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  • MIL-Evening Report: Humans generate 62 million tonnes of e-waste each year. Here’s what happens when it’s recycled

    Source: The Conversation (Au and NZ) – By Sukhbir Sandhu, Associate Professor in Sustainability, University of South Australia

    Huguette Roe/Shutterstock

    In 2022, humans generated roughly 62 million tonnes of electronic waste – or e-waste. That’s enough to fill more than 1.5 million garbage trucks. And by 2030, that figure is expected to rise to 82 million tonnes.

    Australia is a huge contributor to this problem. Every year each Australian, on average, generates 20kg of e-waste, compared with the global average of 7kg per person.

    Less than one quarter of the world’s e-waste – which includes desktop computers, laptops, mobile phones, televisions, kitchen appliances, batteries and solar panels – is recycled. That means most of it ends up in landfill, which can result in major accidents. For example, earlier this month, a rubbish truck in Melbourne caught fire after a laptop battery that had been thrown in the garbage bin exploded.

    So what can be done to increase the amount of e-waste that’s recycled? And what actually happens during the e-waste recycling process?

    From breakdown to planned obsolescence

    The growing problem of e-waste is fuelled by both perceived and planned obsolescence.

    Perceived obsolescence happens when we discard functioning products in favour of newer models. For example, we buy the latest iPhone even though our current phone works fine.

    Planned obsolescence is when manufacturers “build in” a use-by date. One way they do this is by not offering software updates, which then renders an existing product incompatible with other, newer devices or presents cybersecurity risks.

    Of course, sometimes existing electronic products simply stop working, which forces us to buy a replacement.

    A multi-step process

    In Australia, the process of recycling e-waste starts with consumers delivering their e-waste to a designated collection centre.

    Some manufacturers offer trade-in programs where people can drop off their old phones and laptops at retail shops and get a small discount on a new product. Some councils also run services for periodic collection and offer drop-off centres for e-waste.

    The collection is followed by sorting and inspection of the discarded items.

    At this stage, the discarded electronic items are sorted based on the type of devices. Some devices can be refurbished and reused if they are still functional.

    Those that cannot be refurbished are dismantled.

    This involves separating the various components, such as circuit boards, batteries and wiring. Hazardous materials such as mercury and lead are removed, before recyclable and valuable materials are recovered. These include plastic and glass, as well as precious metals like gold and silver from the circuit boards.

    After purifying and refining, the recycled materials can be used in new electronics or put to other uses.

    According to the national waste report there are 535 facilities in Australia that accept e-waste. But only 20 facilities reprocess these for further recycling.

    This means much of Australia’s e-waste is exported to China, India and other Asian countries to be recycled.

    Less than one quarter of the world’s e-waste is recycled.
    SibFilm/Shutterstock

    Significant challenges

    There are significant challenges when it comes to recycling e-waste.

    Some are associated with consumer behaviour. For example, unlike kerbside recycling services for paper, glass and cardboard, recycling e-waste generally involves consumers making a special trip to a designated drop-off location. Accessing these locations involves extra effort and can be an inconvenience which deters people from recycling their e-waste.

    Also, compared to container deposit schemes, where people get paid to recycle their glass bottles and cans, there are generally no monetary incentives available for recycling e-waste.

    Concerns about data security also prevent some people from recycling their e-waste. People are often reluctant to recycle their computer, phones and other electronic items as they are worried their data could be stolen during the recycling process, even after they have deleted the files.

    The other set of challenges with recycling e-waste comes from the economic incentives for recycling. Recycling e-waste is complex and costly. The costs involved in recycling can often be higher than the price of raw materials. Hazardous wastes must also be disposed safely, which adds extra costs to the process.

    All of this makes it less attractive for businesses to recycle e-waste.

    The way forward

    Australia’s new circular economy framework is expected to provide a way forward for businesses to address some of these challenges.

    The framework seeks to double the rate at which Australia recovers, recycles and reuses materials by 2035, partly by providing direction and designing policies for businesses that encourage recycling.

    It’s also important for local governments to make it easier for people to recycle their e-waste.

    While it may not be cost effective for councils to have kerbside recycling for e- waste, they could place e-waste collection centres in local areas.

    Councils can also explore offering consumers incentives for e-waste recycling. These incentives can be monetary. But even non-monetary incentives, such as letting people know how their recycled e-waste contributes to addressing the bigger problem, can be a motivation.

    And finally, as consumers, it would help to remember that the best way to contribute to decreasing e-waste is to repair and reuse our existing products.

    Sukhbir Sandhu has received funding from Australian Research Council, European Union, and Green Industries SA.

    – ref. Humans generate 62 million tonnes of e-waste each year. Here’s what happens when it’s recycled – https://theconversation.com/humans-generate-62-million-tonnes-of-e-waste-each-year-heres-what-happens-when-its-recycled-249842

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: #StopRansomware: Ghost (Cring) Ransomware

    News In Brief – Source: US Computer Emergency Readiness Team

    Summary

    Note: This joint Cybersecurity Advisory is part of an ongoing #StopRansomware effort to publish advisories for network defenders that detail various ransomware variants and ransomware threat actors. These #StopRansomware advisories include recently and historically observed tactics, techniques, and procedures (TTPs) and indicators of compromise (IOCs) to help organizations protect against ransomware. Visit stopransomware.gov to see all #StopRansomware advisories and to learn more about other ransomware threats and no-cost resources.

    The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) are releasing this joint advisory to disseminate known Ghost (Cring)—(“Ghost”)—ransomware IOCs and TTPs identified through FBI investigation as recently as January 2025.

    Beginning early 2021, Ghost actors began attacking victims whose internet facing services ran outdated versions of software and firmware. This indiscriminate targeting of networks containing vulnerabilities has led to the compromise of organizations across more than 70 countries, including organizations in China. Ghost actors, located in China, conduct these widespread attacks for financial gain. Affected victims include critical infrastructure, schools and universities, healthcare, government networks, religious institutions, technology and manufacturing companies, and numerous small- and medium-sized businesses.

    Ghost actors rotate their ransomware executable payloads, switch file extensions for encrypted files, modify ransom note text, and use numerous ransom email addresses, which has led to variable attribution of this group over time. Names associated with this group include Ghost, Cring, Crypt3r, Phantom, Strike, Hello, Wickrme, HsHarada, and Rapture. Samples of ransomware files Ghost used during attacks are: Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe.

    Ghost actors use publicly available code to exploit Common Vulnerabilities and Exposures (CVEs) and gain access to internet facing servers. Ghost actors exploit well known vulnerabilities and target networks where available patches have not been applied.

    The FBI, CISA, and MS-ISAC encourage organizations to implement the recommendations in the Mitigations section of this advisory to reduce the likelihood and impact of Ghost ransomware incidents.

    Download the PDF version of this report:

    For a downloadable copy of IOCs, see:

    Technical Details

    Note: This advisory uses the MITRE ATT&CK® Matrix for Enterprise framework, version 16.1. See the MITRE ATT&CK Tactics and Techniques section of this advisory for a table of the threat actors’ activity mapped to MITRE ATT&CK tactics and techniques.

    Initial Access

    The FBI has observed Ghost actors obtaining initial access to networks by exploiting public facing applications that are associated with multiple CVEs [T1190]. Their methodology includes leveraging vulnerabilities in Fortinet FortiOS appliances (CVE-2018-13379), servers running Adobe ColdFusion (CVE-2010-2861 and CVE-2009-3960), Microsoft SharePoint (CVE-2019-0604), and Microsoft Exchange (CVE-2021-34473, CVE-2021-34523, and CVE-2021-31207— commonly referred to as the ProxyShell attack chain).

    Execution

    Ghost actors have been observed uploading a web shell [T1505.003] to a compromised server and leveraging Windows Command Prompt [T1059.003] and/or PowerShell [T1059.001] to download and execute Cobalt Strike Beacon malware [T1105] that is then implanted on victim systems. Despite Ghost actors’ malicious implementation, Cobalt Strike is a commercially available adversary simulation tool often used for the purposes of testing an organization’s security controls.

    Persistence

    Persistence is not a major focus for Ghost actors, as they typically only spend a few days on victim networks. In multiple instances, they have been observed proceeding from initial compromise to the deployment of ransomware within the same day. However, Ghost actors sporadically create new local [T1136.001] and domain accounts [T1136.002] and change passwords for existing accounts [T1098]. In 2024, Ghost actors were observed deploying web shells [T1505.003] on victim web servers.

    Privilege Escalation

    Ghost actors often rely on built in Cobalt Strike functions to steal process tokens running under the SYSTEM user context to impersonate the SYSTEM user, often for the purpose of running Beacon a second time with elevated privileges [T1134.001].

    Ghost actors have been observed using multiple open-source tools in an attempt at privilege escalation through exploitation [T1068] such as “SharpZeroLogon,” “SharpGPPPass,” “BadPotato,” and “GodPotato.” These privilege escalation tools would not generally be used by individuals with legitimate access and credentials. 

    See Table 1 for a descriptive listing of tools.

    Credential Access

    Ghost actors use the built in Cobalt Strike function “hashdump” or Mimikatz [T1003] to collect passwords and/or password hashes to aid them with unauthorized logins and privilege escalation or to pivot to other victim devices.

    Defense Evasion

    Ghost actors used their access through Cobalt Strike to display a list of running processes [T1057] to determine which antivirus software [T1518.001] is running so that it can be disabled [T1562.001]. Ghost frequently runs a command to disable Windows Defender on network connected devices. Options used in this command are: Set-MpPreference -DisableRealtimeMonitoring 1 -DisableIntrusionPreventionSystem 1 -DisableBehaviorMonitoring 1 -DisableScriptScanning 1 -DisableIOAVProtection 1 -EnableControlledFolderAccess Disabled -MAPSReporting Disabled -SubmitSamplesConsent NeverSend.

    Discovery

    Ghost actors have been observed using other built-in Cobalt Strike commands for domain account discovery [T1087.002], open-source tools such as “SharpShares” for network share discovery [T1135], and “Ladon 911” and “SharpNBTScan” for remote systems discovery [T1018]. Network administrators would be unlikely to use these tools for network share or remote systems discovery.

    Lateral Movement

    Ghost actors used elevated access and Windows Management Instrumentation Command-Line (WMIC) [T1047] to run PowerShell commands on additional systems on the victim network— often for the purpose of initiating additional Cobalt Strike Beacon infections. The associated encoded string is a base 64 PowerShell command that always begins with: powershell -nop -w hidden -encodedcommand JABzAD0ATgBlAHcALQBPAGIAagBlAGMAdAAgAEkATwAuAE0AZQBtAG8AcgB5AFMAdAByAGUAYQBtACgALABbAEMAbwBuAHYAZQByAHQAXQA6ADoARgByAG8AbQBCAGEAcwBlADYANABTAHQAcgBpAG4AZwAoACIA… [T1132.001][T1564.003].

    This string decodes to “$s=New-Object IO.MemoryStream(,[Convert]::FromBase64String(“” and is involved with the execution of Cobalt Strike in memory on the target machine.

    In cases where lateral movement attempts are unsuccessful, Ghost actors have been observed abandoning an attack on a victim.

    Exfiltration

    Ghost ransom notes often claim exfiltrated data will be sold if a ransom is not paid. However, Ghost actors do not frequently exfiltrate a significant amount of information or files, such as intellectual property or personally identifiable information (PII), that would cause significant harm to victims if leaked. The FBI has observed limited downloading of data to Cobalt Strike Team Servers [T1041]. Victims and other trusted third parties have reported limited uses of Mega.nz [T1567.002] and installed web shells for similar limited data exfiltration. Note: The typical data exfiltration is less than hundreds of gigabytes of data.

    Command and Control

    Ghost actors rely heavily on Cobalt Strike Beacon malware and Cobalt Strike Team Servers for command and control (C2) operations, which function using hypertext transfer protocol (HTTP) and hypertext transfer protocol secure (HTTPS) [T1071.001]. Ghost rarely registers domains associated with their C2 servers. Instead, connections made to a uniform resource identifier (URI) of a C2 server, for the purpose of downloading and executing Beacon malware, directly reference the C2 server’s IP address. For example, http://xxx.xxx.xxx.xxx:80/Google.com where xxx.xxx.xxx.xxx represents the C2 server’s IP address.

    For email communication with victims, Ghost actors use legitimate email services that include traffic encryption features. [T1573] Some examples of emails services that Ghost actors have been observed using are Tutanota, Skiff, ProtonMail, Onionmail, and Mailfence.

    Note: Table 2 contains a list of Ghost ransom email addresses.

    Impact and Encryption

    Ghost actors use Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe, which are all ransomware executables that share similar functionality. Ghost variants can be used to encrypt specific directories or the entire system’s storage [T1486]. The nature of executables’ operability is based on command line arguments used when executing the ransomware file. Various file extensions and system folders are excluded during the encryption process to avoid encrypting files that would render targeted devices inoperable.

    These ransomware payloads clear Windows Event Logs [T1070.001], disable the Volume Shadow Copy Service, and delete shadow copies to inhibit system recovery attempts [T1490]. Data encrypted with Ghost ransomware variants cannot be recovered without the decryption key. Ghost actors hold the encrypted data for ransom and typically demand anywhere from tens to hundreds of thousands of dollars in cryptocurrency in exchange for decryption software [T1486].

    The impact of Ghost ransomware activity varies widely on a victim-to-victim basis. Ghost actors tend to move to other targets when confronted with hardened systems, such as those where proper network segmentation prevents lateral moment to other devices.

    Indicators of Compromise (IOC)

    Table 1 lists several tools and applications Ghost actors have used for their operations. The use of these tools and applications on a network should be investigated further.

    Note: Authors of these tools generally state that they should not be used in illegal activity.

    Table 1: Tools Leveraged by Ghost Actors
    Name Description Source
    Cobalt Strike Cobalt Strike is penetration testing software. Ghost actors  use an unauthorized version of Cobalt Strike. N/A
    IOX Open-source proxy, used to establish a reverse proxy to a Ghost C2 server from an internal victim device. github[.]com/EddieIvan01/iox
    SharpShares.exe SharpShares.exe is used to enumerate accessible network shares in a domain. Ghost actors use this primarily for host discovery. github[.]com/mitchmoser/SharpShares
    SharpZeroLogon.exe SharpZeroLogon.exe attempts to exploit CVE-2020-1472 and is run against a target Domain Controller. github[.]com/leitosama/SharpZeroLogon
    SharpGPPPass.exe SharpGPPPass.exe attempts to exploit CVE-2014-1812 and targets XML files created through Group Policy Preferences that may contain passwords. N/A
    SpnDump.exe SpnDump.exe is used to list service principal name identifiers, which Ghost actors use for service and hostname enumeration. N/A
    NBT.exe A compiled version of SharpNBTScan, a NetBIOS scanner. Ghost actors use this tool for hostname and IP address enumeration. github[.]com/BronzeTicket/SharpNBTScan
    BadPotato.exe BadPotato.exe is an exploitation tool used for privilege escalation. github[.]com/BeichenDream/BadPotato
    God.exe God.exe is a compiled version of GodPotato and is used for privilege escalation. github[.]com/BeichenDream/GodPotato
    HFS (HTTP File Server) A portable web server program that Ghost actors use to host files for remote access and exfiltration. rejitto[.]com/hfs
    Ladon 911 A multifunctional scanning and exploitation tool, often used by Ghost actors with the MS17010 option to scan for SMB vulnerabilities associated with CVE-2017-0143 and CVE-2017-0144. github[.]com/k8gege/Ladon
    Web Shell A backdoor installed on a web server that allows for the execution of commands and facilitates persistent access. Slight variation of github[.]com/BeichenDream/Chunk-Proxy/blob/main/proxy.aspx
    Table 2: MD5 File Hashes Associated with Ghost Ransomware Activity
    File name MD5 File Hash
    Cring.exe c5d712f82d5d37bb284acd4468ab3533
    Ghost.exe

    34b3009590ec2d361f07cac320671410

    d9c019182d88290e5489cdf3b607f982
    ElysiumO.exe

    29e44e8994197bdb0c2be6fc5dfc15c2

    c9e35b5c1dc8856da25965b385a26ec4

    d1c5e7b8e937625891707f8b4b594314
    Locker.exe ef6a213f59f3fbee2894bd6734bbaed2
    iex.txt, pro.txt (IOX) ac58a214ce7deb3a578c10b97f93d9c3
    x86.log (IOX)

    c3b8f6d102393b4542e9f951c9435255

    0a5c4ad3ec240fbfd00bdc1d36bd54eb
    sp.txt (IOX) ff52fdf84448277b1bc121f592f753c5
    main.txt (IOX) a2fd181f57548c215ac6891d000ec6b9
    isx.txt (IOX) 625bd7275e1892eac50a22f8b4a6355d
    sock.txt (IOX) db38ef2e3d4d8cb785df48f458b35090

    Ransom Email Addresses

    Table 3 is a subset of ransom email addresses that have been included in Ghost ransom notes.

    Table 3: Ransom Email Addresses
    Email Addresses
    asauribe@tutanota.com ghostbackup@skiff.com rainbowforever@tutanota.com
    cringghost@skiff.com ghosts1337@skiff.com retryit1998@mailfence.com
    crptbackup@skiff.com ghosts1337@tuta.io retryit1998@tutamail.com
    d3crypt@onionmail.org ghostsbackup@skiff.com rsacrpthelp@skiff.com
    d3svc@tuta.io hsharada@skiff.com rsahelp@protonmail.com
    eternalnightmare@tutanota.com just4money@tutanota.com sdghost@onionmail.org
    evilcorp@skiff.com kellyreiff@tutanota.com shadowghost@skiff.com
    fileunlock@onionmail.org kev1npt@tuta.io shadowghosts@tutanota.com
    fortihooks@protonmail.com lockhelp1998@skiff.com summerkiller@mailfence.com
    genesis1337@tutanota.com r.heisler@skiff.com summerkiller@tutanota.com
    ghost1998@tutamail.com rainbowforever@skiff.com webroothooks@tutanota.com

    Ransom Notes

    Starting approximately in August 2024, Ghost actors began using TOX IDs in ransom notes as an alternative method for communicating with victims. For example: EFE31926F41889DBF6588F27A2EC3A2D7DEF7D2E9E0A1DEFD39B976A49C11F0E19E03998DBDA and E83CD54EAAB0F31040D855E1ED993E2AC92652FF8E8742D3901580339D135C6EBCD71002885B.

    MITRE ATT&CK Tactics and Techniques

    See Table 4 to Table 13 for all referenced threat actor tactics and techniques in this advisory. For assistance with mapping malicious cyber activity to the MITRE ATT&CK framework, version 16.1, see CISA and MITRE ATT&CK’s Best Practices for MITRE ATT&CK Mapping and CISA’s Decider Tool.

    Table 4: Initial Access
    Technique Title  ID Use
    Exploit Public-Facing Application T1190 Ghost actors exploit multiple vulnerabilities in public-facing systems to gain initial access to servers.
    Table 5: Execution
    Technique Title  ID Use
    Windows Management Instrumentation T1047 Ghost actors abuse WMI to run PowerShell scripts on other devices, resulting in their infection with Cobalt Strike Beacon malware.
    PowerShell T1059.001 Ghost actors use PowerShell for various functions including to deploy Cobalt Strike.
    Windows Command Shell T1059.003 Ghost actors use the Windows Command Shell to download malicious content on to victim servers.
    Table 6: Persistence
    Technique Title  ID Use
    Account Manipulation T1098 Ghost actors change passwords for already established accounts.
    Local Account T1136.001 Ghost actors create new accounts or makes modifications to local accounts.
    Domain Account T1136.002 Ghost actors create new accounts or makes modifications to domain accounts.
    Web Shell T1505.003 Ghost actors upload web shells to victim servers to gain access and for persistence.
    Table 7: Privilege Escalation
    Technique Title  ID Use
    Exploitation for Privilege Escalation T1068 Ghost actors use a suite of open source tools in an attempt to gain elevated privileges through exploitation of vulnerabilities.
    Token Impersonation/Theft T1134.001 Ghost actors use Cobalt Strike to steal process tokens of processes running at a higher privilege.
    Table 8: Defense Evasion
    Technique Title  ID Use
    Application Layer Protocol: Web Protocols T1071.001 Ghost actors use HTTP and HTTPS protocols while conducting C2 operations. 
    Impair Defenses: Disable or Modify Tools T1562.001 Ghost actors disable antivirus products.
    Hidden Window T1564.003 Ghost actors use PowerShell to conceal malicious content within legitimate appearing command windows.
    Table 9: Credential Access
    Technique Title  ID Use
    OS Credential Dumping T1003 Ghost actors use Mimikatz and the Cobalt Strike “hashdump” command to collect passwords and password hashes.
    Table 10: Discovery
    Technique Title  ID Use
    Remote System Discovery T1018 Ghost actors use tools like Ladon 911 and ShapNBTScan for remote systems discovery.
    Process Discovery T1057 Ghost actors run a ps command to list running processes on an infected device.
    Domain Account Discovery T1087.002 Ghost actors run commands such as net group “Domain Admins” /domain to discover a list of domain administrator accounts.
    Network Share Discovery T1135 Ghost actors use various tools for network share discovery for the purpose of host enumeration.
    Software Discovery T1518 Ghost actors use their access to determine which antivirus software is running.
    Security Software Discovery T1518.001 Ghost actors run Cobalt Strike to enumerate running antivirus software.
    Table 11: Exfiltration
    Technique Title  ID Use
    Exfiltration Over C2 Channel T1041 Ghost actors use both web shells and Cobalt Strike to exfiltrate limited data.
    Exfiltration to Cloud Storage T1567.002 Ghost actors sometimes use legitimate cloud storage providers such as Mega.nz for malicious exfiltration operations.
    Table 12: Command and Control
    Technique Title  ID Use
    Web Protocols T1071.001 Ghost actors use Cobalt Strike Beacon malware and Cobalt Strike Team Servers which communicate over HTTP and HTTPS.
    Ingress Tool Transfer T1105 Ghost actors use Cobalt Strike Beacon malware to deliver ransomware payloads to victim servers.
    Standard Encoding T1132.001 Ghost actors use PowerShell commands to encode network traffic which reduces their likelihood of being detected during lateral movement.
    Encrypted Channel T1573 Ghost actors use encrypted email platforms to facilitate communications. 
    Table 13: Impact
    Technique Title  ID Use
    Data Encrypted for Impact T1486 Ghost actors use ransomware variants Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe to encrypt victim files for ransom.
    Inhibit System Recovery T1490 Ghost actors delete volume shadow copies.

    Mitigations

    The FBI, CISA, and MS-ISAC recommend organizations reference their #StopRansomware Guide and implement the mitigations below to improve cybersecurity posture on the basis of the Ghost ransomware activity. These mitigations align with the Cross-Sector Cybersecurity Performance Goals (CPGs) developed by CISA and the National Institute of Standards and Technology (NIST). The CPGs provide a minimum set of practices and protections that CISA and NIST recommend all organizations implement. CISA and NIST based the CPGs on existing cybersecurity frameworks and guidance to protect against the most common and impactful threats, tactics, techniques, and procedures. Visit CISA’s CPGs webpage for more information on the CPGs, including additional recommended baseline protections.

    • Maintain regular system backups that are known-good and stored offline or are segmented from source systems [CPG 2.R]. Ghost ransomware victims whose backups were unaffected by the ransomware attack were often able to restore operations without needing to contact Ghost actors or pay a ransom.
    • Patch known vulnerabilities by applying timely security updates to operating systems, software, and firmware within a risk-informed timeframe [CPG 1.E].
    • Segment networks to restrict lateral movement from initial infected devices and other devices in the same organization [CPG 2.F].
    • Require Phishing-Resistant MFA for access to all privileged accounts and email services accounts.
    • Train users to recognize phishing attempts.
    • Monitor for unauthorized use of PowerShell. Ghost actors leverage PowerShell for malicious purposes, although it is often a helpful tool that is used by administrators and defenders to manage system resources. For more information, visit NSA and CISA’s joint guidance on PowerShell best practices.
      • Implement the principle of least privilege when granting permissions so that employees who require access to PowerShell are aligned with organizational business requirements.
    • Implement allowlisting for applications, scripts, and network traffic to prevent unauthorized execution and access [CPG 3.A].
    • Identify, alert on, and investigate abnormal network activity. Ransomware activity generates unusual network traffic across all phases of the attack chain. This includes running scans to discover other network connected devices, running commands to list, add, or alter administrator accounts, using PowerShell to download and execute remote programs, and running scripts not usually seen on a network. Organizations that can successfully identify and investigate this activity are better able to interrupt malicious activity before ransomware is executed [CPG 3.A].
      • Ghost actors run a significant number of commands, scripts, and programs that IT administrators would have no legitimate reason for running. Victims who have identified and responded to this unusual behavior have successfully prevented Ghost ransomware attacks.
    • Limit exposure of services by disabling unused ports such as, RDP 3398, FTP 21, and SMB 445, and restricting access to essential services through securely configured VPNs or firewalls.
    • Enhance email security by implementing advanced filtering, blocking malicious attachments, and enabling DMARC, DKIM, and SPF to prevent spoofing [CPG 2.M].

    Validate Security Controls

    In addition to applying mitigations, the FBI, CISA, and MS-ISAC recommend exercising, testing, and validating your organization’s security program against the threat behaviors mapped to the MITRE ATT&CK for Enterprise framework in this advisory.

    To get started:

    1. Select an ATT&CK technique described in this advisory (see Table 3 to Table 13).
    2. Align your security technologies against the technique.
    3. Test your technologies against the technique.
    4. Analyze your detection and prevention technologies’ performance.
    5. Repeat the process for all security technologies to obtain a set of comprehensive performance data.
    6. Tune your security program, including people, processes, and technologies, based on the data generated by this process.

    Reporting

    Your organization has no obligation to respond or provide information back to the FBI in response to this joint advisory. If, after reviewing the information provided, your organization decides to provide information to the FBI, reporting must be consistent with applicable state and federal laws.

    The FBI is interested in any information that can be shared, to include logs showing communication to and from foreign IP addresses, a sample ransom note, communications with threat actors, Bitcoin wallet information, and/or decryptor files.

    Additional details of interest include a targeted company point of contact, status and scope of infection, estimated loss, operational impact, date of infection, date detected, initial attack vector, and host and network-based indicators.

    The FBI, CISA, and MS-ISAC do not encourage paying ransom as payment does not guarantee victim files will be recovered. Furthermore, payment may also embolden adversaries to target additional organizations, encourage other criminal actors to engage in the distribution of ransomware, and/or fund illicit activities. Regardless of whether you or your organization have decided to pay the ransom, the FBI and CISA urge you to promptly report ransomware incidents to FBI’s Internet Crime Complain Center (IC3), a local FBI Field Office, or CISA via the agency’s Incident Reporting System or its 24/7 Operations Center (report@cisa.gov) or by calling 1-844-Say-CISA (1-844-729-2472).

    Disclaimer

    The information in this report is being provided “as is” for informational purposes only. The FBI, CISA, and MS-ISAC do not endorse any commercial entity, product, company, or service, including any entities, products, or services linked within this document. Any reference to specific commercial entities, products, processes, or services by service mark, trademark, manufacturer, or otherwise, does not constitute or imply endorsement, recommendation, or favoring by the FBI, CISA, and the MS-ISAC.

    Version History

    February 19, 2025: Initial version.

    MIL OSI USA News –

  • MIL-OSI United Nations: New UN Mediator for Libya — Tenth in 14 Years — Must Avoid Past Failures, Delegate Warns Security Council

    Source: United Nations General Assembly and Security Council

    UN Political Chief Says Libyans’ Dream Unfulfilled after February Revolution 14 Years Ago

    Libya’s leaders and security actors are prioritizing political and personal gain over national interests, the United Nations’ top political official told the Security Council today, as the country’s delegate blamed proxy wars for its instability.

    Fourteen years on since the 17 February 2011 Revolution in Libya, “the dream of a civil, democratic and prosperous Libya remains unfulfilled” due to “entrenched divisions, economic mismanagement, continued human rights violations and competing domestic and external interests”, said Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs.  Highlighting efforts by the United Nations Support Mission in Libya (UNSMIL) to revive the political process, she noted the establishment of an Advisory Committee comprising legal and constitutional experts to provide proposals supporting efforts towards holding national elections.

    Pointing to the lack of progress on a unified budget or an agreed spending framework, as well as disagreement over the leadership of the Libyan Audit Bureau, she said it is critical to support the Central Bank’s efforts to stabilize the financial situation.  The dispute over the position of President of the High Council of State remains unresolved.  “Politicization and political divisions are also hindering progress on national reconciliation,” she said, noting that amendments to a draft law on that topic have raised concerns over the independence of a future National Reconciliation Commission.

    Following successful local elections in 56 municipalities in November 2024, the High National Elections Commission is preparing for the next 63 elections.  “Funding from the Government is crucial to enable the High National Elections Commission to implement this next phase of municipal council elections,” she stressed.  On the security front, the activities of non-State and quasi-State armed actors continue to pose a threat to Libya’s fragile stability, she said, noting that the 2020 Ceasefire Agreement has only been partially implemented.

    She also expressed concern about the continuing trend of arbitrary arrests and enforced disappearances across Libya.  Drawing attention to “the alarming and tragic discovery of mass graves” earlier this month in north-east and south-east Libya, she said:  “This is yet another reminder of the urgent need to protect migrants and combat human trafficking.”  Calling for support to the 2025 Libyan chapter of the Sudan Refugee Regional Response Plan, which requires $106 million, she urged Council members to support the newly appointed Special Representative Hanna Tetteh, who will be taking up her functions in Tripoli on 20 February.

    In December 2024, a senior UN official announced a new UN-mediated process aimed at breaking the political deadlock — marked by the presence of rival Governments — and facilitating elections.  (See Press Release SC/15938.)

    Libya Battleground for Proxy Wars

    Libya’s delegate, who spoke at the end of today’s meeting, pointed out that Ms. Tetteh will be the tenth Special Representative of the Secretary-General assigned to his country in 14 years, calling this “a record”.  The Council must reflect on whether this indicates a “problem” with the imposition of solutions, UN mechanisms or the officials themselves.  He added:  “We hope that she will harness the lessons from the past and will not repeat the same misgivings by trying the same things and expecting different results.”  He also raised several concerns about the Advisory Committee established by UNSMIL, including whether it was expected to put forward a single proposal or numerous proposals, and how exactly political stakeholders would contribute to this process.

    “My country has become a ground for the settlement of disputes” in proxy wars, he said, adding that it is influenced by instability in the region, including “political and security-based changes”.  However, he pointed out, the recent holding of municipal elections around the country is a good example of Libya’s ability to ensure electoral processes where there is support and political will.  Any reconciliation must be based “on transitional justice, on accountability, on truth and on redress and compensation”, he stressed, while reiterating a request for the removal of individuals on the Sanctions List for humanitarian reasons or if their “listing was erroneous, or because their file was used to further political friction”.

    Many Council members welcomed the establishment of the Advisory Committee and the appointment of the new Special Representative as positive steps towards relaunching the political process.

    The representative of the United States said Ms. Tetteh’s prior experience in Sudan and South Sudan can inform her approach in Libya.  A political solution is the path to long-term stability, and time is of the essence, she said, noting “destabilizing activities from external actors” and the need for “east-west security integration”. Recalling the visit of a delegation from her country to Libya, she urged all parties to reach agreement on a unified budget to end persistent conflicts over revenue-sharing.

    The Russian Federation’s delegate expressed hope that the new Special Representative will adopt an impartial approach, informed by a sober assessment of the political climate.  Ms. Tetteh will have the difficult task of redressing imbalance and revitalizing UN mediation efforts, he said.  This month marks the fourteenth anniversary since the “egregious Western intervention and the virtual destruction of Libyan Statehood”, he observed, adding:  “The collapse of the country took place and is ongoing to this date.”

    Updating Sanctions Regime

    The United Kingdom’s delegate welcomed the recent adoption of new designation criteria for the UN sanctions regime to hold those exploiting Libyan crude oil and petroleum accountable and help to safeguard its resources.  “Until a unifying political agreement is achieved in Libya, it will be impossible to unlock its great potential,” she added.  (See Press Release SC/15967.)  Along similar lines, France’s delegate said:  “Libyan money needs to benefit the Libyan people”, adding that a unified budget and a unified Government go hand in hand.  Such a Government, capable of organizing presidential and legislative elections as soon as possible, is crucial.

    “Good-faith engagement and demonstrating compromise” will be essential in overcoming all outstanding, contentious issues, Slovenia’s speaker advised, adding that the political process must include Libyans from all walks of life, with women and young people.  Denmark’s delegate added:  “No woman should fear reprisals as a consequence of political engagement — neither online, nor offline.”  Further, organizations promoting women’s rights should be able to operate freely.

    The representative of Panama acknowledged the enormous political challenges in Libya, where “the crisis has fragmented the social fabric and institutions in the country”, as he expressed support for efforts to hold elections representing different factions of Libyan society.  Greece’s delegate pointed out that stability in Libya remains key for the region, and even more so for immediate neighbours like his own country which are impacted by the significant increase of irregular migration flows.

    Communications between East-West Security Institutions

    On security, the representative of Pakistan highlighted the reported agreement between Eastern and Western security institutions to establish a joint centre for communication and information exchange.  Noting that these are preliminary steps, he added:  “This will need a well-defined comprehensive peacebuilding and reconciliation strategy”.  Also welcoming the establishment of the joint centre for border security, the representative of the Republic of Korea noted that efforts to unify military institutions will be essential for strengthening Libya’s security.  Calling on “foreign Powers” to refrain from providing arms to Tripoli “for their narrow geopolitical interests”, he said that those weapons destabilize the broader region and bolster terrorism.

    Several speakers echoed the need to avoid external interference and respect the leadership of the Libyan people.  The representative of Guyana, also speaking for Algeria, Sierra Leone and Somalia, said the Advisory Committee’s proposals are meant to foster further consultations between UNSMIL and the relevant Libyan decision makers and stakeholders.  She called for “careful attention to how this work is undertaken, so that it “avoids creating any additional challenges”.  She also expressed concern about the lack of progress in convening national elections.

    The representative of China, Council President for February, speaking in his national capacity, stressed the need to avoid undue external interference, while Libya is on the path to elections and national reconciliation.  UNSMIL must strengthen its communication with Libyan parties and put forward practical proposals, he said, hoping that the Special Representative will advance the political process.  The Mission should monitor the ceasefire, he said, noting that improving the security situation and fighting the crime trajectory are imperative.

    MIL OSI United Nations News –

  • MIL-OSI Europe: President Calviño’s interview with the Süddeutsche Zeitung

    Source: European Investment Bank

    Interview by Matthias Kolb and Alexander Mühlauer (Süddeutschen Zeitung)

    Nadia Calviño is President of the European Investment Bank (EIB), the largest promotional bank in the world. On behalf of the EU Member States, it is tasked with ensuring stability through investments within and beyond the European Union. So it’s little wonder that the former Deputy Prime Minister of Spain would attend the 61st Munich Security Conference. Shortly before the event, Calviño visited Ukrainian President Volodymyr Zelenskyy in Kyiv, signing investment agreements totalling around  €1 billion. Before beginning her interview with the Süddeutsche Zeitung, the 56-year-old wanted to get one thing straight, right from the start: Europe must realise that we are at a turning point in history.

    Something seems to have ruptured between the United States and the European Union. Trump is talking with Putin about the future of Ukraine, without the EU at the table. The US Secretary of Defense says that America will no longer guarantee security in Europe. And US Vice President J.D. Vance says the greatest risk for Europe is not Russia or China, but the alleged internal threat to freedom of expression. How shocked are you by this?

    Calviño: I’m not shocked, or even surprised. I was certain we would see a fundamental change in transatlantic relations. We Europeans need to remember where our strengths lie, stand up for our interests and defend the rules-based world order from which we have benefited so richly over the past 80 years. And the Americans even more so.

    Isn’t the new US government threatening to destroy this world order?

    I am convinced that good transatlantic relations are strategically important for both sides. We must work to create a new foundation for them. In such turbulent times, it is more important than ever for Europe to stand for stability and reliability – not just within our own borders, but also for the rest of the world. That Europe should do even more to uphold a rules-based world order is something I hear often from our partners across the globe.

    But again, do the United States pose a risk to the global order?

    It is in their interest to preserve the things that have made America great. Institutions like the World Bank, the International Monetary Fund or the World Trade Organization, which we founded together. That’s one reason the US dollar is a global reserve currency. There are many win-win situations to be had from working together, and with Europe. But the most important thing is for us to accept that the world of tomorrow is very different from the world of yesterday.

    “We are at a turning point in history.”

    The European Investment Bank is the world’s largest promotional bank. As its president, what can you do to help Europe stand the test of time in this new world?

    We are at a crucial moment in history. And at a turning point in the geopolitical order. The future will depend on the decisions we make today, and every decision counts.

    What does that mean exactly?

    Since I joined the EIB as president in 2024, I have held talks with all 27 EU Member States and our European and international partners, but also with civil society and industry. For the first time, we have set out a clear Strategic Roadmap. 2024 was a record year for us, in which the EIB signed €89 billion in financing to strengthen Europe’s competitiveness and security. These funds will go, for example, to energy infrastructure and renewable projects, to new technologies like artificial intelligence or quantum computers, and to supporting the transport and automotive industries. In 2024, we invested a record amount in energy networks. We also doubled our support for security and defence – to €1 billion – and we expect to double it again in 2025.

    At the Munich Security Conference, we kept hearing the question of where Member States could get the many billions of euros they would need to invest in their armies, including under pressure from Trump. Are they all coming to you now?

    Ursula von der Leyen has already proposed relaxing the rules under the Stability Pact so that EU countries can finance their defence spending. Olaf Scholz has similar ideas. The EIB is not a defence ministry, but there is a lot we can do to help in this area. For example, if Member States want to renovate their roads and bridges to improve military mobility, we can fund that, just like we can fund protection of critical infrastructure like submarine cables, or investments in cybersecurity. We are doing this, and are exchanging with Europe’s finance and defence ministries and with industry.

    What is the EIB financing in Germany in this domain?

    We are currently looking into 14 specific projects across Europe. In 2021, for example, we granted the Munich-based drone startup Quantum Systems a loan of €10 million. Their products are now used by the Ukrainian military, and have both civilian and military applications, so they can be supported by the EIB. The Lithuanian government has just applied to us with a proposal that we are now evaluating. It seeks financial assistance to build the base for the new German army brigade in Rūdninkai, near the border with Belarus.

    Soon 5 000 German soldiers will be permanently stationed in Lithuania, as a deterrent to Russia. Cost projections by the German Defence Ministry for this brigade are over €10 billion. Lithuania would like to invest around €1 billion in the new base. How much money could come from the EIB?

    This is a very important and demanding project, and we’ve only just started looking into the details. Another good example is the EIB support for the expansion of the Danish port in Esbjerg. Going forward, it will be better able to accommodate NATO vessels and the transport of materials for offshore wind farms.

    You just came from a visit to Ukraine. How is the EIB supporting that country?

    The trip to Ukraine was my first one outside the EU as EIB President. We are probably Ukraine’s most important investment partner, and our role is one that our partners value greatly. During my visit, we signed agreements for investment totalling around €1 billion. They will allow major Ukrainian banks to grant more loans to medium-sized companies. And with the country’s government, we have signed packages to finance infrastructure for energy, transport, water and district heating, as well as the construction of bunkers in schools and nurseries. So we are actively investing in all of the important areas for the Ukrainian people to lead normal lives, as far as possible. And, of course, we aim to strengthen the country’s resilience.

    Are you also supporting Ukraine’s defence industry?

    We support the European security and defence industry, which also helps Ukraine. In 2024 we expanded the dual-use approach, so that we can now support a wide range of projects, such as border security, cybersecurity, satellites and drones, and mine clearance.

    The CEO of the Italian arms company Leonardo recently told our reporters that Europe has one main problem: Member States spend more and more money on defence, but don’t work together enough. Is he right?

    It is clear that a common European procurement system would make us stronger and more efficient, especially when it comes to our flagship projects. And yes, I think the European Investment Bank can contribute by acting as an independent appraiser for projects. In 2024, to bring in top expertise, we signed agreements with the NATO Innovation Fund and the European Defence Agency so that we can draw on their technical knowledge in this regard.

    Is there any dispute at the EIB due to differing positions on Ukraine, with member countries like Hungary or Slovakia that have pro-Moscow governments?

    No, not at all.

    “I would never presume to tell a Member State what to do.”

    So you are president of one of the only EU institutions that aren’t divided?

    I told you that I visited the 27 Member States, and listened very carefully to them. On that basis, we drew up our strategy, which was unanimously supported. We are therefore well aligned with the EU priorities and the expectations of the Member States. There is strong support for what we are doing. Including in Ukraine.

    When it comes to Europe’s future, one word always comes up: competitiveness. What does Europe need to do to avoid falling even further behind the US and China economically?

    The different reports, for example by Enrico Letta and Mario Draghi, are quite unanimous: We need market integration, streamlining and investment. So what we need to do is clear. And I think the new Commission is willing to go in that direction. On streamlining, for example, we have teamed up with the Commission to adapt environmental reporting standards so that we can pursue the Paris Agreement and our green transformation objectives in a way that promotes the competitiveness of European industry, as well as green finance and green investment.

    How optimistic are you that Europe will finally begin to react more quickly and actually make decisions? With the capital markets union, we’ve been waiting ten years for things to finally happen. And that’s just one example of many.

    As Spain’s Minister of Finance and its Deputy Prime Minister, I saw lots of things. The euro area crisis, the COVID-19 pandemic. And I have seen how Europe can succeed: Together, we developed the vaccines, and we dealt with the crisis. With the NextGenerationEU package, Spain has made some very far-reaching reforms and, thanks to mobilising investment, it is now the best-performing economy in Europe and a driver of growth and prosperity on the continent. We succeed when we unite, act decisively, truly focus and bring all our energy together.

    In contrast to Spain and other countries, Germany’s economy has been hit hard. Many experts see the debt brake as an obstacle to further growth. What does Germany have to do for things to start looking up again?

    I would never presume to tell a Member State what to do. I simply wish for a strong Germany with a stable, pro-Europe government – because we need a strong Germany at the centre of our union.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: CEPA Forum held today

    Source: Hong Kong Government special administrative region

    CEPA Forum held today
    CEPA Forum held today
    *********************

         The Hong Kong Special Administrative Region (HKSAR) Government and the Ministry of Commerce of the People’s Republic of China co-organised the Forum on the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) today (February 19). The forum aimed to familiarise business sectors with the liberalisation measures and implementation arrangements of the Amendment Agreement II signed by both sides under the CEPA framework on October 9, 2024.     The HKSAR Government would like to express sincere gratitude to the Central Government for its support for the HKSAR, with the Ministry of Commerce and relevant authorities actively responding to the HKSAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services and signing the Amendment Agreement II, enabling more Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong, and the Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce, Mr Fan Shijie, attended the forum and delivered speeches.      Over 350 people, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors, participated in the forum. The forum comprised three breakout sessions covering financial and legal services; audiovisual and telecommunications services; and other services (including construction and related engineering, medical, testing and certification, advertising, and tourism and travel related services). Representatives from over 20 central ministries and HKSAR Government bureaux and departments briefed participants at the forum on the content and implementation arrangements of the Amendment Agreement II, as well as the criteria and procedures for application for preferential treatments, and answered questions from the trade.     The Mainland and Hong Kong signed CEPA in 2003. CEPA has now been upgraded to a comprehensive and modern free trade agreement, covering four major areas, namely Trade in Goods, Trade in Services, Investment, and Economic and Technical Co-operation. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, thus making it easier for Hong Kong service suppliers and professionals to set up enterprises and develop businesses in the Mainland, as well as enabling them to make contribution to the national development of new quality productive forces and solid progress in promoting high-quality development. The Amendment Agreement II came into effect on the day of signing and will be implemented on March 1.

     
    Ends/Wednesday, February 19, 2025Issued at HKT 21:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: ICYMI: Senator Marshall and Secretary of Agriculture Brooke Rollins Hold Fireside Chat at Top Producer Summit and Join RFD-TV to Discuss Agricultural Priorities

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Kansas City – U.S. Senator Roger Marshall, M.D. (R-Kansas) welcomed U.S. Secretary of Agriculture Brooke Rollins to Kansas this week. They made multiple stops around the state at key Kansas agriculture locations and ended their trip by attending Top Producer Summit in Kansas City where they held a fireside chat which was moderated by Senator Marshall.
    During the conversation, Secretary Rollins discussed her background and priorities for improving American agriculture. Both Senator Marshall and Secretary Rollins emphasized that they are not just fighting for policies, but fighting for the American farmer and rancher who put so much on the line to feed our country and the world. Senator Marshall and Secretary Rollins also discussed the importance of cutting government regulations and increasing agricultural production. 
    In addition, Senator Marshall and Secretary Rollins joined RFD-TV to discuss tariffs, their commitment to working with President Trump to help ranchers and farmers, and the status of the next Farm Bill.
    You may click HERE  to watch Senator Marshall’s full interview with RFD-TV.
    Highlights from the interview include:
    Senator Marshall on how rural farmers are struggling and what can be done:
    “As the Secretary mentioned, there’s been a record drop in net farm income. But the opportunities are there. The dairy industry is growing in Kansas. The cattle industry is growing as well. Biofuels are huge opportunities as well. So I think again, in the spirit of optimism, rolling back regulations. The Secretary was very involved before in the previous Trump Administration, rolling back Waters of the U.S. Our farmers and ranchers are being strangled by regulation, so we are looking forward to rolling those back as well.”
    Senator Marshall on the importance and function of tariffs:
    “Farmers and ranchers support President Trump. They know under Trump 1.0 that he gave us USMCA (United States-Mexico-Canada Agreement)… He used those tariffs for the long-term gain of the farmers. [President Trump is] the best deal maker that you’ve ever met, and he’s going to make a deal with India. And I think India will replace China as one of our top markets as well, but not if they’re tariffing us 50% and we’re not tariffing them. So I think there are huge opportunities. We’ve got a deal maker in DC now, and the Secretary is gonna be right there pushing them down that road as well.”
    Senator Marshall on the outlook of the next Farm Bill:
    “We’ll get done this year. I am looking forward to working with Senator Klobuchar who’s the new ranking member for the Democrats… So, I think working with her and Senator Bozeman, we’ll get it across the finish line. We will put the farm back in Farm Bill. We’ll take care of the crop insurance. We’re going to take care of reference prices and maybe expand the guardrails for the conservation program so that the farmers and ranchers can actually use them. So, we’ll put the farm back in Farm Bill. We’ll get it done.”
    Senator Marshall on working with Agriculture Secretary Brooke Rollins:
    “Secretary Rollins lives, breathes, and eats this agriculture world. And I think she did a great job communicating what was on her heart. She was born and raised in agriculture and that agriculture isn’t just an industry, it’s a way of life. And then her relationship with President Trump over the last eight years, and what a huge priority rural America is to President Trump. 90% of rural Americans voted for President Trump. That’s not lost on him, and he wants us to do everything that he can to make rural America great again.”

    MIL OSI USA News –

  • MIL-OSI Security: #StopRansomware: Ghost (Cring) Ransomware

    Source: US Department of Homeland Security

    Summary

    Note: This joint Cybersecurity Advisory is part of an ongoing #StopRansomware effort to publish advisories for network defenders that detail various ransomware variants and ransomware threat actors. These #StopRansomware advisories include recently and historically observed tactics, techniques, and procedures (TTPs) and indicators of compromise (IOCs) to help organizations protect against ransomware. Visit stopransomware.gov to see all #StopRansomware advisories and to learn more about other ransomware threats and no-cost resources.

    The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) are releasing this joint advisory to disseminate known Ghost (Cring)—(“Ghost”)—ransomware IOCs and TTPs identified through FBI investigation as recently as January 2025.

    Beginning early 2021, Ghost actors began attacking victims whose internet facing services ran outdated versions of software and firmware. This indiscriminate targeting of networks containing vulnerabilities has led to the compromise of organizations across more than 70 countries, including organizations in China. Ghost actors, located in China, conduct these widespread attacks for financial gain. Affected victims include critical infrastructure, schools and universities, healthcare, government networks, religious institutions, technology and manufacturing companies, and numerous small- and medium-sized businesses.

    Ghost actors rotate their ransomware executable payloads, switch file extensions for encrypted files, modify ransom note text, and use numerous ransom email addresses, which has led to variable attribution of this group over time. Names associated with this group include Ghost, Cring, Crypt3r, Phantom, Strike, Hello, Wickrme, HsHarada, and Rapture. Samples of ransomware files Ghost used during attacks are: Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe.

    Ghost actors use publicly available code to exploit Common Vulnerabilities and Exposures (CVEs) and gain access to internet facing servers. Ghost actors exploit well known vulnerabilities and target networks where available patches have not been applied.

    The FBI, CISA, and MS-ISAC encourage organizations to implement the recommendations in the Mitigations section of this advisory to reduce the likelihood and impact of Ghost ransomware incidents.

    Download the PDF version of this report:

    For a downloadable copy of IOCs, see:

    Technical Details

    Note: This advisory uses the MITRE ATT&CK® Matrix for Enterprise framework, version 16.1. See the MITRE ATT&CK Tactics and Techniques section of this advisory for a table of the threat actors’ activity mapped to MITRE ATT&CK tactics and techniques.

    Initial Access

    The FBI has observed Ghost actors obtaining initial access to networks by exploiting public facing applications that are associated with multiple CVEs [T1190]. Their methodology includes leveraging vulnerabilities in Fortinet FortiOS appliances (CVE-2018-13379), servers running Adobe ColdFusion (CVE-2010-2861 and CVE-2009-3960), Microsoft SharePoint (CVE-2019-0604), and Microsoft Exchange (CVE-2021-34473, CVE-2021-34523, and CVE-2021-31207— commonly referred to as the ProxyShell attack chain).

    Execution

    Ghost actors have been observed uploading a web shell [T1505.003] to a compromised server and leveraging Windows Command Prompt [T1059.003] and/or PowerShell [T1059.001] to download and execute Cobalt Strike Beacon malware [T1105] that is then implanted on victim systems. Despite Ghost actors’ malicious implementation, Cobalt Strike is a commercially available adversary simulation tool often used for the purposes of testing an organization’s security controls.

    Persistence

    Persistence is not a major focus for Ghost actors, as they typically only spend a few days on victim networks. In multiple instances, they have been observed proceeding from initial compromise to the deployment of ransomware within the same day. However, Ghost actors sporadically create new local [T1136.001] and domain accounts [T1136.002] and change passwords for existing accounts [T1098]. In 2024, Ghost actors were observed deploying web shells [T1505.003] on victim web servers.

    Privilege Escalation

    Ghost actors often rely on built in Cobalt Strike functions to steal process tokens running under the SYSTEM user context to impersonate the SYSTEM user, often for the purpose of running Beacon a second time with elevated privileges [T1134.001].

    Ghost actors have been observed using multiple open-source tools in an attempt at privilege escalation through exploitation [T1068] such as “SharpZeroLogon,” “SharpGPPPass,” “BadPotato,” and “GodPotato.” These privilege escalation tools would not generally be used by individuals with legitimate access and credentials. 

    See Table 1 for a descriptive listing of tools.

    Credential Access

    Ghost actors use the built in Cobalt Strike function “hashdump” or Mimikatz [T1003] to collect passwords and/or password hashes to aid them with unauthorized logins and privilege escalation or to pivot to other victim devices.

    Defense Evasion

    Ghost actors used their access through Cobalt Strike to display a list of running processes [T1057] to determine which antivirus software [T1518.001] is running so that it can be disabled [T1562.001]. Ghost frequently runs a command to disable Windows Defender on network connected devices. Options used in this command are: Set-MpPreference -DisableRealtimeMonitoring 1 -DisableIntrusionPreventionSystem 1 -DisableBehaviorMonitoring 1 -DisableScriptScanning 1 -DisableIOAVProtection 1 -EnableControlledFolderAccess Disabled -MAPSReporting Disabled -SubmitSamplesConsent NeverSend.

    Discovery

    Ghost actors have been observed using other built-in Cobalt Strike commands for domain account discovery [T1087.002], open-source tools such as “SharpShares” for network share discovery [T1135], and “Ladon 911” and “SharpNBTScan” for remote systems discovery [T1018]. Network administrators would be unlikely to use these tools for network share or remote systems discovery.

    Lateral Movement

    Ghost actors used elevated access and Windows Management Instrumentation Command-Line (WMIC) [T1047] to run PowerShell commands on additional systems on the victim network— often for the purpose of initiating additional Cobalt Strike Beacon infections. The associated encoded string is a base 64 PowerShell command that always begins with: powershell -nop -w hidden -encodedcommand JABzAD0ATgBlAHcALQBPAGIAagBlAGMAdAAgAEkATwAuAE0AZQBtAG8AcgB5AFMAdAByAGUAYQBtACgALABbAEMAbwBuAHYAZQByAHQAXQA6ADoARgByAG8AbQBCAGEAcwBlADYANABTAHQAcgBpAG4AZwAoACIA… [T1132.001][T1564.003].

    This string decodes to “$s=New-Object IO.MemoryStream(,[Convert]::FromBase64String(“” and is involved with the execution of Cobalt Strike in memory on the target machine.

    In cases where lateral movement attempts are unsuccessful, Ghost actors have been observed abandoning an attack on a victim.

    Exfiltration

    Ghost ransom notes often claim exfiltrated data will be sold if a ransom is not paid. However, Ghost actors do not frequently exfiltrate a significant amount of information or files, such as intellectual property or personally identifiable information (PII), that would cause significant harm to victims if leaked. The FBI has observed limited downloading of data to Cobalt Strike Team Servers [T1041]. Victims and other trusted third parties have reported limited uses of Mega.nz [T1567.002] and installed web shells for similar limited data exfiltration. Note: The typical data exfiltration is less than hundreds of gigabytes of data.

    Command and Control

    Ghost actors rely heavily on Cobalt Strike Beacon malware and Cobalt Strike Team Servers for command and control (C2) operations, which function using hypertext transfer protocol (HTTP) and hypertext transfer protocol secure (HTTPS) [T1071.001]. Ghost rarely registers domains associated with their C2 servers. Instead, connections made to a uniform resource identifier (URI) of a C2 server, for the purpose of downloading and executing Beacon malware, directly reference the C2 server’s IP address. For example, http://xxx.xxx.xxx.xxx:80/Google.com where xxx.xxx.xxx.xxx represents the C2 server’s IP address.

    For email communication with victims, Ghost actors use legitimate email services that include traffic encryption features. [T1573] Some examples of emails services that Ghost actors have been observed using are Tutanota, Skiff, ProtonMail, Onionmail, and Mailfence.

    Note: Table 2 contains a list of Ghost ransom email addresses.

    Impact and Encryption

    Ghost actors use Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe, which are all ransomware executables that share similar functionality. Ghost variants can be used to encrypt specific directories or the entire system’s storage [T1486]. The nature of executables’ operability is based on command line arguments used when executing the ransomware file. Various file extensions and system folders are excluded during the encryption process to avoid encrypting files that would render targeted devices inoperable.

    These ransomware payloads clear Windows Event Logs [T1070.001], disable the Volume Shadow Copy Service, and delete shadow copies to inhibit system recovery attempts [T1490]. Data encrypted with Ghost ransomware variants cannot be recovered without the decryption key. Ghost actors hold the encrypted data for ransom and typically demand anywhere from tens to hundreds of thousands of dollars in cryptocurrency in exchange for decryption software [T1486].

    The impact of Ghost ransomware activity varies widely on a victim-to-victim basis. Ghost actors tend to move to other targets when confronted with hardened systems, such as those where proper network segmentation prevents lateral moment to other devices.

    Indicators of Compromise (IOC)

    Table 1 lists several tools and applications Ghost actors have used for their operations. The use of these tools and applications on a network should be investigated further.

    Note: Authors of these tools generally state that they should not be used in illegal activity.

    Table 1: Tools Leveraged by Ghost Actors
    Name Description Source
    Cobalt Strike Cobalt Strike is penetration testing software. Ghost actors  use an unauthorized version of Cobalt Strike. N/A
    IOX Open-source proxy, used to establish a reverse proxy to a Ghost C2 server from an internal victim device. github[.]com/EddieIvan01/iox
    SharpShares.exe SharpShares.exe is used to enumerate accessible network shares in a domain. Ghost actors use this primarily for host discovery. github[.]com/mitchmoser/SharpShares
    SharpZeroLogon.exe SharpZeroLogon.exe attempts to exploit CVE-2020-1472 and is run against a target Domain Controller. github[.]com/leitosama/SharpZeroLogon
    SharpGPPPass.exe SharpGPPPass.exe attempts to exploit CVE-2014-1812 and targets XML files created through Group Policy Preferences that may contain passwords. N/A
    SpnDump.exe SpnDump.exe is used to list service principal name identifiers, which Ghost actors use for service and hostname enumeration. N/A
    NBT.exe A compiled version of SharpNBTScan, a NetBIOS scanner. Ghost actors use this tool for hostname and IP address enumeration. github[.]com/BronzeTicket/SharpNBTScan
    BadPotato.exe BadPotato.exe is an exploitation tool used for privilege escalation. github[.]com/BeichenDream/BadPotato
    God.exe God.exe is a compiled version of GodPotato and is used for privilege escalation. github[.]com/BeichenDream/GodPotato
    HFS (HTTP File Server) A portable web server program that Ghost actors use to host files for remote access and exfiltration. rejitto[.]com/hfs
    Ladon 911 A multifunctional scanning and exploitation tool, often used by Ghost actors with the MS17010 option to scan for SMB vulnerabilities associated with CVE-2017-0143 and CVE-2017-0144. github[.]com/k8gege/Ladon
    Web Shell A backdoor installed on a web server that allows for the execution of commands and facilitates persistent access. Slight variation of github[.]com/BeichenDream/Chunk-Proxy/blob/main/proxy.aspx
    Table 2: MD5 File Hashes Associated with Ghost Ransomware Activity
    File name MD5 File Hash
    Cring.exe c5d712f82d5d37bb284acd4468ab3533
    Ghost.exe

    34b3009590ec2d361f07cac320671410

    d9c019182d88290e5489cdf3b607f982
    ElysiumO.exe

    29e44e8994197bdb0c2be6fc5dfc15c2

    c9e35b5c1dc8856da25965b385a26ec4

    d1c5e7b8e937625891707f8b4b594314
    Locker.exe ef6a213f59f3fbee2894bd6734bbaed2
    iex.txt, pro.txt (IOX) ac58a214ce7deb3a578c10b97f93d9c3
    x86.log (IOX)

    c3b8f6d102393b4542e9f951c9435255

    0a5c4ad3ec240fbfd00bdc1d36bd54eb
    sp.txt (IOX) ff52fdf84448277b1bc121f592f753c5
    main.txt (IOX) a2fd181f57548c215ac6891d000ec6b9
    isx.txt (IOX) 625bd7275e1892eac50a22f8b4a6355d
    sock.txt (IOX) db38ef2e3d4d8cb785df48f458b35090

    Ransom Email Addresses

    Table 3 is a subset of ransom email addresses that have been included in Ghost ransom notes.

    Table 3: Ransom Email Addresses
    Email Addresses
    asauribe@tutanota.com ghostbackup@skiff.com rainbowforever@tutanota.com
    cringghost@skiff.com ghosts1337@skiff.com retryit1998@mailfence.com
    crptbackup@skiff.com ghosts1337@tuta.io retryit1998@tutamail.com
    d3crypt@onionmail.org ghostsbackup@skiff.com rsacrpthelp@skiff.com
    d3svc@tuta.io hsharada@skiff.com rsahelp@protonmail.com
    eternalnightmare@tutanota.com just4money@tutanota.com sdghost@onionmail.org
    evilcorp@skiff.com kellyreiff@tutanota.com shadowghost@skiff.com
    fileunlock@onionmail.org kev1npt@tuta.io shadowghosts@tutanota.com
    fortihooks@protonmail.com lockhelp1998@skiff.com summerkiller@mailfence.com
    genesis1337@tutanota.com r.heisler@skiff.com summerkiller@tutanota.com
    ghost1998@tutamail.com rainbowforever@skiff.com webroothooks@tutanota.com

    Ransom Notes

    Starting approximately in August 2024, Ghost actors began using TOX IDs in ransom notes as an alternative method for communicating with victims. For example: EFE31926F41889DBF6588F27A2EC3A2D7DEF7D2E9E0A1DEFD39B976A49C11F0E19E03998DBDA and E83CD54EAAB0F31040D855E1ED993E2AC92652FF8E8742D3901580339D135C6EBCD71002885B.

    MITRE ATT&CK Tactics and Techniques

    See Table 4 to Table 13 for all referenced threat actor tactics and techniques in this advisory. For assistance with mapping malicious cyber activity to the MITRE ATT&CK framework, version 16.1, see CISA and MITRE ATT&CK’s Best Practices for MITRE ATT&CK Mapping and CISA’s Decider Tool.

    Table 4: Initial Access
    Technique Title  ID Use
    Exploit Public-Facing Application T1190 Ghost actors exploit multiple vulnerabilities in public-facing systems to gain initial access to servers.
    Table 5: Execution
    Technique Title  ID Use
    Windows Management Instrumentation T1047 Ghost actors abuse WMI to run PowerShell scripts on other devices, resulting in their infection with Cobalt Strike Beacon malware.
    PowerShell T1059.001 Ghost actors use PowerShell for various functions including to deploy Cobalt Strike.
    Windows Command Shell T1059.003 Ghost actors use the Windows Command Shell to download malicious content on to victim servers.
    Table 6: Persistence
    Technique Title  ID Use
    Account Manipulation T1098 Ghost actors change passwords for already established accounts.
    Local Account T1136.001 Ghost actors create new accounts or makes modifications to local accounts.
    Domain Account T1136.002 Ghost actors create new accounts or makes modifications to domain accounts.
    Web Shell T1505.003 Ghost actors upload web shells to victim servers to gain access and for persistence.
    Table 7: Privilege Escalation
    Technique Title  ID Use
    Exploitation for Privilege Escalation T1068 Ghost actors use a suite of open source tools in an attempt to gain elevated privileges through exploitation of vulnerabilities.
    Token Impersonation/Theft T1134.001 Ghost actors use Cobalt Strike to steal process tokens of processes running at a higher privilege.
    Table 8: Defense Evasion
    Technique Title  ID Use
    Application Layer Protocol: Web Protocols T1071.001 Ghost actors use HTTP and HTTPS protocols while conducting C2 operations. 
    Impair Defenses: Disable or Modify Tools T1562.001 Ghost actors disable antivirus products.
    Hidden Window T1564.003 Ghost actors use PowerShell to conceal malicious content within legitimate appearing command windows.
    Table 9: Credential Access
    Technique Title  ID Use
    OS Credential Dumping T1003 Ghost actors use Mimikatz and the Cobalt Strike “hashdump” command to collect passwords and password hashes.
    Table 10: Discovery
    Technique Title  ID Use
    Remote System Discovery T1018 Ghost actors use tools like Ladon 911 and ShapNBTScan for remote systems discovery.
    Process Discovery T1057 Ghost actors run a ps command to list running processes on an infected device.
    Domain Account Discovery T1087.002 Ghost actors run commands such as net group “Domain Admins” /domain to discover a list of domain administrator accounts.
    Network Share Discovery T1135 Ghost actors use various tools for network share discovery for the purpose of host enumeration.
    Software Discovery T1518 Ghost actors use their access to determine which antivirus software is running.
    Security Software Discovery T1518.001 Ghost actors run Cobalt Strike to enumerate running antivirus software.
    Table 11: Exfiltration
    Technique Title  ID Use
    Exfiltration Over C2 Channel T1041 Ghost actors use both web shells and Cobalt Strike to exfiltrate limited data.
    Exfiltration to Cloud Storage T1567.002 Ghost actors sometimes use legitimate cloud storage providers such as Mega.nz for malicious exfiltration operations.
    Table 12: Command and Control
    Technique Title  ID Use
    Web Protocols T1071.001 Ghost actors use Cobalt Strike Beacon malware and Cobalt Strike Team Servers which communicate over HTTP and HTTPS.
    Ingress Tool Transfer T1105 Ghost actors use Cobalt Strike Beacon malware to deliver ransomware payloads to victim servers.
    Standard Encoding T1132.001 Ghost actors use PowerShell commands to encode network traffic which reduces their likelihood of being detected during lateral movement.
    Encrypted Channel T1573 Ghost actors use encrypted email platforms to facilitate communications. 
    Table 13: Impact
    Technique Title  ID Use
    Data Encrypted for Impact T1486 Ghost actors use ransomware variants Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe to encrypt victim files for ransom.
    Inhibit System Recovery T1490 Ghost actors delete volume shadow copies.

    Mitigations

    The FBI, CISA, and MS-ISAC recommend organizations reference their #StopRansomware Guide and implement the mitigations below to improve cybersecurity posture on the basis of the Ghost ransomware activity. These mitigations align with the Cross-Sector Cybersecurity Performance Goals (CPGs) developed by CISA and the National Institute of Standards and Technology (NIST). The CPGs provide a minimum set of practices and protections that CISA and NIST recommend all organizations implement. CISA and NIST based the CPGs on existing cybersecurity frameworks and guidance to protect against the most common and impactful threats, tactics, techniques, and procedures. Visit CISA’s CPGs webpage for more information on the CPGs, including additional recommended baseline protections.

    • Maintain regular system backups that are known-good and stored offline or are segmented from source systems [CPG 2.R]. Ghost ransomware victims whose backups were unaffected by the ransomware attack were often able to restore operations without needing to contact Ghost actors or pay a ransom.
    • Patch known vulnerabilities by applying timely security updates to operating systems, software, and firmware within a risk-informed timeframe [CPG 1.E].
    • Segment networks to restrict lateral movement from initial infected devices and other devices in the same organization [CPG 2.F].
    • Require Phishing-Resistant MFA for access to all privileged accounts and email services accounts.
    • Train users to recognize phishing attempts.
    • Monitor for unauthorized use of PowerShell. Ghost actors leverage PowerShell for malicious purposes, although it is often a helpful tool that is used by administrators and defenders to manage system resources. For more information, visit NSA and CISA’s joint guidance on PowerShell best practices.
      • Implement the principle of least privilege when granting permissions so that employees who require access to PowerShell are aligned with organizational business requirements.
    • Implement allowlisting for applications, scripts, and network traffic to prevent unauthorized execution and access [CPG 3.A].
    • Identify, alert on, and investigate abnormal network activity. Ransomware activity generates unusual network traffic across all phases of the attack chain. This includes running scans to discover other network connected devices, running commands to list, add, or alter administrator accounts, using PowerShell to download and execute remote programs, and running scripts not usually seen on a network. Organizations that can successfully identify and investigate this activity are better able to interrupt malicious activity before ransomware is executed [CPG 3.A].
      • Ghost actors run a significant number of commands, scripts, and programs that IT administrators would have no legitimate reason for running. Victims who have identified and responded to this unusual behavior have successfully prevented Ghost ransomware attacks.
    • Limit exposure of services by disabling unused ports such as, RDP 3398, FTP 21, and SMB 445, and restricting access to essential services through securely configured VPNs or firewalls.
    • Enhance email security by implementing advanced filtering, blocking malicious attachments, and enabling DMARC, DKIM, and SPF to prevent spoofing [CPG 2.M].

    Validate Security Controls

    In addition to applying mitigations, the FBI, CISA, and MS-ISAC recommend exercising, testing, and validating your organization’s security program against the threat behaviors mapped to the MITRE ATT&CK for Enterprise framework in this advisory.

    To get started:

    1. Select an ATT&CK technique described in this advisory (see Table 3 to Table 13).
    2. Align your security technologies against the technique.
    3. Test your technologies against the technique.
    4. Analyze your detection and prevention technologies’ performance.
    5. Repeat the process for all security technologies to obtain a set of comprehensive performance data.
    6. Tune your security program, including people, processes, and technologies, based on the data generated by this process.

    Reporting

    Your organization has no obligation to respond or provide information back to the FBI in response to this joint advisory. If, after reviewing the information provided, your organization decides to provide information to the FBI, reporting must be consistent with applicable state and federal laws.

    The FBI is interested in any information that can be shared, to include logs showing communication to and from foreign IP addresses, a sample ransom note, communications with threat actors, Bitcoin wallet information, and/or decryptor files.

    Additional details of interest include a targeted company point of contact, status and scope of infection, estimated loss, operational impact, date of infection, date detected, initial attack vector, and host and network-based indicators.

    The FBI, CISA, and MS-ISAC do not encourage paying ransom as payment does not guarantee victim files will be recovered. Furthermore, payment may also embolden adversaries to target additional organizations, encourage other criminal actors to engage in the distribution of ransomware, and/or fund illicit activities. Regardless of whether you or your organization have decided to pay the ransom, the FBI and CISA urge you to promptly report ransomware incidents to FBI’s Internet Crime Complain Center (IC3), a local FBI Field Office, or CISA via the agency’s Incident Reporting System or its 24/7 Operations Center (report@cisa.gov) or by calling 1-844-Say-CISA (1-844-729-2472).

    Disclaimer

    The information in this report is being provided “as is” for informational purposes only. The FBI, CISA, and MS-ISAC do not endorse any commercial entity, product, company, or service, including any entities, products, or services linked within this document. Any reference to specific commercial entities, products, processes, or services by service mark, trademark, manufacturer, or otherwise, does not constitute or imply endorsement, recommendation, or favoring by the FBI, CISA, and the MS-ISAC.

    Version History

    February 19, 2025: Initial version.

    MIL Security OSI –

  • MIL-OSI Global: Will Trump’s tariffs boost the US economy? Don’t count on it

    Source: The Conversation – UK – By Lukasz Rachel, Assistant Professor of Economics, UCL

    It’s hard to keep up with all the tariff announcements coming out of Washington. On February 1, the US president, Donald Trump, announced the introduction of 25% tariffs on most imported goods from Canada and Mexico, and an additional 10% levy on goods from China. The tariffs against Canada and Mexico were soon postponed by a month following some token gestures.

    A week after that, Trump signed an executive order imposing 25% tariffs on all steel and aluminium imports. These tariffs are set to take effect on March 12, a few days after the broad tariffs against Canada and Mexico supposedly come to pass. Trump has now vowed “reciprocal” duties on countries that target products made in the US.

    This may all sound very familiar. Trump imposed tariffs during his first presidency – for example, on steel and aluminium imports in 2018. Studies of this policy are already available. They show that the tariffs led to rising raw material costs and weakened the competitiveness of US manufacturers.

    It is also true that the subsequent US-China trade war of 2018 and 2019 did not collapse the US or global economy. But the tariffs this time round are more comprehensive and cover a larger number of key products and trading partners. Unlike the previous tariffs on China, which were introduced gradually, the current restrictions are to be introduced in one move.

    Dubious justification

    Trump justified the tariffs on Canada and Mexico as a measure to counter the “serious threat” posed by illegal immigration and the influx of drugs, including fentanyl, across US borders. It is difficult to take such an explanation seriously.

    The fentanyl problem essentially exists at the southern border. In 2024, US Customs seized about 19kg of fentanyl at the border with Canada, compared with nearly 9,600kg at the Mexican border. The same is true for migrants. Imposing tariffs on Canada therefore makes little sense.

    The more likely reason for all of Trump’s tariffs lies in his desire to protect domestic producers from foreign competition. Trump and his strategists often refer to the need to reduce the US trade deficit with the rest of the world.

    The basic problem is that in today’s world of globalised supply chains, many components are imported. Goods often cross borders multiple times before reaching consumers in their final form. A good example is the automotive production complex near Detroit, where semi-assembled cars frequently cross the Canadian-American border.

    It is difficult to predict what effect Trump’s tariffs would have on such organised production. But they would probably amount to a very expensive and inefficient reorganisation of production processes. If the tariffs on Canada go ahead, Canadian and American companies, as well as their employees, would suffer.

    Not all areas of production would be affected so drastically. But for the many components that are imported into America, an increase in their prices would translate into cost pressures. This may lead to financial problems for American companies, layoffs or higher prices for final goods.

    A steel and aluminium door is welded at General Motors’ automobile factory in Fort Wayne, Indiana.
    John Gress Media Inc / Shutterstock

    Paradoxically, tariffs could also decrease the competitiveness of American production, at least when it comes to sales in third markets. Cost pressures caused by more expensive components will affect US manufacturers, but not rival manufacturers in, say, China or Europe – at least until they have responded with a trade war.

    Another reason why Trump’s logic may not work is the US dollar exchange rate. The dollar has soared in recent months, especially when Trump has spoken about tariffs, rising more than 5% against the euro since the election. These moves weaken the competitiveness of American manufacturers on global markets.

    That said, Trump has often expressed his desire for a weaker dollar and, following the delay in the implementation of the tariffs, it has come down in value.

    But, notwithstanding this, US businesses are by no means delighted. The tariffs on Canada, Mexico and China were condemned by groups such as the American Chamber of Commerce. And the Wall Street Journal described the move as “the stupidest trade war in history”.

    That’s not all. The primary effect of tariffs is an increase in the price of imported goods. If prices go up, consumers will be less than enthusiastic. High price levels were, after all, a key part of why Trump won November’s election.

    The direct inflationary impulse from the announced tariffs is not, so far, catastrophic. While the inflationary effects of tariffs are not a given, many economists fear they will trigger a mechanism of increasing inflation expectations. This may happen, especially given the likelihood of retaliation by affected countries.

    Before Trump had paused the tariffs, the Canadian prime minister, Justin Trudeau, had announced retaliatory levies of 25% on American goods worth a total of US$107 billion (£84.9 billion). Canada is also considering restrictions on exports of critical minerals crucial to the US tech industry.

    China, on the other hand, announced retaliatory tariffs and measures against US businesses including Google. And the EU has stood firm on its plans to retaliate should Trump implement tariffs against the bloc.

    Should they arise, higher inflation expectations may prompt the US Federal Reserve to raise interest rates. According to recent research, the increase in the cost of credit is a serious reason for dissatisfaction among American consumers and companies alike.

    Reducing the trade deficit

    If tariffs don’t help consumers and hurt a significant number of domestic producers, perhaps they can at least close the US trade deficit? Unfortunately, they also miss the mark here.

    Economists agree that the deficit is due to macroeconomic conditions – specifically, the balance between national investment and saving. The US has a surplus of investment relative to savings, so borrows money from the rest of the world.

    This is, simply put, because the US economy does not produce as much as the American people consume. When net domestic debt increases, the trade deficit also increases because the borrowed money is spent on foreign goods and services.

    Reducing the trade gap can be done through policies that lower domestic debt. Either households and businesses must save more, or government deficits must shrink. In this sense, tariffs are a poor tool.

    Trump’s tariff strategy will create havoc. This will bring opportunities as well as challenges. Europe and other affected countries should stand united against Trump’s tariff threats, responding firmly while promoting trade liberalisation across the world at the same time.

    Lukasz Rachel 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. Will Trump’s tariffs boost the US economy? Don’t count on it – https://theconversation.com/will-trumps-tariffs-boost-the-us-economy-dont-count-on-it-249621

    MIL OSI – Global Reports –

  • MIL-OSI Global: Censorship, abortion and the ‘threat within’: what a free speech expert thinks of J.D. Vance’s remarks to Europe

    Source: The Conversation – UK – By Eric Heinze, Professor of Law, Queen Mary University of London

    Donald Trump is famous for his attacks on journalists and the media. He has banned critical reporters from official events, threatened them with lawsuits, and branded mainstream outlets the “enemy of the people”. Since last year, the US has dropped ten notches on the World Press Freedom Index. Now in 55th place, the country trails far behind many European and other democracies.

    It is ironic, then, that vice president J.D. Vance dashed to the Munich Security Conference last week to scold Europeans for their supposed failings on free speech and democracy.

    Speaking to European leaders, Vance fretted: “The threat that I worry the most about vis-à-vis Europe is not Russia, it’s not China, it’s not any other external actor.” Rather, it is “the threat from within”. This rehashing of tropes about “the enemy within” forms part of a Trumpist vocabulary borrowed from the most sinister 20th century autocracies.

    One of Vance’s key claims for the decline of free speech in Europe left many UK observers dumbfounded. He rebuked the Scottish government for sending out letters in October 2024 cautioning citizens that, in his words, “even private prayer within their own homes may amount to breaking the law”.

    Vance was referring to Scotland’s Safe Access Zones Act, which prohibits protesters from gathering within 200 metres of clinics that perform abortions. Yet his accusation teaches volumes about Trumpism. To call it distorted would be diplomatic: it is a bold-faced lie. The Scottish government has confirmed that letters sent to residents near safe access zones did not instruct people to stop praying in the privacy of their homes.

    However, the letters did advise against conduct such as displaying anti-abortion posters or banners, or protesting on their property in ways that might be seen or heard within proximity of the clinics, or might encourage such activity in those areas.

    The Scottish law echoes similar laws in other democracies, including several US states. Yes, the right to protest is essential to democratic societies, but these societies have always accepted that protesters must not harass or threaten citizens going about their everyday business, let alone when seeking essential services such as medical appointments.

    Admittedly, “buffer zones” around abortion clinics cannot and need not extend so far as to impede protesters’ freedoms of expression, so a debate about the precise reach of the Scottish law can and should take place. However, as observed in England and Wales, zones have not generally been drawn with excessively broad perimeters.

    Clearly, Vance’s eyes were more fixed on his own future presidential bid, playing more to religious fundamentalists back home than to anyone who might seriously care about free expression. His 18-minute speech invoked God three times, and “prayer” nine times, while saying nothing about the main issue for which delegates had gathered: Russia’s unprovoked onslaught on Ukraine.

    Curiously, Vance whispered not a word of criticism about UK government crackdowns on the kinds of protests that, in the US, Trump most fears, such as protests against specific government policies and practices.

    I should not have to point out that anti-abortionists in Scotland remain entirely free to proclaim their opinions, in public and in print, alongside countless other types of political expression. Such expression has long been recognised as protected under UK law, and enshrined in the Human Rights Act.

    The only impact of Scotland’s new law is to prevent residents living within 200 metres of such clinics from displaying placards or holding events that would target women visiting such facilities. Admittedly, someone “only standing and praying” nearby a clinic may present a borderline case – but well within bounds that can be assessed through our democratic processes, the very processes that Trump loyalists increasingly disdain.

    We can debate the rights and wrongs of the Scottish law, but any suggestion that it seriously abridges free speech – when compared to the kinds of incursions Trump himself wages – would be farcical.

    Admittedly, while Scotland rightly protects its medical facilities, some people will ask whether a law can legitimately reach so far as to regulate the opinions that people wish to display in their windows and gardens. In recent years, many UK homes have flown Ukrainian or Palestinian flags from their homes, which some neighbours may find inappropriate. Yet British law protects their rights to do so.

    Clearly then, we can have meaningful debates about how far free expression in the home extends, but nothing in what Trump officials have said or done on their home turf suggests that this is their real concern.

    Free speech in retreat?

    As it happens, Vance was not totally wrong when he mused: “In Britain and across Europe, free speech, I fear, is in retreat.” For years, Hungarians have faced relentless attacks on free speech under Viktor Orbán – the autocrat whom Trump followers, including Vance himself, have so often praised.

    On several occasions in The Conversation and elsewhere, I have advocated free speech and I have every intention to continue doing so. I am also willing to concede that, despite Trump’s compulsive attacks on free speech, his supporters have raised some valid concerns about the stifling of opinion on the left.

    Abortion exemplifies the type of issue that sparks widespread ethical controversies. Any democracy must ensure that speakers on all sides have safe means of expressing their views in the public arena. Everyone in today’s democracies could use a few lessons in free speech – and the Trump team tops the list.

    Eric Heinze has received past funding from the European Union.

    – ref. Censorship, abortion and the ‘threat within’: what a free speech expert thinks of J.D. Vance’s remarks to Europe – https://theconversation.com/censorship-abortion-and-the-threat-within-what-a-free-speech-expert-thinks-of-j-d-vances-remarks-to-europe-250188

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trust in politics is in long-term decline around the world – new research

    Source: The Conversation – UK – By Viktor Valgarðsson, Leverhulme Early Career Fellow in the Department of Politics and International Relations, University of Southampton

    Pro-Trump rioters stormed the US Capitol building to protest against the result of the 2020 presidential election. 72westy / Shutterstock

    Citizens’ trust in their political institutions has been falling around the world. This may not come as a shock to many.

    British politics has been in chaos since the Brexit referendum in 2016. Rioters stormed the US Capitol in protest against the result of the 2020 presidential election. And the US president, Donald Trump, is continuing to attack the supposed “deep-state” controlling American politics. None of these things scream public trust in government.

    But declining political trust is not self-evident. It’s possible that we may be too focused on a couple of countries that dominate our attention, and a lot has been going on in recent years that could explain the situation that we find ourselves in.

    Many researchers have also pointed out that people have never been particularly fond of politics. They suggest that we’ve simply been seeing “trendless fluctuations” in trust – ebbs and flows where we happen to notice declines more than rises or stability.

    In a recently published study, my co-authors and I took on this debate. We analysed more data on political trust than previous studies, from over 5 million respondents to 3,377 surveys conducted in 143 countries between 1958 and 2019.

    Our models suggest that, at least since 1990, trust in parliament and government has indeed been declining by an average of about 8.4 and 7.3 percentage points respectively in democratic countries across the world.

    The same does not apply to trust in non-representative “implementing institutions”, such as the civil service, justice system or police. In fact, we find that trust in the police has increased by about 12.5 percentage points across democracies on average over the same period.

    Thus, declining trust in government appears to be rooted in how politics is practised, which is seemingly less inspiring to citizens today, rather than in a growing distaste for social institutions in general.

    Global trends in trust in six types of institutions in democratic countries between 1990 and 2019.
    Valgarðsson et al. (2025) / British Journal of Political Science, CC BY-NC-ND

    Of course, this global picture masks a more nuanced story. Political trust has been rising in a few smaller countries: Denmark, Ecuador, New Zealand, Norway, Sweden and Switzerland. These nations may chart a path forward for the rest of the democratic world.

    Conversely, trust in the legal system has been declining in many countries in eastern Europe and Latin America. The same appears to be the case more recently in the US, suggesting that implementing institutions are not immune to the political trust crisis.

    Our findings do not answer why citizens of democracies are gradually losing faith in their democratic institutions, or what the consequences could be. They also do not suggest how trust in politics can be rebuilt. But what we do know is concerning.

    For instance, our data tells us that political trust was declining dramatically in Hungary right up until 2010, when Viktor Orbán was re-elected as prime minister (his first term ended in 2002). When in office, Orbán started dismantling the country’s constitutional and liberal democratic order.

    Trust in parliament, the legal system and the police in western Europe and North America.
    Valgarðsson et al. (2025) / British Journal of Political Science, CC BY-NC-ND

    We also know that the US has seen one of the more dramatic declines of political trust in recent times, and that political distrust was a powerful predictor of voting for Trump at least in the 2016 Republican primaries.

    In a survey conducted that year by American National Election Studies, about 24% of Trump’s primary voters said they would “never” trust the federal government to do what is right. This compared with about 9% of voters for rival Republican candidate John Kasich, and 8% and 4% of voters for Democrat candidates Bernie Sanders and Hillary Clinton respectively.

    We do not yet have data for the 2024 US presidential election. But it does not take a political scientist to know that Trump leaned even more heavily on people’s distrust in government in his campaign. Since becoming president, he has stepped up his efforts to dismantle America’s constitutional and liberal democratic order.

    Declining political trust is not the only cause of these developments. We are also seeing illiberal candidates and parties doing increasingly well in countries where we didn’t see the same trust declines in our data. The rising popularity of Geert Wilders in the Netherlands or the far-right Alternative für Deutschland (AfD) party in Germany are both good examples.

    Some of this may be driven partly by more recent trust declines, like in the Netherlands where trust in parliament has dropped substantially since 2020. Or it could be driven by a polarisation of trust between a more trusting majority and a deeply distrusting minority. But much of it is also probably driven by other factors, such as economic distress, attitudes towards immigration and the “culture wars” of our day.

    It stands to reason that voters who deeply distrust the political establishment would tend to be attracted to populist leaders who rail against that establishment.

    These voters probably still support democracy as an ideal. Support for democratic principles has, in fact, remained high globally – although there are worrying signs among younger generations in US and UK. But these voters appear to be more willing to vote for politicians who will attack the institutions needed to make it work.

    Sceptical mistrust of government

    This brings us to one crucial question: are citizens right to distrust government? After all, political institutions haven’t been working all that well for a large portion of citizens – except maybe in areas like Scandinavia, where we have seen rising trust in recent times.

    A degree of sceptical mistrust of government is certainly vital for a healthy democracy. We are reminded of this by some of the more sobering points in our data.

    China has the highest rates of reported trust in the world, while Hungary and Russia have both seen rising trust levels as their governments have become less democratic and seized control of the media environment. Clearly, trust is not unequivocally good from a democratic perspective.

    Our challenge is to find the right balance: a climate of sceptical trust, where we hold our governments to account and engage critically with our institutions without throwing them away in favour of autocratic populists.

    To save the foundations of liberal democracy, we may need to rediscover its appeal to the ordinary citizen. If it’s something about the way politics is practised that citizens distrust, perhaps those politics need to change.

    Viktor Valgarðsson 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. Trust in politics is in long-term decline around the world – new research – https://theconversation.com/trust-in-politics-is-in-long-term-decline-around-the-world-new-research-250078

    MIL OSI – Global Reports –

  • MIL-OSI Global: Expanding seaweed farms pose a risk to vital marine life

    Source: The Conversation – UK – By Benjamin L.H. Jones, Chief Conservation Officer, Project Seagrass & Research Affiliate, Swansea University

    Seaweeds are commonly grown from long lines of rope. This string of _Eucheuma_ seaweed in Indonesia is positioned above a seagrass meadow. Benjamin Jones/Project Seagrass, CC BY

    Seaweed farming is a rapidly expanding global industry. As a food resource, it has high nutritional value and doesn’t need fertilisers to grow. Seaweed provides valuable habitats for marine life, takes up carbon and absorbs nutrients, plus it helps protect our coastlines from erosion.

    Usually, seaweeds grow on hard, rocky surfaces. Yet, to farm seaweed, potential areas need to be easily accessible and relatively sheltered. This is where seaweed can grow with limited risk of being dislodged by waves. Seaweed farms in Asia, in countries like China and Indonesia, are responsible for more than 95% of global seaweed production. Seaweed farms, particularly those in Southeast Asia, are commonly in the very same environments where seagrass meadows thrive. Competition for resources ensues.

    Evidence shows that tropical seaweed farms, when placed in or on top of tropical seagrass meadows leads to a decline in the growth and productivity of seagrass. There is also evidence that seaweeds outcompete seagrasses in cooler waters, especially when nutrients in the water are very high.

    Despite negative interactions, such as shading, between seaweed and seagrass, some scientists now advocate for a global expansion of seaweed farming in areas where seagrass grows. This call, comes at a time when seagrass global initiatives are trying to stem seagrass loss.

    Efforts are underway to expand these habitats to their once extensive range to help fight climate change and biodiversity loss. Seagrass meadows are a crucial store of carbon, providing habitats for a wide array of animals.

    Why farm seaweed on top of seagrass?

    The reason that some scientists are advocating for farming seaweed in seagrass is that their research claims that the presence of seagrass reduces disease causing bacterial pathogens by 75%. A major win for a relatively low tech industry where seaweed disease outbreaks hinder production. These scientists are not the only ones advocating for seaweed production at scale.

    Global conservation charities, like World Wildlife Fund and The Nature Conservancy, as well as the Earthshot prize launched by Prince William all support seaweed cultivation programmes in areas likely to contain abundant seagrass.

    However, together with other scientists, we have argued in an academic response in the journal PNAS that their claim is premature. We are concerned that, without appropriate management, these seaweed programmes threaten marine biodiversity and the benefits that humans get from the ocean.

    Despite historic and globally widespread seaweed cultivation, effects on seagrass have mostly been ignored. Where studies exist, effects have been negative for seagrass, its ability to capture carbon, and the diverse animals that call it home.

    Entanglement of migratory animals, such as turtles and dugong with seaweed also needs wider consideration. This is especially the case given new legal frameworks to protect their habitat, and there is ongoing concern for these species being killed by seaweed farmers. The equity of coastal fishing grounds also comes into question, as communities that use seagrass for fishing are most likely to lose access.

    Conservation charities advocate for tropical seaweed farms for good reason. This is to improve community resilience in the face of degrading coral reefs and overfishing.

    While projects mostly have the best intentions, they often don’t consider cascading unintended consequences, nor the equity of the whole community. In reality, seaweed farm placement is effectively akin to ocean grabbing (the act of dispossession or appropriation of marine resources or spaces) with farmers winning on a “first come, first serve” basis, despite not owning the seabed.

    Sustainable standards

    If seaweed farming is to be expanded, standards for sustainability must be upheld and strengthened. In 2017, a sustainable seaweed standard was launched by the Aquaculture and Marine Stewardship Councils.

    But few tropical seaweed farms meet the criteria outlined in this standard due to known consequences that affect seagrass (rightly defined in the standard as vulnerable marine habitats) and likely negative effects on endangered species, like dugong, that frequent seagrass habitats.

    Seaweed cultivation strategies have mixed evidence for long-term success. In Tanzania, many farmers have abandoned the industry due to low monetary rewards compared to the investments they put in, and some evidence suggests that the activity reduces income and health, particularly for women. Where seaweed cultivation has been implemented to reduce fishing pressure, it has instead increased (and often just displaced) fishing activity.

    Given the rapidly increasing threats faced by tropical marine habitats despite the role they play in climate resilience, understanding trade-offs prior to large scale expansion of seaweed farming is a priority. To reduce further any negative effects, international programmes and research advocating for large-scale seaweed farms need to align more readily with the seaweed standard.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

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

    – ref. Expanding seaweed farms pose a risk to vital marine life – https://theconversation.com/expanding-seaweed-farms-pose-a-risk-to-vital-marine-life-248329

    MIL OSI – Global Reports –

  • MIL-OSI Global: Ne Zha 2: the record-breaking Chinese animated film showcases China’s ambition on the global stage

    Source: The Conversation – UK – By Ming Gao, Research Scholar of East Asia Studies in History Division, Lund University

    Ne Zha is a legendary child warrior from Chinese mythology, often depicted as a rebellious deity who defies fate to carve out his own destiny. Born as a demon, feared for his supernatural powers and doomed to live only three years, he struggles to overcome his destiny and forge his own path.

    A new Chinese film about the warrior has broken several box office records, including becoming the highest-grossing animated film of all time (beating Pixar’s Inside Out 2).

    Ne Zha 2 is a Chinese animated fantasy adventure film. That it is breaking so many records might seem surprising. It’s a sequel to a film that didn’t do as well, it’s not American and it’s not in English. But its record-breaking run seems to show no signs of slowing down. After debuting during the Chinese Lunar New Year, its success has seen it premiere abroad in regions such as wider Asia, North America and Australia.

    For years, Hollywood has dominated China’s box offices, but the release of Ne Zha 2 marks a significant milestone in China’s cinematic and cultural expansion. Its unprecedented box office performance seems to signal a shifting dynamic in the global film industry.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    It showcases China’s ambition and ability to produce world-class content that competes with western animation giants, like Disney and Pixar. It also plays a role in enhancing cultural confidence and soft power projection, which President Xi Jinping has emphasised for years.

    Capturing a feeling

    The story of Ne Zha, and its many adaptations, have long captivated Chinese people of all ages – including me. I fondly recall watching the 1979 version on a black-and-white TV with my family when I was little. The story originates from the Ming dynasty (1368 to 1644) novel Fengshen Yanyi (Investiture of the Gods) and over the centuries, it has been reinterpreted in various cultural forms of religion and literature.

    The original plotline of Ne Zha revolves around his rebellion against feudal patriarchal authority. This struggle is set against a backdrop of familial conflicts and even attempted patricide. In contrast, today’s reinterpretation recasts this mythological unruly child as a dutiful deity who fights for his clan’s interests by forging alliances, confronting rival factions and challenging the existing order.

    Ne Zha 2 trailer.

    As a commercial film, it has astutely tapped into the emotional needs of contemporary Chinese audiences in a society facing various challenges, such as economic downturn and rising unemployment. Themes of familial love and supportive parenting have struck a deep chord with Chinese audiences, offering both cultural and sentimental reassurance in uncertain times.

    Another clear resonance with domestic audiences lies in the themes of Chinese technological success and cultural excellence. This has cultivated a strong sense of cultural identity and national pride among Chinese people.

    In China, no words currently seem to better capture the feelings after watching the movie than “pride” and a sense of patriotism – both for the film’s visually striking animation techniques and for its depiction of China’s rich cultural traditions. However, the film needs to be understood within the broader contexts of China’s domestic landscape and its evolving position on the global stage.

    ‘Cultural confidence’

    Beyond entertainment, Ne Zha 2’s success fits within President Xi Jinping’s ideas on “cultural confidence,” which can be succinctly defined as a nation’s firm belief in the strength and vitality of its own culture. Since the film’s record-breaking performance, state media and various state-owned outlets have been actively echoing this narrative.

    People’s Daily, the official newspaper of the Communist Party of China, equates Ne Zha to China’s cultural confidence as a means to expand soft power and navigate uncharted territory. This emphasis on cultural confidence, however, is not merely state-driven.

    Ne Zha.
    Enlight Pictures

    The film’s director, Jiao Zi, has expressed his confidence in China’s traditional culture, stating: “China’s stories don’t need to deliberately cater to the west.” Instead, he believes that traditional Chinese culture is a vast treasure trove of inspiration, which is interesting to all.

    Indeed, Ne Zha is not an isolated success in drawing inspiration from traditional Chinese culture. Last year’s Black Myth: Wukong, a record-breaking gaming blockbuster, gained global attention at the 2024 Game Awards (the Oscars of the video games industry). Like Ne Zha, it’s based on another legendary 16th-century Chinese novel Xiyouji (Journey to the West). China’s official news agency, Xinhua, characterised the enduring popularity of these ancient tales as “part of a broader cultural renaissance”.

    Ne Zha’s success is emerging as a key example of China’s growing cultural identity, aligning with the cultural confidence discourse. A foreign ministry spokesperson has described Ne Zha as “a new bridge for exchanges” and “a fresh window for the world to see China”.

    Whether Ne Zha 2 achieves lasting international success remains to be seen. But one thing is clear – Chinese animation is no longer just for domestic audiences. The film’s popularity reflects China’s broader ambitions to expand its soft power alongside its growing economic and strategic influence.

    Ming Gao receives funding from the Swedish Research Council. This research was produced with support from the Swedish Research Council grant “Moved Apart” (nr. 2022-01864). Ming Gao is a member of Lund University Profile Area: Human Rights.

    – ref. Ne Zha 2: the record-breaking Chinese animated film showcases China’s ambition on the global stage – https://theconversation.com/ne-zha-2-the-record-breaking-chinese-animated-film-showcases-chinas-ambition-on-the-global-stage-249899

    MIL OSI – Global Reports –

  • MIL-OSI USA: IAM Union, Labor Coalition Urge Trump Administration to Stand Up to China’s Unfair Shipbuilding Industry

    Source: US GOIAM Union

    Today, IAM Union International President Brian Bryant, along with three other petitioners of a 301 complaint against the Chinese government’s predatory trade practices in the shipbuilding, logistics and maritime industries, sent a letter to President Trump urging his Administration to enforce strong penalties against China and to implement policies that will restore U.S. maritime power and promote national economic and security interests.

    President Trump has often made statements promoting the interests of American workers and the need to stand up to the Chinese Communist Party’s (CCP). The dire state of our domestic shipbuilding industry, hobbled by Chinese predatory behavior and the harm it has thrust on U.S. shipyard workers, presents a prime opportunity for the President to step up and reinvigorate this strategically important industry.

    “As a shipyard worker myself, out of Bath Iron Works in Maine, I have seen firsthand the crippling impacts of China’s predatory actions on our domestic shipbuilding industry,” said IAM Union International President Brian Bryant. “For decades, we’ve seen everything from layoffs to shipyard closures to atrophy of our domestic shipbuilding industrial base. That is why last year we filed a petition for relief under Section 301 of our trade laws to challenge the CCP’s unreasonable and discriminatory policies and actions in the logistics, shipbuilding and maritime sectors.”

    The previous administration released a comprehensive report finding that over the past several decades, the Chinese Communist Party advanced a systematic array of unfair trade practices and economic policies designed to dominate and control the maritime, shipbuilding and logistics sectors. These actions have severely undermined these domestic industries and U.S. economic and national security along with it.

    In its report, the Biden Administration made clear that responsive action is necessary and urgent to right this wrong and rebuild the domestic shipbuilding industry. This responsibility is now in the hands of Trump Administration, and the time to act is now.

    “The IAM urges the administration to act swiftly and decisively, using every tool in the toolbox, implementing policy to jumpstart the domestic shipbuilding industry and create a level playing field on which it can thrive,” said Bryant. “We stand willing to work with the Trump Administration and all parties to rebuild and reinvigorate this vitally important industry on behalf of our members and for our nation’s economic and national security.”

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries. 

    goIAM.org | @MachinistsUnion

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI USA: Subsidiary of Chinese State-Owned Entity to Pay $14.2M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program Loan

    Source: US State of North Dakota

    YAPP USA Automotive Systems Inc., a corporation with its principal place of business in Michigan, has agreed to pay $14,208,496 to resolve allegations that it violated the False Claims Act by submitting false claims to obtain a Paycheck Protection Program (PPP) loan for which it was not eligible.

    Congress created the PPP in March 2020 to provide emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. Under the PPP, eligible businesses could receive forgivable loans guaranteed by the Small Business Administration (SBA). Regulations provide various eligibility requirements for the PPP, including limitations on the number of employees and exclusions for certain types of businesses, like those that are owned by government entities. In their loan applications, borrowers were required to certify that they were eligible for the PPP and that the information they provided was accurate.

    YAPP USA’s ultimate parent company is State Development and Investment Corp. Ltd, a company owned and controlled by the People’s Republic of China. Through common ownership and management, YAPP USA is affiliated with dozens of other companies worldwide. In applying for a first-draw PPP loan, YAPP USA represented that it was eligible for the PPP, and it received a first-draw PPP loan in the amount of $9,598,462, which the SBA later forgave. The United States alleged that YAPP USA was not eligible under the SBA rules for a PPP loan because YAPP USA, singly and together with its affiliates, employed more individuals than permitted by SBA’s size standard for its industry. The United States also contended that YAPP USA was not eligible because it is owned by a government entity. YAPP USA will pay $14,208,496 to the United States to resolve these allegations.

    YAPP USA cooperated with the United States’ investigation by identifying individuals involved in or responsible for the conduct and disclosing facts and documents gathered during YAPP USA’s own investigation. As a result, YAPP USA received credit under the department’s guidelines for taking disclosure, cooperation and remediation into account in False Claims Act cases.

    “PPP loans were intended to help small businesses in the United States,” said Deputy Assistant Attorney General Michael D. Granston of the Justice Department’s Civil Division. “The Department remains committed to pursuing those who violated the requirements of this taxpayer funded program.”

    “Congress and the SBA designed the PPP to help small businesses and their employees during the pandemic, not large companies owned by foreign governments,” said Acting U.S. Attorney Richard G. Frohling for the Eastern District of Wisconsin. “This settlement demonstrates that our office will continue to hold accountable those businesses and individuals who abused this vital program.”

    “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the SBA working with the Department of Justice, SBA’s Office of Inspector General, and other Federal law enforcement agencies, as well as private individuals who uncover fraudulent conduct to recover the product of this fraud as well as penalties,” said SBA General Counsel Wendell Davis.

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act, which permit private parties to file an action on behalf of the United States and receive a portion of any recovery. The qui tam lawsuit was filed by GNGH2 Inc; GNGH2 Inc. will receive $1,420,849 in connection with this settlement.

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Wisconsin, with assistance from the SBA’s Office of General Counsel and Office of the Inspector General.

    Trial Attorney Lindsey Roberts of the Justice Department’s Civil Division and Assistant U.S. Attorney Michael Carter for the Eastern District of Wisconsin handled the matter, with assistance from Christopher J. McClintock of the SBA.

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI Security: Subsidiary of Chinese State-Owned Entity to Pay $14.2M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program Loan

    Source: United States Attorneys General

    YAPP USA Automotive Systems Inc., a corporation with its principal place of business in Michigan, has agreed to pay $14,208,496 to resolve allegations that it violated the False Claims Act by submitting false claims to obtain a Paycheck Protection Program (PPP) loan for which it was not eligible.

    Congress created the PPP in March 2020 to provide emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. Under the PPP, eligible businesses could receive forgivable loans guaranteed by the Small Business Administration (SBA). Regulations provide various eligibility requirements for the PPP, including limitations on the number of employees and exclusions for certain types of businesses, like those that are owned by government entities. In their loan applications, borrowers were required to certify that they were eligible for the PPP and that the information they provided was accurate.

    YAPP USA’s ultimate parent company is State Development and Investment Corp. Ltd, a company owned and controlled by the People’s Republic of China. Through common ownership and management, YAPP USA is affiliated with dozens of other companies worldwide. In applying for a first-draw PPP loan, YAPP USA represented that it was eligible for the PPP, and it received a first-draw PPP loan in the amount of $9,598,462, which the SBA later forgave. The United States alleged that YAPP USA was not eligible under the SBA rules for a PPP loan because YAPP USA, singly and together with its affiliates, employed more individuals than permitted by SBA’s size standard for its industry. The United States also contended that YAPP USA was not eligible because it is owned by a government entity. YAPP USA will pay $14,208,496 to the United States to resolve these allegations.

    YAPP USA cooperated with the United States’ investigation by identifying individuals involved in or responsible for the conduct and disclosing facts and documents gathered during YAPP USA’s own investigation. As a result, YAPP USA received credit under the department’s guidelines for taking disclosure, cooperation and remediation into account in False Claims Act cases.

    “PPP loans were intended to help small businesses in the United States,” said Deputy Assistant Attorney General Michael D. Granston of the Justice Department’s Civil Division. “The Department remains committed to pursuing those who violated the requirements of this taxpayer funded program.”

    “Congress and the SBA designed the PPP to help small businesses and their employees during the pandemic, not large companies owned by foreign governments,” said Acting U.S. Attorney Richard G. Frohling for the Eastern District of Wisconsin. “This settlement demonstrates that our office will continue to hold accountable those businesses and individuals who abused this vital program.”

    “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the SBA working with the Department of Justice, SBA’s Office of Inspector General, and other Federal law enforcement agencies, as well as private individuals who uncover fraudulent conduct to recover the product of this fraud as well as penalties,” said SBA General Counsel Wendell Davis.

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act, which permit private parties to file an action on behalf of the United States and receive a portion of any recovery. The qui tam lawsuit was filed by GNGH2 Inc; GNGH2 Inc. will receive $1,420,849 in connection with this settlement.

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Wisconsin, with assistance from the SBA’s Office of General Counsel and Office of the Inspector General.

    Trial Attorney Lindsey Roberts of the Justice Department’s Civil Division and Assistant U.S. Attorney Michael Carter for the Eastern District of Wisconsin handled the matter, with assistance from Christopher J. McClintock of the SBA.

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI Economics: Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    Source: Apple

    Headline: Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    February 19, 2025

    PRESS RELEASE

    Apple debuts iPhone 16e: A powerful new member of the iPhone 16 family

    iPhone 16e joins the iPhone 16 lineup, featuring the fast performance of the A18 chip, Apple Intelligence, extraordinary battery life, and a 48MP 2-in-1 camera system — all at an incredible value

    CUPERTINO, CALIFORNIA Apple today announced iPhone 16e, a new addition to the iPhone 16 lineup that offers powerful capabilities at a more affordable price. iPhone 16e delivers fast, smooth performance and breakthrough battery life, thanks to the industry-leading efficiency of the A18 chip and the new Apple C1, the first cellular modem designed by Apple. iPhone 16e is also built for Apple Intelligence, the intuitive personal intelligence system that delivers helpful and relevant intelligence while taking an extraordinary step forward for privacy in AI. The 48MP Fusion camera takes gorgeous photos and videos, and with an integrated 2x Telephoto, it is like having two cameras in one, so users can zoom in with optical quality. When outside of cellular and Wi-Fi coverage, Apple’s groundbreaking satellite features — including Emergency SOS, Roadside Assistance, Messages, and Find My via satellite — help iPhone 16e users stay connected and get assistance when it matters most.1

    iPhone 16e will be available in two elegant matte finishes — black and white — with colorful cases available to accessorize. Pre-orders begin Friday, February 21, with availability beginning Friday, February 28.

    “iPhone 16e packs in the features our users love about the iPhone 16 lineup, including breakthrough battery life, fast performance powered by the latest-generation A18 chip, an innovative 2-in-1 camera system, and Apple Intelligence,” said Kaiann Drance, Apple’s vice president of Worldwide iPhone Product Marketing. “We’re so excited for iPhone 16e to complete the lineup as a powerful, more affordable option to bring the iPhone experience to even more people.”

    A Beautiful and Durable Design with Breakthrough Battery Life

    iPhone 16e is built to last, featuring splash, water, and dust resistance with a rating of IP68; the Ceramic Shield front cover with an advanced formulation that is tougher than any smartphone glass; and the toughest back glass in a smartphone.2 The 6.1-inch Super Retina XDR display with OLED technology has an edge-to-edge design that is perfect for watching HDR videos, playing games, and reading crisp text.3 iPhone 16e has the best battery life ever on a 6.1-inch iPhone, lasting up to six hours longer than iPhone 11 and up to 12 hours longer than all generations of iPhone SE.4 And with Face ID enabled by the TrueDepth camera system, users can securely unlock their iPhone, authenticate purchases, sign in to apps, and more. iPhone 16e also offers convenient charging options, including both wireless charging and USB-C for easy connection to a wide range of accessories.

    Performance and Connectivity

    iPhone 16e is powered by Apple’s latest-generation A18 chip, which enables fast, smooth performance, incredible power efficiency, and Apple Intelligence. The 6-core CPU is up to 80 percent faster than the A13 Bionic chip on iPhone 11, handling both everyday and intensive tasks with ease — from simple workloads, to more demanding actions with Apple Intelligence. The 4-core GPU powers stunning graphics performance and unlocks next-level mobile gaming on the go, enabling graphically demanding AAA titles and hardware-accelerated ray tracing for more realistic lighting and reflections. The 16-core Neural Engine is optimized for large generative models and runs machine learning (ML) models up to 6x faster than A13 Bionic.

    Expanding the benefits of Apple silicon, C1 is the first modem designed by Apple and the most power-efficient modem ever on an iPhone, delivering fast and reliable 5G cellular connectivity. Apple silicon — including C1 — the all-new internal design, and the advanced power management of iOS 18 all contribute to extraordinary battery life.

    Built for Apple Intelligence

    iPhone 16e is built for Apple Intelligence, unlocking exciting new capabilities that make iPhone even more helpful and powerful. With the Clean Up tool, it’s easy to remove distracting elements in images, and natural language search in the Photos app allows users to search for just about any photo or video by simply describing what they are looking for.

    Users can also explore creative new ways to express themselves visually with Image Playground, create the perfect emoji with Genmoj, and make their writing even more dynamic with Writing Tools. They can now type to Siri, and Siri is more conversational with the ability to follow along if users stumble over their words. Siri can also maintain context from one request to the next. With extensive product knowledge, Siri can answer thousands of questions about the features and settings of Apple products, so users can learn how to do things like take a screen recording or schedule a text message to send later.

    With access to ChatGPT seamlessly integrated into Writing Tools and Siri, users can choose to access ChatGPT’s expertise without jumping between applications, so they can get things done faster and easier than ever before. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. Users can choose whether to enable ChatGPT integration, and are in full control of when to use it and what information is shared with ChatGPT.

    Apple Intelligence marks an extraordinary step forward for privacy in AI and is designed to protect users’ privacy at every step. It starts with on-device processing, meaning that many of the models that power Apple Inteligence run entirely on device. For requests that require access to larger models, Apple’s groundbreaking Private Cloud Compute extends the privacy and security of iPhone into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill their request.

    Access Favorite Features and Unlock Visual Intelligence with the Action Button

    iPhone 16e features the Action button, allowing users to easily access a variety of functions with just a press. Once customized in Settings, the Action button can be used to quickly open the camera or flashlight; switch between Ring and Silent modes; recognize music with Shazam; activate Voice Memos, Focus, Translate, and accessibility features like Magnifier; or use Shortcuts for more options. The Action button can even access in-app functionality like launching the camera in Snapchat, unlocking a car door with FordPass, tracking a child’s sleep schedule with Napper, and more.

    The Action button on iPhone 16e also unlocks a new visual intelligence experience that builds on Apple Intelligence to help users learn about objects and places. Visual intelligence can summarize and copy text, translate text between languages, detect phone numbers or email addresses with the option to add to contacts, identify an animal or plant, and more. Visual intelligence also allows users to search Google so they can see where they can buy an item, or benefit from ChatGPT’s problem-solving skills. Users are in control of when third-party tools are used and what information is shared.

    A Powerful Camera System to Capture Any Moment

    The powerful 2-in-1 camera system on iPhone 16e is perfect for capturing everyday moments and important memories, including in Night mode and Portrait mode. Using computational photography, the 48MP Fusion camera takes super-high-resolution photos, so users can capture gorgeous images that balance light and detail. With an integrated 2x Telephoto, users have the equivalent of two cameras in one, and can zoom in with optical quality to get closer to the subject and easily frame their shot. And the front-facing TrueDepth camera with autofocus enables sharper close-ups and beautiful group selfies. The latest generation of HDR captures subjects and the background with true-to-life renderings of skin tones, while ensuring photos have bright highlights, rich mid-tones, and deep shadows.

    iPhone 16e takes stunning videos with the ability to record in 4K with Dolby Vision up to 60 fps, and users can stop and restart a recording for more flexibility when capturing the moment. iPhone 16e also records video in Spatial Audio for immersive listening with AirPods, Apple Vision Pro, or a surround sound system, and enables more ways to edit video sound with Audio Mix. Users can adjust their sound after capture to focus on the voice of the person on camera, make it sound like the video was recorded inside a professional studio, or position vocal tracks in the front and environmental noises in surround sound. With wind noise reduction, powerful ML algorithms automatically reduce unwanted noise for better audio quality.

    Groundbreaking Safety and Communication Capabilities

    iPhone 16e helps users stay connected and get assistance when it matters most. Apple’s satellite features help users text via satellite when they’re outside of cellular and Wi-Fi coverage. This includes Messages via satellite to text friends and family; Emergency SOS via satellite to connect with emergency services; and Roadside Assistance via satellite to reach a roadside assistance provider in case of car trouble. Users can also use the Find My app to share their location via satellite, reassuring friends and family of their whereabouts while traveling off the grid. Crash Detection on iPhone 16e can detect a severe car crash and automatically dial emergency services if a user is unconscious or unable to reach their iPhone.5

    Featuring iOS 18

    iOS 18 makes iPhone 16e more personal, capable, and intelligent than ever.6 With more customization options, users can give apps and widgets a new dark or tinted look and arrange them in any open space on the Home Screen. The controls at the bottom of the Lock Screen can be customized; Control Center has been redesigned to provide users with easier access to many of the things they use every day, including third-party apps; and new privacy protections include the ability to lock and hide apps to protect sensitive apps and the information inside them. iOS 18 also provides powerful updates for staying connected. In Messages, users can use text effects to bring words, phrases, sentences, and more to life. Tapbacks expand to include emoji, Genmoji, or stickers, and now users can schedule a message to send later. When messaging contacts who do not have an Apple device, the Messages app now supports RCS for richer media and more reliable group messaging when compared to SMS and MMS.

    Better for the Environment

    iPhone 16e is designed with the environment in mind. As part of Apple 2030, the company’s ambitious goal to be carbon neutral across its entire carbon footprint by the end of this decade, Apple is transitioning to renewable electricity for its manufacturing, and investing in wind and solar projects around the world to address the electricity used to charge all Apple products, including iPhone 16e. Today, all Apple facilities run on 100 percent renewable electricity — including the data centers that power Apple Intelligence.

    To achieve Apple 2030, the company is designing products with more recycled and renewable materials, which further drives down the carbon footprint. iPhone 16e features over 30 percent recycled content overall, including 100 percent recycled cobalt and 95 percent recycled lithium in the battery, 85 percent recycled aluminum in the enclosure, and more.7 Additionally, the main logic board and back glass of iPhone 16e are designed to be manufactured more efficiently, reducing the amount of raw materials needed. The packaging is also entirely fiber-based, bringing Apple closer to its goal of removing plastic from its packaging by the end of this year.8

    Pricing and Availability

    • iPhone 16e will be available in white and black in 128GB, 256GB, and 512GB storage capacities, starting at $599 (U.S.) or $24.95 (U.S.) per month for 24 months.
    • Apple offers great ways to save and upgrade to the latest iPhone. With Apple Trade In, customers can get up to $120 (U.S.) in credit when they trade in iPhone 11, or up to $170 (U.S.) in credit when they trade in iPhone 12. With a carrier offer, customers can get up to $400 (U.S.) in credit when they trade in iPhone 11, or up to $599 (U.S.) in credit when they trade in iPhone 12 to put toward an iPhone 16e. Customers can take advantage of these offers by visiting the Apple Store online or an Apple Store location. For carrier offer eligibility requirements and more details, see apple.com/shop/buy-iphone/carrier-offers. To see what their device is worth and for Apple Trade In terms and conditions, customers can visit apple.com/shop/trade-in.
    • Customers in 59 countries and regions, including Australia, Canada, China, France, Germany, India, Japan, Malaysia, Mexico, South Korea, Türkiye, the UAE, the UK, and the U.S., will be able to pre-order iPhone 16e beginning at 5 a.m. PST on Friday, February 21, with availability beginning Friday, February 28.
    • Apple Intelligence is available in localized English for Australia, Canada, Ireland, New Zealand, South Africa, the UK, and the U.S. Additional languages — including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, Chinese (simplified), English (Singapore), and English (India) — will be available in April, with more languages coming over the course of the year, including Vietnamese. Some features, applications, and services may not be available in all regions or all languages.
    • Visual intelligence is available in iOS 18.2 or later on all iPhone 16 models. For more information on visual intelligence, visit support.apple.com/guide/iphone.
    • iPhone 16e Silicone Case will be available in five colors for $39 (U.S.): winter blue, fuchsia, lake green, black, and white.
    • AppleCare+ for iPhone provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know iPhone best. For more information, visit apple.com/support/products/iphone.
    • iCloud+ plans start at just $0.99 (U.S.) per month and offer up to 12TB of additional storage to keep photos, videos, files, and more safe in the cloud and available across devices. An iCloud+ subscription gives access to premium features such as unlimited event creation in the new Apple Invites app, as well as Private Relay, Hide My Email, and custom email domains. With Family Sharing, users can share their subscription with five other family members at no extra cost.
    • Customers who purchase iPhone 16e may receive three free months of Apple Music, Apple TV+, Apple Arcade, Apple News+, and Apple Fitness+, with a new subscription. Offer and services availability varies by region. See apple.com/promo for details.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    1. Apple’s satellite features are included for free for two years starting at the time of activation of a new iPhone 14 or later. For Emergency SOS via satellite availability, visit support.apple.com/en-us/HT213426. Messages via satellite will be available in the U.S. and Canada in iOS 18 or later. SMS availability will depend on carrier. Carrier fees may apply. Users should check with their carrier for details. Roadside Assistance via satellite is currently available in the U.S. with AAA and Verizon Roadside Assistance, and in the UK with Green Flag. Participating roadside assistance providers may charge for services, and iPhone users who are not members can take advantage of their roadside assistance services on a pay-per-use basis. Apple’s satellite features were designed for use in open spaces with a clear line of sight to the sky. Performance may be impacted by obstructions such as trees or surrounding buildings.
    2. iPhone 16e is splash-, water-, and dust-resistant. It was tested under controlled laboratory conditions and has a rating of IP68 under IEC standard 60529 (maximum depth of 6 meters for up to 30 minutes). Splash, water, and dust resistance are not permanent conditions. Resistance might decrease as a result of normal wear. Do not attempt to charge a wet iPhone; refer to the user guide for cleaning and drying instructions. Liquid damage is not covered under warranty.
    3. The display has rounded corners that follow a beautiful curved design, and these corners are within a standard rectangle. When measured as a standard rectangular shape, the screen is 6.06 inches diagonally. The actual viewable area is smaller.
    4. All battery claims depend on the cellular network, location, signal strength, feature configuration, usage, and many other factors; actual results will vary. The battery has limited recharge cycles and may eventually need to be replaced. Battery life and charge cycles vary by use and settings. Battery tests are conducted using specific iPhone units. See apple.com/batteries and apple.com/iphone/compare for more information.
    5. Crash Detection is designed for four-wheel passenger vehicle crashes with certain mass, G-force, and speed profiles consistent with severe, life-threatening crashes. It was designed for severe, life-threatening, high-impact front and rear, side-swipe, T-bone, and rollover crashes. Crash Detection is available worldwide on iPhone 14 or later, Apple Watch Series 8 or later, Apple Watch SE, and Apple Watch Ultra or later.
    6. Some features may not be available for all countries or all areas. For more information on iOS 18, visit apple.com/ios/ios-18.
    7. All cobalt and lithium references use a mass balance allocation.
    8. Based on retail packaging as shipped by Apple. Breakdown of U.S. retail packaging by weight. Adhesives, inks, and coatings are excluded from calculations of plastic content and packaging weight.

    Press Contacts

    Blair Ranger

    Apple

    blair_ranger@apple.com

    Alex Kirschner

    Apple

    alexkirschner@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Africa: 6 tips on how to run a company in turbulent times – lessons from emerging markets

    Source: The Conversation – Africa – By Felipe Monteiro, Senior Affiliate Professor of Strategy, INSEAD

    Global risks are rising, and many companies are struggling with how to adapt. The World Economic Forum’s 2025 Global Risks Report makes it clear that challenges like escalating global tensions and conflicts, climate change, economic instability and supply chain disruptions are interconnected and build on one another. And they’re here to stay.

    Meanwhile, US president Donald Trump’s tariff threats are creating more unpredictability in global trade.

    Companies – mostly medium sized and large companies – have no choice but to constantly adjust their strategies. For several companies in emerging markets, this way of thinking is second nature. Firms often operate in environments with fragile institutions, volatile currencies, unreliable infrastructure and political instability. They have become used to designing strategies with turbulence in mind.

    Instead of assuming every piece of global supply chains will fall into place as planned, and just-in-time strategies will always deliver, these companies have diversified and distributed their operations across multiple regions. They have been quick to build flexible, global supply chains, ensuring that if one part of the supply chain is disrupted, other regions can pick up the slack.

    While this may seem like common sense, many companies are still finding it difficult to reorganise and adapt to a less predictable and reliable world.

    So, how can companies look to build resilience and operate in uncertainty? By taking inspiration from those that have long navigated instability.

    Over the past 17 years of teaching global strategic management, I’ve developed and taught case studies on numerous companies in developing countries that have successfully adapted and reworked their strategies in times of uncertainty. Many of these examples – from Embraer in Brazil, to Haier in China – are featured in my book, Global Strategic Management (Fifth Edition), with more to come in the upcoming sixth edition.

    Based on these insights, I explore six key lessons companies can learn from firms in emerging markets.

    Six ways resilient firms adapt to disruption

    1. Learn, humbly, and adapt at lightning speed.

    Companies in emerging markets have always had to be more adaptable. They are fast learners and quick to pivot, starting from the understanding that things may not always go as planned. As a result, they design their operations to be resilient from the start. They anticipate disruptions rather than wait for them to happen.

    A classic example of this is M-Pesa. The mobile payments platform was first launched in Kenya in 2007. Initially it aimed to provide microloans to people without bank accounts. However, when users began using it for money transfers and bill payments, the company quickly adapted to meet this new demand. This ability to learn fast and change direction helped M-Pesa become a leader in mobile payments. It now serves as a global benchmark for success in the industry.

    Humility is essential for this kind of swift and effective adaptation. Companies that often face tough, unpredictable conditions tend to approach challenges with a humble mindset. Instead of assuming they have all the answers, they remain open to learning and adjusting.

    2. Lean on local partnerships.

    When entering unfamiliar or unpredictable markets, firms often approach operations with a transactional mindset – focusing on short-term, one-off exchanges – rather than forming deep partnerships with local stakeholders. This limits their ability to understand and deal with political or social disruptions.

    Natura & Co, the Brazilian cosmetics giant, offers helpful lessons. It has long focused on localising production and sourcing materials from nearby suppliers. Its focus is in the Amazon region, where it works with local communities to sustainably harvest raw materials like açaí (purple berries from South American palm trees) and Brazil nut oil. This approach:

    • reduces reliance on distant sources

    • increases flexibility, allowing the company to quickly adapt to regional challenges

    • builds trust which in turn stabilises supply chains and helps firms gain on-the-ground intelligence.

    3. Make room for redundant infrastructure.

    Firms often delay investments in redundant infrastructure until after a crisis exposes vulnerabilities. For instance, firms may rely on a single data centre or power grid, assuming infrastructure reliability.

    For companies like MTN Group, a telecommunications giant based in South Africa, redundancy is a necessity, not a luxury. Investing in backup power solutions and alternative communication links is essential to ensure MTN can maintain services during frequent power outages.

    In critical sectors like telecommunications and technology, parallel networks, alternative energy sources and backup systems ensure uninterrupted operations in the face of infrastructure failures, climate risks or other unforeseen disturbances.

    4. In unstable environments, build your own stability.

    In unpredictable markets, companies have to take matters into their own hands to ensure their operations run smoothly. They fill “institutional voids” common in such markets by forming diversified business groups. These provide critical support, such as internal financing, talent development and logistical infrastructure, to work around the challenges of their operating environments.

    The Tata Group, which operates across multiple industries from steel to software, is perhaps the most prominent example of this.

    Another great example is MercadoLibre, Latin America’s leading e-commerce platform, which faced the challenge of fragmented transport networks that made 24- or 48-hour deliveries near impossible. The only way to improve delivery speed was for the company to build its own logistics network. By doing so, it gained greater control over its supply chain, improved its ability to scale and greatly improved delivery reliability.

    5. Localise production, sustainably.

    Localised production reduces reliance on complex, long-distance global supply chains and helps minimise the environmental impact of transportation. When production and sourcing are local, companies are able to cut emissions and are less vulnerable to external shocks, as they are not reliant on the smooth functioning of distant suppliers or transport routes.

    Dilmah Tea took this hands-on approach by owning tea gardens, factories and packaging facilities in Sri Lanka. The company controls every step of the process, ensuring high-quality, single-origin Ceylon tea while cutting costs and emissions.

    This localised approach minimises dependence on external suppliers, protecting them from problems that can arise in global supply chains, like delays or shortages.

    6. Empower employees to be agile and responsive to change.

    Giving employees greater responsibility can make a big difference in how well a company handles unexpected changes. Chinese home appliances and electronics company Haier took this to the next level by famously transforming into an organisation of thousands of micro-enterprises, each responsible for decision-making, resource management and profit generation.

    This decentralised approach allows teams to swiftly adapt their strategies when disruptions arise. For instance, during the COVID pandemic, Haier maintained operational efficiency by enabling employees at local and product levels to make rapid, informed decisions.

    By staying close to users and gathering constant feedback, Haier’s micro-enterprises are able to anticipate potential disruptions before they become major threats and develop products and services that satisfy evolving needs.

    While it might not always be possible to completely shift power to individual teams, when people have the freedom to make decisions and take ownership of their work, they can respond quickly to new challenges and come up with creative solutions.

    Anticipation and adaptation

    The challenges that seem new and overwhelming are simply part of the daily reality for those in emerging economies. For decades, companies in these regions have been anticipating and adapting. As risks grow and intertwine, companies can learn from the resilience built by businesses in emerging markets.

    It all begins with a shift in mindset – recognising these challenges as the new reality and accelerating our own pace of learning and adaptation accordingly.

    – 6 tips on how to run a company in turbulent times – lessons from emerging markets
    – https://theconversation.com/6-tips-on-how-to-run-a-company-in-turbulent-times-lessons-from-emerging-markets-248914

    MIL OSI Africa –

  • MIL-OSI Africa: Is Nigeria in danger of a coup? What the country should do to avoid one – political analyst

    Source: The Conversation – Africa – By Abdul-Wasi Babatunde Moshood, Senior Lecturer Department of Political Science, Lagos State University

    African countries have had nine successful military coups since 2020. In west and central Africa, there have been at least 10 coup attempts in the same period. Those of Niger, Mali, Burkina Faso, Gabon and Guinea were successful. A number of social, economic and political factors have been identified as responsible for the truncation of democracy in those countries.

    In this interview, The Conversation Africa asks political scientist Abdul-Wasi Babatunde Moshood, who has recently published research on preventing military coups in Nigeria, about what drives coups, whether those factors are present in Nigeria and what steps Nigeria could take to protect its democracy.

    What are the drivers of recent coups in Africa?

    One major reason is leaders who have used the idea of democracy to advance their own economic gains. The result is corruption, which has deepened the gap between the rich and the poor.

    While liberal democracy widens opportunity in developed countries, the reverse is the case in Nigeria, due largely to corruption and lack of effective leadership.

    Also, democracy in parts of Africa, including Nigeria, has not been able to advance development and make a positive impact on the people. To ringfence democracy from military intervention, it must advance development for the people.

    Another factor is the strategic importance of Africa, which has historically attracted foreign powers. With the partitioning of Africa in Berlin in 1884, European powers created spheres of influence which have continued to haunt many African countries.

    These strategic interests have continued to infiltrate politics and cause instability on the continent.

    In my recent work, I argued that foreign influence and strategic importance make coups more likely to occur in African countries including Nigeria.

    Just like coups in the post-independence era, some recent coups in west Africa have the fingerprints of foreign powers. For instance, Russia is implicated in the 2020 and 2021 coups in Mali and the Burkina Faso coup.

    The UK, the US, China and France are all interested in Africa. Since the expulsion of France from Burkina Faso, Mali and Niger, the former colonial power has been seeking another regional haven in Nigeria. This has raised suspicion in some quarters.

    Also, colonialism left a legacy of division between a country’s people and their army. Recruitment dislocated the previous warriors and empowered new ones. The military under colonialism was perceived by civilians as protecting the interests of the colonial ruling elite.

    In the post-colonial period, the military is perceived as protecting the interests of the African ruling elite. This arrangement goes on until the military, having been exposed to politics, decides to seize power for itself. Oftentimes, citizens give legitimacy to this kind of coup because they have always seen the political elite as self serving. Military coups in Sudan and Mali are examples of this.

    Are these factors present in Nigeria today?

    The sociopolitical and economic conditions that led to coups in other countries in west Africa are present in Nigeria.

    Nigeria is still largely divided along lines of clans and religion. Insecurity is at high levels across the country. The removal of the petrol subsidy has caused economic problems.

    Commodity prices have skyrocketed. Food inflation reached 40.75% in 2024 – its highest level in 25 years.

    The colonial legacy in Nigeria is still evident in the north versus south divide that plagues the country’s politics. Bad leaders exploit the division for their own selfish gain by using marginalisation rhetoric.

    Nigeria is still strongly tied to the apron strings of the western powers. This explains why Nigeria’s presidential aspirants prefer to go to Chatham House, London to speak rather than talk to the people they intend to lead.

    Nigeria’s President Bola Tinubu’s relationship with France is raising eyebrows in the country. The president recently signed new deals with France in the areas of renewable energy, transportation, agriculture and critical infrastructure. There are concerns because this is coming soon after nearly all former French allies in west Africa have broken ties with the European country.

    These factors often lead to increasing disaffection, which in turn can ignite a military takeover, as happened in Niger, Guinea and Gabon.

    How can a military comeback be prevented in Nigeria?

    Effective leadership would help reduce colonial legacies, improve democracy and mitigate foreign influence. This would foster confidence among dissimilar ethnic communities as policies towards inclusiveness and development of the country were implemented.

    Military professionalism would further specialise the military and give them focus. There should be less involvement of the military in politics.

    In peace time, the military can also be kept engaged as a service provider in agriculture, health and social work as done, for instance, in the US.

    Regional organisations like the Economic Community of West African States and the African Union should be proactive in condemning any derailment in democratic practices and values by political actors. They should not only react by imposing sanctions after a military takeover.

    Nigeria needs to think about developing a homegrown democracy as advocated by the late Claude Ake, the Nigerian political scientist.

    The process and method of democratisation should be affordable to all to participate. Democratic leaders must be scrutinised and their level of wealth ascertained before and after leaving office.

    Democratic institutions must be strengthened to prevent corrupt people from taking over offices. Democratic leaders in Nigeria and other African countries must seek indigenous solutions to their challenges.

    – Is Nigeria in danger of a coup? What the country should do to avoid one – political analyst
    – https://theconversation.com/is-nigeria-in-danger-of-a-coup-what-the-country-should-do-to-avoid-one-political-analyst-248281

    MIL OSI Africa –

  • MIL-OSI Security: Japan: IAEA Samples Water with Experts from China, Korea and Switzerland

    Source: International Atomic Energy Agency – IAEA

    The IAEA Director General and his team have been collecting water samples off the coast of Fukushima Daiichi nuclear power station, with scientists from China, Korea and Switzerland, as part of additional measures to promote transparency and build trust in the region, during the ongoing release of ALPS-treated water from the plant.

    MIL Security OSI –

  • MIL-OSI Global: Is Nigeria in danger of a coup? What the country should do to avoid one – political analyst

    Source: The Conversation – Africa – By Abdul-Wasi Babatunde Moshood, Senior Lecturer Department of Political Science, Lagos State University

    African countries have had nine successful military coups since 2020. In west and central Africa, there have been at least 10 coup attempts in the same period. Those of Niger, Mali, Burkina Faso, Gabon and Guinea were successful. A number of social, economic and political factors have been identified as responsible for the truncation of democracy in those countries.

    In this interview, The Conversation Africa asks political scientist Abdul-Wasi Babatunde Moshood, who has recently published research on preventing military coups in Nigeria, about what drives coups, whether those factors are present in Nigeria and what steps Nigeria could take to protect its democracy.

    What are the drivers of recent coups in Africa?

    One major reason is leaders who have used the idea of democracy to advance their own economic gains. The result is corruption, which has deepened the gap between the rich and the poor.

    While liberal democracy widens opportunity in developed countries, the reverse is the case in Nigeria, due largely to corruption and lack of effective leadership.

    Also, democracy in parts of Africa, including Nigeria, has not been able to advance development and make a positive impact on the people. To ringfence democracy from military intervention, it must advance development for the people.

    Another factor is the strategic importance of Africa, which has historically attracted foreign powers. With the partitioning of Africa in Berlin in 1884, European powers created spheres of influence which have continued to haunt many African countries.

    These strategic interests have continued to infiltrate politics and cause instability on the continent.

    In my recent work, I argued that foreign influence and strategic importance make coups more likely to occur in African countries including Nigeria.

    Just like coups in the post-independence era, some recent coups in west Africa have the fingerprints of foreign powers. For instance, Russia is implicated in the 2020 and 2021 coups in Mali and the Burkina Faso coup.

    The UK, the US, China and France are all interested in Africa. Since the expulsion of France from Burkina Faso, Mali and Niger, the former colonial power has been seeking another regional haven in Nigeria. This has raised suspicion in some quarters.

    Also, colonialism left a legacy of division between a country’s people and their army. Recruitment dislocated the previous warriors and empowered new ones. The military under colonialism was perceived by civilians as protecting the interests of the colonial ruling elite.

    In the post-colonial period, the military is perceived as protecting the interests of the African ruling elite. This arrangement goes on until the military, having been exposed to politics, decides to seize power for itself. Oftentimes, citizens give legitimacy to this kind of coup because they have always seen the political elite as self serving. Military coups in Sudan and Mali are examples of this.

    Are these factors present in Nigeria today?

    The sociopolitical and economic conditions that led to coups in other countries in west Africa are present in Nigeria.

    Nigeria is still largely divided along lines of clans and religion. Insecurity is at high levels across the country. The removal of the petrol subsidy has caused economic problems.

    Commodity prices have skyrocketed. Food inflation reached 40.75% in 2024 – its highest level in 25 years.

    The colonial legacy in Nigeria is still evident in the north versus south divide that plagues the country’s politics. Bad leaders exploit the division for their own selfish gain by using marginalisation rhetoric.

    Nigeria is still strongly tied to the apron strings of the western powers. This explains why Nigeria’s presidential aspirants prefer to go to Chatham House, London to speak rather than talk to the people they intend to lead.

    Nigeria’s President Bola Tinubu’s relationship with France is raising eyebrows in the country. The president recently signed new deals with France in the areas of renewable energy, transportation, agriculture and critical infrastructure. There are concerns because this is coming soon after nearly all former French allies in west Africa have broken ties with the European country.

    These factors often lead to increasing disaffection, which in turn can ignite a military takeover, as happened in Niger, Guinea and Gabon.

    How can a military comeback be prevented in Nigeria?

    Effective leadership would help reduce colonial legacies, improve democracy and mitigate foreign influence. This would foster confidence among dissimilar ethnic communities as policies towards inclusiveness and development of the country were implemented.

    Military professionalism would further specialise the military and give them focus. There should be less involvement of the military in politics.

    In peace time, the military can also be kept engaged as a service provider in agriculture, health and social work as done, for instance, in the US.

    Regional organisations like the Economic Community of West African States and the African Union should be proactive in condemning any derailment in democratic practices and values by political actors. They should not only react by imposing sanctions after a military takeover.

    Nigeria needs to think about developing a homegrown democracy as advocated by the late Claude Ake, the Nigerian political scientist.

    The process and method of democratisation should be affordable to all to participate. Democratic leaders must be scrutinised and their level of wealth ascertained before and after leaving office.

    Democratic institutions must be strengthened to prevent corrupt people from taking over offices. Democratic leaders in Nigeria and other African countries must seek indigenous solutions to their challenges.

    Abdul-Wasi Babatunde Moshood receives funding from TETFUND Institution Based Research IBR, He is a Member of Academic Staff Union of University, Network for Democracy and Development NDD, among others. He is currently the Acting Head of Department of Political Science, Lagos State University.

    – ref. Is Nigeria in danger of a coup? What the country should do to avoid one – political analyst – https://theconversation.com/is-nigeria-in-danger-of-a-coup-what-the-country-should-do-to-avoid-one-political-analyst-248281

    MIL OSI – Global Reports –

  • MIL-OSI USA: Budd Leads Bipartisan Inquiry Into Chinese DeepSeek on Pentagon Devices

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)
    Washington, D.C. — Today, Senators Ted Budd (R-NC), Eric Schmitt (R-MO), Mark Kelly (D-AZ), and Tommy Tuberville (R-AL) sent a letter to Acting Chief Information Officer at the Department of Defense, Leslie A. Beavers, requesting information on, “how many Department employees connected their work computers and/or mobile devices to Chinese servers via the DeepSeek Application”.
    Read the text of the letter:
    We write to express our concern that Department of Defense (DOD) employees accessed the Chinese artificial intelligence application DeepSeek on their work devices and, as a result, Chinese servers.
    We understand that the National Security Council (NSC) is currently reviewing the national security implications of DeepSeek and expect this will be an ongoing conversation between Congress, the NSC, and relevant agencies. However, in the immediate term, we request that the Department provide information regarding potential impacts to the Defense Information Systems Network (DISN) and the Department of Defense Information Network (DODIN) of the recent incident.
    The office of the Director of National Intelligence’s 2024 Annual Threat Assessment states that “China remains the most active and persistent cyber threat to the U.S. Government, private-sector and critical infrastructure networks”. This is evidenced by the recent Salt Typhoon Hack, a breach of at least eight U.S. telecommunications providers, among many other reports of cyberattacks originating from China.
    It is also our understanding, based on the DoD’s Use of Mobile Applications 2023 report, that misuse of mobile applications on DoD personnel devices may not be simply a series of isolated incidents. While our immediate concern is to understand the impact of DoD employees’ access to DeepSeek on national security, we are also interested in understanding the DoD’s policy regarding mobile device applications to the end of ensuring we are diminishing cybersecurity risks associated with certain platforms.
    Therefore, we request answers to the following questions by no later than March 4, 2025.
    How many Department employees connected their work computers and/or mobile devices to Chinese servers via the DeepSeek Application?
    Has the DeepSeek app now been deleted from all DoD devices? If not, what steps will you take to ensure the DeepSeek app is removed from all DoD devices?
    What steps have been made to limit access on DoD devices to only those applications with a justified and approved need?
    What is the Defense Information Systems Agency’s (DISA’s) initial assessment about whether Chinese servers were able to access and exfiltrate sensitive information due to Department personnel use of DeepSeek?
    How has the use of the DeepSeek app by Department personnel impacted the operational and cybersecurity risks to the DISN as well as the DODIN?
    What guidance or training has DISA shared with Department employees regarding accessing Chinese AI app DeepSeek or any other Chinese-affiliated app?
    We understand that the Navy issued guidance against using open-source AI systems for official work. What guidance (if any) are the other services and/or the Department issuing to employees?
    What is DISA’s process for assessing which networks, websites and or applications have a connection to the People’s Republic of China and what are DISA’s standard operating procedures when made aware of such a connection?
    What action (if any) has been taken regarding the DoD employees who connected their work computers and/or mobile devices to Chinese servers via the DeepSeek Application?
    Have all of the recommendations from Management Advisory: The DoD’s Use of Mobile Applications (Report No. DODIG-2023-041) been implemented? If not, why not?
    Thank you for your consideration and we look forward to hearing from you and working with the Department of Defense to keep our networks safe from persistent cyber threats.

    MIL OSI USA News –

  • MIL-OSI Global: 6 tips on how to run a company in turbulent times – lessons from emerging markets

    Source: The Conversation – Africa – By Felipe Monteiro, Senior Affiliate Professor of Strategy, INSEAD

    Global risks are rising, and many companies are struggling with how to adapt. The World Economic Forum’s 2025 Global Risks Report makes it clear that challenges like escalating global tensions and conflicts, climate change, economic instability and supply chain disruptions are interconnected and build on one another. And they’re here to stay.

    Meanwhile, US president Donald Trump’s tariff threats are creating more unpredictability in global trade.

    Companies – mostly medium sized and large companies – have no choice but to constantly adjust their strategies. For several companies in emerging markets, this way of thinking is second nature. Firms often operate in environments with fragile institutions, volatile currencies, unreliable infrastructure and political instability. They have become used to designing strategies with turbulence in mind.

    Instead of assuming every piece of global supply chains will fall into place as planned, and just-in-time strategies will always deliver, these companies have diversified and distributed their operations across multiple regions. They have been quick to build flexible, global supply chains, ensuring that if one part of the supply chain is disrupted, other regions can pick up the slack.

    While this may seem like common sense, many companies are still finding it difficult to reorganise and adapt to a less predictable and reliable world.

    So, how can companies look to build resilience and operate in uncertainty? By taking inspiration from those that have long navigated instability.

    Over the past 17 years of teaching global strategic management, I’ve developed and taught case studies on numerous companies in developing countries that have successfully adapted and reworked their strategies in times of uncertainty. Many of these examples – from Embraer in Brazil, to Haier in China – are featured in my book, Global Strategic Management (Fifth Edition), with more to come in the upcoming sixth edition.

    Based on these insights, I explore six key lessons companies can learn from firms in emerging markets.

    Six ways resilient firms adapt to disruption

    1. Learn, humbly, and adapt at lightning speed.

    Companies in emerging markets have always had to be more adaptable. They are fast learners and quick to pivot, starting from the understanding that things may not always go as planned. As a result, they design their operations to be resilient from the start. They anticipate disruptions rather than wait for them to happen.

    A classic example of this is M-Pesa. The mobile payments platform was first launched in Kenya in 2007. Initially it aimed to provide microloans to people without bank accounts. However, when users began using it for money transfers and bill payments, the company quickly adapted to meet this new demand. This ability to learn fast and change direction helped M-Pesa become a leader in mobile payments. It now serves as a global benchmark for success in the industry.

    Humility is essential for this kind of swift and effective adaptation. Companies that often face tough, unpredictable conditions tend to approach challenges with a humble mindset. Instead of assuming they have all the answers, they remain open to learning and adjusting.

    2. Lean on local partnerships.

    When entering unfamiliar or unpredictable markets, firms often approach operations with a transactional mindset – focusing on short-term, one-off exchanges – rather than forming deep partnerships with local stakeholders. This limits their ability to understand and deal with political or social disruptions.

    Natura & Co, the Brazilian cosmetics giant, offers helpful lessons. It has long focused on localising production and sourcing materials from nearby suppliers. Its focus is in the Amazon region, where it works with local communities to sustainably harvest raw materials like açaí (purple berries from South American palm trees) and Brazil nut oil. This approach:

    • reduces reliance on distant sources

    • increases flexibility, allowing the company to quickly adapt to regional challenges

    • builds trust which in turn stabilises supply chains and helps firms gain on-the-ground intelligence.

    3. Make room for redundant infrastructure.

    Firms often delay investments in redundant infrastructure until after a crisis exposes vulnerabilities. For instance, firms may rely on a single data centre or power grid, assuming infrastructure reliability.

    For companies like MTN Group, a telecommunications giant based in South Africa, redundancy is a necessity, not a luxury. Investing in backup power solutions and alternative communication links is essential to ensure MTN can maintain services during frequent power outages.

    In critical sectors like telecommunications and technology, parallel networks, alternative energy sources and backup systems ensure uninterrupted operations in the face of infrastructure failures, climate risks or other unforeseen disturbances.

    4. In unstable environments, build your own stability.

    In unpredictable markets, companies have to take matters into their own hands to ensure their operations run smoothly. They fill “institutional voids” common in such markets by forming diversified business groups. These provide critical support, such as internal financing, talent development and logistical infrastructure, to work around the challenges of their operating environments.

    The Tata Group, which operates across multiple industries from steel to software, is perhaps the most prominent example of this.

    Another great example is MercadoLibre, Latin America’s leading e-commerce platform, which faced the challenge of fragmented transport networks that made 24- or 48-hour deliveries near impossible. The only way to improve delivery speed was for the company to build its own logistics network. By doing so, it gained greater control over its supply chain, improved its ability to scale and greatly improved delivery reliability.

    5. Localise production, sustainably.

    Localised production reduces reliance on complex, long-distance global supply chains and helps minimise the environmental impact of transportation. When production and sourcing are local, companies are able to cut emissions and are less vulnerable to external shocks, as they are not reliant on the smooth functioning of distant suppliers or transport routes.

    Dilmah Tea took this hands-on approach by owning tea gardens, factories and packaging facilities in Sri Lanka. The company controls every step of the process, ensuring high-quality, single-origin Ceylon tea while cutting costs and emissions.

    This localised approach minimises dependence on external suppliers, protecting them from problems that can arise in global supply chains, like delays or shortages.

    6. Empower employees to be agile and responsive to change.

    Giving employees greater responsibility can make a big difference in how well a company handles unexpected changes. Chinese home appliances and electronics company Haier took this to the next level by famously transforming into an organisation of thousands of micro-enterprises, each responsible for decision-making, resource management and profit generation.

    This decentralised approach allows teams to swiftly adapt their strategies when disruptions arise. For instance, during the COVID pandemic, Haier maintained operational efficiency by enabling employees at local and product levels to make rapid, informed decisions.

    By staying close to users and gathering constant feedback, Haier’s micro-enterprises are able to anticipate potential disruptions before they become major threats and develop products and services that satisfy evolving needs.

    While it might not always be possible to completely shift power to individual teams, when people have the freedom to make decisions and take ownership of their work, they can respond quickly to new challenges and come up with creative solutions.

    Anticipation and adaptation

    The challenges that seem new and overwhelming are simply part of the daily reality for those in emerging economies. For decades, companies in these regions have been anticipating and adapting. As risks grow and intertwine, companies can learn from the resilience built by businesses in emerging markets.

    It all begins with a shift in mindset – recognising these challenges as the new reality and accelerating our own pace of learning and adaptation accordingly.

    Felipe Monteiro 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. 6 tips on how to run a company in turbulent times – lessons from emerging markets – https://theconversation.com/6-tips-on-how-to-run-a-company-in-turbulent-times-lessons-from-emerging-markets-248914

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump threatens to disrupt the world’s critical minerals supply – but there are reasons to be positive

    Source: The Conversation – UK – By Jorge Valverde, PhD Fellow, Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), United Nations University

    Nickel laterite in an open pit mine. Nickel is one of the critical minerals

    There’s a chance Donald Trump’s second term as US president could have a long-term negative impact on the demand for and supply of what are known as critical minerals. These include copper, lithium, nickel, cobalt and the “rare earth elements”, such as lanthanum and yttrium.

    They are vital for the green energy transition, being used in electric car batteries, solar panels and wind turbines. Trump’s decision to pull out of the UN’s Paris agreement to control global warming has led to some pessimistic perspectives on this policy’s impacts.

    If Trump’s move towards oil and gas is interpreted by the markets as permanent, the price incentive for new mining projects for critical minerals will fall, along with long-term supply. This could potentially threaten the green energy transition.

    However, there are reasons to doubt this pessimistic scenario. Contrary to this, we believe that the new US administration policy is just a temporary shock without a significant change to the world’s energy transition trajectory. Therefore, critical mineral markets will remain buoyant in the medium and long term. This position is based on three main arguments.

    1. The US holds a competitive position in critical mineral markets

    There’s a generalised perception that the US depends on importing critical minerals from other countries, such as China. This is true for a handful, but, overall, America is one of the most competitive countries in producing the minerals needed for green technology.

    Indeed, the US has a revealed comparative advantage in exporting a wide variety of minerals and, among them, the most critical ones.

    Supplies of germanium are tightly controlled by China.
    RHJPhtotos

    Therefore, it will be in the US’s interests to keep the lucrative critical mineral markets dynamic. Even if the US reduces its sustainability ambitions, slowing its demand for new clean technologies, it is likely to do it carefully, so as not to harm its own industries.

    Indeed, we expect the US to increase its interest in developing processing industries to recover some minerals from electronic waste or intermediate stages in some manufacturing processes. These include germanium and gallium, which are tightly controlled by China (their biggest producer) but which are vital for computer chips and renewable energy technology, as well as night-vision goggles.

    2. The US produces and uses only a small share of clean technologies

    China and Europe drive these markets. The US does not drive either the demand or the supply for new clean technologies. On the demand side, the US only represents 10% of world electric car sales, while China and Europe account for 66% and 20% of the market respectively.

    China represents over 43% of installed solar energy capacity.
    Wang An Qi Shutterstock

    Similarly, for the world installed solar energy capacity, China represents over 43% of the market, Europe 20%, and the US only 10%. On the supply side, the US produces around 15% of the world’s electric cars, while China represents more than 50% of the market.

    For other clean technologies, statistics are similar with a remarkable leadership of China in the production of solar panels and wind turbines.

    So the policies followed by China and Europe are likely to have a much larger impact on the energy transition than the US’s. In the likely event that these countries continue pushing forward the green transition, the cost of slowing its technological catch up for the US will be too high.

    Moreover, oil producer countries of the Middle East are heavily betting for new clean technologies, which could offset the lower appetite for green assets from the US. So regardless of what Trump’s administration will decide on this matter, its influence on the market for clean technologies will be limited.

    3. New tariffs could further increase some minerals’ criticality

    Import tariffs imposed by Trump’s first administration to promote local production damaged US exports of those industries using imported intermediate, or partly finished, goods. In other words, international trade along global value chains has modified the textbook dynamics of protectionism, and exports are hindered – and not fostered – by import protection.

    President Trump has said he plans to impose 25% new tariffs on imports from Canada and Mexico. This could increase the criticality of some minerals for the US. For example, nickel and aluminium could become even more critical to the US economy because Canada supplies almost 40% of the nickel employed by US industry, and 70% of the aluminium.

    As a consequence, new tariffs could indeed increase the criticality of some minerals. Indeed, this was probably in some way behind the decisions to postpone the tariff increases and to only impose them on selected products.

    The energy policies of the new American administration will have ripple effects. But these are likely to be temporary and the market in critical minerals is unlikely to be affected long term. The global transition to clean energy seems safe, for now.

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

    – ref. Trump threatens to disrupt the world’s critical minerals supply – but there are reasons to be positive – https://theconversation.com/trump-threatens-to-disrupt-the-worlds-critical-minerals-supply-but-there-are-reasons-to-be-positive-249058

    MIL OSI – Global Reports –

  • MIL-OSI Security: Defense News: NUWC Division, Keyport embraces wartime readiness culture

    Source: United States Navy

    Led by NUWC Division, Keyport wartime readiness director Troy Kelley and chief logistician Wendy Kierpiec, the WRAT is focused on ensuring the command’s ability to anticipate and respond to warfighter needs across the entire spectrum of operations, from peacetime to active conflict. Its goal is to achieve initial operational capability for wartime readiness by Sept. 30, 2025.

    The team includes senior command leaders, technical experts from each department, and advisory and ad-hoc members with specialized subject matter expertise. Its work is part of a broader effort to shift the Navy’s focus from peacetime efficiency to wartime effectiveness, driven by the need to counter the growing potential for military and economic challenges from China between now and 2027, a period known as the “Davidson window.”

    This period takes its name from Adm. Phil Davidson, former commander of U.S. Indo-Pacific Command, who warned, in testimony to Congress four years ago, about the potential for China to take action against Taiwan by 2027.

    Kelley elaborated on the need to adopt a posture of wartime effectiveness.

    “Everything we [currently] do is about return on investment: How can we produce more with less and be the most efficient organization out there,” said Kelley. “When you get into a time of conflict, that measure flips the opposite way. Effectiveness becomes your measure.”

    To drive this shift, the WRAT has been developing wartime response plans, identifying and addressing readiness gaps, improving command communication, and establishing a crisis response center to coordinate and respond to wartime-related activities.

    Kierpiec, who developed the command’s wartime concept of operations and crisis response posture, emphasized the importance of being prepared for any scenario and the need for a flexible, adaptable response plan.

    “We haven’t had to tackle in so many decades, and since the end of the Cold War, we’ve downsized a lot of our military resources,” said Kierpiec. “As a result, we’re building the airplane as we’re flying it—we’re still figuring things out and developing our plans and processes in real time, which can be difficult, but it’s also an opportunity for us to be innovative and adaptable in our approach.”

    Kierpiec stressed the need to prepare for various wartime scenarios, including communication disruptions, damage or destruction to military assets, and contested environments where commercial transportation and shipping may be restricted, necessitating the use of other means to deploy personnel. She added that these challenges would likely be particularly pronounced in the context of a war in the Indo-Pacific Command area of operation, given its distance from Keyport.

    “We’ve got approximately 7,000 nautical miles between Keyport and the Straits of Taiwan,” said Kierpiec. “How do we overcome that from a logistics perspective? What’s the communication flow? Who would we be getting direction and orders from? How can we still provide our expertise to support the problem from stateside? Or should we be sending someone out there, and how do we get them out there? Do we have to get them on a military transport aircraft? Are they prepared to go in theater?”

    These are among the many questions the WRAT has been actively working to address through planning, exercises and drills.

    Held monthly in the CRC, the drills use realistic wartime scenarios to assess and refine the team’s communication strategies, response times and logistical capabilities. To simulate real-world conditions, they are unannounced and involve the use of secure communication channels and classified networks.

    Common scenarios include responding to an attack on a naval vessel, providing emergency repairs to a damaged ship, and supporting a large-scale military operation in a contested or degraded environment.

    Each of the command’s departments is represented during these drills, with key personnel assuming the roles of watch stander, battle watch captain and assistant battle watch captain. The watch stander monitors and reports on the command’s crisis response efforts, while the battle watch captain oversees the crisis response and provides strategic guidance, and the assistant battle watch captain supports the battle watch captain as needed.

    The team must work together to assess the situation, develop a response plan and allocate resources as needed. It is evaluated on its ability to collaborate, make decisions quickly and decisively, and communicate effectively both internally and with higher headquarters.

    Jeff Kistler, head of NUWC Division, Keyport’s Information Technology Support Services Branch, and Amy Abbott, the command’s emergency management officer, have been instrumental in establishing and maintaining the CRC. Kistler oversees its IT infrastructure, while Abbott manages its operational and procedural aspects.

    “We’ve spent hundreds of hours developing things that make us as lethal and prepared as possible,” said Abbott. “We’ve spent a lot of time really pulling apart the nuts and bolts of our processes. We’ve developed standard operating procedures, directives and desk guides, and we’ve developed them in such a way that anybody could walk in, sit at a departmental desk, open the book from page one and know what they’re doing without guidance.”

    Kistler stressed the CRC’s vital role in enabling the command to quickly respond to and support naval operations in real-world scenarios.

    “If we’re in a wartime scenario and there are casualties out in the fleet, we may be called upon to help get that ship back into the fight,” said Kistler. “[Providing that type of support] takes a lot of knowledge of what Keyport does, and that’s the kind of expertise that our personnel in the room collectively bring to the table.”

    Effective communication is crucial in such situations, and to this end, Kistler is tasked with ensuring the command’s communication systems are robust and reliable. This involves developing redundant communication paths, planning for continuity of operations in the event of disruptions or outages, and identifying and mitigating single points of failure in the CRC’s command and control systems.

    A key aspect of wartime readiness is the ability to anticipate ways in which one may need to pivot and redirect resources to address emerging priorities and gaps.

    “To support wartime efforts, we need to be able to pivot and change the way we conduct our business, prioritize our business and increase the tempo of our operations,” said Bryan Duffey, head of NUWC Division, Keyport’s Enterprise Systems Engineering Division and WRAT team lead for his division’s parent unit, the Fleet Readiness Department. “We need to be able to redirect resources to reinforce priority areas, increase op tempo areas, or leverage other technical capabilities and skills to fill emerging gaps.

    Duffey is responsible for ensuring his department is prepared to support the fleet during wartime. In the event of a conflict, this support would involve providing expeditionary repair capabilities and technical expertise for ship and submarine maintenance and repair.

    Among Kierpiec’s top priorities is identifying and addressing NUWC Division, Keyport’s readiness gaps and pivot points. The latter are capabilities the command has today that might need to be expanded or accelerated to support the warfighter.

    One pivot point of particular interest is NUWC Division, Keyport’s additive manufacturing capability.

    “We have a pretty a robust infrastructure in place for that,” said Kierpiec. “How would we respond to a request to do additive manufacturing for potentially a different customer? Maybe we get asked to make helicopter blades because [another customer] cannot for some reason. How could we rise to that occasion?”

    Wartime readiness gaps often stem from the challenges of operating in a contested or denied environment. These can include disruptions to communications and logistics, limited access to transportation and the need for rapid technical support to address emerging fleet requirements.

    According to program analyst Havalah Noble, WRAT team co-lead for the Unmanned and Theater Undersea Warfare Systems Department, the command is on track to meet its wartime readiness goals.

    “I feel like Keyport is ready and we will meet the NAVSEA and Navy goals of the Davidson window of 2027,” said Noble. “We’re perpetuating a culture of readiness now and there is urgency and dedication and vigilance in the practice, and it is important that we continue to do this work.”

    Command policy officer Melissa Berry, who oversees policy for the WRAT, agrees.

    “I think the clarity coming down from the Chief of Naval Operations and from NAVSEA on what we’re trying to accomplish, has really resonated with the team and provided a sense of urgency,” Berry said. “I am optimistic that come 2027, we will be in a strong place.”

    But the real goal of the 2027 target is not to get ready for war, but to make war unnecessary.

    “We want to demonstrate that our Navy is prepared to fight a war in 2027, but obviously our goal is to not have to do that,” said Jack Smith, lead exercise planner for the Naval Sea Systems Command’s Warfighting Readiness Directorate and a WRAT team lead for the Undersea Weapons Department. “We want to demonstrate the strength and the capability, so that potential enemies decide that 2027 is not when they want to fight a war.”

    Abbott emphasized the importance of wartime preparedness not just at work, but also at home.

    “We need to be thinking not only about how we support our warfighters who are out there on the water, but also how we support our brothers, our sisters, our husbands, our wives and other family members out there,” said Abbott. “This means being prepared at home, having discussions with our families, and having a plan in place, so that we can take care of our loved ones and be the best asset we can be for our warfighters in a time of crisis.”

    Abbott recommends having an emergency kit, establishing local emergency contacts, drafting powers of attorney for children’s care, and planning for how to manage everyday responsibilities such as school schedules and childcare in the event of a crisis.

    For additional resources and guidance on emergency preparedness, visit Ready.gov.

    Naval Undersea Warfare Center Division, Keyport is headquartered in the state of Washington on the Puget Sound, about 10 miles west of Seattle. To provide ready support to Fleet operational forces at all major Navy homeports in the Pacific, NUWC Division, Keyport maintains detachments in San Diego, California and Honolulu, Hawaii, and remote operating sites in Guam; Japan; Hawthorne, Nevada; and Portsmouth, Virginia. At NUWC Division, Keyport, our diverse and highly skilled team of engineers, scientists, technicians, administrative professionals and industrial craftsmen work tirelessly to develop, maintain and sustain undersea warfare superiority for the United States.

    Are you ready to join one of the largest and most dynamic employers in Kitsap County? We are continually hiring engineers, scientists and other STEM professionals—as well as talented experts in business, finance, logistics and support roles—so if you are eager to be at the forefront of undersea research and development, we want you on our team. Explore our exciting job opportunities at nuwckeyport.usajobs.gov and take the first step toward building your career at NUWC Division, Keyport.

    MIL Security OSI –

  • MIL-OSI Global: How medical treatments devised for war can quickly be implemented in US hospitals to save lives

    Source: The Conversation – USA – By Vikhyat Bebarta, Professor of Emergency Medicine and Medical Toxicology, Pharmacology, University of Colorado Anschutz Medical Campus

    Military medicine moves faster than traditional research. Tech. Sgt. Darius Sostre-Miroir/920th Rescue Wing

    For decades, military doctors faced a critical challenge: What’s the best way to safely and effectively deliver oxygen to patients in remote combat zones, rural hospitals or disaster-stricken areas?

    Oxygen tanks are heavy, costly and dangerous in combat zones. A direct hit from a missile or a bullet can turn a lifesaving resource into a deadly hazard.

    Marine Corps Gen. Ernest T. Cook once said, “Logistics is the hard part of fighting a war.” It goes beyond oxygen. For deployed U.S. troops, the supplies available during combat for treating wounded soldiers can mean the difference between life and death.

    The Department of Defense turned to us, military physicians and academic researchers in military medicine at the University of Colorado Center for COMBAT Research, to study whether the military needs to bring oxygen to the battlefield for soldiers – and, if so, how much.

    This approach to research is known as a military-civilian partnership. These partnerships aim to save lives on the battlefield. But they also save lives across the U.S. by turning military medical gains into better health care for all.

    Innovation and agility

    In the civilian world, it takes 17 years on average for a research discovery to change medical practice. One of the most well-known examples of this is the use of tranexamic acid for trauma patients. Tranexamic acid is injected to stop bleeding during surgery or after trauma. It was discovered in 1962 but not approved by the FDA until 1986. It wasn’t used for traumatic bleeding until 2012.

    The changing nature of war and threats against U.S. forces require military medicine to move faster. Injuries and infections in combat push researchers to find better ways to save lives, often faster than in civilian health care.

    Military medicine must move quickly to keep up with the pace of war.
    Contributor/Anadolu via GettyImages

    At the center, scientists work side by side with military medical teams to study, develop and test solutions tailored for the battlefield.

    Whether it’s addressing oxygen use, traumatic brain injuries, burn treatments or trauma care, these partnerships allow military and civilian researchers to translate discoveries into practice rapidly.

    Rethinking oxygen

    The immediate administration of oxygen to an injured or ill patient has long been a cornerstone of trauma and burn care. The logic seemed simple: When patients are in shock or have severe injuries, their bodies struggle to get enough oxygen, so doctors provided extra.

    Our research, and that of others, found that too much oxygen can actually be harmful. Excess oxygen triggers oxidative stress – an overload of unstable molecules called free radicals that can damage healthy cells. That can lead to more inflammation, slower healing and even organ failure.

    In short, while oxygen is essential, more isn’t always better.

    We conducted a series of military-civilian collaborative trials called Strategy to Avoid Excessive Oxygen, or SAVE-O2. We discovered that severely injured patients often require less oxygen than previously believed. In fact, little or no supplemental oxygen is needed to safely care for 95% of these patients.

    This finding challenges decades of conventional medical wisdom. It will reshape how medical professionals approach critical care in not only military settings, but civilian hospitals as well.

    Within a year of presenting our findings to military medical leaders, these insights have already influenced changes and updates to patient care guidelines, medic training and even decisions on medical equipment purchases.

    To build on our findings, we’ve launched a trial to study the use of artificial intelligence to automate oxygen delivery. This military-funded study could provide better care for wounded soldiers in remote combat zones and for injured civilians in ambulances or rural hospitals before they reach large referral and trauma centers.

    An oxygen mask that uses artificial intelligence could help medics in rural combat zones and rural U.S. hospitals.
    John Moore/GettyImages

    In rural or remote areas of the U.S., access to supplemental oxygen can be limited due to supply chain challenges, high costs and shortages. This is particularly true in small hospitals and affects first responders after a natural disaster or accident. In the intensive care units of these hospitals, using oxygen more efficiently could preserve limited oxygen supplies for patients who need it.

    Prolonged casualty care: A new frontier

    While researching oxygen needs in combat zones, we realized another pressing issue: the challenges of prolonged casualty care. During a conflict, military medics often need to treat critically injured soldiers for hours or even days before the wounded person can be evacuated.

    In a future conflict with a “near-peer” adversary such as China or Russia, the U.S. may not have the ability to evacuate wounded troops quickly. Without reliable helicopter or airplane transport, many casualties may not reach trauma care within the “golden hour.” This is the critical first 60 minutes after a severe injury, when rapid treatment is essential.

    The ongoing war in Ukraine illustrates the challenge of prolonged casualty care. In hospitals across Ukraine, doctors are increasingly having trouble treating the wounds of civilian and military patients because of rising antibiotic resistance.

    Future military conflicts in the Indo-Pacific regions will present similar challenges, including long patient transport times and concerns about wound infections due to prolonged casualty care.

    However, this challenge isn’t unique to the battlefield. Prolonged casualty care also happens in civilian crises. For example, during a natural disaster, emergency responders must manage patients without quick access to hospitals.

    Once patients are treated in the field or in disaster scenarios, providers must often sustain care with limited resources. They have to prioritize essential interventions, minimize resource use and stabilize patients for eventual transfer to higher levels of care.

    Innovation in health care thrives on collaboration. Military-civilian partnerships are one way to advance medical solutions faster and more effectively. These innovations save lives in combat, improve care and allow us to apply our 98% survival rate in war to our trauma centers, rural hospitals and disaster zones in the U.S.

    The views expressed in this publication are those of the author and do not necessarily reflect the official policy or position of the Department of Defense (DoD), the United States Government, or any of its agencies. The appearance of external links or mention of specific commercial products does not constitute endorsement by the DoD.

    Adit Ginde receives research funding from the U.S. Department of Defense. The views expressed in this publication are those of the author and do not necessarily reflect the official policy or position of the Department of Defense (DoD), the United States Government, or any of its agencies. The appearance of external links or mention of specific commercial products does not constitute endorsement by the DoD.

    Arthur Kellermann previously served as dean of the school of medicine at the Uniformed Services University of the Health Sciences. His views are his own and do not neccessarily represent those of the U.S. Department of Defense.

    – ref. How medical treatments devised for war can quickly be implemented in US hospitals to save lives – https://theconversation.com/how-medical-treatments-devised-for-war-can-quickly-be-implemented-in-us-hospitals-to-save-lives-247752

    MIL OSI – Global Reports –

  • MIL-OSI China: Capital International Exhibition & Convention Center to welcome 1st exhibition

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

    Capital International Exhibition & Convention Center to welcome 1st exhibition

    Updated: February 19, 2025 20:48 Xinhua
    This photo taken on Feb. 19, 2025 shows the interior view of the Capital International Exhibition & Convention Center (CIECC) in Shunyi District of Beijing, capital of China. CIECC is a comprehensive exhibition venue integrating exhibition venues, conference centers and hotels. The construction of the venue officially began in September 2021, and the exhibition center and conference center completed construction in December 2024, with the conditions for operation. The 36th China International Auto Service, Products & Equipment Exhibition will be held from Feb. 21 to Feb. 24 at CIECC in Beijing. It is the first exhibition held here. [Photo/Xinhua]
    This photo taken on Feb. 19, 2025 shows the interior view of the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China. [Photo/Xinhua]
    This photo taken on Feb. 19, 2025 shows the exterior view of the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China. [Photo/Xinhua]
    This photo taken on Feb. 19, 2025 shows the exterior view of the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China. [Photo/Xinhua]
    This photo taken on Feb. 19, 2025 shows the interior view of the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China. [Photo/Xinhua]
    Staff members set up exhibitions at the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China, Feb. 19, 2025. [Photo/Xinhua]
    Staff members set up exhibitions at the Capital International Exhibition & Convention Center(CIECC) in Shunyi District of Beijing, capital of China, Feb. 19, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI: Top KingWin Ltd Announces $1,000,000 Convertible Promissory Note Offering and Up to $28,500,000 Additional Note Offering

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, China, Feb. 19, 2025 (GLOBE NEWSWIRE) — Top KingWin Ltd (“Top KingWin” or the “Company”) (Nasdaq: WAI) today announced that on February 18, 2025, it entered into a securities purchase agreement (the “SPA”) to issue a convertible note in the original principal amount of $1,000,000 (the “Note”) to an institutional investor (the “Purchaser”), convertible into its class A ordinary shares, par value of $0.0001 per share (the “Ordinary Shares”), for gross proceeds of $900,000 (the “Offering”).

    R.F. Lafferty & Co., Inc. acted as the Company’s exclusive placement agent for this Offering.

    The Note bears interest at a rate of 11.75% per annum, subject to adjustment from time to time in accordance with the terms of the Note. All outstanding principal and accrued interest on the Note will become due and payable twelve months after the issuance of the Note (“Issuance Date”), and the Purchaser has the option to extend the maturity term for another twenty-four months upon mutual agreement of the Company and the Purchaser. The Note includes an original issue discount of 10%. The Company may not prepay any portion of the outstanding principal, accrued and unpaid interest or accrued and unpaid late charges on principal and interest, if any. At any time after the Issuance Date, the Note is convertible into validly issued, fully paid and non-assessable Ordinary Shares, on the terms and conditions set forth in the Note. Upon the occurrence of an Event of Default, as defined in the Note, the Purchaser may require the Company to redeem all or any portion of the Note by delivering written notice thereof.

    The Note will be issued to the Purchaser upon satisfaction of all closing conditions. The issuance of the Ordinary Shares issuable upon conversion of the Notes is pursuant to a shelf registration statement on Form F-3, as amended (File No. 333-283030), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2024.

    Subject to the terms and conditions set forth in the SPA, the Purchaser and the Company plan to participate in seven additional tranches of closings for the purchase by such Purchaser, and the sale by the Company, including (i) six tranches of a Note (or Notes) in an aggregate original principal amount of up to $4,000,000 each, and (ii) one tranche of a Note (or Notes) in an aggregate original principal amount of up to $4,500,000, as set forth in the Schedule of Buyers to the SPA, with the aggregate original principal amount of these additional closings up to $28,500,000.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Top KingWin Ltd

    Top KingWin’s main clients are entrepreneurs and executives in small and medium-sized enterprises in China. Services provided by Top KingWin to its clients including (i) corporate business training services, which mainly focus on providing training services of advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on providing a combination of customized corporate consulting services to fulfill client’s unique financial needs, and (iii) advisory and transaction services, which mainly focus on connecting entrepreneurs and businesses with diversified sources of capital. Its mission is to provide comprehensive services to address clients’ needs throughout all phases of their development and growth.

    Forward-Looking Statements

    This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, the use of proceeds from the Company’s offering, the intent, belief or current expectations of Top KingWin and members of its management, as well as the assumptions on which such statements are based. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Bonnie

    Email: IR@tcjhgw.cn

    The MIL Network –

  • MIL-OSI United Nations: Human Rights Council to Hold its Fifty-Eighth Regular Session from 24 February to 4 April 2025

    Source: United Nations – Geneva

    The United Nations Human Rights Council will hold its fifty-eighth regular session from 24 February to 4 April 2025 at the Palais des Nations in Geneva, starting with its high-level segment from 24 to 26 February, when dignitaries representing more than 100 Member States will address the Council.

    The session will open at 9 a.m. on Monday, 24 February under the Presidency of Ambassador Jürg Lauber of Switzerland. Delivering statements at the opening will be the Secretary-General of the United Nations, António Guterres; the President of the United Nations General Assembly , Philemon Yang; the United Nations High Commissioner for Human Rights, Volker Türk; as well as the Chief of the Federal Department of Foreign Affairs of Switzerland, Ignazio Cassis. The Council will be meeting in room XX of the Palais des Nations.

    On Monday, 3 March, the Council is scheduled to hear a global update by the High Commissioner for Human Rights on the situation of human rights around the world. The general debate on his global update will start following his presentation of a number of country-specific reports and updates.

    During the session, the Council will hold 30 interactive dialogues with the High Commissioner, his Office and designated experts, with Special Procedure mandate holders and investigative mechanisms, and with Special Representatives of the Secretary-General. The Council will also hold five enhanced interactive dialogues and one high-level dialogue, as well as nine general debates.

    The Council will also hold the annual high-level panel discussion on human rights mainstreaming with a focus on the thirtieth anniversary of the Beijing Declaration and Platform for Action; the biennial high-level panel on the death penalty ; panel discussions on early warning and genocide, HIV response and leaving no one behind, and on rights to work and to social security ; the annual interactive debate on the rights of persons with disabilities; the annual discussion on the rights of the child; and a commemoration of the International Day for the Elimination of Racial Discrimination.

    The Council will examine the situation of human rights in a number of countries under its various agenda items, including the situation in the occupied Palestinian territory, Eritrea, Sudan, South Sudan, Nicaragua, Afghanistan and Myanmar under agenda item two; in Iran, Syria, Venezuela, Ukraine, Belarus, the Democratic People’s Republic of Korea, and Myanmar under agenda item four; and in Mali, Haiti, Ukraine, the Democratic Republic of the Congo, South Sudan and Central African Republic under agenda item 10.

    The final outcomes of the Universal Periodic Review of 14 States will also be considered, namely those of Norway, Albania, Democratic Republic of the Congo, Côte d’Ivoire, Portugal, Bhutan, Dominica, Democratic People’s Republic of Korea, Brunei Darussalam, Costa Rica, Equatorial Guinea, Ethiopia, Qatar and Nicaragua. 

    Towards the end of the session, the Council will appoint three new members of the Expert Mechanism on the Rights of Indigenous Peoples.

    A detailed agenda and further information on the fifty-eighth session can be found on the session’s webpage . Reports to be presented are available here. 

    First Week of the Session 

    The fifty-eighth regular session will open at 9 a.m. on Monday, 24 February with a short opening meeting, followed by the start of the high-level segment, which will continue until 26 February, and during which the Council will hear addresses by more than 100 dignitaries. Intervening during the high-level segment will be the annual high-level panel discussion on human rights mainstreaming in the afternoon of 24 February and the biennial high-level panel on the death penalty in the morning of Tuesday, 25 February. The general segment will follow the conclusion of the high-level segment in the afternoon of Wednesday, 26 February.

    On Thursday, 27 February, the Council will hold an interactive dialogue on the High Commissioner’s report on the occupied Palestinian territory, including East Jerusalem, and the obligation to ensure accountability and justice, followed by enhanced interactive dialogues on the situation of human rights in Eritrea and on the High Commissioner’s report on Sudan, with the assistance of the designated Expert. Friday, 28 February, will see the conclusion of the discussion on Sudan, followed by an enhanced interactive dialogue on the report of the Commission on Human Rights in South Sudan. This will be followed by three interactive dialogues, the first on the report of the Group of Human Rights Experts on Nicaragua, the second with the Special Rapporteur on the situation of human rights in Afghanistan, and the third on the High Commissioner’s oral update on Myanmar.

    Second Week of the Session 

    At the beginning of the second week, on the morning of Monday, 3 March, the Council will hear the High Commissioner’s global update, then conclude the interactive dialogue on the High Commissioner’s oral update on Myanmar. This will be followed by the presentation of reports on the activities of the Office of the High Commissioner in Colombia, Guatemala and Honduras, and of another report on Cyprus, and oral updates on Sri Lanka and Nicaragua. The Council will then begin the general debate under agenda item two, namely the annual report of the High Commissioner for Human Rights and reports of the Office of the High Commissioner and the Secretary-General, which will conclude on Tuesday, 4 March. The Council will subsequently begin its considerations under agenda item three on the promotion and protection of all human rights, holding interactive dialogues with the Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment and with the Special Rapporteur on freedom of religion or belief.

    On the morning of Wednesday, 5 March, the Council will hold a panel on early warning and genocide prevention, then conclude its interactive dialogue with the Special Rapporteur on freedom of religion or belief. This will be followed by an enhanced interactive dialogue on the report of the Office of the High Commissioner on transitional justice. Another panel will be held on Thursday, 6 March on HIV response and leaving no one behind, in addition to two interactive dialogues with the Special Rapporteur on the situation of human rights defenders and the Special Rapporteur in the field of cultural rights. A third panel will be held in the morning of Friday, 7 March on rights to work and to social security, followed by two interactive dialogues with the Special Rapporteur on the right to adequate housing and the Independent Expert on the rights of persons with albinism.

    Third Week of the Session 

    The Council will start its third week on Monday, 10 March with a focus on disability, beginning with an interactive dialogue with the Special Rapporteur on the rights of persons with disabilities, to be followed by the annual debate on the rights of persons with disabilities. The day will conclude with an interactive dialogue with the Independent Expert on foreign debt, which will continue in the morning of Tuesday, 11 March. Two more interactive dialogues will also be held on Tuesday with the Special Rapporteur on the right to food and the Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism.

    Wednesday, 12 March will see a further three interactive dialogues with the Special Rapporteur on the right to privacy, and the Special Representatives of the Secretary-General on violence against children and on children and armed conflict, the latter of which will conclude on Thursday, 13 March. The focus on children will continue on Thursday, with the Council also holding its annual discussion on the rights of the child, the theme of which will be early childhood development, and starting an interactive dialogue with the Special Rapporteur on the sale of children, which will conclude on Friday, 14 March.

    On Friday, an interactive dialogue with the Special Rapporteur on the human right to a healthy environment will precede the presentation of reports by the open-ended intergovernmental working group on transnational corporations and other business enterprises with respect to human rights, the Secretary-General, the High Commissioner and his Office, followed by the start of the general debate on agenda item three.

    Fourth Week of the Session

    The first day of the Council’s fourth week, Monday 17 March, will be devoted to concluding the general debate on agenda item three. From Tuesday, 18 March, consideration of agenda item four, human rights situations that require the Council’s attention, will begin. First on the schedule is a joint interactive dialogue with the Special Rapporteur and the independent international fact-finding mission on the situation of human rights in Iran, followed by interactive dialogues with the independent international commission of inquiry on Syria, the fact-finding mission on Venezuela and the independent international commission of inquiry on Ukraine.

    On Wednesday, 19 March, after the conclusion of the dialogue with the commission of inquiry on Ukraine, three more separate interactive dialogues will be held with the group of independent experts on the situation of human rights in Belarus and with the Special Rapporteurs on the situation of human rights in the Democratic People’s Republic of Korea and in Myanmar.

    Thursday, 20 March, will see the Council hear the presentation of the High Commissioner’s report on the Democratic People’s Republic of Korea and his oral update of the situation of human rights in Venezuela. This will be followed by the general debate on agenda item four, which will conclude on the morning of Friday, 21 March. On Friday, the Council will also hold an interactive dialogue with the Special Rapporteur on minority issues, before beginning considerations under agenda item five on human rights bodies and mechanisms. After hearing the presentation of reports by the Forum on Minority Issues, the Social Forum, and the Special Procedures of the Council, it will commence the general debate on agenda item five.

    Fifth Week of the Session 

    The Council will start its fifth week on Monday, 24 March with its consideration under agenda item six of the final outcomes of the Universal Periodic Reviews of 14 States: Norway, Albania, Democratic Republic of the Congo, Côte d’Ivoire, Portugal, Bhutan, Dominica, Democratic People’s Republic of Korea, Brunei Darussalam, Costa Rica, Equatorial Guinea, Ethiopia, Qatar and Nicaragua. This consideration will continue through to the morning of Wednesday, 26 March, after which the Council will hold a general debate on agenda item six. This will be followed by the presentation of the reports of the High Commissioner and the Secretary-General under agenda item seven, namely the human rights situation in Palestine and other occupied Arab territories, and the general debate on this agenda item. The general debate under agenda item eight – follow-up and implementation of the Vienna Declaration and Programme of Action – is also scheduled to commence on Wednesday afternoon.

    Ending racism will be the Council’s theme for Thursday, 27 March. After concluding the debate under agenda item eight, it will hear the presentation of the report of the intergovernmental working group on the effective implementation of the Durban Declaration and Programme of Action, then hold its general debate on agenda item nine, namely racism, racial discrimination, xenophobia and related forms of intolerance, follow-up to and implementation of the Durban Declaration and Programme of Action. From 2:30 to 4:30 p.m., the Council will also hold a meeting in commemoration of the International Day for the Elimination of Racial Discrimination.

    Friday, 28 March will begin with the conclusion of the debate under agenda item nine, followed by three interactive dialogues conducted under agenda item 10 on technical assistance and capacity-building. The first dialogue will be with the Independent Expert on the situation of human rights in Mali; the second on the High Commissioner’s report on the situation of human rights in Haiti, with the participation of the Independent Expert on the subject; and the third on the High Commissioner’s oral update on the situation of human rights in Ukraine.

    Sixth Week of the Session 

    Monday, 31 March is a United Nations holiday. On Tuesday, 1 April, the Council will hold an enhanced interactive dialogue on oral updates by the High Commissioner and by the team of international experts on the Democratic Republic of the Congo, followed by an interactive dialogue on the report of the Office of the High Commissioner on technical assistance and capacity building for South Sudan and a high-level dialogue on the Central African Republic. At the end of the day, the Council will hear the annual presentation of the High Commissioner on technical cooperation and his oral update on Georgia, and the presentation of the report of the Board of Trustees of the Voluntary Fund for Technical Cooperation, followed by the general debate on agenda item 10.

    The general debate will conclude on Wednesday, 2 April, and the Council will then start to act on draft decisions and resolutions, appoint three new members of the Expert Mechanism on the Rights of Indigenous Peoples, and adopt the report of the fifty-eighth regular session, before closing the session on Friday, 4 April.

    The Human Rights Council 

    The Human Rights Council is an inter-governmental body within the United Nations system, made up of 47 States, which is responsible for strengthening the promotion and protection of human rights around the globe. The Council was created by the United Nations General Assembly on 15 March 2006 with the main purpose of addressing situations of human rights violations and making recommendations on them.

    The composition of the Human Rights Council at its fifty-eighth session is as follows: Albania (2026); Algeria (2025); Bangladesh (2025); Belgium (2025); Benin (2027); Bolivia (2027); Brazil (2026); Bulgaria (2026); Burundi (2026); Chile (2025); China (2026); Colombia (2027); Costa Rica (2025); Côte d’Ivoire (2026); Cuba (2026); Cyprus (2027); Czechia (2027); Democratic Republic of the Congo (2027); Dominican Republic (2026); Ethiopia (2027); France (2026); Gambia (2027); Georgia (2025); Germany (2025); Ghana (2026); Iceland (2027); Indonesia (2026); Japan (2026); Kenya (2027); Kuwait (2026); Kyrgyzstan (2025); Malawi (2026); Maldives (2025); Marshall Islands (2027); Mexico (2027); Morocco (2025); Netherlands (2026); North Macedonia (2027); Qatar (2027); Republic of Korea (2027); Romania (2025); South Africa (2025); Spain (2027); Sudan (2025); Switzerland (2027); Thailand (2027); and Viet Nam (2025).

    The term of membership of each State expires in the year indicated in parentheses.

    The President of the Human Rights Council in 2025 is Jürg Lauber (Switzerland). The four Vice-Presidents are Tareq Md Ariful Islam (Bangladesh), Razvan Rusu (Romania), Paul Empole Losoko Efambe (Democratic Republic of the Congo) and a fourth Vice-President to be elected later from the Group of Latin American and Caribbean States. Mr. Efambe will also serve as Rapporteur of the Geneva-based body.

    The dates and venue of the fifty-eighth session are subject to change.

    Information on the fifty-eighth session can be found here , including the annotated agenda and the reports to be presented.

    For further information, please contact Pascal Sim (simp@un.org), Matthew Brown (matthew.brown@un.org) or David Díaz Martín (David.diazmartin@un.org)

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    HRC.25.001E

    MIL OSI United Nations News –

  • MIL-OSI Global: Trump’s effect on critical minerals could be crucial for the future of green energy

    Source: The Conversation – UK – By Jorge Valverde, PhD Fellow, Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), United Nations University

    Nickel laterite in an open pit mine. Nickel is one of the critical minerals

    There’s a chance Donald Trump’s second term as US president could have a long-term negative impact on the demand for and supply of what are known as critical minerals. These include copper, lithium, nickel, cobalt and the “rare earth elements”, such as lanthanum and yttrium.

    They are vital for the green energy transition, being used in electric car batteries, solar panels and wind turbines. Trump’s decision to pull out of the UN’s Paris agreement to control global warming has led to some pessimistic perspectives on this policy’s impacts.

    If Trump’s move towards oil and gas is interpreted by the markets as permanent, the price incentive for new mining projects for critical minerals will fall, along with long-term supply. This could potentially threaten the green energy transition.

    However, there are reasons to doubt this pessimistic scenario. Contrary to this, we believe that the new US administration policy is just a temporary shock without a significant change to the world’s energy transition trajectory. Therefore, critical mineral markets will remain buoyant in the medium and long term. This position is based on three main arguments.

    1. The US holds a competitive position in critical mineral markets

    There’s a generalised perception that the US depends on importing critical minerals from other countries, such as China. This is true for a handful, but, overall, America is one of the most competitive countries in producing the minerals needed for green technology.

    Indeed, the US has a revealed comparative advantage in exporting a wide variety of minerals and, among them, the most critical ones.

    Supplies of germanium are tightly controlled by China.
    RHJPhtotos

    Therefore, it will be in the US’s interests to keep the lucrative critical mineral markets dynamic. Even if the US reduces its sustainability ambitions, slowing its demand for new clean technologies, it is likely to do it carefully, so as not to harm its own industries.

    Indeed, we expect the US to increase its interest in developing processing industries to recover some minerals from electronic waste or intermediate stages in some manufacturing processes. These include germanium and gallium, which are tightly controlled by China (their biggest producer) but which are vital for computer chips and renewable energy technology, as well as night-vision goggles.

    2. The US produces and uses only a small share of clean technologies

    China and Europe drive these markets. The US does not drive either the demand or the supply for new clean technologies. On the demand side, the US only represents 10% of world electric car sales, while China and Europe account for 66% and 20% of the market respectively.

    China represents over 43% of installed solar energy capacity.
    Wang An Qi Shutterstock

    Similarly, for the world installed solar energy capacity, China represents over 43% of the market, Europe 20%, and the US only 10%. On the supply side, the US produces around 15% of the world’s electric cars, while China represents more than 50% of the market.

    For other clean technologies, statistics are similar with a remarkable leadership of China in the production of solar panels and wind turbines.

    So the policies followed by China and Europe are likely to have a much larger impact on the energy transition than the US’s. In the likely event that these countries continue pushing forward the green transition, the cost of slowing its technological catch up for the US will be too high.

    Moreover, oil producer countries of the Middle East are heavily betting for new clean technologies, which could offset the lower appetite for green assets from the US. So regardless of what Trump’s administration will decide on this matter, its influence on the market for clean technologies will be limited.

    3. New tariffs could further increase some minerals’ criticality

    Import tariffs imposed by Trump’s first administration to promote local production damaged US exports of those industries using imported intermediate, or partly finished, goods. In other words, international trade along global value chains has modified the textbook dynamics of protectionism, and exports are hindered – and not fostered – by import protection.

    President Trump plans to impose 25% new tariffs on imports from Canada and Mexico. This could increase the criticality of some minerals for the US. For example, nickel and aluminium could become even more critical to the US economy because Canada supplies almost 40% of the nickel employed by US industry, and 70% of the aluminium.

    As a consequence, new tariffs could indeed increase the criticality of some minerals. Indeed, this was probably in some way behind the decisions to postpone the tariff increases and to only impose them on selected products.

    The energy policies of the new American administration will have ripple effects. But these are likely to be temporary and the market in critical minerals is unlikely to be affected long term. The global transition to clean energy seems safe, for now.

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

    – ref. Trump’s effect on critical minerals could be crucial for the future of green energy – https://theconversation.com/trumps-effect-on-critical-minerals-could-be-crucial-for-the-future-of-green-energy-249058

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Result of tenders of RMB Sovereign Bonds held on February 19, 2025

    Source: Hong Kong Government special administrative region

    Result of tenders of RMB Sovereign Bonds held on February 19, 2025
    Result of tenders of RMB Sovereign Bonds held on February 19, 2025
    ******************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     Result of the tenders of RMB Sovereign Bonds held on February 19, 2025: 

    Tender Result

    *********************************************************************

    Tender Date
    :
    February 19, 2025

    Bonds available for Tender
    :
    2-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB25004

    Issue and Settlement Date
    :
    February 21, 2025

    Maturity Date
    :
    February 21, 2027 (or the closest coupon payment date)

    Application Amount
    :
    RMB 9,899 million

    Issue Amount
    :
    RMB 3,500 million

    Average accepted Coupon Rate
    :
    1.69 per cent

    Highest accepted Coupon Rate(Bonds’ Coupon)
    :
    1.75 per cent

    Lowest accepted Coupon Rate
    :
    1.55 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 7.41 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    February 19, 2025

    Bonds available for Tender
    :
    3-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB25005

    Issue and Settlement Date
    :
    February 21, 2025

    Maturity Date
    :
    February 21, 2028 (or the closest coupon payment date)

    Application Amount
    :
    RMB 8,249 million

    Issue Amount
    :
    RMB 3,000 million

    Average accepted Coupon Rate
    :
    1.71 per cent

    Highest accepted Coupon Rate(Bonds’ Coupon)
    :
    1.80 per cent

    Lowest accepted Coupon Rate
    :
    1.60 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 2.28 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    February 19, 2025

    Bonds available for Tender
    :
    5-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB25006

    Issue and Settlement Date
    :
    February 21, 2025

    Maturity Date
    :
    February 21, 2030 (or the closest coupon payment date)

    Application Amount
    :
    RMB 8,055 million

    Issue Amount
    :
    RMB 3,000 million

    Average accepted Coupon Rate
    :
    1.81 per cent

    Highest accepted Coupon Rate(Bonds’ Coupon)
    :
    1.88 per cent

    Lowest accepted Coupon Rate
    :
    1.70 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 22.94 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    February 19, 2025

    Bonds available for Tender
    :
    10-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB25007

    Issue and Settlement Date
    :
    February 21, 2025

    Maturity Date
    :
    February 21, 2035 (or the closest coupon payment date)

    Application Amount
    :
    RMB 6,185 million

    Issue Amount
    :
    RMB 2,000 million

    Average accepted Coupon Rate
    :
    2.00 per cent

    Highest accepted Coupon Rate(Bonds’ Coupon)
    :
    2.08 per cent

    Lowest accepted Coupon Rate
    :
    1.85 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 2.50 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    February 19, 2025

    Bonds available for Tender
    :
    30-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB25008

    Issue and Settlement Date
    :
    February 21, 2025

    Maturity Date
    :
    February 21, 2055 (or the closest coupon payment date)

    Application Amount
    :
    RMB 3,336 million

    Issue Amount
    :
    RMB 1,000 million

    Average accepted Coupon Rate
    :
    2.27 per cent

    Highest accepted Coupon Rate(Bonds’ Coupon)
    :
    2.37 per cent

    Lowest accepted Coupon Rate
    :
    2.00 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 52.14 per cent

     
    Ends/Wednesday, February 19, 2025Issued at HKT 12:55

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    MIL OSI Asia Pacific News –