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  • MIL-OSI: New MLPerf Training v5.0 Benchmark Results Reflect Rapid Growth and Evolution of the Field of AI

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, June 04, 2025 (GLOBE NEWSWIRE) — Today, MLCommons® announced new results for the MLPerf® Training v5.0 benchmark suite, highlighting the rapid growth and evolution of the field of AI. This round of benchmark results includes a record number of total submissions, as well as increased submissions for most benchmarks in the suite compared to the v4.1 benchmark.

    MLPerf Training v5.0 introduces new Llama 3.1 405B benchmark

    The MLPerf Training benchmark suite comprises full system tests that stress models, software, and hardware for a range of machine learning (ML) applications. The open-source and peer-reviewed benchmark suite provides a level playing field for competition that drives innovation, performance, and energy efficiency for the entire industry.

    Version 5.0 introduces a new large language model pretraining benchmark based on the Llama 3.1 405B generative AI system, which is the largest model to be introduced in the training benchmark suite. It replaces the gpt3-based benchmark included in previous versions of the MLPerf Training benchmark suite. An MLPerf Training task force selected the new benchmark because it is a competitive model representative of the current state-of-the-art LLMs, including recent algorithmic updates and training on more tokens. More information on the new benchmark can be found here. Despite just being introduced, the Llama 3.1 405B benchmark is already receiving more submissions than the gpt3-based predecessor saw in previous rounds – demonstrating the popularity and importance of large-scale training.

    Rapid performance improvements for key training scenarios

    The MLPerf Training working group regularly adds emerging training workloads to the benchmark suite to ensure that it reflects industry trends. The Training 5.0 benchmark results show notable performance improvements for newer benchmarks, indicating that the industry is prioritizing emerging training workloads over older ones. The Stable Diffusion benchmark saw a 2.28x speed increase for 8-processor systems compared to the 4.1 version six months ago, and the Llama 2.0 70B LoRA benchmark increased its speed 2.10x versus version 4.1; both outpacing historical expectations for computing performance improvements over time as per Moore’s Law. Older benchmarks in the suite saw more modest performance improvements.

    On multi-node, 64-processor systems, the RetinaNet benchmark saw a 1.43x speedup compared to the prior v3.1 benchmark round (the most recent to include comparable scale systems), while the Stable Diffusion benchmark had a dramatic 3.68x increase.

    “This is the sign of a robust technology innovation cycle and co-design: AI takes advantage of new systems, but the systems are also evolving to support high-priority scenarios,” said Shriya Rishab, MLPerf Training working group co-chair.

    Increasing diversity of processors, increasing scale of systems, broadening ecosystem

    Submissions to MLPerf Training 5.0 utilized 12 unique processors, all in the available (production) category. Five of the processors have become publicly available since the last version of the benchmark suite.

    • AMD Instinct MI300X 192GB HBM3
    • AMD Instinct MI325X 256GB HBM3e
    • NVIDIA Blackwell GPU (GB200)
    • NVIDIA Blackwell GPU (B200-SXM-180GB)
    • TPU-trillium

    Submissions also included three new processor families:

    • 5th Generation AMD Epyc Processor (“Turin”)
    • Intel Xeon 6 Processor (“Granite Rapids”)
    • Neoverse V2 as part of NVIDIA GB200

    In addition, the number of multi-node systems submitted increased more than 1.8x when compared to version 4.1.

    “The picture is clear: AI workloads are scaling up, systems are scaling up to run them, and hardware innovation continues to boost performance for key scenarios,” said Hiwot Kassa, MLPerf Training working group co-chair. “In-house large scale systems were built by few companies, but the increased proliferation – and competition – in AI-optimized systems is enabling the broader community to scale up their own infrastructure. Most notably, we see an increasing cadre of cloud service providers offering access to large-scale systems, democratizing access to training large models.

    “The industry is not standing still, and neither can we. MLCommons is committed to continuing to evolve our benchmark suite so that we can capture and report on the innovation that is happening in the field of AI.”

    Record industry participation

    The MLPerf Training v5.0 round includes 201 performance results from 20 submitting organizations: AMD, ASUSTeK, Cisco Systems Inc., CoreWeave, Dell Technologies, GigaComputing, Google Cloud, Hewlett Packard Enterprise, IBM, Krai, Lambda, Lenovo, MangoBoost, Nebius, NVIDIA, Oracle, Quanta Cloud Technology, SCITIX, Supermicro, and TinyCorp.

    “We would especially like to welcome first-time MLPerf Training submitters AMD, IBM, MangoBoost, Nebius, and SCITIX,” said David Kanter, Head of MLPerf at MLCommons. ”I would also like to highlight Lenovo’s first set of power benchmark submissions in this round – energy efficiency in AI training systems is an increasingly critical issue in need of accurate measurement.”

    MLPerf Training v5.0 set a new high-water mark for the >200 submissions. The vast majority of the individual benchmark tests that carried over from the previous round saw an increase in submissions.

    Robust participation by a broad set of industry stakeholders strengthens the AI/ML ecosystem as a whole and helps to ensure that the benchmark is serving the community’s needs. We invite submitters and other stakeholders to join the MLPerf Training working group and help us continue to evolve the benchmark.

    View the results

    To view the full results for MLPerf Training v5.0 and find additional information about the benchmarks, please visit the Training benchmark page.

    About ML Commons

    MLCommons is the world’s leader in AI benchmarking. An open engineering consortium supported by over 125 members and affiliates, MLCommons has a proven record of bringing together academia, industry, and civil society to measure and improve AI. The foundation for MLCommons began with the MLPerf benchmarks in 2018, which rapidly scaled as a set of industry metrics to measure machine learning performance and promote transparency of machine learning techniques. Since then, MLCommons has continued using collective engineering to build the benchmarks and metrics required for better AI – ultimately helping to evaluate and improve AI technologies’ accuracy, safety, speed, and efficiency.

    For additional information on MLCommons and details on becoming a member, please visit MLCommons.org or email participation@mlcommons.org.

    Press Inquiries: contact press@mlcommons.org

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/25f6643c-9978-4344-8c45-75336a9497dd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7781c2e5-02ce-4b69-b92b-c12c7e3a48fd

    The MIL Network –

  • MIL-OSI: Altius Inspiro Names Mr. Ryo Ohashi as New President and CEO to Drive Digital Transformation

    Source: GlobeNewswire (MIL-OSI)

    MANILA, Philippines, June 04, 2025 (GLOBE NEWSWIRE) — Altius Inspiro, Inc. (Inspiro), a leader in digital customer experience (CX) and business process outsourcing (BPO), proudly announces Mr. Ryo Ohashi as its new President and Chief Executive Officer, signaling a bold step toward a future defined by digital transformation.

    Driving Altius Inspiro’s Future Vision

    With over 20 years of global leadership experience in industries spanning cybersecurity, ICT, electronics, and human resource management, Mr. Ohashi steps into his new role with a clear, future-focused vision for Altius Inspiro. His track record of steering cross-cultural teams and adapting to dynamic market challenges equips him to guide the company toward its next phase of innovation and operational excellence.

    A Digital-First BPO Vision

    “My vision is to transform Altius Inspiro into a fully digital BPO company where innovation seamlessly blends with strategic portfolio management,” stated Mr. Ohashi. “With our unique strengths and passionate team, this transformation is not only possible—it’s inevitable.”

    This ambitious roadmap centers on repositioning Altius Inspiro as a global digital CX and BPO leader. Mr. Ohashi emphasizes leveraging the company’s core strengths, including two decades of operational excellence and enduring relationships with long-standing marquee clients, to cement the company’s leadership in the digital-first BPO space.

    Commitment to Innovation and Growth

    Under Mr. Ohashi’s leadership, Altius Inspiro will focus on three core pillars to achieve its digital transformation goals:

    1. Relentless InnovationThe company aims to set new industry benchmarks by continually evolving its professional services to meet the demands of a fast-changing digital landscape.
    2. Global ScalabilityThe company will scale its global footprint to reach new markets and ensure its services remain accessible to enterprises worldwide.
    3. Balanced Portfolio Development

    The company is committed to building and maintaining a diversified client portfolio, ensuring long-term resilience and sustainable growth for its partners, employees, and stakeholders.

    “Backed by our solid Transformation and Operations teams, Altius nspiro is perfectly positioned to lead the charge in shaping the next generation of BPO services,” said Mr. Ohashi.

    A Trusted Global Partner

    What sets Altius Inspiro apart is a unique combination of expertise and a deeply rooted sense of community. “Our people are the heart of this organization, and our shared sense of camaraderie empowers us to deliver exceptional results for our partners. This is what makes Altius Inspiro not just a service provider but a trusted global partner,” added Mr. Ohashi.

    Charting the Path Forward

    Under Mr. Ohashi’s forward-looking leadership, Altius Inspiro is equipped to redefine the BPO industry with a digital-first approach that blends technological innovation, operational excellence, and human expertise. This new chapter promises transformational growth and lasting success for clients and employees alike.

    About Altius Inspiro, Inc. 

    Altius Inspiro is a global leader in digital customer experience management and business process outsourcing, serving Fortune 1000 companies across diverse industries. With a reputation for operational excellence and digital innovation, the company delivers next-generation CX solutions powered by strategy, advanced analytics, and technology. Altius Inspiro is a subsidiary of Altius Link, Inc., supported by shareholders KDDI Corporation and Mitsui & Co., Ltd.

    For more information, visit www.inspiro.com.

    Contact:

    Raymond Boholano
    Vice President, Marketing and Corporate Communications
    raymond.boholano@inspiro.com

    The MIL Network –

  • MIL-OSI: Bitget Wallet Integrates Solana Pay to Enable Instant Crypto Payments

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, June 04, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has integrated Solana Pay, enabling users globally to make instant, low-fee crypto payments. The move expands Bitget Wallet’s real-world utility and supports its goal of making crypto seamless and accessible for everyday use.

    With this integration, Bitget Wallet users can scan Solana Pay QR codes to complete transactions using stablecoins like USDC and other Solana tokens. The feature supports both in-store and online payments, with upcoming compatibility for national QR code systems in regions such as Southeast Asia and Latin America. Transactions are settled directly from the user’s wallet, fee-efficiently and without intermediaries. This is part of Bitget Wallet’s growing PayFi suite, which aims to make crypto practical for commerce.

    “Our mission is to make crypto useful in everyday life — not just to hold or trade, but also to spend,” said Alvin Kan, COO of Bitget Wallet. “By integrating Solana Pay, we give users a fast and affordable way to use crypto globally. Combined with features for trading, staking, and DApp exploration, Bitget Wallet is becoming a true all-in-one platform for Solana and beyond.” The wallet supports 130+ blockchains, offers swaps across hundreds of DEXs, and connects users to thousands of Web3 apps in a secure, self-custodial environment.

    Solana Pay is an open-source payments framework built on Solana that enables decentralized, instant, and low-cost payments. The integration was made possible through collaboration with Venta, a Solana-powered payments provider offering scalable infrastructure for real-world blockchain payments. Venta connects wallets, merchants, and ecosystems to accelerate crypto adoption. “People everywhere deserve modern payments that don’t drain their pockets. Helping Bitget Wallet integrate Solana Pay for their millions of users shows that open, composable rails are the answer, letting any wallet, merchant, or developer tap into instant, low-cost transactions with just one integration. Together, Venta and Bitget Wallet are making that a reality,” said K, Co-Founder & CEO of Venta.

    Bitget Wallet offers a full Solana feature set across Trade, Earn, Pay, and Discover. Users can access Solana-native limit order trading through integration with Jupiter DEX, perform cross-chain swaps, and stake SOL via the wallet’s Earn suite. The wallet also supports reclaiming idle SOL through Solana account rent refunds, provides built-in MEV protection, and enables gas fee coverage using GetGas with Solana Paymaster support. Additionally, users can explore a wide array of Solana-based DApps directly within the app. These capabilities reflect Bitget Wallet’s broader commitment to making onchain finance more accessible, efficient, and secure for users engaging with the Solana network.

    To showcase the integration, Bitget Wallet will join the Solana Summit 2025 as a major partner. Taking place from June 5 to 7 in Da Nang, Vietnam, the summit will gather nearly 2,000 developers, founders, and ecosystem leaders. Bitget Wallet will host a branded booth with free coffee, exclusive merchandise, and live demos. The team will also lead a developer workshop and join a panel discussion, highlighting the wallet’s growing role in real-world crypto adoption. An evening side event will also offer a more informal setting for connecting with builders and partners.

    Find out more on Bitget Wallet’s official channels.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, contact media.web3@bitget.com

    About Venta
    Venta is a Solana-powered payments provider revolutionizing the payment landscape with scalable solutions, empowering merchants, consumers, and tech teams alike with an express lane to distribution and innovation. For more information, please visit https://www.venta.xyz/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ecaf0437-beae-428f-bd47-f006f696735a

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to study looking at the association between prescribed use of common psychiatric medications and the risk and progression of amyotrophic lateral sclerosis (ALS)

    Source: United Kingdom – Executive Government & Departments

    A study published in JAMA Network Open looks at the association between psychiatric medication use and the risk of amyotrophic lateral sclerosis (ALS) progression.

    Prof Ammar Al-Chalabi, Professor of Neurology and Complex Disease Genetics, King’s College London (KCL), said:

    “This is an interesting study, well carried out and leveraging the important Scandinavian health registers. There are two points to make:

    1. The associated effect on the risk of disease is small except in the year immediately before diagnosis (when there are symptoms of ALS/MND already). At most it represents a 25% increase in relative risk, which for a condition with a 1 in 300 lifetime risk, is not a big change.
    2. Association is not causation. That is especially important here. We already know that some of the genetic variants that nudge people towards schizophrenia for example, overlap with variants that nudge people towards ALS (the authors talk about this in the Introduction and cite the relevant paper). The same for other neuropsychiatric conditions – the authors do acknowledge this to some extent in the limitations section, when they talk about C9orf72. So it may not be use of the medication that increases ALS risk, but that the need for the medication is a signal that someone is already at increased genetic risk. Either interpretation fits the results.”

    Dr Brian Dickie, Chief Scientist, MND Association (Motor Neurone Disease Association), said:

    “The findings from this well performed but relatively small study are consistent with previous research from other investigators which indicates that ALS and schizophrenia may have some common genetic elements, and also with other research indicating increased cases of psychiatric illness amongst relatives of people diagnosed with ALS when compared with the general population. As people with psychiatric symptoms will more likely be prescribed relevant medication, these latest findings are not surprising in themselves.

    “The authors correctly seek to avoid over-interpretation of the results, stressing they have identified “an association”. They therefore veer away from any implication that these medications can cause or exacerbate ALS. In order to drill down further into these findings, future studies will need to incorporate more genetic data, as this would help address a number of potential confounding factors.

    “The most common genetic risk factor for ALS (a repeat expansion in the C9orf72 gene) originated in Scandinavia and therefore is particularly prevalent within the Scandinavian population. It is also the most common genetic risk factor for frontotemporal dementia, as well as possibly other neurological conditions, so a study in the Swedish population will most likely have a higher proportion of people with this particular genetic form of the disease. Not only would higher use of psychiatric medication be likely, but this genetic form is also linked with faster progression and shorter survival, which could explain the association between psychiatric medication and more aggressive disease.

    “A further potential factor linked to the higher prevalence of familial ALS in Scandinavia is that there may be much greater awareness of the genetic risk of ALS in families where a member has been diagnosed with ALS. Other family members may therefore exhibit anxiety and depression, especially as they start to approach the age at which their relatives were diagnosed.”

     

    Comments provided by our friends at the Australian SMC:

    Professor Bryce Vissel, Head of the Neuroscience and Regenerative Medicine Program at St Vincent’s Hospital Sydney, said:

    “Depression and anxiety are common conditions, while ALS is rare.

    “Psychiatric disorders such as depression and anxiety are not unusual in people who are later diagnosed with MND or ALS. But because these mental health issues are so common — and ALS is so rare — having depression or anxiety does not mean you are likely to develop ALS.

    “It’s far more likely that your symptoms are just what they seem. They should be treated for what they are, not feared as signs of something more serious — which is very uncommon.

    “We should treat depression and anxiety as depression and as anxiety — not as a warning sign for ALS in most people.

    “This study does not suggest the treatments cause ALS. Rather, it’s possible that early psychiatric symptoms — such as depression — are part of the disease itself. We call this a ‘prodrome’. That’s very different.”

    Professor Anthony Hannan, researcher at the Florey Institute of Neuroscience and Mental Health, said:

    “This new research article in JAMA Network Open adds to the evidence linking some psychiatric conditions to ALS, the most common form of motor neuron disease (MND). It should be noted that this study only addresses correlation, not causation (‘cause and effect’). 

    “Considering that the psychiatric medications linked to MND have very diverse pharmacology (and mechanisms of action), it is extremely unlikely that each of these medications directly contributes to the risk of MND.

    “What is more likely is that the findings reflect associations between psychiatric symptoms and risk of MND (independent of medication). This is consistent with previous studies, including those involving genetics, which link MND to frontotemporal dementia, a neurodegenerative disease where psychiatric symptoms are often prominent. It should be noted that the present study only involved 1057 ALS/MND patients (and a larger number of control subjects) in Sweden from 2015-2023.  

    “It will be important to follow up these findings with larger studies internationally, which also have comprehensive genetic profiling and other biomarkers (for both neurological and psychiatric disorders). Such future studies could inform new approaches to delay the onset of, and treat MND, and its associated neurological (and sometimes psychiatric) symptoms. Considering that this devastating disorder is currently incurable, and usually kills patients within a few years of diagnosis, any new approaches to help sufferers and their families are urgently needed.”

    ‘Use of Common Psychiatric Medications and Risk and Prognosis of Amyotrophic Lateral Sclerosis’ by Charilaos Chourpiliadis et al. was published in JAMA Network Open at 16:00 UK time Wednesday 4 June 2025. 

    DOI: 10.1001/jamanetworkopen.2025.14437

    Declared interests

    Dr Ammar Al-Chalabi: I know two of the authors well personally, Fang Fang and Caroline Ingre. In fact I am at a conference all week with Caroline. I consult for many pharmaceutical companies with the funds going to my research accounts at King’s, not to me personally. I am co-Director of the UK MND Research Institute.

    Dr Brian Dickie: No CoI’s.

    Professor Anthony Hannan: has not declared any conflicts of interest.

    Professor Bryce Vissel: has not declared any conflicts of interest.

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Mining in Motion Summit Highlights Growing Support for Formalized Artisanal and Small-scale Mining Sector (ASM) Industry

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

    ACCRA, Ghana, June 4, 2025/APO Group/ —

    The second day of the Mining in Motion 2025 Summit highlighted global industry leaders advocating for greater formalization of the artisanal and small-scale mining sector (ASM). The event featured keynote presentations calling for increased cooperation between the ASM and large-scale operators to drive sustainable industry growth.

    David Tait, CEO of the World Gold Council, emphasized the scale and importance of the ASM sector, which provides livelihoods for over 40 million people globally. However, he noted that the sector continues to face critical challenges, including illegal operations and environmental degradation.

    “With rising global demand and gold prices, illegal mining is on the rise – fueling civil unrest, child labor and depriving governments of billions in revenue that could support development,” Tait stated. “There is a risk in slow policy responses. In 1990, ASM accounted for just 4% of global gold production; today, it represents over 20%.”

    He commended Ghana for its various mechanisms such as the Ghana Gold Board in addressing illicit mining.

    “Government leadership is a fundamental requirement,” he added.

    He called for African markets to increase focus on the professionalization and formalization of ASM operations, increasing ASM access to legitimate financing, and the adoption of mercury-free processing methods.

    He also highlighted the World Gold Council’s work with seven central banks, including several in Africa, to ensure gold purchases from ASM sources are channeled through legal frameworks. Additionally, the Council has developed a guide to foster effective collaboration between the ASM and LSM actors.

    Representing Africa’s largest gold producer, Stewart Bailey, Chief Corporate Affairs & Sustainability Officer at AngloGold Ashanti, echoed the call for coexistence.

    “ASM has been part of the value chain since we were incorporated. For many years our approach has been to co-exist with ASM wherever feasible,” noted Bailey.

    AngloGold Ashanti is working with governments, NGOs and global organizations like the World Gold Council to support ASM operators in adopting mercury-free practices, upholding human rights, and promoting environmental rehabilitation, according to Bailey.

    Allan Jorgensen, Head of Responsible Business Conduct at the OECD Centre, reinforced the importance of responsible mining practices.

    “To unlock Africa’s potential, we must confront the challenges associated with gold as a driver of illicit activities,” Jorgensen said.

    The OECD developed a Due Diligence Guidance, supported by governments and aligned with regulations like those of the London Bullion Market Association, to reduce environmental and social risks in gold supply chains.

    MIL OSI Africa –

  • MIL-OSI Banking: Kevin Greenidge: Creativity and culture are not luxuries – they are necessities

    Source: Bank for International Settlements

    Good evening.

    It is a pleasure to join you once again to open the Season of Emancipation Visual Arts Exhibition Series. This annual tradition remains one of the most meaningful ways we celebrate our cultural identity as a nation, offering a space to reflect on who we are, how far we’ve come, and where we aspire to go.

    This year’s exhibition is especially significant. It opens on African Liberation Day, unfolds during the Season of Emancipation, and sets the stage for Barbados’ hosting of CARIFESTA 15. Each of these milestones is important in its own right. But together, they form a powerful moment for us to examine ourselves, not just as a nation, but as part of the wider Caribbean and African Diaspora family.

    The theme, Inner Visions, is both introspective and provocative. It invites us to pause, look inward, and ask: What do we see when we examine ourselves through the lens of freedom? What shapes our desires and dreams? And how do our current realities align with the promises made at Independence and the aspirations of the 1937 generation?

    The two exhibitions – Self-Reflections and Diasporic Connections – challenge us to confront difficult truths even as we celebrate the richness of our culture. They ask: What does it mean to be truly free – mentally, socially, creatively? How do we balance tradition and transformation? Are we fulfilling our potential?

    These are not rhetorical questions. They are deeply personal, and also profoundly national. Because freedom is not just about breaking chains. It’s about building the conditions for self-actualization.

    At the Central Bank of Barbados, we are proud to once again sponsor this initiative, continuing a commitment we first made more than three decades ago. For the third consecutive year, we are investing $80,000 to support this exhibition and to help strengthen Barbados’ visual arts sector. But our investment goes beyond funding. It is an affirmation that creativity and culture are not luxuries, they are necessities. They help us name our experiences, understand our histories, and imagine our futures.

    The Bank itself reflects this philosophy. We’ve curated a remarkable art collection over the years, much of it acquired through this very exhibition. These works document Barbadian life in all its beauty, struggle, complexity, and joy. They now form part of our national heritage, reminding us that art is not just something to observe, it is something to live.

    This year’s inclusion of animation, digital sculpting, and interactive installations is a welcome evolution. It reflects the ingenuity of our artists and mirrors the Bank’s own digital transformation journey. More importantly, it underscores our ability as a people to stay rooted while embracing change.

    Art also creates tangible economic value. It fuels creative industries, supports livelihoods, attracts global attention, and offers opportunities for youth. As we prepare to host CARIFESTA once again, this exhibition stands as an early and powerful showcase of the creative excellence Barbados brings, not just to the region, but to the world.

    But perhaps most powerfully, this exhibition reminds us that the deepest revolutions begin within. Before we change systems, we must first shift mindsets. Before we build the future, we must confront the truths of the past.

    In the spirit of Bussa, Nanny Grigg, and the countless unnamed whose inner visions gave rise to bold action, we are called to do the same. To reflect. To be courageous. To reimagine.

    To the National Cultural Foundation and the Queen’s Park Gallery, thank you for your vision and your leadership.

    To the artists, thank you for holding up a mirror to this nation. Thank you for showing us who we are, and who we might yet become. Your work is invaluable.

    I encourage everyone here to fully engage with this exhibition, not just with your eyes, but with your heart. Because in every brushstroke, frame, and installation, there is a question being asked:

    What do you see when you look within?

    Thank you and enjoy the exhibition.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Kevin Greenidge: Unbreakable, unmovable, unstoppable

    Source: Bank for International Settlements

    Good evening.

    As the stars in the life insurance business gather tonight, I am delighted to address you on the occasion of your 36th Annual Caribbean Sales Congress. It is both an honour and a privilege to engage with such a distinguished gathering of professionals who shape the financial security of our Caribbean nations.

    From the start of this Congress yesterday evening, tonight, and over the coming days, we reflect on industry trends, celebrate regulatory progress, forge new connections, and honour your exceptional achievers. Your congress theme – “Unbreakable, Unmovable, Unstoppable” – resonates deeply with me. These powerful words capture the very essence of what it means to thrive in today’s ever-evolving world, including within the life insurance and financial advisory sector. They speak to the resilience, steadfast determination, and unwavering commitment that define your work, day after day.

    Over the next few minutes, I invite you to join me on a journey exploring the vital importance of your sector and discovering what you must collectively do to remain truly unbreakable, unmovable, and unstoppable in an ever-changing world. 

    The Cornerstone of Caribbean Financial Stability

    The life insurance sector stands as an indispensable pillar supporting our Caribbean economic landscape. The numbers tell a compelling story: ordinary life plans continue to dominate market share across Barbados, the Eastern Caribbean, and Trinidad and Tobago, while group health plans remain the cornerstone in Jamaica and beyond.

    Yet despite these encouraging trends, our region’s insurance penetration rate of 2.18 percent trails significantly behind the OECD average of 4.6 percent. This gap represents not just a statistical shortfall, but a pressing opportunity for expanded financial education and awareness throughout our communities.

    But let us remember – insurance transcends mere policies and premiums; it embodies security, stability, and the safeguarding of our collective future. In a Caribbean increasingly vulnerable to economic disruptions, brought on by the climate crisis, and shifting demographics with aging populations and declining birth rates, your profession serves as a bedrock of financial protection. Whether securing a family’s stability after losing a breadwinner, or guaranteeing a child’s education, or creating pathways to dignified retirement, you provide the foundation of financial resilience upon which our communities build their dreams.

    Transforming Regional Economies Through Strategic Investment

    Our regional economies also stand at a critical crossroad, poised for strategic restructuring that will create sustainable growth platforms for generations to come. Take Barbados, for example – our economy has undergone remarkable transformation since 2018, evolving from a stagnating system burdened by debt into one characterised by sustained economic expansion and consistent debt reduction.

    We’ve made tremendous strides in enhancing our competitiveness, while simultaneously addressing both external and internal macroeconomic imbalances. The revitalisation of our formerly dormant capital market, through new treasury bill offerings and our recent long-term 20-year debenture, marks a significant milestone. With increasingly positive reviews from regional and international credit rating agencies, as evidenced by four upgrades in the last eight months, these financial products have attracted substantial interest.

    I encourage you, my regional colleagues, to reconsider your exposure to Barbadian government securities as you seek safe, secure investments from a nation firmly recommitted to fiscal prudence and sustainable, inclusive growth.

    Yet our journey has only begun, and the investment decisions made by life insurance companies like yours will prove instrumental in driving Caribbean economic growth forward. No economy can fully address its citizens’ long-term needs through fiscal measures alone. Instead, we must harness our people’s collective savings through strategic investments that accelerate sustainable growth.

    Consider this striking reality: approximately US$5.4 billion in excess cash currently sits idle in central banks across our region – low or non-earning investments that could instead fuel transformative growth. Imagine these resources channelled into developing tourism, renewable energy, and addressing the climate crisis – a fight that the Prime Minister of Barbados is leading – and innovative industries that sustainably leverage our vast marine resources and technological capabilities. How about harnessing some of this excess liquidity through a regional bond for economic development? 

    Life insurance products are uniquely designed to manage longevity risk, making your industry perfectly positioned to drive investment in crucial long-term infrastructure and both private and public securities that meet appropriate criteria. Tonight, I challenge us all to reimagine how these investments can reshape our Caribbean destiny.

    Celebrating Excellence: The Monica Robotham Story

    Now, we are gathered here tonight to celebrate a woman whose career and life is a testament to perseverance, excellence, and a profound commitment to service – Monica Robotham. Ladies and gentlemen, I am deeply honoured to join you in celebrating Monica’s extraordinary journey – a path that truly embodies what it means to be unbreakable, unstoppable, and unmoveable in your industry. Her story resonates profoundly with me because it demonstrates how dedication and service can transform not just a career but an entire community.

    From her humble beginnings at Life of Jamaica in 1987, Monica pursued excellence through prestigious designations and shattered barriers to join the industry’s elite. Her transformative leadership as President of the Jamaica Association of Insurance and Financial Advisors demonstrated unwavering commitment, breathing new life into the organisation when others might have faltered. Perhaps most inspiring was her remarkable service to vulnerable populations during the darkest days of COVID.

    Monica’s guiding principle – “You are remembered not by what you gathered, but by what you scattered” – offers us a profound model for success that transcends personal achievement. Tonight, I invite each of you to follow Monica’s example: become unbreakable through continuous professional growth, become unstoppable through selfless service to others, and become unmovable in your commitment to excellence. Her remarkable legacy highlights the truth that when we embrace these principles, we too can create lasting impact that ripples through both our profession and our communities.

    Personal and Professional Growth: Your Path to Becoming Unstoppable

    Success in this field demands more than knowledge and expertise – it requires a mindset of resilience, adaptability, and above all, continuous learning. To truly embody being unbreakable, unmovable, and unstoppable like Monica, I invite you to embrace these transformative principles in your own development journey:

    First, commit yourself to lifelong learning. The financial services landscape, like most industries today, is evolving at breath-taking speed. Regulatory shifts, technological revolutions, and emerging risks make staying informed and continuously honing your skills absolutely essential. Embrace professional development opportunities, earn new certifications, and position yourself as a trusted expert whose knowledge illuminates the path forward. The Central Bank I lead maintains an enduring tradition of training and development, and we encourage all financial services professionals to invest in their growth.

    Second, build meaningful client relationships that transcend transactions. In this era of technological convenience, the human touch remains your most precious asset. Your ability to genuinely connect with clients, deeply understand their unique needs, and provide thoughtfully tailored financial solutions, sets you apart in a crowded marketplace. Remember – a truly effective financial advisor is far more than a salesperson; you are a strategic partner guiding your clients’ financial journeys. Don’t simply sell products – ensure they meet each client’s unique circumstances and aspirations. We’ve witnessed too many instances of product mis-selling globally, and I recognise that we as Caribbean people sometimes approach long-term investing with understandable caution.

    Third, strengthen the ethical foundations upon which everything else rests. Trust must remain the fundamental currency of your industry. The financial advisory profession stands or falls on transparency, integrity, and unwavering ethical responsibility. CARAIFA’s mission to uphold rigorous industry standards testifies to the critical importance of maintaining credibility and trustworthiness in every client interaction.

    Fourth, embrace technological innovation as your ally rather than your adversary. Digital transformation is reshaping financial services in ways we could scarcely imagine a decade ago. Whether leveraging data analytics to gain deeper client insights or utilising digital platforms for enhanced service delivery, technology should be viewed as a powerful enabler rather than a disruptive force. The more effectively you harness its capabilities, the more efficient and impactful your practice becomes. Now is the perfect moment to explore artificial intelligence and understand how it can dramatically enhance efficiency, productivity, and results, throughout the insurance industry.

    Fifth, adapt nimbly to our region’s changing economic environment. The Caribbean’s economic landscape continues to evolve rapidly. The average growth in Gross Written Premiums across various markets has been modest – 2 percent in Barbados, 3 percent in Belize, and 4 percent in the Eastern Caribbean – reflecting the persistent challenges we face in achieving robust economic expansion. As financial professionals, you must anticipate market shifts, develop sophisticated understanding of economic trends, and provide solutions that are not merely relevant but genuinely sustainable over time.

    Finally, and perhaps most importantly, bring others along on your journey to success. To borrow Monica’s profound personal motto, “You are remembered not by what you gathered, but by what you scattered.” Her wisdom embodies an essential truth. In the realm of insurance and financial services, success is often measured by metrics – policies written, revenue generated, profits earned. But the true measure of your legacy lies not in what you accumulate for yourself, but in the lasting impact you create in others’ lives. And impacting others’ lives positively is at the core of your business.

    Like the parable of the mustard seed – the smallest of all seeds that grows into a mighty tree providing shelter for many – each small act of service contains within it the potential for tremendous growth and impact. Every day presents opportunities to scatter seeds of service, to scatter seeds of mentorship, and to scatter seeds of kindness – seeds that, when nurtured, blossom into lasting relationships, thriving careers, and stronger communities.

    Just as the mustard seed’s greatness lies not in its size, but in its immense potential, your most significant contributions often begin as simple gestures of support. Whether providing mentorship to emerging professionals, engaging in community outreach, or leading by example, when you climb the ladder of success like Monica, you must extend a hand to pull others up alongside you. Remember always – from the smallest seeds come the most abundant harvests.

    Embracing Monica’s Legacy of Impact

    As I close and you reflect on the profound work you do, carry Monica’s powerful words in your heart: “You are remembered not by what you gathered, but by what you scattered.” Like her, your career represents far more than a job – it embodies a life-calling. Monica has shown us that true success lies in the lives you touch, in the colleagues you mentor, and in the communities you strengthen.

    You, like Monica, possess the power to transform countless lives by ensuring families remain financially secure, businesses continue to thrive, and communities build upon foundations of economic strength.

    You are unbreakable in your commitment to serving others, mirroring Monica’s steadfast resilience through challenges, from her humble beginnings to her emergence as an industry leader.

    You are unmovable in your dedication to financial empowerment, demonstrating the same resolve Monica showed when revitalising JAIFA’s headquarters and supporting seniors during the pandemic’s darkest hours.

    You are unstoppable in your pursuit of excellence, following Monica’s inspiring example of continuous growth from her early days at Life of Jamaica through earning prestigious designations and establishing new standards of achievement.

    As you move forward into tomorrow, know that, like Monica, the seeds you scatter today will grow into the forests of tomorrow. Let her extraordinary journey inspire you to see beyond numbers, beyond commissions, to the true, transformative impact of your work. May this congress serve as a catalyst igniting renewed passion, deeper knowledge, and even greater commitment to your noble profession – a commitment to being remembered not by what you gather, but by what you scatter.

    Together, embracing Monica’s spirit of service and excellence, and guided by the wisdom of the mustard seed parable, let us continue building a Caribbean that stands financially resilient, well-insured, and confidently prepared for whatever the future may bring.

    Thank you, and may this evening’s stars light your path forward.

    Enjoy your 36th congress.

    I thank you!

    MIL OSI Global Banks –

  • MIL-OSI Banking: Rosanna Costa: The power of data for a smart world

    Source: Bank for International Settlements

    Good morning, ladies and gentlemen.

    It is an honor and a privilege to welcome you to the Sixth Statistics Conference of the Central Bank of Chile, which we are hosting in a particularly meaningful year for our institution as we celebrate its centennial. Over the past 100 years, the evolution of the economy-and of statistics in particular-has been closely interlocked with dynamic and ever-changing environments and faced with a future that is advancing rapidly and full of promising and challenging changes.

    This sixth edition of the Statistics Conference, whose title – “The Power of Data for a Smart World”- resonates strongly in this moment of our history. If there is one lesson the past century has taught us, it is that knowledge, grounded in solid information and rigorous analysis, guides the path to progress and stability. We are also opening the window to new developments that offer us opportunities and challenges, because they provide tools, but at the same time demand more information, of better quality and greater timeliness.

    In recognition of these one hundred years, I would like to revisit them through the lens of statistics-and from there, open the door to the next century.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Abdul Rasheed Ghaffour: The changing landscape and talent development initiatives for Malaysia’s financial sector

    Source: Bank for International Settlements

    It is a privilege to stand before you at this conferment ceremony, where we celebrate the achievements of more than 600 individuals who demonstrated dedication and outstanding achievement in banking. We are also honouring the conferment of Honorary Fellowship to Governor Eli, and paying tribute to the lifetime achievement of Tan Sri Azman Hashim, Fellow Chartered Banker (FCB), both outstanding individuals who have made immense contributions and shown commitment to excellence, which we can all strive to emulate.

    About a month ago, we welcomed our regional partners for the ASEAN meetings. We had the opportunity to engage deeply on the region’s most pressing challenges, namely the uncertainty from the US tariff announcements, the acceleration of digital transformation and the urgency of promoting sustainability practices.

    These challenges underscore the critical need for the financial sector to adapt and evolve in response to an ever-changing landscape. To navigate these complexities, continuous investments in talent are not merely an option but a necessity. By equipping our workforce with the necessary skills and knowledge, we empower them to transform challenges into opportunities and drive our economy forward. The knowledge, devotion and tenacity that have brought all conferees together today are the essential foundations that will propel Malaysia to greater heights.

    Global trade uncertainty, digitalisation and sustainability will shape the financial sector landscape in Malaysia

    Ladies and gentlemen,

    Our banking sector has been no stranger to formidable challenges. Yet, in recent years, we have been faced with transformative forces that could redefine the landscape of banking. Allow me to expand on three pivotal areas which I mentioned earlier: economic uncertainty, digital transformation and sustainability, and their implications on the banking sector workforce.

    As I speak, global trade uncertainty continues to persist, arising from a growing push for greater protectionism and a shift away from globalised supply chains. As a small open economy, the escalation in trade tensions and global policy uncertainties will affect Malaysia. However, we are facing this from a position of strength. Our economy will continue to grow, anchored by continued household spending and steady expansion in investment activities. Externally, resilient underlying demand for E&E goods and a sustained momentum of tourism activity can cushion the impact of tariffs on our exports. Malaysia’s diversified product and export markets further underscore our resilience against external shocks.

    These shifts in economic outlook remind us that the global landscape is ever-changing, underscoring the need for resilience and adaptability in the face of these headwinds.

    On this, the banking sector plays a critical role in allocating capital efficiently to support economic growth and transformation. We have demonstrated robust expertise in traditional areas such as retail segments (mortgages and personal finance), as well as other mature corporate industries. However, as the financial landscape evolves, new opportunities are emerging that remain underexplored, offering potential for growth and innovation. Financing of trading activities such as shipping, aviation or aerospace, investments in data centres, and other high-growth industries, represent untapped avenues that could contribute meaningfully to our economic development. By broadening their focus and addressing these gaps, the banking sector can better position businesses to compete effectively on a global stage.

    In the wake of global trade uncertainties, the banking sector’s role in supporting domestic businesses becomes more pronounced. Banks must collaborate with industry players to identify new opportunities, leveraging on both financial expertise and industry insights. A workforce adept at risk management, market analysis and client advisory enables banks to offer innovative financial solutions to help businesses stay ahead.

    The next transformative force is the increasing pace of technological breakthroughs, a trend underpinned by the proliferation of artificial intelligence (AI), data and automation. The Malaysian banking sector has increasingly leveraged AI and automation for risk management, fraud detection and complex analysis to enhance operational efficiency and strengthen security. The use of AI-powered chatbots and virtual assistants has also allowed customers to benefit from enhanced and personalised customer experiences, often without the need to visit a bank branch.

    While technology has clear benefits for the financial sector, it needs to be adopted responsibly, balancing efficiency with risk management. Senior leaders in the banking sector have themselves expressed increasing concerns about new vulnerabilities introduced from AI adoption, such as cybersecurity, legal uncertainty related to operations, difficulties in controlling outcome accuracy and prejudice from model bias.1 The banking sector’s shift to leverage technology, in particular AI, to remain competitive must be underpinned by strong governance frameworks, stringent data privacy protections and the highest ethical standards across the workforce. To ensure responsible adoption of AI, banks need to develop an understanding of both the opportunities and risks associated with AI, and invest in training programmes to enhance AI awareness, create an organisation-wide culture of responsible AI adoption and help employees recognise potential risks.

    Let’s now turn to the third critical area: sustainable finance and environmental, social and governance considerations. This year’s ASEAN Chairmanship theme on sustainability underscores the region’s commitment to equitable growth and environmental stewardship.

    At our meeting in Milan earlier this month, the ASEAN+3 finance ministers and central bank governors reaffirmed our commitment to collaborate on transition finance, disaster risk financing, and climate resilience. The meeting also recognised the need to channel greater capital flows into green and sustainable projects, including large-scale regional initiatives such as the ASEAN Power Grid (APG) being pursued as part of our chairing of ASEAN this year. A report by AMRO highlighted that Southeast Asia will require over USD200 billion annually in climate-related investments to achieve its net-zero targets.

    As we delve into this important area, it is evident that these are not just environmental imperatives, but instead, a strategic priority area across the region. Therefore, the banking sector must integrate ESG factors into their core operations and decision-making. Banks play a pivotal role in channelling financial solutions and capital towards projects that are not only economically viable, but also environmentally and socially responsible. For example, the increasing importance of blended finance as a key lever in scaling up climate-aligned and impact-driven investment will require bankers to build skills that go beyond standard credit risk assessment. This shift requires a banking sector workforce which is well-equipped with the right knowledge and expertise to be able to not only reduce credit risk for lenders, but also contribute meaningfully to advancing sustainability priorities and meeting ambitious climate goals. 

    Significant efforts have been undertaken by talent affiliates, while more can be done by the industry to collectively upskill the workforce

    Ladies and gentlemen,

    Malaysia has invested significantly in developing talent in our financial sector. Over the years, we have developed a comprehensive ecosystem of talent affiliates providing training, certification and future-looking guidance on the skills needed by the financial sector. On this, I would like to take a moment to applaud the Asian Institute of Chartered Bankers (AICB), Islamic Banking and Finance Institute Malaysia (IBFIM) and Asian Institute of Insurance (AII) for their commitment in driving the development and encouraging the implementation of the Financial Sector Future Skills Framework (FSF) since its launch in July 2024. I also wish to highlight the important role played by financial institutions to further complement these efforts through their respective learning and development academies.

    While the financial services industry benefits from a good talent development ecosystem, more collective actions are needed to future-proof the workforce. In an era of rapid transformation, the question remains: Is the industry investing enough in talent to meet evolving business needs and remain competitive?

    With the FSF as a common dictionary on skills critical for the future, I call on the banking sector to accelerate efforts to foster knowledge acquisition in areas that are relevant to address both current industry challenges and needs, as well as emerging trends to prepare professionals for future opportunities. This includes building a deep understanding of the unique financial requirements of sectors that will catapult the growth of the Malaysian economy, and in tandem, enhancing technical skills in credit risk assessment for these sectors to ensure financing decisions are made sustainably. Additionally, training should also focus towards building capacity to address regional financing demands, particularly in infrastructure financing and blended financing, to support the long-term economic growth of the region. By equipping banking professionals with advanced capabilities and specialised expertise, the financial sector can proactively respond to emerging opportunities, ensuring its readiness to meet evolving economic challenges and contribute to Malaysia’s regional competitiveness.

    Equally important is the need to continuously nurture ethical and principled bankers who uphold the highest standards of integrity. In a rapidly changing financial landscape, the foundation of trust and accountability is indispensable for ensuring the sector’s long-term sustainability and resilience. AICB, alongside industry leaders, must emphasise the development of bankers who embody professionalism, ethical conduct, and a commitment to responsible practices.

    In closing, I would like to once again congratulate all conferees today. Your individual commitment to self development and dedication towards embodying the values of integrity, professionalism and expertise will collectively elevate the banking sector. Your achievement today is setting a benchmark for the industry and will hopefully inspire many others to follow in your footsteps.

    To Governor Eli, today’s honorary conferment recognises your exemplary leadership, transformative contribution and excellence within our profession. Through his previous role in the Bank for International Settlements (BIS), Governor Eli advanced research and discussions on regional and international finance, and has been recognised as one of the top-performing central bank governors globally in his current role. As a former professor and director at the Asia School of Business (ASB), Governor Eli has also significantly contributed towards strengthening central banking education through the development of the Master’s in Central Banking course.

    To Tan Sri Azman Hashim, the Lifetime Achievement Award is a fitting honour to an industry heavyweight whose visionary contributions have profoundly shaped and advanced the Malaysian banking sector.

    Malaysia’s financial system is renowned for its resilience, innovation and sound governance. But the true strength behind this success is our people. I end with a simple quote from Jack Welch, the CEO of General Electric for more than twenty years, ‘The most important job you have is growing your people’.

    Thank you, and I wish all of you a fruitful journey ahead.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Kevin Greenidge: Strong regulation is the foundation for financial stability

    Source: Bank for International Settlements

    Distinguished representatives from the Association of Supervisors of Banks of the Americas (ASBA), esteemed participants from regional supervisory authorities, valued colleagues from the Central Bank of Barbados, good morning.

    It is a pleasure for the Central Bank of Barbados to host this Bank Analysis and Examination Course in collaboration with ASBA.  And I am delighted to chat with such a highly experienced group of professionals, all committed to enhancing our collective expertise in bank supervision with a shared goal of preserving financial stability across our respective jurisdictions.

    I thank ASBA for its invaluable support and dedication in organising this training. And I commend your continued commitment to strengthening financial supervision. This training ensures that the knowledge and skills of our member jurisdictions remain relevant, dynamic, and world-class. Your contributions align with our common objective as regulators to foster a stable and sustainable financial sector. I am confident that I echo the sentiments of many in expressing our deep appreciation for this enduring partnership and the opportunities it provides.

    ASBA’s work has helped us maintain international excellence in our regulatory standards. As an associate member for over 20 years, the Central Bank of Barbados has actively engaged in ASBA’s initiatives such as training programmes, policy discussions, and knowledge sharing, all aimed at enhancing regulation and supervision across the Americas, the Caribbean, and Spain.

    In 2002 and 2011, the Central Bank of Barbados proudly hosted Bank Analysis and Examination courses, as well as a course on Consolidated Supervision in 2014, amongst others. Over the years, our officers have also participated in a range of training courses. This continued engagement has enabled our supervisory teams to sharpen their skills and ensure that our risk-based supervision techniques remain aligned with the evolving financial landscape.

    Regulation in Barbados

    Strong regulation is the foundation for financial stability. It provides the framework through which supervisory authorities can identify, assess, and contain the risks facing the financial sector. This stability is essential to ensuring that institutions continue to provide the financial services that underpin economic activity.

    As the principal financial regulator in Barbados, the Central Bank plays a central role in upholding financial stability. The Bank Supervision Department was established in 1974 in accordance with the statutory mandate given by the Central Bank Act to supervise the operations of commercial banks and other financial institutions. The department seeks to ensure that licensed institutions function in a safe and sound manner, and in so doing to contribute to a sound economic and financial environment. We’ve built our regulatory approach on a solid foundation of legislation, supervisory frameworks, and guidelines, which are supported by a diverse and capable team that is further strengthened by developmental opportunities such as this course. 

    Risk-Based Supervision

    We’ve grounded our supervisory practices in the principles established by the Basel Committee on Banking Supervision. These core principles inform our Risk-Based Supervision (RBS) approach – a methodology that evaluates financial institutions based on the key inherent risks within their activities, and the quality of their risk management in response to those threats. Risk-based supervision enables us to prioritise our resources effectively by focusing on the areas that matter most.

    Purpose of the Course

    Foundational training such as this is critical, especially since bank examination is a multifaceted and dynamic discipline that demands strong analytical grounding, sound judgement and the ability to adapt with the evolving risk landscape. This course aligns seamlessly with the core principles of bank supervision, which emphasises the need for forward-looking risk-based supervision, robust supervisory frameworks and continuous capacity building. These principles are refined from time to time to accommodate emerging risks and ultimately strengthening supervisory effectiveness. 

    We welcome the timely and essential integration of key financial assessment characteristics into this training, specifically through ASBA’s CAMELS rating system – a proven benchmark for evaluating the health and stability of financial institutions.

    It will equip participants with tools and techniques to conduct in-depth analyses of financial institutions, identify vulnerabilities, and assess their resilience leading to stronger and more informed supervisory decisions. 

    I note that the administration of the course will be two-fold consisting of a theoretical foundation followed by a practical simulation of a bank inspection to reinforce the concepts through real-world application. 

    Concluding Remarks

    Over the coming days, you will explore the methodology behind the CAMELS framework as applied by the U.S. Federal Reserve. The insights gained will serve to enhance your ability to conduct risk-based assessments, contributing to more prudent and forward-looking supervisory practices.

    I encourage all participants to actively engage in the discussions, share experiences, and make full use of the expertise in the room. Your dedication to strengthening financial oversight is critical to the continued resilience of our financial systems.

    Thank you once again to ASBA, our organisers, and to each of you for your commitment and participation. I wish you all a productive and rewarding training experience.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Architect team appointed for Civic Centre

    Source: City of Plymouth

    Meet the team tasked with the job of shaping the future of Plymouth’s Civic Centre.

    Councillor Mark Lowry, Cabinet Member for Finance, Matthew Mayes and Mark Braund from BDP, Councillor Sally Cresswell, Cabinet Member for Education, Skills and Apprenticeships, Sheila Nethercott, Strategic Project Manager at the Council.

    Multidisciplinary design consultancy, BDP, has been appointed to lead the project to transform the landmark building into a Blue Green Skills Hub in the basement, ground and first floor as well as create more than 140 homes in the tower above.

    While City College Plymouth has its own architect to oversee the transformation of the lower floors, BDP will be responsible for ensuring the design successfully separates the education establishment from living quarters.

    It will also act as the Building Regulations Principal Designer ensuring the entire project complies with the Building Safety Act.

    Cabinet member for finance and city centre champion Councillor Mark Lowry said: “We were really impressed with their record of tackling difficult buildings and making sure that developments comply with all the latest regulations which are designed to keep people safe.

    “This landmark towers above the city – it is so important to our regeneration story, but it is not an easy building, so we are delighted to have such a high calibre team help us to achieve this vision.”

    BDP has worked on a number of landmark Plymouth projects in the past, including the University of Plymouth’s stunning Roland Levinsky building and the Theatre Royal regeneration project completed in 2013 which saw new facilities created in the basement as well as its public realm improvements.

    Its portfolio includes challenging projects such the redevelopment of the Grade II listed Weir Mill in Stockport and the architectural design of Preston Bus Station – described as one of the most significant Brutalist buildings in the UK.

    Matthew Mayes, architect director at BDP, said: “The Civic Centre’s transformation is a pivotal step in re-energising the city centre. This project presents an exciting opportunity to breathe new life into a historically significant building, reconnecting it with Royal Parade and Armada Way, and creating a vibrant, inclusive destination for learning, enterprise and community use.

    “We believe cities should be good for us and we have a long history of unlocking the potential of complex buildings to bring them back into use, and this is exactly the kind of challenge that drives us. Our goal is to create thriving, future-ready places, and we know this redevelopment will play a defining role in Plymouth’s next chapter.”

    The complexity of the redevelopment means other professionals have already been employed by the council to look at how best to turn the building – which used to be offices – into homes and an education establishment.

    Issues such as power supplies, separate access, lifts, power, ventilation, insulation all have to be addressed as part of the project. A new planning application will also have to be submitted later this year as detail from the original application has changed.

    Gwella Contracting Services continue the strip out works on site. This has been particularly challenging in the Civic Centre because of the building’s age and the fact there are currently no lifts in the 12-storey tower, which means that all waste material must be carried down the stairs.

    The Civic Centre redevelopment is being made possible thanks to the Government’s Future High Streets Fund, Levelling Up Fund and Homes England.

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Removing Trade Barriers With Other Provinces, Federal Government

    Source: Government of Canada regional news

    Trade barriers between Nova Scotia, several provinces and the federal government will soon be removed.

    Nova Scotia, along with Alberta, British Columbia, Manitoba, Ontario and Prince Edward Island have taken action to remove barriers and red tape that will open up new trade and investment opportunities. It is also anticipated that the federal government will do the same.

    “Removing these barriers will open up new opportunities for Nova Scotian businesses and help grow our economy – that means more jobs for Nova Scotians,” said Premier Tim Houston. “This is how Nova Scotia and Canada can be more economically secure.”

    The barriers being removed by Nova Scotia focus on three key areas:

    • ending Canadian Free Trade Agreement exemptions that limit interprovincial trade with Nova Scotia
    • allowing goods or services that are legally sold, used or provided in another province to automatically be able to be sold/used/provided in Nova Scotia without having to meet Nova Scotia’s specific labelling, packaging, certification or inspection requirements
    • removing labour mobility barriers by requiring regulators to process equivalent licences within 10 business days and restricting application requirements to evidence of good standing and liability insurance.

    The Province introduced the Free Trade and Mobility within Canada Act in February 2025 to help create mutual recognition of goods, services and labour mobility between Nova Scotia and other jurisdictions in Canada. The act allows the Province to remove barriers to trade and investment with others that will do the same for Nova Scotia.

    Nova Scotia’s removal of trade barriers with Alberta and P.E.I. comes into effect immediately, while barriers with the other provinces and federal government will be removed upon proclamation of their equivalent legislation.

    Quotes:

    “Alberta is proud to stand alongside Nova Scotia in advancing a more open and co-operative Canadian economy. I commend Premier Tim Houston and the Nova Scotia government for taking meaningful action to support freer trade within Canada. By recognizing Alberta-approved goods without additional red tape, Nova Scotia is showing leadership that supports businesses, strengthens interprovincial ties and moves us closer to the internal trade framework Canadians expect and deserve.”
    — Danielle Smith, Premier of Alberta

    “With tariffs and tariff threats taking aim at Canada’s workers and businesses, it’s never been more important for us to work together from coast to coast to tear down internal trade barriers so we can make Canada stronger and more united than ever before. We’re going to keep working with our federal, provincial and territorial partners to unlock economic opportunity and build a more competitive, resilient and prosperous country that can stand up to tariffs and anything else that comes our way.”
    — Doug Ford, Premier of Ontario

    “This announcement is one of the first tangible steps in adopting mutual recognition policy and breaking down interprovincial trade barriers, showing that the Premier and his government are serious about free trade within Canada. Simply put, this is good news for small businesses in our province. Now, eight in 10 small businesses across Canada are looking to their provinces to take the necessary steps to follow Nova Scotia’s lead.”
    — Duncan Robertson, Director of Legislative Affairs (Nova Scotia), Canadian Federation of Independent Business

    Quick Facts:

    • interprovincial exports contribute about 17 per cent of Nova Scotia’s gross domestic product
    • interprovincial exports make up about half of Nova Scotia’s total exports (about 48 per cent of all goods and services)
    • in 2023, the value of Nova Scotia’s interprovincial exports was nearly $29 billion
    • one-third of Canadian businesses participated in internal trade by buying or selling goods across provincial or territorial borders
    • more than $530 billion worth of goods and services moves across provincial and territorial borders every year – equal to 20 per cent of Canada’s gross domestic product

    Additional Resources:

    Free Trade and Mobility within Canada Act: https://nslegislature.ca/sites/default/files/legc/statutes/free%20trade%20and%20mobility%20within%20canada.pdf

    MIL OSI Canada News –

  • MIL-OSI USA: Warren, Senators Demand Explanation After Trump Admin Greenlights Giant Rocket-Redfin Merger, Warn of Potential Price Hikes for American Homebuyers

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    June 04, 2025
    Rocket has a history of anticompetitive behavior in the housing industry
    “At a time when families already face a housing affordability crisis, these deals…may reduce choice and raise prices for American families in the housing market.” 
    Text of Letter (PDF)
    Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Cory Booker (D-N.J.), Ranking Member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Mazie Hirono (D-Hawaii), Bernie Sanders (I-Vt.), and Tina Smith (D-Minn.) wrote to the Department of Justice’s (DOJ) Antitrust Division and to the Federal Trade Commission (FTC) seeking an explanation for the agencies’ failure to challenge Rocket Companies’ (Rocket) recent acquisition of Redfin, which creates a massive housing company that threatens to reduce choice and raise prices for American families in the housing market. 
    This merger allows Rocket, an online mortgage lending and real estate platform, to exert even greater control over each step of the homebuying process by taking over Redfin, a popular real estate search platform, and Mr. Cooper, the nation’s largest mortgage servicing firm. On May 8, 2025, the Trump Administration allowed the merger waiting period to expire without taking action to block or review the transaction. 
    After the Rocket-Redfin merger is completed, Rocket will have the power to steer Redfin users to Rocket’s real estate agents, limiting business for local, independent agents and brokerages. Rocket could also discourage Redfin users from comparison shopping for better mortgage offers by steering homebuyers to Rocket’s mortgages. Comparison shopping has been shown to save homebuyers an average of $76,410 over a 30-year mortgage.
    In addition, Rocket’s acquisition of Mr. Cooper will create a mortgage finance behemoth. By acquiring seven million mortgage servicing clients, Rocket would have a reduced need to compete for new customers. Altogether, with these acquisitions, Rocket would triple its current client base and control one in six mortgages in the United States. Rocket’s efforts to consolidate and control the homebuying market onto a single online platform sets a dangerous precedent for consumers, the industry, and the U.S. housing market as a whole at a time when house prices and mortgage rates continue to rise.
    Rocket has a history of anticompetitive efforts to steer homebuyers to its products. The Consumer Financial Protection Bureau (CFPB) sued Rocket in 2024 for allegedly steering homebuyers into purchasing Rocket mortgages and charging higher rates and fees. The CFPB dropped the lawsuit just three weeks after President Trump installed new leadership at the agency. 
    Under the DOJ and FTC’s merger enforcement guidelines, the acquisitions raise multiple concerns, including: 
    Under Guideline 6, which warns that “mergers can violate the law when they entrench or extend a dominant position”; 
    Under Guideline 7, which directs the DOJ and FTC to “examine whether a trend toward consolidation in an industry would heighten … competition concerns”; 
    Under Guideline 8, which clarifies that “when a merger is part of a series of multiple acquisitions, the agencies may examine the whole series”; and 
    Under Guideline 9, which warns that “mergers involving platforms can threaten competition.” 
    “Rocket’s proposed acquisitions…create the potential for Rocket to steer homebuyers to its own products, hike prices based on private data, and block competition. We ask that you provide an explanation for your agencies’ failure to challenge the Rocket-Redfin merger during the premerger review period,” wrote the senators. 
    The lawmakers asked the two agencies to provide clarity on why they declined to challenge the merger by June 17, 2025. 

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: At Hearing, Trump Treasury Nominee Refuses to Say Whether Trump’s “Big Beautiful Bill” Should Strip Away Health Care from American Families

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    June 04, 2025
    Trump Treasury Department created a $50 billion loophole for giant banks after 2017 tax bill passed, while Morrissey was deputy general counsel
    Paying for another $50 billion loophole would mean taking away Medicaid from approximately 700,000 Americans 
    Video of Exchange (YouTube)
    Washington, D.C. — At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned Brian Morrissey, nominee for general counsel of the Department of the Treasury, about the cost of tax giveaways to major corporations for American families. 
    After the passage of the Tax Cuts and Jobs Act, lobbyists for foreign banks like Credit Suisse and Barclays lobbied to minimize the effects of new taxes on their profits, eventually securing $50 billion in additional giveaways to foreign banks and their subsidiaries. At the time, Mr. Morrissey was deputy general counsel at the Treasury Department.
    Senator Warren pressed Mr. Morrissey on what further tax giveaways, including ones in Trump’s “Big, Beautiful Bill,” would mean for American families. Mr. Morrissey repeatedly declined to answer how many people would have to lose Medicaid coverage to free up another $50 billion for giveaways to the wealthy. 
    “It’s 700,000 people to make up for a $50 billion loophole. It’s like cutting off every single Medicaid recipient in the state of Nevada just to fund another $50 billion loophole like the ones you all managed to do last time around when you gave foreign banks this special loophole,” said Senator Warren. 
    Mr. Morrissey also declined to answer whether Trump’s “Big Beautiful Bill” should take away money from working-class Americans. Independent analysts have found that the bottom 40% of households in the U.S. would see their incomes fall next year if this bill is passed, while households in the top .1% will get nearly $400,000 in tax breaks. 
    “That’s what this bill is all about: taking from struggling families to give handouts to billionaires and big corporations…I think it’s obscene,” said Senator Warren. 
    Transcript: Hearing to Consider the Nomination of Brian Morrissey, Jr., of Virginia, to be General Counsel for the Department of the TreasurySenate Finance CommitteeJune 3, 2025 
    Senator Elizabeth Warren: Thank you, Mr. Chairman. So Donald Trump ran for President on the promise to lower costs – a promise that he abandoned almost as soon as he got elected. He also promised his “rich as hell” donors that he would deliver big tax breaks. So right now, Senate Republicans are working overtime to pass billionaire tax giveaways – partly paid for by kicking 14 million people off their health care and partly paid for by using magic math to pretend that those tax giveaways don’t cost as much as they actually cost. 
    Now, we’ve seen this play before. In 2017, President Trump’s first tax giveaway to the wealthy was supposed to cost just $1.5 trillion, and that was after there were a bunch of budget gimmicks to keep the total down. But even that wasn’t a big enough giveaway. After the bill passed, the Trump Treasury Department drafted regulations to implement the new law, and corporations sent armies of lobbyists in to write even more loopholes into the tax laws. 
    Now, Mr. Morrissey, you were deputy general counsel at Treasury at this time. So you may remember: lobbyists from foreign banks like Credit Suisse and Barclays won a big new international tax loophole for loans they make to U.S. subsidiaries. Do you know how much they pocketed from that extra giveaway engineered in the Treasury Department?
    Mr. Brian Morrisey, nominee for General Counsel of the Treasury Department: Senator, I’m familiar with many of the regulations under TCJA, but not the answer to your specific question. 
    Senator Warren: Not that one? Well, then I will tell you. It was $50 billion, according to the Joint Committee on Taxation.
    Now, today, President Trump and Congressional Republicans are working to pass a new set of tax cuts for billionaires, millionaires, and giant corporations. This one, the price tag is around $4 trillion. And this time, they are planning to pay for it – in part – by slashing Medicaid and the Affordable Care Act by nearly $1 trillion and kicking 14 million Americans off their health care. It is handout time for billionaires and austerity for everyone else. 
    Mr. Morrisey, you’re nominated to be general counsel at Treasury, meaning you would help in the drafting and implementation of this bill – if it passed – maybe adding another $50 billion tax loophole here, another $50 billion tax loophole there.
    So, Mr. Morrissey, I just want to make sure that you think through what this means. Do you know how many people will have to lose their Medicaid coverage just to pay for one of those $50 billion tax loopholes out of a $4 trillion Trump tax giveaway?
    Mr. Morrisey: Senator, if I were to be confirmed, I would be committed to making sure that folks working at Treasury on tax issues are clear that the policy judgments in this space belong to the Congress. 
    Senator Warren: That’s not the question I’m asking here, Mr. Morrissey. I know you’d like to duck this one. My question is: when you create a $50 billion tax giveaway, do you know how many Americans lose Medicaid coverage to make up $50 billion? Do you know what those numbers are? These are just numbers.  
    Mr. Morrissey: Senator, again, the policy judgement is with the Congress and Treasury would be — 
    Senator Warren: No, it’s not a policy question I’m asking you. If you are going to be over at the Treasury Department and you’re talking about being in a position where you can actually create a $50 billion loophole—and I know you could do that because you’ve done it in the past—I just want to make sure when you’re doing the pluses and minuses of doing this, that you have some idea how many Americans will lose their Medicaid coverage in order to make up for a $50 billion loophole. Do you have any idea how many people have to lose Medicaid coverage to create $50 billion?
    Mr. Morrissey: Senator, whatever judgements this Congress makes in the statute—
    Senator Warren: Ten? A thousand? A million? Do you have any idea what that number is? 
    Mr. Morrissey: Senator, if I am confirmed, I am committed to making sure we are implementing—
    Senator Warren: Do you not have any idea what that number is, or do you just not want to say it?
    Mr. Morrissey: Senator, my role would be on the legal side. The policy side, the weighing of these important issues—
    Senator Warren: I’ll take that as you just don’t want to have to admit it. It’s 700,000 people to make up for a $50 billion loophole. It’s like cutting off every single Medicaid recipient in the state of Nevada just to fund another $50 billion loophole like the ones you all managed to do last time around when you gave foreign banks this special loophole. 
    And that’s what this bill is all about: taking from struggling families to give handouts to billionaires and big corporations. In fact, according to independent experts, Trump’s big, beautiful bill will take money away from the bottom 40% of families and turn around and shovel nearly $400,000 to everyone who’s in the top one-tenth of one percent. 
    So let me just ask you one last question and we’ll finish this up. At a time when families are struggling with higher costs under President Trump, do you really think that Trump’s “big, beautiful bill” should take away money from working-class Americans, Mr. Morrissey?
    Mr. Morrissey: Senator, I think the tax legislation that this Congress passed in 2017 raised living standards and helped Americans across the spectrum and if Congress decides to take new action I am committed to working with Treasury to make sure we implement that.
    Senator Warren: You know, I’ve just got to say: tax cuts for the wealthiest, a $50 billion loophole here, another one there, and so what if hundreds of thousands of people lose their Medicaid and access to health care? That’s what this bill is all about, and I think it’s obscene.

    MIL OSI USA News –

  • MIL-OSI: Deep MM CEO Nathaniel Powell to Present at Fixed Income Leaders Summit

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — Deep MM, an AI-powered credit trading solution providing the most accurate U.S. pricing to the private credit market, has announced that its CEO and Founder Nathaniel Powell will be speaking on a panel about leveraging AI, ML and LLM technologies at Fixed Income Leaders Summit (FILS). The presentation – Spotlight on AI: How can you leverage AI, ML and LLM to distill complex datasets and empower trading and investment teams with unique actionable insights? – will be held on June 9 at 1 p.m. ET in Washington D.C. at the Omni Shoreham Hotel.  

    During the presentation Nathaniel will explore both the current and potential applications of AI and machine learning while highlighting how companies in the fixed income space can start deploying them. Attendees can expect to gain valuable insights into how LLM models can improve decision making and how to address the challenges that come with adopting this technology.  

    “AI, machine learning, and deep learning are making advances every day in the world’s economies, which is why there is no good reason for fixed income professionals to be left behind by them, as AI will have an outsized impact in capital markets,” said Nathaniel Powell, CEO and Founder of Deep MM.  “It is an honor that Deep MM was chosen to represent AI at FILS and I am excited to discuss the huge ROI potential for AI technology in fixed income trading.”

    Nathaniel and the Deep MM team will be available to meet at the company’s booth (Booth #50) for the duration of the conference – June 9-11.

    About Deep MM:

    Deep MM is an AI-powered credit trading solution that leverages advanced deep learning, trade secrets, and data analytics to enhance market performance and transparency. The company is pioneering large event models (LEMs), a new and important AI modality for financial and healthcare logistic scenarios. Currently its LEMs provide the most accurate U.S. corporate bond pricing and actionable insights for traders, sell-side dealers, and portfolio managers.

    Based in New York, the company features a team of seasoned experts from the world’s leading banks and tech firms, such as Goldman Sachs, Barclays, and Microsoft. For more information, please visit https://deepmarketmaking.com/.

    About Fixed Income Leaders Summit:

    Fixed Income Leaders Summit will bring together America’s leading buy side heads of fixed income trading and investment, with over 1000 attendees expected from across the full fixed income ecosystem, including representation from all the leading North American buy side firms For more information about the conference, please visit https://fixedincomeus.wbresearch.com/.

    Contact:
    Scott Rosenblum
    For Deep MM
    LEVEL PR
    scott@levelpr.co
    646-776-1222

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11487d87-1e63-4fd8-bbae-f35fd2b6a9ae.

    The MIL Network –

  • MIL-OSI: Nasdaq Launches Exclusive Access to Nasdaq Private Market’s Tape D® API to Deliver Advanced Visibility into Private Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — Nasdaq® (Nasdaq: NDAQ) announced today that the company has partnered with Nasdaq Private Market (NPM), a leading provider of secondary liquidity solutions to private companies, employees, and investors, to provide greater price transparency and valuation visibility into private, pre-IPO companies, including unicorns and other startups through NPM’s Tape D® private company dataset.

    As the exclusive distributor of the Tape D API, Nasdaq is enhancing essential transparency and access to an increasingly complex private company landscape. Now available to Nasdaq clients through API integration via Nasdaq Data Link, Tape D addresses critical transparency challenges by helping investors evaluate private holdings with greater confidence, enabling banks to structure private transactions more effectively, supporting wealth advisors and shareholders in managing liquidity needs, and equipping private companies with valuable insights for capital raises and tender offers. This comprehensive data product delivers real-time private market pricing by seamlessly integrating primary round data, secondary market transactions, and accounting data including mutual fund marks and 409A valuations.

    “Nasdaq was founded on the principle of leveraging technology to make markets more efficient, and we are committed to driving the same transformation in private markets that we’ve achieved in public markets,” said Oliver Albers, Executive Vice President, Chief Product Officer, Capital Access Platforms at Nasdaq. “The collaboration with Nasdaq Private Market builds upon this foundation, reflecting Nasdaq’s continued commitment to creating an ecosystem where transparency, accessibility, and improved outcomes naturally extend across the entire investment lifecycle,” noted Albers.

    “The private market is now a critical arena for valuation, investment, and planning, and requires accurate, real-time data. With over 1,200 unicorns and billions in equity held by private shareholders, the need for a reliable valuation benchmark is greater than ever. Tape D brings essential clarity to private markets, and we are excited to partner with Nasdaq to broaden access to market participants,” said Marc Perkins, CFA, Senior Vice President of Product at Nasdaq Private Market. In addition to the Tape D API from Nasdaq, NPM offers individual subscriptions directly via NPM’s website.

    The launch of this data partnership with Nasdaq Private Market marks the latest step in Nasdaq’s commitment to enhancing transparency, access, and portfolio management capabilities across the public-to-private investment spectrum. This includes offerings such as Nasdaq Fund Secondaries, which bring greater efficiency, transparency, and scalability to secondary transactions. Nasdaq also delivers solutions designed to equip asset owners and asset allocators with essential research and portfolio management tools that span both public and private markets. These enhancements address specific market challenges, helping managers clearly articulate their value propositions to gather assets while giving allocators the visibility they need for confident decision making.

    For more information about accessing the Nasdaq Private Market Tape D Data API, please visit: https://www.nasdaq.com/solutions/data/equities/TAPED

    About Nasdaq
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Nasdaq® is a registered trademarks of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. © 2025. Nasdaq, Inc. All Rights Reserved.

    About Nasdaq Private Market
    Nasdaq Private Market provides liquidity, wealth and data solutions for private companies, employees, and investors throughout each stage of the pre-IPO lifecycle. Since inception over a decade ago, NPM has executed nearly $60 billion in transactional volume for 200,000+ individual eligible employee shareholders and investors across 775+ company-sponsored liquidity programs. Founded within Nasdaq, Inc. in 2013, today NPM is an independent company with strategic investments from Nasdaq, Allen & Company, Bank of America, BNP Paribas, Citi, DRW Venture Capital, Goldman Sachs, HiJoJo Partners, Morgan Stanley, UBS, and Wells Fargo.

    Learn more at www.nasdaqprivatemarket.com. Visit LinkedIn and X for the latest company news.

    Disclosures and Disclaimers

    NPM is not: (a) a registered exchange under the Securities Exchange Act of 1934; (b) a registered investment adviser under the Investment Advisers Act of 1940; or (c) a financial or tax planner and does not offer legal or financial advice to any user of the NPM website or its services. Securities-related services are offered through NPM Securities, LLC, a registered broker-dealer and alternative trading system, and member FINRA/SIPC. Transactions in securities conducted through NPM Securities, LLC are not listed or traded on The Nasdaq Stock Market LLC, nor are the securities subject to the same listing or qualification standards applicable to securities listed or traded on The Nasdaq Stock Market LLC. Please read these other important disclosures and disclaimers about NPM found here: https://www.nasdaqprivatemarket.com/disclosures-disclaimer/

    Contact:

    Max Leitenberger
    Corporate Communications, Nasdaq
    Maximilian.leitenberger@nasdaq.com

    Amanda Gold
    Chief of Staff and Chief People Officer, Nasdaq Private Market
    Amanda.Gold@npm.com

    The MIL Network –

  • MIL-OSI: SECU Awards Summer Camp Scholarships to 457 Youth Members Statewide

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., June 04, 2025 (GLOBE NEWSWIRE) — State Employees’ Credit Union (SECU) has concluded its fourth annual Summer Camp Awards campaign, granting $500 scholarships to 457 young members throughout North Carolina. Recipients were selected through random drawings, with one FAT CAT® and one Zard® winner per branch from all eligible entries. The scholarships will be used for the registration costs and associated fees at the summer camp chosen by each youth winner. Applicants submitted an illustration or essay about their dream camp experience to be entered into the contest.

    Since its launch in 2022 the program has provided scholarships totaling $508,000 to 1,016 FAT CAT and Zard members. Summer Camp Awards were established to encourage young members to expand their knowledge through fun and engaging summer camps and provide financial support to help youth families pursue these impactful opportunities.

    “Parks was very excited when he found out he was a Summer Camp Award winner,” said Michael Hamilton, father of Raleigh-Wakefield Branch winner Parks Hamilton. “For his entry, he drew a picture of pandas, bamboo, flowers, a hummingbird, a seagull, and volcanos – things he’s seen in Kung Fu Panda. He will be attending a Tae Kwon Do camp this summer and is really looking forward to it.”

    “We are so pleased to contribute to our young members’ summer camp experiences and continue our support for SECU families across the state through this beneficial program for a fourth consecutive year,” said SECU President and CEO Leigh Brady. “The educational opportunities afforded to youth through summer camps are so incredibly valuable, and I want to offer our sincere congratulations to this year’s winners!”

    About SECU

    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 88 years. SECU is the second largest credit union in the United States with $55 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App.

    Contact: Sandra Jones, Communications, sandra.jones@ncsecu.org

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abc1b4f2-5bc3-43ff-a529-6a9cc87f6b17

    The MIL Network –

  • MIL-OSI USA: SCHUMER APPLAUDS GLOBALFOUNDRIES’ NEW $3 BILLION ADDITIONAL INVESTMENT SPURRED BY HIS CHIPS & SCIENCE LAW, BRINGING TOTAL TO $16 BILLION FOR CAPITAL REGION PROJECT TO BECOME EPICENTER OF AMERICA’S…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Has Fought For Years To Get GlobalFoundries To Expand Current Fab & Build New, State-Of-The-Art Second Manufacturing Facility In Malta, Delivering Whopping $1.5B Award From His Bipartisan CHIPS & Science Law Last Year To Finally Make Project A Reality
    Now GlobalFoundries Is Investing $3B More In The Project, Further Expanding Advanced Packaging And R&D, Because Of The Foundation Schumer Laid To Strengthen American Semiconductor Leadership
    Schumer: GlobalFoundries Is Doubling Down On The Capital Region With $3B More To Make Upstate NY America’s Semiconductor Epicenter
    A longtime advocate for GlobalFoundries’ growth in the Capital Region, U.S. Senator Chuck Schumer today applauded GlobalFoundries’ announcement that it will invest an additional $3 billion to expand its first-of-its-kind chip packaging facility at its Saratoga County location, bringing its total investment to $16 billion in the Capital Region and the country thanks to his bipartisan CHIPS & Science Law.
    “GlobalFoundries is writing the future of American chipmaking right here in the Capital Region. With this additional $3 billion investment, GlobalFoundries is making a whopping $16 billion investment spurred by my CHIPS & Science Law, and is doubling down on Upstate New York as America’s semiconductor epicenter,” said Senator Schumer. “Soon, America’s AI future, and the next generation of the top chips that power everything from cell phones to cars will be made in Upstate New York from start to finish! I worked for years to pass the CHIPS & Science Law, to deliver more than $1.5 billion in federal CHIPS investment for GlobalFoundries’ growth in Saratoga County, and continued announcements like this show that bet is paying off bigger than most thought possible. This is a win-win-win for GlobalFoundries, Upstate NY’s chip supply chain, and our national & economic security.”
    “Today we continue to show our commitment to U.S. manufacturing by partnering with our customers to onshore critical components of the supply chain needed for datacenters, communications infrastructure, AI edge devices and more,” said Dr. Thomas Caulfield, Executive Chairman of GlobalFoundries. “Thanks to the leadership of Senator Schumer and the New York Delegation, New York has become a world class ecosystem for semiconductor manufacturing and R&D. Today’s investment will reestablish secure, domestic supply chains for critical technologies and continue to bring high-paying manufacturing jobs to Upstate New York.”
    GlobalFoundries is committing an additional $3 billion on advanced research and development initiatives focused on packaging innovation, silicon photonics, and next-generation GaN technologies. With the $16 billion total investment now being made, GlobalFoundries aims to collaborate with major tech companies like Apple, AMD, and General Motors to strengthen American semiconductor leadership by producing American-made chips and advancing AI, aerospace, automotive, and high-performance communication innovation.
    Schumer has worked for years to help GlobalFoundries expand and delivered historic investments from his bipartisan CHIPS & Science Law for GlobalFoundries and the Capital Region. Last year, Schumer secured $1.5 billion in CHIPS funding to support the expansion of GlobalFoundries’ existing fab in Malta, NY, and the construction of a second, state-of-the-art fab at the same site. Schumer later secured an additional $75 million in CHIPS funding for GlobalFoundries to create a first-of-its-kind advanced chips packaging and testing center. The new center will help GlobalFoundries increase production while bolstering national security by creating a secure facility to package, test, and manufacture semiconductors to support defense applications, AI, and high-performance computing, among other key industries. Together, these investments are expected to create thousands of good-paying manufacturing and union construction jobs in the Capital Region.
    On top of the investments Schumer has secured for GlobalFoundries, the senator additionally delivered a historic $825 million in CHIPS funding to make Albany NanoTech the first flagship facility of the National Semiconductor Technology Center (NSTC). The NSTC is a critical part of Schumer’s mission of re-establishing America’s leadership in the semiconductor industry and will bring together industry leaders, researchers from the nation’s top universities, innovators, workers, and entrepreneurs in the Capital Region to give them access to the most advanced chip making machinery in the world and drive the next frontier of chip innovation and manufacturing.
    Currently, there are only four companies outside of China that provide current and mature foundry capabilities at the scale of GlobalFoundries, and GlobalFoundries is the only one of those companies that is headquartered in the United States. GlobalFoundries, a Trusted Foundry for the Department of Defense, is a key supplier of chips for America’s national defense, with strong partnerships with major defense contractors like Lockheed Martin. GlobalFoundries also supplies chips to America’s auto industry with partnerships in place with companies like General Motors, which saw severe shortages of chips during the pandemic, leading to increased prices for cars. Thanks to the investment Schumer has secured, GlobalFoundries is expanding its current fab focused on automotive chips to help meet soaring demand for chips in cars and get ahead of future supply chain challenges.
    GlobalFoundries is a leading producer of essential chips that are critical across industries, from mobile phones and artificial intelligence to automobiles and defense technologies. Growth in AI is driving demand for the chips GlobalFoundries produces. The silicon photonics chips this new Center will produce are also in demand in the automotive, communications, radar, and other critical industries. The New York Advanced Packaging and Photonics Center will offer advanced packaging, assembly, and testing, allowing the company to more easily transform chips into individual packages ready for end-product use entirely in the United States. The Center’s new production capabilities will help onshore advanced packaging, which mostly takes place in Asia today, while further boosting GlobalFoundries’ production capacity.

    MIL OSI USA News –

  • MIL-OSI: Old National Again Named Among the 50 Most Community-Minded U.S. Companies by Points of Light

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., June 04, 2025 (GLOBE NEWSWIRE) — (NASDAQ: ONB) – For the second consecutive year, Old National Bancorp (“Old National”) has been named by Points of Light as one of “The Civic 50” honorees for 2025. This annual designation is reserved for the 50 most community-minded companies in the nation.

    A global nonprofit that inspires, equips and mobilizes people to take action that changes the world, Points of Light has recognized the 50 most community-minded companies in the nation every year since 2012. The Civic 50 award is based on employee volunteering, community investment, corporate citizenship and social impact programs.

    “Our team members love rolling up their sleeves and making a difference in their communities, as evidenced by the more than 67,000 collective volunteer hours they logged in 2024,” said Jim Ryan, Old National Chairman and CEO. “Old National is honored to again be recognized by Points of Light as an organization that truly puts our values into action.”

    Combined, The Civic 50 companies for 2025 have engaged more than 460,000 employees to volunteer more than 6.5 million hours in their communities. That’s double the average for U.S. companies not in The Civic 50.

    “In an ever-evolving landscape, companies are looking to ensure that they can meet the needs of their communities, customers, and stakeholders,” said Jennifer Sirangelo, President and CEO, Points of Light. “Companies like Old National are leading the way in showing how social impact benefits their employee’s well-being, strengthens the communities where they do business, and brings value and meaning to their work. Their efforts provide a model for others looking to bring the benefits of volunteering and social impact to their workforce, and they’re extremely deserving of this recognition.”

    The Civic 50 honorees are companies with annual U.S. revenues of at least $1 billion. They are selected based on four dimensions of their corporate citizenship and social impact programs:

    • Investment of resources and volunteerism
    • Integration across business functions
    • Institutionalization through policies and systems
    • Impact measurement

    You can click here for the full list of The Civic 50 honorees. Additionally, for more information and to view Old National’s latest Community Action Report, click here.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light again named Old National as one of “The Civic 50” — an honor reserved for the 50 most community-minded companies in the United States.

    ABOUT POINTS OF LIGHT
    Points of Light is a nonpartisan, global nonprofit organization that inspires, equips, and mobilizes millions of people to create positive change through volunteering and civic engagement. Through work with nonprofits, companies and social impact leaders, the organization galvanizes volunteers to meet critical needs in communities. As the world’s largest organization dedicated to increasing volunteer service, Points of Light engages more than 3.8 million volunteers across 32 countries. For more information, visit pointsoflight.org.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ef16551-151e-4885-a99d-ec031f84e1fe

    The MIL Network –

  • MIL-OSI: DIMO Partners with Grupo Kaufmann to Power the Future of Connected Cars in Latin America

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and SANTIAGO, Chile, June 04, 2025 (GLOBE NEWSWIRE) — DIMO, a leading connected vehicle platform, today announced a first-of-its-kind strategic partnership with Grupo Kaufmann, one of Latin America’s largest automotive dealership networks. With headquarters in Chile and operations spanning six countries, the company is renowned for its commitment to innovation in the automotive industry. Through this partnership, DIMO and Kaufmann are working to redefine the connected car experience for auto dealerships throughout Latin America.

    In 2024, an estimated 1.7 million connected cars were projected to be sold across Latin America—a relatively small share of the region’s total annual vehicle sales. This gap reflects limited connectivity adoption, driven by the historically high cost of building top-down infrastructure, which has caused many automakers to deprioritize the region. Kaufmann aims to close this gap by leveraging DIMO’s standardized connectivity infrastructure to develop interoperable apps and services across automakers. This will bring scalable, affordable innovation to the Latin American market.

    Initially, Kaufmann will deploy DIMO LTE devices for data collection and product development. After integration, it will offer customers a unique set of connected services, such as real-time diagnostics, customized maintenance alerts and rewards-based loyalty programs, further raising the standard of expertise and service excellence.

    At the core of this partnership is DIMO’s transformative data model. Built with a privacy-first approach, the DIMO protocol streamlines vehicle data connectivity with user consent, enabling Kaufmann to deliver data-driven services far more cost-effectively than developing these systems in-house. With the driver’s consent, Kaufmann will gain access to real-time vehicle data. This data unlocks performance insights, personalized service recommendations, and timely outreach – laying the foundation for a proactive customer-first dealership experience. The DIMO protocol ensures drivers maintain full control over their data – fostering trust while delivering mutual value to both consumers and dealerships.

    “Grupo Kaufmann recognizes that the future of connected vehicle services will be shaped by a new generation of apps and services designed for a digitally native audience,” said Alex Rawitz, Co-founder of DIMO. “The world’s new car owners want more than utilities — they want games, social experiences, rewards, and more we’ve yet to imagine. With DIMO’s infrastructure, Kaufmann can serve as the conduit for this creative energy, delivering next-generation experiences to drivers across Latin America.”

    As the global automotive industry accelerates toward connected, digital-first experiences, Kaufmann is taking the lead in Latin America. Its partnership with DIMO reflects a long-term strategy to lead through innovation and sustainability, while transforming the dealership into a hub for lifelong mobility services.

    “At Grupo Kaufmann, we believe the future of the automotive industry in Latin America will be defined by the ability to turn data into meaningful experiences for our customers. Our partnership with DIMO accelerates this vision by enabling efficient, secure, and scalable vehicle connectivity. It’s a key step in our digitalization strategy to position Kaufmann as a regional leader in smart mobility solutions,” said Carlos De Martini, Corporate Digital Business Manager, Grupo Kaufmann.

    About DIMO

    DIMO is the next-generation connected vehicle platform. Its privacy-first and AI integrated infrastructure connects drivers, automakers and developers to expedite connected vehicle application development while retaining full data ownership by drivers. Through the DIMO Mobile app, drivers gain real-time insights to improve vehicle performance, maximize savings on maintenance, and access a growing suite of marketplace applications while earning rewards in DIMO tokens. It was founded in 2021 by a team with decades of experience across automotive and fintech— including roles at ConsenSys, Vroom, GM, Volkswagen, and Chainalysis.

    About Kaufmann

    With more than 70 years of history, Kaufmann has established itself as one of the most influential companies in the automotive sector in Latin America. Present in Chile, Peru, Colombia, Costa Rica, Panama and Nicaragua, it represents leading brands such as Mercedes-Benz, FUSO and Freightliner, and from 2025, it will promote electromobility with the arrival of smart and its 100% electric vehicles. Its commercial network, which in Chile spans from Arica to Punta Arenas, combines a comprehensive offer of cars, buses, trucks and vans with a robust ecosystem of after-sales services, advanced technology and personalized attention.

    Kaufmann’s vision is focused on leading sustainable mobility in the region, maintaining a firm commitment to innovation, operational excellence and customer experience. Its team of more than 2,500 professionals drives a culture focused on the responsible transformation of transportation.

    The MIL Network –

  • MIL-OSI: Caro Holdings Launches AI Agent Suite to Automate Investor Relations and Financial Operations

    Source: GlobeNewswire (MIL-OSI)

    SHEFFIELD, United Kingdom, June 04, 2025 (GLOBE NEWSWIRE) — Caro Holdings Inc. (OTC: CAHO), through its subsidiary, has launched an integrated suite of AI agents designed to automate manual processes across investor relations, financial reporting, compliance, and stakeholder communications. The flagship investor chatbot marks the first deployment in a platform built to streamline how public companies manage information flow and engage stakeholders.

    Caro’s AI ecosystem includes specialised agents that work independently and collaboratively to automate critical business functions:

    Investor Relations Agent

    • Provides instant, source-verified responses to investor, analyst, and media inquiries
    • Processes complex multi-document queries across filings, earnings releases, presentations, and regulatory submissions
    • Delivers personalized responses based on user type (institutional investor, retail shareholder, analyst, journalist)
    • Maintains conversation context for follow-up questions and detailed financial analysis

    Caro is also developing additional agents that support public companies in finance, compliance, and communications, including:

    • Financial Reporting Automation Agent – Generates investor-ready summaries, comparative reports, and stakeholder-specific fact sheets
    • Regulatory Compliance Monitor – Tracks disclosure requirements, flags potential issues, and maintains audit trails
    • Market Intelligence Agent – Monitors competitor activity, analyst sentiment, and market signals
    • Stakeholder Communication Agent – Automates personalised outreach, follow-ups, and multi-channel messaging after earnings calls or key events

    The platform leverages agentic AI to perform complex reasoning and decision-making previously requiring human expertise.

    Early adopters report significant impact:

    • 90% reduction in time spent on routine investor queries
    • 75% decrease in manual report prep for meetings
    • 24/7 availability, eliminating business-hour limitations

    The global AI chatbot market is projected to reach $31.11 billion by 2029, with financial services AI agents alone expected to grow to $4.5 billion by 2030 at a 45.4% CAGR. This reflects strong demand for automation tools that cut costs while improving the speed and quality of stakeholder interactions.

    Traditional IR teams still spend up to 80% of their time on repeatable tasks – from handling standard questions to generating boilerplate reports. Caro’s AI suite removes that burden, allowing professionals to focus on strategy and relationship-building.

    Companies interested in eliminating manual investor relations processes can request a demonstration and early access at www.caroholdings.com/earlyaccess.

    About Caro Holdings Inc.
    Caro Holdings Inc. is dedicated to accelerating the growth of brands through digital innovation and AI-powered solutions. Its services include e-commerce strategy, digital marketing, AI voice technology, and growth capital. Learn more at www.caroholdings.com.

    Caro Holdings Inc.
    +1 786-755-3210
    ir@caroholdings.com

    The MIL Network –

  • MIL-OSI China: Ecological compensation mechanism for Yangtze, Yellow rivers slated for 2027 completion

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

    Ecological compensation mechanism for Yangtze, Yellow rivers slated for 2027 completion

    BEIJING, June 4 — China is set to establish a unified cross-basin ecological compensation mechanism for the mainstreams of the Yangtze and Yellow rivers by 2027, as part of its broader efforts to improve water environment management, the Ministry of Finance announced on Wednesday.

    According to a plan jointly issued by the ministry and four other government departments, the mechanism will expand to cover the mainstreams and major tributaries of key river basins, including the Yangtze and Yellow rivers, by 2035.

    The system will feature diversified compensation measures, flexible approaches, refined standards and a mature operational framework.

    China’s central fiscal authorities will play a coordinating and guiding role in implementing this mechanism — ensuring that compensation indicators and funding scales align with the water ecological conservation situation while remaining fiscally sustainable for local governments.

    China first introduced plans for Yangtze and Yellow river compensation mechanisms in 2021 and 2020, respectively. Since then, the country has made significant progress in terms of ecological conservation and restoration of these rivers.

    For example, the Yangtze River basin has seen a recovery in aquatic biodiversity following the imposition of a 10-year fishing ban in 2020. According to the Ministry of Agriculture and Rural Affairs, 344 native fish species were recorded in the river from 2021 to 2024 — an increase of 36 species compared to the 2017-2020 period before the ban took effect.

    Meanwhile, the Yellow River, China’s second-longest waterway, has also experienced steady ecological improvements, including enhanced water security and environmental quality.

    MIL OSI China News –

  • MIL-OSI United Nations: 4 June 2025 Departmental update Neglected tropical diseases further neglected due to ODA cuts

    Source: World Health Organisation

    Neglected tropical diseases (NTDs) are a diverse group of conditions1 that still affect 1 billion people, mainly vulnerable populations in underserved regions of the world. Nevertheless, they are preventable, treatable and can be eliminated. As of May 2025, 56 countries have successfully eliminated at least one NTD – demonstrating significant progress towards WHO’s global target of 100 countries reaching elimination by 2030.

    This hard-won progress is now at risk. The dismantling of official development assistance (ODA) for global health, and particularly for NTD programmes, threatens to stall or reverse gains and negatively impact lives of vulnerable communities.

    Threat to NTD gains

    The recent withdrawal of funding by the United States from NTD projects jeopardizes the success of 19 years of investment in the global effort to eliminate NTDs.

    Early reports shared with the World Health Organization (WHO) indicate that the immediate impact of the funding withdrawal has delayed 47 campaigns in which mass treatment was warranted to free 143 million people from the burden of NTDs. In 2020, WHO Member States set targets for 2030 by endorsing the Road map for neglected tropical diseases 2021–2030 through World Health Assembly decision WHA73(33). Missing the planned campaigns and impact surveys in 2025 will postpone the achievement of targets in at least 10 additional countries. The abrupt cuts also halted critical research to validate new treatments, diagnostics and surveillance platforms to ensure these diseases no longer pose a threat globally.

    On 10 April 2025, WHO issued a warning on the impact caused by sudden suspensions and reductions in ODA for health, indicating that health service disruptions had been reported by over 70% of its surveyed country offices and that NTD programmes were among the most severely affected. In some settings, the nature and scale of service disruptions are comparable to those observed during the peak periods of the COVID-19 pandemic.

    Critical shortages in medicines and health products are leaving one third of responding countries without essential commodities for major health services. At the same time, the suspension of funding has triggered job losses among health and care workers in over half of those countries.

    Furthermore, if alternative mechanisms for service delivery are not urgently secured, suspensions and reductions in ODA for health could lead to expiration of over 55 million NTD tablets by the end of 2025, in Africa alone. In response, countries are working to identify local opportunities to sustain treatment activities, including integrated campaigns within broader health initiatives and mobilization of national resources to protect people’s health, prevent medicine wastage and sustain progress.

    Incredible past achievements at risk

    Over the past two decades, the Government of the United States of America, through USAID, supported the delivery of 3.3 billion treatments to more than 1.7 billion people in 26 countries, clearing infections, stopping transmission and reducing the burden of lymphatic filariasis, onchocerciasis (river blindness), schistosomiasis, soil-transmitted helminthiases (intestinal worm infections) and trachoma in several areas. This cumulative support of US$ 1.4 billion significantly advanced public health outcomes and enabled 14 countries (Bangladesh, Benin, Cambodia, Colombia, Ecuador, Ghana, Guatemala, Lao People’s Democratic Republic, Mali, Mexico, Nepal, Niger, Togo and Viet Nam) to achieve elimination of at least one NTD.

    NTD programmes have continued delivering impressive results despite fierce challenges: in 2023 alone, more than 860 million people received treatment for NTDs through mass drug administration or individual case management; and between January 2023 and May 2025, 17 countries were officially acknowledged by WHO for eliminating one NTD. Today, the halt in drug distribution and the layoff of frontline health workers threaten to reverse this progress – raising serious concerns about the resurgence of NTDs in the most affected regions.

    Funding challenges and implications for NTDs

    The withdrawal of United States funding to NTD programmes is not an isolated event. The last few years have witnessed a deprioritization of financial investments in support of NTDs, which accelerated during the years of the COVID-19 pandemic. For example, in 2021, another key stakeholder, the Government of the United Kingdom of Great Britain and Northern Ireland, ended its flagship NTD initiative, the Ascend programme. Nevertheless, recent pledges such as those made in December 2023 during the Reaching the Last Mile (RLM) Forum had raised hopes of reversing this trend.

    Decreased funding places a heavy strain on NTD programmes at a time when they are called to face unprecedented challenges, including the impact of climate change on vector-borne diseases. Notably, WHO declared dengue a grade 3 emergency in 2024, when over 14 million cases and 10 000 deaths were reported in 107 countries. The current global risk of dengue is assessed as high, and the disease remains a global health threat, while lack of resources continues to hamper prevention and control efforts, and the disease has spread to newer areas and countries in recent years.

    NTD programmes are recognized among the most cost-effective initiatives in global health, also thanks to effective public-private partnerships. Generous donations from pharmaceutical companies including Bayer AG, Chemo Group, Eisai Co. Ltd, EMS SA Pharma, Gilead Sciences, Inc., GSK, Johnson & Johnson, Merck KGaA, Merck Sharp & Dohme (MSD), Novartis, Pfizer and Sanofi – cumulatively valued at over US$ 12 billion between 2011 and today –make life-changing treatments available to those in need at minimal cost.

    Defunding NTD programmes threatens a proven public health success, potentially reversing hard-earned progress, exacerbating the cycle of disease and poverty, leaving vulnerable populations further marginalized and deepening inequality.

    Moving forward

    During the most recent Seventy-eighth World Health Assembly, NTDs were centre-stage, with a number of events held on the margins of the Assembly. Notably, two NTD-related resolutions, on eradication of dracunculiasis (Guinea-worm disease) and on skin diseases, were unanimously adopted by Member States.

    At this critical juncture, it is imperative to build on such renewed consensus and strengthen the global commitment to eliminating NTDs. This requires fostering nationally owned, sustainable programmes complemented by catalytic external support. Together, we must work towards the complete elimination of NTDs and release communities from the heavy burden of suffering these diseases cause.

    Notes

    1. Buruli ulcer; Chagas disease; dengue and chikungunya; dracunculiasis; echinococcosis; foodborne trematodiases; human African trypanosomiasis; leishmaniasis; leprosy; lymphatic filariasis; mycetoma, chromoblastomycosis and other deep mycoses; noma; onchocerciasis; rabies; scabies and other ectoparasitoses; schistosomiasis; snakebite envenoming; soil-transmitted helminthiases; taeniasis and cysticercosis; trachoma; yaws.

    MIL OSI United Nations News –

  • MIL-OSI: Anitian Launches AI-Powered SSP Automation to Accelerate FedRAMP Compliance for SaaS Companies

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., June 04, 2025 (GLOBE NEWSWIRE) — Anitian, a leader in compliance automation solutions, today announced the first production deployment of its AI-powered SSP (System Security Plan) automation tool — a breakthrough that significantly enhances the speed and efficiency of achieving FedRAMP compliance for SaaS companies.

    This new AI capability acts as a copilot for Anitian’s expert compliance advisors, automating time-consuming documentation and review processes while maintaining the highest standards of accuracy and quality. The result: SaaS companies can now achieve FedRAMP audit readiness even faster and more cost-effectively — accelerating their entry into the lucrative federal market.

    “With our AI-powered SSP automation, we’re embedding intelligence into the compliance process without sacrificing rigor or accuracy,” said Alex Degitz, Director of Product at Anitian. “Our goal is to remove the traditional trade-off between speed and quality. These enhancements empower our customers to achieve a FedRAMP ATO faster, more cost-effectively, and with greater confidence.”

    The deployment of Anitian’s AI SSP automation enhances the company’s four core value pillars:

    • Speed to Compliance — Accelerates audit readiness even further, shortening time-to-market for federal opportunities.
    • Cost Efficiency — Unlocks operational efficiencies that reduce audit preparation costs.
    • Stronger Competitive Positioning — Equips customers to enter and win in the federal market faster and with a differentiated edge.
    • Visibility & Validation — Maintains expert oversight and technical control while minimizing vulnerabilities through automated, continuous monitoring.

    Anitian’s Continuous Compliance Automation (CCA) solution already enables SaaS companies to achieve FedRAMP audit readiness in as few as 4 months — up to 4x faster than traditional methods — while reducing costs by over 50%. The addition of AI-powered automation further amplifies these advantages, providing customers with an unparalleled pathway to compliance and growth.

    For SaaS providers looking to re-engage with the federal market or re-evaluate their compliance strategy in today’s budget-conscious environment, Anitian’s latest innovation offers a timely opportunity to achieve greater value and faster ROI.

    About Anitian
    Anitian’s cloud-native Continuous Compliance Automation platform helps SaaS companies rapidly achieve and maintain FedRAMP compliance standards — enabling faster growth, reduced costs, and minimized risk. Anitian is trusted by leading SaaS providers across industries to deliver speed, security, and market advantage. Learn more at www.anitian.com.

    Press Contact:
    Emily Bertrand
    Emily.Bertrand@anitian.com

    The MIL Network –

  • MIL-OSI: GDS to Hold Annual General Meeting on June 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, June 04, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that it will hold its 2025 Annual General Meeting of Shareholders (the “AGM”) at Beijing Meeting Room, F5, Building C, Sunland International, No. 999 Zhouhai Road, Pudong, Shanghai, P.R.C. at 4:00 p.m. (China Standard Time) on June 26, 2025 (which is 4:00 a.m. (Eastern Daylight Time) on June 26, 2025).

    Holders of the Company’s ordinary shares and Series A convertible preferred shares listed in the register of members of the Company at the close of business on June 4, 2025 (China Standard Time) are entitled to receive notice of, and vote at, the AGM or at any adjournment that may take place. Beneficial owners of the Company’s American Depositary Shares (“ADSs”) who wish to exercise their voting rights for the underlying Class A ordinary shares must act through JPMorgan Chase Bank, N.A. (“JPMorgan”), the depositary of the Company’s ADS program. Holders of ADSs at the close of business on June 4, 2025, New York time will be able to instruct JPMorgan as to how to vote the Class A ordinary shares represented by such ADSs.

    Copies of the Notice of the AGM, which sets forth the resolutions to be proposed and for which adoption from shareholders is sought, the Proxy Statement and the Proxy Card are available on the Investor Relations section of the Company’s website at http://investors.gds-services.com, on the SEC’s website at www.sec.gov and HKEX’s website at http://www.hkexnews.hk.

    GDS has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (“SEC”). The Company’s Form 20-F can be accessed on the Company’s website at investors.gds-services.com, as well as on the SEC’s website at www.sec.gov.

    GDS has also published its annual report for Hong Kong purposes pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“HKEX”), which can be accessed on the Company’s website at investors.gds-services.com as well as the HKEX’s website at http://www.hkexnews.hk.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    The MIL Network –

  • MIL-OSI Global: Development finance in a post-aid world: the case for country platforms

    Source: The Conversation – Africa – By Richard Calland, Emeritus Associate Professor in Public Law, UCT. Visiting Adjunct Professor, WITS School of Governance; Director, Africa Programme, University of Cambridge Institute for Sustainability Leadership, University of Cambridge

    With the Trump administration slashing US Agency for International Development budgets and European nations shifting overseas development aid budgets to bolster defence spending, the world has entered a “post-aid era”.

    But there is an opportunity to recast development finance as strategic investment: “country platforms”.

    Country platforms are government-led, nationally owned mechanisms that bring together a country’s climate priorities, investment needs and reform agenda, and align them with the interests of development partners, private investors and implementing agencies. They function as a strategic hub: convening actors, coordinating funding, and curating pipelines of projects for investment.

    Think of them as the opposite of donor-driven fragmentation. Instead of dozens of disconnected projects driven by external priorities, a country platform enables governments to set the agenda and direct finance to where it is needed most. That could be renewable energy, climate-smart agriculture, resilient infrastructure, or nature-based solutions.

    Country platforms are a current fad. They were the talk of the town at the 2025 Spring meetings of multilateral development banks in Washington DC. Will they quickly fade as the next big new idea comes into view? Or can they escape the limitations and failings of the finance and development aid ecosystem?

    The Independent High Level Expert Group on Climate Finance, on which I serve, is striving to find new ways to ramp up finance – both public and private – in quality and quantity. I agree with those who argue that country platforms could be the innovation that unlocks the capital urgently needed to tackle climate overshoot and buttress economic development.

    The model is already being tested. More than ten countries have launched their platforms, and more are in the pipeline.

    For African countries, the opportunity could not be more timely. African governments are racing to deliver their Nationally Determined Contributions. These are the commitments they’ve made to reduce their greenhouse gas emissions as part of climate change mitigation targets set out in the Paris Agreement. Implementing these plans is often being done under severe fiscal constraints.

    At the same time global capital is looking for investment opportunities. But it needs to be convinced that the rewards will outweigh the risks.

    Where it’s being tested

    In Africa, South Africa’s Just Energy Transition Partnership has demonstrated both the potential and the complexity of a country platform. Egypt and Senegal also have country platforms at different stages of implementation. Kenya and Nigeria are exploring similar mechanisms. The African Union’s Climate Change and Resilient Development Strategy calls for country platforms across the continent.

    New entrants can learn from countries that started first.

    But country platforms come in different shapes and sizes according to the context.

    Another promising example is emerging through Mission 300, an initiative of the World Bank and African Development Bank, working with partners like The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All. It aims to connect 300 million people to clean electricity by 2030.

    Central to this initiative are Compact Delivery and Monitoring Units. These are essentially country platforms anchored in electrification. They reflect how a well-structured country platform can make an impact. Twelve African countries are already moving in this direction. All announced their Mission 300 compacts at the Africa Heads of State Summit in Tanzania.

    This growing cohort reflects a continental commitment to putting energy-driven country platforms at the heart of Africa’s development architecture.

    Why now – and why Africa?

    A well-functioning country platform can help in a number of ways.

    Firstly, it can give the political and economic leadership a clear goal. The platform can survive elections and show stability, certainty and transparency to the investment world.

    Secondly, national ownership and strategic alignment can reduce risk and build confidence. That would encourage investment.

    Thirdly, it builds trust among development partners and investors through clear priorities, transparency, and national ownership.

    Fourthly, it moves beyond isolated pilot projects to system-level transformation – meaning structural change. The transition in one sector, energy for example, creates new value chains that create more, better and safer jobs. Country platforms put African governments in charge of their own economic development, not as passive recipients of climate finance.

    The country sets its investment priorities and then the match-making with international climate finance can begin.

    Making it work: what’s needed

    Developing the data on which a country bases its investment and development plans, and blending those with the fiscal, climate and nature data, is complex. For this reason country platforms require investment in institutional capacity, cross-ministerial collaboration, and strong coordination between finance ministries, environment agencies and economic planners. And especially, in leadership capability.

    African countries must take charge of this capacity and capability acceleration.

    Second, development partners can respond by providing money as well as supporting African leadership, aligning with national strategies, and being willing to co-design mechanisms that meet both investor expectations and local realities.

    Capacity is especially crucial given the scale of Africa’s needs. According to the African Development Bank, Africa will require over US$200 billion annually by 2030 to meet its climate goals. Donor aid will provide only a fraction of this. It will require smart, coordinated investment and careful debt management. Country platforms provide the structure to govern the process.

    Seizing the opportunity

    Country platforms represent one of the most promising innovations in climate and development finance architecture. Properly designed and led, they offer African countries the opportunity to take ownership of their climate and development futures – on their own terms.

    Country platforms could be the “buckle” that finally enables the supply and demand sides of climate finance to come together. It will require commitment, strategic and technical capability, and, above all, smart leadership.

    Richard Calland works for the University of Cambridge Institute for Sustainability Leadership. He is also an Emeritus Associate Professor at the University of Cape Town and an Adjunct Visiting Professor at the University of Witwatersrand School of Governance. He serves on the Advisory Council of the Council for the Advancement of the South African Constitution, Chairs of the Board of Sustainability Education and is a member of the Board of Chapter Zero Southern Africa.

    – ref. Development finance in a post-aid world: the case for country platforms – https://theconversation.com/development-finance-in-a-post-aid-world-the-case-for-country-platforms-257994

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Development finance in a post-aid world: the case for country platforms

    Source: The Conversation – Africa – By Richard Calland, Emeritus Associate Professor in Public Law, UCT. Visiting Adjunct Professor, WITS School of Governance; Director, Africa Programme, University of Cambridge Institute for Sustainability Leadership, University of Cambridge

    With the Trump administration slashing US Agency for International Development budgets and European nations shifting overseas development aid budgets to bolster defence spending, the world has entered a “post-aid era”.

    But there is an opportunity to recast development finance as strategic investment: “country platforms”.

    Country platforms are government-led, nationally owned mechanisms that bring together a country’s climate priorities, investment needs and reform agenda, and align them with the interests of development partners, private investors and implementing agencies. They function as a strategic hub: convening actors, coordinating funding, and curating pipelines of projects for investment.

    Think of them as the opposite of donor-driven fragmentation. Instead of dozens of disconnected projects driven by external priorities, a country platform enables governments to set the agenda and direct finance to where it is needed most. That could be renewable energy, climate-smart agriculture, resilient infrastructure, or nature-based solutions.

    Country platforms are a current fad. They were the talk of the town at the 2025 Spring meetings of multilateral development banks in Washington DC. Will they quickly fade as the next big new idea comes into view? Or can they escape the limitations and failings of the finance and development aid ecosystem?

    The Independent High Level Expert Group on Climate Finance, on which I serve, is striving to find new ways to ramp up finance – both public and private – in quality and quantity. I agree with those who argue that country platforms could be the innovation that unlocks the capital urgently needed to tackle climate overshoot and buttress economic development.

    The model is already being tested. More than ten countries have launched their platforms, and more are in the pipeline.

    For African countries, the opportunity could not be more timely. African governments are racing to deliver their Nationally Determined Contributions. These are the commitments they’ve made to reduce their greenhouse gas emissions as part of climate change mitigation targets set out in the Paris Agreement. Implementing these plans is often being done under severe fiscal constraints.

    At the same time global capital is looking for investment opportunities. But it needs to be convinced that the rewards will outweigh the risks.

    Where it’s being tested

    In Africa, South Africa’s Just Energy Transition Partnership has demonstrated both the potential and the complexity of a country platform. Egypt and Senegal also have country platforms at different stages of implementation. Kenya and Nigeria are exploring similar mechanisms. The African Union’s Climate Change and Resilient Development Strategy calls for country platforms across the continent.

    New entrants can learn from countries that started first.

    But country platforms come in different shapes and sizes according to the context.

    Another promising example is emerging through Mission 300, an initiative of the World Bank and African Development Bank, working with partners like The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All. It aims to connect 300 million people to clean electricity by 2030.

    Central to this initiative are Compact Delivery and Monitoring Units. These are essentially country platforms anchored in electrification. They reflect how a well-structured country platform can make an impact. Twelve African countries are already moving in this direction. All announced their Mission 300 compacts at the Africa Heads of State Summit in Tanzania.

    This growing cohort reflects a continental commitment to putting energy-driven country platforms at the heart of Africa’s development architecture.

    Why now – and why Africa?

    A well-functioning country platform can help in a number of ways.

    Firstly, it can give the political and economic leadership a clear goal. The platform can survive elections and show stability, certainty and transparency to the investment world.

    Secondly, national ownership and strategic alignment can reduce risk and build confidence. That would encourage investment.

    Thirdly, it builds trust among development partners and investors through clear priorities, transparency, and national ownership.

    Fourthly, it moves beyond isolated pilot projects to system-level transformation – meaning structural change. The transition in one sector, energy for example, creates new value chains that create more, better and safer jobs. Country platforms put African governments in charge of their own economic development, not as passive recipients of climate finance.

    The country sets its investment priorities and then the match-making with international climate finance can begin.

    Making it work: what’s needed

    Developing the data on which a country bases its investment and development plans, and blending those with the fiscal, climate and nature data, is complex. For this reason country platforms require investment in institutional capacity, cross-ministerial collaboration, and strong coordination between finance ministries, environment agencies and economic planners. And especially, in leadership capability.

    African countries must take charge of this capacity and capability acceleration.

    Second, development partners can respond by providing money as well as supporting African leadership, aligning with national strategies, and being willing to co-design mechanisms that meet both investor expectations and local realities.

    Capacity is especially crucial given the scale of Africa’s needs. According to the African Development Bank, Africa will require over US$200 billion annually by 2030 to meet its climate goals. Donor aid will provide only a fraction of this. It will require smart, coordinated investment and careful debt management. Country platforms provide the structure to govern the process.

    Seizing the opportunity

    Country platforms represent one of the most promising innovations in climate and development finance architecture. Properly designed and led, they offer African countries the opportunity to take ownership of their climate and development futures – on their own terms.

    Country platforms could be the “buckle” that finally enables the supply and demand sides of climate finance to come together. It will require commitment, strategic and technical capability, and, above all, smart leadership.

    – Development finance in a post-aid world: the case for country platforms
    – https://theconversation.com/development-finance-in-a-post-aid-world-the-case-for-country-platforms-257994

    MIL OSI Africa –

  • MIL-OSI: Form 8.3 – Marlowe Plc

    Source: GlobeNewswire (MIL-OSI)

    Downing LLP
    LEI: 213800G3X76VBG9SB504
    04 June 2025
    Form 8.3 re. Marlowe Plc

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Downing LLP
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a): Client funds managed by Downing LLP
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates: Marlowe Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: n/a
    (e)   Date position held/dealing undertaken: 04 June 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: Ordinary shares 1p
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,491,385 1.90    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,491,385 1.90    

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
           

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 04 June 2025
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    The MIL Network –

  • MIL-OSI Global: Extreme weather’s true damage cost is often a mystery – that’s a problem for understanding storm risk, but it can be fixed

    Source: The Conversation – USA – By John Nielsen-Gammon, Regents Professor of Atmospheric Sciences, Texas A&M University

    Hail can be destructive, yet the cost of the damage often isn’t publicly tracked. NOAA/NSSL

    On Jan. 5, 2025, at about 2:35 in the afternoon, the first severe hailstorm of the season dropped quarter-size hail in Chatham, Mississippi. According to the federal storm events database, there were no injuries, but it caused $10,000 in property damage.

    How do we know the storm caused $10,000 in damage? We don’t.

    That estimate is probably a best guess from someone whose primary job is weather forecasting. Yet these guesses, and thousands like them, form the foundation for publicly available tallies of the costs of severe weather.

    If the damage estimates from hailstorms are consistently lower in one county than the next, potential property buyers might think it’s because there’s less risk of hailstorms. Instead, it might just be because different people are making the estimates.

    Hail damage in Dallas in June 2012.
    Rondo Estrello/Flickr, CC BY-SA

    We are atmospheric scientists at Texas A&M University who lead the Office of the Texas State Climatologist. Through our involvement in state-level planning for weather-related disasters, we have seen county-scale patterns of storm damage over the past 20 years that just didn’t make sense. So, we decided to dig deeper.

    We looked at storm event reports for a mix of seven urban and rural counties in southeast Texas, with populations ranging from 50,000 to 5 million. We included all reported types of extreme weather. We also talked with people from the two National Weather Service offices that cover the area.

    Storm damage investigations vary widely

    Typically, two specific types of extreme weather receive special attention.

    After a tornado, the National Weather Service conducts an on-site damage survey, examining its track and destruction. That survey forms the basis for the official estimate of a tornado’s strength on the enhanced Fujita scale. Weather Service staff are able to make decent damage cost estimates from knowledge of home values in the area.

    They also investigate flash flood damage in detail, and loss information is available from the National Flood Insurance Program, the main source of flood insurance for U.S. homes.

    Tornadoes in May 2025 destroyed homes in communities in several states, including London, Ky.
    AP Photo/Timothy D. Easley

    Most other losses from extreme weather are privately insured, if they’re insured at all.

    Insured loss information is collected by reinsurance companies – the companies that insure the insurance companies – and gets tabulated for major events. Insurance companies use their own detailed information to try to make better decisions on rates than their competitors do, so event-based loss data by county from insurance companies isn’t readily available.

    Losing billion-dollar disaster data

    There’s one big window into how disaster damage has changed over the years in the U.S.

    The National Oceanic and Atmospheric Administration, or NOAA, compiled information for major disasters, including insured losses by state. Bulk data won’t tell communities or counties about their specific risk, but it enabled NOAA to calculate overall damage estimates, which it released as its billion-dollar disasters list.

    From that program, we know that the number and cost of billion-dollar disasters in the United States has increased dramatically in recent years. News articles and even scientific papers often point to climate change as the primary culprit, but a much larger driver has been the increasing number and value of buildings and other types of infrastructure, particularly along hurricane-prone coasts.

    Critics in the past year called for more transparency and vetting of the procedures used to estimate billion-dollar disasters. But that’s not going to happen, because NOAA in May 2025 stopped making billion-dollar disaster estimates and retired its user interface.

    Previous estimates can still be retrieved from NOAA’s online data archive, but by shutting down that program, the window into current and future disaster losses and insurance claims is now closed.

    Emergency managers at the county level also make local damage estimates, but the resources they have available vary widely. They may estimate damages only when the total might be large enough to trigger a disaster declaration that makes relief funds available from the federal government.

    Patching together very rough estimates

    Without insurance data or county estimates, the local offices of the National Weather Service are on their own to estimate losses.

    There is no standard operating procedure that every office must follow. One office might choose to simply not provide damage estimates for any hailstorms because the staff doesn’t see how it could come up with accurate values. Others may make estimates, but with varying methods.

    The result is a patchwork of damage estimates. Accurate values are more likely for rare events that cause extensive damage. Loss estimates from more frequent events that don’t reach a high damage threshold are generally far less reliable.

    The number of severe hail reports in southeast Texas listed in the National Centers for Environmental Information’s storm events database is strongly correlated with population. The county with the most reports and greatest detail in those reports is home to Houston. Hailstorms in the three easternmost counties are rarely associated with damage estimates.
    John Nielsen-Gammon and B.J. Baule

    Do you want to look at local damage trends? Forget about it. For most extreme weather events, estimation methods vary over time and are not documented.

    Do you want to direct funding to help communities improve resilience to natural disasters where the need is greatest? Forget about it. The places experiencing the largest per capita damages depend not just on actual damages but on the different practices of local National Weather Service offices.

    Are you moving to a location that might be vulnerable to extreme weather? Companies are starting to provide localized risk estimates through real estate websites, but the algorithms tend to be proprietary, and there’s no independent validation.

    4 steps to improve disaster data

    We believe a few fixes could make NOAA’s storm events database and the corresponding values in the larger SHELDUS database, managed by Arizona State University, more reliable. Both databases include county-level disasters and loss estimates for some of those disasters.

    First, the National Weather Service could develop standard procedures for local offices for estimating disaster damages.

    Second, additional state support could encourage local emergency managers to make concrete damage estimates from individual events and share them with the National Weather Service. The local emergency manager generally knows the extent of damage much better than a forecaster sitting in an office a few counties away.

    Third, state or federal governments and insurance companies can agree to make public the aggregate loss information at the county level or other scale that doesn’t jeopardize the privacy of their policyholders. If all companies provide this data, there is no competitive disadvantage for doing so.

    Fourth, NOAA could create a small “tiger team” of damage specialists to make well-informed, consistent damage estimates of larger events and train local offices on how to handle the smaller stuff.

    With these processes in place, the U.S. wouldn’t need a billion-dollar disasters program anymore. We’d have reliable information on all the disasters.

    John Nielsen-Gammon receives funding from the National Oceanic and Atmospheric Administration and the State of Texas.

    William Baule receives funding from NOAA, the State of Texas, & the Austin Community Foundation.

    – ref. Extreme weather’s true damage cost is often a mystery – that’s a problem for understanding storm risk, but it can be fixed – https://theconversation.com/extreme-weathers-true-damage-cost-is-often-a-mystery-thats-a-problem-for-understanding-storm-risk-but-it-can-be-fixed-257105

    MIL OSI – Global Reports –

  • MIL-OSI Global: ‘Loyal to the oil’ – how religion and striking it rich shape Canada’s hockey fandom

    Source: The Conversation – USA – By Cody Musselman, Preceptor, College Writing Program, Harvard University

    Some Edmonton Oilers fans are pinning their Stanley Cup hopes on captain Connor McDavid. AP Photo/Rebecca Blackwell

    Déjà vu is a common occurrence in the world of sports, and the Edmonton Oilers are no strangers to repeat matchups. The Canadian team faced off against the New York Islanders in both 1983 and ’84 for hockey’s biggest prize, the Stanley Cup. In this year’s National Hockey League finals, the Oilers will try to avenge their Game 7 loss to the Florida Panthers in 2024.

    Edmontonians who have been “loyal to the oil,” as fans say, have been waiting for redemption ever since. The Trump administration’s threats toward its northern neighbor has fueled a wave of nationalism, making even more fans eager for a Canadian team to win the Stanley Cup – which has not happened since 1993. With hopes pinned to Edmonton, the finals also brings renewed attention to some of Canada’s biggest exports: hockey and oil.

    Novelist Leslie McFarlane once observed that for Canadians, “hockey is more than a game; it is almost a religion.” Prayers and superstitions abound, from wearing special clothing to fans averting their eyes during penalty shots.

    The Oilers also evoke another aspect of Canadian society that, for some, has almost religious importance: resource extraction. In American and Canadian culture, oil has long been entangled with religion. It’s a national blessing from God, in some people’s eyes, and a means to the “good life” for those who persevere to find it. For many people in communities whose economies center around resource extraction, the possibility of success is valued above its environmental risks.

    We are scholars of religion who study sports and how oil shapes society, or petro-cultures. The Edmonton Oilers showcase a worldview in which triumph, luck and rugged work pay off – beliefs at home on the ice or in the oil field. The Stanley Cup Final offers a glimpse into how the oil industry has helped shaped the religious fervor around Canada’s favorite sport.

    Edmonton Oilers fan Dale Steil’s boots before the team’s playoff game against the Los Angeles Kings on April 26, 2024.
    AP Photo/Tony Gutierrez

    Boomtown

    Edmonton is the capital of Alberta, a province known for its massive oil, gas and oil sands reserves. With five refineries producing an average of 3.8 million barrels a day, oil and gas is Alberta’s biggest industry – and a way of life.

    This is especially true in Edmonton, known as the “Oil Capital of Canada.” Here, oil not only structures the local economy, but it also shapes identities, architecture and everyday experiences.

    Visit the West Edmonton Mall, for example, and you’ll see a statue of three oil workers drilling, reminding shoppers that petroleum is the bedrock of their commerce. Visit the Canadian Energy Museum to learn how oil and gas have remade the region since the late 1940s, and glimpse items such as engraved hard hats and the “Oil Patch Kid,” a spin on the iconic “Cabbage Patch Kids” toys. Tour the Greater Edmonton area and see how pump jacks dot the horizon. Oil is everywhere, shaping futures, fortunes and possibility.

    Pump jacks near Acme, Alberta – a regular sight.
    Michael Interisano/Design Pics Editorial/Universal Images Group via Getty Images

    Set against this backdrop, the Oilers’ name is unsurprising. It is not uncommon, after all, to name teams after local industries. Football’s Pittsburgh Steelers pay homage to the steel mills that once employed much of the team’s fan base. The Tennessee Oilers were originally the Houston Oilers, prompting other Texas teams such as the XFL’s Roughnecks to follow suit. Further north, the name of basketball’s Detroit Pistons references car manufacturing.

    Teams with industry-inspired names play double duty, venerating both a place and a trade. Some fans are not only cheering for the home team, but also cheering for themselves – affirming that their industry and their labor matter.

    Ales Hemsky of the Edmonton Oilers skates out from under the oil derrick for a game at Rexall Place in 2008 in Edmonton, Alberta.
    Andy Devlin/NHLI via Getty Images

    In a TikTok video from last year’s Stanley Cups playoffs, a man overcome with joy at the Oilers’ victory over the Dallas Stars claps his hands and hops around his living room. The caption reads, “My first-generation immigrant oil rig working Filipino father who has never played a second of hockey in his life … happily cheering for the Oilers advancing in the playoffs. Better Bring that cup home for him oily boys.” He appears to be cheering for the Oilers not because they are a hockey team, but because they are an oil team.

    And indeed, the Oilers are an oily team. The Oilers’ Oilfield Network, for example, describes itself as “exclusively promot[ing] companies in the Oil and Gas industry,” allowing leaders to connect “through the power of Oilers hockey.”

    The Oilers’ connection with industry is further underscored by their logos. The current one features a simple drop of oil, but past designs featured machinery gears and an oil worker pulling a lever shaped like a hockey stick.

    Simply put, “Edmonton is all oil,” Oilers goaltender Stuart Skinner shared after defeating the Dallas Stars to win the 2025 Western Conference Final.

    Liquid gold

    There is a long tradition of pairing hockey with oil – and with Canada itself.

    After the British North America Act founded Canada in 1867, the new nation searched for a distinctive identity through sport and other cultural forms.

    Enter hockey. The winter game evolved in Canada from the Gaelic game of “shinty” and the First Nations’ game of lacrosse and soon became part of the glue holding the nation together.

    Ever since, media, politicians, sports groups and major industries have helped fuel fan fervor and promoted hockey as integral to Canada’s rugged frontiersman character.

    The Montreal Amateur Athletic Association posing with the first Stanley Cup in 1893.
    Bruce Bennett Studios via Getty Images Studios/Getty Images

    In 1936, Imperial Oil, one of Canada’s largest petroleum companies, began sponsoring Hockey Night in Canada, a national radio show that reached millions each week. Several years later, Imperial Oil played a major role in bringing the show to television, where the Imperial Oil Choir sang the theme song. Imperial Oil and its gas stations, Esso, also sponsored youth hockey programs across the nation. In 2019, Imperial inked a deal to be the NHL’s “official retail fuel” in Canada.

    Striking it rich

    Connections between hockey and industry in Alberta’s oil country aren’t just about sponsorships. Central to both cultures is the idea of luck – historically, one of the many things it takes to extract fossil fuels. “Striking it rich” in the oil fields has become entangled with the idea of divine providence, especially among the many Christian laborers.

    Philosopher Terra Schwerin Rowe has written about North America’s “petro-theology,” explaining how many perceive oil as a free-flowing gift from God meant to be taken from the Earth – if you can find it.

    A Canadian oil worker kisses his wife and daughter goodbye as he sets off to work in northern Alberta in the 1950s.
    John Chillingworth/Getty Images

    Oil represents fortune, and who wouldn’t want to borrow a bit of that for their team? Sports are thrilling because sometimes talent, team chemistry and the home-field advantage still lose to a stroke of good luck. Oil culture pairs the idea of divine favor with an insistence on rough-and-tumble endurance, similar to hockey.

    Sometimes if you don’t strike it rich the first time, you have to keep on drilling. The next well may be the one to bring wealth. Oil prospectors know this, but so do sports fans who maintain hope season to season.

    Soon fans from around the world will join Edmonton locals in rooting for the Oilers. They’ll throw their hands up in despair if captain Connor McDavid enters the “sin bin” – the penalty box – or dance in celebration to the Oilers’ theme, “La Bamba.” Some of them will be cheering, too, for oil.

    This is an updated version of an article originally published on June 19, 2024.

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

    – ref. ‘Loyal to the oil’ – how religion and striking it rich shape Canada’s hockey fandom – https://theconversation.com/loyal-to-the-oil-how-religion-and-striking-it-rich-shape-canadas-hockey-fandom-258024

    MIL OSI – Global Reports –