survey findings:
- Incorporating Collective Investment Trusts (CITs) is the most common priority of sponsors, followed by evaluating both guaranteed and non-guaranteed retirement income strategies.
- The overall number of fund options remains steady, with two-thirds, on average, focused on active management; consultant recommendations have a stronger bias towards active management in fixed income, capital preservation, and inflation mitigation.
- DC plan offerings continue to evolve, with a shift from passive to active fixed income and from active to passive equity; there is also growing adoption of active multi-asset inflation strategies and removal of balanced funds.
- Interest in multi-sector fixed income is increasing due to its potential to help savers accumulate wealth through a broader opportunity set, sector rotation, and potential for higher yield generation, along with aiming to produce consistent income generation to support retirees.
- When evaluating tradeoffs of guaranteed income products, consultants have a strong preference for opt-in solutions that offer fee transparency, liquidity, and immediate income upon annuitization.
A summary of the survey’s key findings can be found here: https://www.pimco.com/us/en/investment-strategies/dc-survey

About the Survey
In its 19th year, the PIMCO US Defined Contribution Consulting Study seeks to help consultants, advisors and plan sponsors understand the breadth of views and consulting services available within the defined contribution (DC) marketplace. Our 2025 study captures data, trends and opinions from 35 consulting and advisory firms who serve over 27,000 clients with aggregate DC assets in excess of $8.85 trillion as of the date survey responses were collected. All responses were collected from January 14 through March 10, 2025.

About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

The survey results contain the opinions of the respondents at the time of the survey and may not reflect current opinions or investment strategies. These results may or may not match the views of PIMCO and are not intended to be reflective of PIMCO’s opinions on the market or any particular investment style or strategy. This material is distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: agnes.crane@pimco.com

The MIL Network –
June 6, 2025

Category: Business

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