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  • MIL-OSI Global: China-US trade war: the next 90 days are a big deal for Beijing as it seeks long-term solutions

    Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham

    Washington and Beijing have finally agreed a pause in their escalating trade war. US and Chinese officials announced in Geneva this week that US tariffs on Chinese goods would fall to 30%, while Chinese tariffs on US products would drop back to 10%.

    But the real battle to determine the fate of future US-Sino relations will be in negotiations that take place in the next 90 days. As both sides jostle to protect respective national interests, a win is possible for China. But that probably hinges on whether Donald Trump sees what’s on offer as a win for him as well.

    The 90-day deal to deescalate tariffs, which begins on May 14, includes significant concessions, and shows a willingness from both sides to negotiate.

    In early April, US tariffs on Chinese products had soared to 145%, while Beijing imposed a 125% tariff on US imports. US supermarkets had begun to warn of imminent stock shortages.

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    Donald Trump was quick to claim a significant win from Monday’s deal, but so did China.

    Was this really a win for either side? So far the only progress is the roll back of tariffs to levels before the trade war intensified in April 2025.

    But for China, the latest tariff reduction has provided much needed, if short term, economic relief, even if no one knows what will happen after 90 days. The Chinese stock market rallied immediately after the announcement. China is attempting to repair its ailing economy fuelled by a real estate crisis that began in 2021. So, Beijing needs more triumphs of this sort, as it realises that fiscal stimulus may be ineffective in the face of overwhelming tariffs.

    So, what measures should Beijing take to ensure that US tariffs remain low, if not lower?

    Before the trade war between the US and China began in July 2018, tariffs imposed by Washington on Beijing and vice versa were relatively low. In January 2018, US tariffs on Chinese exports stood at 3.1%, while Chinese tariffs on US exports were at 8%. While the current 10% Chinese tariffs on US goods isn’t far from the pre-trade war level, the same cannot be said of US tariffs on Chinese goods, which stand at 30%.

    What’s a big win for China?

    For Beijing, a big win would be a return of the pre-trade war tariffs or the absence of tariffs entirely. But either outcome is highly unlikely.

    A major obstacle is Trump’s need for a political win. In early April this year, the US president has harshly criticised foreign nations for having “looted, pillaged, raped, and plundered” the US. To address this problem, the US has imposed a minimum tariff of 10% on all nations sending exports to the US. And if Washington were to reduce tariffs on Chinese products to under 10%, then he would be expected to do the same with the rest of the world.

    Even this 90-day deal with China could be seen as capitulation by Trump, who was already under pressure from the US stock market and business leaders to roll back the high tariffs on Chinese goods. But revising baseline tariffs downwards to below 10% for the rest of the world would be seen as an even greater cop out.

    This could eat into Trump’s political capital and harm the Republican party’s chances at midterm elections scheduled for 2026. All of which seems unlikely.

    Details of the US and China trade war pause start to be revealed.

    What China hopes is for future US tariffs to get back to around 10%. This represents a massive improvement from the previous 145% imposed by the White House in April this year. But for Washington to save face and claim a believable victory of its own to reduce tariffs, Beijing needs to offer something in return.

    Sticking points

    One significant issue affecting US-Sino relations is the drug fentanyl. According to the US Drug Enforcement Agency (DEA), fentanyl, which is responsible for tens of thousands of US deaths each year, comes primarily from China and Mexico.

    Washington expects Beijing to do more to stem the flow of the drug and chemicals used to make the drug from flowing into the US. To push China to take action on this, the US imposed a 30% tariff on China instead of the baseline 10% it has put on all other nations.

    Beijing sees things differently and claimed that Washington is engaging in a “smear campaign” and aims to “shift blame” on China for not doing enough when the country has some of the strictest drug laws in the world.

    Trump sees the fentanyl problem as a national security issue, and says China needs to provide sufficient concessions in stemming the outflow of the drug so that the White House can justify the lowering of tariffs below the existing 30%.

    But China can do more to secure lower tariffs. As part of the present trade deal, China has agreed to lift its export ban of critical minerals to the US. This is a crucial for the US as these items are essential in manufacturing advanced weaponry.

    If Beijing can guarantee the flow of critical minerals to the US, and assure its support for US agriculture, an important political support base for Trump, then it is likely that a Trump administration would lower, and more importantly, maintain these tariffs in the foreseeable future.

    China probably will want to hedge its bets. It needs to engage with the US and lower US tariffs as much as possible, but will want to look at other options, rather than relying on an unpredictable Trump. It will look to increase its trade with other significant regional players such as the Association of Southeast Asian Nations, an economic bloc that promotes economic growth among its member nations.

    Ultimately, China needs policy continuity from Washington. Without it, any plans that it has in recovering its sluggish economy won’t work.

    But like any good trader, Trump will likely find it difficult to pass up a good deal, especially when the US has to deal with its own economic problems. So if Beijing can find a way to make a deal that works and brings a symbolic win for both sides, it is likely to get Trump’s attention.

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

    – ref. China-US trade war: the next 90 days are a big deal for Beijing as it seeks long-term solutions – https://theconversation.com/china-us-trade-war-the-next-90-days-are-a-big-deal-for-beijing-as-it-seeks-long-term-solutions-256535

    MIL OSI – Global Reports –

  • MIL-OSI Global: Peter Sullivan murder conviction quashed after 38 years in jail – it would be a mistake to see his case as a bizarre, one-off

    Source: The Conversation – UK – By Brian Thornton, Senior Lecturer in Journalism, University of Winchester

    Peter Sullivan has had his conviction for the murder of Diane Sindall quashed. He is not the Beast of Birkenhead. He is an innocent man who got ensnared in a malfunctioning system that then took 38 years to admit its mistake.

    He was wrongly convicted in 1987 for the brutal attack on the part-time pub worker. The 21-year-old was beaten to death and sexually assaulted as she walked home after a shift in Bebington, Merseyside.

    Sullivan is now 68 and has lost the best years of his life. Remarkably, in a statement read by his lawyer after his conviction was overturned he said he was “not angry, not bitter”. He said he had experienced horrors but would not dwell on them: “I’ve got to make the most of what is left of the existence I am granted in this world.”

    Given he’s the victim of the longest miscarriage of justice experienced by a living inmate in the UK, no one would begrudge Sullivan that.

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    But it would be a mistake to see his case as a bizarre, one-off. In March I wrote in detail about how the English criminal justice system continually betrays victims of injustice – from cases like the Birmingham six and the Guildford four to the hundreds of victims of the Post Office scandal.

    There are also immediate parallels to be made with two other miscarriage of justice cases – Victor Nealon and Andrew Malkinson.



    Read more:
    Convicting the innocent: how a rotten system ensures miscarriages of justice will continue

    The Sullivan, Malkinson, Nealon cases were all exposed as miscarriages of justice thanks to new DNA evidence, but only after a reluctant and incurious appeal system was dragged kicking and screaming into agreeing to new forensic testing.

    Malkinson was wrongly convicted of rape and spent 17 years in prison. The Criminal Cases Review Commission (CCRC) twice rejected his submissions that he was innocent, and he was only cleared when his own lawyers tracked down DNA evidence that proved his innocence.

    Nealon who was wrongfully convicted of attempted rape spent an additional ten years in prison because the CCRC refused to carry out DNA tests that would have proved his innocence. He applied to the CCRC twice but was rejected both times.

    In the Sullivan case, the CCRC feels it deserves credit for ordering the retesting that led to his exoneration, and it does. But it’s worth noting that he applied to the CCRC in 2021 and it took until now for him to be freed.

    No compensation

    Justice delayed is justice denied and all three men spent unnecessary years of their lives behind bars thanks to a sluggish and often inept appeals system.

    It took decades, but Sullivan is now a free man. He leaves prison with £89 in his pocket, and that’s it. There will be no automatic compensation, no system that eases him back into ordinary life.

    When Victor Nealon was released after 17 years in prison, he would have been homeless if it were not for the kindness of a journalist who allowed him to sleep on his couch. Nealon has never received compensation. After multiple rejections he and Sam Hallam, another miscarriage of justice victim who was accused of murder, took their claims for compensation all the way to the European Court of Human Rights (ECHR). They lost.

    The judges at the ECHR concluded that it was virtually impossible for victims of miscarriage of justice to receive compensation in the UK, noting that 93% of people who applied for compensation were rejected. The two men have never seen a penny of compensation.

    But it appears that Malkinson may be one of the lucky 7% who do. It has been reported that the Ministry of Justice is to pay him “a significant sum” and no one in their right mind would object to Malkinson receiving compensation. He is an innocent man who spent 17 wasted years in prison.

    Hallam, Nealon and so many more are also innocent but have been refused compensation. Why?

    It is difficult to come to any other conclusion than Malkinson is being compensated because of the media coverage his case attracted. Malkinson is a very impressive person – erudite, thoughtful and reasonable – someone capable of guest editing the Today programme. His case, along with his criticisms, threw the CCRC into crisis and led to the resignation of its chair. But not everyone can be Andrew Malkinson, and they shouldn’t have to be.

    Sullivan is a very different person. “He’s a very quiet, private man,” his lawyer told the BBC. He has so far shunned the media and it’s clear that he will not have the same high profile as Malkinson. His story will fade as the news agenda moves on and there will be a danger that the lessons from this case will be ignored or forgotten.

    For example, Sullivan’s case is a reminder that there are still people in prison who were jailed based on false confessions, and these cases should be reviewed urgently.

    And the project announced by the CCRC to identify cases where new forensic testing could provide fresh evidence needs to happen urgently. As Chris Henley KC, the lawyer who led a review into the CCRC’s handling of the Malkinson case, said, more miscarriages of justice cases are “inevitable” and so it is better to identify them as quickly as possible. No need for more innocent people to languish unnecessarily in prison.

    Ultimately, the main lesson for the criminal justice system to learn is humility.
    If a plane crashes, accident investigators will painstakingly piece the wreckage back together to identify what went wrong. If there is an infectious outbreak, medical experts will urgently seek out the source. They do this so that they can find out what went wrong and avoid future tragedies.

    But somehow the criminal justice system appears to feel it is above this approach, despite the fact that Peter Sullivan was failed by the police, by the legal system, courts and the Court of Appeal. As Henley said: “I think that there is a fundamental problem in relation to our appeal system generally, that it just won’t face up to the fact that mistakes can be made. It stubbornly wants to stick to the original flawed conviction.”

    But first and foremost, Peter Sullivan must receive the compensation he deserves. He was wronged and the state should swiftly and fairly do what it can to make that right.

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

    – ref. Peter Sullivan murder conviction quashed after 38 years in jail – it would be a mistake to see his case as a bizarre, one-off – https://theconversation.com/peter-sullivan-murder-conviction-quashed-after-38-years-in-jail-it-would-be-a-mistake-to-see-his-case-as-a-bizarre-one-off-256723

    MIL OSI – Global Reports –

  • MIL-OSI Global: Who is Project 2025 co-author Russ Vought and what is his influence on Trump?

    Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in US politics and international security, University of Portsmouth

    While Elon Musk has clearly been a major influence on the Trump administration, the less well known, but arguably more influential, power behind the presidency is Russell (usually Russ) Vought. Vought is the director of the Office of Management and Budget (OMB) – the nerve centre of the administration’s sweeping changes.

    Vought is also rumoured to be about to take over running the Department of Government Efficiency (Doge) from Musk.

    Unlike Musk, Vought acts mostly outside the media spotlight. He is fully committed to a radical overhaul of the way the US presidency works – and his deep religious convictions have led him to believe there should be more Christianity embedded in government and public life.

    He has vowed to “be the person that crushes the deep state”, and was part of the first Trump administration, where he held the position of OMB deputy director – and, briefly, director.

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    Vought worked with Trump in his first
    term on executive order 13957, which aimed to reclassify thousands of policy jobs within the federal government. This was designed to allow the White House to quickly change who was employed in these roles.

    This was subsequently revoked by the Biden administration. But Trump issued a similar executive order 14171 in January, which will implement quicker hiring and firing procedures. The Office of Personnel Management estimates that this could affect 50,000 federal roles.

    In an interview with conservative commentator and podcaster Tucker Carlson, Vought said that this was necessary for the White House to “retain control” of the agencies under its command. Without it, he claimed, ideological “opponents” within the agencies had the power to diminish the efficiency of White House initiatives. And his role as head of the OMB, he argued, was “to tame the bureaucracy, the administrative state”.

    During the Biden presidency, Vought was one of the main authors – credited as the key architect – of the Heritage Foundation’s influential Project 2025, widely seen as the blueprint for Trump’s second term of office. The 900-page document, whose full title is Mandate for Leadership: The Conservative Promise, was a major talking point during last year’s presidential election campaign.

    Throughout the campaign, Trump strenuously denied Democrat accusations of having any connection to Project 2025. But a large number of his appointees contributed to the Heritage Foundation’s publication, and numerous Project 2025’s recommendations have quickly been put into action. These include Trump’s high trade tariffs and Doge’s cost-cutting initiatives.

    Russ Vought talking to Tucker Carlson.

    During his confirmation hearing in the US Senate, Vought reiterated his belief that the White House has authority over federal spending, not Congress. This contradicts article I, section 8, of the US Constitution, which grants Congress the power to tax and spend for the general welfare of the country.

    For the majority of constitutional experts, the executive (the president) may propose a budget, but it is Congress that authorises it.



    Read more:
    How Project 2025 became the blueprint for Donald Trump’s second term

    Concerned by this, Democrats on the Senate budget committee attempted a boycott of Vought’s confirmation vote, which failed when all 11 Repubican members voted in favour. And when the call came on the Senate floor to confirm his appointment, all 47 Democratic senators held an all-night debate in protest.

    Democrat and Senate minority leader Chuck Schumer has called Vought the “most radical nominee” with “the most extreme agenda” and said that Americans needed to understand the danger he poses to them in their daily lives.

    Vought’s involvement in Project 2025

    When asked to compare the Trump administration’s policies to Project 2025, Paul Dans, who was the director of Project 2025 until he stepped down during the Trump campaign, said that the administration’s policies were “beyond my wildest dreams”. According to one website tracking the agenda, of the 313 suggested policy objectives in Project 2025, 101 have been implemented, while another 64 are in progress.

    A significant number of Project 2025’s recommendations have been implemented by the Elon Musk-led Doge. And Vought has been described by one journalist as “the glue between Musk and the Republicans”.

    Vought and Musk have forged a strange but effective relationship in executing Doge’s cost-cutting initiatives. According to reports quoting former Trump administration officials, Musk’s Doge has used data to identify what he considers to be overspending while and Vought’s OMB has confirmed Doge’s findings recommending how to deal with them.

    “What’s needed is a specific theory about the case and what can be done,” Vought said. It was part of an effort to help the government “balance its books”, he added.

    When asked by Tucker Carlson what he thought of Doge, Vought replied: “I think they’re bringing an exhilarating rush … of creativity, outside the box thinking, comfortability with risk and leverage.”

    The process to crush the so-called “deep state” conducted by Maga Republicans in Congress and Doge in the White House has been expertly coordinated by Vought. As one reporter wrote, he has experience of working on Capitol Hill and is on good terms with the Freedom Caucus who are the group of conservative Republicans that advocates for limited government, fiscal restraint and strict adherence to a constitutional, right-wing agenda.

    After the caucus was instrumental in defining the terms of support for Mike MCarthy as Speaker of the House in 2023, Vought called the members of Freedom House “the lions that have been through battle and won.” He knows the capabilities of the OMB – and is just as anti-establishment as Musk.

    According to independent researchers tracking Project 2025, a number of departments still have more than half of the project’s objectives to be completed. The administration will need to work quickly, however.

    Historically, the party that occupies the White House fares badly in the midterms. The Republicans could lose control of the House or the Senate, both of which they currently control. Should this happen, the administration may find it more difficult to implement the changes they wish.

    But it is highly unlikely that this will deter Vought and his drive for reforms of presidential powers. He, along with the majority of the Trump White House, believe in the unitary executive theory. This essentially argues that the president has control over all executive branch officials and operations, and that Congress cannot limit that control, even through legislation.

    If Vought does carry on and Congress challenges his decisions, the issue could end up in the Supreme Court – a court dominated by Trump appointees. Any judgment made by the court would be seismic in its importance of future interpretations of the constitution and where power really lies in the federal government.

    For Vought and other Project 2025 authors in the administration, a ruling in their favour would be vindication of their work.

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

    – ref. Who is Project 2025 co-author Russ Vought and what is his influence on Trump? – https://theconversation.com/who-is-project-2025-co-author-russ-vought-and-what-is-his-influence-on-trump-255134

    MIL OSI – Global Reports –

  • MIL-OSI Banking: IPAA Congratulates Katharine MacGregor on Deputy Secretary of Interior Confirmation

    Source: Independent Petroleum Association of America

    Headline: IPAA Congratulates Katharine MacGregor on Deputy Secretary of Interior Confirmation

    May 14, 2025 IPAA Congratulates Katharine MacGregor on Deputy Secretary of Interior Confirmation

    Posted at 12:49h in Press Releases by

    Independent Petroleum Association of America (IPAA) President & CEO Jeff Eshelman issued the following statement congratulating Katharine MacGregor for her Senate confirmation to be the Deputy Secretary of the Department of Interior by a vote of 54-40:

    “The Trump Administration continues to fill important positions within the federal government with outstanding professionals who are committed to increasing American energy dominance.  Kate MacGregor is a valuable addition to Secretary Burgum’s team at the Department of the Interior and IPAA looks forward to working with her on various issues facing our members that operate on onshore and offshore federal lands.”

    MIL OSI Global Banks –

  • MIL-OSI Russia: The 7th Central Asian Conference on Climate Change was held in Ashgabat

    Translation. Region: Russian Federal

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

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

    ALMATY, May 14 (Xinhua) — The 7th Central Asian Conference on Climate Change was held in Ashgabat, the capital of Turkmenistan, from Tuesday to Wednesday. The main theme of the event was stated as “Achieving the global goal of climate finance through regional and national actions in Central Asia,” the International Information Center of Turkmenistan reported on Wednesday.

    The conference was organized by the Regional Environmental Center for Central Asia and the Government of Turkmenistan, and was held with the support of the World Bank and the German Society for International Cooperation (GIZ).

    Over the course of two days, representatives of countries in the region and international organizations discussed common approaches to combating climate challenges.

    The opening ceremony featured welcoming speeches from the Minister of Environmental Protection of Turkmenistan, as well as high-ranking representatives of the World Bank, GIZ, the EU and the UN Development Programme. During a special session, representatives of the World Bank, the UK, the EU and Italy outlined their approaches and spoke about climate finance opportunities for Central Asian countries. Particular attention was paid to mechanisms for the effective use of funds raised.

    The key topics of the second day of the event were transboundary landscape restoration and combating land degradation.

    Conference participants confirmed their understanding of common climate challenges and the readiness of Central Asian countries to work together, naming the transition from discussions to practical actions as a priority goal and promising to continue work on forming a regional climate agenda and preparing for future summits. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: The Quest for Public Debt Transparency in EMDEs

    Source: IMF – News in Russian

    Keynote Speech by IMF Financial Counsellor and Director of the Monetary and Capital Markets Department
    IMF Conference: Public Debt Transparency—Aligning the Law with Good Practices

    May 14, 2025

    Opening – Scope of the Speech

    Good afternoon, everyone. It is a privilege to be here with you. Behind many sovereign debt crises there is often a simple, but difficult truth: the full picture of public debt and contingent liabilities which migrated to sovereign balance sheets was not visible to the public until it was too late. Transparency, therefore, is not just ideal—it is essential.

    This Conference demonstrates the Fund’s shared commitment to turning transparency from a goal into a reality in our member countries. I want to thank our IMF Legal Department for this timely initiative and inviting me to speak today.

    I would like to address the importance of transparency from the vantage point of the markets and the sovereign borrowers—specifically, the debt managers. I’ll first address why transparency matters, and why now more than ever. I’ll then delve into where countries stand today, the obstacles we face, and some possible solutions. I’ll give you a brief tour of how the Fund works to improve transparency in our three core activities of surveillance, lending, and capacity development—and finally, offer some thoughts on the path forward.

    The Difficult Backdrop Calls for Greater Transparency

    As you have already heard from our IMF Managing Director this morning, ensuring public debt transparency remains critical to monitor debt vulnerabilities, at a time of historically high public debt in emerging market (EM) and developing economies.

    The current global environment presents challenges for many countries to access capital markets. EMs are already facing the highest real financing costs in a decade and will have to continue issuing government debt, including meeting new fiscal spending needs. Small middle-income countries and frontier economies face a more difficult situation. Several frontier economies would find it difficult to issue a Eurobond at current levels. Meeting external financing needs will be challenging for many frontier borrowers if official development assistance is reduced. Domestic market funding may not be sufficient to substitute for external borrowing. So, the stakes are high.

    Why Transparency Matters

    Transparency is foundational—in periods of both calm and stress.

    In normal times, it builds credibility and fosters trust. It helps countries reduce borrowing costs and reinforces accountability to a country’s citizens. Transparent debt management operations, backed by clear strategies, predictable borrowing plans, and regular reporting pays off in improved market confidence and lower credit risk. Transparency also pays off by providing better access to sovereign debt markets.

    Even under sovereign stress, transparency acts as a stabilizing force. Opacity might offer short-term breathing space, but it raises long-term borrowing costs. “Debt surprises” damage trust, increase the cost of borrowing and increase the severity of crises. Conversely, sovereigns that disclose the full picture early—and align this with credible fiscal plans—can stabilize expectations. And at the extreme, for countries facing default, when public debt becomes too high and the government cannot borrow at sustainable terms, transparency also has a role to play in negotiations with creditors by enabling a faster resolution of debt problems during debt restructuring

    To ensure adequate public debt transparency, stakeholders should be able to count on the availability of timely, accurate, and comprehensive information on public debt stock and flows. You can think of this as the outcome of a country’s debt management. But from the perspective of Fund work, the concept of public debt management transparency is broader—it also encompasses the availability of key procedures and policies on public debt and of sound legal frameworks to support them. This should cover both the central and the general government.

    The Current State of Public Debt Transparency in EMDEs

    Evaluated against these metrics, sovereigns in advanced economies generally abide to high standards of debt transparency. Advanced economies typically finance themselves in markets, which impose market discipline. The process for sharing information on their borrowings is well established and institutionalized, and as a result, data on public debt is readily accessible. Some emerging markets are as transparent as advanced economies on their general government debt. However, governments in many emerging markets and developing economies rely significantly on external loans as well as on non-marketable domestic debt which can make their debt less transparent.

    Many factors explain the opaqueness of government borrowings in emerging markets and developing economies. These include lenders’ preferences, persistently large borrowing needs, low accountability, aversion to transparency, shallow bond markets, and lack of capacity. While inadequate public debt transparency is often the result of an interplay between several factors, analyzing them separately allows identifying potential solutions that are most urgently needed. Allow me to highlight a few key factors and what can be done to address them.

    First, lender preferences. Some resource-exporting countries use collateralized debt structures at the behest of creditors, involving special purpose vehicles that conceal the nature and seniority of these debt structures. Importantly, collateralized debt is often undertaken with confidentiality and non-disclosure agreements that impede reporting and disclosure.

    Solutions to address this type of opacity require establishing a legal and policy framework that discourages such borrowing structures. Legal frameworks can also help tackle this problem by limiting the scope of confidentiality agreements the executive can enter into and mandating a minimum level of disclosure regarding the financial terms of these debt liabilities.

    Second, the reticence of sovereign borrowers to disclose their borrowings. This can be an intentional under-reporting of public debt liabilities. However, it is often more subtle: some sovereigns rely on financing by state-owned enterprises (SOEs) or other entities that are effectively backed by the government, but whose debt liabilities are kept off-budget.

    Finding solutions to this problem is a difficult challenge. The solution is stronger governance, supported by stronger legal frameworks around the entire public financial management ecosystem. Such frameworks would warrant disclosure of all public debt liabilities and new borrowings, including by SOEs, and extra-budgetary entities supplemented with full fiscal transparency of the government and the SOEs balance sheets.

    Third, there can be gaps in the framework for public debt transparency. Such gaps mostly reflect shortcomings in the governance, reporting, and the institutional and policy framework of public debt. In many countries, this is a function of fragmented debt management responsibilities even within the central government. Inadequate transparency in such countries does not imply a lack of willingness by the sovereign to disclose its debt liabilities, but rather a deficiency in its ability to be adequately transparent. We see many such cases in our work.

    Addressing these gaps requires a broad-based approach, starting from the legal and governance framework, and weaving through institutional arrangements and the policy framework for public debt management. We have seen some countries make tangible progress that we have supported with capacity development, although more needs to be done across our membership.

    Leveraging Marketable Debt for Transparency and Sound Financing

    While much of the global discussion related to transparency has focused on external debt. I will take this opportunity to speak about debt issued in the local market and how greater reliance on marketable debt could drive better transparency and sound financing. Domestic debt transparency is an overlooked issue in the debt discussions on low-income countries (LICs).

    Large emerging markets typically have well-developed domestic government securities markets characterized by strong transparency practices. As in advanced economies, the cost of borrowing in large EMs reflect market forces. In the last decade or so, sovereigns from smaller emerging markets and LICs have relied more heavily on domestic debt. However, in these countries, transparency practices in domestic debt markets are often weak. And since in some cases the development of local debt markets is still evolving, many borrowers rely on non-marketable debt to fill part of their domestic financing needs. Non-marketable borrowing tends to be more insulated from price signals and inherently less transparent.

    There is a solution: accepting market prices. Transparency is a prerequisite for markets to operate well. Transparency on primary market issuances is crucial for price discovery and predictability for investors. And transparency in secondary market pricing and transactions is important for market liquidity. Such steps could create a self-reinforcing dynamic to improve transparency.    

    IMF Work on Debt Transparency

    Against this background, let me now give you a brief account of what we do in the Fund to promote debt transparency by sovereign borrowers. These efforts span the three key areas of Fund activity: bilateral surveillance, lending, and capacity development.

    Within bilateral surveillance, the IMF last year decided to expand the scope of mandatory reporting on debt by member countries. Members will be required to report on general government debt stock from this year (2025) and to report its detailed composition from 2027.

    In the context of our lending programs, the IMF Debt Limits Policy has raised the bar on debt disclosure. Where countries have critical debt data disclosure gaps, these should be addressed upfront in IMF-supported programs. And every IMF program staff report is now required to provide granular information on debt holders and debt service by creditor for a period of three years as well as information on the stock of collateralized debt.

    Our work on Capacity Development (CD), supports efforts to enhance transparency by sovereign borrowers. Over the years, debt transparency has increasingly been mainstreamed across many areas including support on public debt management, fiscal transparency assessments, debt sustainability assessments, the domestic legal framework on public debt management, and statistical dissemination of public debt. Further, debt transparency has now been added as an explicit outcome in our Results-based Management framework, which we use to monitor the effectiveness of our CD delivery.

    The Fund has stepped up its CD work on public debt reporting and monitoring, publication of medium-term debt management strategies and annual borrowing plans, and fiscal risk assessments—all of which will contribute to enhance transparency by our member countries. For this purpose, staff from different departments—including staff from MCM, as well as the IMF’s Fiscal Affairs, Statistics and Legal Departments—work closely with officials across our membership from the Ministries of Finance, Debt Management Offices, Central Banks, and Audit Institutions.

    Our policy and analytical work—including papers like Making Public Debt Public, and those on Sovereign Investor Relations and Legal Foundations of Public Debt Transparency—shape global thinking and inform Fund policy. At the same time, our longstanding guidance—like the IMF-World Bank Guidelines on Public Debt Management and the Fund’s Fiscal Transparency Codeas well as statistical standards—continues to provide an anchor for sound debt transparency practices across our membership.

    Conclusion

    As you carry forward your discussion today and tomorrow on the legal reforms needed to promote transparency of sovereign debt, I would like to leave you with four key messages.

    First, public debt transparency helps a sovereign, both in good and bad times.

    Second, enhancing debt transparency is all the more critical under the current global environment.

    Third, debt transparency must be designed and not assumed as a default setting.

    Fourth, it must be embedded in law, institutions, and incentives—across the full spectrum of public borrowing.

    To achieve this, countries should develop a strong governance mechanism on public debt supported by robust legal and institutional frameworks. Such frameworks should not only cover central government debt but also extend across the general government and state-owned enterprises. The goal is clear. However, we must acknowledge that this would be a big ask and long-term project, especially given the capacity constraints in many emerging and developing economies.

    A well-sequenced approach to upgrade the transparency framework will be crucial. For many countries, starting with central government debt and expanding outward in a phased, realistic way could be the right approach. Enhancing transparency on general government debt and the wider public sector would be the next priority.

    The Fund remains a committed partner in this journey—helping countries move from fragmented systems and hidden risks to integrated frameworks and informed policy choices.

    Thank you—and I wish you a productive remainder of the conference.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/14/sp051425-the-quest-for-public-debt-transparency-in-emdes

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Chairman Capito Opening Statement at Hearing to Consider McMaster, Busterud, Telle Nominations

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    To watch Chairman Capito’s opening statement, click here.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led ahearing on the nominations of Sean McMaster to be Administrator of the Federal Highway Administration (FHWA), John Busterud to be Assistant Administrator for the Office of Solid Waste of the Environmental Protection Agency (EPA), and Adam Telle to be Assistant Secretary of the Army for Civil Works.
    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “This morning, we will hear from three of President Trump’s important nominees. I want to first welcome Mr. Sean McMaster, President Trump’s nominee to serve as Administrator of the Federal Highway Administration or better known as FHWA.
    “FHWA is an operating administration within the U.S. Department of Transportation, responsible for providing technical support, we lean on them a lot, and funding to states and local entities. The funding provided by FHWA is critical to facilitating the design and construction of improvements to our surface transportation network.
    “These improvements enable the safe and reliable movement of people and goods, which enhances our quality of life and supports economic growth. Mr. McMaster’s relevant professional experience makes him well-qualified to serve as Administrator. He brings more than 10 years of government service, working in the U.S. House of Representatives and at federal agencies, including the U.S. Department of Transportation.
    “Since mid-2020, Mr. McMaster has worked for two private sector transportation companies. First, he served as a National Practice Consultant and Vice President at HNTB and most recently, he served as the Vice President for Commercial Aviation and Transportation at The Boeing Company.
    “One challenge that the FHWA Administrator must quickly tackle is the significant backlog of announced grants that do not have signed grant agreements in place. This inherited workload will require diligence and collaboration to resolve. I am hopeful that Mr. McMaster is confirmed, his experience and leadership at FHWA will accelerate this process. This Committee also looks forward to working with FHWA and others on the long-term, bipartisan surface transportation reauthorization bill.
    “Next, I want to welcome Mr. John Busterud, President Trump’s nominee to lead the EPA’s Office of Land and Emergency Management, better known as OLEM. Mr. Busterud’s exceptional experience has prepared him to lead OLEM and tackle some of our nation’s most pressing environmental challenges.
    “Following a 31-year environmental legal career, he served as Regional Administrator of the EPA’s Pacific Southwest Region. Mr. Busterud also served our country with distinction as an officer in the U.S. Army, deploying many times, and retiring as a decorated Colonel after 23 years of service.
    “OLEM’s statutory responsibilities place it at the center of EPA’s core mission: protecting our air, land, and water. If confirmed, Mr. Busterud will oversee programs that directly impact Americans’ health and the environment, such as remediating PFAS contamination, cleaning up Superfund sites, and revitalizing brownfields.
    “Addressing PFAS contamination, which affects communities in my state of West Virginia and across this country, is a priority of mine. The EPA recently announced an agency-wide PFAS strategy and OLEM will play a major role in ensuring its success. OLEM is also responsible for cleaning up Superfund sites, which are some of our nation’s most contaminated sites.
    “This Committee recently heard about the challenges with cleaning up Superfund sites and there is bipartisan support to improve the program’s efficiency. I look forward to working with Mr. Busterud to implement key reforms to ensure faster, and more cost-effective Superfund cleanups.
    “Finally, I want to welcome Mr. Adam Telle, President Trump’s nominee to be the Assistant Secretary of the Army for Civil Works. Mr. Telle is well-suited to lead the Army Corps of Engineers’ Civil Works program based on his two decades of public service in the United States Senate, including as my clerk for the Homeland Security Subcommittee and as a Special Assistant to the President in the first Trump Administration.
    “Mr. Telle has seen firsthand how the Army Corps’ response to natural disasters can help communities withstand significant weather events and then recover from them. The Army Corps does critical work across the nation through its navigation, flood risk management, and ecosystem restoration missions.
    “This work protects the lives and livelihoods of millions of Americans and facilitates commerce throughout our country and internationally. If confirmed, Mr. Telle will also play an integral role in implementing biennial water resources development legislation, better known to all of us on committee as WRDA.
    “WRDA authorizes numerous feasibility studies and projects, and directs the Army Corps to carry out various activities to address our nation’s water resources needs. I look forward to working with Mr. Telle to ensure the timely implementation of these laws consistent with congressional intent.
    “And I look forward to hearing from our nominees about their experiences and the issues they will prioritize if confirmed to lead these agencies.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Connecticut Delegation, Colleagues File Amicus Brief Slamming Trump’s Lawless Attempts To Dismantle The CFPB

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    May 14, 2025

    HARTFORD—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives John B. Larson (D-Conn.-01), Joe Courtney (D-Conn.-02), Rosa DeLauro (D-Conn.-03), Jim Himes (D-Conn.-04), and Jahana Hayes (D-Conn.-05) joined their colleagues in filing an amicus brief with the D.C. Circuit Court of Appeals in a lawsuit brought forth after President Trump illegally fired staff at the Consumer Financial Protection Bureau (CFPB). The brief condemns mass firings at the CFPB, reiterates that Congress created the CFPB to combat the abuses that caused the devastating 2008 financial crisis, and highlights that the president does not have the power to abolish it.
    “Congress has been creating, restructuring, and eliminating executive offices, departments, and agencies since the Founding.  At the same time, because power over the basic structure of the federal government is Congress’s alone, the executive branch cannot unilaterally establish or abolish an executive agency,” the lawmakers wrote.
    They continued: “The Administration’s actions, if allowed to occur, would not just be unconstitutional—they would also be disastrous.  As the Supreme Court has explained, eliminating the CFPB would ‘trigger a major regulatory disruption and would leave appreciable damage to Congress’s work in the consumer-finance arena.’”
    The amicus brief was led by U.S. Representative Maxine Waters (D-CA-35) and U.S. Senators Dick Durbin (D-IL), Tammy Duckworth (D-IL), Chuck Schumer (D-NY), and Elizabeth Warren (D-MA). Former lawmakers Chris Dodd (D-CT) and Barney Frank (D-MA) also signed onto the amicus brief.
    U.S. Representative Maxine Waters (D-Calif.) and U.S. Senators Dick Durbin (D-Ill.), Tammy Duckworth (D-Ill.), Chuck Schumer (D-N.Y.) and Elizabeth Warren (D-Mass.) also signed the brief, along with former lawmakers Chris Dodd (D-Conn.) and Barney Frank (D-Mass.).
    Since its inception, over 80,000 Connecticut residents have received more than $45 million from CFPB’s Civil Penalty Fund, which is used to help compensate harmed victims who would not otherwise receive compensation from the defendant in the case. Last year, Connecticut consumers also received compensation from the CFPB’s lawsuits against Think Finance for deceiving consumers into repaying loans they did not owe, and Lexington Law and CreditRepair.com for subjecting consumers to illegal advance fees and deceptive advertising.
    The full amicus brief is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Welch, Merkley, Sanders, Dingell Team Up to Introduce Bill to Lower Prescription Drug Prices for All Americans

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today joined Senator Jeff Merkley (D-Ore.), Senator Bernie Sanders (I-Vt.), and U.S. Representative Debbie Dingell (D-MI-06) in introducing the End Price Gouging for Medications Act.
    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”
    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed.”
    Merkley continued, “If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”
    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive,” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will help to bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”
    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
    Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.
    In addition to Welch, Merkley, Sanders, and Dingell, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.
    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.
    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President of Just Care USA.
    “The reason Americans pay higher prescription drug prices than other countries is because big drug and insurance companies, and their armies of lobbyists, work overtime to ensure their monopolies are protected and their CEOs continue to get massive compensation packages. It is far past time that Congress acts to rein in the out-of-control cost of what Americans have to pay for life-saving medications. The End Price Gouging for Medications Act is an important step,” said Wendell Potter, President of the Center for Health and Democracy.
    Full text of the End Price Gouging for Medications Act can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI Global: Caveman method skincare: how neglecting skincare completely can give you ‘cornflake’ build-up

    Source: The Conversation – UK – By Adam Taylor, Professor of Anatomy, Lancaster University

    Gorodenkoff/Shutterstock

    Social media has done it again – this time reviving a minimalist skincare trend known as the caveman method. Think of it as the paleo diet for your face: no cleansers, no moisturisers, no water. Just your skin, left completely to its own devices.

    Supporters claim it helps reduce breakouts, arguing that overuse of products is irritating their skin. But while simplifying your routine might have some short-term benefits, going completely product free, and especially water free, can put you at risk of a lesser known condition: dermatitis neglecta.

    Dermatitis neglecta was first described in a medical journal in 1995. It’s a skin condition that doesn’t involve inflammation but rather occurs when skin isn’t cleaned adequately over time. It’s most commonly seen in people with neurological or psychological conditions, or in people avoiding cleaning surgical wounds, skin sensitivity, or even poor hygiene.

    It often shows up on the face, chest and limbs, but can appear anywhere on the body. The hallmark? A pigmented, scaly build-up that looks like cornflakes.

    But what’s actually building up?

    Your skin is constantly renewing itself. As new skin cells form underneath, older ones are pushed up and eventually die due to lack of oxygen from the blood supply beneath.

    We shed about 500 million dead skin cells per day – roughly two grams’ worth. That’s not much, but if you’re not washing your face, even this small daily build-up can quickly lead to visible debris and dullness.

    This often overlooked layer of built-up skin can sometimes conceal underlying medical conditions, including cancer, that only become apparent once the excess is removed.

    Skin cancers are less common in people with darker skin tones but they often have worse outcomes, primarily due to delayed diagnosis, which makes the cancer harder to treat. In such cases, conditions like dermatitis neglecta may further obscure signs of disease, making early detection even more challenging.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    But it’s not just dead cells at play. Your skin’s natural secretions, sweat and sebum, also contribute to this protective barrier.

    Sebum is an oily substance produced by sebaceous glands all over the body. It helps keep moisture in and has antimicrobial properties. The nose is the area with the highest sebum production, which explains its reputation for shininess. Sebum also plays a role in skin pH, helping keep the skin slightly acidic to ward off harmful bacteria.

    Sweat, meanwhile, also contains antimicrobial peptides that helps defend against pathogens. But if these secretions can’t reach or function properly at the skin’s surface – either because they’re blocked by build-up or not spread through cleansing – your natural defences may weaken, making it easier for bacteria or fungi to thrive.

    Skipping all skincare might sound natural, but it may disrupt these finely balanced systems. If the skin becomes overwhelmed, it can’t do its job – leading not just to clogged pores, but potential infection.

    Thankfully, dermatitis neglecta is relatively easy to treat. Mild cases clear up with warm soapy water. More stubborn build-up may require gentle cleansing with isopropyl alcohol. In extreme cases, dermatologists may prescribe keratolytics, creams that help break down and remove the thickened outer layers.

    Back to basics

    Let’s get one thing straight: you don’t need a ten-step routine. But, as well as keeping the skin clean, a few basic skincare practices go a long way.

    First, hydrate. Drinking water can improve skin hydration, especially if your intake has been low.

    Next, moisturise. A simple moisturiser with ingredients like hyaluronic acid or glycerin helps lock in moisture and support the skin’s natural barrier. You’ll often spot hyaluronic acid on product labels: it’s known for its ability to bind water to the skin.

    High molecular weight hyaluronic acid can help hydrate the surface of the skin and support it’s barrier function. But only low molecular weight hyaluronic acid can penetrate into the deeper layers, where it can help improve hydration more comprehensively and help reduce the appearance of fine lines. A blend of high and low molecular weight hyaluronic acid can offer both deep hydration and surface moisture retention.

    Humectants like sodium PCA also draw moisture from the air into the skin, helping to keep it soft and supple. This is particularly important for darker skin tones, which are more prone to transepidermal water loss, meaning they can lose moisture more quickly and may need extra hydration support.

    Finally, wear sunscreen – every day – no matter your skin tone. While melanin can offer some natural protection against UV damage, it’s not enough to prevent skin cancer, premature ageing, or pigmentation issues. Daily use of sunscreen is essential for everyone. UV rays damage collagen, the protein that keeps skin firm. They cause collagen to cross-link, making it stiff and contributing to wrinkles and sagging. Collagen has a half-life of around 15 years, so once it’s damaged, your skin takes a long time to recover.

    To maintain the skin’s young, fresh and healthy appearance collagen and other molecules need to be replaced and allowed to mature. But UV also physically damages the collagen formation and maturation process, making it more difficult for new collagen to form properly, further contributing to the aged appearance of skin. Sunscreen helps prevent this long-term ageing effect.

    Cheesy varnish

    If you think your skin has never been coated in build-up, think again. In the womb, your sebaceous glands produced a substance called vernix caseosa, Latin for “cheesy varnish”. This waxy coating, visible on many newborns, is made of sebum and dead skin. It moisturises, insulates and protects infants during birth – and it’s proof that build-up on your skin isn’t as unnatural as it might seem.

    Going back to basics can feel appealing, especially in a world overflowing with products. But your skin is a complex, hardworking organ that benefits from a little support.

    More research is needed to understand how skincare affects different people: factors like biological sex, skin tone, environment and genetics all play a role. But simple steps like drinking water, applying moisturiser, and wearing sunscreen can help your skin function at its best.

    So before you ditch everything in your bathroom, remember that “natural” doesn’t always mean “better”. Your skin evolved to protect you – but it still needs a little help now and then.

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

    – ref. Caveman method skincare: how neglecting skincare completely can give you ‘cornflake’ build-up – https://theconversation.com/caveman-method-skincare-how-neglecting-skincare-completely-can-give-you-cornflake-build-up-256362

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Minister of Finance to Co-Host G7 Finance Ministers and Central Bank Governors’ Meeting in Banff

    Source: Government of Canada News

    May 14, 2025

    As part of Canada’s G7 Presidency, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, and Bank of Canada Governor Tiff Macklem, will co-host the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta, from May 20 to 22. They will be joined by Finance Ministers and Central Bank Governors from the G7 countries (France, Germany, Italy, Japan, United Kingdom, United States) and the European Union.

    G7 Finance Ministers and Central Bank Governors will be joined by the heads of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank and the Financial Stability Board. The Ukraine Finance Minister and the President of the Financial Action Task Force will join for parts of the meeting. Ministers and Governors will discuss and share views on current global economic and financial challenges, with a focus on how the G7 can work together on issues.   

    The details of the media events and core programming are described below.

    Please note that media events are restricted to accredited media, and the accreditation portal is now closed. Additional logistical details for each media event will be provided directly to accredited media, closer to the events. Please contact mediag7@fin.gc.ca with any questions.   

    Core Program (All Times Local, MT)

    Tuesday, May 20

    4:00 p.m.

    The Minister and the Ukraine Minister of Finance, Sergii Marchenko, will answer questions from the media.

    Wednesday, May 21

    8:15 a.m. – 8:45 a.m.

    The Minister will join fellow G7 Finance Ministers and Central Bank Governors for a group photograph and hold a welcoming ceremony.

    Open to media. Photo opportunity only.

    9:00 a.m. – 9:15 a.m.

    The Minister and Governor will officially open the G7 Finance Ministers and Central Bank Governors’ Meeting.

    Pooled B-roll media opportunity.

    9:30 a.m. – 4:30 p.m.

    The Minister and Governor will co-chair sessions on the global economy, economic resilience and security, and the situation in Ukraine, among others.

    Closed to media.

    Thursday, May 22

    8:30 a.m. – 12:30 p.m.

    The Minister and Governor will co-chair sessions on financial crime and artificial intelligence, among others.

    Closed to media.

    12:30 p.m. – 1:00 p.m.

    The Minister and Governor will hold a joint press conference to close the G7 Finance Ministers and Central Bank Governors’ Meeting.

    Open to media. A media availability will follow. Watch live on X at https://x.com/G7 or on Facebook at https://www.facebook.com/G7.

    MIL OSI Canada News –

  • MIL-OSI USA: Senate Unanimously Passes Cassidy, Grassley Resolution Recognizing National Police Week

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Chuck Grassley (R-IA), and 79 senators applaudedthe Senate’s unanimous passage of their resolution designating May 12 through 17 as National Police Week to reiterate the Senate’s unwavering support for law enforcement officers across the United States. 
    “As hostility toward police officers grows, threats to their safety increase. We must support those who risk their lives daily to protect our communities,” said Dr. Cassidy.
    “Law enforcement officers in Iowa and across the nation work tirelessly to protect and serve our communities. This week, and every week, we should give our thanks to the brave men and women in blue, who have sacrificed so much to ensure our safety,” said Senator Grassley. “As always, I’m proud to back the blue and will continue my efforts in Congress to protect and support our courageous officers.” 
    Cassidy and Grassley were joined by U.S. Senators Lindsey Graham (R-SC), Dick Durbin (D-IL), Angus King (I-ME), Ashley Moody (R-FL), Catherine Cortez Masto (D-NV), Susan Collins (R-ME), Ben Ray Lujan (D-NM), Tim Sheehy (R-MT), Richard Blumenthal (D-CT), John Kennedy (R-LA), Christopher Coons (D-DE), Tim Scott (R-SC), Ruben Gallego (D-AZ), Jim Risch (R-ID), Peter Welch (D-VT), Mitch McConnell (R-KY), Tim Kaine (D-VA), Tommy Tuberville (R-AL), Amy Klobuchar (D-MN), Rand Paul (R-KY), Raphael Warnock (D-GA), Mike Crapo (R-ID), Brian Schatz (D-HI), Cynthia Lummis (R-WY), Alex Padilla (D-CA), Jim Justice (R-WV), John Fetterman (D-PA), Katie Britt (R-AL), Jacky Rosen (D-NV), Jerry Moran (R-KS), Sheldon Whitehouse (D-RI), John Barrasso (R-WY), Jeanne Shaheen (D-NH), Shelley Moore Capito (R-WV), Kirsten Gillibrand (D-NY), Rick Scott (R-FL), Jon Ossoff (D-GA), Pete Ricketts (R-NE), Tammy Duckworth (D-IL), Jim Banks (R-IN), Mark Kelly (D-AZ), Kevin Cramer (R-ND), Andy Kim (D-NJ), Joni Ernst (R-IA), Tammy Baldwin (D-WI), Ted Budd (R-NC), Gary Peters (D-MI), Thomas Tillis (R-NC), Maria Cantwell (D-WA), Cindy Hyde-Smith (R-MS), Mark Warner (D-VA), Roger Marshall (R-KS), Elissa Slotkin (D-MI), Steve Daines (R-MT), Margaret Hassan (D-NH), Marsha Blackburn (R-TN), Adam Schiff (D-CA), Deb Fischer (R-NE), Michael Bennet (D-CO), Lisa Murkowski (R-AK), Bill Hagerty (R-TN), John Hoeven (R-ND), John Cornyn (R-TX), Mike Lee (R-UT), Mike Rounds (R-SD), John Thune (R-SD), Bernie Moreno (R-OH), Ted Cruz (R-TX), Tom Cotton (R-AR), Jon Husted (R-OH), James Lankford (R-OK), Roger Wicker (R-MS), Eric Schmitt (R-MO), Markwayne Mullin (R-OK), Todd Young (R-IN), Josh Hawley (R-MO), Dan Sullivan (R-AK), Dave McCormick (R-PA), Cory Booker (D-NJ), and John Boozman (R-AR) in introducing the resolution.
    Background
    Every year, for more than six decades, Congress has passed a resolution in honor of law enforcement officers. During National Police Week, Americans pay special tribute to the service and sacrifice of courageous officers and their families, especially our nation’s fallen heroes. Cassidy is a consistent supporter of law enforcement. This month, he introduced legislation recognizing law enforcement officers for their diligence in protecting and serving our communities and calling for increased health and safety measures for law enforcement professionals.

    MIL OSI USA News –

  • MIL-OSI USA: Public invited to leave feedback on planned roundabout at US 12/Old Highway 9 near Grand Mound May 14-28

    Source: Washington State News 2

    GRAND MOUND – Community members can learn more about a planned roundabout on US 12 west of Grand Mound during an online open house.

    Beginning Wednesday, May 14, the Washington State Department of Transportation will host an online open house for a new single-lane roundabout. The roundabout will replace a stop sign at the US 12 intersection with Old Highway 9.

    Visitors are encouraged to leave feedback to help with the final design of the roundabout.

    WSDOT routinely reviews intersections along state highways in rural areas around the state to find ways to reduce potential collisions. Roundabouts help reduce the potential for crashes while keeping people moving.

    US 12/Old Highway 9 Roundabout Online Open House

    When:  Wednesday, May 14 to Wednesday, May 28

    Where:  https://engage.wsdot.wa.gov/us-12-old-highway-9-roundabout/

    Details:  The online open house is available 24/7 for people to visit and fill out the questionnaire whenever best fits their schedule.

    Free, temporary internet access is available to those who do not have broadband service in locations throughout the state. To find the nearest Drive-In WiFi Hotspot visit the Department of Commerce website.

    Free WiFi access is available at these locations for people who wish to participate in the online open house:

    • Tenino Timberland Library, 172 Central Avenue West, Tenino, WA 98589
    • Timberland Regional Library Headquarters, 415 Tumwater Boulevard Southwest, Tumwater WA 98501

    MIL OSI USA News –

  • MIL-OSI: Results of the Annual General Meeting of GAM Holding AG

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 14 May 2025

    PRESS RELEASE

    Results of the Annual General Meeting of GAM Holding AG

    • All proposals, as recommended by the Board of Directors, were approved with large majorities
    • Chairman and all members of the Board of Directors re-elected

    At the Annual General Meeting held on 14 May 2025, the shareholders of GAM Holding AG approved all the proposals put forward by the Board of Directors.

    Shareholders who were unable to attend the Annual General Meeting could give their voting instructions to an independent proxy; 83% of the total 1,065,257,891 shares (as registered in the commercial register) were represented in comparison with 53% in 2024. The management report, the annual company’s and consolidated financial statements were approved, and shareholders discharged the members of the Board of Directors elected at the AGM on 15 May 2024 and the Group Management Board for the financial year 2024. The compensation report for 2024 was approved in a non-binding consultative vote.

    Increase in conditional capital and amendment to the Articles of Incorporation approved

    The Board of Directors proposed an increase in conditional capital and a corresponding amendment of the Articles of Incorporation to meet its obligations under various Board of Director and employee incentive plans. These proposals were approved.

    Re-elections and elections to the Board of Directors

    Antoine Spillmann was re-elected as Chairman of the Board of Directors and Anthony Maarek, Jeremy Smouha, Carlos Esteve, Inès de Dinechin, Anne Empain and Donatella Ceccarelli as members of the Board of Directors. All members of the Board of Directors were elected for a term of office until the end of the Annual General Meeting 2026.

    Compensation decisions

    Shareholders also approved all the compensation proposals, including retrospective share-based compensation for the Board of Directors and Group Management Board.

    Antoine Spillmann, Chairman of the Board of Directors, said: “On behalf of the Board of Directors, I would like to extend my deepest gratitude to our shareholders for their unwavering trust and support. GAM entered a phase of renewed stability and strategic momentum during 2024 and with the successful conclusion of today’s Annual General Meeting and the approval of all proposals, we have made significant strides in our journey towards transformation. As we look ahead to 2025 and beyond, we remain fully committed to delivering sustainable growth, strong investment performance, and lasting value for our clients, and all our stakeholders.”

    The complete voting results, biographies of the elected Board of Directors and further information on the Annual General Meeting can be found on the company’s website here: www.gam.com/agm2025.

    Additional information

    AGM Portal |  2024 Sustainability Report  |  GAM corporate calendar

    For further information please contact:

    Investor Relations       
    Magdalena Czyzowska  
    T +44 (0) 207 917 2508     		 Media Relations           
    Colin Bennett                
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
     Follow us: X and LinkedIn

    About GAM

    GAM is an independent investment manager that is listed in Switzerland. It is an active, independent global asset manager that delivers distinctive and differentiated investment solutions for its clients across its Investment and Wealth Management Businesses. Its purpose is to protect and enhance its clients’ financial future. It attracts and empowers the brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI: Gabelli Multimedia Trust Reinforces Maintenance of $0.88 per Share Annual Distribution Continues Monthly Distributions

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Directors declared cash distributions as set forth below for each of July, August, and September 2025.

     Distribution Month  Record Date  Payable Date  Distribution Per Share
     July  July 17, 2025  July 24, 2025  $0.07
     August  August 15, 2025  August 22, 2025  $0.07
     September  September 16, 2025  September 16, 2025  $0.08

    Under its monthly distribution policy, the Fund will continue to pay a $0.22 per share quarterly distribution, with $0.07 per share paid for each of the first two months of the quarter and $0.08 per share paid in the third month of each quarter.

    In light of the above policy, the Fund previously declared a $0.14 per share cash distribution (covering the months of April and May) payable on May 22, 2025 to common stock shareholders of record on May 15, 2025, and a $0.08 per share cash distribution payable on June 23, 2025 to common stock shareholders of record on June 13, 2025. The distributions reflect an annualized distribution of $0.88 per share.

    The Fund previously paid quarterly distributions in accordance with a “managed distribution policy” adopted pursuant to an exemptive order granted to the Fund by the Securities and Exchange Commission, which permitted the Fund to distribute long-term capital gains more frequently than the limits provided in the Investment Company Act and the rules and regulations thereunder. The Fund no longer intends to rely on this exemptive relief to maintain a managed distribution policy in connection with its monthly distributions.

    The Fund currently intends to make monthly cash distributions of all or a portion of its investment company taxable income (which includes ordinary income and realized net short term capital gains) to common shareholders. The Fund also intends to make annual distributions of its realized net long term capital gains, if any. The Fund, however, may make more than one capital gain distribution to avoid paying U.S. federal excise tax. A portion of each distribution may be a return of capital. Various factors will affect the level of the Fund’s income. To permit the Fund to maintain more stable distributions, the Fund may from time to time distribute more or less than the entire amount of income earned in a particular period. The Fund’s distribution policy may be modified from time to time by the Board as it deems appropriate, including in light of market and economic conditions and the Fund’s current, expected and historical earnings and investment performance. Because the Fund’s monthly distributions are subject to modification by the Board at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

    Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Carter Austin
    (914) 921-5475

    About The Gabelli Multimedia Trust
    The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $194 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GGT
    CUSIP – 36239Q109

    Investor Relations Contact:
    Carter Austin
    (914) 921-5475
    caustin@gabelli.com

    The MIL Network –

  • MIL-OSI: Track Group Reports 2nd Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NAPERVILLE, Ill., May 14, 2025 (GLOBE NEWSWIRE) — Track Group, Inc. (OTCQB: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal quarter ended March 31, 2025 (“Q2 FY25”). In Q2 FY25, the Company posted (i) total revenue of $8.4 Million (“M”), a decrease of approximately 7% over total revenue of $9.0M for the quarter ended March 31, 2024 (“Q2 FY24”); (ii) Q2 FY25 gross profit of $4.1M representing an increase of approximately 4% over Q2 FY24 of $4.0M; (iii) Q2 FY25 operating income of $0.04M compared to Q2 FY24 operating loss of ($0.96M); and (iv) net loss attributable to common shareholders of ($0.5M) in Q2 FY25 compared to ($1.9M) in Q2 FY24.

    FINANCIAL HIGHLIGHTS 

    • Total Q2 FY25 revenue of $8.4M was down 7% compared to Q2 FY24 revenue of $9.0M. Revenue for the six months ended March 31, 2025 (“6M FY25’) of $17.0M was down approximately 5% compared to revenue of $18.0M for the six months ended March 31, 2024 (“6M FY24”). The decrease in monitoring revenues is driven principally by a decrease in people assigned to monitoring for clients in Virginia, and due to our recently sold Chilean subsidiary. This decrease was partially offset by revenue increases for clients in Illinois, Puerto Rico and the Bahamas who experienced increases in the number of people assigned to monitoring.
    • Gross Profit of $4.1M rose by 4% ($0.1M) in Q2 FY25 compared to Q2 FY24. Gross profit for 6M FY25 was $8.5M compared to gross profit of $8.2M for 6M FY24. This improvement stems from factors including reduced monitoring center costs, partly offset by a decrease in revenue. 
    • Operating income in Q2 FY25 of $0.04M was up approximately 105% compared to an operating loss of ($0.96M) in Q2 FY24. Operating income for 6M FY25 of $0.2M was up approximately 115% compared to operating loss of ($1.1M) for 6M FY24. This rise in operating income is primarily due to a decrease in cost of revenue and a decrease in operating expense, partially offset by a decrease in revenue. Operating expenses were down $0.8M in Q2 FY25 compared to Q2 FY24, primarily due to a decrease in general and administrative payroll, benefits, and payroll taxes of $0.5M due to the sale of our Chilean subsidiary on November 1, 2024 and a settlement expense related to a contract dispute of $0.5M in Q2 FY24.
    • Adjusted EBITDA for Q2 FY25 was $1.3M compared to $0.8M for Q2 FY24. Adjusted EBITDA for 6M FY25 was $2.6M compared to Adjusted EBITDA for 6M FY24 of $1.9M primarily due to negative currency exchange rate movements of $0.6M in Q2 FY25 compared to Q2 FY24. Adjusted EBITDA in 6M FY25 as a percentage of revenue increased to 15.1%, compared to 10.3% for 6M FY24.
    • Cash balance of $3.4M at March 31, 2025 declined 4% compared to $3.6M at September 30, 2024.  The modest decrease in cash position was due to increases in inventory purchases and payments to vendors, partially offset by an increase in accrued liabilities.
    • Net loss attributable to shareholders in Q2 FY25 was ($0.5M) compared to ($1.9M) in Q2 FY24, a decrease of $1.4M. Net loss attributable to shareholders in 6M FY25 was ($2.5M), compared to ($1.9M) for 6M FY24, a change principally attributable to negative currency exchange rate movements, partially offset by an increase in operating income.

    “In the quarter ended March 31, 2025, we achieved strong gains in profitability, with both gross profit and operating income showing robust growth and Adjusted EBITDA surpassing Q2 FY24 results,” said Derek Cassell, Track Group’s CEO. “Gross profit rose by 4% year-over-year ($4.1M vs $4.0M in Q2 FY24), marking a clear indication of our operational resilience and focus on delivering higher-value, higher-margin business. Adjusted EBITDA also climbed to $1.3M in Q2 FY25, a 63% increase from $0.8M in Q2 FY24, reflecting our focus on cost management and strategic execution over the last six months.”

    Business Outlook

    Despite previous challenges from supply chain delays, the impact of the Coronavirus, and the phase-out of our 3G-based cellular devices in the U.S., Track Group stands resilient. The demonstrated financial growth evidenced in Q2 FY25 reinforces our confidence in the strategic reinvestment in technology and the implementation of new programs initiated in late FY24. These endeavors position us well for a sustained return to growth throughout FY25. Our outlook for FY25 is as follows: 

      Actual     Outlook
      FY 2023     FY 2024     FY 2025
    Revenue (in millions): $ 34.5 M   $ 36.9 M   $34.5 – 35.5M
                           
    Adjusted EBITDA Margin:   11.1 %     14.6 %    13.5 – 16.5%
                           

    About Track Group, Inc.

    Track Group designs, manufactures, and markets location tracking devices; as well as develops and sells a variety of related software, services, and accessories, networking solutions, and monitoring applications. The Company’s products and services are designed to empower professionals in security, law enforcement, corrections, and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.

    The Company currently trades under the ticker symbol “TRCK” on the OTCQB exchange. For more information, visit www.trackgrp.com. 

    Forward-Looking Statements

    Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Track Group, Inc., and subsidiaries (“Track Group”) are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group’s current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time-to-time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Track Group’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

    Non-GAAP Financial Measures

    This release includes financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non- GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.

    Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, currency effects, one-time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based or other non-cash compensation or other stated cash and non-cash charges (the “Adjustments”).

    The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company’s financial results, including management’s analysis of results from operations and financial condition, are contained in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2023, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company’s Form 10-K and other reports, including the risk factors contained in such Form 10-K.

    James Berg
    Chief Financial Officer
    jim.berg@trackgrp.com 

    TRACK GROUP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
                   
        (Unaudited)          
        March 31,     September 30,  
        2025     2024  
    Assets                
    Current assets:                
    Cash   $ 3,416,045     $ 3,574,215  
    Accounts receivable, net of allowance for credit losses of $396,667 and $432,904, respectively     5,085,595       4,428,535  
    Prepaid expense and deposits     432,520       638,293  
    Inventory, net of reserves of $88,024 and $82,848, respectively     915,816       582,481  
    Assets held for sale     –       969,481  
    Total current assets     9,849,976       10,193,005  
    Property and equipment, net of accumulated depreciation of $300,052 and $430,003, respectively     392,423       317,206  
    Monitoring equipment, net of accumulated depreciation of $5,295,826 and $5,982,972, respectively     4,367,904       4,598,864  
    Intangible assets, net of accumulated amortization of $20,460,576 and $19,699,966, respectively     13,337,224       13,959,571  
    Goodwill     7,859,645       7,941,190  
    Other assets     1,160,885       660,170  
    Total assets   $ 36,968,057     $ 37,670,006  
                     
    Liabilities and Stockholders’ Equity (Deficit)                
    Current liabilities:                
    Accounts payable   $ 2,398,228     $ 3,082,467  
    Accrued liabilities     3,318,453       2,639,318  
    Liabilities held for sale     –       732,028  
    Total current liabilities     5,716,681       6,453,813  
    Long-term debt, net of current portion     42,680,070       42,639,197  
    Long-term liabilities     631,709       186,407  
    Total liabilities     49,028,460       49,279,417  
                     
                     
                     
    Stockholders’ equity (deficit):                
    Common stock, $0.0001 par value: 30,000,000 shares authorized; 11,863,758 and 11,863,758 shares outstanding, respectively     1,186       1,186  
    Preferred stock, $0.0001 par value: 20,000,000 shares authorized; 0 shares outstanding     –       –  
    Series A Convertible Preferred stock, $0.0001 par value: 1,200,000 shares authorized; 0 shares outstanding     –       –  
    Paid in capital     302,600,546       302,600,546  
    Accumulated deficit     (315,791,294 )     (312,691,811 )
    Accumulated other comprehensive income (loss)     1,129,159       (1,519,332 )
    Total stockholders’ equity (deficit)     (12,060,403 )     (11,609,411 )
    Total liabilities and stockholders’ equity (deficit)   $ 36,968,057     $ 37,670,006  
                     
    TRACK GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
    (Unaudited)
                 
        Three Months Ended     Six Months Ended  
        March 31,     March 31,     March 31,     March 31,  
        2025     2024     2025     2024  
    Revenue:                                
    Monitoring and other related services   $ 7,867,975     $ 8,758,650     $ 16,309,282     $ 17,433,136  
    Product sales and other     484,345       232,570       711,366       525,057  
    Total revenue     8,352,320       8,991,220       17,020,648       17,958,193  
                                     
    Cost of revenue:                                
    Monitoring, products and other related services     3,515,023       4,230,498       7,023,784       8,204,487  
    Depreciation & amortization included in cost of revenue     723,331       793,887       1,458,556       1,583,351  
    Total cost of revenue     4,238,354       5,024,385       8,482,340       9,787,838  
                                     
    Gross profit     4,113,966       3,966,835       8,538,308       8,170,355  
                                     
    Operating expense:                                
    General & administrative     2,127,145       3,173,866       4,558,263       5,931,753  
    Selling & marketing     964,743       810,441       1,865,932       1,516,972  
    Research & development     750,650       701,183       1,420,040       1,383,646  
    Depreciation & amortization     227,385       236,524       454,938       476,284  
    Loss on sale of subsidiary     –       –       (66,483 )     –  
    Total operating expense     4,069,923       4,922,014       8,365,656       9,308,655  
                                     
    Operating income (loss)     44,043       (955,179 )     172,652       (1,138,300 )
                                     
    Other income (expense):                                
    Interest expense, net     (565,844 )     (428,868 )     (1,134,804 )     (866,791 )
    Currency exchange rate gain (loss)     34,830       (519,933 )     (1,464,432 )     19,013  
    Other income (expense), net     –       (3,443 )     –       (3,443 )
    Total other income (expense)     (531,014 )     (952,244 )     (2,599,236 )     (851,221 )
    Income (loss) before income taxes     (486,971 )     (1,907,423 )     (2,426,584 )     (1,989,521 )
    Income tax expense (benefit)     30,145       (4,348 )     101,381       (86,907 )
    Net income (loss) attributable to common shareholders     (517,116 )     (1,903,075 )     (2,527,965 )     (1,902,614 )
    Release of cumulative translation adjustment for sale of subsidiary     –       –       1,390,913       –  
    Equity adjustment for sale of subsidiary     –       –       571,518       –  
    Foreign currency translation adjustments     (85,709 )     (36,754 )     686,060       (143,456 )
    Comprehensive income (loss)   $ (602,825 )   $ (1,939,829 )   $ 120,526     $ (2,046,070 )
                                     
    Net income per share – basic                                
    Net income per common share   $ (0.04 )   $ (0.16 )   $ (0.21 )   $ (0.17 )
    Weighted average common shares outstanding     11,863,758       11,863,758       11,863,758       11,863,758  
    Net income per share – diluted                                
    Net income per common share   $ (0.04 )   $ (0.16 )   $ (0.21 )   $ (0.17 )
    Weighted average common shares outstanding     11,863,758       11,863,758       11,863,758       11,863,758  
                                     
    TRACK GROUP, INC. AND SUBSIDIARIES
    NON-GAAP ADJUSTED EBITDA MARCH 31 (Unaudited)
    (amounts in thousands, except share and per share data)
                 
        Three Months Ended
    March 31,    		     Six Months Ended
    March 31,    		  
        2025     2024     2025     2024  
    Non-GAAP Adjusted EBITDA                                
    Net Income (loss) attributable to common shareholders   $ (517 )   $ (1,903 )   $ (2,528 )   $ (1,903 )
    Interest expense, net     566       432       1,135       870  
    Depreciation and amortization     951       1,030       1,913       2,060  
    Income taxes (1)     30       (4 )     101       (87 )
    Board compensation and stock-based compensation     75       50       150       103  
    Foreign exchange (gain)/loss     (35 )     520       1,464       (19 )
    Loss on sale of subsidiary     –       –       66       –  
    Other charges, net (2)     249       663       267       826  
    Non-GAAP Adjusted EBITDA   $ 1,319     $ 788     $ 2,568     $ 1,850  
    Non-GAAP Adjusted EBITDA, percent of revenue     15.8 %     8.8 %     15.1 %     10.3 %
    Weighted average common shares outstanding – basic     11,863,758       11,863,758       11,863,758       11,863,758  
    Non-GAAP earnings per share   $ 0.11     $ 0.07     $ 0.22     $ 0.16  
    Weighted average common shares outstanding – diluted     11,863,758       11,863,758       11,863,758       11,863,758  
    Non-GAAP earnings per share   $ 0.11     $ 0.07     $ 0.22     $ 0.16  
    (1 ) Currently, the Company has significant U.S. tax loss carryforwards that may be used to offset future taxable income, subject to IRS limitations. However, the Company is still subject to certain state, commonwealth, and other foreign based taxes.
    (2 ) Other charges include expenses related to the board of directors, severance, a settlement related to a contract dispute, and other Chile monitoring center costs for our recently sold subsidiary.

    The MIL Network –

  • MIL-OSI: Pinnacle Bankshares Corporation Announces Increased Dividend

    Source: GlobeNewswire (MIL-OSI)

    ALTAVISTA, Va., May 14, 2025 (GLOBE NEWSWIRE) — Pinnacle Bankshares Corporation (“Pinnacle” or the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.26 per share on May 13, 2025, payable June 6, 2025, to shareholders of record as of May 23, 2025.

    The $0.26 per share cash dividend is an increase of $0.01, or 4%, as compared to the $0.25 paid last quarter and marks the fifty-first consecutive quarter that a dividend has been declared.

    “Pinnacle is pleased to provide an increased cash dividend of $0.26 per share to our shareholders this quarter,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “This return on investment is based on our continued solid performance, including first quarter 2025 net income of $2.26 million, which is an 8.5% increase as compared to the same period of last year.”

    Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. A loan production office and a full-service branch have recently been opened in the South Boston area of Halifax County. First National Bank is in its 117th year of operation.         

    This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

    CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com

    The MIL Network –

  • MIL-OSI: Oak Valley Community Bank Named One of Central Valley’s Best Places to Work

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) is pleased to announce that it was named by Best Companies Group as one of 2025 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for “Growing the Economy” by increasing their workforce by 10% or more throughout 2024.

    “Being named one of the Best Places to Work in the Central Valley for the second time is a true honor and a meaningful reflection of who we are as an organization. This recognition speaks to the environment we’ve worked hard to create: one that prioritizes growth, values each individual, and fosters a culture of excellence from the inside out. What truly sets us apart is our deep-rooted service culture. Our team consistently goes beyond expectations, creating experiences that build trust, strengthen relationships, and turn customers into lifelong advocates. That level of care doesn’t just happen – it’s driven by a team that believes in our mission and takes pride in their work every day. I want to express my heartfelt gratitude to our employees. Your commitment to our customers, our communities, and to one another is the reason we continue to grow and succeed. This award belongs to each of you,” stated Chris Courtney, CEO.

    Best Places to Work: Central Valley is a survey and recognition program dedicated to celebrating those employers locally who excel at creating quality jobs and environments where employees are happy to work. As a research-driven program from Best Companies Group, Best Places to Work examines a company’s practices, programs, and benefits and surveys employees for their perspective. All companies that participated in the 2025 Best Places to Work: Central Valley program receive an in-depth evaluation identifying strengths and weaknesses according to their employees. In turn, this report can be used in developing or enhancing employee retention and recruitment programs.

    We are honored to be recognized with this year’s Best Places to Work recipients; Black Water Consulting Engineers, DeHart Plumbing, Heating & Air, E- Technologies Group, Grimbleby Coleman, Haggerty Construction, IT Solutions/Currie, One Digital, Reed Family Companies, Stanislaus County Office of Education, The Wonderful Company, and Westwood Professional Services.

    Best Places to Work: Central Valley is brought to you by Opportunity Stanislaus. For more information on Best Places to Work: Central Valley visit www.bestplacestoworkcentralvalley.com.

    About Opportunity Stanislaus
    Opportunity Stanislaus is a local economic development organization focused on improving the economic vitality of Stanislaus County. To do so, they help local entrepreneurs start and grow businesses and work to attract innovative companies to the county. For more information visit www.opportunitystanislaus.com.

    About Oak Valley Community Bank
    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The company will open its 19th branch location in Lodi later this year. For more information visit www.ovcb.com.

    Contact: Chris Courtney/Rick McCarty
    Phone: (209) 848-BANK (2265)
    Toll Free (866) 844-7500
    www.ovcb.com

    The MIL Network –

  • MIL-OSI: The GDL Fund Declares Second Quarter Distribution of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.12 per share cash distribution payable on June 23, 2025 to common shareholders of record on June 13, 2025.

    The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 5% from net investment income, 3% from net capital gains and 92% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Laurissa Martire
    (914) 921-5399

    About The GDL Fund
    The GDL Fund is a diversified, closed-end management investment company with $131 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GDL
    CUSIP – 361570104

    THE GDL FUND
    Investor Relations Contact:
    Laurissa Martire
    (914) 921-5399
    lmartire@gabelli.com

    The MIL Network –

  • MIL-OSI USA: Baldwin, Cornyn Introduce Bill to Support U.S. Manufacturing, Bar Taxpayer Funds on Chinese-Made Buses and Rail Cars

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senators Tammy Baldwin (D-WI) and John Cornyn (R-TX) led a bipartisan group of their colleagues in introducing the Safeguarding Transit Operations to Prohibit (STOP) China Act to support American manufacturing and workers and stop the U.S. government from buying Chinese buses and rail cars. The bill will protect domestic transit supply chains from malign Chinese influence by preventing any U.S. Department of Transportation (DOT) funds from being awarded for the purchase of Chinese government transit buses or rail cars.

    “When we invest American taxpayer dollars, we should be supporting our Made in America economy and American workers, not opening our checkbook to adversaries like China,” said Senator Baldwin. “I’m proud to work with Republicans and Democrats to support our workers and companies, keep the United States safe, and close a loophole that Chinese companies are exploiting to win government contracts and undercut American workers.”

    “It is China’s mission to infiltrate and dominate every aspect of American society, including our transit systems, and we cannot let them succeed,” said Senator Cornyn. “By preventing American tax dollars from being used to purchase Chinese government transit buses or rail cars, our legislation would help protect U.S. transportation infrastructure from the CCP.”

    “Companies controlled by the Chinese Communist Party have no business receiving a penny of American federal taxpayer dollars,” said Teamsters General President Sean M. O’Brien. “The STOP China Act strengthens federal law meant to ensure that our transportation programs don’t fund these corporations and will help protect the jobs of hardworking Teamsters who manufacture buses against unfair state-sponsored competition.”

    Congress passed the Transportation Infrastructure Vehicle Security Act (TIVSA), which prohibits companies with ties to China’s government from receiving taxpayer-funded contracts from the Federal Transit Administration (FTA) to build U.S. rail cars and buses, as part of the Fiscal Year 2020 National Defense Authorization Act.

    However, China has taken advantage of other government funds in the law to continue competing for transit business in the U.S. The STOP China Act would prevent any appropriated funds to the DOT from being awarded to grantees for the purchase of Chinese government transit buses. It would also require the United States Trade Representative (USTR), in consultation with the U.S. Attorney General, to produce a list of prohibited entities headquartered or affiliated with China.

    In addition to Senator Baldwin, the bill is cosponsored by Senators Rick Scott (R-FL), Tina Smith (D-MN), Pete Ricketts (R-NE), Marsha Blackburn (R-TN), Gary Peters (D-MI) and Senator Shelley Moore Capito (R-WV).

    The legislation is endorsed by Alliance for American Manufacturing, Steel Manufacturers Association, International Brotherhood of Teamsters, United Steelworkers, International Association of Machinists and Aerospace Workers, and Transport Workers Union of America.

    Full text of the bill is available here. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Plymouth’s outdoor pools get set for summer

    Source: City of Plymouth

    Summer’s finally here and Mount Wise Swimming Pools and Tinside Lido are looking forward to welcoming their first visitors of the season on Saturday 24 May.

    Both pools will be open every day from midday to 6pm during term time and 10am to 6pm on Saturdays, Sundays and during school holidays.

    Councillor Sue Dann, Cabinet Member with responsibility for sport and leisure, said: “With the lovely weather we’re now seeing we know everyone will be really excited to take a dip and enjoy the sunshine with their friends and family.

    “We’re so lucky to have these amazing outdoor pools on our doorsteps, especially in such beautiful waterfront settings and there are loads of fun events and activities planned for both sites.

    “I’m really pleased we’ve been able to keep Mount Wise free of charge again to help families make the most of the summer months. We’re also incredibly excited to see improvements at Tinside nearing completion and look forward to unveiling its transformation very soon.”

    Mount Wise, which features a 25-metre main pool, fun pool and children’s paddling pool and offers fantastic views across the River Tamar, will remain free of charge.

    Entry to the Grade II listed Tinside lido on Plymouth Hoe, overlooking Plymouth’s spectacular seafront, costs £6.30 for Plymouth residents and £10 for non-residents, with concessionary rates for children, people aged 67 and over, anyone in receipt of benefits, NHS blue light staff and armed forces and ex-armed forces personnel. Under-fives go free.

    Season tickets can also be bought for Tinside on the Plymouth Active website, at the Plymouth Life Centre or at Plympton Pool. (Concessionary season tickets must be bought in person.)

    Mount Wise will be hosting free youth night swims from 6pm to 7.30pm every Thursday and Tinside will also be hosting youth nights and Swim Safe sessions over the summer.

    Special ‘early bird’ swims are also making a welcome return at Mount Wise on Wednesday mornings from 6.30am to 8.30am (£4 entry) and at Tinside on Wednesday and Friday mornings from 6.30am to 9am (£6.30 for adults and £5 for children).

    And if that’s not early enough for you, why not celebrate the longest day of the year with a refreshing sunrise dip at Tinside’s Summer Solstice Swim at 4.45am on Saturday 21 June?

    Whether you take to the water or just want to soak up the magical atmosphere you can also start your day with a tasty BBQ breakfast, served up from 7pm. Doors open at 4.30am and entry costs £6.30. Find out more and book your tickets here.

    Visitors to Tinside are reminded that refurbishment works to create the exciting new multi-purpose youth, community and events space, with panoramic views of the National Marine Park, are still ongoing.

    The £4.5 million refurbishment is designed to open up new spaces and is being funded through the Plymouth Sound National Marine Park by grants from the National Lottery Heritage Fund, Youth Investment Fund, UK Government and Plymouth City Council.

    The new ‘coffee pod’ is programmed to open in mid-June, serving ice cream, cakes, paninis, snacks and hot and cold drinks and it is hoped the new sun terrace and seating area will be ready in time for the Summer Solstice Swim.

    Remaining works are expected to be complete by the end of June but full details will be confirmed nearer the time.

    For more information about Mount Wise and Tinside pools visit the Plymouth Active website. All sessions can be booked up to seven days in advance.

    MIL OSI United Kingdom –

  • Akash Missile, IACCS and Drones drive India’s defence success in Operation SINDOOR

    Source: Government of India

    Source: Government of India (4)

    Operation SINDOOR has emerged as a major milestone in India’s pursuit of self-reliance in national security, demonstrating the country’s growing technological and operational capabilities in countering asymmetric warfare. In the wake of the terror attack on tourists in Pahalgam in April, the Indian Armed Forces responded with precision and strategic restraint, targeting terrorist infrastructure without crossing the Line of Control or international boundaries. 
     
    On the night of 7–8 May 2025, multiple attempts were made by Pakistan to target military installations across Northern and Western India—including Awantipura, Srinagar, Jammu, Pathankot, Amritsar, Kapurthala, Jalandhar, Ludhiana, Adampur, Bhatinda, Chandigarh, Nal, Phalodi, Uttarlai, and Bhuj—using drones and missiles. These threats were effectively neutralised by India’s Integrated Counter-Unmanned Aerial Systems (UAS) Grid and Air Defence mechanisms. The network of radars, control centres, low-level air defence guns, and both ground- and aircraft-launched missiles provided a coordinated and impenetrable shield, ensuring minimal damage.
     
    In retaliation, on the morning of May 8, Indian forces targeted and disabled several Pakistani air defence systems, including a radar site in Lahore. This marked a significant operational success, achieved without loss of Indian assets. Indigenous systems, particularly the Akash Surface-to-Air Missile system, played a crucial role in neutralising threats. Designed to protect strategic locations from aerial attacks, the Akash system operated effectively in both autonomous and group modes, with the ability to simultaneously engage multiple targets. The system, fully mounted on mobile platforms, includes advanced electronic counter-countermeasure capabilities.
     
    The Integrated Air Command and Control System (IACCS) of the Indian Air Force provided the backbone for real-time coordination, enabling synchronized responses across multiple units of the Army, Navy, and Air Force. Offensive operations also saw the effective deployment of loitering munitions, also known as “suicide drones,” to target high-value Pakistani assets, including airbases at Noor Khan and Rahimyar Khan. These precision strikes were completed within 23 minutes, highlighting the efficacy of India’s surveillance, planning, and jamming technologies, which successfully bypassed Chinese-origin Pakistani air defence systems.
     
    Following the operation, Indian forces recovered debris from neutralised threats, including Chinese-origin PL-15 missiles, Turkish-origin UAVs, long-range rockets, quadcopters, and commercial drones, showcasing India’s ability to counter advanced foreign-supplied weaponry with indigenous air defence and electronic warfare systems.
     
    In a press briefing on May 12, Director General of Military Operations, Lt Gen Rajiv Ghai, outlined the layered defence architecture deployed during the operation. He noted that while strikes were carried out within Indian territory, Pakistan’s retaliatory response was anticipated. A combination of counter-UAS systems, shoulder-fired weapons, legacy air defence systems, and modern platforms was used to protect strategic and logistic assets. This multi-tiered approach ensured civilian and military infrastructure remained secure during attempted air incursions by Pakistan on the night of May 9–10.
     
    India’s satellite capabilities also played a key role in the operation. On May 11, ISRO Chairman V. Narayanan stated that at least ten satellites were deployed round-the-clock to support strategic operations and national security. These systems provided constant monitoring of India’s 7,000-km coastline and its northern borders.
     
    The success of Operation SINDOOR also reflects the growing strength of India’s drone ecosystem. The Drone Federation of India (DFI), representing over 550 companies and 5,500 drone pilots, has played a key role in promoting indigenous development, manufacturing, and deployment of drone and counter-drone technologies. Indian companies such as Alpha Design Technologies, Tata Advanced Systems, Paras Defence & Space Technologies, and IG Drones are at the forefront of defence-focused drone innovation.
     
    The Indian drone market is expected to grow to $11 billion by 2030, representing over 12 percent of the global share. This growth has been supported by policy reforms, including the 2021 ban on imported drones and the Production Linked Incentive (PLI) scheme for drone and component manufacturing. The PLI scheme, with an outlay of ₹120 crore across three financial years, has accelerated domestic R&D and industrial output.
     
    India’s broader defence manufacturing sector continues to expand under the Make in India initiative. In financial year 2023–24, indigenous defence production reached a record ₹1.27 lakh crore, while exports soared to ₹23,622 crore in 2024–25—a 34-fold increase since 2013–14. Strategic reforms and robust private-sector participation have led to the development of advanced platforms such as the Dhanush and ATAGS artillery systems, Arjun tanks, Light Specialist Vehicles, LCA Tejas, ALH, LUH, Akash missile systems, and various naval assets including indigenous aircraft carriers and submarines.
     
    The government has also implemented initiatives such as iDEX, SRIJAN, and established Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu to encourage innovation and facilitate production. Major acquisitions including the Prachand Light Combat Helicopters and the ATAGS artillery system reflect India’s commitment to indigenisation.
     
    With defence exports surpassing ₹24,000 crore in FY 2024–25, the government now aims to reach ₹50,000 crore by 2029. India continues to work towards becoming a global defence export leader by 2047, supported by record procurement contracts and ongoing investment in innovation.

  • MIL-OSI USA: Trahan Rips GOP Giveaway to Big Tech Billionaires in Reconciliation Package

    Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

    WASHINGTON, DC – During today’s House Energy and Commerce Committee markup on the Republican reconciliation legislation, Congresswoman Lori Trahan (MA-03) railed against a massive giveaway to Big Tech companies that would harm consumers and kids online. The provision buried in the bill would prohibit state-level protections on AI, allowing tech companies to deploy this emerging technology without restriction.
    “A ban on state regulations of AI for ten years shows where Republicans’ loyalty is: to Big Tech and the wealthy. Dismantling states’ regulations on technology amounts to a financial windfall of epic proportions, consistent with tax cuts for the rich that the Ways & Means Republicans marked up today,” Congresswoman Trahan said. “This provision absolves companies of any responsibility to protect consumers from the harms of AI. It is also drafted so broadly as to implicate states’ privacy and online safety laws, directly harming our kids.”
    CLICK HERE or the image below to view Trahan’s remarks during the Committee’s consideration of reconciliation legislation. A transcript is embedded below.

    The House Energy and Commerce Committee is currently marking up House Republicans’ reconciliation package that, according to the Congressional Budget Office, would cut $715 billion from Medicaid and eliminate health coverage for at least 13.7 million Americans. Included in that bill is a provision that would ban states from creating or implementing laws to limit potential harms of AI, effectively allowing Big Tech companies to deploy a rapidly changing technology without any accountability for its negative impacts.
    During debate over the legislation, Trahan spoke in support of an amendment filed by House Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (NJ-06) to strike the 10-year moratorium on state AI regulation.
    “This handout for big tech and ultra-wealthy tech barons in the same reconciliation bill that guts healthcare for millions is what people hate about Washington. It’s lop-sided and it’s insulting,” Congresswoman Trahan continued. “If Republicans had chosen to start this hearing with the faces and stories of who they are advocating for, you wouldn’t see everyday Americans like us Democrats held up. We’d be looking at posters of Elon Musk, Mark Zuckerberg, and Jeff Bezos.”
    Following debate on the amendment, every House Republican on the committee voted No, preserving the provision in the legislation.
    ———————————————

    Congresswoman Lori Trahan
    Remarks As Delivered
    House Energy and Commerce Committee Markup – AI Moratorium Amendment
    May 14, 2025
    I move to strike the last word.
    Very soon, this Committee will be debating the biggest cuts to Medicaid in our nation’s history. Cuts that will strip health insurance from over 13 million Americans all to pay for tax cuts that disproportionately benefit the wealthiest in our country.
    Republicans will say that they aren’t cutting Medicaid – that they are simply implementing quote “sensible” work requirements. But please stay skeptical.
    Republicans are implementing cumbersome requirements because added paperwork will lead to less compliance and ultimately, less people enrolled, conveniently giving them enough space to fill the pot for their super-rich friends. A group of friends that, we should note, is headlined by the same big tech CEOs who stood behind President Trump at his inauguration. A group of friends who will say they want a federal privacy policy, a national AI framework while spending millions of dollars to make sure those bills never see the House Floor.
    A ban on state regulations of AI for ten years shows where Republicans’ loyalty is: to Big Tech and the wealthy. Dismantling states’ regulations on technology amounts to a financial windfall of epic proportions, consistent with tax cuts for the rich that the Ways & Means Republicans marked up today.
    This provision absolves companies of any responsibility to protect consumers from the harms of AI. It is also drafted so broadly as to implicate states’ privacy and online safety laws, directly harming our kids. Simply put, this provision, this single paragraph snuck into a massive budget bill, would undermine digital rights duly provided to millions of Americans by their state legislatures. 
    States have taken the lead in regulating technology while Congress has stalled out amidst a barrage of endless lobbying. If privacy and kids’ online safety are any indication, this Congress will not pass meaningful, comprehensive regulation of AI.
    And I ask my colleagues: what gives you so much optimism that Congress can pass meaningful protections for AI, privacy, or online safety? You claim that states have created a patchwork of regulations – why do you think state lawmakers have done that? You think they want to be legislating on difficult questions of technology policy?
    No. No, state lawmakers have stepped up because their federal counterparts – we – have consistently failed to act. Americans are fed up, and instead they’re asking state legislatures to protect them and their kids online.
    Make no mistake: this provision is a product of big tech lobbying. Companies including Meta and Google have long asked for it, and trade associations for big tech rejoiced when Republicans included it in this bill. Because what this provision represents is the biggest gift to the tech industry in its history.
    Put in context, however, this ban on tech regulation is not just bad policy, it’s morally bankrupt. We can work together on modernizing our systems, leveraging our data and our analytics. But Mr. Chairman, think about it: Republicans are effectively eliminating requirements on technology companies to make their products safe and trustworthy while, at the same time, adding requirements for Americans to receive lifesaving healthcare. 
    Under their bill, Americans will have to jump through hoops and complete mounds of paperwork to prove that they are working. Technology companies, on the other hand, won’t have to show their work at all. This handout for big tech and ultra-wealthy tech barons in the same reconciliation bill that guts healthcare for millions is what people hate about Washington. It’s lop-sided and it’s insulting.
    If Republicans had chosen to start this hearing with the faces and stories of who they are advocating for, you wouldn’t see everyday Americans like us Democrats held up. We’d be looking at posters of Elon Musk, Mark Zuckerberg, and Jeff Bezos.
    Requirements, compliance, and paperwork for busy, working class Americans, but not for billionaire big tech donors. That’s the Republican way, according to this legislation.
    But I’d love to be proven wrong. So vote yes on the amendment. I yield back.

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Smoking products ban justified

    Source: Hong Kong Information Services

    Tobacco companies have been adding such flavours such as menthol, fruit and confectionaries into conventional smoking products to disguise the harshness of tobacco smoke, making it easier for non-smokers to initiate and maintain a bsmoking habit, the Health Bureau pointed out today.

    The statement was made in response to media enquiries regarding the rationale behind the bureau’s proposal to ban flavoured conventional smoking products under a new phase of tobacco control measures.

    Research also showed that banning flavoured conventional cigarettes can reduce the chances of young people using tobacco, the bureau added.

    The bureau had already stated in the Consultation Document on Tobacco Control Strategies in 2023 as well as subsequent Legislative Council documents that around 50 countries and regions worldwide, including 27 European Union member states, Canada and the UK have banned the sale of flavoured cigarettes. Additionally, China’s Taiwan region announced last year the prohibition of the use of specified flavour additives in tobacco products.

    Stressing that banning flavoured conventional smoking products is neither unique to Hong Kong nor “over the top”, the bureau said Hong Kong needs to align itself with international tobacco control policies through legislative work.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Gabelli Global Small and Mid Cap Value Trust Declares Second Quarter Distribution of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the “Fund”) declared a $0.16 per share cash distribution payable on June 23, 2025 to common shareholders of record on June 13, 2025.

    The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 17% from net capital gains and 83% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Bethany Uhlein
    (914) 921-5546

    About The Gabelli Global Small and Mid Cap Value Trust
    The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $136 million in total net assets whose primary investment objective is to achieve long-term capital growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GGZ
    CUSIP – 36249W104

    THE GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST

    Investor Relations Contact:
    Bethany Uhlein
    (914) 921-5546
    buhlein@gabelli.com

    The MIL Network –

  • MIL-OSI USA: Rep. Young Kim Delivers Opening Statement at East Asia and Pacific Subcommittee Hearing

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, U.S. Representative Young Kim (CA-40), chairwoman of the House Foreign Affairs East Asia and Pacific Subcommittee, delivered an opening statement at today’s hearing titled, “National Economic Security: Advancing U.S. Interests Abroad.”  

    Watch her remarks HERE or read her opening statement below. 

    Good morning and welcome to the East Asia and Pacific Subcommittee’s hearing on “National Economic Security: Advancing U.S. Interests Abroad.”  

    In 2019, Ambassador William Burns, one of our most decorated diplomats and the former CIA Director, described the Department of State as “adrift.”  

    Over the years, the Department has had trouble finding its purpose as functions and authorities have been stripped away or absorbed by the National Security Council, Department of Defense, and even agencies traditionally focused on domestic issues.  

    For more than 170 years, economic statecraft was led by the Department of State. This changed in 1961 when President Kennedy sought to expand the administrative state, pulling functions and authorities out of the Department to create new agencies and organizations, including the United States Trade Representative which would be responsible for conducting all U.S. trade and investment diplomacy.   

    The justification for pulling these trade and investment functions out of the Department was to improve the Government’s capacity to prioritize and support U.S. businesses, strengthen the export performance of U.S. industry, and assure fair international trade practices.  

    However, it has effectively split our economic interests from our diplomatic priorities, which has resulted in several challenges:  

    First, it has not helped increase the ability of U.S. businesses to access foreign markets.   

    In practice, the Foreign Commercial Service (F-C-S) and Foreign Agricultural Service (F-A-S) officers are few in number and often positioned at U.S. embassies without alignment to our foreign policy priorities.    

    When I travel abroad, I routinely meet with FCS personnel who explain that they spend most of their time engaged in trade shows and organizing events with minimal direct work on increasing and securing market access for American businesses.   

    Because they are siloed off from our diplomatic efforts of the Department of State, they’re restricted in leveraging the other tools in our diplomatic toolkit to assist American companies.   

    Second, the American market has been left susceptible to predatory foreign competition.   

    Our ability to protect American businesses and workers has been severely hampered, leading to calls from across the country for the Executive to act and repatriate entire industries and sectors.  

      

    President Trump, like his predecessors, has repeatedly said that “economic policy IS foreign policy.”   Unfortunately, we have not implemented the structural reforms needed to mobilize that sentiment.    

    Even President Obama asked Congress for the authority to consolidate six agencies with trade and investment functions in 2012; this request was not supported by Congress.  

    Bipartisan administrations have independently come to the same conclusion: the current alignment of functions and agencies charged with leading our economic statecraft effort is in need of structural reform.  

    I agree that “economic security is national security”, and the key question we will be asking today is: what structural reforms are necessary to reflect this prioritization?   

    We intend to answer that question in the Committee’s first comprehensive State Authorization legislation in more than 20 years.   

    MIL OSI USA News –

  • MIL-OSI Africa: CORRECTION: Mauritania Moves to Private Power Model, Set to Receive Independent Power Producer (IPP) Bids Within Weeks

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

    PARIS, France, May 14, 2025/APO Group/ —

    Mauritania is accelerating its shift toward a fully privatized power generation model, with bids due in the next two to three weeks for a new independent power plant tied to the Greater Tortue Ahmeyim (GTA) gas project. The country’s Minister of Petroleum and Energy, Mohamed Ould Khaled, made the announcement at the Invest in African Energy 2025 Forum in Paris on Tuesday.

    “All new power generation projects in Mauritania will be private. State-owned companies will no longer be involved in power generation,” said the Minister. He added that two projects currently being developed as IPPs will be fueled by domestic gas and will contribute a combined 550 MW to the national grid over the next couple of years.

    The power sector reform is part of a wider transformation aimed at enabling Mauritania to harness its significant gas and renewable energy resources to power industrialization, expand electricity access and drive inclusive growth.

    “We want to develop large-scale natural gas and renewable energy resources. We want to expand affordable, clean power access to our people and industries and power inclusive economic growth, especially to unleash our mining potential.” 

    Mauritania currently has 57% energy access and aims to achieve full national coverage by 2030, according to the Minister. Gas from the GTA project – shared with Senegal – will play a central role in this transition, supplying enough fuel for a 250 MW combined-cycle power plant in each country during the project’s first phase, he said.

    The Minister described Mauritania as uniquely positioned for energy leadership on the continent and beyond, citing its combination of gas, solar, wind and strategic proximity to Europe. He also highlighted Mauritania’s position as the African leader in green hydrogen project development, backed by newly modernized regulatory frameworks.

    “Mauritania holds the largest pipeline of green hydrogen projects in Africa, which are designed not only to export molecules, but to catalyze industrialization in Mauritania and decarbonize hard-to-abate sectors. We have the potential to produce 12 million tons of green hydrogen production per year, with wind speeds of 10 meters per second and amazing solar.”

    “To support this transformation, we have completely modernized our framework,” the Minister continued. “We have opened up the electricity sector to private investments, introduced a new local content policy, and implemented new PPP and investment codes. Additionally, we have launched Africa’s first green hydrogen code, which provides clarity and long-term stability for investors.”

    Looking ahead, Mauritania’s integrated energy vision includes the expanded development of the BirAllah gas field – another major deepwater discovery – along with subsequent phases of the GTA project to reach 10 million tons of LNG per year, cross-border electricity trade with neighboring countries and further development of its mining sector.

    MIL OSI Africa –

  • MIL-OSI Europe: Minister Niamh Smyth’s Call to Action on New Charter for Digital Inclusion

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    14th May 2025

    Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth, today announced a major step forward in Ireland’s journey toward a more inclusive digital society with a call to action on the forthcoming Charter for Digital Inclusion.

    The Charter is a key deliverable under “Digital for Good: Ireland’s Digital Inclusion Roadmap”, published in August 2023, which forms part of the Government’s National Digital Strategy. It aims to ensure that no one is left behind as digital technologies become increasingly central to how we live, work, and connect.

    “Digital technology is transforming every aspect of our lives—but not everyone has equal access to its benefits,” said Minister 

    “This Charter is a call to action for businesses and organisations across Ireland to embed digital inclusion into their everyday operations. By signing the Charter, organisations commit to impactful actions to ensure that digital opportunities are accessible to all.”

    The Charter will outline a set of core commitments focused on accessibility, equity, affordability, and the development of digital skills. It will serve as a framework for collaboration between the public sector, large enterprises, SMEs, community organisations and citizens.

    Minister Smyth emphasised the importance of partnership, particularly the role of larger businesses in supporting SMEs to adopt and benefit from digital technologies:

    “By working together—big and small businesses, public bodies and communities—we can create a supportive ecosystem that benefits everyone. When large companies help SMEs go digital, the entire economy gains.”

    The Minister highlighted successful examples already underway, including:

    • Google’s 500 AI scholarships for local communities in 2024, aimed at boosting digital and AI skills.
    • Enterprise Nation and Vodafone Ireland’s ‘Tech Hub’ initiative, which helps Irish SMEs understand and adopt AI tools.

    Minister Smyth added:

    “These are the kinds of impactful actions we want to encourage through the Charter.” 

    To support the initiative, the Department will launch a dedicated webpage outlining the Charter’s principles and showcasing real-world examples of digital inclusion in action. This platform will serve as a hub for inspiration, collaboration, and progress tracking.

    “This isn’t just a government initiative—today is a call to action. I invite businesses, public bodies, and community leaders to sign the Charter and join us in building a more digitally inclusive Ireland.”

    Notes for Editors

    What is a Charter for Digital Inclusion:

    Digital for Good: Ireland’s Digital Inclusion Roadmap was published in August 2023 and reflects the commitment in Harnessing Digital to ensure the Government better serves people who are not able to engage online and promotes the United Nations principle of “Leave No One Behind”.

    A Charter for Digital Inclusion aims to support public and private organisations to join efforts in ensuring equitable access to the use of digital technologies, services, and associated opportunities for everyone. The Charter is a set of commitments to which business and other organisations can sign up to maximise their efforts in contributing to bridging the digital gap by promoting basic digital skills, building awareness and helping people get online.

    In line with Ireland’s Digital Inclusion Roadmap which identifies access, affordability and ability as key determinants for digital inclusion, digital exclusion encompasses not only the lack of access to technologies and services but also the absence of necessary digital skills and literacy to fully benefit from them. This digital gap can hinder individuals and organisations from fully participating in the digital economy and society.

    Addressing it involves strong commitments in the following areas:

    • Improving Access: Ensuring that everyone has access to affordable and reliable internet and digital equipment. 
    • Enhancing Digital Literacy: Providing education and training to develop essential digital skills.
    • Policy and Advocacy: Encouraging policies that promote digital inclusion.

     We will promote joint action in tackling these areas to work towards a more inclusive digital future where everyone has the opportunity to succeed. The Department of Enterprise, Trade and Employment will invite public bodies, businesses, and community organisations to endorse this Charter, adopt its principles, and join in building a more inclusive digital future for all.

    Charter for Digital Inclusion Principles:

    Our commitments to digital inclusion are guided by the following core principles: 

    • Equity: Ensuring no one is left behind in the digital age. 
    • Accessibility: Designing digital services that are usable by all, including people with disabilities or limited digital skills. 
    • Affordability: Supporting initiatives that make devices and internet access affordable for underserved populations. 
    • Digital Skills for Life: Promoting lifelong learning and digital literacy at all levels. 
    • Trust and Safety: Upholding the highest standards in cybersecurity, privacy, and ethical data use. 
    • Innovation through Collaboration: Encouraging partnership across sectors to drive local and national solutions. 
    • Evidence-Led Action: Using data and research to guide, measure, and improve our efforts.

    Commitments for Digital Inclusion:

    Businesses and organisations can choose the commitments that best align with their goals. 

    The Charter asks businesses and organisations to take action by selecting from the list of commitments below.  

    1. We will integrate the digital inclusion principles into our everyday operations and recognise the value of digital tools in supporting wellbeing, access to services, and economic empowerment.
    2. We commit to providing all staff with the opportunity to develop essential digital skills and actively encourage participation in this learning.
    3. We commit to making our website easy to use, accessible to all, and designed to support everyone—regardless of ability or experience—in getting online, accessing services, building digital confidence, and embracing digital tools.
    4. We will support digital inclusion initiatives, embracing the United Nations principle of “Leave No One Behind”.
    5. We will seek to build local and national partnerships with other organisations, sharing ideas and coordinating efforts to achieve a greater impact collectively.  
    6. We will support sustainability by encouraging the donation of digital equipment to organisations/communities in need. 

    ENDS

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    MIL OSI Europe News –

  • MIL-OSI USA: Cantwell Statement on Boeing / Qatar Airways Deal

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.14.25
    Cantwell Statement on Boeing / Qatar Airways Deal
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, released this statement regarding today’s announcement of a large sale of Boeing aircraft to Qatar Airways:
    “It’s a big win for Boeing’s energy-efficient 787 and 777 planes and a big win for Puget Sound and U.S. supply chain jobs. It’s also good to see U.S. manufacturers winning in the lucrative widebody airplane market. It’s also a reminder why it’s time to sell to meet big demand instead of pursuing trade disruptions.”

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell, Colleagues Condemn Trump’s Willingness to Accept Lavish $400M Jet From Qatar

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.14.25
    Cantwell, Colleagues Condemn Trump’s Willingness to Accept Lavish $400M Jet From Qatar
    Amid administration’s claims of rooting out fraud and mismanagement, Trump indicates intent to accept 747 jet as a gift
    WASHINGTON, D.C. – Yesterday, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined 26 of her colleagues in formally condemning President Donald Trump’s willingness to accept a $400 million 747 jet from Qatar – to be used as a new Air Force One plane in the meantime, and then gifted to the Trump Presidential Library after he leaves office.
    “The Senate condemns violations of the Foreign Emoluments Clause of the United States Constitution, including the acceptance of substantial gifts from foreign governments that would replace symbols of the United States without the consent of Congress,” the resolution states.
    The resolution was led by U.S. Senators Brian Schatz (D-HI) and Chris Coons (D-DE) and was cosponsored by Democratic Minority Leader Chuck Schumer (D-NY) and U.S. Senators Cory Booker (D-NJ), Chris Murphy (D-CT), Jon Ossoff (D-GA), Bernie Sanders (I-VT), Patty Murray (D-WA), Ron Wyden (D-OR), Alex Padilla (D-CA), Jacky Rosen (D-NV), Mark Warner (D-VA), Chris Van Hollen (D-MD), Jeanne Shaheen (D-NH), Mazie K. Hirono (D-HI), Dick Durbin (D-IL), Michael Bennet (D-CO), Gary Peters (D-MI), Lisa Blunt Rochester (D-DE), Elissa Slotkin (D-MI), Angus King (I-ME), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Jeff Merkley (D-OR), Angela Alsobrooks (D-MD), and Andy Kim (D-NJ).
    The full text of the resolution is HERE and below.
    Condemning violations of the Foreign Emoluments Clause of the United States Constitution, including the acceptance of substantial gifts from foreign governments that would replace symbols of the United States without the consent of Congress
    Whereas the aircraft commonly referred to as Air Force One is a symbol of the United States;
    Whereas Air Force One is one of the most recognizable symbols of the Office of the President of the United States;
    Whereas Air Force One is equipped with some of the most sensitive technologies designed to transmit some of the most highly classified national security information of the nation;
    Whereas the acceptance of presidential aircraft from a foreign government constitutes a substantial gift;
    Whereas the acceptance of presidential aircraft from a foreign government poses counter-intelligence and other national security concerns;
    Whereas the acceptance of a substantial gift from a foreign government could unduly influence the foreign policies of the United States;
    Whereas the acceptance of presidential aircraft from a foreign government would establish a concerning precedent for the acceptance of substantial gifts from foreign governments without the consent of Congress;
    Whereas the Foreign Emoluments Clause of the United States Constitution states that no present, emolument, office, or title, of any kind, may be accepted by the President of the United States from a King, Prince, or foreign State without the consent of Congress;
    Whereas the President of the United States has a constitutional and statutory obligation to uphold the public trust;
    Whereas the violation of the Foreign Emoluments Clause of the United States Constitution undermines public trust and the integrity of public office in the United States.
    Now, therefore be it resolved, that the Senate condemns violations of the Foreign Emoluments Clause of the United States Constitution, including the acceptance of substantial gifts from foreign governments that would replace symbols of the United States without the consent of Congress.

    MIL OSI USA News –