Category: China

  • MIL-Evening Report: Inflation is easing, boosting the case for another interest rate cut in May

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Daria Nipot/Shutterstock

    Australia’s headline inflation rate held steady at a four-year low of 2.4% in the March quarter, according to official data, adding to the case for a cut in interest rates at the next Reserve Bank board meeting in May.

    A key measure of underlying inflation closely watched by the RBA fell to 2.9%, returning to within the 2-3% inflation target band for the first time since 2021.

    Food and beverages, tobacco, education and housing were the main contributors to the rise in the headline Consumer Price Index.

    Financial markets are pricing in a quarter-percentage point cut in the cash rate to 3.85% in May.

    The inflation report was the last piece of major economic data before Saturday’s federal election.



    Prices are still rising, just at a slower rate

    A fall in inflation does not mean prices are falling. Overall, prices are continuing to rise, but at a slower pace.

    Moreover, prices continue to rise at a higher rate for some things people notice most, such as meat, fruit and vegetables. Concerns about the high cost of living will not go away. But it is good news for households that prices are now rising less than wages, which are growing by 3.2%.

    Some of the CPI components rising fastest are services such as health, which rose 4.1% in the year to March, and education, up 5.7%.

    Rents increased by 5.5% over the year, still rapid but less than in 2023 and 2024. The movements differed across the country. Rents were up almost 9% in Perth but fell in Hobart.

    New home prices only rose by 1.4% over the year as project-home builders made promotional offers to attract buyers in a more subdued market.



    Some of the recent fall in inflation represents the effect of government measures such as temporary electricity rebates and lower public transport fares. These represent some relief for households from cost-of-living pressures. But they may obscure trends in underlying inflationary pressures.

    The Reserve Bank’s preferred measure of underlying inflation, the trimmed mean measure, removes such impacts by excluding items with the largest price movements up or down. This measure of inflation has fallen to 2.9%, back within the central bank’s target, from 3.3%.



    Green light for an interest rate cut

    Headline inflation is around the middle of the Reserve Bank’s 2-3% medium-term target band. The large 1% quarterly increase in the June quarter of 2024 will drop out of the next annual calculation. So inflation may soon be below the bottom of the band. This has been forecast by Westpac’s economics team (headed by former RBA assistant governor Luci Ellis), for example.

    In its most recent published forecast the Reserve Bank expected inflation to be 2.4% in June. So it may be pleased to see it already there for two quarters. It would also be relieved to see the underlying rate back within the target band.

    In February, Reserve Bank Governor Michele Bullock conceded the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down.

    At its April 1 meeting, the Reserve Bank board called the May 19-20 meeting “an opportune time to revisit the monetary policy setting with the benefit of additional data about inflation” and other factors.




    Read more:
    Reserve Bank holds rates steady, cautious about the economic outlook


    Global economic outlook darkens

    The outlook for global economic activity has weakened as the US’s trade war with China has escalated. The International Monetary Fund cut its forecast for global economic growth in 2025 from 3.3% to 2.8%.

    The negative outlook for the global economy and rising business uncertainty certainly adds weight to the case for an official interest rate cut. It would help Australian businesses weather a possible downturn.

    Tariff rises will push up inflation in the US. But there is a bipartisan commitment in Australia not to engage in retaliatory tariff increases. This means there will not be any such inflationary impetus here.

    Indeed, as Bullock pointed out in her April press conference, if China diverts exports that are effectively blocked from entering the US to Australia, then the US tariffs may lower inflationary pressures here.

    Concerns about the inflationary impact of a weaker Australian dollar have eased in recent days. The currency has rebounded to 64 US cents from its early April low of 59.5 US cents.

    The Reserve Bank will, as always, consider a wide range of information in deciding whether to cut interest rates in May. But the single most important piece of information is now giving it the green light.

    Market economists expect another couple of rate cuts in 2025 after May, depending on the impact of the erratic US economic policies on the global economy.

    What does it mean for the election?

    After the CPI release, Treasurer Jim Chalmers noted core inflation was at a three-year low. “This is a powerful demonstration of the progress that Australians have made together in the economy,” he said.

    Chalmers will be hoping the Reserve Bank and the electorate share his view. Labor is more likely to be re-elected if voters regard the cost-of-living pressures as abating.

    John Hawkins was previously a senior economist in the Reserve Bank.

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

    ref. Inflation is easing, boosting the case for another interest rate cut in May – https://theconversation.com/inflation-is-easing-boosting-the-case-for-another-interest-rate-cut-in-may-255116

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Shipping expands from Guangzhou to west coast of S. America

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

    Shipping expands from Guangzhou to west coast of S. America

    A shipping vessel docked at the Phase II Terminal of the Nansha Port in Guangzhou, the capital of Guangdong province, on Tuesday, marking the launch of the first direct route from Guangzhou to the western coast of South America.

    After loading 400 containers of electronics, household appliances and other products manufactured in the Guangdong-Hong Kong-Macao Greater Bay Area, the vessel will start its journey bound for South America.

    The WSA3 route, operated with 11 vessels of 10,062 TEU container capacity, will connect Guangzhou’s Nansha Port with key ports in Latin America including Chancay Port in Peru, Manzanillo Port in Mexico and San Antonio Port in Chile.

    “The route’s opening will help boost the comprehensive upgrade of the logistics channel between the Greater Bay Area and the western coast of Latin America, further enhancing the golden channel for economic and trade exchanges between China and Latin America,” said Sun Bangcheng, deputy general manager of Guangzhou Port Company Limited.

    China has become the second-largest trading partner of Latin America, following the signing of the first free trade agreement between China and Latin American countries 20 years ago.

    The trade volume between China and Latin America has grown from around $12 billion in 2000 to approximately $500 billion in 2024, according to Customs data.

    The new route directly connecting Chancay Port in Peru, operated by COSCO Shipping Ports Limited, is an important project under the joint construction of the Belt and Road Initiative between China and Peru.

    Serving as South America’s first smart and green port, the operation of Chancay Port is seen as a model of infrastructure cooperation between China and Latin America, helping shorten the sea transportation time between Peru and China to 23 days, saving over 20 percent in logistics costs.

    “This route not only provides a fast lane for ‘Made in China’ products like household appliances, electronics, furniture and toys from the Greater Bay Area to venture into the Latin American market, but also enables high-quality tropical fruit, Pacific coast seafood, Andean wines, as well as commodities like pulp, fishmeal and minerals to enter the Chinese market,” said Sun.

    Located in the Nansha port area, the Nansha International Cold Chain Project has built three multistory cold storage facilities, offering a total storage capacity of 227,000 metric tons, according to the port company.

    With the ability of inspecting 162 refrigerated containers simultaneously, the facilities ensure that the seamless cold chain services for temperature-controlled goods are never broken, from inspection through to storage.

    Dubbed “Asia’s largest refrigerator”, the project has supported the Chilean cherry express route at Nansha Port since 2019. Chile’s cherry exports surged 51.4 percent year-on-year in 2024, with China remaining the South American country’s top cherry export market.

    “With the operation of the new shipping route and other logistics support, more refrigerated cargo such as beef, lamb, white shrimp, salmon, squid, grapes, avocados, prunes and plums are expected to efficiently reach Chinese consumers through Nansha port,” said Sun.

    MIL OSI China News

  • MIL-OSI USA: Senator Coons condemns President Trump’s disastrous first 100 days in speech on Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.) delivered a floor speech tonight criticizing President Donald Trump’s first 100 days in office, describing a period marked by weakened global alliances, harsh cuts to foreign aid, and an overhaul of key federal agencies. 
    Today marks the 100th day of President Trump’s second term, and Senator Coons’ early review of his presidency is that he has made Americans less prosperous and less secure, both at home and abroad. Trump has disrupted long-standing diplomatic relationships and global partnerships by recklessly imposing tariffs on nearly every country and asserting that he will take over Canada, Greenland, and the Panama Canal. Our closest allies and partners have responded with unease and outright resistance. In his speech, Senator Coons remarked on Prime Minister Mark Carney’s victory in Canada’s national election yesterday, an outcome viewed as a rejection of Trump’s policies. 
    He also expressed concern over the administration’s dismantling of foreign aid and health programs, warning that it makes Americans less safe and creates an opportunity for our adversaries like China. Additionally, Senator Coons highlighted his visit to Taiwan this month to bolster U.S.-Taiwan relations and stand against China’s attempts to limit Taiwan’s role on the global stage. 
    Senator Coons also called for Congress to reassert its constitutional responsibilities as Trump pushes the boundaries of executive power. 
    A video and transcript of Senator Coons’ comments are available below.
    WATCH HERE
    Senator Coons: In a hundred days – in a hundred days – what can a president accomplish?
    The last hundred days, President Trump has made Americans less safe, less prosperous, and less free.
    He has chosen to move us in a direction at home and abroad that is the opposite of what those who voted for him expected, and that is aligned with what those of us who worked against him feared. 
    What I’ve heard my whole life, whether in business or in foreign policy, as a lawyer or in my community as a local elected official – folks need trust, and they need predictability. Businesses say they need predictability in order to decide what to invest in, who to hire, where to grow. Other countries around the world say that they need to know they can trust us, that they can rely on us. And in the last hundred days, President Trump has shattered both of them. I’m going to speak for a few minutes about foreign policy because so many of my colleagues in my caucus have stood to talk about the disastrous cuts led by Elon Musk and DOGE, and the ways they’ve impacted Americans all over the country. 
    But if you think about our reputation globally –statement after statement, tweet after tweet by President Trump has puzzled, concerned, even alarmed our allies. He’s going to invade Greenland, a NATO ally. He’s going to take back the Panama Canal. He’s going to take over the Gaza Strip and make it ‘Mar-a-Gaza.’ He’s going to turn Canada into the 51st State. One of my Republican colleagues said, ‘don’t pay so much attention to what he says, look what he does.’ Well, lots of our partners and allies looked at what he has done by imposing tariffs on allies and partners, and recoiled. 
    In an election in Canada last night, where Trump was the issue, [they] elected a new prime minister, Mark Carney, who ran on a platform of standing up to America, of standing up to Donald Trump. Look, folks, the actions he’s taken, in slashing foreign aid, in abandoning decades-old bipartisan programs around the world that save lives, and that help other countries to trust and rely on us, have weakened us abroad and created openings for our pacing threat – the People’s Republic of China. I was recently in the Philippines, a nation that faces more natural disasters than any country on Earth – more typhoons, more earthquakes, more volcanoes. And for decades, they’ve relied on the United States and the help of USAID, volunteers, nonprofits – coordinated through our government – to respond to these disasters. It has built a long and close partnership of trust. Gone. 
    I was recently in Taiwan, a country looking to decide whether they can rely on us should China make real their threats to reunite Taiwan with the mainland by force. Can they trust us? Well, what I’m going to say is that in a hundred days, President Trump has shown weakness in Europe and created openings for China. We have long relied on a global network of allies and partners to keep us safe and strong, to make us prosperous, and to build our role in the world. China doesn’t have that. They have nervous neighbors and client states, countries that can’t count on them and view them as predatory. Yet, now through the actions of President Trump, Elon Musk and DOGE, and the silence and collaboration of Republicans in this chamber, even our closest, most trusted allies, like Canada, question whether they can count on us. 
    Back to the Reagan days, Republicans have talked about ‘peace through strength.’ What we’ve seen from Donald Trump in a hundred days: ‘weakness through chaos.’ A hundred days in, he’s not stopping Putin, he’s preparing to sell out Ukraine and Europe to Putin. A hundred days in, he’s not deterring Xi Jinping––he’s backing down every time he says he’s going to stand up to him. At the end of the day, these first hundred days have shown that we are weaker. The world is less stable. Americans are less safe.
    And I have to say, Madam President, a hundred days is more than enough time for my Republican colleagues to have seen enough, to stand up to this president, and to restore the role of this Senate and return our position of strength to the world. Thank you. 

    MIL OSI USA News

  • MIL-OSI: 2025 China · Wuyi Auto Rally Successfully Concludes

    Source: GlobeNewswire (MIL-OSI)

    JINHUA, CHINA, April 29, 2025 (GLOBE NEWSWIRE) — On April 27, as the roaring engine sounds of the participating vehicles gradually faded away, the 2025 China·Wuyi Auto Rally, a speed battle that weaves through picturesque landscapes and perilous terrains, successfully concluded. This not only reignited Wuyi’s “rally” engine but also opened a new chapter in the in-depth integration of Wuyi’s “industry, event and tourism”. Li Xianwu, a member of the Standing Committee of the CPC Wuyi County Committee and Director of the Propaganda Department, attended the ceremony.

    At the car-receiving ceremony, the drivers, with excitement and a touch of reluctance, drove their racing cars back to the starting platform amidst applause and cheers, received garlands, and bid farewell to this event.

    Xu Jun and Huang Shaojun from Tonglian Rally Team won the 4-wheel-drive group championship. Yang Xidong and Tang Xiaoming from Dean Auto Sports Team won the runner-up, and Pan Dong and Gao Hui from Dongsheng Feichi-GOLF Team won the third-place.

    Chen Liang and Tong Xijun from DA-Motorsport won the 2-wheel-drive group championship. Du Wenbin and Cheng Darong from Hunan Linwu You Team won the runner-up, and Tang Junzhe and Hao Peng from Fangjia Racing Team won the third-place.

    “This is my first return to Wuyi after more than twenty years. The first time I came was because of Xu Lang, and I was his co-driver at that time. Over the past twenty years, Wuyi has changed a lot, but the people of Wuyi are still very enthusiastic. When I come to Wuyi, I feel like I’m back in my hometown. Especially the iconic U-turn on the Houshuling track reminds me of the days when I used to practice driving with Xu Lang.” Huang Shaojun, the co-driver and winner of the 4-wheel-drive group championship, said that Wuyi is a blessed place.

    As the “King of Flying Cars” in the history of China’s rally racing and the true initiator of Wuyi’s racing culture, Xu Lang not only achieved excellent results in international competitions. He made more racing enthusiasts aware of Wuyi, transformed the gravel roads in his hometown into training grounds, and deeply implanted the racing spirit and culture into the land of Wuyi.

    “After a ten-year interval, Wuyi is hosting a rally race again. As a native of Wuyi, winning the championship this time is very commemorative for me. I hope my hometown can continue to host auto rally races in the future, making the rally a new calling card for Wuyi. I want all racing enthusiasts to participate, get to know Wuyi, understand Wuyi, and fall in love with Wuyi.” Xu Jun, a racing driver, couldn’t hide his excitement about Wuyi hosting this event again.

    In addition to legendary racing drivers like Xu Lang, Xu Jun, and Fu Junfei, known as the “Three Champions from One County”, who have amazed the industry, Wuyi’s connection with rally racing is also inseparable from its unique geographical advantages. With a landscape of “eight parts mountains, half part water, and half part farmland” within the county and winding township roads, it provides an ideal racing environment for rally race. During this competition, Wuyi used public roads as the race track and the landscape of mountains and waters as the backdrop, integrating the roar of motorsport with the tranquility of hot springs, writing a legend of speed.

    Moreover, Wuyi has upgraded the rally race from a “periodic event” to a “sustainable economic engine”, focusing on building a closed-loop of “event-driven attraction—industrial foundation—cultural and tourism empowerment”, and steadily creating a county-level model of in-depth integration of “industry, event and tourism”.

    From the intelligent production line of Zhejiang PDW Industrial Co., Ltd., which has a daily output of 3,000 wheels, to Apollo’s globally first electric off-road motorcycle, which seizes the commanding heights of the industry with innovative technology, and then to the layout of Leapmotor in Wuyi’s “New Energy Vehicle Town”…. 260 auto and motorcycle parts enterprises and a hard-core industrial strength with an output value of 4.3 billion yuan have made the auto and motorcycle parts industry one of the three pillar industries in Wuyi.

    “This event not only showcases the characteristics of the integration of culture and tourism in Wuyi County, but also demonstrates the strength of Wuyi County’s auto and motorcycle parts industry. This is not only a new starting point for Wuyi County’s event-based economy, but also a new beginning for ‘strengthening and supplementing the chains’ of Wuyi County’s automotive industry chain. In the follow-up, we will continue to promote the in-depth integration of event-based economy with culture, tourism and industry, empower and support the auto and motorcycle industry chain in Wuyi, and provide cultural and tourism support for the development of new-quality productivity in Wuyi.” A relevant person in charge of the County Bureau of Culture, Radio, Television, Tourism and Sports said.

    Media Contact
    Wuyi County Publicity Department
    Email: heyn@8531.cn
    Tel: +86 15857143688
    Website: http://www.8531.cn

    SOURCE: Wuyi County Publicity Department

    The MIL Network

  • MIL-OSI Economics: Development Asia: Rethinking Personal Income Taxation in Asia and the Pacific: Future Directions

    Source: Asia Development Bank

    Personal income taxes remain weak in the developing countries of the region. Several factors have contributed to this weakness, including a rapidly changing economic environment. Traditional approaches to taxation, focused mainly on corporate tax incentives to attract foreign direct investment and layers of sometimes overlapping and poorly structured sales and international trade taxes, have failed to capture growing sources of personal income or address the gaps in the distribution of income and wealth.

    The weaknesses in tax policy are compounded by shortcomings in tax and customs administration. Labor forces characterized by widespread informality, a lack of a culture of tax compliance, and weak governance structures undermine the collection of revenues, especially of the personal income tax. Even when they can identify required reforms, tax and customs administrations often lack the political independence to implement them.

    Reform of the region’s personal income taxes presents an opportunity to bolster revenues and help address income and wealth inequality. A well-structured personal income tax system with broad bases and moderate and internationally competitive rates can facilitate higher growth and much-needed revenue to fund government spending. A progressive personal income tax (i.e., where the average tax rate rises with higher income) can contribute to the reduction of income and wealth inequality, especially when supported by adequate spending on human capacity development.

    The region has made significant, though widely varying efforts, to improve tax and customs administrations in recent years, including through institutional reorganization of tax administrations on a functional basis, better coordination between tax and customs administrations, and the creation of large taxpayer units. Countries in the region have focused on automating their systems, strengthening training and staff quality, and improving legal systems that underpin tax enforcement.

    In the region, improvements in the structure and administration of the personal income tax have facilitated sensible reforms of corporate income and broad-based sales taxes while allowing continued reduction of reliance on international trade taxes. In recent decades in the Asia and Pacific region, there has been some increase in reliance on personal income taxes, but the growth has been uneven and insufficient (Figure 1). In the region as a whole but excluding certain key countries, fiscal policies have contributed to some narrowing of income and wealth gaps (Figure 2).

    Figure 1: Tax Revenue by Source Comparison 2017-2021 to 2002-2006

    Notes: Appendix 1 in the original paper provides the economies by region. Data for the People’s Republic of China and India are missing. Data for East Asia include only Mongolia in 2006; thus, the comparison is limited. Table A1.2 in the original paper lists the economies by region. The percentage change in tax revenue by source compares each tax type’s average share of total tax revenue over two periods: 2002–2006 and 2017–2022.
    Source: OECD. Global Revenue Statistics Database (accessed 31 August 2024).

    Figure 2: Change in Market Gini Coefficients over Time in the Asia and Pacific Subregions

    Source: Standardized World Income Inequality Database Version 9.7 (accessed December 2023).

    MIL OSI Economics

  • MIL-Evening Report: Which Roman emperor was most like Donald Trump?

    Source: The Conversation (Au and NZ) – By Peter Edwell, Associate Professor in Ancient History, Macquarie University

    SvetlanaVV/Shutterstock

    Something tells me US president Donald Trump would love to be a Roman emperor. The mythology of unrestrained power with sycophants doing his bidding would be seductive.

    But in fact, Roman emperors were heavily constrained by institutions, the economy and popular mood. Yes, some challenged and sidelined the institutions of their day – but this often sparked a powerful backlash.

    As someone who’s studied Ancient Rome for years, I’ve recently been asked which Roman emperor was most like Donald Trump. In some ways he’s a pastiche of several Roman leaders.

    Julius Caesar

    Of course, Julius Caesar was never an emperor. He was a military leader and politician when the Roman Republic was in its death throes.

    While Trump has no military experience, some have compared him with Caesar.

    English classicist Mary Beard explains the appeal of this comparison for Trump’s foes and supporters alike.

    The Roman Republic was originally a system of shared political authority. The Senate, the people and elected magistrates shared power.

    But in the first century BC, powerful and charismatic figures became more prominent. The old power-sharing arrangements broke down.

    Caesar was the ultimate populist who overthrew the conventional means of Republican government.
    Bequest of Benjamin Altman, 1913/The Metropolitan Museum of Art

    Caesar was the most significant of these figures. He was the ultimate populist who overthrew the conventional means of Republican government. Due to his military successes, vast fortune and enormous popular appeal, Caesar broke the system entirely.

    Caesar fast-tracked the development of executive power in one person. This doomed the Roman Republic itself.

    Trump has also sidelined key institutions and increased the powers of singular executive government. Threatening judges and the chair of the Federal Reserve are further examples of over-reach.

    Trump draws on popular appeal to escape ramifications for these actions. His TV career, political rallies and domination of the news cycle contribute to a cult of personality.

    Caesar paid the ultimate price for concentrating executive power in himself. He was stabbed to death by a group of angry senators. The republic, however, was beyond saving.

    Caesar and the Roman Republic were different to Trump and America. Caesar was a blue-blood patrician, which Trump isn’t. Rome had its most powerful centuries ahead of it, while America is in decline.

    Octavian: the man who became Augustus

    Caesar didn’t manage the transition from Republic to autocracy. It was his nephew, Octavian, who did that.

    After more than a decade of civil wars following Caesar’s murder in 44 BCE, Octavian became Augustus (27 BCE–14 CE) or emperor.

    While he claimed to restore the republic, Augustus exercised ultimate power over the army, political institutions and the courts. He finished the process Caesar and others began, dominating the Senate and once-powerful positions such as consulships.

    Augustus’ domination of the entire political system draws parallels with Trump. Some observers liken Trump to Augustus. They see similarities in Trump’s intimidation of institutions (including the courts and media) that provide checks on presidential power.

    Augustus also developed a cult of personality, which is a feature of Trump’s rise.

    Nero: from populist to pariah

    Nero (54–68 CE), a colourful successor of Augustus, employed advisors with no political backgrounds. Epaphroditus, for example, was a former slave who became Nero’s secretary. He controlled the flow of information to and from the emperor. He became very wealthy and was intensely loyal to Nero.

    Trump has shown similar instincts. Think of the wide-ranging powers to cut government programs granted to Elon Musk and his inexperienced team.

    Like Trump, Nero could entertain a crowd. He publicly sang and recited poetry, which previous emperors never did. The elites detested this but the broader population loved it. Nero also put on lavish palace banquets.

    But by the time of his death by suicide aged 30, Nero had isolated everyone.

    It’s too simplistic, though, to say Trump is a Nero, as others have done. Trump remains connected to a large support base, as evidenced by his two presidential election victories.

    Like Trump, Nero could entertain a crowd.
    Ivan Moreno sl/Shutterstock

    Roman emperors were constrained by institutions

    While Roman emperors dominated the institutions of state, they were still constrained by them. Some who fell foul of the army, the most important state institution, met ignominious ends.

    In 217 CE, the unpopular emperor Caracalla was knifed by a soldier while relieving himself.

    Emperor Caracalla was eventually stabbed by a soldier while relieving himself.
    Samuel D. Lee Fund, 1940/The Metropolitan Museum of Art

    Emperor Severus Alexander was murdered in 235 CE by his own troops while clutching his mother’s knees.

    Some speculate the US army might intervene to protect the Constitution against Trump. But the army’s relationship to the US government is more complex than in ancient Rome.

    Some emperors became unpopular due to their arrogance toward the Senate, court officials and their own bodyguards.

    In 96 CE, Domitian was killed in a conspiracy of the court chamberlain. His death was cheered by many due to his autocratic style.

    And Emperor Commodus, once popular due to his eccentric antics and public games, was murdered by a champion wrestler in 192 CE. His mistress, Praetorian prefect and court chamberlain arranged it. The Senate declared Commodus a public enemy.

    The creeping power of executive authority

    The over-reach of executive authority will likely define Trump’s second term. But there are many constraints he can’t ignore. Some of the most powerful operate outside America. Bond-holders, of whom China is the second largest, are a notable example.

    The eventual displeasure of support bases may hasten the demise of the Trump phenomenon. I sincerely hope it doesn’t end with the brutality some of the emperors met with.

    Executive over-reach and intimidation of key institutions may permanently damage America’s reputation. In the case of ancient Rome, we know the outcomes. What comes next in America is the great unknown.

    Peter Edwell receives funding from the Australian Research Council.

    ref. Which Roman emperor was most like Donald Trump? – https://theconversation.com/which-roman-emperor-was-most-like-donald-trump-254573

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: 100-day countdown as China sends largest delegation to Chengdu World Games

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

    This photo taken on April 29, 2025 shows a countdown clock marking 100 days to go for the World Games 2025 in Chengdu, southwest China’s Sichuan Province. The Games will be held in Chengdu from Aug. 7 to 17. [Photo/Xinhua]

    BEIJING, April 29 — Around 330 Chinese athletes will participate in the 2025 Chengdu World Games, which marks the country’s largest delegation for the event, an official of the General Administration of Sport of China said at a press conference Tuesday.

    With the 100-day countdown to the 12th World Games falling on Tuesday, the event will be held in Chengdu, southwest China’s Sichuan Province, from August 7 to 17. According to the organizers, the Games will feature 255 events across 60 disciplines and 34 sports.

    Li Jing, Deputy Director of the General Administration of Sport of China, introduced, “Chinese athletes have clinched berths in 152 events of 28 sports so far, who come from a wide range of fields, including professional athletes and outstanding sports enthusiasts in schools and universities, enterprises, institutions and sports clubs.”

    “There are also disabled athletes selected by China Disabled Persons’ Federation for free diving, ju-jitsu and archery,” Li added.

    The international event is not only a platform for competition but also an opportunity for cultural exchanges. Li emphasized, “The Games will fully demonstrate the development of China in sports, particularly in non-Olympic events, as well as an image of Chinese athletes filled with vitality.”

    Li said, “27 competition venues for the World Games have been ready. Softball and floorball events will kick off one day ahead of the Games’ opening ceremony.”

    This photo taken on April 29, 2025 shows an installation for the World Games 2025 in Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]
    This photo taken on April 29, 2025 shows a countdown clock marking 100 days to go for the World Games 2025 in Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]
    This photo taken on April 29, 2025 shows a countdown clock marking 100 days to go for the World Games 2025 in Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]
    This photo taken on April 29, 2025 shows a countdown clock marking 100 days to go for the World Games 2025 in Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI China: China draws foreign investment as ‘oasis of certainty’

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

    BEIJING, April 29 — In an increasingly unpredictable global environment, China is becoming an “oasis of certainty” as it continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors from tech giants to automakers into the world’s second-largest economy.

    Latest data from the Ministry of Commerce shows that foreign direct investment (FDI) in the Chinese mainland in actual use climbed by 13.2 percent year on year last month. In the first quarter (Q1) of 2025, 12,603 new foreign-invested enterprises were established nationwide, representing a year-on-year growth of 4.3 percent.

    ANCHOR FOR GLOBAL ECONOMIC GROWTH

    At a petrochemical plant rising a hundred meters from the ground, the sounds of welding, cutting and roaring interweave … The over 80 billion yuan (about 11 billion U.S. dollars) cooperation project co-invested by Saudi oil giant Aramco and Chinese enterprises in Panjin, northeastern Liaoning Province, has progressed to more than 60 percent.

    Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. “China is already the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand,” said Amin H. Nasser, president and CEO of the company. He noted, “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

    Since the start of this year, more and more foreign brands from various sectors have beefed up investment in China, leveraging its super-large market advantage. For example, fast fashion brand Zara opened its Asian flagship store in Nanjing, while U.S. hair care brand Aveda opened its first store in south China in Guangzhou. German retail giant ALDI entered China’s Jiangsu market.

    Besides a vast market size, China’s crucial role in fueling world economic growth has been harnessed by solid economic fundamentals and a stable policy framework, according to foreign institutions.

    China’s gross domestic product registered a 5.4 percent year-on-year growth in Q1. This expectation-beating performance is attributed to the fact that it has increased fiscal spending, vigorously boosted consumption, and introduced a series of measures to stabilize the property market and the stock market, Nathan Chow, senior economist at DBS Bank said.

    The stable growth momentum in China’s economy is stability that serves as an important global public good, helping to buffer uncertainties across international markets, said Bernd Einmeier, president of the German-Chinese Association for Economy, Education, and Culture.

    According to the 2025 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China has led all emerging markets for three consecutive years. The market is expected to become a “stabilizer” for business confidence worldwide, with its steady growth, open attitude and innovative vitality, said He Xiaoqing, president of Kearney Greater China.

    INDUSTRIAL STRENGTH, INNOVATION DRIVE

    Industry experts believe China’s industrial strength and innovation drive have become key factors drawing foreign investment. At the same time, its market solidifies its crucial role in the integrated development of global industries, contributing to economic growth.

    During an earlier business trip to China, Apple’s COO, Jeff Williams, visited the company’s supplier, Goertek, in east China’s Shandong Province and praised its automated manufacturing and artificial intelligence technology on the production lines. Among the company’s top 200 suppliers worldwide, more than 80 percent have factories in China engaging in related businesses.

    China’s ability to integrate industrial chains is almost irreplaceable on a global scale, whether in terms of engineer supply, industrial supporting capabilities, or scale advantages, noted Xing Ziqiang, chief economist at Morgan Stanley China.

    This has attracted more and more foreign investment into the global manufacturing powerhouse and innovation hub, with Toyota committing to a 14.6-billion yuan strategic cooperation agreement in Shanghai, and AstraZeneca signing a landmark agreement to invest 2.5 billion U.S. dollars in a global strategic research and development center in Beijing.

    In Rugao City in east China’s Jiangsu Province, welding robots are busy on the production lines of Swedish truckmaker Scania. “The Scania Rugao Industrial Hub, the most advanced and sustainable in Scania’s world, will add significant capacity to Scania’s global production system, easing previous bottlenecks and benefiting both the Chinese and global markets,” said Ruthger de Vries, president of Scania Industrial Operations Asia.

    INSTITUTIONAL OPENING-UP ACCELERATES

    Translating its opening-up pledge into concrete actions, China’s growing economic openness spanning various sectors has further cemented its position as the world’s second-largest FDI destination.

    While all restrictions on foreign investment in the manufacturing sector were removed in China last year, the country has now extended its opening-up efforts to the service sector. China approved value-added telecommunications business operations of 13 foreign-funded enterprises in Q1, according to the Ministry of Industry and Information Technology (MIIT).

    The number of foreign-invested telecommunications enterprises surged 26.5 percent from a year earlier and topped 2,400 in China at the end of last month. Over 40 foreign-funded biotechnology projects have kicked off, and three new wholly foreign-owned hospitals have been approved for operation by late March, according to the country’s commerce ministry.

    The constant opening-up in China’s service sector has brought new development opportunities to foreign-funded enterprises and injected confidence into deepening the Chinese market, said Jacqueline Jiang, chair of the Chinese mainland at John Swire & Sons. Last month, a subsidiary of the group obtained the first foreign-owned cardiovascular specialty hospital practice license in China.

    In the financial sector, an increasing number of foreign financial institutions have cast a vote of confidence in China by establishing new securities entities and expanding the scope of their existing businesses in recent years, with the latest move by UBS increasing its equity stake in UBS Securities from 67 percent to 100 percent.

    Despite deficits in service trade, China seeks to further open sectors like medical and internet services in a well-conceived way. Pilot opening-up programs in free trade zones and select cities have been accelerated, with wholly foreign-owned hospitals now allowed in certain areas. According to the MIIT, China seeks to remove restrictions on the percentage of foreign capital for service businesses such as app stores and internet access in certain regions.

    “In China, foreign companies can invest here because they find a good business environment, and those investments are also long-term and not only short-term,” said Maximilian Butek, executive director and board member of the German Chamber of Commerce in China, the east China region.

    “We have a strong business commitment here in China,” he added.

    MIL OSI China News

  • MIL-OSI China: World Games’ first-ever torch relay to take place in China’s Sichuan on July 26

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

    BEIJING, April 29 — With the 100-day countdown to the 2025 Chengdu World Games falling on Tuesday, the event’s organizing committee announced that the World Games’ first torch relay will be held in southwest China’s Sichuan Province on July 26.

    The flame collection and launch ceremony will be held at the Sanxingdui Museum, before the flame is relayed in three cities in Sichuan: Chengdu, Deyang and Meishan, organizers said on Tuesday.

    “It will be the first time in the World Games’ history to organize torch relay activities. 120 torchbearers will cover a total distance of 11 kilometers,” said Wang Fengchao, vice president of the Chengdu World Games organizing committee and mayor of Chengdu.

    “The selection of torchbearers runs through March to June, which includes representatives of athletes, coaches, citizens, international friends, as well as grassroots workers such as couriers, ride-hailing drivers and sanitation workers,” Wang added.

    The torch, named “Zhumeng”, or “Dream Chaser”, is the first-ever torch designed for the World Games, and was unveiled on February 27. Wang said, “The relevant facilities of flame collection and torch relay will be ready in early July.”

    As the highest-level international comprehensive Games for non-Olympic sports, the 2025 Chengdu World Games will be held from August 7 to 17, which is also the first world sports event staged in west China after the Chengdu Universiade in 2023.

    MIL OSI China News

  • MIL-OSI Submissions: Appointments – Three Fellows Selected for 2025 Melvin MS Goo Writing Fellowship

    Source: East-West Center

    HONOLULU (Apr. 29, 2025) – The East-West Center is pleased to announce that historian John Delury and journalists Mengyu Dong and Sylvie Zhuanghave been selected as the 2025 recipients of the Melvin MS Goo Writing Fellowship. Supported by a generous endowment from the Melvin MS Goo Memorial Fund, the fellowship awards financial support via the East-West Center Foundation to individuals for projects that enhance understanding between the United States and China. 2025 projects will cover Chinese migration to the US via Central America, technological competition between the two nations, and US-China relations through a Roman Empire lens.

    About the Fellows

    John Delury, visiting professor of political science at John Cabot University in Rome

    An American historian of modern China and East Asian affairs, John Delury has authored two books and contributed numerous essays featured in Foreign Affairs, Foreign Policy, New Statesman, and The New York Times. As a Goo Fellow, Delury is developing a longform feature piece examining US-China relations through the lens of the Roman Empire. Delury is hopeful this piece “can enhance mutual understanding between the peoples of China and the United States at a critical moment in their relationship. Written from the vantage point of Rome, it’s an ambitious essay, and I am grateful for the fellowship’s support to make it possible.”
     
    Mengyu Dong, senior editor for China Digital Times

    Based in Northern California, journalist Mengyu Dong’s reporting on migrant communities has appeared in the BBC, Radio Free Asia, and Initium Media, among others. As part of the Goo Fellowship, Dong is writing a book chronicling the personal stories behind the latest wave of Chinese migration to the United States via Central America, known within the Chinese community as zouxian, or “the walk route.”
     
    Sylvie Zhuang, China desk reporter for South China Morning Post

    A Beijing-based journalist and former research consultant at the World Bank, Sylvie Zhuang reports on Chinese politics and US-China technological rivalry. Through the Goo Fellowship, she will explore how advancements in AI and space exploration impact human society and geopolitical power. Zhuang said she will also be examining tech rivalries “from the perspective of Chinese science fiction, which presents a unique set of philosophies, pointing to the hopes and fears of a shared future.”  

    “These projects mark an exciting and meaningful continuation of the Fellowship’s mission,” said East-West Center Goo Fellowship Coordinator Devon Grandy. “The selection committee was particularly pleased by the breadth of topics and distinctive approaches offered by this year’s cohort. We’re confident that their stories will resonate with audiences in the United States, China, and beyond.”

    “We are very pleased that we were able to award three excellent writing fellowships this year,” said Susan Kreifels, East-West Center Journalism Program Manager. “We believe each unique story will help serve Melvin MS Goo’s legacy of understanding between the people of China and the United States.”

    About the Melvin MS Goo Memorial Fund

    The Melvin MS Goo Memorial Fund was established through a gift of the Melvin MS Goo Revocable Living Trust to memorialize Mr. Goo’s intent for his legacy gift to enhance understanding between the United States and China. Melvin MS Goo was a veteran journalist who led a 34-year career in the United States and Asia prior to his passing in 2016. Born in Macau and graduating high school in Honolulu, Hawaiʻi, Mr. Goo worked for 18 years as a reporter, editor, and editorial writer at The Honolulu Advertiser. In 1977 he was awarded the prestigious Nieman Fellowship at Harvard University. Mr. Goo continued his career in Asia, rising to Chief News Editor at The Nikkei Weekly and later Editor-in-Chief at Taiwan News.
     
    The East-West Center, established by the US Congress in 1960, promotes better relations and understanding among the people and nations of the United States, Asia, and the Pacific through cooperative research, study, and dialogue. The Center is an independent, public, nonprofit organization with funding from the US government, and additional support provided by individuals, foundations, corporations, and governments in the region. The East-West Center Foundation is a private non-profit organization, established in 1982 to broaden and diversify private support for the Center.

    MIL OSI – Submitted News

  • MIL-OSI China: China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

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

    China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

    SHENZHEN, April 29 — China General Nuclear Power Group (CGN) on Tuesday said that the Daya Bay Nuclear Power Plant has generated over 1 trillion kilowatt-hours of grid power, becoming a key contributor to the country’s clean energy supply.

    According to CGN, the cumulative electricity produced by the facility, which comprises six reactors, has prevented the consumption of over 300 million tonnes of standard coal and reduced carbon dioxide emissions by more than 820 million tonnes — equivalent to the environmental benefits of afforesting approximately 2.25 million hectares of land.

    Commissioned in 1994 in South China’s Shenzhen, the Daya Bay Nuclear Power Plant was the first large-scale commercial nuclear power plant on the Chinese mainland. Subsequent expansions of the plant brought the site’s total installed capacity to more than 6 gigawatts, making it one of the largest pressurized water reactor clusters globally.

    “The plant has operated safely for 31 years. We have implemented nearly 200 technical upgrades and over 50 innovations, significantly enhancing the reactors’ nuclear safety, digitalization and reliability,” said He Liuyi, general manager of Daya Bay Nuclear Power Operations and Management Co., Ltd.

    CGN noted that the site is embracing artificial intelligence technologies to accelerate innovation and foster new productivity, integrating AI applications more deeply into nuclear operations.

    China’s total nuclear power generation capacity — including units in operation, under construction or officially approved — ranks first in the world, according to the China Energy Research Society.

    MIL OSI China News

  • MIL-OSI China: China’s Shenzhou-19 spaceship separates from space station combination

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

    JIUQUAN, April 30 — China’s Shenzhou-19 crewed spaceship separated from the space station combination at 4 a.m. (Beijing Time) on Wednesday, and the astronauts aboard — Cai Xuzhe, Song Lingdong and Wang Haoze — started to return to Earth, according to the China Manned Space Agency (CMSA).

    The spaceship is scheduled to return to the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region on Wednesday.

    The CMSA said that prior to the separation, the Shenzhou-19 crew, with the assistance of the ground staff, completed various tasks such as setting the status of the space station combination, processing and transmitting the experimental data, and transferring remaining supplies. The Shenzhou-19 crew also carried out handover work and exchanged in-orbit work experience with the Shenzhou-20 crew.

    The return of the Shenzhou-19 crewed spaceship, originally scheduled for Tuesday, had been postponed due to unfavorable windy weather at the Dongfeng landing site, according to the CMSA.

    The agency added that the meteorological conditions at the Dongfeng landing site meet the mission requirements at present, and all preparations have been made to welcome the crew’s return.

    China launched the Shenzhou-20 crewed spaceship on April 24, sending three astronauts Chen Dong, Chen Zhongrui and Wang Jie to the space station for another six-month mission.

    MIL OSI China News

  • MIL-OSI China: China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

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

    China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

    ADDIS ABABA, April 29 — The China Chamber of Commerce to Africa (CCCA) was officially launched Monday in the Ethiopian capital of Addis Ababa, with the aim of fostering broader Sino-African cooperation and contributing to a closer China-Africa community with a shared future.

    Comprising 15 founding members, the CCCA spans a wide range of sectors, including agriculture, construction, manufacturing, telecommunications, energy, and healthcare. With membership expected to grow across both traditional and emerging industries, the chamber aims to strengthen economic ties and facilitate China-Africa economic cooperation.

    Addressing the launching event, Hu Changchun, head of the Chinese Mission to the African Union (AU), said the newly-launched chamber, under the mission’s guidance, will serve as a bridge to promote shared development between China, Africa, and the broader Global South.

    “The founding of the chamber will create better synergies for China-Africa economic cooperation, and enable our friendship to grow even stronger. I sincerely hope that the chamber will bring more members on board, ride the tide with all stakeholders, and contribute to strengthening economic and trade cooperation between China and Africa,” Hu said.

    According to data from the Chinese Mission to the AU, Chinese companies have long contributed to Africa’s development, building approximately 100,000 km of roads, 10,000 km of railways, 1,000 bridges, and 100 ports, while generating over 1 million jobs across the continent. These efforts have significantly improved logistical connectivity, integration of regional value chains, and people’s livelihoods on the continent.

    Moussa Mohamed Omar, deputy chief of staff of the AU Commission, said the establishment of the CCCA under the China-Africa strategic partnership symbolizes the win-win cooperation built on mutual respect and concrete results.

    Noting that Chinese companies are actively engaged in various development sectors in Africa, including infrastructure, energy, digital infrastructure, and logistics sectors, Omar said Chinese enterprises are significantly contributing to Africa’s development and employment creation.

    Wu Jiuyi, secretary-general of the CCCA and deputy general manager of China Civil Engineering Construction Corporation Ethiopia Branch, said the chamber is rooted in Africa to serve enterprises, foster partnership, and promote shared prosperity.

    “Today’s Africa is a land of boundless opportunities, and China stands as its most steadfast partner. We warmly welcome more outstanding Chinese enterprises to join the chamber and look forward to working with African partners to build consensus, pool strengths, and write a new chapter in China-Africa friendship,” he said.

    MIL OSI China News

  • MIL-OSI USA: Shaheen: Trump’s First 100 Days Marred by Chaos, High Costs and Global Retreat

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) released the following statement marking President Trump’s first 100 days in office:  
    “On the campaign trail, Donald Trump promised to ‘immediately’ bring prices down, starting on day one. One hundred days in, it is painfully obvious—to the Granite Staters I serve, to working families across this country, to manufacturers and small businesses getting crushed by sweeping tariffs, to organizations that facilitate life-changing programs that our communities rely on—that President Trump has done the exact opposite. The President choosing to raise prices on everyday Americans is bad enough, but it’s much more insidious that it’s part of a larger strategy to give the wealthiest among us tax breaks that shortchange our hardworking friends, loved ones and neighbors. And the fact that President Trump is pairing those tax giveaways to the wealthiest while planning sweeping cuts to Medicaid that working families rely on is unconscionable. 
    “The President’s sweeping, indiscriminate tariffs that are driving costs through the roof also have dire national security and defense consequences. The reckless tariffs targeting our trading partners are driving our allies right into China’s arms – and with the integration of our defense supply chains, American manufacturing companies that supply the Pentagon and bolster our military readiness are facing higher prices and uncertainty. It follows an alarming trend of this administration putting America last on the global stage – because when we retreat, our adversaries step up to fill the void. 
    “On many occasions President Trump also promised to bring Russia’s war in Ukraine to an end within ‘24 hours’ of assuming office. One hundred days later, he has not come close. Instead, he’s parroted Putin’s talking points and given away key leverage in negotiations that leaves Ukraine hanging in the balance. The President appears to be much more interested in meaninglessly changing the name of the Gulf of Mexico and flirting with purchasing Greenland than he is in strengthening America’s leadership and influence. He’s opted instead to dismantle our diplomatic infrastructure, treat our allies like our adversaries and undo decades of progress, which has made America less safe, less secure and less prosperous. 
    “Simply put, President Trump’s first 100 days in office have been marred by chaos, incompetence, high costs and global retreat. From Elon Musk—the richest man in the world—slashing programs and jobs he doesn’t know the first thing about, to the Secretary of Defense disclosing sensitive operations on military strikes, to the administration flagrantly ignoring court orders and flouting the rule of law, the American people deserve better than an individual who creates and encourages crises at the expense of our country’s wellbeing. 
    “I remain ready to work with anyone – including my Republican colleagues – to help make meaningful progress on the number of pressing challenges facing New Hampshire, America and the world. Here’s hoping the President soon joins us.” 

    MIL OSI USA News

  • MIL-Evening Report: Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine

    Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago

    GettyImages Getty Images

    Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to think so.

    Starmer thanked New Zealand for its “support” for a “coalition of the willing” that would safeguard the implementation of a potential peace deal concluded by the Trump administration.

    But unless something drastically changes in the near future, all the signs point to the US president envisaging a Ukraine peace settlement on Russian president Vladimir Putin’s terms.

    According to that view, peace can only be achieved if Ukraine is prepared to accept that territories wholly or partially annexed by Russia now belong to Moscow.

    In 2014, Russia seized Crimea on the Black Sea. Following the illegal 2022 invasion, Russia claimed four parts of eastern and southern Ukraine as its own – Donetsk, Luhansk, Kherson and the Zaporizhzhia region.

    At the same time, Trump’s peace deal includes a provision that rules out NATO membership for Ukraine. This meets a key Russian demand that seeks to deny Ukraine’s sovereign right to choose its own security arrangements.

    According to Trump, Putin’s major concession is the promise that Russia will not annex the rest of Ukraine – something Moscow has been trying to do for the past three years.

    To accept this, however, liberal democracies such as New Zealand and Britain would be tacitly signalling they share common values and interests with the Trump administration and its apparent enthusiasm for a geopolitical partnership with Putin’s dictatorship.

    And in some ways, Trump’s Ukraine peace initiative is a bigger challenge for New Zealand than it is for Britain.

    Keir Starmer and Christopher Luxon speak to the media during a visit to a UK military base training Ukrainian troops, April 22.
    Getty Images

    Lessons of the past

    Like Britain, New Zealand fought in two world wars in the 20th century to advance, among other things, certain key international principles. These included state sovereignty and a prohibition on the use of force to change borders, principles subsequently enshrined in the United Nations Charter.

    But unlike Britain, New Zealand is a relatively small state that does not have a veto in the UN Security Council to protect its interests. Consequently, it is even more dependent on an international rules-based order for its security and prosperity.

    For New Zealand, Trump’s current Ukraine peace plan is a clear and present danger because it would set such a terrible precedent.

    Under the 1994 Budapest Memorandum, Ukraine gave up its nuclear weapons (left over from when it was part of the Soviet Union) in return for assurances from Russia, the US and UK that recognised Ukrainian independence and the inviolability of its existing borders.

    The Trump administration’s plan, however, insists Ukraine must accept the illegal and partial dismemberment of its territory to attain peace with Russia.

    Rewarding Russian aggression in this way is tantamount to a failure to learn the historical lessons of the 20th century. In particular, it seems to forget the period during the 1930s when Britain tried in vain to appease an expansionist Nazi regime in Germany.

    Trump’s peace plan basically endorses the idea that “might is right” and that it is fine for great powers or big countries to steal land from smaller countries.

    Adjusting NZ foreign policy

    In Trump’s top-down world view, multilateral institutions and international law are regarded as superfluous at best and an enemy at worst.

    In such a world, relatively small powers such as New Zealand, with “no cards to play” at the top table, must either submit to the dominance of great powers (including the US) or suffer the consequences.

    Moreover, there is a real risk that Trump’s stance toward Putin’s regime will be viewed as weakness by China, Russia’s most important backer. This could embolden Beijing to increasingly assert itself in the Indo-Pacific, including the Pacific Islands region, where New Zealand has core strategic interests.

    Trump’s plan for Ukraine brings into sharp focus what has already been evident from other recent trends: a domestic slide toward autocracy in Washington, the unilateral imposition of tariffs, and territorial threats against close allies Canada and Denmark.

    As European Union Commission President Ursula von der Leyen put it, “The West as we knew it no longer exists.”

    The transactional nature of Trump’s leadership – including that peace in Ukraine can be bought with mineral rights and territorial trade-offs – suggests the US can no longer be relied on to provide a security guarantee for liberal democracies in Europe or elsewhere.

    The current New Zealand government needs to find the self-confidence and resolve to admit Trump is backing Putin’s imperial project in Ukraine. And it needs to adjust its foreign policy accordingly.

    This does not mean Wellington should weaken its traditional friendship with the US.

    On the contrary, many Americans might expect and welcome the prospect of New Zealand clearly and publicly standing against their president’s dangerous alignment with an authoritarian regime at Ukraine’s expense.

    Robert G. Patman 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. Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine – https://theconversation.com/peace-in-our-time-why-nz-should-resist-trumps-one-sided-plan-for-ukraine-255495

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Chinese official calls for enhancing Shanghai’s role as international financial center

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

    Chinese official calls for enhancing Shanghai’s role as international financial center

    SHANGHAI, April 29 — Senior Chinese official He Lifeng on Tuesday called for the comprehensive enhancement of Shanghai’s capabilities as an international financial center.

    He, a member of the Political Bureau of the Communist Party of China Central Committee and director of the office of the Central Financial Commission, made the remarks while attending a symposium on supporting Shanghai to build itself up as an international financial center.

    He emphasized that the city’s functions as a gateway to and hub of financial opening-up should be strengthened continuously under the premise of ensuring financial security, and its status as both a global allocation center for RMB assets and a risk management center should be enhanced.

    Shanghai Municipality should assume its primary responsibility, He said, adding that financial regulatory authorities and financial institutions — especially those in Shanghai — should enhance coordination and cooperation.

    MIL OSI China News

  • MIL-OSI China: Chinese vice premier calls for integrated development of real, digital economies

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

    Chinese Vice Premier Zhang Guoqing, also a member of the Political Bureau of the Communist Party of China Central Committee, addresses the opening ceremony of the eighth Digital China Summit in Fuzhou, southeast China’s Fujian Province, April 29, 2025. [Photo/Xinhua]

    FUZHOU, April 29 — Chinese Vice Premier Zhang Guoqing has called for efforts to promote digital technology innovation and application and drive the deep integration of the real and digital economies.

    Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the call while attending the opening ceremony of the eighth Digital China Summit in Fuzhou, east China’s Fujian Province, and during an inspection tour in the province on Monday and Tuesday.

    The construction of a digital China is an important engine for the advancement of Chinese modernization, Zhang said. He called for enhancing the capacity for independent innovation in the field of digital transformation and strengthening key digital technology research and application.

    Efforts should be made to advance the country’s “AI plus” initiative and expand the space for industrial upgrading and economic growth continuously, Zhang said.

    During his stay in Fujian, Zhang also visited consumer electronics enterprises, encouraging them to explore diversified markets through technological, product and services innovation.

    MIL OSI China News

  • MIL-OSI USA: IAM Union Members Bringing the Fight to Capitol Hill at 2025 Legislative Conference

    Source: US GOIAM Union

    Approximately 400 IAM Union activists have converged on the nation’s capital for the 2025 IAM Legislative Conference, held April 29 through May 1. At a time of growing economic uncertainty, political upheaval, and ongoing attacks on working people, IAM members are making their voices heard in the halls of Congress.

    Delegates from across the United States are using the three-day conference to engage directly with policymakers, pressing them to take action on a wide range of legislative priorities. From protecting collective bargaining rights for federal workers to strengthening retirement and healthcare security, from defending domestic manufacturing to passing the long-stalled Rail Safety Act, and other critical issues, IAM members are making clear demands for a pro-worker agenda.

    The conference officially opened with powerful remarks from IAM International President Brian Bryant, IAM Canadian Territory General Vice President David Chartrand, and IAM National Political and Legislative Director Hasan Solomon. Each leader underscored the urgency of the moment and the stakes for working families across North America.

    IAM International President Brian Bryant opened the conference by welcoming delegates and calling attention to the growing threats facing working people, many of which, he noted, are coming directly from the White House.

    “What happens here in Washington, D.C. – and in every state across the country – affects all of us, every second of every day,” said Bryant. “Elected officials can strengthen – or weaken – our collective bargaining rights, our pay, our healthcare, our retirement, our democracy, and so much more. We’re not fighting for Republican or Democratic issues – we’re fighting for IAM Union issues.”

    “This week is all about fighting for our union and our members, it’s about showing that the power of the people is always more powerful than the people in power, and it’s about taking this country back for working people instead of billionaires,” continued Bryant.

    IAM members will hear from policymakers, union allies in Congress, and policy experts throughout the week. Scheduled speakers will address topics ranging from domestic policy to defending democracy and countering corporate influence in government.

    In his remarks, IAM Canadian Territory General Vice President David Chartrand spoke to the shared economic challenges and responsibilities between the United States and Canada, especially amid increasing tensions with China, as the need for cooperation to preserve national security and economic stability.

    “We need to work together to make sure there’s fairness in the workplace,” said Chartrand.

    IAM National Political and Legislative Director Hasan Solomon also addressed delegates, highlighting the IAM’s growing influence on Capitol Hill and the need for grassroots activism to hold elected officials accountable.

    “We are here to take care of business,” said Solomon. “This week, we are here to hold our elected officials accountable.”

    The IAM Legislative Conference is a vital opportunity for members to engage in the political process, share their personal stories with lawmakers, and shape the future of the labor movement. As economic pressures continue to mount and corporate interests tighten their grip on the political system, IAM delegates are delivering a clear message: the needs of working people must come first.

    As the week continues, IAM members will meet with dozens of House and Senate offices, ensuring that the voices of workers are heard loud and clear.

    Image Gallery

    Share and Follow:

    MIL OSI USA News

  • MIL-OSI USA: King Delivers his Own ‘Declaration of Conscience’ Nearly 75 Years after Former Maine Senator Margaret Chase Smith

    US Senate News:

    Source: United States Senator for Maine Angus King
    To watch the floor speech, click here
    WASHINGTON, D.C.— U.S. Senator Angus King (I-ME) today spoke on the Senate floor to commemorate the 75th anniversary of former U.S. Senator Margaret Chase Smith’s (R-ME) ‘Declaration of Conscience’ speech. The speech, delivered on June 1, 1950, would be the defining moment in which a Republican stood up to her own party in defense of American democracy.
    More specifically, King called on his colleagues in both parties to remember her legacy and “…stop thinking politically as Republicans and Democrats about elections and start thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques-techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
    More on former U.S. Senator Margaret Chase Smith can be found here. The original Declaration of Conscience speech transcript can be found here.
    The full transcript of Senator King’s floor speech from this afternoon is below.
    +++
    Mr. President,
    Almost 75 years ago, the junior Senator from Maine rose in this chamber to deliver a speech from her heart about a crisis then facing our country, a crisis not arising from a foreign adversary but from within.
    A crisis that threatened the values and ideals at the base of the American experiment. Senator Margaret Chase Smith’s ‘Declaration of Conscience’ turned out to be one of the most important speeches of the Twentieth Century and defined her for the ages as a person of extraordinary courage and principle. Here she is with her famous red rose which always wore on her lapel.
    Now, I should admit up front that I worked for the candidate Bill Hathaway who defeated Smith in 1972, but Smith and I made it up years later when I was producing a documentary on her life for Maine PBS. In fact, as we began the project, I was so worried that she might resent my having worked for her opponent, so I sent her a letter confessing my role in her last campaign.
    Her response was pure Margaret Smith:
    “Dear Angus King, it is perfectly alright with me that you once worked for Mr. Hathaway. Yours sincerely, Margaret Chase Smith.”
    Simple as that. In working together on the documentary, she shared some fascinating background on the famous speech, including that she drafted it by hand at her kitchen table in her hometown of Skowhegan, Maine over Memorial Day weekend of 1950.
    After returning to Washington a couple of days later, she steeled her resolve and headed to the Senate floor. As luck would have it, when she got in the trolly from the Russell building, there next to her sat Senator Joe McCarthy who was the subject of the speech.
    “Why are you looking so serious, Margaret?” he asked. “Because I’m on my way to make a speech, Joe, and you’re not going to like it.”
    Smith told me that she was so nervous about the speech and the breach it would make in her relationship with Senator McCarthy—this was the height of the Red Scare of the early fifties, remember—that she told her chief aide, Bill Lewis, who was up in the press gallery, not to hand out the copies of the speech to the press until she started speaking on the floor, because she was afraid she might lose her nerve.
    But she went through with it, and the rest is, quite literally, history.
    Here is how Margaret Chase Smith began that speech—
    “Mr. President, I would like to speak briefly and simply about a serious national condition. It is a national feeling of fear and frustration that could result in national suicide and the end of everything that we Americans hold dear. It is a condition that comes from the lack of effective leadership either in the legislative branch or the executive branch of our government.”
    Remember these are Margaret Chase Smith’s words 75 years ago. She continued,
    “I think that it is high time for the United States Senate and its members to do some real soul searching and to weigh our consciences as to the manner in which we are performing our duty to the people of America and the manner in which we are using or abusing our individual powers and privileges.”
    Later in the speech, here is one of her conclusions,
    “It is high time that we stopped thinking politically as Republicans and Democrats about elections and started thinking patriotically as Americans about national security based on individual freedom.”
    I think that’s very important Mr. President. She said,
    “It is high time that we stopped thinking politically as Republicans and Democrats about elections and started thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques – techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
    Senator Smith’s speech had plenty of criticism of the Democratic Administration of that time, but the real focus of her urgent plea to her colleagues was the actions of Senator Joseph McCarthy (whom she never mentioned by name) who had embarked upon an anti-communist crusade in a manner that threatened the principles of free speech and the rule of law embedded in our values as a nation—and in our Constitution. In other words it wasn’t McCarthy’s anti-communism she objected to, it was the manner in which he carried it out.
    Mr. President, I fear that we are at a similar moment in history. And while today’s ‘serious national condition’ is not involving the actions of one of our colleagues, it is involving those of the President of the United States.
    Echoing Senator Smith, today’s crisis should not be viewed as a partisan issue; this is not about Democrats or Republicans, or immigration or tax policy, or even the next set of elections; today’s crisis threatens the idea of America and the system of government that has sustained us for more than two centuries.
    Again, this is not about the President’s agenda (although yes, I disagree with most of it), it’s about the manner in which he is pursuing it—which includes ignoring the Constitution and the rule of law—and it’s this roughshod non-process that endangers all of us, his detractors and supporters alike.
    What’s at stake is simple and, in fact, was the driving force behind the basic design of our Constitution—the grave danger to any society is the concentration of power in one set of hands. 
    The paradox at the heart of the structure of any democratic government is that power is given to the government to protect and serve the people, but at the same time the people must be protected from that same power being used against them. Madison put it clearly in the 51st Federalist:
    “But what is government itself, but the greatest of all reflections on human nature? If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controls on government would be necessary. In framing a government which is to be administered by men over men, the great difficulty lies in this: you must first enable the government to control the governed; and in the next place oblige it to control itself. A dependence on the people is, no doubt, the primary control on the government; but experience has taught mankind the necessity of auxiliary precautions.”
    Precautions that go beyond regular elections. And the most important of those “auxiliary precautions” is the explicit separation of powers between the executive and the legislature, at the heart of our Constitution better known as checks and balances. My fear is this phrase has become such a cliche that we don’t recognize it as the fundamental premise of our Constitutional system.
    There’s nothing new about the recognition of the danger of concentrated power; the ancient Romans summed it up with a question: “Quis custodiet, ipsos custodes?” or “Who will guard the guardians?”
    Another way to put this is a universal principle of human nature, “All power corrupts, and absolute power corrupts absolutely.”
    It’s important to emphasize that the danger I am describing isn’t based upon institutional jealousy, a loss of the prerogatives of the Senate, or the politics of Democrats and Republicans; it’s about the violation of the very deliberate division of power between the legislature and the executive which as I said is the heart of the Constitution. It’s there for a reason to see that power is not concentrated in one set of hands. It is the most important bulwark between our citizens and—let’s call it what it is—tyranny.
    Again, Madison warned us in no uncertain terms, this time in the 47th Federalist:
    “The accumulation of all powers, legislative, executive, and judiciary, in the same hands . . . may justly be pronounced the very definition of tyranny.” Madison’s word, “Tyranny.” And later in the same essay, “There can be no liberty where the legislative and executive powers are united in the same person.” 
    “There can be no liberty where the legislative and executive powers are united in the same person.”
    And yet, this “accumulation of all powers” is exactly what is happening today, before our very eyes. Although many in this body unfortunately seem determined to ignore it, deliberately ignore it, the evidence is everywhere: from the elimination of Congressionally-established agencies to the withholding of appropriated funds (an appropriations bill is a law, by the way. It is not a suggestion to the executive about where he or she should spend money, but a law) to issuing executive orders purporting to be law in place of legislation to sidestepping if not ignoring court orders:
    This President is engaged in the most direct assault on the Constitution in our history, and we in this body, at least thus far, are inert—and therefore complicit.
    It’s worth pausing for a moment to look at the terms of Article II which outlines the powers and responsibilities of the President. At the outset, it must be remembered that the Declaration of Independence was directed specifically at the depredations of the British King, and later, that the Framers had recently come through a brutal eight-year war against that same king. It is clear that a monarchy was exactly what the Framers were trying to avoid in the structure of the new government and it explains the limited powers granted to the President in Article II.
    So, let’s look at Article II. In light of this anti-monarchical intent, Article II only gives the President one-and-half unilateral powers—the power to issue pardons and the role of Commander-in-Chief of the Armed Forces in wartime, but even this latter is constrained by the reservation to the Congress of the power to declare war.
    With these two exceptions, all the other powers granted to the President—appointment of judges and federal officials, making treaties with other countries, vetoing legislation—are all bounded in some respect by the requirement of Congressional assent. I want to repeat, Article II is not a broad grant of authority to the president, it is anything but. It’s a restriction on the powers of the president.
    And here is the most important phrase in Article II. The principal responsibility of the President, however, is spelled out explicitly in Article II—the chief executive “shall take care that the laws be faithfully executed.”
    It doesn’t say that only the laws he agrees with, or that he has any power whatsoever to make laws; his job is simply to execute the laws passed by Congress, without exception—a responsibility this President is spectacularly failing to meet. To take care that the laws be faithfully executed.
    And while this is the most serious breach of our Constitutional order, the Administration has also taken a series of apparently unconnected actions, which, taken together, spell out our rapid path toward one-man rule, or tyranny as Madison would say.
    In the style of the Declaration of Independence, here’s a partial list, only where the Declaration says “he” it’s referring to the King as the King of England; “he” as used in my list, however, refers to the President:
    He has enabled the random firing of personnel throughout the government without regard to the importance of the job or the qualifications of the individual, which has severely compromised the ability of the affected agencies to carry out the purposes Congress intended, the very antithesis of faithfully executing the laws; the very antithesis of faithfully executing the laws.
    He has enabled the dismemberment of agencies providing essential services to the American people, most particularly in the Social Security and Veterans Administrations, by people who literally don’t know what they are doing, again in violation of his responsibility to faithfully execute the laws creating those agencies and programs;
    He has systematically, early in the Administration, fired independent Inspectors General throughout the government—whose job it is to find fraud, corruption and malfeasance in agency programs—in clear violation of federal law and apparent intent to govern without constraints;
    He has used the power of the government to threaten, intimidate, and extort private law firms for the supposed offense of representing clients he doesn’t like, an exercise of governmental power nowhere found in the Constitution, and a clear violation of the very structure of our legal system;
    He has used the power of the government to threaten and intimidate former government officials based upon actions and statements with which he disagrees, thereby sending the message throughout the government that pleasing the President is more important than telling the truth. Again, he has no such power under the Constitution, and the result of this abuse of his office is the opposite of faithfully executing the laws;
    He has openly threatened media platforms—particularly television networks—with license revocation or other punishment for airing content he doesn’t like, in clear violation of the First Amendment, one of the fundamental bulwarks of our freedoms. For a president of the United States to threaten a media firm with revocation of their license or other forms of punishment for content he doesn’t like, that’s the antithesis of the First Amendment. The compromise of the free press has been a sign of incipient despotism throughout history—right up to the present day;
    He has used the power of the government (including the impoundment of Congressionally appropriated funds and threatening tax-exempt status) to threaten and intimidate private universities in order to force them to adopt policies to his liking, again, a power found nowhere in the Constitution, nowhere in Article II;
    He has enabled a national program of arrest and deportation of individuals in this country with no due process whatsoever, and even when it is admitted that at least one such individual was sent to a foreign prison by mistake, he has refused to make any effort to return that person to his home despite court orders—including an unanimous order of the United States Supreme Court—that he do so; this entire process is a violation of the Fifth, Sixth, Eighth, and Fourteenth Amendments and certainly isn’t consistent with his obligation to faithfully execute the laws.
    He has openly suggested the possibility of sending U.S. citizens to a foreign prison for undefined crimes, thereby placing them outside the reach of our criminal justice system, including the Constitutionally guaranteed right to counsel;
    He has abused the limited powers delegated to him by Congress in connection with tariffs and trade by declaring emergencies where none exist and single-handedly plunging our economy into chaos and risk of inflation, unemployment, and possible recession—a perfect example of the dangers of one-man rule. The Constitution specifically delegates to the congress in Article I, Section VII, Clause III, the power over trade and commerce among Nations. Congress delegated that power to the president under certain limited circumstances, that of an emergency, not that a president can define an emergency however he wants. I live in Maine. We are on the border of Canada. There is no emergency that justifies the imposition of tariffs with Canada. If he wants to propose a tariff against Canada, Britain, or any other country, he should come here because that’s our responsibility. We should debate it and chances are we would come up with a more rational solution than the one the made several weeks ago;
    He has attempted to cut off funds to a single state—my own—because he took personal umbrage at our Governor’s refusal to bend to his policy preference which was inconsistent with the law of our state. Our Governor’s position was not on the issue of trans-athletes, it was on the issue of state and local control. The basic bedrock of our representative form of government.
    Tellingly, during that exchange, he said, “We are the law,” a statement more suitable to a king and one which is wholly inconsistent with our form of government. By the way, Mr. President, an Executive Order is not law despite what the President seems to think. This “We are the Law” comment is a clear statement of an intent to govern as a sovereign without regard to the Constitution or the rule of law;
    In a field that I have some special knowledge of, he has compromised national security by dismantling those agencies charged with defending our nation against the clear and present danger of cyber-attacks and firing many of those individuals—with no stated cause—who are best suited to mount such a defense;
    He has further compromised national security by alienating our allies with his unlawful and indiscriminate imposition of tariffs which has severely undermined confidence in our country, again acting far in excess of the limited power over trade delegated by Congress. Mr. President, I have served for the past 12 years on Intelligence and Armed Services, and I have come to realize that our asymmetric advantage in the world is allies. China has customers, we have allies. To alienate our allies, without good reason, with no emergency, with no consultation with congress, with no consultation with the Foreign Affairs committee, with no consultation with anybody as far as I can tell, is a serious compromise of our national security, both in terms of our intelligence capabilities, but also who will come our aid in a time of trouble
    Mr. President, this is not a complete list, but it does present a disturbing and dangerous pattern—that this President is attempting to govern as a monarch, unbound by law or Constitutional restraint, not as a President subject to the constraints of the Constitution and the rule of law.
    Again, this not about his policies—whether they be mass deportations or trans athletes, trade and tariffs, or the appropriate levels of staffing in the federal government—no, the issue before us—and we can no longer avoid it—is the manner in which he is pursuing those policies which violates both the spirit and the express terms of our founding document.
    And again, this is not about observing the boundaries prescribed by the Constitution just to check the appropriate boxes; this is about observing those boundaries to protect ourselves and our people from the abuse that inevitably—inevitably—flows from the unbridled concentration of power.
    To those who like the policies of the President and are therefore willing to ignore the unconstitutional means of effectuating them, I (and history) can only say, watch out:
    Today, the target may be the undocumented or federal workers, but tomorrow (perhaps under a different King-President), it could be you.
    Once this power is concentrated into one set of hands, it’s going to be very difficult to get it back and it can turn that power against anybody who displeases the monarch. So what can we do? What are the guardrails and how can we buttress and support them?
    The first guardrail is the Congress itself, the part of our government actually empowered to define policy, appropriate funds, and oversee the actions of the executive. But unfortunately, the majority in Congress has thus far wholly abdicated these fundamental responsibilities and, thus far, has shown little inclination to even recognize the danger, let alone take action to confront it.
    We could reclaim our power, however, by pulling back the trade authority (there’s a bill to do that), instituting vigorous oversight of the activities of DOGE to determine to what extent their actions compromise congressional intent, or holding the President’s nominees and his prized tax bill until he ceases his attempts to make policy unilaterally, including impounding congressionally authorized and appropriated funds. 
    You know, do our job.
    The second guardrail is the courts which are generally holding up their end of the Constitutional bargain, but they read the press just as we do and need to know that we are ready to reassume our powers and responsibilities. As easy as it may be for us to rely entirely on the courts to save us, that’s a cop-out; reclaiming power must be a joint project.
    The final guardrail is the people, who more and more are speaking up—in rallies, in correspondence with us, in town meetings, and in conversations at the grocery store.
    But their only real power, the midterm elections, don’t happen for 19 months, and in the meantime, the burden falls back to us.
    I don’t think we have 19 months; given what’s happened in the first 100 days, we need to act now, before the awesome power of the United States’ government is consolidated into one set of hands. When that happens, there may be no going back. 
    No, we can’t escape the responsibility of our oath. Each of us swore, swore mind you, to “support and defend the Constitution of the United States against all enemies, foreign and domestic;” [and that we would] “bear true faith and allegiance to the same.” The same being the Constitution.
    Clearly, the Framers knew there might someday be “domestic” enemies of the Constitution and made it our sacred obligation to defend the Constitution from them.
    (I should mention that Joe McCarthy primaried Senator Smith a few years after her speech as punishment to standing up to him, but to no avail, she cruched her opposition and won going away).
    So, with thanks to Margaret Chase Smith for her example and inspiration, this is my ‘Declaration of Conscience.’ I don’t relish this moment, but feel I have no choice but call out the clear implications—and dangers—of what is happening.
    What is happening day by day before our eyes; to do otherwise, to keep silent, would be to compromise what I have believed about our country since my first civics class in high school and, at about the same time, when I watched my dad risk his career to fight for justice and the rule of law. 
    And so, here I stand.
    Abraham Lincoln came to the Congress in the midst of the Civil War—at a time when our forebears—like us—were reluctant to face the responsibilities that had been thrust upon them. At that critical moment, this is what Abraham Lincoln said:
    “Fellow citizens, we cannot escape history. We of this Congress and this Administration will be remembered in spite of ourselves. No personal significance or insignificance can spare one or another of us. The fiery trial through which we pass will light us down in honor or dishonor to the latest generation. The fiery trial through which we pass will light us down in honor or dishonor to the latest generation.”
    Mr. President, I deeply hope that in the midst of our fiery trial, we will choose honor—and the Constitution.

    MIL OSI USA News

  • MIL-OSI USA: Europe Subcommittee Chairman Self Delivers Opening Remarks at Hearing on Future of Cyber Diplomacy

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Europe Subcommittee Chairman Keith Self delivered opening remarks at a full committee hearing titled, “Shaping the Future of Cyber Diplomacy: Review for State Department Reauthorization.”

    Watch Here

    -Remarks- 

    Today the subcommittee will be exploring the role of the State Department in cyber and technology matters, and how such policies might align with U.S. national security interests and foreign policy objectives. In particular, we will be examining the work of the Bureau of Cyberspace and Digital Policy, or CDP. Across the globe, malicious cyber attacks are conducted by state and non-state actors against the United States and its allies, including from the People’s Republic of China.

    From cyber criminals scamming individuals out of their savings to large-scale state-sponsored attacks from America’s adversaries, U.S. government entities and citizens are increasingly under siege. For years, PRC-supported hackers have buried deep into critical infrastructure, including water, transportation networks, and energy systems.

    According to the 2025 Annual Worldwide Threats Assessment of the U.S. Intelligence Community, the PRC remains the most active and persistent cyber threat to U.S. government, private sector, and critical infrastructure networks. Beijing’s campaign to preposition access on critical infrastructure for attacks during crisis or conflict—tracked publicly as Volt Typhoon—or its more recently identified compromise of U.S. telecommunications infrastructure, also referred to as Salt Typhoon, demonstrates the growing breadth and depth of the PRC’s capability to compromise U.S. infrastructure.

    Russia also poses a significant cyber threat, with its efforts to compromise sensitive targets for intelligence collection and to preposition access to U.S. critical infrastructure. In addition to Beijing and Moscow, Tehran has demonstrated an increasing willingness to carry out aggressive cyber operations targeting the security of U.S. networks and data. Furthermore, Pyongyang’s cyber program presents a highly capable and maturing threat, including an approach to launder and cash out cryptocurrency from the United States and other victims to fund its nefarious activities.

    As cyber becomes a growing battlefield for criminal networks and malign actors, the State Department must be ready to meet the challenge. The U.S. is not facing these real and growing threats alone. Through cooperation with our allies and partners, the U.S. will continue to work to combat malign cyber activities from the PRC, Iran, North Korea, and Russia.

    Since the recent establishment of CDP, it’s played a role in the U.S. response to a major ransomware campaign in Costa Rica that disrupted critical services. In particular, CDP, alongside other federal partners, worked to strengthen Costa Rica’s cyber defenses against attacks from malicious actors threatening the security of both our countries. It has also worked to identify strategic opportunities to leverage partner resources to further U.S. strategic objectives through subsea cable projects in the Pacific Islands. Such efforts ensured that the Pacific Islands rely on trusted, primarily American businesses for their internet connectivity while also countering the PRC’s influence in the strategically important region.

    The Department of State agreement on a cybercrime UN treaty that conflicted with CDP policy lead and recommendations begs the question of the actual authority wielded by CDP. This hearing should lead us toward conclusions on how to improve CDP efficiency and effectiveness in this vital area of national interest and security. As we move through this reauthorization process, the experience and insights from today’s witnesses will help inform this subcommittee on the State Department’s cyber diplomacy role in addressing these increasingly important challenges.

    ###

    MIL OSI USA News

  • MIL-OSI: Silicon Motion Announces Results for the Period Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • First quarter of 2025 sales decreased 13% Q/Q and decreased 12% Y/Y
      • SSD controller sales: 1Q of 2025 decreased 10% to 15% Q/Q and decreased 20% to 25% Y/Y
      • eMMC+UFS controller sales: 1Q of 2025 decreased 15% to 20% Q/Q and decreased 0% to 5% Y/Y
      • SSD solutions sales: 1Q of 2025 decreased 20% to 25% Q/Q and decreased 35% to 40% Y/Y
    • Announced new $50 million share repurchase program

    Financial Highlights

      1Q 2025 GAAP 1Q 2025 Non-GAAP*
     • Net sales $166.5 million (-13% Q/Q, -12% Y/Y) $166.5 million (-13% Q/Q, -12% Y/Y)
     • Gross margin 47.1% 47.1%
     • Operating margin 5.9% 8.9%
     • Earnings per diluted ADS $0.58 $0.60

    * Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

    TAIPEI, Taiwan and MILPITAS, Calif., April 30, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended March 31, 2025. For the first quarter of 2025, net sales (GAAP) decreased sequentially to $166.5 million from $191.2 million in the fourth quarter of 2024. Net income (GAAP) decreased to $19.5 million, or $0.58 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $21.6 million, or $0.64 per diluted ADS (GAAP), in the fourth quarter of 2024.

    For the first quarter of 2025, net income (non-GAAP) decreased to $20.3 million, or $0.60 per diluted ADS (non-GAAP), from net income (non-GAAP) of $29.4 million, or $0.87 per diluted ADS (non-GAAP), in the fourth quarter of 2024.

    All financial numbers are in U.S. dollars unless otherwise noted.

    First Quarter of 2025 Review

    “Despite the challenging macro environment in the first quarter of 2025, we executed our plan and delivered quarterly revenue at the high end of our guided range and delivered another quarter of gross margin expansion,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe Gen 5 controller experienced stronger than expected demand during the quarter, partially driven by growing AI inference demands from white box server makers leveraging more mainstream hardware components. Our eMMC and UFS controllers also experienced better than expected demand given a rebound in the smartphone market and our ongoing market share gains. While the near-term remains challenging given the broader economic challenges associated with tariffs and potential trade wars, we remain focused on delivering strong, sustainable long-term growth through product diversification; expanding into new markets; and growing market share across our portfolio of consumer, enterprise, automotive, industrial and storage solutions.”

    Key Financial Results

    ($ in millions, except per ADS amounts) GAAP Non-GAAP
    1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024
    Revenue $166.5 $191.2 $189.3 $166.5 $191.2 $189.3
    Gross profit $78.4 $87.6 $85.1 $78.4 $87.9 $85.2
    Percent of revenue 47.1% 45.8% 45.0% 47.1% 46.0% 45.0%
    Operating expenses $68.6 $69.9 $67.2 $63.6 $58.3 $62.5
    Operating profit $9.8 $17.7 $18.0 $14.9 $29.6 $22.6
    Percent of revenue 5.9% 9.3% 9.5% 8.9% 15.5% 12.0%
    Earnings per diluted ADS $0.58 $0.64 $0.48 $0.60 $0.87 $0.64


    Other Financial Information

    ($ in millions) 1Q 2025 4Q 2024 1Q 2024
    Cash, cash equivalents, and restricted cash—end of period $331.7 $334.3 $349.3
    Routine capital expenditures $7.0 $7.3 $5.0
    Dividend payments $17.0 $16.8 $16.8
    Share repurchases $24.3

    During the first quarter of 2025, we had $11.7 million of capital expenditures, including $7.0 million for the routine purchases of testing equipment, software, design tools and other items, and $4.7 million for building construction in Hsinchu, Taiwan.

    Returning Value to Shareholders

    On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to $50 million of our ADSs over a six-month period. In the first quarter of 2025, we repurchased $24.3 million of our ADSs at an average price of $56.96 per ADS.

    Business Outlook

    “We are rapidly expanding our market opportunities as we invest in new products and enter new markets, which we anticipate will drive improved revenue and profitability for many years to come. In 2025, we expect to benefit from the introduction of several new products, including our 8-channel PCIE Gen 5 controller, our 4-channel PCIe Gen 5 controller targeting the mass market that will be introduced in late 2025, our higher-end UFS 4.1 and new low-cost UFS 2.2 controllers that will ramp in the second half of 2025. We introduced our first MonTitan enterprise/AI-class products at the end of 2024, and we expect these to ramp-up production with our first customers in the second half of 2025. Additionally, we continue to expand our automotive product portfolio and our market share across multiple applications. While the near-term environment remains challenging given the macro environment, including the potential impact of tariffs and potential trade wars, we continue to believe we will see a strong rebound in the consumer markets in the second half of 2025, enhanced by our new product introductions, and we continue to target a revenue run rate of $1 billion as we exit the year.”

    For the second quarter of 2025, management expects:

    ($ in millions, except percentages) GAAP Non-GAAP Adjustment Non-GAAP
    Revenue $175 to $183
    +5% to 10% Q/Q
    $175 to $183
    +5% to 10% Q/Q
    Gross margin 47.0% to 48.0% Approximately $0.1* 47.0% to 48.0%
    Operating margin 6.6% to 9.2% Approximately $3.1 to $4.1** 8.9% to 10.9%

    * Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
    ** Projected operating margin (non-GAAP) excludes $3.1million to $4.1 million of stock-based compensation and dispute related expenses.

    Conference Call & Webcast:

    The Company’s management team will conduct a conference call at 8:00 am Eastern Time on April 30, 2025.

    Conference Call Details
    Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI5c69a4c2d96041b59a2bf8a51cec1881

    A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

    Discussion of Non-GAAP Financial Measures

    To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

    Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

    • the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
    • the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
    • a better understanding of how management plans and measures the Company’s underlying business; and
    • an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

    The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

    Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

    Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments. 

    Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

    Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

    Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

    Silicon Motion Technology Corporation
    Consolidated Statements of Income
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Net Sales 189,311   191,160   166,492
    Cost of sales 104,191   103,560   88,125
    Gross profit 85,120   87,600   78,367
    Operating expenses          
    Research & development 54,392   54,156   55,026
    Sales & marketing 6,304   7,360   7,115
    General & administrative 6,474   8,350   6,460
    Operating income 17,950   17,734   9,766
    Non-operating income (expense)          
    Interest income, net 3,066   3,768   2,929
    Foreign exchange gain, net 588   1,046   373
    Realized/Unrealized gain(loss) on investments (1,608)   956   3,296
    Subtotal 2,046   5,770   6,598
    Income before income tax 19,996   23,504   16,364
    Income tax expense (benefit) 3,980   1,935   (3,099)
    Net income 16,016   21,569   19,463
               
    Earnings per basic ADS 0.48   0.64   0.58
    Earnings per diluted ADS 0.48   0.64   0.58
               
    Margin Analysis:          
    Gross margin 45.0%   45.8%   47.1%
    Operating margin 9.5%   9.3%   5.9%
    Net margin 8.5%   11.3%   11.7%
               
    Additional Data:          
    Weighted avg. ADS equivalents 33,508   33,690   33,634
    Diluted ADS equivalents 33,701   33,814   33,827
               

        

    Silicon Motion Technology Corporation
    Reconciliation of GAAP to Non-GAAP Operating Results
    (in thousands, except percentages and per ADS data, unaudited)
       
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
    2024   2024   2025
    ($)   ($)   ($)
    Gross profit (GAAP) 85,120   87,600   78,367
    Gross margin (GAAP) 45.0%   45.8%   47.1%
    Stock-based compensation (A) 72   162   73
    Restructuring charges   164  
    Gross profit (non-GAAP) 85,192   87,926   78,440
    Gross margin (non-GAAP) 45.0%   46.0%   47.1%
               
    Operating expenses (GAAP) 67,170   69,866   68,601
    Stock-based compensation (A) (3,093)   (9,585)   (4,738)
    Dispute related expenses (1,532)   (1,999)   (277)
    Operating expenses (non-GAAP) 62,545   58,282   63,586
               
    Operating profit (GAAP) 17,950   17,734   9,766
    Operating margin (GAAP) 9.5%   9.3%   5.9%
    Total adjustments to operating profit 4,697   11,910   5,088
    Operating profit (non-GAAP) 22,647   29,644   14,854
    Operating margin (non-GAAP) 12.0%   15.5%   8.9%
               
    Non-operating income (expense) (GAAP) 2,046   5,770   6,598
    Foreign exchange loss (gain), net (588)   (1,046)   (373)
    Realized/Unrealized loss (gain) on investments 1,608   (956)   (3,296)
    Non-operating income (expense) (non-GAAP) 3,066   3,768   2,929
               
    Net income (GAAP) 16,016   21,569   19,463
    Total pre-tax impact of non-GAAP adjustments 5,717   9,908   1,419
    Income tax impact of non-GAAP adjustments (147)   (2,049)   (610)
    Net income (non-GAAP) 21,586   29,428   20,272
               
    Earnings per diluted ADS (GAAP) $0.48   $0.64   $0.58
    Earnings per diluted ADS (non-GAAP) $0.64   $0.87   $0.60
               
    Shares used in computing earnings per diluted ADS (GAAP) 33,701   33,814   33,827
    Non-GAAP adjustments 26   181   20
    Shares used in computing earnings per diluted ADS (non-GAAP) 33,727   33,995   33,847
               
    (A)Excludes stock-based compensation as follows:          
    Cost of sales 72   162   73
    Research & development 2,143   6,670   3,003
    Sales & marketing 347   978   862
    General & administrative 603   1,937   873
               
    Silicon Motion Technology Corporation
    Consolidated Balance Sheet
    (In thousands, unaudited)
               
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Cash and cash equivalents 294,814   276,068   275,140
    Accounts receivable (net) 186,154   233,744   206,693
    Inventories 253,316   199,229   180,903
    Refundable deposits – current 49,610   54,645   53,015
    Prepaid expenses and other current assets 17,944   31,187   32,102
    Total current assets 801,838   794,873   747,853
    Long-term investments 15,489   17,326   20,636
    Property and equipment (net) 174,420   188,398   193,603
    Other assets 32,529   30,739   29,310
    Total assets 1,024,276   1,031,336   991,402
               
    Accounts payable 64,810   17,773   23,048
    Income tax payable 10,702   13,107   14,782
    Accrued expenses and other current liabilities 135,425   168,624   130,277
    Total current liabilities 210,937   199,504   168,107
    Other liabilities 59,883   59,548   50,968
    Total liabilities 270,820   259,052   219,075
    Shareholders’ equity 753,456   772,284   772,327
    Total liabilities & shareholders’ equity 1,024,276   1,031,336   991,402
               
    Silicon Motion Technology Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
       
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Net income 16,016   21,569   19,463
    Depreciation & amortization 5,608   7,256   7,225
    Stock-based compensation 3,165   9,747   4,811
    Investment losses (gain) & disposals 1,608   (956)   (3,309)
    Changes in operating assets and liabilities (18,586)   (43,774)   22,082
    Net cash provided by (used in) operating activities 7,811   (6,158)   50,272
               
    Purchase of property & equipment (10,749)   (10,836)   (11,661)
    Proceeds from disposal of properties   3   13
    Purchase of long-term investments   (4,173)  
    Disposal of long-term investments   4,432  
    Net cash provided by (used in) investing activities (10,749)   (10,574)   (11,648)
               
    Dividend payments (16,808)   (16,814)   (16,956)
    Share repurchases     (24,291)
    Net cash used in financing activities (16,808)   (16,814)   (41,247)
               
    Net increase (decrease) in cash, cash equivalents & restricted cash (19,746)   (33,546)   (2,623)
    Effect of foreign exchange changes 35   (717)   37
    Cash, cash equivalents & restricted cash—beginning of period 368,990   368,596   334,333
    Cash, cash equivalents & restricted cash—end of period 349,279   334,333   331,747
               

    About Silicon Motion:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:
    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network

  • MIL-OSI Economics: US VC funding surges by more than 50% YoY to $37.6 billion in Q1 2025, finds GlobalData

    Source: GlobalData

    US VC funding surges by more than 50% YoY to $37.6 billion in Q1 2025, finds GlobalData

    Posted in Business Fundamentals

    The US venture capital (VC) landscape reflected a complex interplay of declining deal volume and rising deal value in the first quarter (Q1) of 2025, signaling a strategic pivot among investors towards high-quality opportunities. In Q1 2025, the US recorded a modest decrease of around 3.5% year-on-year (Y-o-Y) in VC deal volume. However, this decline in deal volume contrasts sharply with the substantial growth in deal value, which surged by more than 50% to $37.6 billion, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This divergence suggests a strategic shift among investors, who appear to be concentrating their resources on fewer, but more promising, ventures. The trend indicates a scenario, where quality is prioritized over quantity, reflecting a more discerning investment approach.”

    Globally, VC funding has experienced a notable contraction in terms of volume during Q1 2025, with the total number of VC deals decreasing by about 8% Y-o-Y. Meanwhile, the US showed relative resilience compared to its counterparts, many of which registered double-digit declines. For instance, China and the UK saw respective VC deal volumes fall by around 18% and 13% during Q1 2025 compared to Q1 2024.

    Meanwhile, China also saw its VC deal value plummet by over 50%, whereas the US not only showcased growth but also expanded its share significantly, highlighting the stark contrast in market dynamics between some of the leading economies.

    An analysis of GlobalData’s Deals Database revealed that the US’ share of the global VC funding value increased from 43% in Q1 2024 to 58% in Q1 2025. Meanwhile, the US also accounted for an approximately 30% share of the total number of VC deals announced globally in Q1 2025.

    Bose concludes: “The US continues to assert its dominance in the global VC funding landscape. The market’s ability to attract substantial capital positions it as a resilient hub for venture capital, capable of weathering economic uncertainties while continuing to foster innovation. Investors and startups alike will be keenly watching how these trends unfold in the coming quarters, as the market adapts to new challenges and opportunities.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics

  • MIL-OSI Canada: More campsites, new facilities opening at China Beach

    Source: Government of Canada regional news

    People visiting Juan de Fuca Park can soon enjoy more campsites, and new accessible washrooms and showers at China Beach Campground.

    “For so many people, camping is a way to connect with family and friends, and spend time together in nature,” said Tamara Davidson, Minister of Environment and Parks. “That’s why we’re building more capacity with new, accessible campsites on Vancouver Island as more people choose to vacation within Canada and support our economy.”

    Thirteen new campsites have been added to the popular campground, bringing the total number of campsites to 125. Eight of the new campsites are drive-in tent sites; the remaining five sites are walk-in. Two accessible-shower and flush-toilet buildings are also part of the project, which incorporates universal design standards where possible.

    BC Parks has carried out the expansion project for China Beach campground in collaboration with the Pacheedaht First Nation, on whose territory Juan de Fuca Park is located.

    The campground is scheduled to open May 15. Reservations for the new sites open May 1 for arrivals between May 15 and Sept. 1, 2025. After that, reservations will be available on a four-month rolling window.

    In addition to the 13 new sites, 33 campsites (22 drive-in and 11-walk in) were added to the campground in spring 2024 as part of the $2.3-million expansion. Upgrades will also be made in fall 2025 to the nearby day-use parking area at China Beach to better accommodate the increasing number of visitors. The new parking area will have approximately 45 new stalls, a dedicated space for RVs and a turnaround area for large vehicles. A service centre with a pit toilet, bike racks and an information shelter is also part of the project.

    “I’m pleased that BC Parks is delivering opportunities for more people to enjoy the natural environment at our doorstep by providing additional campsites and parking expansions at China Beach campground and day-use area,” said Dana Lajeunesse, MLA for Juan de Fuca-Malahat. “I was fortunate to have spent my childhood here and I have many fond memories of all the spectacular beaches in the area. BC Parks are more popular than ever, and I’m happy to see more opportunities for families and friends to enjoy more of what B.C. has to offer.”

    The China Beach Campground and day-use parking-lot expansion is part of a five-year, $21.5-million investment to increase and improve opportunities for outdoor recreation throughout British Columbia. Upgrades include new campsites and trails, improvements to existing facilities and accessibility improvements.

    Quick Facts:

    • Juan de Fuca Park encompasses 1,528 hectares on Vancouver Island’s rugged southwest coast.
    • The park includes campgrounds, day-use areas, beaches, and the popular 47-kilometre Juan de Fuca Marine Trail, which will remain closed for the summer while undergoing repairs.
    • A phased reopening is expected for sections of the Juan de Fuca Marine Trail and backcountry campsites as repairs are completed.
    • Since 2017, more than 2,000 campsites have been added to BC Parks and recreation sites.
    • Of the 10,700 campsites BC Parks manages, approximately half are available on a first-come, first-served basis.

    Learn More:

    To reserve the new campsites, visit https://camping.bcparks.ca or call 1 800 689-9025

    For more information about Juan de Fuca Park, visit https://bcparks.ca/juan-de-fuca-park/

    For information about BC Parks, visit: https://bcparks.ca/

    MIL OSI Canada News

  • MIL-OSI USA: 100 Days, 100 Stories

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

    WASHINGTON — Today, Speaker Johnson released a list of 100 American citizens who have felt the benefits from President Trump’s historic first 100 days in office. Speaker Johnson highlighted citizens who were unjustly detained abroad, business owners who will benefit from new apprenticeship opportunities, and families devastated by previous open borders policies, among many others. 

    Click here to read the full list

    “President Donald J. Trump entered the White House with the most decisive mandate in modern history. In just 100 days, he’s done more for America than Joe Biden managed in four years,” Speaker Johnson said. “The American people can feel the tangible impact of President Trump’s swift and decisive action. From coast to coast, North to South, the American First agenda is helping Americans from across our great country.

    “Republicans in Congress are proud to stand with the President as he secures our border, restores accountability in government, fights for common sense, and defends the liberty and prosperity of generations of Americans to come,” Speaker Johnson continued. “Today, as we mark 100 historic days, we celebrate the many ways President Trump has delivered for the American people.”

    Since his inauguration on January 20th, President Trump has taken bold action to secure the border, drive down inflation, restore American strength on the world stage, clean up our communities, secure trillions of dollars in new investments and jobs, and return common sense to Washington. These 100 American stories illustrate that.  

    Read 20 stories below, and the full list here.

    Alexis Nungaray, Angel Mother – Alexis Nungaray is the mother of Jocelyn Nungaray, a 12-year-old girl who was tragically murdered by illegal aliens in June of 2024. Jocelyn’s life was tragically cut short because of the Biden Administration’s failure to close our borders and protect American citizens from dangerous illegal aliens. On March 5, 2025, President Trump signed an executive order honoring her life by renaming Anahuac National Wildlife Refuge to Jocelyn Nungaray Wildlife Refuge in Anahuac, Texas. Since Jocelyn’s murder, her mother Alexis has been advocating alongside the Trump Administration and Senator Ted Cruz for stronger immigration laws.

    Marianna Montoya, Florida Resident – During President Trump’s first 100 days, Marianna was able to open up her very first Roth IRA and begin contributing on a monthly basis. President Trump’s work to reverse the devastating consequences of Bidenomics has given her hope that she and her husband will be able to retire peacefully.

    Frank Windsor, Rinnai America President – In late 2024, the Biden Administration issued a rule that effectively banned an entire niche of American manufacturing: non-condensing tankless water heaters. The rule specifically targeted Rinnai America Corporation, the only U.S. facility producing these water heaters. Thanks to President Trump’s leadership, the House passed a Congressional Review Act resolution to overturn the rule, keeping Rinnai’s doors open and protecting nearly 300 American jobs.

    Sarah Taylor, Iowa Parent – Sarah and her husband, Dan, both attended private Catholic elementary schools and knew they wanted the same faith-based education for their daughters, Hannah and Millie. Thanks to expanding educational freedom and school choice, the Taylors were empowered to choose the school that best fit their family’s values. For the Taylor family, school choice has meant more than access. It’s meant opportunity. Their story is one of many that show the power of giving parents the freedom to choose what’s best for their children.

    Kelly Wilson, Small Business Owner – Kelly Wilson’s family has owned and operated a small business in Colorado for 80 years, but after mass flows of illegal aliens began arriving in Denver under the Biden Administration, her family discussed moving to another state. In the face of budget cuts to Denver’s police force and sanctuary city policies that have failed Denver families, Kelly began speaking out for her community. Since day one, the Trump Administration has made cracking down on sanctuary cities and states a top priority. Today, communities like Kelly’s are safer, thanks to President Trump’s work to restore the rule of law.

    Jim Chilton, Rancher – The Chilton Ranch has been operated within the Chilton family for generations, a family legacy that Jim and Sue Chilton have preserved mere miles away from the Southern Border. However, under the Biden Administration, they were forced to shoulder the consequences of President Biden’s border crisis. During April of 2024 alone, the Chiltons experienced 5,640 immigrant encounters on their ranch. The last time they checked with the Border Patrol, in April of this year, there were zero crossers over the course of three weeks. Thanks to President Trump’s work to reverse the Biden administration’s radical open-border policies, the Chilton family’s beloved ranch and livelihood are no longer under threat.

    Ben Paulding, CPA – Ben hosts South Dakota’s first federally subsidized CPA Apprenticeship Program. After navigating months of red tape under the Biden Administration, he can finally onboard his first interns. Thankfully, President Trump has ended burdensome mandates on programs like Ben’s, enabling him to refocus his attention on merit-based, equal opportunity hiring without the DEI red tape.

    George Glezmann, Former Hostage – George Glezmann, a Georgia native and Delta Airlines mechanic, was arrested by the Taliban in 2022 during a planned tourist visit. Despite no formal charges being filed, Glezmann was held for over 2 years in an Afghanistan prison. On March 20, 2025, he was released as a gesture of “goodwill” by the Taliban following trilateral negotiations between Qatar, the U.S., and the Taliban. Upon returning to the U.S., he said, “I feel like I’m born again, I’m in debt to President Trump. Thank God he’s in the White House and thank God he got me out.”

    Michelle Root, Angel Mother – Michelle Root is the mother of Sarah Root, a 21-year-old Iowan who was killed by an illegal alien drunk driving in 2016. Instead of answering for his crimes, the illegal alien posted bail, was released from jail, and was never seen again. Fortunately, this criminal was found in Honduras and the Trump Administration worked with Honduran authorities to extradite him to the United States to face justice. President Trump also signed the Laken Riley Act, which included Sarah’s Law – introduced by Congressman Randy Feenstra from Iowa – to ensure that any illegal alien who harms or kills an American citizen is swiftly detained and prosecuted to the fullest extent of the law. The Root Family is grateful to President Trump and Congressman Feenstra for honoring their precious daughter’s memory.

    Marc Fogel, Schoolteacher/Former Hostage – Marc Fogel, an American schoolteacher, was wrongfully detained by Russian authorities in 2021 after being arrested on drug charges related to medical marijuana. Despite having a valid prescription in the U.S., he was sentenced to 14 years in a Russian prison. However, on February 11, 2025, Fogel was released and returned to the United States through a diplomatic deal negotiated by President Trump. He was warmly greeted by the President upon his arrival back to the United States and expressed his gratitude, saying, “I feel like the luckiest man alive.”

    Tony Campbell, East KY Power Cooperative CEO – Tony Campbell serves as the CEO and President of East Kentucky Power Cooperative. He and his colleagues have faced significant challenges under burdensome regulations that targeted the coal industry—an industry that has powered American homes and cities for generations. Through executive action, President Trump strengthened the reliability and affordability of American energy, safeguarded American jobs, and preserved critical coal plants, delivering on his promise to create jobs and uphold America’s energy independence.

    Joseph Knowles, Detroit Autoworker – Joseph Knowles is a Detroit autoworker for Stellantis who was laid off during the Biden Administration and later reinstated after President Trump’s election victory. After attending President Trump’s Joint Address to Congress, Knowles declared he had left the Democratic Party for good. “I got very good hope for the Republican Party,” Knowles said, “More and more people are seeing the true colors of the Democrats.”

    Lawrence Rosen, Cra-Z-Art Founder – Lawrence Rosen is the owner of Cra-Z-Art, the largest toy maker in the United States. Since Liberation Day, Lawrence has seen the benefits of President Trump’s tariffs firsthand on domestic manufacturing. Because of President Trump’s decisive action in the first 100 days, Rosen is expanding their domestic production by 50% and investing millions of dollars into factories across the country.

    Elliston Berry, Texas High School Student – Elliston Berry was only 14-years-old when one of her classmates took an innocent selfie of her and ran it through AI to make a deep-fake pornographic image, which was later circulated throughout her school. Her painful experience motivated her to become an advocate against deepfake pornography, with her efforts leading to legislative action by Senator Ted Cruz. The “Take it Down Act”, which First Lady Melania Trump has championed, protects victims, enhances protections for users, and introduces accountability for AI platforms passed the House in April.

    Kirk Davis, Bob Davis Electric CEO – Kirk Davis, owner of Bob Davis Electric, is one of many business leaders benefiting from President Trump’s action to tackle America’s workforce challenges. Thanks to the President’s Executive Order on apprenticeships, Kirk has been able to recruit, train, and retrain the skilled electricians needed to meet rising power demands and grow his business.

    Dakota Meyer, U.S. Marine – President Trump’s Department of Defense has championed a warrior culture in America’s armed forces that has generated massive results for military recruiting. In April, Secretary Hegseth announced the U.S. Army had surpassed its 2025 reenlistment goal six months early. Dakota Meyer, a Marine Corps veteran and Medal of Honor recipient, is just one of the many brave Americans who have reenlisted, deciding to reenter the Army after a 15-year hiatus. “I’m damn proud of the men and women who are standing in uniform,” said Meyer, “and I’m so proud I get to be one of them again.”

    Steven McCain, Sheriff – In Grant Parish, illegal aliens are using drones to drop off drugs and other paraphernalia at a large federal prison. It’s been a significant problem for the prison, but now that President Trump has returned to the White House, the situation has changed. Sheriff McCain has noticed a sharp increase in cooperation from ICE, the United States Attorney’s Office, and other local officials. Working together, law enforcement from all levels will be able to crack down on these drones.

    Brian Riley, CEO of Guardian Bikes – Citing his support for President Trump’s tariffs, Brian announced a $19 million investment to move Guardian’s bike production out of China and into Seymour, Indiana.

    Dino Mavrookas, CEO of Saronic – President Trump has called for the restoration of America’s maritime dominance, and Dino Mavrookas, CEO of the defense startup Saronic, has been a leader in answering this call. To help build the next-generation of autonomous vessels, Saronic acquired Gulf Craft, a Louisiana-based shipbuilder. By preserving Gulf Craft’s skilled workforce, creating hundreds of new, good-paying jobs, and investing over $2.5 billion to develop Port Alpha, Saronic is strengthening our economy, rebuilding America’s maritime strength, and supporting our national defense.

    Gary Hamrick, Senior Pastor – Senior Pastor Gary Hamrick became the target of anti-Christian bias when he and his church were charged by the IRS for so-called Johnson Amendment violations. Under President Trump, the Department of Justice has established a task force to eradicate anti-Christian bias in the federal government and safeguard the religious liberty of all Americans.

    ###

    MIL OSI USA News

  • MIL-OSI NGOs: Greenpeace USA’s response to TMC’s push to fast-track deep sea mining in the High Seas under the U.S. Seabed Mining Code

    Source: Greenpeace Statement –

    Greenpeace International activists from around the world have paddled and protested around MV COCO, a specialized offshore drilling vessel currently collecting data for deep sea mining frontrunner, The Metals Company, on its last expedition before it files the world’s first ever application to mine the seabed in the Pacific Ocean. © Martin Katz / Greenpeace

    In response to The Metals Company’s push to fast-track deep-sea mining in the High Seas under the U.S. Seabed Mining Code, Arlo Hemphill, Greenpeace USA’s Deep Sea Mining Campaign Lead, stated: “Greenpeace USA condemns this reckless attempt by The Metals Company (TMC) to bypass international law and commercialize mining in the high seas and US-adjacent waters. It is nothing less than the plunder of the Pacific once again being pursued without the consent of Pacific Peoples. We cannot allow another dangerous extension of corporate greed and neo-colonialism, sacrificing ocean health, Indigenous rights, and future generations for the short-term gain of a few corporations to repeat itself in the deep sea.” 

    TMC’s application comes as Congress meets today, Tuesday, April 29, in a hearing requested by the House Natural Resources Committee, to explore the Potential of Deep-Sea Mining to expand American Mineral production. The application for mining TMC USA-A_2 in the Clarion Clipperton Zone attempts to exploit the U.S. legal system to advance mining operations in areas it was already licensed to explore under Nauru’s sponsorship through the International Seabed Authority processes. It disregards the multilateral process agreed upon by 170 countries and the European Union under UNCLOS. The company has faced opposition in that body from 32 countries and several Indigenous Pacific groups that have called for a ban, pause, or moratorium on deep sea mining. 

    Solomon P. Kaho’ohalahala, chair of the Pacific Island Heritage Coalition, said: “The people of the Pacific have a cultural connection to the deep sea.  It is the birthplace of our ancestors, and of all life. Deep sea mining is an assault on our cultural heritage, and it is being rushed forward without our consultation.  We call on Congress to stop this assault on the ocean we know as home, and to respect the values of Hawaiians and people from across the Pacific who will be on the frontlines should this industry take hold.”

    Hemphill continued: “We urge congressional leaders to defend democratic oversight, reject corporate shortcuts, and protect the deep ocean. Greenpeace USA stands with Pacific communities, Indigenous leaders, scientists, and governments worldwide calling for a moratorium on this dangerous industry. We must defend the oceans, uphold international law, and reject a broken system that gambles our planet’s future for corporate profit.”

    Louisa Casson, Greenpeace International Senior Campaigner, said: “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus. This unilateral US effort to carve up the Pacific Ocean already faces fierce international opposition. Governments around the world must now step up to defend international rules and cooperation against rogue deep sea mining. Leaders will be meeting at the UN Oceans Conference in Nice in June, where they must speak with one voice in support of a moratorium on this reckless industry.”

    President Trump’s recent executive order promoting U.S. plans to initiate deep-sea mining in both U.S. and international waters has faced widespread criticism from several environmental NGOs, and state actors, including France, China, and the European Commission who have condemned it as a unilateral action that undermines multilateral cooperation and the United Nations. While the U.S. never ratified UNCLOS, bypassing the international system violates global norms that safeguard the deep ocean as the “common heritage of humankind,” setting a dangerous precedent for the management of all global commons.


    Contact: Tanya Brooks, Senior Communications Specialist at Greenpeace USA, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO

  • MIL-OSI USA News: Addressing Certain Tariffs on Imported Articles

    Source: The White House

    class=”has-text-align-left”>
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  The United States has imposed tariffs under various statutory authorities and through a number of Executive Orders and proclamations to protect national security and address unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Although each of these actions, as listed in section 2 of this order, serves separate and distinct policy purposes, I have now determined that, to the extent these tariffs apply to the same article, these tariffs should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals.  To avoid the cumulative effect of overlapping tariffs on certain articles, this order sets out the procedure for determining which of multiple tariffs shall apply to an article when that article is subject to more than one of the actions listed in section 2 of this order.

    Sec. 2Applicability.  This order shall apply only to the administration of tariffs imposed through the following actions and subsequent amendments to those tariffs:
    (a)  Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States);
    (b)  Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended by Executive Order 14197 of February 3, 2025 (Progress on the Situation at Our Northern Border), Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), and Executive Order 14231 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border);
    (c)  Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended by Executive Order 14198 of February 3, 2025 (Progress on the Situation at Our Southern Border), Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), and Executive Order 14232 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Southern Border);
    (d)  Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10895 of February 10, 2025 Adjusting Imports of Aluminum Into the United States); and
    (e)  Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).

    Sec. 3.  Non-Stacking of Tariff Measures.  (a)  Notwithstanding any provision of any action listed in section 2 of this order, tariffs for articles subject to tariffs under the actions listed in section 2 of this order shall apply as follows: 
              (i)    An article subject to tariffs pursuant to the action listed in section (2)(a) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in sections 2(b) through 2(e) of this order.
             (ii)   An article subject to tariffs pursuant to the actions listed in section 2(b) or 2(c) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) or 2(e) of this order. 
             (iii)  An article subject to tariffs pursuant to the actions listed in section 2(d) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(e) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs; likewise, an article subject to tariffs pursuant to the actions listed in section 2(e) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs.
         (b)  Subsection (a) of this section shall not be construed to diminish the validity of any action listed in section 2 of this order.  Each action listed in section 2 of this order remains independently valid and enforceable, except that the duty rates provided by these actions shall not be cumulative when the conditions outlined in subsection (a) of this section are met.
         (c)  If an imported article is subject to both a tariff imposed pursuant to subsection (a) of this section and one or more tariffs imposed pursuant to an action or actions not listed in section 2 of this order, then the tariff imposed on the article pursuant to subsection (a) of this section shall be cumulative with the tariff or tariffs imposed pursuant to the action or actions not listed in section 2 of this order.

    Sec. 4.  Non-applicability to Other Tariff Measures.  (a)  Nothing in this order shall be interpreted to alter or limit the application of any duties, taxes, fees, or exactions other than those imposed pursuant to the actions listed in section 2 of this order.
    (b)  Accordingly, an article that is subject to duties pursuant to an action listed in section 2 of this order may still be subject to other applicable duties, taxes, fees, exactions, and charges, such as, but not limited to, those set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTSUS); duties imposed pursuant to section 301 of the Trade Act of 1974, as amended; duties imposed pursuant to Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended; and antidumping and countervailing duties.

    Sec. 5.  Implementation.  (a)  The Secretary of Homeland Security, acting through the Commissioner of U.S. Customs and Border Protection and in consultation with the Secretary of the Treasury, shall take all necessary steps to update guidance, systems, and enforcement mechanisms, including to revise, suspend, or rescind any regulations that may be inconsistent with this order, to reflect the policy set forth in this order.
    (b)  The Secretary of Commerce and the Secretary of Homeland Security, in coordination with the Secretary of the Treasury and the United States Trade Representative, shall provide additional guidance as necessary to ensure consistent interpretation and application of the policy set forth in this order.
    (c)  The Secretary of Homeland Security is authorized to determine whether changes to the HTSUS are necessary and to coordinate with the Chair of the United States International Trade Commission to implement all necessary changes to execute this order.
    (d)  Any changes to the HTSUS necessary to comply with this order shall be made not later than 12:01 a.m. eastern daylight time on May 16, 2025.  This order shall apply retroactively to all entries of merchandise subject to any applicable tariffs outlined in section 2 of this order and made on or after March 4, 2025.  Any refunds will be processed pursuant to applicable laws and U.S. Customs and Border Protection’s standard procedures for such refunds.

    Sec. 6General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        April 29, 2025.

    MIL OSI USA News

  • MIL-OSI: Silvaco Expands Product Offerings in Photonics and Wafer-Scale Plasma Modeling for AI Applications with Acquisition of Tech-X Corporation

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced the strategic acquisition of Tech-X Corporation, a leading provider of multi-physics simulation software used in applications such as Photonics, Electromagnetics and Plasma Dynamics.

    Tech-X cutting-edge tools enable:

    • Multi-physics simulation of electromagnetic, and electrostatics in complex dielectric and metallic environments;
    • Combination of computational speed leveraging GPUs, and high-fidelity results for Photonics applications;
    • Plasma Dynamics simulation trusted by engineers and researchers in aerospace and semiconductor manufacturing; and
    • Monte Carlo simulation solution used for radiation analysis in aerospace applications.

    By combining Tech-X’s unique multi-physics simulation tools with Silvaco’s Victory TCAD platform, customers will be able to create more accurate digital twin models for photonics, semiconductor devices and wafer-scale plasma etching —accelerating innovation across the industry. Tech-X brings deep expertise to Silvaco in developing state-of-the-art algorithms that harness high-performance, multi-node GPU-based computing to significantly improve simulation speed and accuracy.

    “Bringing Tech-X’s expertise and multi-physics simulation technology into Silvaco represents a significant step forward in our growth strategy for expansion into AI applications with technologies, talent and new customers,” said Babak Taheri, CEO of Silvaco. “By leveraging our TCAD foundation, we are expanding further into fast multi-physics transistor-level simulation from device to wafer-scale geometries, for photonic components, processes, materials, and plasma modeling. We’re also thrilled to welcome Professor John Cary to the team. His 40+ years of experience in computational physics will play a key role in accelerating our innovation and expanding our presence in the rapidly growing photonics market.”

    “We are excited to join forces with Silvaco and take advantage of the many synergistic capabilities between our organizations,” said John Cary, CTO of Tech-X and Professor of Physics at the University of Colorado, Boulder. “By leveraging Silvaco’s global reach and strong technical team, we see tremendous opportunities to expand the application of Tech-X’s advanced photonics and plasma modeling technologies across the semiconductor and photonics industries.”

    Needham & Company acted as financial advisor to Silvaco in the transaction.

    About Silvaco
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. Learn more at silvaco.com.

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Silvaco’s acquisition of Tech-X Corporation, technologies and product offerings, business strategy, plans and opportunities, industry and market trends including TAM estimates and the expected benefits and impact of the transaction and combined business on Silvaco’s growth. Forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Silvaco’s control. For example, the markets for Silvaco’s products and services may develop more slowly than expected or than they have in the past; operating results and cash flows may fluctuate more than expected; Silvaco may fail to successfully integrate Tech-X Corporation; Silvaco may fail to realize the anticipated benefits of the acquisition; Silvaco may incur unanticipated costs or other liabilities in connection with acquiring or integrating Tech-X Corporation; the potential impact of the announcement or consummation of the transaction on relationships with third parties, including employees, customers, partners and competitors; Silvaco may be unable to motivate and retain key personnel; changes in or failure to comply with legislation or government regulations could affect post-closing operations and results of operations; and macroeconomic and geopolitical conditions could deteriorate. The forward-looking statements included in this press release represent Silvaco’s views as of the date of this press release, and Silvaco disclaims any obligation to update any of them publicly in light of new information or future events.

    Contacts
    Media Relations:
    Tiffany Behany, press@silvaco.com

    Investor Relations:
    Greg McNiff, investors@silvaco.com

    The MIL Network

  • MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

    Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

    As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

    Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

    A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

    The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

    This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.



    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.


    Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

    In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

    Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

    When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

    “Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

    Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

    The long and the short

    In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

    JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

    Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

    In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

    Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

    Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

    Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

    The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

    The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

    If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

    Steve Dunne receives funding from the Equality and Human Rights Commission.

    ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

    MIL OSI – Global Reports

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year.  Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.”

    Qorvo’s current outlook for the June 2025 quarter is:

    • Quarterly revenue of approximately $775 million, plus or minus $25 million
    • Non-GAAP gross margin between 42% and 44%
    • Non-GAAP diluted earnings per share between $0.50 and $0.75

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         366.6       $         391.4       $         381.9       $         (24.8 )     $         (15.3 )  
    Gross margin   42.2   %     42.7   %     40.6   %     (0.5 ) ppt     1.6   ppt
    Operating expenses $         338.3       $         338.4       $         351.9       $         (0.1 )     $         (13.6 )  
    Operating income $         28.2       $         53.0       $         30.0       $         (24.8 )     $         (1.8 )  
    Net income $         31.4       $         41.3       $         2.7       $         (9.9 )     $         28.7    
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         0.33       $         0.43       $         0.03       $         (0.10 )     $         0.30    
                         
                         
    SELECTED NON-GAAP RESULTS (1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         398.7       $         426.3       $         400.4       $         (27.6 )     $         (1.7 )  
    Gross margin   45.9   %     46.5   %     42.5   %     (0.6 ) ppt     3.4   ppt
    Operating expenses $         246.8       $         248.4       $         253.2       $         (1.6 )     $         (6.4 )  
    Operating income $         151.8       $         177.9       $         147.2       $         (26.1 )     $         4.6    
    Net income $         133.3       $         152.8       $         135.5       $         (19.5 )     $         (2.2 )  
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         1.42       $         1.61       $         1.39       $         (0.19 )     $         0.03    
     
    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.
     
    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
     
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change
      Year-over-Year Change
    Revenue                          
    HPA $         187.9       $         171.7       $         164.6               9.4   %   14.2   %
    CSG           101.3                 109.5                 122.8               (7.5 ) %   (17.5 ) %
    ACG           580.3                 635.1                 653.6               (8.6 ) %   (11.2 ) %
    Total revenue $         869.5       $         916.3       $         941.0               (5.1 ) %   (7.6 ) %
    Operating income (loss)                          
    HPA $         58.4       $         32.6       $         31.5               79.1   %   85.4   %
    CSG           (15.6 )               (11.7 )               (15.2 )             (33.3 ) %   (2.6 ) %
    ACG           109.7                 161.2                 134.3               (31.9 ) %   (18.3 ) %
    Unallocated amounts (1)           (124.3 )               (129.1 )               (120.6 )             3.7   %   (3.1 ) %
    Total operating income $         28.2       $         53.0       $         30.0               (46.8 ) %   (6.0 ) %
    Operating income (loss) as a % of revenue                            
    HPA           31.1   %             19.0   %             19.1   %   12.1   ppt   12.0   ppt
    CSG           (15.4 )               (10.7 )               (12.4 )     (4.7 ) ppt   (3.0 ) ppt
    ACG           18.9                 25.4                 20.5       (6.5 ) ppt   (1.6 ) ppt
    Total operating income as a % of revenue           3.3   %             5.8   %             3.2   %   (2.5 ) ppt     ppt
                                                 
    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.


    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Twelve Months Ended
      March 29, 2025   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue $         869,474     $         940,988     $         3,718,971     $         3,769,506  
                   
    Costs and expenses:              
    Cost of goods sold           502,911               559,131               2,183,382               2,281,011  
    Research and development           179,931               179,883               747,709               682,249  
    Selling, general and administrative           90,581               93,107               403,624               389,140  
    Other operating expense           67,830               78,889               288,729               325,405  
    Total costs and expenses           841,253               911,010               3,623,444               3,677,805  
                   
    Operating income           28,221               29,978               95,527               91,701  
    Interest expense           (19,985 )             (17,282 )             (78,328 )             (69,245 )
    Other income, net           6,987               16,818               48,700               51,104  
                   
    Income before income taxes           15,223               29,514               65,899               73,560  
    Income tax benefit (expense)           16,142               (26,779 )             (10,284 )             (143,882 )
    Net income (loss) $         31,365     $         2,735     $         55,615     $         (70,322 )
                   
    Net income (loss) per share:              
    Basic $         0.34     $         0.03     $         0.59     $         (0.72 )
    Diluted $         0.33     $         0.03     $         0.58     $         (0.72 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic           93,249               96,277               94,586               97,557  
    Diluted           94,105               97,335               95,450               97,557  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
               
    GAAP operating income $         28,221     $         53,025     $         29,978  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503                         —                                    —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           6,247               2,216               15,792  
    Non-GAAP operating income $         151,849     $         177,911     $         147,224  
               
    GAAP net income $         31,365     $         41,271     $         2,735  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503              
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           8,889               600               10,662  
    Loss (gain) on investment           802               (1,721 )             1,805  
    Adjustment of income taxes           (25,095 )             (10,067 )             18,874  
    Non-GAAP net income $         133,342     $         152,753     $         135,530  
               
    GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
    Dilutive stock-based awards           —               —               —  
    Non-GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
               
    Non-GAAP net income per share, diluted $         1.42     $         1.61     $         1.39  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) March 29, 2025   December 28, 2024   March 30, 2024
    GAAP gross profit/margin $         366,563           42.2   %   $         391,416           42.7   %   $         381,857           40.6   %
    Stock-based compensation expense           5,645           0.7                 5,742           0.6                 3,444           0.3    
    Amortization of intangible assets           21,684           2.5                 23,462           2.6                 26,031           2.8    
    Restructuring-related charges           5,492           0.6                 6,931           0.7                 1,212           0.1    
    Acquisition and integration-related costs           1           —                 1           —                 1,281           0.1    
    Net adjustments related to a terminated capacity reservation agreement           (720 )         (0.1 )               (1,253 )         (0.1 )               (13,445 )         (1.4 )  
    Non-GAAP gross profit/margin $         398,665           45.9   %   $         426,299           46.5   %   $         400,380           42.5   %
      Three Months Ended
    Non-GAAP Operating Income March 29, 2025
    (as a percentage of revenue)  
       
    GAAP operating income         3.3   %
    Stock-based compensation expense         3.2    
    Amortization of intangible assets         2.8    
    Restructuring-related adjustments (2.0 )  
    Goodwill and intangible asset impairment 9.1    
    Acquisition and integration-related costs         0.5    
    Net adjustments related to a terminated capacity reservation agreement         (0.1 )  
    Other expense         0.7    
    Non-GAAP operating income         17.5   %
      Three Months Ended
    Free Cash Flow (1) March 29, 2025
    (in millions)  
       
    Net cash provided by operating activities $         199.2  
    Purchases of property and equipment           (28.5 )
    Free cash flow $         170.7  
     
    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
     
    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP research and development expense $ 179,931     $ 179,126     $ 179,883  
    Less:              
    Stock-based compensation expense   14,364       13,650       11,812  
    Acquisition and integration-related costs   1       1       1  
    Non-GAAP research and development expense $ 165,566     $ 165,475     $ 168,070  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP selling, general and administrative expense $ 90,581     $ 90,360     $ 93,107  
    Less:              
    Stock-based compensation expense   7,576       8,985       6,291  
    Amortization of intangible assets   2,356       2,623       5,156  
    Non-GAAP selling, general and administrative expense $ 80,649     $ 78,752     $ 81,660  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP other operating expense $ 67,830     $ 68,905     $ 78,889  
    Less:              
    Stock-based compensation (adjustment) expense   (170 )     7       34  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                    —                                    —  
    Acquisition and integration-related costs   4,393       1,380       5,314  
    Other expense   6,247       2,216       15,792  
    Non-GAAP other operating expense $ 601     $ 4,161     $ 3,426  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP total operating expense $ 338,342     $ 338,391     $ 351,879  
    Less:              
    Stock-based compensation expense   21,770       22,642       18,137  
    Amortization of intangible assets   2,356       2,623       5,156  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                   —                                    —  
    Acquisition and integration-related costs   4,394       1,381       5,315  
    Other expense   6,247       2,216       15,792  
    Non-GAAP total operating expense $ 246,816     $ 248,388     $ 253,156  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      March 29, 2025   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $         1,021,176     $         1,029,258  
    Accounts receivable, net           386,719               412,960  
    Inventories           640,992               710,555  
    Other current assets           118,388               133,983  
    Assets of disposal group held for sale           —               159,278  
    Total current assets           2,167,275               2,446,034  
           
    Property and equipment, net           801,895               870,982  
    Goodwill           2,389,741               2,534,601  
    Intangible assets, net           273,478               509,383  
    Long-term investments           23,433               23,252  
    Other non-current assets           277,309               170,383  
    Total assets $         5,933,131     $         6,554,635  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $         548,644     $         589,760  
    Current portion of long-term debt           —               438,740  
    Other current liabilities           234,538               113,215  
    Liabilities of disposal group held for sale           —               88,372  
    Total current liabilities           783,182               1,230,087  
           
    Long-term debt           1,549,215               1,549,272  
    Other long-term liabilities           208,422               218,904  
    Total liabilities           2,540,819               2,998,263  
           
    Stockholders’ equity           3,392,312               3,556,372  
    Total liabilities and stockholders’ equity $         5,933,131     $         6,554,635  

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network

  • MIL-Evening Report: Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity

    Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago

    Hagen Hopkins/Getty Images

    Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions.

    It’s clear New Zealand is following a global trend towards austerity by focusing on reducing government spending and lowering government debt.

    Complicating the economic picture for the government are Donald Trump’s tariffs and his trade war with China. In early April, financial services company J.P. Morgan Research said there was a 60% probability of the United States experiencing a recession in 2025 — with a 40% chance of a global recession.

    Despite this uncertain economic future, the idea that New Zealand’s debt-to-GDP ratio requires immediate and drastic austerity-like measures is not supported by the evidence.

    The ratio measures the government’s debt compared to its gross domestic product (GDP). Currently, New Zealand’s ratio is about 47%. This is substantially higher than before the pandemic (32% in 2019) and higher than Australia (35%).

    But it is at the lower end compared with other advanced economies. The 2023 debt-to-GDP ratio in the US was 112%, 101% in the United Kingdom, and about 50% in Canada, Ireland and South Korea.

    Rather than tightening the belt to reduce debt and increase fiscal balance, New Zealand needs to focus on boosting productivity, investing in education, building strong and resilient infrastructure and supporting health and wellbeing.

    Lowering debt and creating fiscal space are legitimate goals. But they should be viewed as a means to an end, not an end in itself.

    A necessary medicine

    Austerity is often presented as necessary medicine during an economic crisis. The logic is seemingly straightforward: reduce government spending and debt to not overstimulate the economy, create fiscal resilience for future shocks, support low and stable inflation, and signal fiscal responsibility to international markets.

    Several countries adopted austerity measures in response to high deficits following the global financial crisis.

    Greece implemented deep spending cuts, tax hikes and pension reforms under the terms of a bailout from the European Union and International Monetary Fund (IMF). This reduced its deficit but caused a severe economic contraction and social unrest.

    Spain similarly cut public wages, raised taxes and reformed pensions, stabilising its finances but causing persistently high unemployment.

    Italy’s austerity measures involved pension reforms and tax hikes, achieving modest fiscal improvement but sparking political instability.

    The UK focused on reducing public spending and welfare support, significantly lowering its deficit while putting pressure on public services and increasing inequality. Research found UK’s austerity measures led to hundreds of thousands of avoidable deaths.

    While in many cases austerity helped restore fiscal balance, it often came with heavy economic and social costs, particularly in terms of unemployment, growth and public welfare.

    In March, people in the United Kingdom took to the streets to protest ongoing austerity measures.
    Mike Kemp/Getty Images

    Productivity is the key

    Research indicates that debt-to-GDP ratios above about 80% tend to be associated with lower growth. But below this threshold, the ratio tends to be associated with increases in growth.

    It is clear that deficits are neither always bad for economic growth, nor that they always lead to inflation, when combined with a credible fiscal strategy to return to surpluses in the future.

    To raise the future wellbeing of all New Zealanders we need to avoid the heavy costs of austerity and rather focus on stimulating economic growth. And this comes with a price tag.

    Using debt to finance investments into capital, which in turn increases our productivity, is key to fostering economic growth. This goes hand-in-hand with targeted industrial policies, reduction in regulation, increases in government efficiency and trade liberalisation

    Importantly, public investment boosts economic growth mainly through two channels: efficiency (how much infrastructure is actually delivered for the money spent) and productivity (how well that infrastructure supports economic activity).

    Research from the IMF suggests an increase in public investment of one percentage point of GDP is associated with an increase in output of about 0.2% in the same year and 1.2% four years later.

    All-of-government focus

    What New Zealand needs is a long-term growth strategy and an all-of-government focus on lifting productivity. This must be grounded in fiscal responsibility – one that boosts government efficiency. But not at the cost of delaying high-impact investments or leaving growth opportunities on the table.

    Maintaining discipline while strategically investing in the drivers of long-term prosperity is essential for securing New Zealand’s economic future.

    The path ahead requires careful navigation, not a rush towards austerity.

    By thoughtfully balancing the need for fiscal prudence with the importance of investing in our productivity, human capital and infrastructure, we can ensure a more resilient and prosperous future for all New Zealanders.

    Dennis Wesselbaum 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. Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity – https://theconversation.com/willis-warns-of-a-tight-budget-to-come-but-nz-should-be-going-for-productivity-not-austerity-254689

    MIL OSI AnalysisEveningReport.nz