Category: Business

  • MIL-OSI USA: TRANSCRIPT: LEADER JEFFRIES REMARKS ON PRESIDENT TRUMP’S FIRST 100 DAYS

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries delivered the following speech on what a disaster for the American people that Donald Trump’s first 100 days have been and how costs, chaos and corruption are all up, thanks to the President and his Rubber Stamp Republicans.

    Good morning. Good morning. Thank you. Thank you, everyone. Good morning. Good morning. Thank you. Good morning. Good morning. Good morning.

    Right at the top, let me make one thing clear: The Trump administration has been a disaster. 100 days in, Donald Trump and Elon Musk have failed to make your life more affordable. They failed to make you safer. They failed to make us more respected around the world. But their biggest failure is this: they have failed to appreciate the strength of the American people.

    During the dawn of the Republic, it was once observed that when people fear the government, there is tyranny. When the government fears the people, there is liberty.

    Donald Trump and Republicans thought they could shock and awe us into submission. They thought we would be too complacent to stand up for liberty and justice for all. They thought we would walk away from the principle of equal protection under the law. They thought wrong. They thought wrong. They thought wrong.

    Trump’s unconstitutional assault on the American way of life is unprecedented, but the so-called dictator on day one is learning an important lesson. Americans don’t bend the knee to bullies. In the face of tyranny, we join together. In the face of tyranny, we rise up together. In the face of tyranny, we get into some good trouble together. And we’re just getting started.

    100 days in, Donald Trump has the lowest approval rating of any president in modern American history. 100 days in, voters have elected Democrats in Republican-held districts all across the country, including in Iowa and Pennsylvania. 100 days in, Elon Musk spent $25 million to buy a state supreme court seat in Wisconsin, and lost by double digits. 100 days in, more than 200 different lawsuits have been filed against the unconstitutional and unlawful executive orders of Donald Trump, and the American people are winning in court. 100 days in, principled opposition to Republican extremism is taking shape from sea to shining sea. The American people are rising up and making it clear that the Trump administration has a lot to fear.

    When my oldest son JJ was 9 years old, he played travel baseball with a group of his friends. Many of you know that travel sports can be taxing on the schedule. It’s a labor of love for our children. During the season, it seems like almost every weekend for several months, you’re on the road. And so, this one particular Memorial Day weekend, JJ had a baseball tournament in a little town off the beaten path somewhere in the Northeast. 

    Travel sports can take you to some interesting places. I decided to make it a road trip and bring my youngest son, Joshua, with us. He was just 6 years old at the time. And so I said to him, he’s gonna come on this trip, and it’ll be like a vacation. What did I say that for, y’all? 

    When I mentioned vacation, he had visions of Atlantis. So we pulled up to the motel where we were staying, and the situation was a bit shaky. My 6 year old looked at the motel, looked at me, looked at the motel and looked at me and said: “Dad, is this where we’re staying?” I said, “Yes, Joshua, why do you ask?” He responded, “Oh my God, Dad, this is a debacle.” 6 years old. I looked at him and asked, “What does the word debacle mean?” He responded quickly. He said: “I don’t know Dad, it’s something bad.”

    This is the moment we are in right now in the United States of America, with Donald Trump and the Republicans in charge. 

    Crashing the economy is something bad. Destroying Medicaid as we know it is something bad. Taking a chainsaw to Social Security is something bad. Raising costs on hardworking American taxpayers is something bad. Firing federal workers, including thousands of veterans who served this country, is something bad. Canceling medical research for children with cancer is something bad. Destroying the retirement accounts of everyday Americans is something bad. Trying to whitewash the most painful parts of our history is something bad. Targeting law-abiding immigrant families is something bad. Undermining the rule of law is something bad. 

    The first 100 days of the Trump administration have been a debacle. Enough. Enough. America is better than this. 

    When the new Congress began in January, Democrats were prepared to get to work in a bipartisan way. The Trump administration chose a different path. Far-right Republicans are tearing America apart, targeting our democratic way of life and tarnishing our reputation as the land of the free. It is wrong, and we will continue to push back aggressively. Donald Trump and the Republicans in Congress have given us 100 days of chaos, 100 days of cruelty and 100 days of corrupt behavior. That is not constructive leadership, it’s a recipe for disaster. 

    The American people deserve common sense leadership, the American people deserve compassionate leadership, the American people deserve courageous leadership that changes things for the better. Our message to the American people is simple: We hear you. We see you. We feel you. Democrats are determined to make life better for you.

    Donald Trump and his sycophants spent yesterday bragging about the speed with which they’ve moved during these first 100 days. They’re right.  Never has a president failed so spectacularly, so often, so quickly as Donald Trump. The White House referred to its strategy for the first 100 days as “shock and awe.” Well, they’re half right. It is shocking how rapidly this administration collapsed into chaos, cruelty and corruption. It is shocking how quickly MAGA Republicans turned their backs on working class Americans. It is shocking how spineless Republicans have been in the United States Congress. And it is shocking and tragic and infuriating how much damage Donald Trump and the Republican party’s policies have already done.

    Here’s the thing. They expected us to step back. But the American people are here to fight back. On the campaign trail, Donald Trump promised to end inflation. He promised to lower costs on day one.  When he was asking for your vote, Donald Trump told you he would make life more affordable for everyday Americans. Now that he’s in office, it’s a different story.

    In March, President Trump was asked if he was worried that car prices would go up because of his tariffs. His reply? “I couldn’t care less.” The cost of living in the United States is too high. America is too expensive. And Donald Trump couldn’t care less. He couldn’t care less that housing costs are too high. He couldn’t care less that grocery costs are too high. He couldn’t care less that childcare costs are too high. He couldn’t care less that health insurance costs are too high. He couldn’t care less that utility costs are too high. Donald Trump couldn’t care less. Prices everywhere are too high, and Donald Trump couldn’t care less. 

    100 days in, Donald Trump is making life harder for you and your family. And every day his costly tariffs stay in place, life in America gets more expensive. American families will pay thousands of dollars more per year. Small businesses are shutting down. Corporations are not hiring. Businesses are unable to invest because of the uncertainty that has been created.  Inflation is on the rise, life is getting more expensive and the reckless economic policies of Donald Trump and House Republicans are driving us toward a recession.

    Republicans in Congress could put a stop to this insanity at any time. Since they won’t, next November, we will. Yes, we will. Yes, we will. Which brings me to Elon Musk. I knew he would get that reaction. 

    We all agree that government should be more efficient. But like most things in life, there’s the American way and then there’s the cruel way. 100 days in, it’s clear that DOGE is not the American way. Cancelling medical research for children with cancer is cruel. Denying relief for communities reeling from natural disasters is cruel. Firing thousands of our veterans, like Joseph Quintinella of Virginia, who served this country in the Marines, is cruel. 

    But their cruelty doesn’t stop there. Republicans actually believe that Social Security is a Ponzi scheme. And they want to take a chainsaw to it. During the first 100 days of the Trump administration, Social Security has faced an unprecedented attack. Social Security offices have been closed, wait times have dramatically increased and people are being denied access to benefits that they have earned. Republicans continue to insist that Social Security is an entitlement program. They think they are entitled to destroy it. 

    When I was 15 years old, I got my working papers and secured my first job. I was a messenger dropping off packages from office building to office building in Midtown Manhattan. My salary was $3.35 per hour. That was the minimum wage back in the day. And I thought that I had made it big, particularly upon learning that as a high school student who worked part time, I wouldn’t have to pay any income tax. So I couldn’t wait to get my first check. 

    On a piece of paper, I multiplied $3.35 by the number of hours I expected to work during my first pay period. I figured out the total, and in my mind, that money was already spent. I couldn’t wait to go to Albee Square Mall in downtown Brooklyn and get some new sneakers so I could dress like Run DMC. But then the check came, and some money was missing. 

    I had two questions, y’all: Who is FICA, and why is he taking my money? 

    Here’s what I learned. All of us pay the FICA tax in connection with Social Security and Medicare. We pay the FICA tax on our first job. We pay the FICA tax on our last job. We pay the FICA tax on every single job we have throughout our lifetime. 

    Social Security and Medicare are not entitlement programs. They are earned benefits. Earned benefits. You work hard for those benefits, pay into those benefits and deserve those benefits. They are earned benefits. 

    Democrats will make sure that Donald Trump and House Republicans keep their hands off your Social Security and your Medicare. Hands off today. Hands off tomorrow. Hands off this week. Hands off next week. Hands off this month. Hands off next month. Hands off this year. Hands off next year. Hands off Social Security and Medicare Forever. Forever. Forever.

    Now, if this administration actually had some common sense, it would look at the damage that it’s done, the rejection from the people, the historic unpopularity of this president, and they would change course. But Donald Trump is doubling down. And instead of being a check and balance on this president’s abuse of power, Republicans in Congress are nothing more than a rubber stamp for his extreme agenda.

    Recently, I met a woman named Mary Beth. She lives in Canton, North Carolina, a town of 4,400 people that is still rebuilding from Hurricane Helene. She has custody of her four grandchildren, ages 10, 12, 15 and 16. Their parents can no longer care for them due to addiction, domestic violence and homelessness. The moment you talk to Mary Beth, you know that caring for those grandkids is everything. 

    And she’s doing it on a fixed income, working part time making $8 an hour at a coin laundry— and is no longer employed—to supplement the disability support that she had received. Mary Beth has had to skip refilling her prescriptions to make sure her grandkids don’t have to skip any meals. 

    Medicaid is the only reason her grandchildren are able to see a doctor, including the youngest, who is dealing with ADHD and autism. Mary Beth works hard, loves her family and is a patriotic American. And Mary Beth is here with us today. 

    But her family, just like millions of others throughout America, is now at risk of losing their healthcare. Why? Republicans are trying to slash Medicaid by up to $880 billion, the largest healthcare cut in American history.  

    And why are Republicans trying to rip healthcare away from working people, from Americans with disabilities, from children, from grandmothers like Mary Beth? So that they can give their billionaire donors like Elon Musk another tax cut. These healthcare cuts will hurt families, hurt women, hurt children, hurt veterans, hurt seniors and hurt disabled Americans. Hospitals will close, nursing homes will shut down and people will die. 

    Here’s the thing, in the United States of America—this is the wealthiest country in the history of the world—healthcare is not a privilege, healthcare is a right for every single American. For every single American. 

    If we were in the majority right now, none of this would be happening. But even in the minority, we are going to do everything we can to protect the healthcare of the American people.

    And we’ll keep reminding our Republican colleagues—especially the ones who vote like extremists but then go home and pretend to be moderates when it’s time to run for re-election— that the people are watching. It’s time for Republicans in Congress to stop being a rubber stamp for Donald Trump’s extreme agenda.

    You don’t work for Donald Trump. You don’t work for Elon Musk. You don’t work for the far-right extremists. You work for the American people.

    As Democrats, we will fight as hard as we can, fight as hard as we can, over the next two years to stop bad things from happening. We will protect our system of free and fair elections.

    And then work hard to convince the American people to entrust us with the majority next November. At that point, we will be able to do much, much more for you.

    We will build an affordable economy that works for everyday Americans. We will confront the climate crisis with the fierce urgency of now. We will block any budget that goes after your Social Security, Medicare or Medicaid. And we will hold the Trump administration accountable for its corrupt abuse of power.

    Over these next 100 days, House Democrats are going to lay out a blueprint for a better America. And you will see a vision for this country’s future that isn’t about Donald Trump. It’s all about you. All about you. How can we make your life better? How can we put more money in your pocket? How can we lower your costs? How can we help you give your kids the future they deserve? These are the questions we are thinking about each and every day.

    Now, the American Dream isn’t about getting something for nothing. You have to work for it. But if you work hard and play by the rules, here’s what you should be able to have: A good-paying job. An affordable home. High-quality healthcare. Education for your children. And the ability to retire with grace and with dignity. That’s the American Dream. That’s the American Dream. That’s the American Dream. And when we’re back in charge, that’s what we will fight hard to deliver for you. 

    In January—late January—I had the opportunity to visit the Altadena community in Los Angeles County that was devastated by the wildfires. I met someone named Jackie Jacobs, an amazing 88-year-old woman who was raised in the Jim Crow South before moving to California. Her home was tragically burned to the ground.  She and her husband, David, who have been married for more than 50 years, barely managed to escape the raging wildfires. All they had was the clothing on their backs. They lost everything else. Photos gone. Possessions gone. Property gone. But the first thing Mrs. Jacobs said to us while touring the devastation was that she gave all glory, all praise and all honor to Almighty God—just as the Scripture teaches us. She believed that things would work out. Several of us teared up. Mrs. Jacobs lost everything, but she never lost her faith. She never lost her faith.

    Republicans have shown that their recipe for governing is chaos, cruelty and corruption. These first 100 days have not been easy. Everything we care about is under assault. The economy is under assault. Healthcare is under assault. Social Security is under assault. Veterans are under assault. Farmers are under assault. The right to organize is under assault. Public schools are under assault. The American way of life is under assault. Democracy itself is under assault. Everything we care about is under assault. 

    But just like Mrs. Jacobs, we must never lose faith. We must never lose faith. Faith in our community. Faith in our country. Faith in a brighter future. Faith in Almighty God. 

    America is a resilient nation. We are a resilient people. We have a resilient Constitution. We will never give up.  We will never give in. We will always show up. We will always speak up. We will always stand up. We will continue our march toward a more perfect union. We will not rest until we end this national nightmare and deliver an America with liberty and justice for all.

    God bless you. God bless our troops. May God continue to bless the United States of America.

    Full speech can be viewed here.

    ###

    MIL OSI USA News

  • MIL-OSI: Calian to Hold Conference Call Following Announcement of Second Quarter FY 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, April 30, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, will hold a conference call at 8:30 a.m. Eastern Time on Wednesday, May 14, 2025, to discuss results for the three-month period ended March 31, 2025. The results will be released before markets open.

    Interested participants from the financial and media community should join the live presentation by going to the Calian website and clicking on the Investors section to find the conference call link or directly via the following URL: https://edge.media-server.com/mmc/p/b8tamp8d/

    A replay of the audio webcast will be available at the same location a few hours after the conclusion of the call.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners.  

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–

    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    The MIL Network

  • MIL-OSI: Bank of the James Announces First Quarter of 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., April 30, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month period ended March 31, 2025. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended March 31, 2025 was $842,000 or $0.19 per basic and diluted share compared with $2.19 million or $0.48 per basic and diluted share for the three months ended March 31, 2024.

    Robert R. Chapman III, CEO of the Bank, commented: “Our focus during the past several years on managing interest expense in a significantly higher rate environment was reflected in the first quarter’s lower year-over-year interest expense. Appropriate adjustments to loan rates and optimizing the performance of the Bank’s investments continued to generate steady interest income growth. As a result, net interest margin and interest spread continued to trend positively. Strong, quality earnings over the years have supported our ability to build and maintain a strong cash position and exceptional liquidity.

    “The Company’s core operations for first quarter of 2025 produced solid earnings. However, our earnings were negatively impacted by a non-recurring expense paid to a consultant that we used to successfully negotiate a contract with our core service provider. We anticipate that this contract will result in significant long-term cost savings.

    “We anticipate that the holding company’s cash position will allow it to pay off approximately $10 million of capital notes as they mature in June, without the need to raise new capital. Eliminating this debt-related interest expense will reduce our interest expense by approximately $327,000 annually and will help reduce our overall interest-bearing liabilities rate. The Company and Bank will continue to maintain sound capital positions.

    “Operationally, the first quarter of 2025 was highlighted by steady growth of commercial real estate loans, with stable income contributions from a balanced portfolio of commercial, residential mortgage, construction, and consumer loans. Fee income contributions from commercial treasury services, credit and debit card processing, and PWW’s wealth management activities have continued to generate complementary noninterest income.

    “We continue to emphasize relationship banking with commercial and retail clients, providing the broad range of capabilities and expertise that position Bank of the James as the go-to source for financial services. We offer stability and security in a period of significant economic uncertainty.

    “The Company is building value for shareholders, as evidenced by growth in stockholders’ equity, retained earnings, and a higher book value per share in the first quarter. We remain focused on efficient operations, maintaining superior asset quality, and sustainable growth.”

    President Mike Syrek commented on expansion and growth opportunities, noting, “We are very excited to announce the addition of two accomplished commercial relationship managers, Brandon Caldwell and Kevin Flint. Both bring considerable experience in the commercial lending space and will further strengthen and grow our regional markets. Caldwell comes to Bank of the James from the USDA, having served there after an extended stint as the senior lending officer at Highlands Community Bank. Caldwell has experience at both small and large-sized institutions, and along with his experience with the USDA, we believe his experience will help us expand our reach in multiple markets. Flint comes to Bank of the James with a dual background in credit and investments. Flint spent most of his career with Truist and its predecessors, managing high-profile commercial clients within the markets we serve. Kevin also is a Certified Financial Planner and has spent the last few years working as a CFP. Flint’s dual roles will help further the growth in our Harrisonburg market as well as beyond.

    “These additions help strengthen an already high-performing commercial team and illustrate our focus on growth and obtaining additional market share in the regions that we serve. We are delighted to have both men as part of the Bank of the James family.”

    First Quarter of 2025 Highlights

    • Net income and earnings per share (EPS) in the first quarter of 2025 were impacted by higher noninterest expense, primarily reflecting a one-time approximately $1 million expense related to the negotiation of a contract with our banking core provider. Over the 65-month term of this contract, the Company anticipates realizing up to $5 million in savings as compared to our previous contract.
    • Total interest income rose 6.90% to $11.23 million in the first quarter of 2025 compared with $10.51 million a year earlier. The growth primarily reflected higher yields on loans, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.56% compared with 5.28% a year earlier.
    • Net interest income after provision for credit losses increased to $7.58 million in the first quarter of 2025 compared with net interest income after recovery of credit losses of $7.50 million a year earlier for the full year of 2024. Interest expense in the first quarter declined from the previous year’s first quarter due to a decrease in the average rate paid on interest bearing liabilities.
    • Net interest margin in the first quarter of 2025 improved to 3.25%, reflecting a steady upward quarterly trend from 3.02% in the first quarter of 2024. Interest spread in the first quarter rose to 2.95% from 2.73% in the prior year’s first quarter.
    • Total noninterest income of $3.28 million in the first quarter of 2025 was stable compared with a year earlier, primarily reflecting continuing strong contributions from commercial treasury services, residential mortgage origination fee income, and wealth management fee income from PWW, which generated $0.09 earnings per share in the first quarter.
    • Loans, net of the allowance for credit losses, increased to $642.39 million at March 31, 2025 from $636.55 million at December 31, 2024 and $601.12 million a year earlier.
    • Commercial real estate loans (owner occupied and non-owner occupied) led lending activity, increasing to $359.76 million from $335.53 million at December 31, 2024 and from $305.52 million a year earlier.
    • Measures of asset quality remained strong, highlighted by a ratio of nonperforming loans to total loans of 0.28% at March 31, 2025, low levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets grew 3% to $1.01 billion at March 31, 2025 from $979.24 million at December 31, 2024. Total assets increased by $26.84 million from March 31, 2024.
    • Total deposits were $911.68 million at March 31, 2025, up from $882.40 million at December 31, 2024, reflecting growth in core deposits (noninterest bearing demand deposits, NOW, money market and savings).
    • Shareholder value measures included growth in stockholders’ equity to $68.35 million at March 31, 2025 from $64.87 million at December 31, 2024, higher retained earnings, and a book value per share of $15.04, up from $14.28 at December 31, 2024.
    • On April 15, 2025, the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of June 6, 2025, to be paid on June 20, 2025.

    First Quarter of 2025 Operational Review

    The Company retained a consultant to assist it in negotiating an amendment to and extension of the contract with its provider of its core banking platform— the platform we use for processing transactions, maintaining customer accounts, and supporting other critical banking functions. As previously noted, first quarter 2025 net income and earnings per share reflected the expense associated with this engagement. The Company anticipates that the new contract with our core provider, which was effective April 1, 2025, will generate significant savings over the 65-month term of the contract.

    Net interest income after provision for credit losses for the first quarter of 2025 was $7.58 million compared to net interest income after recovery of credit losses of $7.50 million a year earlier. The provision for credit losses in the first quarter of 2025 was $137,000.

    Total interest income was $11.23 million in the first quarter of 2025 compared with $10.51 million a year earlier. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    Investment portfolio management and appropriate rate increases on loans continued to contribute to year-over-year growth in yields on total earning assets, which were 4.73% in the first quarter of 2025 compared with 4.60% a year earlier.

    Total interest expense in the first quarter of 2025 was $3.52 million compared with $3.56 million a year earlier, primarily reflecting a stabilizing interest rate environment and the Bank’s management of rates paid on interest-bearing deposits, including time deposits.

    A stabilizing interest rate environment and the Company’s upward adjustments to floating rate commercial loans and rates on originated and retained residential mortgages contributed to gradual margin pressure relief during the past several quarters. In the first quarter of 2025, the net interest margin was 3.25% compared with 3.02% a year earlier, while interest spread was 2.95% for the quarter compared with 2.73% a year earlier.

    Noninterest income in the first quarter of 2025 was $3.28 million compared with $3.31 million in the first quarter of 2024. The predominant amount of noninterest income in the first quarter of 2025 was generated by fees from debit card activity, commercial treasury services, gains on sale of loans held for sale, and wealth management fees generated by PWW. This slight decrease was due to a decrease in revenue from our mortgage division.

    Noninterest expense in the first quarter of 2025 was $9.83 million compared with $8.09 million a year earlier. The year-over-year increase primarily reflected the previously mentioned contract negotiation fee and higher salaries and employee benefits.

    Balance Sheet: Strong Cash Position, High Asset Quality

    Total assets were $1.01 billion at March 31, 2025 compared with $979.24 million at December 31, 2024. The increase was due primarily to increases in cash and cash equivalents, securities available for sale, and loans.

    Loans, net of allowance for credit losses, were $642.39 million at March 31, 2025 compared with $636.55 at December 31, 2024, reflecting growth of commercial real estate loans.

    Commercial real estate loans (owner-occupied and non-owner occupied, excluding construction loans) totaled $359.76 million at March 31, 2025 compared with $335.53 million at December 31, 2024, reflecting new loans and moderate loan payoffs. Of this amount in the first quarter of 2025, commercial real estate (non-owner occupied) was $205.13 million and commercial real estate (owner occupied) was $154.63 million. The Bank closely monitors concentrations in these segments and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans were $11.54 million, declining from prior levels as projects concluded. Residential construction/land loans at March 31, 2025 were $26.36 million compared with $26.15 million at December 31, 2024. Commercial and industrial loans were $59.98 million at March 31, 2025 compared to $66.42 million at December 31, 2024.

    Residential mortgage loans that the Company intends to keep on the balance sheet totaled $111.65 million at March 31, 2025, essentially unchanged from December 31, 2024, and from a year earlier. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) totaled $80.12 million, compared with $78.31 million at December 31, 2024.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at March 31, 2025 was 0.28% compared with 0.25% at December 31, 2024. The allowance for credit losses on loans to total loans was 1.08% at March 31, 2025 compared with 1.09% at December 31, 2024. Total nonperforming loans were $1.80 million at March 31, 2025 compared with $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $911.68 million at March 31, 2025 compared with $882.40 million at December 31, 2024. Core deposits (noninterest bearing demand deposits, NOW, money market and savings) were $698.92 million compared with $651.90 million at December 31, 2024. Time deposits declined during the period. At March 31, 2025, the Bank had no brokered deposits.

    Key measures of shareholder value were positive. Stockholders’ equity was $68.35 million at March 31, 2025, up from $64.87 million at December 31, 2024. Retained earnings increased to $43.19 million at March 31, 2025 from $42.80 million at December 31, 2024. Book value per share rose to $15.04 at March 31, 2025 from $14.28 at December 31, 2024, and continued to reflect quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

    Interest rate fluctuations result in adjustments to the fair value in the Company’s available-for-sale securities portfolio (known as “mark-to-market”), which are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly rated debt instruments. The Company does not expect to realize the unrealized losses, as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

    About the Company

    Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank, as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

    CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

    FINANCIAL RESULTS FOLLOW

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)

      (unaudited)    
    Assets 3/31/2025   12/31/2024
           
    Cash and due from banks $ 25,760     $ 23,287  
    Federal funds sold   69,206       50,022  
    Total cash and cash equivalents   94,966       73,309  
           
    Securities held-to-maturity (fair value of $3,237 in 2025 and $3,170 in 2024)   3,602       3,606  
    Securities available-for-sale, at fair value   192,780       187,916  
    Restricted stock, at cost   1,821       1,821  
    Loans, net of allowance for credit losses of $7,022 in 2025 and $7,044 in 2024   642,388       636,552  
    Loans held for sale   4,739       3,616  
    Premises and equipment, net   19,257       18,959  
    Interest receivable   2,970       3,065  
    Cash value – bank owned life insurance   23,094       22,907  
    Customer relationship Intangible   6,585       6,725  
    Goodwill   2,054       2,054  
    Deferred tax asset   8,113       8,936  
    Other assets   9,357       9,778  
    Total assets $ 1,011,726     $ 979,244  
           
           
    Liabilities and Stockholders’ Equity      
           
    Deposits      
    Noninterest bearing demand $ 138,619     $ 129,692  
    NOW, money market and savings   560,300       522,208  
    Time deposits   212,764       230,504  
    Total deposits   911,683       882,404  
           
    Capital notes, net   10,049       10,048  
    Other borrowings   9,146       9,300  
    Deferred tax liability   294        
    Income taxes payable         86  
    Interest payable   688       722  
    Other liabilities   11,518       11,819  
    Total liabilities $ 943,378     $ 914,379  
    Stockholders’ equity      
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of March 31, 2025 and December 31, 2024   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (19,819 )     (22,915 )
    Retained earnings   43,191       42,804  
    Total stockholders’ equity $ 68,348     $ 64,865  
           
    Total liabilities and stockholders’ equity $ 1,011,726     $ 979,244  
                   

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Operations
    (dollar amounts in thousands, except per share amounts) (unaudited)

      For the Three Months Ended
      March 31,
    Interest Income 2025
      2024
    Loans $ 8,906     $ 8,024  
    Securities      
    US Government and agency obligations   454       338  
    Mortgage backed securities   387       809  
    Municipals – taxable   311       286  
    Municipals – tax exempt   18       18  
    Dividends   13       12  
    Corporates   135       135  
    Interest bearing deposits   123       133  
    Federal Funds sold   887       754  
    Total interest income   11,234       10,509  
           
    Interest Expense      
    Deposits      
    NOW, money market savings   1,248       1,275  
    Time deposits   2,079       2,090  
    Finance leases   17       20  
    Other borrowings   89       92  
    Capital notes   82       82  
    Total interest expense   3,515       3,559  
           
    Net interest income   7,719       6,950  
           
    Provision for (recovery of) credit losses   137       (553 )
           
    Net interest income after provision for (recovery of) credit losses   7,582       7,503  
           
    Noninterest income      
    Gain on sales of loans held for sale   837       927  
    Service charges, fees and commissions   981       953  
    Wealth management fees   1,255       1,163  
    Life insurance income   188       159  
    Other   22       105  
           
    Total noninterest income   3,283       3,307  
    Noninterest expenses      
    Salaries and employee benefits   4,777       4,445  
    Occupancy   570       493  
    Equipment   670       607  
    Supplies   142       145  
    Professional and other outside expense   1,715       801  
    Data processing   820       751  
    Marketing   198       30  
    Credit expense   186       188  
    FDIC insurance expense   142       109  
    Amortization of intangibles   140       140  
    Other   466       379  
    Total noninterest expenses   9,826       8,088  
           
    Income before income taxes   1,039       2,722  
           
    Income tax expense   197       535  
           
    Net Income $ 842     $ 2,187  
           
    Weighted average shares outstanding – basic and diluted   4,543,338       4,543,338  
           
    Earnings per common share – basic and diluted $ 0.19     $ 0.48  
                   

    Bank of the James Financial Group, Inc. and Subsidiaries
    Dollar amounts in thousands, except per share data
    Unaudited

    Selected Data: Three
    months
    ending
    Mar 31,
    2025
    Three
    months
    ending
    Mar 31,
    2024
    Change
         
    Interest income $ 11,234   $ 10,509     6.90 %      
    Interest expense   3,515     3,559     -1.24 %      
    Net interest income   7,719     6,950     11.06 %      
    Provision for (recovery of) credit losses   137     (553 )   -124.77 %      
    Noninterest income   3,283     3,307     -0.73 %      
    Noninterest expense   9,826     8,088     21.49 %      
    Income taxes   197     535     -63.18 %      
    Net income   842     2,187     -61.50 %      
    Weighted average shares outstanding – basic   4,543,338     4,543,338            
    Weighted average shares outstanding – diluted   4,543,338     4,543,338            
    Basic net income per share $ 0.19   $ 0.48   $ (0.29 )      
    Fully diluted net income per share $ 0.19   $ 0.48   $ (0.29 )      
                 
    Balance Sheet at
    period end:
    Mar 31,
    2025
    Dec 31,
    2024
    Change Mar 31,
    2024
    Dec 31,
    2023
    Change
    Loans, net $ 642,388   $ 636,552     0.92 % $ 601,115   $ 601,921     -0.13 %
    Loans held for sale   4,739     3,616     31.06 %   4,640     1,258     268.84 %
    Total securities   196,382     191,522     2.54 %   218,440     220,132     -0.77 %
    Total deposits   911,683     882,404     3.32 %   893,494     878,459     1.71 %
    Stockholders’ equity   68,348     64,865     5.37 %   60,437     60,039     0.66 %
    Total assets   1,011,726     979,244     3.32 %   984,891     969,371     1.60 %
    Shares outstanding   4,543,338     4,543,338         4,543,338     4,543,338      
    Book value per share $ 15.04   $ 14.28   $ 0.76   $ 13.30   $ 13.21   $ 0.09  
    Daily averages: Three
    months
    ending
    Mar 31,
    2025
    Three
    months
    ending
    Mar 31,
    2024
    Change
         
    Loans $ 646,788   $ 608,172   6.35 %      
    Loans held for sale   2,391     2,481   -3.63 %      
    Total securities (book value)   219,550     248,748   -11.74 %      
    Total deposits   922,207     884,555   4.26 %      
    Stockholders’ equity   64,778     59,891   8.16 %      
    Interest earning assets   963,688     926,354   4.03 %      
    Interest bearing liabilities   800,249     765,728   4.51 %      
    Total assets   1,021,766     978,867   4.38 %      
                 
    Financial Ratios: Three
    months
    ending
    Mar 31,
    2025
    Three
    months
    ending
    Mar 31,
    2024
    Change
         
    Return on average assets   0.33 %   0.90 % (0.57 )      
    Return on average equity   5.27 %   14.69 % (9.42 )      
    Net interest margin   3.25 %   3.02 % 0.23        
    Efficiency ratio   89.31 %   78.85 % 10.46        
    Average equity to average assets   6.34 %   6.12 % 0.22        
                 
    Allowance for credit losses: Three
    months
    ending
    Mar 31,
    2025
    Three
    months
    ending
    Mar 31,
    2024
    Change
         
    Beginning balance $ 7,044   $ 7,412   -4.96 %      
    Retained earnings adjustment related to impact of adoption of ASU 2016-13         N/A      
    Provision for (recovery of) credit losses*   29     (501 ) -105.79 %      
    Charge-offs   (63 )   (65 ) -3.08 %      
    Recoveries   12     74   -83.78 %      
    Ending balance   7,022     6,920   1.47 %      
                 
    * does not include provision for or recovery of unfunded loan commitment liability
                 
                 
    Nonperforming assets: Mar 31,
    2025
    Dec 31,
    2024
    Change Mar 31,
    2024
    Dec 31,
    2023
    Change
    Total nonperforming loans $ 1,799   $ 1,640   9.70 % $ 558   $ 391   42.71 %
    Other real estate owned         N/A         N/A
    Total nonperforming assets   1,799     1,640   9.70 %   558     391   42.71 %
                 
    Asset quality ratios: Mar 31,
    2025
    Dec 31,
    2024
    Change Mar 31,
    2024
    Dec 31,
    2023
    Change
    Nonperforming loans to total loans   0.28 %   0.25 % 0.02     0.09 %   0.06 % 0.03  
    Allowance for credit losses for loans to total loans   1.08 %   1.09 % (0.01 )   1.14 %   1.22 % (0.08 )
    Allowance for credit losses for loans to nonperforming loans   390.33 %   429.51 % (39.18 )   1240.14 %   1895.65 % (655.51 )

    The MIL Network

  • MIL-OSI: From Sydney to the World – Valueex (VUEE) Exchange Announces Entry into the U.S. Market

    Source: GlobeNewswire (MIL-OSI)

    Fresno, CA, April 30, 2025 (GLOBE NEWSWIRE) — Recently, the renowned exchange Valueex (VUEE) announced its official entry into the U.S. market, garnering significant attention. Amid the accelerating transformation of global financial markets, technology is reshaping the investment landscape at an unprecedented pace. From artificial intelligence to blockchain, innovative technologies are unlocking limitless possibilities for investors, while security and trust have become key bridges to the future. It is against this backdrop that the Valueex Exchange (VUEE) has emerged. Since its establishment in 2023, VUEE has rapidly risen as a trusted fintech pioneer among global investors, leading the industry into a new era of intelligence and globalization with its secure, efficient, and innovative trading platform.

    Technology-Driven Financial Transformation

    Valueex Exchange was founded by a group of top experts deeply engaged in the fintech sector, with the mission of “driving financial innovation through technology” and a commitment to reshaping the operational model of traditional exchanges. Headquartered in Sydney, Australia, VUEE offers users a seamless trading experience through high-speed transaction matching, robust security measures, and intelligent risk management systems. The platform supports diverse asset trading, including cryptocurrencies and stablecoins, and will soon launch U.S. stock trading services to cater to both novice and experienced investors.

    By integrating artificial intelligence, big data analytics, and blockchain technology, VUEE has achieved exceptional performance in efficiency, transparency, and user satisfaction. Its AI-driven one-click investment tool intelligently optimizes portfolios based on user preferences, while the USDT and USDC stablecoin trading models eliminate foreign exchange risks in cross-border transactions, making global investment more accessible and cost-effective.

    Rigorous Compliance and Security at Its Core

    Security and trust are the foundational pillars of VUEE. The platform strictly adheres to international regulatory standards, holding authoritative qualifications as a Registered Investment Advisor (RIA) and a Money Services Business (MSB) in the U.S., and is regulated by the U.S. Securities and Exchange Commission (SEC), ensuring full compliance with anti-money laundering (AML) and Know Your Customer (KYC) requirements. These qualifications provide legal assurance for investors, protecting their assets from market risks and cyber threats.

    Strategic partnerships with multiple global regulatory bodies and financial institutions further bolster VUEE’s credibility. Its advanced cybersecurity protocols and comprehensive compliance measures create a transparent and trustworthy trading environment, allowing investors to participate in the global market with peace of mind.

    Outstanding Achievements and Global Reach

    Since its establishment, Valueex Exchange has achieved remarkable success. In just two years, the platform has surpassed 500,000 registered users across multiple countries and regions, with an average daily trading volume exceeding $1 billion. In 2025, VUEE officially entered the U.S. market and, leveraging its excellent reputation in Australia, quickly attracted over 30,000 U.S. users, demonstrating strong brand influence and market competitiveness.

    Looking ahead, VUEE plans to further expand into Europe, Asia, and South America, enriching its asset classes and launching more innovative features. Its upcoming U.S. stock trading service has received stringent certification from the SEC and MSB, providing global users with convenient access to the U.S. market and helping investors seize more wealth growth opportunities.

    Core Advantages of Valueex Exchange

    Valueex Exchange is regarded as a leading global one-stop trading platform, characterized by the following key features:

    • • Advanced Technology Architecture: The platform utilizes AI-driven tools, blockchain technology, and high-frequency trading systems to support efficient and precise transaction processing.
    • • Global Trading Support: By facilitating trading with stablecoins (such as USDT and USDC) and multi-currency compatibility, the platform streamlines cross-border transaction processes, enhancing the experience for global users.
    • • Wide Applicability: The platform offers an intuitive interface and personalized investment strategies to meet the diverse needs of both novice and professional investors.
    • • Strict Compliance Standards: Holding U.S. RIA and MSB qualifications and being regulated by the SEC ensures the safety and legality of the trading environment.

    Strong Market Performance: The rapidly growing global user base (over 500,000) and high average daily trading volume (over $1 billion) reflect widespread market recognition of the platform.

    Co-Creating the Future of Finance

    Valueex Exchange is not just a trading platform; it is a leader in the future of finance. Through continuous investments in technological innovation and global compliance, VUEE is dedicated to building an open, intelligent, and inclusive financial ecosystem. Whether diversifying your portfolio, participating in U.S. stock trading, or utilizing AI-driven investment tools, VUEE empowers you to confidently seize global opportunities.

    A VUEE spokesperson stated, “We are committed to providing investors with a safe, efficient, and forward-looking trading experience. The rapid growth of the U.S. market is an important milestone in our global expansion, and we look forward to delivering exceptional financial services to more users.”

    Join Valueex Exchange today to embark on your global investment journey! Visit valueexchanges.com for more details and take a step toward wealth growth with a trusted platform.

    https://web.valueexchanges.com

    Disclaimer:  The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Planisware – Availability of the 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Availability of the 2024
    Universal Registration Document

    Paris, France, April 30, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces the approval of its 2024 Universal Registration Document by the Autorité des marchés financiers (AMF) on April 30, 2025 under the approval number n° R.25-002.

    The Universal Registration Document notably includes:

    • The annual financial report for the year ended December 31, 2024;
    • The management report ;
    • The corporate governance report;
    • The sustainability report
    • The description of the share buyback program;
    • The Statutory Auditors’ reports;
    • The information on fees paid to the Statutory Auditors.

    This Universal Registration Document can be consulted or downloaded from the Planisware website, planisware.com, in the investors section.

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Attachment

    The MIL Network

  • MIL-OSI Global: China has identified how to fight back against Trump’s tariffs, and is not ready to back down

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

    US ports are now starting to see scheduled shipments from China decline as the result of Donald Trump’s 145% tariffs on Chinese goods. The port of Los Angeles, the biggest port for Chinese goods in the US, is predicting scheduled shipments in early May to be about a third lower than the same time last year.

    Declining numbers of ships arriving stocked with Chinese imports are likely to affect US supermarket shelves soon, and after warnings from US supermarket bosses, Trump responded by saying trade talks between the US and China were under way in the past few days. But Chinese president Xi Jinping quickly denied talks were happening, suggesting he has no intention of backing away from a fight with the US.

    As one of the most powerful leaders in the history of the People’s Republic of China, Xi has fashioned himself as a nationalistic icon. So if China perceives Trump’s tariffs as a bully tactic designed to undermine it, backing down from a confrontation with the US would seriously undermine Xi’s strongman image and rhetoric.

    This is something that Trump probably hadn’t considered. At a rally marking his 100 days in office, the US president was still suggesting that China would just back down and “eat the tariffs”.

    While tariffs appear to be the primary weapon in the trade war, China might have more tactics to hit back at Trump and the US economy. The question is what might they be?

    A few weeks ago it seemed like Washington might punish China’s lack of willingness to negotiate with more tariffs, but now it’s clear that Trump is willing to make a deal and is trying to get China to come to the table. Trump is now implying that US tariffs on China could come down substantially. And US treasury secretary Scott Bessent has called the trade war with China “unsustainable”.

    Leveraging agriculture and energy

    China has reduced its reliance on US farm imports since the trade war began in Trump’s first presidency. This is bad news for Washington as agriculture is one few sectors in the US that actually has a large trade surplus with China. The 125% retaliatory tariffs will harm the sector’s profitability.

    But China’s retaliatory tariffs aren’t the only issue American farmers have to contend with. As the trade war escalates, China has been using bureaucratic hurdles to restrict US agricultural products from entering China and as a potential negotiation tool. For instance, China has delayed the renewals of export license renewals of US pig farmers, and refused to renew licenses of poultry farmers for “health and safety” reasons.

    What’s the impact of tariffs?

    Beijing’s actions might be designed to particularly hit the economy in core Trump supporting states. A major part of Trump and the Republican party’s base lies in “red states”, such as Nebraska, Iowa and Kansas, all have significant farming communities. Focusing on agricultural issues is a tactic that Beijing realises will hit home with Trump voters.

    Out of the 444 US counties designated by the United States Department of Agriculture (USDA) as farming-dependent, 77.7% voted for Trump during the 2024 US presidential election. So, any hardship faced by the agriculture sector due to Trump’s own actions is likely to lose him support from a major political base. And with mid-term elections in 2026, Trump has to tread carefully when antagonising Beijing.

    Another support base that Beijing might seek to undermine is those involved in the fossil fuel sector. In the past, the US has been a top supplier of natural gas to China.

    China has not imported natural gas from the US since early February 2025, and has sought its natural gas from Australia, Indonesia, and Brunei. As the trade war continues, it is unlikely that the US would be able to sell its natural gas to China anytime soon, and this will have an impact on the energy industry – one of Trump’s major political support bases.

    Restricting minerals

    Another huge problem that the US faces stems from China’s restriction of the export of critical minerals. They include seven rare earth minerals namely samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. While these are used in the clean energy and automobile sectors, the biggest concern would come from the US defence complex.

    These critical minerals are used in manufacturing fighter jets, submarines, missiles, and radar systems. China has an effective monopoly on the extraction and processing of rare earths, while the US lacks such capabilities. This means that China’s export restrictions are likely to affect America’s defence industry, while Beijing rapidly expands its ammunition and military technology.

    The White House probably anticipated export restrictions of critical minerals from China. After all, Beijing had banned the export of critical minerals to Japan in 2010 over a fishing trawler dispute, and stopped exporting “dual-use” metals that can be used to produce civilian and military technology, such as gallium, germanium and tungsten.

    What’s next?

    For the last few years, China has been trying to overcome an ailing economy that was primarily fuelled by a real-estate crisis. Trump probably expected China to buckle under pressure and come crawling to the negotiation table. After all, the Chinese Communist Party needs to fix its economy fast. The establishment has long relied on delivering economic prosperity to legitimise its rule over China.

    Right now the tit-for-tat battle continues. By April 11, US tariffs on China peaked at 145%, while China’s retaliatory tariffs on US goods reached an unprecedented 125%.

    Although it is clearly fighting back, China could go even further by selling off US treasuries and increasing US interest rates and thus borrowing cost. But unlike Trump, Xi often plays the long game. After all, Trump’s term as president will be over in less than four years, while Chinese president Xi has no term limits. All the latter has to do is exercise patience, and a friendlier US president might come around.

    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 has identified how to fight back against Trump’s tariffs, and is not ready to back down – https://theconversation.com/china-has-identified-how-to-fight-back-against-trumps-tariffs-and-is-not-ready-to-back-down-255325

    MIL OSI – Global Reports

  • MIL-OSI Global: Wealth, wellness and wellbeing: why healthier ageing isn’t just about personal choices

    Source: The Conversation – UK – By Simon Evans, Lecturer in Neuroscience, School of Psychology, University of Surrey

    Matej Kastelic/Shutterstock

    We’ve all heard it before: eat your five-a-day, and try to get some exercise. It’s advice that’s simple in theory, yet in practice, not everyone is able to follow it. So what’s standing in the way?

    Our research examined this question in depth. Using data from UK adults over the age of 50, we explored how socioeconomic status affects the likelihood of meeting the World Health Organization’s recommendations for physical activity and diet. These guidelines include at least 150 minutes of moderate-intensity (or 75 minutes of vigorous-intensity) physical activity per week and a daily intake of at least five portions of fruit and vegetables.

    What we found points to a clear and concerning disparity. Wealthier older adults are nearly twice as likely to meet both exercise and dietary recommendations compared to their less affluent peers. And perhaps even more striking, those who don’t meet these health guidelines are significantly more likely to suffer from depression.

    We analysed survey responses from more than 3,000 adults aged 50 to 90, using data from the English Longitudinal Study of Ageing. While nearly 70% of participants reported doing some form of physical activity, the data revealed a sharp wealth divide.

    Adults in the highest wealth quintile (the top 20%) were almost twice as likely to be physically active as those in the lowest quintile. A similar pattern emerged for diet. Over 70% of those in the wealthiest group reported meeting the five-a-day guideline, compared to just over 40% in the lowest income bracket.

    This matters, because not meeting government guidelines for physical activity and diet can have serious long-term health consequences. Regular exercise is known to increase HDL (or “good”) cholesterol, improve cardiovascular health, and reduce the risk of chronic conditions like type 2 diabetes, heart disease, and some cancers.

    It also benefits brain health by lowering inflammation and even promoting the growth of new brain cells. Similarly, diets rich in fibre, vitamins, and antioxidants – found in fruits and vegetables – are associated with lower the risks of disease and cognitive decline, including conditions like Alzheimer’s.

    Depression disparity

    But the impact isn’t just physical. Our research also explored links between lifestyle and mental health. Around 19% of participants met the criteria for clinical depression, with the highest risk found among women, people living alone, smokers and those with lower incomes.

    Alarmingly, rates of depression were nearly three times higher among those in the lowest wealth quintile (32.6% were depressed) compared to those in the highest (11.1%).

    Lifestyle clearly played a role in depression levels. Among inactive participants, 30% reported symptoms of depression – more than double the rate seen in those who were physically active (13.7%). Likewise, those who didn’t meet the five-a-day guideline had a depression rate of 23.4%, compared to 15.7% among those who did.

    These results suggest that staying physically active and eating well not only improves physical health but may also play a protective role in mental wellbeing. Yet not everyone has equal access to the resources, time, or environments that support healthy living. There is also the role of social isolation as a compounding factor.

    Social disconnection is strongly linked to both poor physical and mental health, including depression and even increased mortality risk. Physical activity programmes that also offer social interaction – such as walking groups or community exercise classes – may provide even greater benefits.

    Healthy ageing for everyone

    The evidence shows that health disparities in later life are deeply tied to wealth and socioeconomic status. This means that addressing them requires more than encouraging personal responsibility – it calls for policy action.

    Financial barriers to healthy food and physical activity need to be tackled through targeted programmes, subsidies and infrastructure investments. Making healthy options accessible and affordable – especially for those in lower-income groups – will benefit people and reduce strain on healthcare systems.

    As populations continue to age, promoting health in later life is a public health priority. But that effort will only succeed if it recognises – and works to reduce – the inequalities that hold people back from living healthy, fulfilling lives.

    Simon Evans 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. Wealth, wellness and wellbeing: why healthier ageing isn’t just about personal choices – https://theconversation.com/wealth-wellness-and-wellbeing-why-healthier-ageing-isnt-just-about-personal-choices-250316

    MIL OSI – Global Reports

  • MIL-OSI USA: Cantwell Statement on Commerce Department Report Showing Shrinking Economy Under Trump

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    04.30.25

    Cantwell Statement on Commerce Department Report Showing Shrinking Economy Under Trump

    WASHINGTON, D.C. – Today, the U.S. Department of Commerce issued a report on the state of the economy over the first three months of 2025. The report showed that the country’s gross domestic product shrank by 0.3% during the first months of President Donald Trump’s second term.

    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 the following statement:

    “Today’s GDP numbers are another warning sign our economy is moving in the wrong direction. The economy shrunk in the first quarter when it should be growing.  The Trump tariffs are a drag on the economy and American families will continue to feel the pain.”

    The Commerce Department report follows months of tariff whiplash from the Trump administration, during which the president erratically and unilaterally announced, imposed, raised, dropped, and reimposed a series of blanket and industry-specific tariffs on imports coming to the United States. In January 2025, it was widely expected that GDP growth would be at least 2% in the first quarter of 2025 – but that changed after President Trump announced his tariffs.  Shortly after the Commerce Department report was released, he posted on Truth Social that the declining economy “has NOTHING TO DO WITH TARIFFS” and is instead a holdover from former President Joe Biden’s economy. Under the last quarter of President Biden’s administration, the GDP grew 2.4%.



    MIL OSI USA News

  • MIL-OSI: Societe Generale: Availability of the first amendment to 2025 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    AVAILABILITY OF THE FIRST AMENDMENT TO 2025 UNIVERSAL REGISTRATION DOCUMENT

    Regulated Information

    Paris, 30 April 2025

    Societe Generale hereby informs the public that the first amendment to the 2025 Universal Registration Document filed on 12th March 2025 under number D.25-0088, has been filed with the French Financial Markets Authority (AMF) on 30th April 2025 under number D-25-0088-A01.
    This document is made available to the public, free of charge, in accordance with the conditions provided for by the regulations in force and may be consulted in the “Regulated information” section of
    the Company’s website (https://investors.societegenerale.com/en/financial-and-non-financial-information/regulated-information) and on the AMF’s website.

    Press contacts:
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    The MIL Network

  • MIL-OSI: Digital Asset Acquisition Corp. Announces Closing of $172.5 Million Initial Public Offering Including Full Exercise of Underwriters’ Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    PRINCETON, NEW JERSEY, April 30, 2025 (GLOBE NEWSWIRE) — Digital Asset Acquisition Corp. (Nasdaq: DAAQ) (the “Company”) today announced the closing of its initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a public offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

    The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “DAAQU” on April 29, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “DAAQ” and “DAAQW,” respectively.

    Concurrently with the closing of the initial public offering, the Company closed on a private placement of 5,450,000 warrants at a price of $1.00 per warrant, resulting in gross proceeds of $5,450,000. DAAQ Sponsor LLC, the Company’s sponsor, purchased 3,725,000 of the private placement warrants, Cohen & Company Capital Markets purchased 1,466,250 of the private placement warrants and Clear Street purchased 258,750 private placement warrants. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $172,500,000 (or $10.00 per unit sold in the public offering) was placed in trust.

    Digital Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager of the offering. Clear Street LLC acted as the joint book-runner of the offering.

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

    Cautionary Note Concerning Forward-Looking Statements

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

    Contact

    Peter Ort
    Principal Executive Officer and Co-Chairman
    Digital Asset Acquisition Corp.
    pete@curaleaassociates.com 

    The MIL Network

  • MIL-OSI USA: Pittsburgh Post-Gazette Loses Final Appeal, Must Restore Health Care to Striking Workers

    Source: Communications Workers of America

    PITTSBURGH – On Tuesday, the U.S. Third Circuit Court of Appeals rejected two attempts by the Pittsburgh Post-Gazette (PG) to evade its obligation to provide editorial workers the health care plan it illegally tore away from members of the Newspaper Guild of Pittsburgh (TNG-CWA Local 38061) in 2020.

    Last month the same court ordered the PG to restore that health care to all Guild bargaining unit employees. The order includes workers who crossed the picket line to work for the PG during the journalists’ more-than-two-and-a-half-year strike. The PG appealed this ruling on two fronts. On March 27, the PG asked the court for permission to deny the higher-quality, yet cheaper, health care plan to workers who crossed the picket line and only restore it for strikers. On April 7, the PG asked to have the entire injunction case reheard.

    Both attempts failed on Tuesday. The Third Circuit Court panel had the opportunity to offer an explanation for a response on petitions for rehearing when judges find a party to be asking compelling legal questions. The judges chose not to respond to the PG.

    “The Post-Gazette’s attempts to evade its responsibility have exhausted the courts and exhausted every legal delay tactic, while our strikers’ determination and solidarity have only grown,” said Zack Tanner, president of the Newspaper Guild of Pittsburgh-CWA Local 38061. “The Post-Gazette must immediately restore our health care for every member of our bargaining unit or risk the consequences of being in contempt of court. This ruling is a clear signal that it is time for the Post-Gazette to settle the strike by restoring the terms of our union contract before the courts take further action against the company’s lawless mistreatment of dedicated journalists.”

    The striking newsroom workers are still fighting for their full strike demands: dignified health care and the restoration of their union contract, including paid time off, wages, employees having a guaranteed work week, and the right to question company discipline, among other issues. Newspaper Guild of Pittsburgh members have struck since October of 2022 for these demands.

    In 2020, the company illegally and unilaterally tore up the editorial workers’ union contract, claiming they had bargained to an impasse. Both an administrative law judge and the National Labor Relations Board in Washington, D.C., ruled that the company broke federal labor law in this instance, in addition to bargaining in bad faith and illegally surveilling its workers.

    The Board ordered the PG to pay back workers for all the wage and vacation reductions and increased healthcare costs it forced onto workers in 2020, in addition to restoring all the other bargained rights it tore up five years ago. The Third Circuit Court is set to rule on enforcement of that full order.

    While injunctions, particularly from a Circuit Court, are rare, the granting of enforcement orders at that level is comparatively common.

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News

  • MIL-OSI USA: Justice Department Declines Prosecution of Company That Self-Disclosed Export Control Offenses Committed by Employee

    Source: US State of North Dakota

    Company’s Prompt Self-Disclosure and Extraordinary Cooperation Led to Employee’s Successful Prosecution for Unlawfully Exporting Software to a Restricted Chinese University

    Note: View the declination letter here.

    The Justice Department today announced that it has declined the prosecution of Universities Space Research Association (USRA) after it self-disclosed to the Department’s National Security Division (NSD) criminal violations of U.S. export control laws committed by its former employee, Jonathan Soong. Soong pleaded guilty to willfully violating the Export Administration Regulations (EAR) by exporting U.S. Army-developed aviation software to a university in the People’s Republic of China (PRC) that had been placed on the Commerce Department’s Entity List and was sentenced to 20 months in prison.

    “If we stay vigilant, all of us — including our citizens, small businesses, and large corporations — can play a critical role in protecting our country,” said Sue J. Bai, head of the Justice Department’s National Security Division. “A criminal who compromised our national security was brought to justice because his employer caught him and immediately turned him in. We decline to prosecute his employer and are ready to work together with such responsible corporate actors who are committed to joining us in this fight to protect our country from foreign adversaries.”

    “USRA discovered that one of its employees was funneling sensitive aeronautics software to a Beijing university in violation of export control laws and at risk to our national security,” said Acting U.S. Attorney Patrick D. Robbins for the Northern District of California. “What the company did next made all the difference in the Government’s decision not to prosecute it: the company took swift and proactive measures to disclose the employee’s wrongdoing, provide all known facts, and cooperate – and continue to cooperate – with the government’s investigation.”

    According to court documents, in April 2016, USRA contracted with the National Aeronautics and Space Administration (NASA) to, among other things, license and distribute for a fee aeronautics-related and U.S. Army-owned flight control software. Soong was employed by USRA as a program administrator under the contract and was responsible for performing due diligence on prospective purchasers to ensure that the sale or transfer of software licenses complied with applicable law, including by checking the Entity List. Soong willfully exported software subject to the EAR to Beijing University of Aeronautics and Astronautics, also known as Beihang University (Beihang), a university in the PRC, knowing that an export control license was required for the export to Beihang because it was on the Entity List. Beihang was on the Commerce Department’s Entity List due to its involvement in the development of military rocket systems and unmanned air vehicle systems. Soong further used an intermediary to complete the transfer and export of the software to Beihang to avoid detection, and embezzled tens of thousands of dollars in software license sales by directing purchasers to make payment to an account he personally owned and controlled.

    This scheme continued until NASA inquired about the sales of software licenses to PRC-based purchasers and USRA began to investigate. Soong initially lied to USRA and fabricated evidence that he had conducted due diligence on the purchasers and provided it to USRA’s counsel to provide to NASA, but after USRA’s counsel investigated further and confronted Soong with evidence that contradicted his statements, he admitted to knowing that Beihang was on the Entity List when he exported the software to Beihang and that a license had been required for the export.

    Within days of learning that Soong had willfully violated U.S. export control laws, and before USRA had completed its own investigation to understand the scope of the misconduct, USRA self-disclosed the crime to NSD and fully cooperated with the ensuing criminal investigation, which eventually established that Soong had acted alone at USRA. USRA’s cooperation included proactively identifying, collecting, and disclosing relevant evidence to investigators, including foreign language evidence and evidence located overseas, and providing detailed and timely responses to the government’s requests for information and evidence. USRA remediated the root cause of the misconduct by disciplining a supervisory employee who failed appropriately to supervise Soong, and by significantly improving its internal controls and compliance program. USRA also compensated the government both for the funds Soong embezzled, and for the time Soong had spent embezzling funds instead of performing his duties under USRA’s contract with NASA.

    The Justice Department declined USRA’s prosecution after considering the factors set forth in the Department’s Principles of Federal Prosecution of Business Organizations and the National Security Division Enforcement Policy for Business Organizations (NSD Enforcement Policy). The NSD Enforcement Policy creates a presumption that companies that (1) voluntarily self-disclose to NSD potentially criminal violations arising out of or relating to the enforcement of export control or sanctions laws, (2) fully cooperate, and (3) timely and appropriately remediate will generally receive a non-prosecution agreement, unless aggravating factors are present.  In appropriate cases, the NSD Enforcement Policy authorizes prosecutors to go further, and exercise discretion to decline a company’s prosecution. This is the second time that NSD has exercised its discretion to decline the prosecution of a company under the NSD Enforcement Policy.

    The case was investigated by the Department of Commerce’s Bureau of Industry and Security; the Department of Defense’s Defense Criminal Investigative Service; and the FBI. The NASA Office of Inspector General; U.S. Army Criminal Investigation Division; U.S. Army Counterintelligence; and the Department of Homeland Security, Homeland Security Investigations provided valuable assistance.

    Trial Attorney Rachel Craft of the National Security Division’s Counterintelligence and Export Control Section and Assistant U.S. Attorney Barbara Valliere for the Northern District of California prosecuted the case.

    MIL OSI USA News

  • MIL-OSI USA: Governor Lamont Announces Registration Open for Innovation Made Leadership Event

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that registration is now open for the second event in the MADE leadership series — Innovation MADE — taking place on Wednesday, May 28, 2025, at 9:30 a.m. during the prestigious Yale Innovation Summit in New Haven.

    Hosted by the Connecticut Department of Economic and Community Development (DECD) in partnership with Yale Ventures, the Connecticut Business and Industry Association (CBIA), WTNH, and WICC, Innovation MADE will bring together thought leaders, entrepreneurs, innovators, and business executives to explore how innovation drives opportunity and growth across for Connecticut’s economy.

    “Connecticut has always been a state of bold ideas, and today that spirit of innovation is more alive than ever,” Governor Lamont said. “Events like Innovation MADE showcase the talent, creativity, and collaboration that define our identity and ensure we continue to lead for the betterment of humankind.”

    The Innovation MADE keynote address will be delivered by Daniel O’Keefe, Connecticut’s chief innovation officer and commissioner of DECD, followed by an expert panel discussion on the opportunities presented by quantum computing and artificial intelligence, particularly in New Haven’s thriving biotech industry. Featured speakers will include some of Connecticut’s industry leaders, including Vlad Coric, CEO of Biohaven, among others to be announced.

    Attendees of Innovation MADE will not only gain access to the morning’s main stage programming, networking sessions, and “office hours” with state and private sector leaders, but also a full-day pass to the entire Yale Innovation Summit, featuring cutting-edge tracks in arts, biotech, civic, climate, health, and tech.

    The state is also partnering with Yale Ventures to debut the first-ever Connecticut Innovation Pavilion at the summit, an area where attendees can meet state leaders, learn about public resources to grow their business, and enjoy unique experiences that make Connecticut a great place to live, work, and play.

    “Innovation doesn’t happen in isolation — it happens when we connect ideas, people, and resources,” Commissioner O’Keefe said. “Bringing together top minds at the Yale Innovation Summit and creating spaces like the Connecticut Innovation Pavilion is how we power an ecosystem that makes bold opportunities possible for businesses and communities alike.”

    “Connecticut’s innovation economy is stronger when we bring the full weight of the state’s leadership, business community, and entrepreneurial energy to the table,” Josh Geballe, managing director of Yale Ventures, said. “We are excited to kick off this year’s summit with the Innovation MADE event and celebrate the collaboration fueling Connecticut’s next chapter of growth.”

    Space is limited and registration is required. Attendees can register online by visiting connecticut-made.com or through the Innovation MADE Eventbrite page.

     

    MIL OSI USA News

  • MIL-OSI Security: Justice Department Declines Prosecution of Company That Self-Disclosed Export Control Offenses Committed by Employee

    Source: United States Attorneys General

    Company’s Prompt Self-Disclosure and Extraordinary Cooperation Led to Employee’s Successful Prosecution for Unlawfully Exporting Software to a Restricted Chinese University

    Note: View the declination letter here.

    The Justice Department today announced that it has declined the prosecution of Universities Space Research Association (USRA) after it self-disclosed to the Department’s National Security Division (NSD) criminal violations of U.S. export control laws committed by its former employee, Jonathan Soong. Soong pleaded guilty to willfully violating the Export Administration Regulations (EAR) by exporting U.S. Army-developed aviation software to a university in the People’s Republic of China (PRC) that had been placed on the Commerce Department’s Entity List and was sentenced to 20 months in prison.

    “If we stay vigilant, all of us — including our citizens, small businesses, and large corporations — can play a critical role in protecting our country,” said Sue J. Bai, head of the Justice Department’s National Security Division. “A criminal who compromised our national security was brought to justice because his employer caught him and immediately turned him in. We decline to prosecute his employer and are ready to work together with such responsible corporate actors who are committed to joining us in this fight to protect our country from foreign adversaries.”

    “USRA discovered that one of its employees was funneling sensitive aeronautics software to a Beijing university in violation of export control laws and at risk to our national security,” said Acting U.S. Attorney Patrick D. Robbins for the Northern District of California. “What the company did next made all the difference in the Government’s decision not to prosecute it: the company took swift and proactive measures to disclose the employee’s wrongdoing, provide all known facts, and cooperate – and continue to cooperate – with the government’s investigation.”

    According to court documents, in April 2016, USRA contracted with the National Aeronautics and Space Administration (NASA) to, among other things, license and distribute for a fee aeronautics-related and U.S. Army-owned flight control software. Soong was employed by USRA as a program administrator under the contract and was responsible for performing due diligence on prospective purchasers to ensure that the sale or transfer of software licenses complied with applicable law, including by checking the Entity List. Soong willfully exported software subject to the EAR to Beijing University of Aeronautics and Astronautics, also known as Beihang University (Beihang), a university in the PRC, knowing that an export control license was required for the export to Beihang because it was on the Entity List. Beihang was on the Commerce Department’s Entity List due to its involvement in the development of military rocket systems and unmanned air vehicle systems. Soong further used an intermediary to complete the transfer and export of the software to Beihang to avoid detection, and embezzled tens of thousands of dollars in software license sales by directing purchasers to make payment to an account he personally owned and controlled.

    This scheme continued until NASA inquired about the sales of software licenses to PRC-based purchasers and USRA began to investigate. Soong initially lied to USRA and fabricated evidence that he had conducted due diligence on the purchasers and provided it to USRA’s counsel to provide to NASA, but after USRA’s counsel investigated further and confronted Soong with evidence that contradicted his statements, he admitted to knowing that Beihang was on the Entity List when he exported the software to Beihang and that a license had been required for the export.

    Within days of learning that Soong had willfully violated U.S. export control laws, and before USRA had completed its own investigation to understand the scope of the misconduct, USRA self-disclosed the crime to NSD and fully cooperated with the ensuing criminal investigation, which eventually established that Soong had acted alone at USRA. USRA’s cooperation included proactively identifying, collecting, and disclosing relevant evidence to investigators, including foreign language evidence and evidence located overseas, and providing detailed and timely responses to the government’s requests for information and evidence. USRA remediated the root cause of the misconduct by disciplining a supervisory employee who failed appropriately to supervise Soong, and by significantly improving its internal controls and compliance program. USRA also compensated the government both for the funds Soong embezzled, and for the time Soong had spent embezzling funds instead of performing his duties under USRA’s contract with NASA.

    The Justice Department declined USRA’s prosecution after considering the factors set forth in the Department’s Principles of Federal Prosecution of Business Organizations and the National Security Division Enforcement Policy for Business Organizations (NSD Enforcement Policy). The NSD Enforcement Policy creates a presumption that companies that (1) voluntarily self-disclose to NSD potentially criminal violations arising out of or relating to the enforcement of export control or sanctions laws, (2) fully cooperate, and (3) timely and appropriately remediate will generally receive a non-prosecution agreement, unless aggravating factors are present.  In appropriate cases, the NSD Enforcement Policy authorizes prosecutors to go further, and exercise discretion to decline a company’s prosecution. This is the second time that NSD has exercised its discretion to decline the prosecution of a company under the NSD Enforcement Policy.

    The case was investigated by the Department of Commerce’s Bureau of Industry and Security; the Department of Defense’s Defense Criminal Investigative Service; and the FBI. The NASA Office of Inspector General; U.S. Army Criminal Investigation Division; U.S. Army Counterintelligence; and the Department of Homeland Security, Homeland Security Investigations provided valuable assistance.

    Trial Attorney Rachel Craft of the National Security Division’s Counterintelligence and Export Control Section and Assistant U.S. Attorney Barbara Valliere for the Northern District of California prosecuted the case.

    MIL Security OSI

  • MIL-OSI: TSplus International Meeting 2025 Took Place in Bali

    Source: GlobeNewswire (MIL-OSI)

    LYON, France, April 30, 2025 (GLOBE NEWSWIRE) — From April 14–18, TSplus hosted its annual International Meeting in Bali, Indonesia—bringing together more than 100 collaborators and their families from around the world. This major event combined celebration and strategy, reinforcing TSplus’ commitment to rewarding its teams while shaping the path forward as a leading global provider of remote access and cybersecurity solutions.

    Set in a stunning tropical location, this annual gathering serves to strengthen the group’s collective identity as a forward-looking, people-centered tech company.

    The international meeting offered a balance of professional exchanges, cultural discovery, and team-building activities—reflecting the company’s core values of innovation, accessibility, and international collaboration.

    Founder Dominique Benoit opened the event with a strong message: “Let’s be proud of what we are and what we’ve achieved together.” He emphasized the strength of TSplus’ product portfolio, trusted by hundreds of thousands of users worldwide, and the long-term relevance of its focus on applications and cloud delivery solutions in an ever-growing market.

    A Milestone of Unity, Vision and Growth

    Strategic presentations throughout the week highlighted ongoing progress and upcoming priorities. Key themes included expanding presence in high-potential markets such as Japan and Canada, growing customer and partner ecosystems, and improving global brand consistency.

    TSplus also continues to evolve its product and licensing offerings to meet modern IT demands. While permanent licenses remain available, a new subscription-based licensing option will soon be introduced across the entire product line—adding flexibility for customers and partners alike. More details will be shared in an upcoming release around the official launch date in May.

    In line with its mission to make remote support more accessible, TSplus also announced the upcoming release of a simplified, affordable solution designed specifically for individuals—aiming to reach a broader user base with a lightweight, user-friendly approach.

    International Sales Director François Stoop shared a dynamic global expansion strategy focused on both mature and emerging markets, supported by a strong partner network and enhanced training tools like the TSplus Academy.

    Sales and Marketing strategies are being sharpened, with efforts to better align messaging, unify the company’s visual identity, and improve internal communication across regions. Collaborative sessions during the event generated valuable insights to support these goals.

    Marketing and Product leaders showcased the impact of new tools—AI-generated content, improved product videos, and redesigned documentation—all contributing to a stronger, more unified brand presence.

    More than just a strategic summit, the 2025 International Meeting demonstrated TSplus’ strength as a global organization driven by shared values, mutual trust, and long-term vision.

    IT professionals interested in joining TSplus’ growing network of partners can explore the benefits of collaboration at www.tsplus.net/partners.
    All TSplus software is available for free trial download on the website: https://tsplus.net/download/

    About TSplus:

    TSplus is a global software company specializing in secure remote access, application delivery, and IT management solutions. With a presence in over 140 countries and more than 500,000 deployments worldwide, TSplus helps businesses of all sizes enable flexible, cost-effective, and secure digital work environments. Its suite of products—including Remote Access, Remote Support, Advanced Security, Server Monitoring —offers a comprehensive, user-friendly alternative to complex and expensive solutions. TSplus is committed to innovation, customer success, and making remote work technology accessible to everyone.

    Press Contact:

    Caleb Zaharris

    Marketing Director for TSplus

    Caleb.zaharris@tsplus.net

    Photos accompanying this announcement are available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/90bd50c7-fdbf-458f-bf14-676617ebc5ce
    https://www.globenewswire.com/NewsRoom/AttachmentNg/dafa60e5-ec43-4f7b-a1e0-3daa1e3f4b9e
    https://www.globenewswire.com/NewsRoom/AttachmentNg/16c4596c-f924-4705-b846-aa89282917fc
    https://www.globenewswire.com/NewsRoom/AttachmentNg/73fbbe29-e5fa-4cdd-bc71-b8a3d37bc96b

    The MIL Network

  • MIL-OSI: Real Asset Acquisition Corp. Announces Closing of $172.5 Million Initial Public Offering Including Full Exercise of Underwriters’ Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    PRINCETON, NEW JERSEY, April 30, 2025 (GLOBE NEWSWIRE) — Real Asset Acquisition Corp. (Nasdaq: RAAQ) (the “Company”) today announced the closing of its initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a public offering price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

    The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “RAAQU” on April 29, 2025. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “RAAQ” and “RAAQW,” respectively.

    Concurrently with the closing of the initial public offering, the Company closed on a private placement of 5,450,000 warrants at a price of $1.00 per warrant, resulting in gross proceeds of $5,450,000. RAAQ Sponsor LLC, the Company’s sponsor, purchased 3,725,000 of the private placement warrants, Cohen & Company Capital Markets purchased 1,466,250 of the private placement warrants and Clear Street purchased 258,750 private placement warrants. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $172,500,000 (or $10.00 per unit sold in the public offering) was placed in trust.

    Real Asset Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the quantum computing, metals/mining, rare earth and infrastructure sectors.

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager of the offering. Clear Street LLC acted as the joint book-runner of the offering.

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

    Cautionary Note Concerning Forward-Looking Statements

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

    Contact

    Peter Ort
    Principal Executive Officer and Co-Chairman
    Real Asset Acquisition Corp.
    pete@curaleaassociates.com 

    The MIL Network

  • MIL-OSI: PayBright Partners with Next Gen POS Provider Union for Bars and Nightclubs

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., April 30, 2025 (GLOBE NEWSWIRE) — PayBright, a leading merchant services provider, announced today it has partnered with Union, a data-driven hospitality point of sale and engagement platform powering high-volume venues across the country. Union joins PayBright’s more than two dozen industry partnerships as the company’s preferred point-of-sale (POS) solution for bars, nightclubs, and hospitality venues. Union drives operational efficiencies, delivers personalized guest experiences and rewards, and provides real-time data analytics.

    “We are excited to offer Union’s next-gen POS solution to our hospitality clients,” said Dustin Magaziner, Founder and CEO of PayBright. “Innovative technology solutions are improving how bars and nightclubs deliver exceptional customer experiences – all backed by real-time data analytics and personalized customer engagement tools. Union is the best in the business at putting these tools together in one platform that’s simple to use and impactful to implement – and we couldn’t be happier to offer it on behalf of PayBright’s team.”

    Featured on the 2025 Inc. 5000 list of the fastest growing private companies in the Mid-Atlantic region, PayBright is committed to enhancing the sales process for independent agents in the merchant services space, with a focus on transparency, affordability and simplicity – while delivering best-in-class technology solutions. The company’s nationwide network of 900 independent sales agents have worked with more than 15,000 businesses across the country, while delivering hyper-local merchant services and support.

    High-volume venues depend on Union to deliver food and drink orders up to 80% faster and allow customers the option to pay their bill with a mobile device. With unique customer insights and data management tools, Union gives venues the information they need to deliver personalized guest services and exceptional experiences. The platform is built on the collective expertise of 50 successful hospitality veterans – designed by operators for operators. Union POS now powers over 1,500 of the nation’s highest-volume bars, nightclubs, and restaurants. While processing thousands of transactions an hour, the company delivers unprecedented insights into consumer behavior and market trends.

    “This partnership with PayBright reflects Union’s commitment to hospitality success,” said Jeffrey Sanders, Chief Revenue Officer at Union. “By collaborating with specialized merchant partners, we’re able to give bar and restaurant operators the flexibility to choose the right experts, support, and financial structures that best serve their unique business needs. Together, we deliver an integrated ecosystem where complementary expertise creates superior solutions that drive operational efficiency and long-term growth for hospitality businesses.”

    About PayBright
    PayBright is a merchant services provider that works with independent agents, ISOs, banks and other strategic partners to provide payment solutions to businesses. By focusing on a ‘merchant services done right’ model, PayBright has become an industry leader by ensuring transparency, affordability and simplicity for agents and their local merchants. To learn more about PayBright, visit: https://www.gopaybright.com/.

    About Union
    Union powers a first-of-its-kind venue operating system purpose-built for the nation’s busiest bars and restaurants. More than a point-of-sale, Union connects 1,500+ establishments with 5M+ consumers and leading brands through real-time consumption data. The platform drives operational efficiency, enables frictionless mobile ordering, and facilitates brand-patron interactions that enhance venue loyalty. With $2B+ in annual transactions, Union creates a virtuous cycle where venues improve customer experiences, brands gain direct consumer engagement, and patrons enjoy personalized rewarding hospitality—transforming high-volume operations into next-gen guest experiences. To learn more about Union, visit http://www.getunion.com.

    The MIL Network

  • MIL-OSI Economics: Microsoft announces new European digital commitments

    Source: Microsoft

    Headline: Microsoft announces new European digital commitments

    Includes datacenter operations in 16 countries and Digital Resilience Commitment.

    Forty-two years ago, Microsoft released the very first version of Microsoft Word. It was a major milestone in the company’s journey to enhance people’s productivity through innovation. It also marked the young and growing company’s first big step in Europe with the first Microsoft product localized in multiple European languages, starting with German and French.

    Since then, our economic reliance on Europe has always run deep. We recognize that our business is critically dependent on sustaining the trust of customers, countries, and governments across Europe. We respect European values, comply with European laws, and actively defend Europe’s cybersecurity. Our support for Europe has always been–and always will be–steadfast.

    In a time of geopolitical volatility, we are committed to providing digital stability. That is why today Microsoft is announcing five digital commitments to Europe. These start with an expansion of our cloud and AI infrastructure in Europe, aimed at enabling every country to fully use these technologies to strengthen their economic competitiveness. And they include a promise to uphold Europe’s digital resilience regardless of geopolitical and trade volatility.

    As a multinational company, we believe in trans-Atlantic ties that promote mutual economic growth and prosperity. ​We were pleased the Trump administration and the European Union recently agreed to suspend further tariff escalation while they seek to negotiate a reciprocal trade agreement. We hope that successful talks can resolve tariff issues and reduce non-tariff barriers, consistent with the recommendations in the recent Draghi report.

    We will always be dedicated to creating jobs, promoting economic opportunities, and strengthening cybersecurity on both sides of the Atlantic. The five commitments below, like the very first European version of Microsoft Word, take our support for Europe another step forward.

    1. We will help build a broad AI and cloud ecosystem across Europe

    We recognize that European nations want and need a world class and broad AI and cloud ecosystem. Today, we are announcing plans to increase our European datacenter capacity by 40% over the next two years. We are expanding datacenter operations in 16 European countries. When combined with our recent construction, the plans we’re announcing today will more than double our European datacenter capacity between 2023 and 2027. It will result in cloud operations in more than 200 datacenters across the continent.

    This expansion will play an important role in boosting Europe’s economic growth and competitiveness. We believe that broad AI diffusion will be one of the most important drivers of innovation and productivity growth over the next decade. Like electricity and other general-purpose technologies in the past, AI and cloud datacenters represent the next stage of industrialization. They are creating real-world capabilities to fuel business and manufacturing innovation, run national health systems, enable secure government services, and support digital tools in education—all while keeping data and operations close to home, subject to European laws and regulations.

    Public cloud datacenters

    Our public cloud datacenters are a foundation for the diversified cloud ecosystem we are committed to supporting across Europe. This includes the Microsoft Cloud for Sovereignty, a package of technologies and configurations to help governments and other customers run on Azure in our public cloud datacenters with greater control over data location, encryption, and administrative access.

    Sovereign cloud datacenters

    A second aspect of our diversified approach involves sovereign cloud datacenters. In France, Microsoft has partnered with Capgemini and Orange, who formed a joint venture named Bleu. Designed as a “cloud de confiance” (trusted cloud) platform, Bleu offers a broad range of Microsoft Azure cloud services and Microsoft 365 productivity tools operated under French control. In Germany, a similar sovereign cloud initiative is underway through a partnership between Microsoft, SAP, and Arvato Systems (a Bertelsmann IT subsidiary). This effort, through SAP’s subsidiary, Delos Cloud GmbH, is creating a sovereign cloud platform for the German public sector, hosted in German datacenters and operated by German personnel.

    Support for European cloud providers

    A third aspect of our work involves our collaboration with European cloud providers to offer Microsoft applications and services on their local cloud infrastructure. This partnership provides these European providers with the opportunity to run Microsoft applications on more favorable terms than we make available to Amazon and Google. Additionally, we are developing new technology and licensing solutions tailored for these European providers and the markets they serve.

    Emerging options

    Given recent geopolitical volatility, we recognize that European governments likely will consider additional options. Some of these may involve public financing to support European home-grown offerings. We recognize the importance of a diversified technology ecosystem, and we are committed to collaborating with European participants across the tech ecosystem.

    Respect for European laws

    Microsoft is investing tens of billions of dollars annually in expanding its datacenters across Europe. These investments aren’t on wheels. They are permanent structures and subject to local laws, regulations, and governments. Like every citizen and company, we don’t always agree with every policy of every government. But even when we’ve lost cases in European courts, Microsoft has long respected and complied with European laws.

    We understand that European laws apply to our business practices in Europe, just as local laws apply to local practices in the United States and similar laws apply elsewhere in the world. This includes European competition law and the Digital Markets Act, among others. We’re committed not only to building digital infrastructure for Europe, but to respecting the role that laws across Europe play in regulating our products and services.

    2. We will uphold Europe’s digital resilience even when there is geopolitical volatility

    By building a European cloud for Europe, Microsoft is committed to helping Europe navigate the uncertain geopolitical and trade environment and better manage risk by strengthening the continent’s digital resilience. We will always strive to be a voice of reason that promotes mutual opportunities and stable ties across the Atlantic. We in fact believe that even amidst current trade and tariff disputes, there is a strong consensus in Washington supporting the sustained flow of digital services from the United States to Europe.

    We also are listening closely to the views of European governments and leaders. We recognize that European countries, like nations everywhere, need to have rock-solid confidence in the digital infrastructure on which they rely. To ensure this confidence, we will take the following three steps:

    A European cloud for Europe

    Microsoft is headquartered in the United States, but we provide cloud services to Europe through corporate entities headquartered in Europe. To further cement the nexus between Microsoft and Europe, going forward our European datacenter operations and their boards will be overseen by a European board of directors that consists exclusively of European nationals and operates under European law.

    A Digital Resilience Commitment

    In the unlikely event we are ever ordered by any government anywhere in the world to suspend or cease cloud operations in Europe, we are committing that Microsoft will promptly and vigorously contest such a measure using all legal avenues available, including by pursuing litigation in court. By including a new European Digital Resilience Commitment in all of our contracts with European national governments and the European Commission, we will make this commitment legally binding on Microsoft Corporation and all its subsidiaries.

    Microsoft has a demonstrated history of pursuing litigation when that has been needed to protect the rights of our customers and other stakeholders. This includes four lawsuits we filed against the U.S. Executive Branch during President Obama’s tenure, including to protect the privacy of our customers’ data in the United States and Europe. It also included, during President Trump’s first term, a successful decision before the U.S. Supreme Court to uphold the rights of employees who are immigrants. When necessary, we’re prepared to go to court.

    We are confident of our legal rights to ensure continuous operation of our datacenters in Europe. And we are prepared to back this confidence with our contractual commitments to European governments.

    Business continuity partnerships

    Finally, we will designate and rely upon European partners with contingency arrangements for operational continuity in the unlikely event Microsoft were ever required by a court to suspend services. We are already enabling our partners in France and Germany to do this for the Bleu and Delos datacenters, and we will pursue arrangements for our public cloud datacenters in Europe. We will store back-up copies of our code in a secure repository in Switzerland, and we will provide our European partners with the legal rights needed to access and use this code if needed for this purpose.

    3. We will continue to protect the privacy of European data

    Microsoft has long been at the forefront in designing and implementing technology solutions to protect customer data. We enable customers to control where their data is stored and processed, how it is encrypted and secured, and when Microsoft can access it. We offer customers robust capabilities across the entire cloud stack from infrastructure to platform to software as a service, from Azure to Microsoft 365 to Dynamics 365. We back our technical solutions with strong contractual commitments and, as noted above, a demonstrated history of going to court on behalf of our customers.

    The EU data boundary project

    Reflecting our continuing commitment to innovation, we recently finished implementing our EU Data Boundary project. This offers European customers the ability to have their data stored and processed in Europe. Since January 2024, our European commercial and public sector customers have been able to store and process their data and personal identifiers for Microsoft core cloud services—including Microsoft 365, Dynamics 365, Power Platform, and Azure services—within the EU and EFTA regions. Three months ago, Microsoft completed the project by extending the EU Data Boundary to include professional services data from technical support interactions. And, critically, we make these solutions available in all our European cloud regions and throughout our tech stack, from IaaS, to PaaS, to SaaS, including M365 Copilot.

    Additional security and encryption options

    In addition to the EU Data Boundary, we provide European customers with multiple options for securing and encrypting their data. Our Confidential Compute offerings in Azure eliminate the ability of third parties—including Microsoft—to access customer data by ensuring data is processed within a trusted environment the customer alone controls. We enable customers to create a “lockbox” around their data across Azure, Dynamics 365, and Microsoft 365 by giving them the ability to review and approve before Microsoft accesses their data for customer and service support operations. We also enable customers to secure their data with encryption keys that they, not Microsoft, control with Azure Key Vault and Microsoft Purview Customer Key. Our Microsoft Cloud for Sovereignty offers customers a range of other tools to secure data, protect against unauthorized access, and satisfy legal requirements.

    A strong legal track record

    In addition to technical measures, we will continue our fight to protect the rights of European customers. Microsoft has a strong track record of going to court in the rare instances that we need to protect European data from unauthorized access. We have consistently fought legal demands that conflict with European law and have taken our challenges all the way to the Supreme Court of the United States. In 2018, as a direct result of litigation Microsoft brought on behalf of our European customers, the U.S. Congress enacted legislation that guarantees our right to object to U.S. law enforcement demands to access European data that conflict with EU law.

    We codified our promise to protect our European customers’ data with our Defending Your Data commitment, in which we agreed to challenge any government demand for EU public sector or enterprise customer data where we have a legal basis for doing so. We have included that commitment in our customer contracts and backed it up with a promise to compensate customers if we disclose their data in violation of EU law.

    New opportunities for innovation

    Today we commit to further strengthen and expand solutions that allow European customers to control and protect their data. We are embarking on new steps to listen to and consult with European customers to build on what already is the most complete, widest range of privacy, security, and sovereignty solutions that any cloud services provider now offers to customers in Europe. We look forward to sharing in the coming months the conclusions that emerge and the new steps we decide to take.

    For more details about Microsoft’s data protection and compliance programs, see the Microsoft Trust Center.

    4. We will always help protect and defend Europe’s cybersecurity

    As war erupted in 2022, Microsoft immediately helped evacuate Ukraine’s critical data and technology services to our datacenters across Europe. This move ensured Ukraine’s continued digital operation outside the range of cruise missile and air attacks. In many ways, this illustrates the role that a broad network of datacenters plays in supporting not only digital but broader resilience, both for a country and a continent.

    Uninterrupted, world-class cybersecurity protection

    In addition to safeguarding the country’s data, we immediately helped Ukraine’s officials and citizens defend their nation from Russian cyberattacks. Since the start of the war, Microsoft has provided more than $500 million of free technology and financial assistance to Ukraine and has sustained our substantial support to this day. Without interruption, we have provided cybersecurity support to NATO, Ukraine, and other European governments, including by sharing cybersecurity threat intelligence, protecting elections, and disrupting attacks against European governments, companies, and citizens.

    New measures to protect against new threats

    More than three years since the start of the war in Ukraine, European governments and countries confront ongoing cyberattacks from Russia, China, Iran, and North Korea. As these threats grow in number and sophistication, strong cybersecurity protection and coordination are more important than ever, as is the ability to respond rapidly to regional demands. That is why today we are announcing the following cybersecurity steps, which will be followed by additional announcements in the coming weeks.

    A new Deputy CISO for Europe

    Today, our Chief Information Security Officer (CISO) Igor Tsyganskiy announced that we are appointing a new Deputy CISO for Europe as part of the Microsoft Cybersecurity Governance Council. This senior executive will be dedicated to Microsoft’s security responsibilities in Europe. Last year we created this council, consisting of our Global CISO and Deputy Chief Information Security Officers (Deputy CISOs) representing each of our technology services. This Council oversees the company’s cyber risks, defenses, and compliance across regions and domains.

    The appointment of a Deputy CISO for Europe reflects the importance and global influence of EU cybersecurity regulations and the company’s commitment to meeting and exceeding those expectations to prioritize cybersecurity across the region. This new position will report directly to Microsoft’s CISO. The Deputy CISO for Europe will be accountable for compliance with current and emerging cybersecurity regulations in Europe, including the Digital Operational Resilience Act (DORA), the NIS 2 Directive, and the Cyber Resilience Act (CRA). These laws will prove transformative not only in EU markets, but worldwide, and Microsoft is actively engaged in preparing for what lies ahead.

    New security steps under the Cyber Resilience Act

    We believe the CRA will reshape the regulatory landscape as a new gold standard for cybersecurity, much as the GDPR did for privacy. We will build on the work of our Secure Future Initiative and dedicate additional resources to comply with the CRA. As its deadlines approach, we look forward to continuing our years of engagement with the European Commission, industry partners, and customers on CRA implementation efforts. We are committed to our role as a member of the European Commission’s Expert Group on Cybersecurity of Products with Digital Elements.

    To that end, Microsoft will continue to engage with stakeholders across a range of CRA topics. These will include incident and vulnerability reporting, security by design and default, cybersecurity best practices and improving open-source security and attestation. We will share our innovations that support implementing the CRA essential security requirements to help European economic operators also prepare for CRA compliance.

    Security is the foundation of trust. To sustain that trust, we will engage an independent auditor to verify and validate our commitments to Europe. We know that people will only use technology that they trust, which is why we are dedicating resources to accelerate our compliance with the CRA and committing to independent validation.

    5. We will help strengthen Europe’s economic competitiveness, including for open source

    Our AI Access Principles

    We recognize the importance of ensuring open access to our AI and cloud platform and infrastructure across Europe, including for open-source development. That is why we announced last year a set of AI Access Principles and we will introduce new enhancements to these commitments in the coming months.

    Open access across Europe

    These principles have ensured that our Azure AI platform and infrastructure is open to a variety of business models—both open-source and proprietary. We now host more than 1,800 AI models. Most of these models are open-source models, such as those from European-based AI developers Mistral and Hugging Face. And they are all available via public APIs to facilitate interoperability. This means that customers can choose which models to use and where to build their AI-powered solutions: on Azure, in another public cloud, or in their own datacenter. Finally, we enable customers to export and transfer their data. Last year we eliminated fees for the transfer of data when customers choose to switch to another cloud provider.

    A foundation for European competitiveness

    Over the past year, we have seen European startups, established businesses, and other organizations take advantage of the open access to models and tools that we provide to innovate, grow, and compete in the new AI economy. This includes technology startups such as Factorial in Spain to build AI-driven automation for HR professionals, iGenius in Italy to develop AI solutions for regulated industries, and Visma in Norway to provide AI solutions for companies in accounting, payroll, invoicing, and beyond. And it includes the Institute Curie in France to research new therapies for cancer, UBS in Switzerland to create the future of banking, and Heineken in The Netherlands to boost employee productivity.

    Building European infrastructure for Europe’s future

    We recognize that Microsoft must constantly remain focused on earning and sustaining our “license to operate” in each country across Europe. With datacenters and digital technology, this starts with each local community and country and includes officials with continental-wide responsibilities.

    Since we first brought the first version of Microsoft Word to Europe 42 years ago, digital technology has changed the ways people work many times over. Yet as we look forward, we believe the second quarter of the 21st century may bring even bigger changes ahead. Artificial intelligence offers what may become the most powerful tool for people in the history of humanity. And like all tools, there will be some who will seek to turn it into a weapon.

    More than ever, it will be critical for us to help Europe harness the power of this new technology to strengthen its competitiveness. We will need to partner with smaller and larger companies alike. We will need to support governments, non-profit organizations, and open-source developers across the continent. And we will need to listen closely to European leaders, respect European values, and adhere to European laws. We are committed to doing all these things well.

    As we celebrated Microsoft’s 50th birthday earlier this month, we recognized that our longstanding presence in Europe has been a lynchpin of our success. Europe has treated us well. Our support for Europe has always been—and always will be—steadfast.

    Tags: Digital commitments, Europe

    MIL OSI Economics

  • MIL-OSI Global: People with neoliberal views are less likely to support climate-friendly policies – new research

    Source: The Conversation – UK – By Felix Schulz, Research Fellow, Lund University Centre for Sustainability Studies, Lund University

    Sambulov Yevgeniy/Shutterstock

    Donald Trump won the US election on a campaign that included rolling back environmental laws. In the UK, Conservative party leader Kemi Badenoch has called the national net zero target “impossible”. And former prime minister Tony Blair has said the current approach of phasing out fossil fuels is “doomed to fail”.

    Meanwhile in Germany, the parties in the most likely incoming coalition government hardly engaged with climate policy during the recent election campaign – and the far-right Alternative für Deutschland (AfD), which openly denies human-made climate change, received 20% of the vote.

    With political leaders around the world moving away from progressive climate policy, it’s worth asking: is this what the public wants?

    When it comes to the climate, what people think is influenced by where they live and what else they believe in. In recently published research, we sought to find out just how much people’s ideologies affected their views on climate policy.

    We surveyed representative samples of the public in six countries about their attitudes towards different types of climate policy. We asked about support for regulation (for example, building and vehicle standards or product bans), taxes (like carbon taxes), subsidies (to promote low-carbon alternatives), and information-based policies (such as emission disclosure requirements). Our survey covered policies in transport, housing, energy and industry.

    We also asked respondents about their ideologies: cultural worldviews, personal values, free market beliefs and political trust. Our findings reveal how people’s ideologies shape their support for climate policies.

    We included three high-income countries of the global north (the US, UK and Germany) and three upper-middle income countries from the global south (Brazil, South Africa and China). Together, these six countries are responsible for half of global CO₂ emissions.

    Our definition of global south, which includes countries such as China, is based on work by UN Trade and Development and the UN G-77 countries. It includes Africa, Latin America and the Caribbean, most of Asia (excluding Israel, Japan and South Korea) and Oceania (excluding Australia and New Zealand). These countries generally have lower per capita income and are considered “developing” compared to global north countries.

    This comparison is important because, as we will explain, political and economic ideologies that originated in the global north can influence how people view climate policies.

    Across all policy types, we found more support for climate policies in the global south countries. In the global north countries, we found only minority support for regulatory policies and climate-related taxes. In Germany, support for regulatory policies and taxes was as little as 18%.

    Subsidies for the four sectors – for example, to support renewable energy projects or the production of green steel – received 35% support in Germany and 48% in the US. In contrast, the majority of the public in the three countries of the global south supported subsidies and regulatory climate policies.

    As with subsidies, we found strong majority support for information-based policies in the three countries of the global south (74-79%), against only minority support in Germany (36%) and the US (49%). In the UK, 53% supported information-based climate policies.

    Personal values play a role in support for the policies. Our findings show people with stronger biospheric values – the importance people place on the environment and the relationship between humans and nature – are more supportive of climate policies. This is true irrespective of the country they live in. People who are more trusting of political institutions and politicians also support these policies more.

    But demographics such as age, gender, education or income have a negligible effect on attitudes towards these policies, when accounting for other factors in our analysis.

    Neoliberalism and the climate

    We observed a strong link between a neoliberal worldview and lack of support for the climate policies in our study. As a political economic project, neoliberalism originated in the global north. But it continues to take root in the global south, particularly in Latin America.

    The belief that individuals need to take care of themselves and are responsible for their own fortune and problems was associated with less support for climate policies. And in every country we studied, we found a strong relationship between support for the free market and lack of support for climate policies.

    People who believe the free market is best at allocating outcomes efficiently and meeting human needs without government interference, and that it is more important than some local environmental concerns, show less support for the climate policies.

    These two sets of beliefs – individualistic worldviews and support for the free market – are the core principles of neoliberal thought.

    In the Global North countries, we found only only minority support for regulatory policies and climate-related taxes.
    Fotogrin/Shutterstock

    The superiority of the market over governments as an efficient and fair allocation machine has been the mantra of neoliberal politicians, thinktanks and institutions for more than half a century.

    Neoliberalism opposes government regulation and spending, and supports the free market. It also fosters an individualistic worldview. Instead of seeing themselves as workers, citizens or members of a collective, people are persuaded to internalise market logic – to see themselves as individuals who are out to maximise their personal profit.

    The cultural shift from more communitarian and egalitarian ideals towards an ideology based on the self-driven individual and the free market has been quite successful. Empirical evidence from 41 countries shows that individualist practices and values around the world have surged significantly over the past 50 years.

    We know from research that what the public thinks (or votes for) does influence what governments do. This is true even when accounting for the influence of powerful interest groups.

    So, those creating and campaigning for urgently needed climate policies need to take this into account. Support for climate policies isn’t just about whether someone believes in human-made climate change or cares about the planet – there are deeply-rooted ideological factors at play too.

    Felix Schulz receives funding from Formas, a Swedish research council for sustainable development and the Hans-Böckler-Foundation.

    Christian Bretter 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. People with neoliberal views are less likely to support climate-friendly policies – new research – https://theconversation.com/people-with-neoliberal-views-are-less-likely-to-support-climate-friendly-policies-new-research-253478

    MIL OSI – Global Reports

  • MIL-OSI USA: Congressman Morgan McGarvey Introduces American Sovereign Wealth Fund Exploration Act of 2025

    Source: United States House of Representatives – Congressman Morgan McGarvey (Kentucky-03)

    April 30, 2025

    Congressman Morgan McGarvey (KY-03) introduced the American Sovereign Wealth Fund Exploration Act of 2025 today, which would create a 25-member commission to study and report on the “feasibility, considerations, limitations, and implications of creating and operating a sovereign wealth fund of the United States.” To provide independence, the commission would be hosted by the Federal Reserve and be composed of members from the Federal Reserve System, Treasury Department, Securities and Exchange Commission, Commerce Department, U.S. Trade Representative, and academics and experts.

    Last year, Congressman McGarvey introduced a similar bill, which was the first legislation ever introduced in Congress explicitly researching the feasibility of an American sovereign wealth fund.

    “To solve today’s problems, we must be bold. An American sovereign wealth fund, with proper congressional authorization and oversight and political independence, could dramatically improve the lives of working families across our country, including helping fund universal child care, an expanded Child Tax Credit, or even universal health care,” said Congressman McGarvey. “If we are going to do this, we have to do it right – and we have to do it through Congress. We must ensure a sovereign wealth fund is used to help working families and is not just a slush fund for billionaires.”

    BACKGROUND:

    General

    • The American Sovereign Wealth Fund Exploration Act of 2025 is built on the premise that a sovereign wealth fund (SWF) is neither good nor bad, it’s a tool.

    • The bill prioritizes objective analysis, political independence, and strong ethics requirements, including requiring the 25-member commission to consult the Santiago Principles – best practices for open, ethical, and transparent SWFs – when drafting their report.

    • The commission would have two years to develop a report to Congress on their findings and recommendations for legislative action.

    • To provide independence, the bill explicitly requires that the commission is housed within the independent Federal Reserve System.

    The McGarvey Commission

    The bill creates a 25-person commission comprising of:

    • 6 representatives from the Board of Governors of the Federal Reserve System or a Federal reserve bank.

    • 3 representatives from the Department of the Treasury.

    • 3 representatives from the Securities and Exchange Commission.

    • 2 representatives from the Department of Commerce.

    • 1 representative from the Office of the U.S. Trade Representative.

    • 10 representatives from academia or experts in the fields of economics, monetary policy, fiscal policy, investment policy, industrial policy, or other aspects involving sovereign wealth funds, appointed by the Chair of the Federal Reserve.

    Sovereign Wealth Funds in Other Developed Nations

    According to the International Forum of Sovereign Wealth Funds, over $9 trillion in assets are managed by over 100 SWFs globally, such as: 

    State-Level Funds in the U.S.

    According to the Sovereign Wealth Fund Institute, 14 U.S. states have SWFs:

    ###

    MIL OSI USA News

  • MIL-OSI Canada: Investing to help Albertans get hired

    [. Employment services are critical to helping Albertans find and explore career paths, employment and training options so they can get reconnected to the job market. Through Budget 2025, Alberta’s government is investing $185 million – an increase of almost $89 million – to expand employment supports for Albertans and help employers find, hire and train workers.

    “Our government is committed to creating opportunities for Albertans to find and maintain meaningful employment. That’s why we are making record investments to make it easier for Albertans to find a job, earn a paycheque and build a better future for themselves and their families.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    Alberta Career and Employment Information Services (CEIS) connects Albertans across the province with career, employment and training opportunities. Job seekers have access to a wide range of in-person and virtual services, including career counselling, job placements, career and job fairs and work-specific courses to eliminate barriers to employment. Alberta’s government provides more than 250 grants and contracts to employment service providers across the province to connect Albertans with the specialized supports they need to find and maintain employment. Budget 2025’s investments are anticipated to help more than 820,000 Albertans find and maintain jobs this year.

    “Budget 2025 was about meeting the challenge, and that includes in areas where we have labour shortages and helping Albertans find work. These supports will create jobs for Albertans who need it.”

    Nate Horner, Minister of Treasury Board and Finance

    Budget 2025 also doubles the province’s investments to support on-the-job training in collaboration with employers, including more than $20 million in simulated worksites. These sites provide Albertans with paid, hands-on experience and training from local employers from various industries to prepare for stable employment. There are currently five simulated worksites across the province in Calgary, Red Deer, Grande Prairie, Millet and Fort Saskatchewan. Budget 2025’s additional investments will expand these simulated worksites to even more locations, ensuring the province is building the workforce needed to support Alberta’s success.

    “Our goal is to connect our clients with employers offering fair, sustainable wages, and help graduates move into careers that provide real economic security and stability. We’ve helped 175 Albertans overcome barriers to meaningful employment, and our graduates have achieved impressive results with 78 per cent of our clients becoming successfully employed. SkillBit’s success reflects the resilience and ambition of Albertans, and we are proud to continue this important work with renewed funding.”

    Jill Dean, president, Careers in Transition, Lives in Transition, SkillBit

    “Further investments in employment and income support programs show a recognition of the need to address Alberta’s population growth and the potential impacts of proposed U.S. Tariffs. These investments will provide Albertans with opportunities to achieve labour market success and financial independence despite economic uncertainties.”

    Joe MacKay, president and CEO, BGS Career Ventures

    “Thanks to the Alberta Government’s investment in career and employment services, Prospect Human Services supported over 14,000 Albertans and 900 employers last year. More than 80 per cent of our clients successfully moved toward employment, education, or training — strengthening Alberta’s workforce, families, and economy.”

    Kevin McNichol, CEO, Prospect Human Services

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

    Related information

    • Alberta employment supports
    • Training and Employment Services
    • Employment services directory

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI Security: Charlotte Man Sentenced To Prison For His Role In Multi-Million Dollar Bank Fraud Scheme

    Source: Office of United States Attorneys

    CHARLOTTE, N.C. – A Charlotte man was sentenced to prison today for his role in a multi-million dollar bank fraud scheme, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina. Bruce Howard Marko, 66, was sentenced to 12 months and a day in prison followed by two years of supervised release, and was ordered to pay restitution in the amount of $1.5 million. Marko pleaded guilty to conspiracy to commit wire fraud and bank fraud.

    Marko’s three co-defendants, Kotto Yaphet Paul, 50, of Waxhaw, N.C., Latoya Tamieka Ford, 50, of Covington, Georgia, and Love Norman, 50, of West Palm Beach, Florida, have each pleaded guilty to wire fraud and bank fraud conspiracy and are awaiting sentencing. Paul also pleaded guilty to money laundering.

    According to filed court documents and today’s sentencing hearing, beginning in 2018, Marko conspired with Peebles, Paul and Ford to orchestrate a fraudulent loan scheme that defrauded at least 17 federally insured financial institutions of more than $17 million. Marko participated directly in at least five of these fraudulent loans totaling over $2.8 million. To execute the scheme, Marko and his co-defendants submitted loan applications to financial institutions that contained fraudulent information, including false employment and income information, false tax returns, and misrepresentations regarding the applicants’ assets, liabilities, and the intended use the loan proceeds. Based on the fraudulent loan applications, Marko and his co-defendants secured at least 42 loans from the victim financial institutions. Contrary to information provided on the loan applications about the purposes of the loans, the defendants used the loan proceeds to purchase real estate, cover unrelated business expenses, make investments, make payments toward earlier loans, and pay for personal expenditures. Court documents show that the defendants defaulted on most of the loans, causing substantial losses to the victim financial institutions that issued the loans.

    Four additional defendants were previously convicted of bank fraud conspiracy for their involvement in the scheme. Amrish D. Patel was sentenced to 15 months in prison, Dwight A. Peebles, Jr. was sentenced to 18 months in prison. Denise Woodard was ordered to serve 36 months in prison, and Derrick L. Harrison, was sentenced to a year and a day in prison. The defendants were also ordered to pay restitution ranging from $620,000 to more than $3.1 million.

    In making today’s announcement, U.S. Attorney Ferguson credited the Office of the Inspector General of the Board of Governors of the Federal Reserve System, the Office of the Inspector General for the Federal Housing Finance Agency, the Office of the Inspector General for the Federal Deposit Insurance Corporation, the Federal Bureau of Investigation in Charlotte, and the Charlotte Field Office of the Internal Revenue Service’s Criminal Investigation, for the investigation of this case.

    Assistant U.S. Attorney Don Gast with the U.S. Attorney’s Office in Asheville is prosecuting the case.

     

    MIL Security OSI

  • MIL-OSI Security: Security News: Justice Department Declines Prosecution of Company That Self-Disclosed Export Control Offenses Committed by Employee

    Source: United States Department of Justice 2

    Note: View the declination letter here.

    The Justice Department today announced that it has declined the prosecution of Universities Space Research Association (USRA) after it self-disclosed to the Department’s National Security Division (NSD) criminal violations of U.S. export control laws committed by its former employee, Jonathan Soong. Soong pleaded guilty to willfully violating the Export Administration Regulations (EAR) by exporting U.S. Army-developed aviation software to a university in the People’s Republic of China (PRC) that had been placed on the Commerce Department’s Entity List and was sentenced to 20 months in prison.

    “If we stay vigilant, all of us — including our citizens, small businesses, and large corporations — can play a critical role in protecting our country,” said Sue J. Bai, head of the Justice Department’s National Security Division. “A criminal who compromised our national security was brought to justice because his employer caught him and immediately turned him in. We decline to prosecute his employer and are ready to work together with such responsible corporate actors who are committed to joining us in this fight to protect our country from foreign adversaries.”

    “USRA discovered that one of its employees was funneling sensitive aeronautics software to a Beijing university in violation of export control laws and at risk to our national security,” said Acting U.S. Attorney Patrick D. Robbins for the Northern District of California. “What the company did next made all the difference in the Government’s decision not to prosecute it: the company took swift and proactive measures to disclose the employee’s wrongdoing, provide all known facts, and cooperate – and continue to cooperate – with the government’s investigation.”

    According to court documents, in April 2016, USRA contracted with the National Aeronautics and Space Administration (NASA) to, among other things, license and distribute for a fee aeronautics-related and U.S. Army-owned flight control software. Soong was employed by USRA as a program administrator under the contract and was responsible for performing due diligence on prospective purchasers to ensure that the sale or transfer of software licenses complied with applicable law, including by checking the Entity List. Soong willfully exported software subject to the EAR to Beijing University of Aeronautics and Astronautics, also known as Beihang University (Beihang), a university in the PRC, knowing that an export control license was required for the export to Beihang because it was on the Entity List. Beihang was on the Commerce Department’s Entity List due to its involvement in the development of military rocket systems and unmanned air vehicle systems. Soong further used an intermediary to complete the transfer and export of the software to Beihang to avoid detection, and embezzled tens of thousands of dollars in software license sales by directing purchasers to make payment to an account he personally owned and controlled.

    This scheme continued until NASA inquired about the sales of software licenses to PRC-based purchasers and USRA began to investigate. Soong initially lied to USRA and fabricated evidence that he had conducted due diligence on the purchasers and provided it to USRA’s counsel to provide to NASA, but after USRA’s counsel investigated further and confronted Soong with evidence that contradicted his statements, he admitted to knowing that Beihang was on the Entity List when he exported the software to Beihang and that a license had been required for the export.

    Within days of learning that Soong had willfully violated U.S. export control laws, and before USRA had completed its own investigation to understand the scope of the misconduct, USRA self-disclosed the crime to NSD and fully cooperated with the ensuing criminal investigation, which eventually established that Soong had acted alone at USRA. USRA’s cooperation included proactively identifying, collecting, and disclosing relevant evidence to investigators, including foreign language evidence and evidence located overseas, and providing detailed and timely responses to the government’s requests for information and evidence. USRA remediated the root cause of the misconduct by disciplining a supervisory employee who failed appropriately to supervise Soong, and by significantly improving its internal controls and compliance program. USRA also compensated the government both for the funds Soong embezzled, and for the time Soong had spent embezzling funds instead of performing his duties under USRA’s contract with NASA.

    The Justice Department declined USRA’s prosecution after considering the factors set forth in the Department’s Principles of Federal Prosecution of Business Organizations and the National Security Division Enforcement Policy for Business Organizations (NSD Enforcement Policy). The NSD Enforcement Policy creates a presumption that companies that (1) voluntarily self-disclose to NSD potentially criminal violations arising out of or relating to the enforcement of export control or sanctions laws, (2) fully cooperate, and (3) timely and appropriately remediate will generally receive a non-prosecution agreement, unless aggravating factors are present.  In appropriate cases, the NSD Enforcement Policy authorizes prosecutors to go further, and exercise discretion to decline a company’s prosecution. This is the second time that NSD has exercised its discretion to decline the prosecution of a company under the NSD Enforcement Policy.

    The case was investigated by the Department of Commerce’s Bureau of Industry and Security; the Department of Defense’s Defense Criminal Investigative Service; and the FBI. The NASA Office of Inspector General; U.S. Army Criminal Investigation Division; U.S. Army Counterintelligence; and the Department of Homeland Security, Homeland Security Investigations provided valuable assistance.

    Trial Attorney Rachel Craft of the National Security Division’s Counterintelligence and Export Control Section and Assistant U.S. Attorney Barbara Valliere for the Northern District of California prosecuted the case.

    MIL Security OSI

  • MIL-OSI: Convening of the Annual General Meeting to approve the 2024 financial statements to be held on June 13, 2025 and evolution of the Atos Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Convening of the Annual General Meeting to approve the 2024 financial statements to be held on June 13, 2025 and evolution of the Atos Board of Directors

    Paris, France – April 30, 2025

    Convening of the 2025 Annual General Meeting

    The meeting notice (avis de réunion) for the General Meeting scheduled for June 13, 2025, containing the agenda, the draft resolutions, and the participation and voting procedures for this Meeting, will be published in the Official Legal Gazette (Bulletin des Annonces Légales Obligatoires – BALO) on May 5, 2025, and will be available on the Company’s website (https://atos.net/en/investors/annual-general-meeting).

    Evolution of the composition of Atos Board of Directors

    On the recommendation of the Nomination and Governance Committee, chaired by Lead Independent Director Elizabeth Tinkham, Atos’ Board of Directors has endorsed a series of proposed changes to its composition to be submitted for approval at the General Meeting convened for June 13, 2025. The proposed changes reflect the evolving needs identified by the Board and align with the Group’s ongoing transformation.

    It will be proposed to the vote of the shareholders at the Annual General Meeting:

    • to renew the terms of office of Françoise Mercadal-Delasalles and Jean-Jacques Morin as directors, for a duration that will expire at the end of the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2027;
    • to appoint Surojit Chatterjee as new independent director, for a duration that will expire at the end of the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2027; and
    • to ratify the appointment of Mandy Metten as a censor, for a duration of one year expiring at the end of the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2025.

    The Board of Directors has also been informed that Elizabeth Tinkham has decided not to seek renewal of her term of office as director, which will expire at the end of the General Meeting of June 13, 2025.

    Subject to approval of the proposed resolutions by the Annual General Meeting, the Board of Directors will comprise eight members (in addition to the director representing employees) and one censor, including 87.5%1independent members (seven out of eight), 50%2women and six nationalities3represented on the Board.

    Philippe Salle, Chairman and Chief Executive Officer of Atos SE, declared:

    “I am pleased with the upcoming appointment of a highly qualified new director as well as the renewal of terms on our Board of Directors. These developments will support the continued effectiveness of the Board and help to strengthen its overall capabilities. I would also like to express my sincere appreciation to Elizabeth Tinkham for her commitment, which has contributed meaningfully to advancing our mission and shared vision”.

    * * *

    About Françoise Mercadal-Delasalles

    Cofounder and President at Auxo, Co‑chair of the National Digital Council (Conseil National du Numérique) and non‑executive Board Director, Françoise Mercadal-Delasalles was first appointed to the Board of Directors of Atos SE on January 2, 2024, and currently chairs the CSR Committee and sits on the Remuneration Committee. Her experience at the intersection of senior public service and the private sector, along with her recognized expertise in digital transformation and sustainability issues, are valuable assets to the work of the Board.

    Biography of Françoise Mercadal-Delasalles

    Françoise MercadalDelasalles began her career in senior public service at the Ministry of the Economy and Finance from 1988 to 1992, then at the Caisse des Dépôts from 2002 to 2008. Appointed Director of Resources and Innovation at Société Générale in 2008, she sat on the Group’s Executive Committee and steered its digital transition project. In 2018, Françoise Mercadal-Delasalles became CEO of Crédit du Nord, where she introduced digital tools to position the Group in new banking services and integrated ecological concerns into the company’s business model. In 2023, she co-founded Auxo, an integrated platform to manage extra-financial data and support companies in their transition to sustainability.

    Françoise Mercadal-Delasalles holds various non-executive positions on boards of directors and supervisory boards, notably that of Eurazeo. She has co-chaired the Conseil National du Numérique since 2021. She is a Chevalier de la Légion d’Honneur (Knight of the Legion of Honor), Officier du Mérite (Officer of the Order of Merit) and Chevalier du Mérite Agricole (Knight of the Order of Agricultural Merit).

    Françoise Mercadal-Delasalles holds a degree in literature and law, and is a graduate of the Institut d’Études Politiques (IEP) de Paris, Sciences Po Paris and the École Nationale d’Administration (ENA).

    * * *

    About Jean-Jacques Morin

    Deputy CEO of the Accor Group and CEO of the Premium, Midscale & Economy Division, Jean-Jacques Morin was first appointed to the Atos SE Board of Directors on January 2, 2024, and currently chairs the Audit Committee. His strong financial background and strategic insight are major assets in helping Atos meet its current challenges, and he would continue to bring his valuable expertise and leadership to the Board’s work.

    Biography of Jean-Jacques Morin

    Jean-Jacques Morin began his professional career with Deloitte, where he spent five years in auditing and consulting roles in Paris and Montreal. From 1992 to 2005, he held various international positions, notably in the semiconductor sector with Motorola Semiconductors (USA, Switzerland, and France), ON Semiconductor (USA) and Communicant AG, a start-up in Berlin. In 2005, Jean-Jacques Morin joined Alstom as CFO of the Power sectors in Zurich, then in Transport, before being appointed Group CFO from 2013 to 2015. In 2015, Jean-Jacques Morin joined Accor’s Executive Committee as CFO. He is then appointed Group Deputy CEO in charge of Finance, Strategy, IT, Legal, Purchasing and Communications. In June 2023, in addition to his position as Group Deputy CEO, Jean-Jacques Morin took over the Premium, Midscale & Economy Division under his leadership, as CEO of the Division.

    Jean-Jacques Morin has held various non-executive positions, including with Orbis from 2016 to 2020 as a member of the Supervisory Board and the Audit Committee, and with Vallourec from 2018 to 2021 as a member of the Supervisory Board and Chairman of the Finance and Audit Committee. He is currently Chairman of the Board of Directors of Adagio since 2022 and a member of the Board of Directors of AccorInvest since 2018. He was appointed Chairman of the Audit Committee of GROUPE REEL in 2024.

    Jean-Jacques Morin is a graduate of the École Nationale Supérieure de l’Aéronautique et de l’Espace, holds an MBA from Thunderbird (Arizona State University) and a DSCG from the Ordre des Experts Comptables.

    * * *

    About Surojit Chatterjee

    Founder and CEO of Ema Unlimited, a generative AI company, Surojit Chatterjee is a seasoned technology executive with over two decades of experience driving innovation across global companies. His deep expertise in artificial intelligence, combined with extensive product leadership at firms like Google, Coinbase and Flipkart, would bring strategic insight and forward-thinking vision to the Board.

    Biography of Surojit Chatterjee

    Surojit Chatterjee began his career in 1999 as a Software Developer at IBM before joining Oracle Corporation in a technical role. In 2005, he moved into product management at Symantec Corporation. He joined Google in 2007, where he held several leadership roles across payments, mobile products, and advertising. In 2015, he became Senior Vice President and Head of Product at Flipkart, before returning to Google in 2017 as Vice President of Product Management for Google Shopping. He joined Coinbase as Chief Product Officer in 2020 and founded Ema Unlimited, a generative AI startup, in 2023.

    Since 2024, Surojit Chatterjee has served on the Board of Directors of Meesho, a privately-owned Indian e-commerce company.

    Surojit Chatterjee holds a Bachelor in Technology in Computer Science and Engineering from the Indian Institute of Technology, Kharagpur, an MS in Computer Science from the University at Buffalo (SUNY), and an MBA from the Massachusetts Institute of Technology (MIT).

    * * *

    About Mandy Metten

    Head of Group Executives and Strategic Functions in Atos and a long-standing leader within the Group, Mandy Metten was a member of the Board of Directors representing employees until January 31, 2025, when she was appointed censor subject to the General Meeting’s ratification. Her experience across organizational change, diversity initiatives and people development would continue to bring valuable insight to the Board’s work.

    Biography of Mandy Metten

    Mandy Metten began her professional journey within the ATOS Group as an Executive Management Consultant specializing in Digital Transformation, Innovation, and Change from October 2007 to June 2014, during which she demonstrated expertise in critical strategic areas. In June 2014, she assumed the role of Manager of Atos Young Professionals, designing and overseeing a comprehensive 2-year development program for young professionals, providing development with training, mentoring and client exposure. As from November 2018, Mandy Metten served as Global Head of Group Campus Management, defining and implementing the Group campus strategy globally, including diversity and inclusion initiatives. Mandy Metten took additional responsibilities at Eviden in April 2023 and currently serves as Head of Group Executives & Strategic Functions.

    Mandy Metten was Chairman of the works council of Atos from 2010 to 2015. She also served as the Dutch delegate on Atos Societas Europaea Council (SEC) from 2012 to January 2024 and was a member of the Board Participating Committee (2017- January 2024). From August 2023, she became a Commissaris (Member of the Board of Directors) for Atos Nederland, contributing to the company’s governance.

    Mandy Metten holds a master’s degree in social and organizational Psychology. She completed a multi-level curriculum in Strategy, Economy, and Finance at the LeFebvre Institute.

    * * *

    About Atos

    Atos is a global leader in digital transformation with circa 74,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 68 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:

    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96

    Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: +33 8 05 65 00 75

    Press contact: globalprteam@atos.net


    1         In accordance with article 10.3 of the AFEP-MEDEF Code, the director representing employees is not taken into account in determining the percentage of independent members.
    2           In accordance with the law, the director representing employees is not taken into account in determining the parity ratio on the Board of Directors.
    3         Seven nationalities if the censor is taken into account.

    Attachment

    The MIL Network

  • MIL-OSI Global: How fighters make weight in combat sports – and regain it for the match

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

    Chris Eubank Jr. missed weight by just 0.05lbs (23 grams) ahead of his highly anticipated clash with Conor Benn last weekend — a tiny margin that cost him a massive £375,000. But why does such a minuscule weight difference (roughly the weight of four sheets of A4 paper) matter so much in combat sports?

    Boxing, like most combat sports, uses weight classes to keep competition fair, strategic and safe. These classes exist to ensure that skill, not brute size, determines the outcome of a fight.

    By grouping fighters based on weight, the sport encourages more balanced match-ups that test a combination of power, speed, reach, endurance and skill.

    Where does weight come from?

    The body has two main “compartments” where weight can be lost from: fat mass and lean body (or fat-free) mass.

    Fat mass is self-explanatory and is influenced by sex, age, activity and other factors. A healthy percentage of body fat is about 25% for men and 30% for women.

    Lean mass includes just about everything else. About 50% is skeletal muscle, with organs, bones and water being the other 50%.

    Naturally, athletes try to lose fat while preserving lean mass – especially muscle, which plays a critical role in performance.

    How weight loss begins

    Preparing for a fight usually starts eight to 12 weeks before the bout, depending on the opponent, previous fights and training history.

    While there’s no universal rule for how much weight a fighter should drop, many aim to lose around 10% of their body weight.

    The primary goal? Cut fat without losing strength – a delicate process that combines nutrition, exercise and timing.

    How is weight lost?

    There are three major routes: reducing energy intake through fasting and dieting while increasing exercise. This is typically undertaken gradually with a long-term plan and a balanced diet that is focused on reducing fat mass and fuelling muscles.

    Within a few days of the weigh-in, more extreme measures are used, aimed at removing excess fluid from the body. These measures include heated activities, such as running or wrestling while wearing specialised suits or extra-layers to increase sweating when exercising.

    Stopping or limiting fluid intake can even go as far as spitting out saliva.

    Finally, in the most brutal category are the things that are advised against because they can cause harm, such as taking laxatives, diuretics or enemas.

    Normal defecation is likely to reduce the body weight by about 100-130g. However, depending on diet, it can be as much as 470g.

    Using laxatives or enemas can clear out the digestive tract, sometimes shedding about a kilogram of weight. Although this is risky and discouraged by health experts.

    By the time the weigh-in comes, everything that can be shed is pretty much gone and the athletes are in a dangerous physiological state.

    Reducing water intake while increasing water loss leads to reductions in body water content which directly reducesblood and plasma volume, extracellular water and haemoglobin mass – all things that are key for health and transporting energy, ions and minerals around the body.

    This fine physiological balancing act can result in a boxer collapsing before or at the weigh-in.

    Low blood sugar levels, dehydration and reduced oxygen delivery put a serious strain on the body. If this progresses too far, the blood can become too thick – increasing the risk of clotting – while the kidneys may begin to fail and the nervous system can start to malfunction.

    After weigh-ins

    Clearly, boxers and other combat athletes cannot fight in this depleted state, so weigh-ins typically happen the day before the fight. In Britain, the British Board of Boxing Control stipulates a weigh-in must happen 24 to 36 hours before a fight.

    Once the weigh-in is done, efforts to replenish those depleted resources are undertaken with fluids and electrolytes, combined with easily digestible carbohydrates to replenish glycogen stores in the body.

    The fluids are an important part of many body systems including muscle. Skeletal muscle is 76% water and dehydration has been shown to reduce muscle strength by 2% and muscle power by 3%.

    Similarly, glycogen stores need to be replenished and this can take up to 24 hours. Glycogen accounts for 1-2% of skeletal muscle volume and is the main energy source for muscle contraction – a key requirement in boxing. Any deficiency is likely to result in poorer performance.

    After the weigh-in, studies show that victorious boxers regain more weight (8%) than losers (6.9%). And for each per cent more weight gained between weigh-in and bout, there was a 13% increase in the likelihood of victory in the fight.

    And after months of sacrifice, relentless training and physical strain, it must feel terrific to regain a bit of weight.

    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. How fighters make weight in combat sports – and regain it for the match – https://theconversation.com/how-fighters-make-weight-in-combat-sports-and-regain-it-for-the-match-255438

    MIL OSI – Global Reports

  • MIL-OSI Global: With Moominmama, Tove Jansson created a hero who wields a handbag instead of a sword

    Source: The Conversation – UK – By Isabel Joely Black, Teaching Fellow in Anthropology, University of Manchester

    In 1989, the science fiction author Ursula K. Le Guin published The Carrier Bag Theory of Fiction. In it, she notes that many stories depend heavily on a hero with a sword or weapon as a central object, while bags seem boring and insignificant.

    Le Guin argued against the idea of weapons being the most important tool in a novel. Novels themselves are not “sword-shaped”, she suggested, but bags of ideas bundled together. It might be unexpected to link Le Guin to Tove Jansson’s Moomin stories. But Moominmamma is a perfect example of the kind of hero Le Guin was imagining.

    The story Jansson tells in the first Moomin book, The Great Flood (1945), is not a conventional hero narrative. It is a bundle of experiences the Moomins encounter as they make their way through an uncertain environment. If the story functions more like the “bag” – of ideas, people, places and their relationships to each other – then the ideal object to sit at the heart of the story is a handbag.


    This is part of a series of articles celebrating the 80th anniversary of the Moomins. Want to celebrate their birthday with us? Join The Conversation and a group of experts on May 23 in Bradford for a screening of Moomins on the Riviera and a discussion of the refugee experience in Tove Jansson’s work. Click here for more information and tickets.


    Moominmamma is, as children’s laureate Frank Cottrell-Boyce argues in his introduction to the 2024 edition of The Great Flood, the “hero” of the story in that she is often the person who drives the action forward. She approaches what appear to be dangerous situations with curiosity rather than fear. She rescues a cat and her kittens. She knocks on a door when she and Moomintroll are hungry and need help.

    Heroes normally come with weapons, as Le Guin argues. But as a different kind of hero, Moominmamma comes with a handbag. She shows how it is possible to survive a long and arduous journey to find a home without a weapon, using her bag to carry and collect items to support them on their journey rather than relying on violence to negotiate with the world.

    Le Guin remarks that it’s hard, but not impossible, to rise to the challenge of telling a story where the bag is the heroic object. With Moominmamma and her handbag in The Great Flood, Jansson fully rises to that challenge. Her courage, empathy and creativity encourage readers to think differently about how we live in the world and relate to others around us.

    Tove Jansson holding a model of Moominmama and her handbag.
    Wiki Commons

    Moominmamma’s handbag is ubiquitous in Jansson’s illustrations. She carries it wherever she goes and panics when it goes missing.

    The Exploits of Moominpappa (1950) depicts the first time Moominmama met her husband. She is introduced as she is washed up on shore, and her first worry is that she can’t find her handbag: “Suddenly, she sat up and cried: ‘Save my handbag! Oh, save my handbag!’”

    In Finn Family Moomintroll (1948), the shy, elfish creatures Thingummy and Bob take the handbag and turn it into a home for themselves. The whole of Moominvalley is involved in the hunt to return the bag and a party is thrown once it is found. Moominmama is even shown to sleep with it under her pillow in A Comet in Moominvalley (1946).

    An ice sculpture showing Moominmama with her handbag.
    Wiki Commons, CC BY-SA

    Moominmamma wasn’t drawn wearing her staple apron in the first few books, but the handbag has always been with her. In one comic strip, Moominpappa and Moomintroll know something must be seriously wrong when Moominmamma discards her bag before jumping into water.

    In The Great Flood, it is even shown in the very first drawing as a small black square held by Moominmamma as she and Moomintroll enter the dark forest. They are on a terrible journey in a search for a home, and what could be more useful than a bag carrying all the essentials they need, and able to store new items picked up along the way?

    The handbag’s many uses

    The handbag’s first value is carrying items Moominmamma or anybody else may need on their perilous travels. It is almost immediately put to use in The Great Flood, when Moomintroll falls in water and, once rescued, has wet feet. Moominmamma gives him a pair of dry socks that symbolise the comfort and reassurance Moomintroll needs (even though Moomins do not actually wear socks).

    When they discover a bottle with a message in it, she even has a corkscrew in the bag to open it. She also collects things in the environment that might be useful along the way, proving the value of a bag on a great journey is not only what you have when you start, but what you can gather.

    Moominmama moments from the 1990s cartoon adaptation of Jansson’s books.

    Moominmamma is always on the lookout for potentially useful things, including some chocolate she gathers off-page when the Moomins and a character described as the “little creature” are exploring. Much later, the Moomins are starving and can only find a few figs to eat. Moominmamma takes out the chocolate to keep Moomintroll and the little creature going when they desperately need it.

    Le Guin argued that novels can be thought of as bags of ideas, people and things bundled together and that literal bags can be just as useful in a crisis as a weapon. Moominmamma and her handbag are an ideal example of how this plays out. She is the alternative hero Le Guin imagined, and her bag is the bundle she uses as support, the most vital tool for a crisis or a long journey.


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    Isabel Joely Black 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. With Moominmama, Tove Jansson created a hero who wields a handbag instead of a sword – https://theconversation.com/with-moominmama-tove-jansson-created-a-hero-who-wields-a-handbag-instead-of-a-sword-255332

    MIL OSI – Global Reports

  • MIL-OSI Global: China is reshaping central Asia’s energy sector as Russian influence fades

    Source: The Conversation – UK – By Lorena Lombardozzi, Senior Lecturer in Political Economy of Global Development, SOAS, University of London

    China has been developing closer ties with countries in central Asia over recent years. Trade between China and the central Asia region grew to US$89 billion (£69 billion) in 2023, an increase of 27% on the previous year. Chinese trade rose with every country there except Turkmenistan.

    In my paper from June 2024, which is part of a collection of studies looking at the impact of China’s sprawling belt and road initiative in low- and middle-income countries, I explored how Chinese investment is affecting Uzbekistan’s energy sector.

    Chinese investment in Uzbekistan has grown significantly since 2020. By the end of 2022, it had reached US$4.5 billion, up from US$2.8 billion one year before. There are now over 3,450 Chinese companies in Uzbekistan, accounting for roughly 20% of all foreign companies in the country.

    One of the main reasons for China’s expanding footprint in central Asia is to intensify energy cooperation. By becoming a major buyer, lender and investor in the region’s energy sector, China is hoping to reduce its dependence on countries such as Russia.

    Central Asia is a region of Asia consisting of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
    Peter Hermes Furian / Shutterstock

    Central Asia has been politically and economically dependent on Russia since the Soviet Union invaded the region in the 19th century. Much of its infrastructure was built to provide commodities like cotton and energy to Russia, with the latter selling it at high prices to Europe. This infrastructure has, until relatively recently, remained largely unchanged.

    However, some central Asian countries have been able to reduce their dependence on Russia over the past decade or so. China has become the main importer of Uzbek gas, with a peak share of more than 80%. And Uzbekistan exported almost US$2 billion worth of goods to China in 2022, matching its volume of trade with Russia.

    Investment in energy infrastructure is taking place in a reflection of these trade patterns. Central Asia boasts significant reserves of oil and gas. But most of the region’s pipelines were traditionally directed towards Russia and, to a lesser extent, south-west to Turkey.

    Pipelines have been built and maintained with China’s support that are directed towards the east. These pipelines have facilitated trade with China and have helped reduce operational waste in the energy sectors of Turkmenistan, Kazakhstan and Uzbekistan.

    In 2025, China plans to resume the construction of a pipeline stretching from Turkmenistan through Uzbekistan, Tajikistan and Kyrgyzstan, pending the finalisation of a gas supply contract with Turkmenistan. This will further strengthen China’s energy ties with the region.

    A few years ago, while I was carrying out fieldwork in Uzbekistan, I interviewed policy experts and those involved in the Uzbek energy industry. My interviewees saw deals with China as more reliable than Russia, which has in the past renegotiated the terms of long-term energy contracts with central Asian countries or has added unfair clauses in its favour.

    In 2018, for example, the Uzbek government needed additional gas to meet domestic demand. Russia’s Lukoil energy company agreed to sell the gas from a joint Lukoil-Uzbek production facility to Uzbekistan, but at a hefty price. The Uzbek government incurred debt to Lukoil worth US$600 million.

    A train transporting gas parked in Samarkand train station, Uzbekistan.
    Lewis Tse / Shutterstock

    Chinese involvement in the Uzbek energy sector is also having an indirect effect on Uzbekistan’s green economy. During the pandemic, Uzbekistan’s gas exports to China dropped significantly, exposing operators to the vulnerability of relying on a single energy source.

    Gas exports to China have recovered since 2021. But this shock prompted policymakers to explore ways of diversifying Uzbekistan’s energy production away from fossil fuels. Over the past few years, Uzbekistan has invested over US$4 billion in renewable energy production, with the technology and expertise often coming from China.

    With the support of Chinese companies, vast solar power plants have been planned and developed near the Uzbek capital, Tashkent, as well as other cities like Navoi. Wind turbines have been supplied by Chinese firms for projects in Ferghana, near the border with Kyrgyzstan.

    Chinese-led investment in the renewable energy sector has created further demand for skilled and semi-skilled labour, such as translators, logistics operators and engineers. My interviewees noted positive – albeit limited – effects on employment and wages in the sector.

    New challenges ahead

    There are, however, also drawbacks to Chinese involvement in central Asia’s energy sector. Uzbekistan’s gas trade with China is a possible source of political and economic vulnerability.

    The export price of Uzbek gas is more profitable for energy companies than the local subsidised price, so exports have taken priority over the domestic market. Uzbek consumers often have to contend with rationed gas supplies or no access to gas at all, especially during the winter when demand is at its highest.

    This has led to dissatisfaction among the Uzbek population, especially in rural areas where people have had to resort to burning alternative sources of fuel like coal, firewood and animal dung. These energy sources are harmful to health and the environment.

    Western sanctions on Russian oil and gas since 2022, when Russia launched its invasion of Ukraine, have also created further competition for Uzbek gas. Russian gas suppliers have sought alternative markets in Asia to circumvent the sanctions. Trade flow data shows that India, Turkey and even China have increased the amount of Russian fossil fuels they buy.

    But, by and large, the state of play in the global energy market seems to be changing. Central Asia is in a strong position to benefit.

    Lorena Lombardozzi 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 is reshaping central Asia’s energy sector as Russian influence fades – https://theconversation.com/china-is-reshaping-central-asias-energy-sector-as-russian-influence-fades-245232

    MIL OSI – Global Reports

  • MIL-OSI Global: DOGE’s AI surveillance risks silencing whistleblowers and weakening democracy

    Source: The Conversation – Canada – By Thomas Stuart, Lecturer in Communications, Gustavson School of Business, University of Victoria

    The United States Department of Government Efficiency (DOGE) is reportedly using artificial intelligence to surveil federal agency communications for anti-Donald Trump and anti-Elon Musk sentiment.

    AI tools now automate firings and assess U.S. federal employees’ sentiment and alignment with the administration’s “mission.” Musk, who has been appointed a “special government employee” by the U.S. president and leads DOGE, has framed these moves as an attempt to cut waste and increase efficiency.

    At least one agency, the Environmental Protection Agency (EPA), has reportedly warned staff to watch what they say, type or do online.

    The move has been largely overshadowed by tariff debates and constitutional concerns. But research on AI and governance suggests surveillance may erode the transparency that defines public institutions.

    Now, with Musk signalling he may scale back his involvement with DOGE, questions remain about how the system will operate in his absence — and whether anyone will be tasked with dismantling it.

    Disruption replaces due process

    Musk has presented DOGE as a lean, tech-driven solution to government bloat — a message he has repeated in interviews and on social media. Artificial intelligence, he argues, can cut red tape, trim costs and optimize operations.

    However, within federal agencies, AI has been used less to support public servants than to evaluate them — and in some cases, to eliminate them.

    Since DOGE assumed control over key functions within the Office of Personnel Management in January, hundreds of federal employees have been dismissed without formal explanation. DOGE also restricted access to cloud systems and sidelined career officials.

    DOGE was established by Trump through an executive order on Jan. 20, 2025 and tasked with cutting federal spending.
    (Shutterstock)

    Concerns over data security soon followed. In March, a federal judge barred DOGE from accessing Treasury systems, citing a “chaotic and haphazard” approach that posed a “realistic danger” of exposing sensitive financial information.

    Internally, DOGE operates through tools more familiar to startups than government agencies. Staff use disappearing messages via the Signal messenger app and draft documents in Google Docs rather than approved federal platforms.

    Grok, a generative AI chatbot launched by Musk in 2023, has been integrated across departments, though its tasks remain unclear.

    How Doge’s AI targets workers

    Earlier this year, thousands of federal employees received an email from the Office of Personnel Management asking them to provide five bullet points listing what they accomplished that week. “Failure to respond,” Musk warned on X, “will be taken as a resignation.”

    The message triggered uncertainty across departments. Without clear legal guidance, many workers were left guessing whether silence would mean termination. The Department of Justice and several intelligence agencies warned staff not to respond.




    Read more:
    Musk’s ruthless approach to efficiency is not translating well to the U.S. government


    Others, like the U.S Department of Health and Human Services (HHS) and Department of Transportation, instructed staff to comply with DOGE’s requests. HHS later warned responses could “be read by malign foreign actors.” The EPA distributed template responses to help staff navigate the demand.

    The following week, the Office of Personnel Management clarified participation was voluntary. By then, responses had already been processed.

    DOGE reportedly planned to feed the responses into a large language model to determine whether an employee was mission-critical. Musk later denied this, describing the exercise as a test “to see if the employee had a pulse.”

    DOGE’S algorithms judge allegiance

    According to reports, DOGE’s AI tools have now been deployed across agencies to monitor political sentiment of workers. There is no indication that these systems otherwise assess employee competence or efficacy.

    Trump administration officials reportedly said some government employees have been informed that DOGE is examining staff for signs of perceived disloyalty to both the Trump administration and Musk himself.

    When AI is used in this way — without transparency or clear performance frameworks — it optimizes for compliance rather than capability.

    AI designed to detect dissent offers little support for the work of public service. Rather than recognizing expertise or ethical judgment, these tools reduce complex decision-making to surface-level signs of loyalty.

    Effective collaboration between humans and AI depends on clear boundaries. AI might complement the public service by identifying patterns in data, for example. Humans though must retain authority over context and judgment. When AI polices allegiance, those boundaries collapse, sidelining human skill and integrity.

    AI surveillance rewrites workplace behaviour

    The inherent limitations of large language models amplify these risks. These models cannot reliably read nuance, navigate ethical grey areas or understand intent. Assigning surveillance or employee evaluations to these systems invites errors.

    Worse, such blunt tools force civil servants into self-censorship to avoid misinterpretation. Public service shifts from informed expertise to performative alignment.

    For employees, the consequences extend beyond flawed assessments. AI surveillance deployed through tools like Grok and Signal creates uncertainty about how performance is measured and by whom.

    As surveillance systems degrade psychological safety, employees disengage and become discouraged. Far from enhancing productivity, covert monitoring erodes trust in both management and mission.

    This atmosphere weakens accountability. Whistle-blowing often reflects loyalty to institutional values rather than defiance. By reframing personal beliefs and integrity as disloyalty, DOGE will silence mechanisms that safeguard transparency.

    AI surveillance becomes institutional

    Musk recently announced his involvement at DOGE “will drop significantly”, likely beginning in May. The move is attributed in part to pressure from Republicans urging Trump to distance himself from Musk, as well as pressure from Tesla investors.

    Despite his expected departure, around 100 DOGE employees — and the AI frameworks they manage — will remain embedded across federal departments. Musk’s departure may shift headlines, but it will leave structural risks embedded within federal operations.

    Once governments adopt new surveillance tools, they rarely dismantle them, regardless of whether their architect stays to oversee them. With no clear formal oversight beyond presidential discretion, the surveillance system is likely to outlast Musk’s tenure.

    Employees monitored for political conformity are less likely to raise concerns, report misconduct or challenge flawed directives.

    As human resource protocols are bypassed and oversight is diminished, the balance could shift from policy grounded in principle to regulations grounded in algorithms. Governance risks giving way to control, which could weaken the political neutrality of the civil service.

    Thomas Stuart 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. DOGE’s AI surveillance risks silencing whistleblowers and weakening democracy – https://theconversation.com/doges-ai-surveillance-risks-silencing-whistleblowers-and-weakening-democracy-254358

    MIL OSI – Global Reports

  • MIL-OSI Global: The ‘entourage effect’ — what we don’t know about how cannabis works

    Source: The Conversation – Canada – By Jonathan Simone, Adjunct Professor of Biological Sciences, Brock University

    In the years since legalization, there has been a tremendous surge in the number of cannabis products available to Canadian consumers, many offering tailored experiences to enhance seemingly any mood or activity.

    Do you want something calming or uplifting? Are you looking to inspire focus, spark creativity or get a good night’s sleep? Do you prefer full-spectrum extracts or THC isolates?

    But how does one plant produce so many different experiences? Like many of its botanical relatives, cannabis is rich in active compounds. The prevailing view is that these compounds work together to shape the overall experience, a phenomenon known as the “entourage effect.”

    From a consumer standpoint, the idea of custom-tailored experiences guided by key active ingredients is appealing — and it certainly makes things easier. But in reality, it’s not so cut-and-dried.

    Making informed decisions as a cannabis consumer can seem overwhelming, and navigating a product menu can feel like it requires a chemistry degree. But how much do we really know about how cannabis works? And how well are we able to predict individual experiences based on a product’s composition?

    What’s in a high?

    Most research into cannabis’ effects has focused on two key compounds, Δ9-tetrahydrocannabinol (THC) and cannabidiol (CBD). CBD is non-intoxicating and thought to underlie many therapeutic effects of cannabis, whereas THC is the primary compound responsible for the classic cannabis high.

    Until recently, the most pertinent information available to cannabis consumers was the THC:CBD ratio, and from a regulatory standpoint, these are the only compounds required by Health Canada for product labels. But the cannabis plant produces over 500 potentially bioactive compounds, most notably cannabinoids, terpenes and flavonoids, with increasing emphasis being placed on how they interact to drive different experiences.

    The idea that the different components of cannabis work in concert, modulating one another’s activity to influence the overall experience, has been termed the “entourage effect.” Simply put, it seeks to explain the effects of cannabis beyond those of any individual component, such as THC or CBD, and offers an elegant explanation for a common question: how can products with the same amount of THC and CBD produce different effects?

    Indeed, the medical cannabis community has long-favoured full- and broad-spectrum products (those containing a varied chemical profile) over single-compound isolates such as purified THC or CBD, based on claims of superior safety and efficacy.

    Ask your local budtender for a recommendation and you will likely get a crash-course on terpene nomenclature, hearing words like limonene, myrcene, pinene and linalool.

    While this modern embrace of terpene pharmacology and natural product chemistry reflects a growing appreciation for the complexities of the cannabis plant, claims of entourage effects remain largely speculative, highlighting how much we’ve yet to learn.

    Sound science or smoke and mirrors?

    Initially coined by scientists in Israel and Italy in study published in 1998, the term “entourage effect” described interactions among endogenous cannabinoids (THC-and CBD-like molecules produced by the human body). The idea was that some of these compounds, which are inactive on their own, could enhance or modulate the activity of others, resulting in combined effects greater than the sum of their parts.

    It is important to note that this study did not examine plant-derived cannabinoids found in the cannabis plant, but rather structurally related compounds produced naturally in the brain and body. As such, the idea of cannabis-specific entourage effects did not emerge directly from the data itself, but from broader inferences drawn from that research that provided a rationale for the diverse effects often reported by cannabis users.

    Since then, and despite a lack of supporting evidence, the term has been widely adopted and adapted by the cannabis industry, often leveraged to differentiate products in an overly crowded market.

    The available support for entourage effects in humans is limited to a few small clinical and observational studies and meta-analyses that suggest whole-plant extracts may outperform isolates for conditions like chronic pain and pediatric epilepsy.

    However, these studies often use non-standardized extracts and are therefore unable to identify which chemical interactions are driving the effects. Further, direct comparisons of full-spectrum and isolate products are lacking, with most claims rooted in inferences made from pre-clinical (in other words, non-human) research and from studies of non-cannabis derived phytomolecules.

    That said, the entourage effect is a valid hypothesis and arguably the most promising in terms of explaining cannabis’s varied and nuanced effects. Similar effects have been described for other drug classes, though these interactions are often termed synergism and potentiation and typically involve just a few well-characterized compounds. In contrast, unlocking cannabis synergy requires untangling the interactions of hundreds of different molecules, many of which are still poorly understood.

    That complexity is what I’ve spent my career trying to understand. Researching how cannabis-derived compounds work in the brain and body, I have gained a considerable appreciation for how far our understanding of cannabis has come, how much we have still yet to uncover and how easy it is for enthusiasm to outpace evidence.

    Reading between the product lines

    As the cannabis industry continues to evolve, consumers need to approach product claims with a healthy dose of skepticism. There is no doubt the cannabis plant is a treasure trove of unexplored and underexplored bioactive molecules, and that we will continue to uncover interesting and unexpected interactions among them. But we are far from a complete picture.

    At present, the entourage effect remains a hypothesis more often co-opted for marketing than grounded in evidence. That doesn’t mean it’s wrong, but it does mean we should resist conflating convenient narratives with established science. This highlights an important question: where does the onus of responsibility for generating this new knowledge fall?

    If the cannabis industry continues invoking the entourage effect for marketing and product differentiation, then it should support and contribute to research that furthers the state of evidence.

    Relying solely on existing pre-clinical and academic studies in lieu of directly advancing the science and validating real-world product claims risks perpetuating hype at the expense of credibility. But industry is not alone in their duty. Government must also remedy the regulatory bottlenecks that impede new research.

    Establishing a credible, science-backed cannabis marketplace means moving beyond hype. It requires action, from industry and government, to generate the information consumers need to make informed decisions.

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

    ref. The ‘entourage effect’ — what we don’t know about how cannabis works – https://theconversation.com/the-entourage-effect-what-we-dont-know-about-how-cannabis-works-251799

    MIL OSI – Global Reports

  • MIL-OSI USA: ICYMI: Speaker Johnson Sits Down with Axios

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — This morning, Speaker Johnson joined Axios’ Hans Nichols for a wide-ranging interview at an “Axios News Shapers” event. Speaker Johnson addressed the necessity of quickly codifying President Trump’s agenda into law, House Republicans’ efforts to strengthen and preserve Medicaid, and Democrats attempting to run their impeachment playbook again.

    Watch the full interview here

    On quickly codifying the Trump agenda into law:

    The treasury secretary said July 4 this week in public statements, and we applauded that. But I really hope we do it sooner. And here’s the reason why: this has nothing to do with pride of authorship in the House or any of that, we just want to deliver for the American people, and so do all of our Senate Republican colleagues on the America first agenda. The vehicle to deliver that is reconciliation. And the sooner we do it, the better Hans, because I think this will be a very important thing for stability.

    I think it’ll send a very important signal to the bond markets, the stock market, to investors and job creators here and around the world, and it’ll send a message to our allies and our enemies that America is serious. We have stabilized tax policy. Everyone will know what their tax rates are. That will be helpful for making decisions for companies and also, of course, we’re going to be deficit neutral or deficit reducing. We’re trying to reduce the debt. And I think that’s a really important message to send out there, that America is serious about our financial stability, and this bill is going to be that’s one of the many things that will be accomplished in it. 

    On strengthening and preserving Medicaid:

    The number of waste, fraud and abuse over a 10-year period, it’s $51 billion a year as an estimate. We think that’s a low estimate of just fraud, waste and abuse in Medicaid alone. Who could be for that? I mean, we have a responsibility to tighten this up. When you’re talking about work requirements, that’s over an 80% public approval rating. But you eliminate fraud, waste and abuse, you bring in work requirements, and you tighten up the program, and you can find a lot of savings. And the whole point here, the whole idea – make sure illegal aliens are not receiving it all the rest. The whole idea is that we’re trying to preserve the program.

    Democrats were frankly lying about the intention of Republicans. It’s so much so that we were able to get their ads and billboards taken down in swing districts by a cease and desist letter because it was based on nothing, they just made it up. I’ve been saying just everybody, please reserve judgment till we get the product out, but you’re going to see what the President said yesterday, accurately, that Medicaid and Medicare and Social Security are programs that are sacrosanct the people. They depend upon these things, and our job is to shore them up and make sure that they’re there, that we preserve the programs for the people who genuinely need and deserve it. 

    On Congressional Democrats impeachment theatrics:

    You know, we’ve already seen the movie. They tried it twice already, based on absolutely nothing, and they would do it again. I mean, Al Green filed impeachment articles like, I don’t know, the fifth day of Congress. I mean, I think he did it before the President took his oath. So, it shows you where they are. It’s all raw politics, and it’s terribly destructive for the country. I mean, it’s a waste of time. We need the American people expect their Congress to work. They expect Congress to work with the President. They want big things done. And we had a first, a really impressive first 100 days of the Trump administration. We’re just getting started. We have a lot of work to do, and we don’t have time for nonsense. 

    MIL OSI USA News