Category: Commerce

  • MIL-OSI USA: Cotton to Lutnick: Chinese Networking Equipment Risks National Security

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
     
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353May 14, 2025
    Cotton to Lutnick: Chinese Networking Equipment Risks National Security
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) today sent a letter to Secretary of Commerce Howard Lutnick urging the department to prohibit TP-Link equipment sales. This state-sponsored networking equipment company has deep ties to the Chinese Communist Party and poses a clear present danger to American national security.
    Additional signers of the bicameral letter are Senators John Barrasso (R-Wyoming), Ted Budd (R-North Carolina), Bill Cassidy (R-Louisiana), Josh Hawley (R-Missouri), Jim Justice (R-West Virginia), Cynthia Lummis (R-Wyoming), Bernie Moreno (R-Ohio), Pete Ricketts (R-Nebraska), James Risch (R-Idaho), Eric Schmitt (R-Missouri), Rick Scott (R-Florida), and Tommy Tuberville (R-Alabama). In the House, the letter was led by Congressman Riley Moore (West Virginia-02) and the signatories are Congressmen Gus Bilirakis (Florida-12), Abraham Hamadeh (Arizona-08), and John Rose (Tennessee-06).
    In part, Senator Cotton wrote: 
    “TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies.  
    For these reasons, Commerce should immediately prohibit future sales of TP-Link SOHO networking equipment in the United States. Each day we fail to act, the CCP wins while American competitors suffer, and American security remains at risk.”Full text of the letter may be found here and below. 
    The Honorable Howard LutnickSecretaryDepartment of Commerce1401 Constitution Avenue, NWWashington, D.C. 20230
    Dear Secretary Lutnick,
    We write in support of the Commerce Department’s investigation of TP-Link, a state-sponsored networking equipment company, and urge you to take swift action to prohibit further sales of TP-Link networking products in the United States. TP-Link’s deep ties to the Chinese Communist Party (CCP), use of predatory pricing to eliminate trusted U.S. alternatives, and role in embedding foreign surveillance and destructive capabilities into our networks render it a clear and present danger.
    Chinese state actors have exploited TP-Link small and home office (SOHO) networking devices — including Wi-Fi routers, cellular gateways, and mobile hotspots — to wage cyber-attacks in the United States. CCP agents commonly exploit SOHO routers because those systems have ideal bandwidth and computing power for sustained cyber activities but lack additional layers of security common in enterprise networks. TP-Link is also subject to China’s National Security Law, giving the CCP access to U.S. systems before American authorities know a vulnerability exists. In fact, TP-Link is the only router company that refuses to engage in industry efforts to remediate Chinese state-sponsored botnets. 
    TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies.  
    For these reasons, Commerce should immediately prohibit future sales of TP-Link SOHO networking equipment in the United States. Each day we fail to act, the CCP wins while American competitors suffer, and American security remains at risk.
    We thank you for your ongoing work to secure and safeguard America’s Information and Communications Technology and Services supply chain. This work is critical to our national security, and we commend President Trump’s Executive Order 13873 to allow the Commerce Department to prohibit transactions in our country that pose unacceptable risk to American national security.     

    MIL OSI USA News

  • MIL-OSI USA: $86M in Capital Funding for Non-profit Arts and Cultural

    Source: US State of New York

    overnor Kathy Hochul today announced $86 million has been awarded through the New York State Council on the Arts’ Capital Projects Fund to support 134 projects in every region of the state. This investment in non-profit arts and cultural organizations across New York supports crucial building renovations, accessibility improvements and new spaces for creative and cultural work. Organizations outside of New York City received 75 percent of the awards, while 75 percent of the awards went to organizations with budgets under $3 million.

    “Our arts and culture sector is a powerhouse, inspiring the world with innovation and creativity,” Governor Hochul said. “By investing in our museums, our theaters and our arts centers, we enrich our communities, strengthen local economies and improve tourism all over the State.”

    NYSCA’s Capital Projects for Arts and Culture are strategic investments that empower organizations to better serve and engage their communities. They enable arts and cultural venues to become more physically accessible and sustainable, enhancing organizations’ abilities to connect with their audiences and become essential destinations for residents and visitors alike. Strong projects combine excellence in design with informed decisions that will serve and strengthen New York’s arts and cultural sector, stimulate local economies, catalyze investment in our communities, and help to ensure the vibrancy of our cultural organizations.

    NYSCA awards announced today include three grant categories: Small and Midsized Capital Improvement Grants, which range from $10,000-$2,000,000; Large Capital Improvement Grants, which range from $2 million-$10 million and focus on large-scale capital projects that prioritize community development and placemaking; and Capital Design Grants, a new opportunity that supports the development of mid-stage and advanced design documents to advance capital projects for arts and cultural nonprofits with awards of $50,000-$500,000. This year, NYSCA also increased the cap on no-match midsize grants to $99,000, greatly expanding access to these critical state dollars.

    NYSCA funding will support a variety of projects, including:

    Small Capital Improvement Grants

    Upper Jay Art Center (North Country)

    The Upper Jay Arts Center will replace its outdated and aging lighting system with a more energy efficient and flexible system, enabling the organization to improve safety and sustainability and better execute its artistic mission.

    New York State Old Tyme Fiddler’s Association, Inc. (Central New York)

    The project will replace the roof and make improvements to the door panels in the organization’s pavilion and drill a new well to provide a reliable source of potable water for the facility. The project will allow visitors and guests to enjoy an attractive, accessible, and safe venue to revel in the presentation of historical music.

    Stitch Buffalo (Western New York)

    This project will include essential site enhancements including soundproofing and improved security measures

    Mid-Sized Capital Improvement Grants

    Gateway Playhouse/Performing Arts Center of Suffolk County (Long Island)

    The Gateway Playhouse will add a 3,525 square-foot addition to its lobby, including a new grand entrance foyer with incorporated patron drop access, a large, multi-purpose gathering room with an updated bar and concession area, a box office and management office space, and a basement below the addition. A LULA elevator will improve access throughout the facility. The project also includes an expansion and renovation of Gateway’s parking facilities, and improvements to patron walkways.

    Klinkhart Hall Arts Center, Inc. (Mohawk Valley)

    This project will complete the first-floor theater, which will feature a stage extension, orchestra pit, restored original seating, new lighting and sound, floor stabilization, and mechanicals, as well as the completion of the basement classrooms.

    The Thomas Poole and Charles Scott Griesa Center Foundation – Veterans Repertory Theater (Mid-Hudson)

    The project will transform a historic bank building and former church into a professional mainstage theater specifically for performances that amplify the voices of military veterans in the American performing arts.

    Large Capital Improvement Grants

    Afro-Latin Jazz Alliance of NY (New York City)

    Inspired by the East Harlem Neighborhood Plan and the Community Visioning Report, the project will create an arts and cultural center that offers youth music education, celebrates local artists, and attracts tourists; provides workforce development opportunities to youth and community; supports small businesses and promotes the local economy; and activates Park Avenue with commercial and community facility uses that serve the neighborhood.

    Genesee-Orleans Regional Arts Council (Finger Lakes)

    The GO Barn! Arts & Cultural Center is a new construction project designed to serve as a dynamic hub for arts, culture, and community engagement in Orleans County, including: a multipurpose arts and cultural center inspired by the historic Wells Barn design; a dedicated space for fiber arts, workshops, and artisan programming; and a greenhouse, designed to grow plants for fabric dyeing and art creation.

    Goodwill Theatre, Inc. (Southern Tier)

    The project will completely renovate the basement, 1st, 2nd and 3rd floors of the 1899 Firehouse to adapt the structure into a 2-stage performance facility, increasing occupancy by 400% and drawing an additional estimated 45,000 patrons annually to the Village Johnson City’s Central Business District.

    Capital Design Grants

    Prattsville Art Project (Capital Region)

    The grant will support the completion of the design process for the transformation of the flood-damaged, unused barn on the Prattsville Art Center property into an open-air studio for the arts.

    Roberson Museum and Science Center (Southern Tier)

    The grant will support the completion of the design process for the Roberson Museum’s future renovation project, which seeks to enhance sustainability, modernize facilities, and optimize the care of exhibits and collections.

    A complete list of grantees is available online.

    New York State Council on the Arts Executive Director Erika Mallin said, “These transformative projects will improve their communities, increase tourism, expand accessibility, create jobs and strengthen New York’s position as the global epicenter of arts and culture. Thanks to the Governor and the Legislature’s continued support of this critical program, we are building a thriving future for our renowned creative sector, as they continue to deliver the measurable benefits of arts and culture all across the state.”

    State Senator Jose Serrano said, “The arts and cultural sector is vitally important for the spirit and economy of New York State and contributes greatly to job creation, cultural enrichment, and economic development in communities. I am happy that Governor Hochul and my colleagues in government are making this critical investment, and I congratulate NYSCA on today’s announcement and its continued commitment to supporting the arts in New York State.”

    Assemblymember Ron Kim said, “Capital projects are critical investments in our health and prosperity: creating jobs, enriching our communities and creating a stronger New York for our residents and visitors. Congratulations to all the grantees: we look forward to seeing these projects grow and expand all over our great state.”

    Since the NYSCA Capital Projects Fund began in 2018, the agency has awarded 607 capital grants, totaling $300 million, across all 10 state regions through the support of the Governor and Legislature. These projects increase employment capacity and advance cultural venues as tourism destinations, strengthening New York’s hospitality, food and beverage, and retail sectors. In addition to the Capital Projects Fund, NYSCA has awarded $62 million in non-capital grants to nearly 1500 arts organizations and more than 500 individual artists for FY 2025.

    Governor Hochul continues to make record investments to grow New York’s national-leading arts and cultural sector. The FY 2026 Enacted Budget includes over $81 million for NYSCA general operating support to non-profit organizations and individual artists, and another $80 million in capital funding to allow NYSCA to offer an additional round of grants for projects of all sizes, ranging from $10,000 to $10 million.

    About the New York State Council on the Arts
    The mission of the New York State Council on the Arts is to foster and advance the full breadth of New York State’s arts, culture, and creativity for all. To support the ongoing recovery of the arts across New York State, the Council on the Arts will award over $161 million in FY 2026, serving hundreds of arts organizations and artists across all 10 state regions. The Council on the Arts further advances New York’s creative culture by convening leaders in the field and providing organizational and professional development opportunities and informational resources. Created by Governor Nelson Rockefeller in 1960 and continued with the support of Governor Kathy Hochul and the New York State Legislature, the Council is an agency that is part of the Executive Branch. For more information on NYSCA, please visit www.arts.ny.gov, and follow NYSCA’s Facebook page, on X @NYSCArts and Instagram @NYSCouncilontheArts.

    MIL OSI USA News

  • MIL-OSI: Nasdaq Applauds Signing of Senate Bill 29, Strengthening Texas’ Standing as a National Leader in Corporate Governance and Innovation

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 14, 2025 (GLOBE NEWSWIRE) — Today, Nasdaq issued a statement in support of Texas Senate Bill 29 after Governor Abbott signed the bill into law. This legislation, which codifies the Business Judgment Rule and promotes predictability in corporate governance litigation, enhances Texas’ competitiveness as a jurisdiction for incorporation and business growth. Nasdaq’s Executive Vice Chairman Ed Knight joined Governor Abbott, leadership from the Texas legislature, and other Texas business community leaders for the signing ceremony.

    “Senate Bill 29 is a milestone for corporate governance in Texas. By embracing smart, innovation-focused regulation like SB 29, Texas is showing the world what it means to lead on economic growth and modern, clear governance principles,” said Ed Knight, Executive Vice Chairman of Nasdaq. “We commend Senator Bryan Hughes, Representative Morgan Meyer, and Governor Greg Abbott for advancing legislation that strengthens Texas’ position as a global center for capital formation.”

    Texas has become a national model for innovation-driven policy that balances economic growth with investor confidence. The passage of SB 29 aligns with Nasdaq’s mission to promote fair, efficient, and accessible capital markets, and reinforces Texas as a destination for corporate formation and public company investment. Nasdaq has a longstanding history of advocating for clients by minimizing the complexity associated with navigating the public markets. Its efforts for corporate issuers encompass addressing issues such as the SEC’s proposed climate disclosure rules, cyber disclosure rules, proxy advisory reform, AI regulation, PCAOB reforms, and emerging growth company timelines.

    “At Nasdaq, we are honored to have been part of the Texas community for nearly two decades” said Rachel Racz, Senior Vice President, Head of Listings for Texas, Southern U.S. and Latin America at Nasdaq. “We remain committed to advocating for our clients on both a federal and local level and supporting the bold Texas leadership that continues to power our state’s dynamic economy.”

    Nasdaq’s presence in Texas continues to expand. The company recently announced the opening of a new regional headquarters in Dallas, serving as a Southeast hub and convening space for its Texas-based clients. Nasdaq currently is home to over 200 listed companies headquartered in the state and generates over $750 million in revenues in Texas and the Southeast region of the U.S., partnering with over 2,000 clients, approximately 800 of which are based in Texas.

    About Nasdaq

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

    Nasdaq Media Contact

    Michelle Mendiola
    (646) 634-8350
    michelle.mendiola@nasdaq.com

    Chris Hayden
    (301) 523-5829
    christopher.hayden@nasdaq.com 

    Cautionary Note Regarding Forward-Looking Statements

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our regional presence. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network

  • MIL-OSI Asia-Pac: Speech by CE at Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait (English only)

    Source: Hong Kong Government special administrative region

    Following is the speech by the Chief Executive, Mr John Lee, at the Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait today (May 14):

    Your Excellency Khalifa Abdullah Dhahi Al-Ajeel Al-Askar (Minister of Commerce and Industry of Kuwait), Excellency Ambassador Zhang Jianwei (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the State of Kuwait), Excellency Mr Rabah Al-Rabah (Director General of Kuwait Chamber of Commerce and Industry), distinguished guests, ladies and gentlemen, 

    As-salamu alaykum. Good afternoon. It is a great pleasure to be with you today in Kuwait, home to one of the world’s largest oil reserves, and a country as committed to talent development as it is to economic diversification. 

    This is our second day in your resplendent capital, Kuwait City, where past, present and future – in design, culture, lifestyle and so much more – come together like no other city in the world.

    Yesterday, I was honoured to have met with His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Amir of Kuwait; His Highness Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of Kuwait; His Excellency Sheikh Fahad Yousuf Saud Al-Sabah, Acting Prime Minister of Kuwait, and other senior government officials. I thanked them sincerely for the time, interest and hospitality they have shown us, from the moment we arrived in Kuwait. Kuwait has generously arranged for our government delegates to stay at Bayan Palace, a majestic landmark in Kuwait City. I reaffirmed to them the commitment, and sincerity, of Hong Kong and Mainland China in strengthening relations with Kuwait.  

    Yes, I am delighted to be here. So too, are the business and professional leaders with me, a delegation counting some 30 Hong Kong business and institutional heads, together with high-profile representatives of over 20 Chinese Mainland companies from seven provinces and municipalities across the country.

    The delegation brings with them wide-ranging expertise, and invaluable experience, from both Hong Kong and Mainland China, in green development, and innovation and technology, including advanced manufacturing, artificial intelligence, new energy and materials, health and smart city evolution. They also offer Hong Kong’s wealth of experience in finance, infrastructure, transport and logistics, as well as global business operations and deal-making.

    We are here to better understand the opportunities of Kuwaiti business and investment. To explore how Hong Kong, Mainland China and Kuwait, working together, can create long-term mutual opportunities.

    We’re also here to explore closer ties with the Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf, GCC), which, as all of you know, includes Kuwait. Kuwait currently holds the presidency of the GCC, wielding significant influence in the region’s development.

    Our ties run deep and far. China, our country, and Kuwait established diplomatic ties in 1971 – making Kuwait the first GCC country to do so. Last year, trade between China and Kuwait reached well over US$16 billion. 

    Kuwait, I’m pleased to note, was the first country in the Middle East to sign a Belt and Road co-operation document with China. From of the Central Bank of Kuwait’s headquarters building and housing projects, to telecommunications and smart city developments, Chinese enterprises have participated in numerous infrastructure and business projects here.

    Hong Kong treasures its trade ties with Kuwait, too. Last year, our bilateral merchandise trade totalled US$200 million, up more than 21 per cent over the year before. 

    Hong Kong’s trade with the GCC last year reached nearly US$20 billion, up 53 per cent over the past four years. And that robust growth is underpinned by our mutual will to advance trade ties.

    Thanks to our internationally recognised professional services sector, Hong Kong is a pivotal player in the Belt and Road Initiative. In 2023, we included a Middle East Forum, for the first time, at our annual Belt and Road Summit. And we continue to feature Middle East speakers and guests at the Summit. 

    Hong Kong’s Belt and Road Summit will take place in September this year. As earlier the Chairman of the Trade Development Council (Hong Kong Trade Development Council) said, it’s our 10th anniversary Summit, and I invite you all to join us, to take part in a world of Belt and Road opportunities – in business, investment and more.

    And the Asian Financial Forum, Hong Kong’s flagship event bringing together prominent leaders in finance and business sectors, hosted its first GCC Chapter this January. 

    Yes, the ties between Hong Kong and the Middle East continue to grow and diversify. 

    They include the launching of the Middle East’s first two exchange-traded funds tracking Hong Kong stocks. Hong Kong is partnering with a Middle East sovereign wealth fund, too. Together, we are committed to jointly establishing a US$1 billion fund, investing in companies connected to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.  

    The Greater Bay Area, let me add, is a cluster city development that brings together Hong Kong, Macao and nine southern cities in China. The fast-integrating regional economic powerhouse presents a collective GDP (Gross Domestic Product) that closely rivals the world’s 10th largest economy.

    Hong Kong has much to offer Kuwait. Asia’s financial hub and one of the world’s three biggest financial centres, Hong Kong is also the world’s largest offshore Renminbi business centre. Coupled with our Islamic finance experience, Hong Kong is a trusted partner in your project financing – today and long down the road. 

    Free trade is among our great competitive advantages, fuelling our success for the past two centuries. Hong Kong is a free port, and we will continue to be a free port. Like our country, we are a vocal advocate of a multilateral, rules-based global economy, in spite of mounting protectionism and geopolitical tensions.

    And that, ladies and gentlemen, is a testament to our “one country, two systems” governing principle at work. 

    Under the principle, the Hong Kong Special Administrative Region has its own legal, legislative and judicial systems. Our legal system is a common law system, similar to that in many major financial hubs around the globe. We maintain our own currency, with no capital or foreign exchange controls. Information, capital, goods and people flow freely in Hong Kong. 

    The principle of “one country, two systems” also gives Hong Kong unparalleled access to our country’s markets and wide-ranging opportunities. It allows us, as well, to pursue our longstanding ties with the world at large, the Middle East very much included. 

    As today’s luncheon title, Partnering for Success: Hong Kong as a “super connector” and “super value-adder” emphasises, we do more than connecting companies and people. We also add value to their businesses, their services and their future.

    With companies and investors from Mainland China, and all over the world, looking for a financial haven in this time of global economic uncertainty, Hong Kong is flourishing, and keen to work with you, our partners. 

         An international financial newspaper, spotlighting the Hong Kong Exchange and its record quarterly profits, recently noted that Hong Kong has, and I quote, “benefited from a spate of initial public offerings and rising interest from Mainland Chinese and global investors in Hong Kong-listed shares, especially of technological-related companies, driven by optimism over China’s progress in artificial intelligence”. 

    That speaks of Hong Kong’s “one country, two systems” advantages working for you – linking a world of investors to the secure and rapidly growing Chinese market.

    It helps, and greatly, that Hong Kong’s economy is inextricably tied to our common law system and a judiciary that exercises its powers independently, a legal regime that resembles many of the world’s leading financial hubs. They give international companies and investors – Kuwait certainly included – all the confidence and the certainty they need to do business, in Hong Kong and throughout China. Kuwait certainly included.

    Ladies and gentlemen, I’m pleased to note that during our visit, Hong Kong and Kuwait have reached consensus on 24 concrete deliverables, through MOUs and related agreements. A ceremony will take place in just a moment.  

    The agreements cover a broad range of collaboration, from trade and the economy, to investment promotion, financial services, aviation and the maritime industries, post-secondary education, the legal profession, sports and more. 

    And our customs authorities will commence negotiations on the mutual recognition of respective Authorized Economic Operator Programmes. This will create smoother, more convenient international links for our respective companies, making it much easier to do business together.  

    Our Airport Authority Hong Kong will soon sign a new MOU with Kuwait Airways, aimed at enhancing air connectivity between the two regions, fostering operational excellence, supporting sustainability, and advancing talent development in the aviation sector.  

    They will lay a solid foundation for long-term collaboration between our two economies and our two peoples. 

    That just touches on our growing co-operation. Indeed, we are now looking into opening a second Hong Kong Economic and Trade Office in the GCC region, to manage our many ongoing Middle East projects and prospects in the offering.

    One key area is boosting merchandise trade between our economies. Hong Kong, I’m pleased to say, has signed Comprehensive Double Taxation Agreements (IPPA) with five of the six GCC states. We have also entered into Investment Promotion and Protection Agreements with three of the states, with Kuwait being the first. We have also substantially concluded negotiations on an IPPA with Qatar, our previous stop on this trip, and commenced negotiations with another state. 

    Indeed, our burgeoning trade and investment co-operation, I believe, could well add momentum to the possibility of a free trade agreement between Hong Kong and the GCC. I look forward to our continuing discussions with the Council.

    Beyond business and investment connectivity, there is boundless promise, too, in co-operating in sectors such as arts and culture. 

    Yesterday, we had the pleasure of visiting the dazzling Sheikh Abdullah Al Salem Cultural Centre, one of the world’s largest museum complexes. Seeing, firsthand, Kuwait’s compelling commitment to arts, culture and science. I must add that Kuwait is this year’s Arab Culture Capital, presenting nearly 100 activities as part of the country’s cultural celebration.

    Like Kuwait, Hong Kong believes in the primacy of arts and culture. Meanwhile, Hong Kong’s West Kowloon Cultural District is rising as one of the world’s largest cultural developments. And we are committed to becoming the world’s East-meets-West centre for international cultural exchange. That very much includes Kuwait and the Middle East in general.

    My thanks to our Hong Kong Economic and Trade Office in the Middle East and the Hong Kong Trade Development Council for organising today’s welcome gathering. And to the Kuwait Direct Investment Promotion Authority and the Kuwait Chamber of Commerce and Industry for kindly supporting us on this memorable occasion.

    Ladies and gentlemen, I know you will enjoy today’s luncheon. Including, let me add, a musical performance by TroVessional, a Hong Kong group dedicated to Cantonese and Chinese ethnic music, brought to engaging life with classic Chinese instruments.

    Enjoy it and thank you!

    MIL OSI Asia Pacific News

  • MIL-OSI Banking: Podcast: Data scientist Cassie Kozyrkov on how AI can be a leadership partner

    Source: Microsoft

    Headline: Podcast: Data scientist Cassie Kozyrkov on how AI can be a leadership partner

    MOLLY WOOD: Today I’m talking with statistician and decision-making expert Cassie Kozyrkov. She advises companies on how to approach decision making and AI strategy. She is also the founder of a discipline called decision intelligence, which is the name of her popular newsletter. Cassie joins us to share her insights on decision making, how people often get it wrong, and how to understand the value AI can bring to an organization. And now my conversation with Cassie. Thanks so much for being here.  

    CASSIE KOZYRKOV: I’m so excited to be here, Molly.  

    MOLLY WOOD: Cassie, you’re credited with founding a field, which all by itself is amazing, and that field is called decision intelligence. Could you give us, broadly, a definition of what that means?   

    CASSIE KOZYRKOV: Decision intelligence is the discipline of turning information to better action—any scale, any setting. So what it does is it annihilates the silos between the decision disciplines, and perspectives on decision making come from the classic ones like psychology and other social sciences, managerial sciences, and, of course, the data and mathematical sciences. Decision intelligence is a kind of end-to-end approach, and if we think about why we might need it—if you have technology that makes the actual execution of something relatively effortless, you might say, hey, machine, do this thing for me, and you get an answer like that. Two questions for you. Did you ask the right thing? And do you know what you’re looking at when you get an answer? We are beginning to speak more and more powerful words to machines. Are we aware of the consequences of what we’re saying, and are we aware of what we’re actually saying? That’s the decision intelligence approach.  

    MOLLY WOOD: So, one of the things that you’ve written that I found completely compelling is this Harvard Business Review article saying many decision makers think they’re being data-driven. You brought up this idea of the gap sometimes between data and intelligence: they think they’re being data-driven when they look at a number, when they form an opinion and execute their decision. Unfortunately, such a decision will be data-inspired, at best. What do you mean by that?   

    CASSIE KOZYRKOV: You can look at that as data-decorated—data as a decoration or as something that makes us feel better about what we’re going to do anyway. We don’t always realize when we’re doing this. We can be completely convinced that we’re integrating information from the real world, but all we’re doing is using it so much more like a mood board and less as a recipe plan or blueprint for decision making. And this really jumps into the concept of confirmation bias. The way that we see information changes based on what we would like to be true or what we believe already. If you have already made a decision, the way that you’re going to look at a number, a fact, is going to be very, very different from, if you haven’t made the decision yet and you intend to use that number to actually drive your decision. When it comes to confirmation bias, there’s a very simple antidote to it—the discipline of pre-committing to how you’re going to use information to drive your decision. In other words, the structure for your decision has to be there before the data. That’s kind of like saying, I’m going to set my goalposts before I actually kick the ball and see where it lands. Not afterwards, where I could just put the goalposts around the ball and say, yay, I scored. And that pre-commitment process that happens way before the data, that is something that leaders, decision makers have to be responsible for. So it’s really about that gap bridging and fluently speaking both languages: the language of engineering and data, and the language of leadership and decision making.  

    MOLLY WOOD: So then we introduce this big, endless opportunity for data, and I believe you have referred to it as endless right answers. How do we think about decision intelligence in the age of generative AI?   

    CASSIE KOZYRKOV: Right. So—   

    MOLLY WOOD: Now things get really messy… [laughter]  

    CASSIE KOZYRKOV: Yeah. Now things do get very messy. So there’s a lot of work done by psychologists where they would show things like, people find it a lot easier to choose between two options. Would you like to have this flavor of gem or that flavor of gem than, say, 16 options? Having more choice doesn’t necessarily make things better and easier. Sometimes having a structure that limits your options can be healthier because we just can’t deal with optimization as humans on that scale. And if 16 is too many for us, what do we do when it’s 16,000 or 16 million? So the thing about generative AI is that it will generate as many as you like, as many as you can afford, compute-wise. What does it mean to have a good customer service interaction where a chatbot is interacting with your customer? What does it mean to draft a good email? What is good in this situation? If you haven’t really thought about that and you start, maybe, going down a rabbit hole, you have to learn how to cut it off and limit your own options and get to where you’re trying to go faster, because if you don’t, here you are looking at potentially infinite good-ish possibilities. How do you choose in those situations? One of the hardest types of choices that you can face is the—good problem to have—situations where the distance between two options is actually quite small. So, a classic example here is going on vacation. And if I asked you whether you would prefer to go to vacation in, let’s say, your local landfill or Paris, right. [laughter] I mean, that’s a fairly easy vacation choice. But let’s say it’s Paris versus another place that you feel quite similarly about—let’s say Paris and Madrid. They’re both great. So how do I then choose between these two if they are so similar, and how do I find what would break that tie? I may find myself overspending effort on that minuscule distance between these two pretty good options. With generative AI as well, you now start to get this proliferation of fairly good answers, and the distance between them might be really small. And then how do you figure out how to inform a choice between all those options? How you would do that would be similar to how you would break a tie between Madrid and Paris. There’s not one right answer.   

    MOLLY WOOD: But it is interesting because it points to what you were saying, which is that you sort of have to go to the end. You have to go to, even if it’s individual, what you value the most. So for example, I might prefer croissants to tapas, and therefore I can optimize backwards. But, and what I like about what you’re saying is that, there’s really still a human, there’s really still goal setting. There’s not this sort of blind following of whatever generative AI is telling you.  

    CASSIE KOZYRKOV: Hundred percent. Hundred percent. Connecting with your personal reason, your why, is how you break these ties. What AI can help you with is generating a bunch of options for you. There’s this tendency to maybe skip a step when we see something that calls itself AI, or it’s computer-y, there’s math somewhere around it, there’s data somewhere around it, that people think that now what we get is access to objectivity, access to the only possible answer. It still comes back down to who is driving, what is important to them, and how they create the criteria for what happens next. So how do we set everything up so that at the end, the technology, the tools, the outputs really do serve the people who are behind all of it? A piece of advice that I have for absolutely everybody is, find the practice, the discipline, of seeing the humans in any technological system. There are so many trade-offs and choices that happen before we get to the mathematical stuff, and understanding that there are people making those trade-offs—we hope that they’re doing it wisely—is maybe the best skill that we can have as decision makers in an increasingly complex and technological world.  

    MOLLY WOOD: This sort of leads us naturally, then, into what you have called the generative AI value gap—the difference between individuals finding enormous value in generative AI and organizations struggling to measure that value. How do they get across that gap?   

    CASSIE KOZYRKOV: When you get a new tool or a new toy, it is enough that it feels useful to you, quite often. I feel like I go faster at writing email if I have generative AI do some pre-drafts for me. That feels good. But if we were actually to dig in and say, well, how do you measure, do you actually know how much of a speed-up you’re getting? And now you want to implement this tool at some kind of scale in an organization. Scale demands to be measured. The first question is, okay, what’s the ROI here? And it’s going to be fairly straightforward to figure out what it costs to put it in, this much headcount, this much processing power, this much technical debt. Then what do we get out of it? These technologies don’t come with that concept built into them. The leader has to take responsibilities down and say, This is why we’re doing it. This is what it means for the system as a whole to succeed. This is the cutoff where the answers are good or better. I want to create a system that generates social media copy automatically, let’s say. Well, then, how do I determine whether one piece of copy is better than another piece? How much better? And that articulation is something that a lot of people find very difficult.   

    MOLLY WOOD: What this is raising for me is the other kind of interesting question about making decisions with AI, being able to use this potential thought partner to break out of some of those patterns, to say, I know that I could be working toward a better outcome that I have not yet determined, because I’m still only human—even if I’m a really good leader and I know I need one. Imagine, then, how could we engage with AI thought partners to help us think differently, get to a different end goal before we start putting in all the data?   

    CASSIE KOZYRKOV: One of your procedures that you would want to do as you’re structuring a decision is to think about what you haven’t thought of. One approach to doing that is analytics. You can also go to an AI brainstorming partner and say, What haven’t I thought of? This is how I’m structuring my decision. What am I ignoring? What hasn’t occurred to me? What assumptions might I be making that I don’t even realize I’m making? AI will keep pushing you. You say, give me 50 more. It will try. A lot of them will be garbage, but you might go, huh, that 47th one, I really didn’t think of that. Maybe that’s much more important than what I’m focusing on.   

    MOLLY WOOD: And that feels magical because it takes a little bit of that pressure off. Like, yes, you still have to lead, but you maybe have a partner in getting you to the leadership part.  

    CASSIE KOZYRKOV: Right, right.   

    MOLLY WOOD: With that in mind, are there problems that come to mind for you that we might be able to solve that we would’ve had a hard time solving before?   

    CASSIE KOZYRKOV: Drug discovery is a great one, right? That timeline is shortening because you now have this ability of a machine that really supplements two things that we used to think of as very uniquely human. One of these was memory, and the kind of memory that can hold abstract concepts and layer Lego blocks of abstractions in a way that we haven’t really found evidence of animals doing. So, what a fantastic property. Data is really good for memory, data is really good for attention. Machines, they’re pretty cool memory prosthesis. The other thing that’s quite special about us is language, and that we are able to transmit information with language. AI is really participating in both of these topics, suddenly giving us access to vast amounts of shared memories. And then with language, the reason that generative AI, I think, is really wowing people is that, before, if you wanted to talk to a computer, you would have to learn a language—your C++, your Python, whatever it is. Whereas now, you have this democratization where you can speak your own language and have a shot at the machine being able to do things for you. The trouble with our own language, though, is that it is not precise. Mathematics is a great way to say very little, very precisely. So that gives you a lot of control. Poetry is a great way to say a lot, very imprecisely. Now we can express ourselves poetically and be a little bit surprised by what we get. Now think about that element of being surprised by what we get, and put it in the context of generating ideas, of brainstorming. How wonderful. And then put it in the context of something mission-critical, where the system has to work. How do you put guardrails and safety nets on what is essentially a kind of proto-genie, and the prompt is a kind of proto-wish. And are we sure that we are able to express ourselves properly, particularly when we’re going to scale that wish up? How do we think about what we actually mean? How do we do it well? That prompt is more like a wish. You might make a terrible prompt and get something that, you know, you definitely don’t deserve, based on the effort you put in—  

    MOLLY WOOD: Your poor construction. [laughter

    CASSIE KOZYRKOV: Yeah, right, exactly. Your poor construction. You didn’t know what you were asking for, and somehow you got something good back. That’s possible. You might also have done a really great job of asking, gotten something garbage back, this surprise factor. As we put in this surprise factor and we start to scale it up beyond the individual user, we start to take it into the organization. What does it mean to have a system that has this greater propensity for surprise, uncertainty, for complexity, for chaos?   

    MOLLY WOOD: If you wouldn’t mind sharing, how are you using AI in your work and, ideally, your personal life?   

    CASSIE KOZYRKOV: What AI needs to do for me is make me more effective. Does it make me better? Does it augment me, does it help me do something faster, smarter, or in a more inspired way than before? So of course, I look at things I work on and find all the drudgery—a lot of it is translation. So language translation is what we’re actually talking about quite often when we’re thinking about these generative AI systems. Language is the interface to human collaboration. Naturally attempting to express myself is more convenient, and so I can get my wishes translated. I can get them translated into code, I can get them translated into action. So if I am really dreading writing a particular kind of email, I might ask for a draft—edit the email a bit and put it into my voice. If you think translation is like English to Spanish and back, that’s too narrow. Translation also includes taking bullet points and translating them into a fleshed-out email, and taking a fleshed-out email and translating it back into bullet points, which was a use case that I found that a lot of people were doing with generative AI, which tells you a lot about the human condition. What I don’t use AI for is thinking on my behalf. A classic thing—so my dad absolutely does this, or at least pretends to do this. So he will be looking at a menu, he will be stuck between two fairly good options. Maybe it’s the Caesar salad that he likes. Maybe it’s the steak. Those to him are quite similar, as it turns out. And then he will take out a coin. He will flip that coin and that will tie-break for him. He knows there that he’s fairly indifferent. He’s thought about it, and that’s why I say it’s like something he pretends to do, to say the coin makes the decision. It is very possible to use AI in this way. And in the same way that I don’t recommend letting a coin run your life, I also don’t recommend having what is also a very similar process. An AI system is composed of much smaller Lego blocks, which if you take them down to their atoms will look a lot like coin tosses. It’s a probability engine. You don’t want that running your life either. So you, the human, you have to stay in control. You have to say, this is how I’m setting things up. This is what’s important to me. This is what I’m choosing not to pay attention to. This is what I’m choosing to pay attention to. You are the author of meaning as a human. You choose what’s important, and then you use AI afterwards.   

    MOLLY WOOD: Knowing that this is how you’re going to approach this question, I feel like it’s going to be an extra interesting answer to the question we always ask, which is, if you’re fast-forwarding three to five years, what do you—not necessarily think—what do you predict may be some of the most important changes in the way we work, or the biggest changes.  

    CASSIE KOZYRKOV: So I have this concept of thunking versus thinking. Thinking is exactly what it sounds like. Thunking is where, it’s like the sound of a dull brick—thunk, thunk, thunk. It’s where, if we’re honest with ourselves, we are executing on something that we’ve already decided how we’re going to approach, and now we’re a little bit checked out. It’s the difference between a conversation where you are engaged and a conversation where you’ve already pre-planned what you’re going to say, you’re not listening anymore. The thing with AI and other kinds of machine automations is that they will automate more and more and more of the thunking, and every job has a thunking component, where you’ve figured out what to do. What’s going to be interesting, challenging, is how we approach managing thinking as we take out a lot of the thunking, because I’ll tell you what not to do. What not to do is to say, great, I had this employee and I have automated out so much thunking that I’ve taken out seven hours out of a nine-hour workday. Great. Let me compress that and make them do thinking for two hours. And now they come to work at 9 a.m., they leave at 11 a.m., and they’re just going to do pure thinking. If anything’s wishful thinking it’s that. That is not how we optimize for the creative and engaged moments. I’m not sure that we know how to optimize for them. What we’ve been measuring this entire time is the most repetitive, the most digitized, and the least creative aspects of work. That’s what we know how to measure, because they’re easy to measure. How do you define creativity so you can measure it? That’s hard. But you can measure the amount of time someone sat in their chair, words per minute that they typed, the number of customers that they served. These are all the things that AI sees. What AI doesn’t see is the creative bit. So then if you’re going to take away the thunking, what are you going to do to make sure that the thinking still happens well? Okay, I am in charge of myself as my own boss and CEO of my company. So no one tells me how to spend my thinking, thunking, creative, not creative time. Every time that I find a way to automate some of the thunking, which I do quite aggressively, I try to remove as much of it as possible, I find that I still need to put something like that back into my schedule so that I have the creative thoughts. Now, it’s nice that I can choose between, you know, I find data entry quite soothing, so sometimes I’ll enter data into a spreadsheet that I don’t even need to enter, just for the soothing relaxation that I think a lot of people seek when they play games on their phone. That when you distract yourself from pure thinking, you may be more likely to be creative, you may find that you actually need those things. What we’ll see is that work is trying to push those things out, because that’s what we used to optimize for. We used to optimize for those things. Now we will find how to really optimize for those things, and then we’ll have empty space. Workers will have empty space. How will leadership deal with that empty space, and will they deal with it in a way that really optimizes for creative ideas, healthy cultures, and productive work environments? That’s going to be a massive challenge, and in three to five years we will have to solve this challenge. And so that’s something we’d better start with today. 

    MOLLY WOOD: Thank you again to Cassie Kozyrkov, AI and decision intelligence expert. You can find her Substack at decision.substack.com. Thank you so much for the time.  

    CASSIE KOZYRKOV: Thank you so much for having me.   

    MOLLY WOOD: Thank you all for joining us, and keep checking your feeds. We have more fascinating guests on the way with actionable insights that can help leaders develop an AI-first mindset, reimagine their business for a new era of work, and maximize the ROI of AI. If you’ve got a question or a comment, please drop us an email at worklab@microsoft.com, and check out Microsoft’s Work Trend Indexes and the WorkLab digital publication, where you’ll find all our episodes, along with thoughtful stories that explore how business leaders are thriving in today’s new world of work. You can find all of that at microsoft.com/worklab. As for this podcast, please, if you don’t mind, rate us, review us, and follow us wherever you listen. It helps us out a ton. The WorkLab podcast is a place for experts to share their insights and opinions. As students of the future of work, Microsoft values inputs from a diverse set of voices. That said, the opinions and findings of our guests are their own, and they may not necessarily reflect Microsoft’s own research or positions. WorkLab is produced by Microsoft with Godfrey Dadich Partners and Reasonable Volume. I’m your host, Molly Wood. Sharon Kallander and Matthew Duncan produced this podcast. Jessica Voelker is the WorkLab editor. 

    MIL OSI Global Banks

  • MIL-OSI USA: Republicans Shoot Down Rep. Peters’ Amendment to Save Medicaid for Millions of Needy Americans

    Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

    [embedded content]

    Washington, D.C. – Today, during the 17th hour of the marathon Energy and Commerce Committee meeting on the Republican tax plan, Representative Scott Peters (CA-50) offered an amendment to protect millions of Americans from being kicked off Medicaid. Their legislation would kick 13.7 million people off their healthcare, according to a new analysis by the non-partisan Congressional Budget Office. In every state that has experimented with so-called “work requirements,” employment was not increased, but tens of thousands of people – many of whom are in fact working – have lost their healthcare. The Republican majority on the committee rejected Rep. Peters’ commonsense amendment to protect sick and uninsured Americans on a party-line vote of 23-28.  

     

    Speaking on his amendment, Rep. Peters stated, “I want to talk about what’s at stake today. Medicaid covers more than 72 million Americans. That includes nearly 40 million children, 7 million seniors, and 15 million people with disabilities. In my district alone, Medicaid (or Medi-Cal, as we call it), covers nearly one in five people. Across the San Diego region, that number is almost one in three. Medicaid helps working families who don’t get health insurance through their jobs, and it keeps struggling rural hospitals afloat. Medicaid provides treatment for opioid addiction and mental health services for those who need them the most. And let’s not forget: Medicaid is also the largest provider of long-term care in this country.” 

     

    He continued, “Look, I believe that work is valuable. It provides stability, dignity, and a path toward opportunity. I also believe deeply that every American who can work should be encouraged and supported in doing so. But time and again, when states have made these cuts, we have not seen increases in employment. But we have seen people lose health coverage, more red tape for doctors, and worse health outcomes.” 

     

    And he concluded, “People who should qualify still lose coverage. My constituents—veterans with post-traumatic stress injury, new mothers recovering from childbirth, or people managing chronic conditions often can’t make it through the reporting process in time. My Republican colleagues will point to the bill text and say people with disabilities are clearly exempted. Tragically, it already takes people who are disabled almost 8 months to receive a formal determination from the Social Security Administration. So, this bill would kick disabled people who have health care today off of their coverage. That’s because many of them are covered by the Affordable Care Act’s Medicaid expansion, which the legislation before us would gut. And even for those who do work — often in low-wage, unstable jobs — these mandates create a penalty for workers. A missed shift, a lost job, or a technical error can trigger a cascade that ends in lost coverage. That’s not promoting work. It’s punishing job loss. When people lose Medicaid, they don’t stop getting sick. They just stop getting preventive care. They end up in the emergency room, often sicker, and often at greater cost to their family and the taxpayers.”  

     

    Watch Rep. Peters’ opening statement against the Republican tax plan here.  

    Watch Rep. Peters’ remarks on the Republican tax plan’s fossil fuel favoritism here.   

     

    CA-50 Medicaid Facts:  

    • 156,100 people in the district rely on Medicaid for health coverage—that’s 20 percent of all district residents. 
      • 34,700 children in the district are covered by Medicaid. 
      • 17,700 seniors in the district are covered by Medicaid. 
      • 64,900 adults in the district have Medicaid coverage through Medicaid expansion—that includes pregnant women who are able to access prenatal care sooner because of Medicaid expansion, parents, caretakers, veterans, people with substance use disorder and mental health treatment needs, and people with chronic conditions and disabilities. 
    • At least five hospitals in the district had negative operating margins in 2022. These hospitals would be especially hard-hit by cuts to Medicaid. For example: 
      • Scripps Mercy Hospital had a negative 25.3 percent operating margin—and nearly 22 percent of its revenue came from Medicaid. 
      • Sharp Coronado Hospital had a negative 3.5 percent operating margin—and over 36 percent of its revenue came from Medicaid. 
      • University of California San Diego Medical Center had a negative 2.4 percent operating margin—and nearly 19 percent of its revenue came from Medicaid. 
    • There are 54 health center delivery sites in the district that serve 529,944 patients. 
    • Those health centers and patients rely on Medicaid—statewide, 69 percent of health center patients rely on Medicaid for coverage. 
    • Health centers will not be able to stay open and provide the same care that they do today, with more uninsured and underinsured patients. They are already operating on thin margins—in 2023, nationally, nearly half of health centers had negative operating margins. 
    • Medicaid cuts put health centers at risk, including: 
      • Family Health Centers of San Diego 
      • Neighborhood Healthcare 
      • North County Health Project 
      • San Diego American Indian Health Centers 
      • St. Vincent De Paul Village 

     

    Read Rep. Peters full remarks below:  

     

    I want to talk about what’s at stake today. Medicaid covers more than 72 million Americans. That includes nearly 40 million children, 7 million seniors, and 15 million people with disabilities. 

      

    In my district alone, Medicaid (or Medi-Cal, as we call it), covers nearly one in five people. Across the San Diego region, that number is almost one in three.   

      

    Medicaid helps working families who don’t get health insurance through their jobs, and it keeps struggling rural hospitals afloat. 

      

    Medicaid provides treatment for opioid addiction and mental health services for those who need them the most. And let’s not forget: Medicaid is also the largest provider of long-term care in this country. 

      

    If you have a loved one who relies on home care or if you have a grandparent in a nursing home, Medicaid is there to make sure they get the care they need. 

     

    So, when Republicans propose slashing Medicaid, let’s be clear about what that really means. It means seniors will be kicked out of nursing homes. It means people with disabilities will lose their independence. It means kids will miss critical doctor visits. 

      

    We know this because we’ve seen it before. 

      

    Let’s look at Arkansas. When the state piloted its Medicaid work requirement, over 18,000 people lost coverage. 

      

    Not because they refused to work, but because they struggled to report their hours in a newly created, online-only portal. 

      

    The vast majority of these people had jobs. Many more were caring for disabled relatives, recovering from illness, or navigating mental health challenges. The problem is: the work requirement didn’t account for that. 

      

    Local doctors and clinics felt the strain almost immediately. Physicians reported longer waits. Patients missed their follow-up appointments. Emergency rooms saw increases in uncompensated care. 

      

    It wasn’t just those subject to the mandate who suffered—everyone in the system felt the impact including the elderly, pregnant women, children, and people with disabilities. 

      

    Similar results followed when Georgia experimented with its own mandate. The evidence is consistent: Republican policies will increase red tape and cut health care coverage for everyone, but they do not increase employment for “able-bodied” people. 

      

    Medicaid is the difference between children getting the medication they need or not. It’s the difference between a working mother affording prenatal care or risking her pregnancy. 

      

    It’s the difference between a senior being able to stay in their home or being forced into a nursing facility. 

      

    Look, I believe that work is valuable. It provides stability, dignity, and a path toward opportunity. I also believe deeply that every American who can work should be encouraged and supported in doing so. 

      

    But time and again, when states have made these cuts, we have not seen increases in employment. But we have seen people lose health coverage, more red tape for doctors, and worse health outcomes. 

      

    We’ve heard plenty of arguments today that there are exemptions for the elderly or people with disabilities. 

      

    The problem is: in practice, these exemptions are often poorly implemented and difficult to navigate, as is the bill before us. 

      

    People who should qualify still lose coverage. My constituents—veterans with post-traumatic stress injury, new mothers recovering from childbirth, or people managing chronic conditions often can’t make it through the reporting process in time. 

      

    My Republican colleagues will point to the bill text and say people with disabilities are clearly exempted.  

      

    Tragically, it already takes people who are disabled almost 8 months to receive a formal determination from the Social Security Administration. 

      

    So, this bill would kick disabled people who have health care today off of their coverage. 

      

    That’s because many of them are covered by the Affordable Care Act’s Medicaid expansion, which the legislation before us would gut. 

      

    And even for those who do work—often in low-wage, unstable jobs—these mandates create a penalty for workers. 

      

    A missed shift, a lost job, or a technical error can trigger a cascade that ends in lost coverage. That’s not promoting work. It’s punishing job loss. 

      

    When people lose Medicaid, they don’t stop getting sick. They just stop getting preventive care. They end up in the emergency room, often sicker, and often at greater cost to their family and the taxpayers. 

      

    The evidence is overwhelming: these policies will drastically cut Medicaid funding and take health care away from more than 13 million Americans. 

      

    The short-term spending cuts we may see on our balance sheet will be outweighed by downstream costs—in both dollars and American lives. 

      

    We can do better than this, I encourage my colleagues to vote yes on my amendment. 

    ### 

    MIL OSI USA News

  • MIL-OSI USA: Republicans Reject Amendment to Protect Women’s Health Care as GOP Reconciliation Bill Risks Worsening Maternal Mortality Crisis

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

    WASHINGTON, DC – During today’s House Energy and Commerce Committee markup on the Republican reconciliation legislation, Congresswoman Lori Trahan (MA-03) spoke in support of an amendment to prevent the bill from accelerating the closure of community hospitals and women’s health clinics, which will worsen the maternal mortality crisis in the United States. The amendment introduced by Congresswoman Lizzie Fletcher (TX-07) would reverse the GOP cuts to Planned Parenthood and other health care organizations that provide lifesaving women’s health care, despite the existing ban on using taxpayer funds to perform abortion care.
    “At a time when maternal health outcomes are worsening across this country, when we’re dead last in maternal mortality among developed nations, this bill doesn’t just turn a blind eye – it pours gasoline on a fire that is already consuming our hospitals, our providers, and our patients,” Congresswoman Trahan said.
    CLICK HERE or the image below to view Trahan’s remarks during the Committee’s consideration of reconciliation legislation. A transcript is embedded below.

    The House Energy and Commerce Committee is currently marking up House Republicans’ reconciliation package that, according to the Congressional Budget Office, would cut $715 billion from Medicaid and eliminate health coverage for at least 13.7 million Americans. Medicaid is the largest single-payer of maternity care in the United States, covering an estimated 40% of births. One in five women, and nearly half the country’s children, are covered by Medicaid.
    The amendment introduced by Congresswoman Fletcher would strike the provision limiting federal Medicaid funding for Planned Parenthood, which would force clinic closures and force more patients to visit hospitals that will be stretched thin by other Medicaid cuts in the bill. During debate over the amendment, Trahan pointed to the recent closing of the maternal birth center in Leominster as well as the devastation caused by the Steward Health Care crisis that closed two hospitals in Massachusetts, including Nashoba Valley Medical Center in her district.
    “Maternal health is life or death, and right now, far too many women are dying because our health care system is failing them. In my district, that failure is not theoretical. We don’t have sprawling hospital systems with billion-dollar reserves. We have community hospitals that barely survived COVID and now face impossible decisions,” Congresswoman Trahan continued. “In 2023, the only maternity ward in the western part of my district shut down due to staffing shortages. Last year, two more hospitals closed during the Steward Health Care crisis, including one that served as the primary care provider for thousands of families. These aren’t hypothetical losses. These are real delivery rooms, real emergency rooms – closed for good. Hallways dark. Doors locked. Services gone.”
    The amendment was defeated following a vote along party lines, with all Republicans voting against it.
    A copy of the amendment can be accessed HERE.
    ——————————————–
    Congresswoman Lori Trahan
    Remarks As Delivered
    House Energy and Commerce Committee Markup – Hospital Closure & Maternal Health Amendment
    May 13, 2025
    I move to strike the last word, and I want to thank my colleague from Texas for introducing this important amendment.
    Every one of us has heard stories from constituents – mothers, daughters, families – about how hard it is to access the care they need. And yet, this bill crafted behind closed doors by Republicans on this committee will only deepen that crisis.
    At a time when maternal health outcomes are worsening across this country, when we’re dead last in maternal mortality among developed nations, this bill doesn’t just turn a blind eye – it pours gasoline on a fire that is already consuming our hospitals, our providers, and our patients.
    Cutting Medicaid means cutting off care when women are most vulnerable. Pregnancy is not a luxury. Safe childbirth isn’t a partisan issue. Maternal health is life or death, and right now, far too many women are dying because our health care system is failing them.
    In my district, that failure is not theoretical. We don’t have sprawling hospital systems with billion-dollar reserves. We have community hospitals that barely survived COVID and now face impossible decisions.
    In 2023, the only maternity ward in the western part of my district shut down due to staffing shortages. Last year, two more hospitals closed during the Steward Health Care crisis, including one that served as the primary care provider for thousands of families. These aren’t hypothetical losses. These are real delivery rooms, real emergency rooms – closed for good. Hallways dark. Doors locked. Services gone.
    When a maternity ward shuts down, it sends a chilling message: that a community’s needs aren’t worth the investment. That we’re okay forcing mothers to drive two or three hours just to give birth. That we’ll accept more premature births, more untreated complications, and more babies who never take their first breath.
    According to the March of Dimes, 1 in every 25 obstetric units has closed in just the last two years. Over a thousand counties in America are now classified as maternity care deserts, meaning 2.3 million women live in places where there isn’t a single birthing facility – not one obstetrician.
    These women are not numbers on a chart. They’re real people. Women who fear bleeding out in labor with the nearest hospital 90 minutes away. Women who skip prenatal care because they can’t afford the gas. Women who bury their babies because help came too late.
    And now, Republicans want to gut the very program that keeps these fragile systems afloat just to pay for tax cuts for billionaires like Elon Musk who loves to talk about falling birth rates but refuses to fund the health care that women need to give birth safely?
    It doesn’t stop there. This bill targets Planned Parenthood, blocking their health centers from receiving Medicaid dollars in states where abortion is already banned. I want to be clear – these centers aren’t performing abortions. What they’re doing is delivering cancer screenings, birth control, STI testing, and preventive care in places where there’s no other option.
    So let’s call this what it is – not a fight over abortion, but a deliberate campaign to dismantle reproductive health care altogether. And it’s happening while maternal mortality is rising and Black women are three times more likely to die from pregnancy-related causes than white women.
    Cutting Medicaid, which covers half of all births in this country, will only make that crisis worse. We will lose coverage. We will lose hospitals. And we will lose lives.
    If you care about healthy moms and babies, if you care about rural communities surviving, if you care about the basic dignity of giving birth safely in America in 2025,  then you cannot support the bill as written. 
    Give us a meaningful Mother’s Day gift this year. Support this amendment, and do not balance your budget on the backs of mothers.
    I yield back.
    ###

    MIL OSI USA News

  • MIL-OSI Global: Trump administration moves to undo appliance efficiency standards that save consumers billions, reduce pollution and fight climate change

    Source: The Conversation – USA – By David J. Vogel, Professor Emeritus of Business Ethics and Political Science, University of California, Berkeley

    Refrigerators were the target of the very first energy efficiency standards for appliances, back in 1974. Justin Sullivan/Getty Images

    The Trump administration has begun the process of undoing decades of regulations that improved energy efficiency in American household appliances. In a statement announcing the move, the U.S. Department of Energy said those regulations are “driving up costs and lowering quality of life for the American people.”

    The legality of this effort is problematic, however, as federal law prohibits the Department of Energy from reversing already approved appliance efficiency standards.

    And as a scholar of environmental regulations, I know those regulations were created to save energy and lower utility bills for consumers. I also know that many companies and consumers have supported federal regulation to strengthen energy efficiency standards and generally have opposed weakening them.

    The first government-set energy efficiency standards for appliances were issued by California in 1974. They were initially for refrigerators, the household appliance that used the most energy. Subsequently, several other household appliances were added. During the next decade, more states issued standards, as saving energy would help avoid the costs of constructing new power plants.

    The proliferation of state standards led the federal government to prohibit states from issuing appliance efficiency standards once the federal government had done so. The first federal standards, in 1987, applied to 13 household products, including refrigerators.

    Since then, the federal government has created standards for additional products and tightened existing ones. Those changes have progressively made home appliances and business and industrial equipment more efficient, saving consumers billions of dollars, decreasing air pollution from power plants and reducing carbon dioxide emissions that contribute to climate change.

    Electric meters like these at a Mississippi apartment complex keep track of how much – or how little – electricity residents use.
    AP Photo/Rogelio V. Solis

    Broad application

    Federal data indicates that 40% of total U.S. energy consumption – and 28% of U.S. carbon dioxide emissions – is attributable to household and industrial appliances, such as heating and cooling systems, refrigerators, lighting and various kinds of equipment, such as computers, printers and electric motors.

    At present, the U.S. Department of Energy’s Appliance and Equipment Standards Program covers more than 70 products that the government estimates consume about 90% of energy used in homes, 70% of energy in commercial buildings and 30% of energy used in industry. The government estimates the standards saved American consumers $105 billion just in 2024 – with a typical household saving about $576 over the expenses if there were no efficiency standards.

    Appliance energy efficiency standards now in place are cumulatively expected by the Department of Energy to reduce U.S. greenhouse gas emissions by approximately 2 billion metric tons over 30 years. That’s as much carbon dioxide as 15 million gas-powered cars would emit in that same period.

    Many federal standards, including on light bulbs, electric motors and commercial heating and cooling equipment, have been based on those previously adopted by one or more states. Federal law permits states to issue standards for products that the federal government has not yet regulated: As of 2024, 18 states had set efficiency rules for a total of 22 types of appliances, including computers and televisions.

    Additional benefits

    These appliance standards have reduced American energy use, including electricity. The existing national standards are projected to reduce overall national energy consumption by 10% between 2025 and 2035.

    Those standards also improve public health, because there is less need to build new fossil-fuel power plants or operate existing ones. As a result, power generators have been able to reduce their emissions of dangerous pollutants such as nitrogen oxides, sulfur dioxide and mercury.

    Energy efficiency standards reduce the need for fossil fuel-powered electric plants, like this one in Ohio.
    Jim West/UCG/Universal Images Group via Getty Images

    A popular policy

    Making appliances more energy efficient has proved popular. A national survey released by the Consumer Federation of America in 2018 found that 71% of Americans “support the idea that the government should set and update energy efficiency standards for appliances.” Significantly, 72% of those surveyed named lowering electrical bills and 57% stated that avoiding construction of new power plants to keep electricity rates from rising were important reasons to increase appliance efficiency.

    Support remains strong: A June 2024 YouGov poll found that 60% of Americans support tougher appliance efficiency standards.

    From 1987 through 2007, more than three-quarters of national appliance energy efficiency standards were passed into law by Congress, with the rest created by administrative processes under existing laws. These legal standards received bipartisan support and were signed into law by Republican Presidents Ronald Reagan, George H.W. Bush and George W. Bush.

    But more recently, partisanship has affected the setting of standards. Since 2008, whether standards improve or remain unchanged has depended on whether Democrats or Republicans occupied the White House.

    Political back-and-forth

    The Obama administration enacted among the most ambitious energy efficiency standards for appliances and equipment to date. New standards for commercial air conditioners and furnaces affected heating and cooling equipment for half of the square footage used by the nation’s businesses. The rules were projected to reduce energy costs to businesses by $167 billion over the life of the regulated products.

    But during the first Trump administration, improvements in existing standards came to a halt.

    When Joe Biden became president, his administration resumed issuing new standards, most notably phasing out incandescent light bulbs. The Biden administration also issued new standards for furnaces, residential water heaters, stoves, washing machines and refigerators.

    Electric induction stoves, like this one, are more energy efficient than gas stoves.
    Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images

    Controversy continues

    A new Biden rule for electric motors, which are widely used in manufacturing and processing equipment, incorporated recommendations from businesses and advocacy organizations. The rule was slated to take effect in 2028 and was expected to save businesses and consumers up to $8.8 billion over a 30-year period.

    But the Trump administration has withdrawn this standard, along with others issued by the Biden administration, including for ceiling fans, dehumidifers and external power supplies. The administration has postponed the effective dates of other standards that had been finalized before Trump took office. The administration said the reversals would “slash unnecessary red tape and regulations that raise prices, reduce consumer choice, and frustrate the American people.”

    Another set of politically controversial standards Biden introduced sought to encourage consumers to switch from stoves, furnaces and water heaters that use natural gas or propane to electric ones. The electric versions of those appliances are more energy efficient, while gas cooking emits toxic chemicals into the home. Switching can be expensive, and many consumers prefer gas-powered appliances, as of course does the natural gas industry, which has opposed these federal efforts.

    And in early April 2025, Republicans in Congress used their legislative authority to overturn the regulations for natural gas water heaters. But most of the federal standards – and all of the state ones – remain in effect, at least for now.

    This article, originally published April 17, 2025, was updated on May 14, 2025, to reflect the Trump administration’s latest move on efficiency standards.

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

    ref. Trump administration moves to undo appliance efficiency standards that save consumers billions, reduce pollution and fight climate change – https://theconversation.com/trump-administration-moves-to-undo-appliance-efficiency-standards-that-save-consumers-billions-reduce-pollution-and-fight-climate-change-253673

    MIL OSI – Global Reports

  • MIL-OSI USA: Senator Peters Helps Introduce Bipartisan Bill to Support American Innovation and Outcompete China

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 05.14.2025
    Bill Would Provide Assistance to Michigan Small Businesses and Startups to Invest in R&D

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped introduce the American Innovation and Jobs Act, bipartisan legislation that would expand and strengthen research and development (R&D) incentives for American small businesses and startups. The bill – which Peters reintroduced with U.S. Senators Todd Young (R-IN) and Maggie Hassan (D-NH) – would help the U.S. outcompete and out-innovate our global competitors, particularly China, who are significantly investing in R&D. 
    “From putting the world on wheels to producing the aircraft and vehicles that led the Allied Forces to victory in World War II, Michigan has long excelled at developing cutting-edge technologies that have kept our state and nation competitive on the world stage,” said Senator Peters. “This bipartisan, commonsense bill would help ensure Michigan small businesses and startups can continue to spearhead innovation that keeps us competitive against our adversaries like China by boosting federal support for R&D, while creating good jobs for Michigan workers in the process.”
    Businesses and startups that invest in R&D have long been able to either claim a tax credit or deduct their investments. This support enables them to invest in developing new, innovative products that help create jobs and build a stronger economy. With the goal of increasing investment in cutting-edge American technologies, the American Innovation and Jobs Act would restore and make permanent U.S. businesses’ ability to deduct their R&D costs from their taxable income in the year in which those costs were incurred. In addition, the bill would also expand the cap for the refundable R&D tax credit, which is a critical tool for small businesses that are just getting off the ground. Prioritizing R&D investment is essential now more than ever as U.S. foreign adversaries like China are attempting to out-innovate the United States.  
    Specifically, the American Innovation and Jobs Act would:

    Expand support for innovative startups by immediately doubling the current cap on the refundable R&D tax credit to $500,000, and ultimately raising it to $750,000 over ten years. The bill would also expand access to the R&D tax credit for startups by lowering certain thresholds needed to qualify.

    Expand the number of startups eligible to use the refundable R&D tax credit by increasing the eligibility threshold from $5 million to $15 million in in annual revenue. It would also extend the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.

    The legislation is endorsed by the R&D Coalition, which includes numerous organizations such as Business Roundtable, National Association of Manufacturers, Information Technology Industry Council, and the U.S. Chamber of Commerce. 
    Peters has long led efforts to support American innovation and help U.S. businesses compete in the global marketplace. Peters helped craft and pass into law the CHIPS and Science Act, which invested $170 billion in research and development for cutting-edge scientific advancements. This law also invested heavily in strengthening our domestic supply chains for critical semiconductor technologies to create good-paying American jobs and keep the U.S. competitive on the world stage. Peters additionally helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, and create millions of American jobs. 

    MIL OSI USA News

  • MIL-OSI USA: Reps. Russell Fry (SC-07) and Mike Levin (CA-49) Introduce MAPOceans Act to Enhance Access to Recreational Waterway Data

    Source:

    Reps. Russell Fry (SC-07) and Mike Levin (CA-49) Introduce MAPOceans Act to Enhance Access to Recreational Waterway Data

    Washington, D.C. – Today, Congressmen Russell Fry (SC-07) and Mike Levin (CA-49) introduced the Modernizing Access to Our Public Oceans (MAPOceans) Act, legislation that will modernize public access to vital data about U.S. waterways. By requiring the Secretary of Commerce to digitize and display real-time marine data through GPS and smartphone applications, the bill aims to improve the recreational experience for boaters and anglers, support safe and legal activity on the water, and strengthen coastal economies.

    Building on the success of the MAPLand Act (2022) and the MAPWaters Act (which passed the House in January 2025), the MAPOceans Act would require the National Oceanic and Atmospheric Administration (NOAA) to consolidate, standardize, and digitize public information about U.S. marine waters and make that information easily accessible in real time.

    Specifically, the bill would:

    • Provide real-time status updates on which waterways are open or closed to entry or watercraft, low-elevation aircraft, or diving.

    • Digitize restrictions related to motorized propulsion, fuel type, and specific types of watercraft (e.g., motorboats, kayaks, personal watercraft, airboats, ships).

    • Display fishing regulations and restrictions, including no-take zones, marine protected areas, and rules about specific equipment or bait (such as circle hooks or descending devices).

    • Publish continuously updated geographic information (GIS) data on navigation, bathymetric information, and depth charts.

    • Require the Department of Commerce to partner with non-federal entities—including states, Indian Tribes, Native Hawaiian organizations, private industry, data experts, and academic institutions—to ensure accurate and up-to-date information.

    “The MAPOceans Act is a commonsense bill to help Americans enjoy our nation’s waters and coastlines more safely and responsibly,” said Congressman Fry. “Whether you’re a fisherman or a boater, this bill gives individuals the easily accessible real-time information they need and ensures that Americans who rely on our waterways—whether for work or recreation—have the tools to access and enjoy our natural resources.”

    “Our district is home to terrific coastal waters that offer recreational and economic benefits to our entire region,” said Congressman Levin. “Every resident and visitor should be able to easily access clear information about how to responsibly enjoy these areas. This bipartisan bill will help ensure that’s the case while promoting the long-term protection of these natural resources. I look forward to working with Rep. Fry to advance this important legislation through the House.”

    Senators Ted Cruz (R-TX) and Angus King (I-ME) reintroduced the bill in the Senate, where it passed the Senate Commerce, Science, and Transportation Committee by voice vote in March 2025.

    The bill has received endorsements from the following organizations: South Carolina Boating & Fishing Alliance, American Sportfishing Association, Theodore Roosevelt Conservation Partnership, Marine Retailers Association of the Americas, International Game Fish Association, Center for Sportfishing Policy, Congressional Sportsmen’s Foundation, Boat Owners Association of The United States (BoatUS), and National Marine Manufacturers Association (NMMA).

    “Boaters and anglers want to follow the rules, but too often those rules are buried in scattered websites or outdated PDFs,” said President and CEO of the South Carolina Boating & Fishing Alliance Gettys Brannon. “For a coastal state like South Carolina, where access to our waterways drives tourism, supports small businesses, and defines our way of life, the MAPOceans Act will bring clarity to the chaos. It gives the public one clear source to understand where they can fish, anchor, or operate. It’s a long-overdue fix that makes federal waterways more accessible and more manageable for everyone on the water. We thank Congressman Fry for his leadership on this important legislation.”

    “The MAPOceans Act will provide many benefits for the millions of saltwater anglers who fish our nation’s marine waters every year,” said President and CEO of the American Sportfishing Association (ASA) Glenn Hughes. “This legislation will ease access to information on federal fishing regulations through navigation tools and mapping applications, helping anglers and boaters stay up-to-date with changing regulations and opportunities. ASA and the recreational fishing industry thank Representatives Fry and Levin for their leadership of this legislation, which will simplify access to a wide range of recreational information, allowing anglers to feel confident they’re in compliance with the law as they’re heading out on the water.”

    “America’s incredible saltwater recreation opportunities should be easily enjoyed by all,” said President and CEO of the Theodore Roosevelt Conservation Partnership Joel Pedersen. “The MAPOceans Act will help simplify boating and recreational fishing information by digitizing not easily accessible regulations and making them readily available to the public. TRCP thanks Representatives Fry and Levin for their leadership to introduce and advance this important public access legislation.”

    “Accurate charts are one of the basic safety tools for all boaters,” said Government Affairs Manager for Boat Owners Association of The United States, BoatUS David Kennedy. “The MAPOceans Act will ensure the information collected by federal agencies will get on the chart plotters, mobile devices and even paper charts that boaters rely upon.”

    “The National Marine Manufacturers Association (NMMA) applauds the introduction of the MAPOceans Act, which would provide recreational boaters and anglers with more easily accessible resources and information to enjoy America’s waterways in a responsible and safe way,” said NMMA President and CEO Frank Hugelmeyer. “NMMA appreciates Representatives Fry and Levin’s support of the $230 billion recreational boating community and their steadfast leadership on this issue.”

    Several organizations also submitted this letter.

    Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.

    MIL OSI USA News

  • MIL-OSI: Meriwest Credit Union Sets Stage for Silicon Valley Corporate Campus with $9.6M Property Purchase

    Source: GlobeNewswire (MIL-OSI)

    SILICON VALLEY, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Meriwest Credit Union, a trusted San Jose-based financial institution since 1961, has acquired the property at 620 Blossom Hill Road in south San Jose. This transaction was completed on May 5, 2025, in a $9.6 million cash transaction, as recorded by the Santa Clara County Recorder’s Office.

    Located in the Sunrise Plaza shopping center near Blossom Hill Road and State Route 85, the acquired property includes a former Marie Callender’s restaurant site, closed since 2022. The site is directly adjacent to Meriwest’s headquarters at 5615 Chesbro Avenue. This acquisition positions Meriwest to develop a cohesive campus, enhancing accessibility and member-focused services.

    “Our vision is to expand our long-time headquarters into a Meriwest ‘Campus’. When complete, our campus will elevate our visibility and community engagement, better serve our members with increased access to services, and strengthen our roots in San Jose.” said Lisa Pesta, President and CEO of Meriwest.

    “Completing this purchase on May 5th, Meriwest’s 64th birthday, was made possible because of our incredibly loyal members and our deeply committed team,” Pesta added. “I am looking forward to welcoming everyone over for a campus tour, when the project is complete.”

    For more details on Meriwest Credit Union’s acquisition of 620 Blossom Hill Road, read the full story in The Mercury News here.

    About Meriwest Credit Union

    Founded in San Jose, California in 1961, Meriwest Credit Union, ($2.1B in assets) is one of Silicon Valley’s most established financial institutions. Dedicated to delivering advice-based, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona, Meriwest offers a wide array of personal banking, business services, and wealth advisory services. Meriwest has been voted one of the ‘Best Credit Unions in Silicon Valley’ in the Mercury News’ Annual ‘Readers’ Choice Awards’ and a “Best Place to Work” by the Silicon Valley Business Journal 2020 through 2025. More information can be found at www.meriwest.com.

    Media Contact:
    Jeffrey Zane
    Meriwest Credit Union
    Public Relations
    408-612-1484
    jzane@meriwest.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ad8b497-136b-4cad-bee5-ef9736e882c4

    The MIL Network

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

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

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

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

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

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


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


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

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

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

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

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

    What’s a big win for China?

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

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

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

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

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

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

    Sticking points

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI – Global Reports

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

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    May 14, 2025

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

    MIL OSI USA News

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

    Source: Washington State News 2

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

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

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

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

    US 12/Old Highway 9 Roundabout Online Open House

    When:  Wednesday, May 14 to Wednesday, May 28

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

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

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

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

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

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 14 May 2025

    PRESS RELEASE

    Results of the Annual General Meeting of GAM Holding AG

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

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

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

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

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

    Re-elections and elections to the Board of Directors

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

    Compensation decisions

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

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

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

    Additional information

    AGM Portal |  2024 Sustainability Report  |  GAM corporate calendar

    For further information please contact:

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

    Visit us: www.gam.com
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    About GAM

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

    Other Important Information

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

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

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

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    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

    FINANCIAL HIGHLIGHTS 

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

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

    Business Outlook

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

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

    About Track Group, Inc.

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

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

    Forward-Looking Statements

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

    Non-GAAP Financial Measures

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

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

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

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

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

    The MIL Network

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

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

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

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

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

    ###

    MIL OSI USA News

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

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

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

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

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

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

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

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

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

    The Minister highlighted successful examples already underway, including:

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

    Minister Smyth added:

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

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

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

    Notes for Editors

    What is a Charter for Digital Inclusion:

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

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

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

    Addressing it involves strong commitments in the following areas:

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

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

    Charter for Digital Inclusion Principles:

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

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

    Commitments for Digital Inclusion:

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

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

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

    ENDS

    MIL OSI Europe News

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

    US Senate News:

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

    MIL OSI USA News

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

    US Senate News:

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

    MIL OSI USA News

  • MIL-OSI USA: Recognized Again Among Nation’s Best for Patient Experience

    Source: US State of Connecticut

    For the third consecutive year, the national health care consumer platform Healthgrades recognizes UConn’s John Dempsey Hospital with its Outstanding Patient Experience Award.

    In addition to her roles as UConn Health’s chief nursing officer and John Dempsey Hospital’s chief operating officer and vice president for quality and patient care services, Caryl Ryan is serving as the interim vice president for patient experience. (Tina Encarnacion/UConn Health)

    The distinction is a direct result of positive patient feedback in several critical areas of care, putting John Dempsey Hospital among the top 10% of hospitals nationwide for patient experience.

    “This recognition is based on an objective analysis of patient perceptions reflective of care received,” says Caryl Ryan, chief nursing officer and the UConn John Dempsey Hospital chief operating officer and vice president for quality and patient care services, who also is serving as interim vice president for patient experience. “The fact that our patients consistently recognize our overall clinical excellence is a tremendous honor and further validation of our efforts across the hospital to continue to deliver high-quality care to our patients.”

    UConn Health’s is one of only two hospitals in Connecticut to earn a 2025 Outstanding Patient Experience Award, and is the only hospital in the state to win it three years running.

    “This award is an affirmation of our outstanding commitment to meeting the needs of patients across a wide range of important aspects of health care,” says Dr. Scott Allen, UConn Health’s chief medical officer and the hospital’s medical director of clinical effectiveness and safety. “Being recognized three years in a row means that we are consistently patient-centric in our approach to patient care.”

    Dr. Scott Allen is UConn Health’s chief medical officer and the UConn John Dempsey Hospital medical director of clinical effectiveness and safety. (Tina Encarnacion/UConn Health photo)

    Each year, Healthgrades recognizes the top hospitals nationwide that provide an exceptional experience for their patients during their hospital stay. As part of its annual analysis, Healthgrades evaluated more than 3,000 hospitals that submitted at least 100 Hospital Consumer Assessment of Healthcare Providers and Systems surveys, covering admissions from January 2023 to December 2023.

    To determine the recipients of the Outstanding Patient Experience Award, Healthgrades applies a scoring methodology to 10 patient experience measures. These measures focus on patients’ perceptions of their hospital care, including staff communication, medication explanations, and cleanliness.

    “We commend John Dempsey Hospital for going above and beyond to ensure patients have the best possible experience during their hospital stay and recovery process,” says Dr. Debra Gradick, senior physician consultant at Healthgrades. “Better patient experiences lead to better health outcomes, which is why it’s so important for patients to choose a hospital that excels at providing high quality, compassionate care.”

    Learn more about Healthgrades’ methodology for its Outstanding Patient Experience Awards.

    In addition to annual patient experience accolades in the spring, Healthgrades announces top hospitals in more than 30 specialties in the fall. Last fall, John Dempsey Hospital Earned Five-Star Ratings In Four Areas: upper gastrointestinal surgery, treatment of pneumonia, treatment of pulmonary embolism, and treatment of sepsis.

    MIL OSI USA News

  • MIL-OSI USA: Attorney General James Sues Capital One for Bait-and-Switch Tactics That Cost Customers Millions

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today sued Capital One N.A. and Capital One Financial Corporation (Capital One) for cheating its online savings account customers out of millions of dollars in interest payments. The lawsuit alleges that Capital One marketed its “360 Savings” accounts as “high interest” accounts with “one of the nation’s best savings rates” that would earn its customers more than an average savings account. In reality, while interest rates rose nationwide, Capital One kept the interest rates for its 360 Savings accounts artificially low. Instead, Capital One created “360 Performance Savings,” a nearly identical type of savings account that provided much higher interest rates than 360 Savings – at one point, more than 14 times higher. Capital One intentionally misled its 360 Savings customers about the existence of its 360 Performance Savings product to avoid paying them millions of dollars in interest. With this lawsuit, Attorney General James seeks to hold Capital One accountable and provide restitution to consumers who were cheated out of the interest they thought they were earning.

    “New York families work hard to save money for their futures, and they deserve every dollar of interest they are promised,” said Attorney General James. “Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice. Big banks are not allowed to cheat their customers with false advertising and misleading promises. I will always fight to protect New Yorkers’ wallets and prevent banks from ripping off consumers to boost their own bottom lines.”

    A high-interest savings account is a bank account that pays depositors a higher interest rate than a traditional savings account. Capital One marketed 360 Savings as its “high interest” savings account product with “a great everyday rate,” promising customers: “Your money will earn much more than what it would in an average savings or money market account…What’s the catch? There is none.”

    However, beginning in September 2019, Capital One introduced a new type of savings account called 360 Performance Savings that paid much higher interest rates. As interest rates rose nationwide beginning in 2022, Capital One froze its 360 Savings rate at 0.3 percent and increased its 360 Performance Savings rate to as high as 4.35 percent, leaving 360 Savings customers with a below average interest rate. Instead of encouraging 360 Savings customers to upgrade their existing accounts, Capital One worked to keep them in the dark about the availability of the new product.

    As Attorney General James alleges in the lawsuit, while Capital One promoted its 360 Performance Savings accounts to existing customers, it did not notify its 360 Savings customers of the chance to earn more interest. Capital One even instructed its employees not to tell 360 Savings customers about the new product unless they explicitly asked.

    Capital One removed 360 Savings from its website and completely replaced it with 360 Performance Savings, concealing that 360 Savings and 360 Performance Savings existed as separate and distinct products with different interest rates. By doing so, Capital One created a secret, two-tier system of savings accounts in which only new accounts received the high interest rates that Capital One advertised.

    With compound interest, even a small difference in rates adds up over time to create large differences in savings, meaning customers who stayed in 360 Savings accounts lost out on significant interest payments. A customer who put $10,000 in a 360 Savings account in September 2019 would have earned $186 of interest after five years. If the same customer had switched to a 360 Performance Savings account, they would have earned $1,090 of interest over the same period. Collectively, New York customers lost out on millions of dollars of interest compared to what they would have received with 360 Performance Savings accounts, while Capital One pocketed the difference.

    Attorney General James alleges Capital One’s actions violate state and federal law by misleading customers about whether 360 Savings was Capital One’s only high-interest savings account, and about the interest rate for 360 Savings accounts. The Consumer Financial Protection Bureau sued Capital One in January over similar allegations, but voluntarily dropped its lawsuit, along with a slew of other lawsuits, after a change in leadership. The action brought by Attorney General James seeks to ensure that Capital One does not escape accountability, by seeking restitution and damages for all affected Capital One customers, disgorgement of profits Capital One made by illegally misleading its customers, and penalties.

    This matter is being handled by Assistant Attorney General Jason E. Meade with the Consumer Frauds and Protection Bureau. The Consumer Frauds and Protection Bureau is led by Bureau Chief Jane M. Azia and Deputy Bureau Chief Laura J. Levine, and is a part of the Division of Economic Justice, which is overseen by Chief Deputy Attorney General Chris D’Angelo and First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News

  • MIL-OSI Economics: Reimagining WTO Dispute Settlement: a business case for mediation

    Source: International Chamber of Commerce

    Headline: Reimagining WTO Dispute Settlement: a business case for mediation

    Mediation: A forgotten piece in WTO dispute resolution

    Most trade frictions never reach WTO dispute settlement. Many business concerns – licensing delays, technical barriers or opaque procedures – disrupt trade but are too small, sensitive or costly to escalate to formal dispute settlement.

    That’s where alternative dispute resolution (ADR), and more specifically mediation, comes in. WTO rules already allow for it, but the tool has not been used, among other things, due to a lack of clear procedures.

    That’s changing.

    As part of the WTO reform process, WTO Members are discussing procedural rules to make mediation a workable option – and we can help accelerate this process by supporting governments willing to pilot mediation in practice.

    Why it matters

    For business

    Companies face real costs from unresolved trade frictions. Mediation offers a practical and quicker way to resolve issues – and businesses can help identify where it’s needed.

    For governments

    Mediation gives WTO Members a lower-risk, lower-cost path to resolve trade issues early. It is especially important for developing countries that may lack resources for litigation.

    The benefits of WTO mediation

    • Enables early, informal resolution of trade concerns
    • Reduces time, cost, and legal burden
    • Promotes cooperation—not confrontation
    • Offers a flexible and confidential process
    • No imposed ruling—outcomes are mutually agreed

    What we are doing

    ICC is advocating for the use of ADR, and in particular mediation within the WTO dispute settlement system as part of broader reform efforts. Drawing on ICC’s extensive experience as the world’s leading institution in cross-border dispute resolution, we’re supporting efforts to make mediation a practical option for resolving trade frictions more effectively.

    How you can get involved

    We are actively seeking companies with unresolved trade concerns who are willing to engage their governments in pilot mediation cases. These cases can help demonstrate how WTO mediation can deliver fast, practical outcomes and strengthen trust in the rules-based system.

    Contact Valerie Picard, Head of Trade, ICC, Valerie.Picard@iccwbo.org to learn more or explore a pilot case.

    Related publications

    MIL OSI Economics

  • MIL-OSI USA: News 05/14/2025 Blackburn, Blumenthal, Thune, and Schumer Introduce the Kids Online Safety Act

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Richard Blumenthal(D-Conn.) were joined by U.S. Senate Majority Leader John Thune (R-S.D.) and U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) in introducing the bipartisan Kids Online Safety Act (KOSA). Last July, the Senate approved KOSA – the first major reform to the tech industry since 1998 – in an overwhelming 91-3 bipartisan vote. 

    “Big Tech platforms have shown time and time again they will always prioritize their bottom line over the safety of our children, and I’ve heard too many heartbreaking stories to count from parents who have lost a child because these companies have refused to make their platforms safer by default,” said Senator Blackburn. “We would never allow our children to be exposed to pornography, sexual exploitation, drugs, alcohol, and traffickers in the physical space, but these platforms are allowing this every single day in the virtual space. Congress must not cave to the wills and whims of Big Tech, and we must not be bullied into submission. Now is the time to stand up and protect future generations from harm by passing KOSA.”   

    “Senator Blackburn and I made a promise to parents and young people when we started fighting together for the Kids Online Safety Act – we will make this bill law. There’s undeniable awareness of the destructive harms caused by Big Tech’s exploitive, addictive algorithms, and inescapable momentum for reform,” said Senator Blumenthal. “I am grateful to Senators Thune and Schumer for their leadership and to our Senate colleagues for their overwhelming bipartisan support. KOSA is an idea whose time has come – in fact, it’s urgently overdue – and even tech companies like X and Apple are realizing that the status quo is unsustainable. Our coalition is bigger and stronger than ever before, and we are committed to seeing this measure protecting children on the internet signed into law.”

    “I have been a longtime advocate for holding Big Tech accountable for its manipulative algorithms,” said Majority Leader Thune. “Consumers deserve more transparency about how these platforms amplify and suppress content, which is why I’m proud to support the Kids Online Safety Act. Senator Blackburn has done a tremendous amount of work to deliver a bill that takes real steps to empower families and mitigate the harm social media can do to children, and I’m grateful for her leadership on the issue.”

    I am proud to support this bipartisan legislation which provides necessary guardrails to protect our kids. Too many kids have had their personal data collected and used nefariously. Too many families have lost kids after they took their own lives because of what happened to them on social media,” said Minority Leader Schumer. “I thank these brave parents and families for sharing their stories. Keeping our kids safe from online threats should not be a partisan issue, I thank my Senate colleagues for championing these bills and I look forward to swift passage.”

     BACKGROUND

    • Last month, bombshell reporting revealed Meta’s latest failure to protect minors from harm after AI-powered digital chatbots engaged in sexually explicit discussions with underaged users on its platforms. Following this report, Senators Blackburn and Blumenthal sent a letter demanding accountability. 
    • Earlier this month, an additional report revealed Instagram’s automated software systems recommended child groomers connect with minors on the app and made it easier for them to find victims, according to a 2019 internal document presented by the Federal Trade Commission (FTC). The report noted that minors made up 27% of the follow recommendations that the social media app surfaced to groomers, and about one-third of the reports flagging inappropriate comments to the company came from minors.
    • The bill text introduced today was first announced in December and is the same language approved by the Senate with several changes to further make clear that KOSA would not censor, limit, or remove any content from the internet, and it does not give the FTC or state Attorneys General the power to bring lawsuits over content or speech.
    • KOSA is strongly supported by a broad coalition of parents who have tragically lost their children or whose kids have been severely harmed by Big Tech, young people who want to regain control over their online lives, and hundreds of advocacy groups and experts who study and see the negative effects of social media firsthand in their communities.

     ENDORSEMENTS 

    This legislation has been endorsed by more than 250 national, state, and local organizations. Today, Appleannounced its endorsement of the legislation, and the bill has also garnered broad conservative support from key advocates like Elon Musk, Donald Trump Jr., Kellyanne Conway, Harmeet Dhillon, Richard Grenell, Sebastian Gorka, and more.

    “Apple is pleased to offer our support for the Kids Online Safety Act (KOSA). Everyone has a part to play in keeping kids safe online, and we believe [this] legislation will have a meaningful impact on children’s online safety,” said Timothy Powderly, Senior Director, Government Affairs, Americas, Apple.

    “I lost my 16-year-old son Mason in November of 2022 when he took his own life. This was only after he was inundated for several weeks by TikTok videos promoting suicide. There are no words to express the pain my family now lives with every single day. Big Tech will always put their profits over the safety of American children and it is my hope that this bipartisan legislation will quickly pass through the current Congress. Unlike Big Tech there is nothing more important to American families than our children and we need help to protect them from these dangerous platforms.” said Jennie Deserio, mother of Mason James Edens, forever 16. 

    “We are so grateful to Senators Blackburn and Blumenthal for reintroducing the Kids Online Safety Act as the need for this bill remains profound. . We have waited and fought long enough, yet our children continue to face severe harms in online spaces where they should feel safe. This legislation is a collective plea from parents, like me, and in remembrance of my daughter Annalee, for meaningful social media reform. Another Mother’s Day and another full year has passed without my daughter and with our children’s futures at stake. It’s past time for change. Children deserve to have their voices heard, their rights protected, and their well-being prioritized by Congress,” said Lori Schott, mother of Annalee Schott, forever 18.

    “I am so relieved today that Senators Blackburn and Blumenthal have reintroduced the Kids Online Safety Act (KOSA). Yet, it’s only a small victory – we still desperately need Congress to actually act on this popular, bipartisan bill and make it law. My daughter, Emily, died by suicide after a year of intense cyberbullying when she was only 17. Last year, we were so close to protecting other children from the same unthinkable fate when the Senate passed this bill and it was heartbreaking when it later stalled in the House. Too many parents like me have paid the ultimate price because of Big Tech’s greed and recklessness towards children’s lives. Our lawmakers must no longer allow this to continue unchecked. This must end now by passing KOSA,” said Erin Popolo, mother of Emily Michaela Murillo, forever 17.

    “I am so thankful for brave leaders like Senator Marsha Blackburn and Senator Richard Blumenthal who are willing to stand-up to Big Tech and support the Kids Online Safety Act (KOSA), a popular bipartisan bill that will provide important protections for youth online. My 17-year-old son, Alex Peiser, died by suicide after he was bullied online and sent pro-suicide memes on his private Instagram account, three days after a break-up.  If KOSA had been in effect, protections would have been in place that might have prevented his death.  Congress had a remarkable opportunity last year to make KOSA law and implement the first reforms of social media in more than 25 years. They can stand together now for children’s online safety by passing KOSA this session without delay,” said Sharon Winkler, mother of Alex Peiser, forever 17.

    “I lost my son Walker December 1, 2022, to suicide after he became  a victim of sextortion. Walker was attacked through Instagram where a man from Nigeria was able to extort him over a sexually explicit video. Today, I attended Walker’s school where we honored the  seniors. Walker’s classmates are graduating this week and he should be there. As long as tech companies have the ability to self-regulate we will continue to lose other teens just like Walker. Thank you Senator Blackburn and Blumenthal for standing up to this industry,” said Brian Montgomery, father of Walker Montgomery, forever 16

    “For years, grieving parents have shown up to tell their stories, and Congress has promised to act. The Kids Online Safety Act (KOSA) has been vetted, revised, and supported by both parties—and it would give families the tools they desperately need to protect their children. After coming so close last year, there’s no excuse for letting this moment slip away, KOSA’s reintroduction is a second chance we cannot afford to waste,” said Maurine Molak, mother of David Molak, forever 16, co-founder of David’s Legacy Foundation & ParentsSOS.

    “Thank you Senators Blackburn and Blumenthal for your leadership with the Kids Online Safety Act (KOSA). Our son, Devin Norring, died at the age of 19 to fentanyl poisoning after a drug dealer connected with him on Snapchat. Devin was just trying to manage his pain during the COVID lockdown from a cracked molar, but instead he was targeted and lost his life. No parent should ever have to endure this immense pain that we are now forced to live with every day. KOSA is a vital step toward giving families the tools they need to protect their children online while also holding tech companies accountable. Your efforts mean more than we could ever express to families like ours who are fighting every single day to make sure this doesn’t happen to anyone else,” said Bridgette & Tom Norring, parents of Devin Norring, forever 19.

    “We are so proud of and encouraged by Senator Blumenthal’s and Senator Blackburn’s reintroduction of KOSA. This legislation is timely and needed for America’s children and families. We still feel the loss of our son, Matthew E. Minor, every day. Matthew was a bright and loving child who, at age 12 was exposed to a viral online challenge sent to him by social media’s relentless algorithms. Tragically, he tried it, and accidentally asphyxiated himself. Every delay in passing this bill means putting more of our precious children’s lives at risk. We live with the overwhelmingly tragic memories of losing our child constantly and want to keep other families from experiencing the same pain . As a nation, we are as complicit as Big Tech if we do nothing to improve the safety of social media. Regulations, like those required in KOSA, should be in place to help mitigate online harms.  It’s time that Congress says yes to keeping our children safe online. Pass KOSA Now!!” said Todd & Mia Minor, Parents of Matthew E. Minor, forever 12, co-founders of the Matthew E. Minor Awareness Foundation.

    “The shattering loss of my joyful daughter Grace thirteen years ago compelled me to repeatedly speak out about social media dangers to anyone who would listen. Smartphones and social media were new then and I felt I had an alarm bell to ring. That bell is still clanging and though risk and harm to our children is now clear, rescue has failed to arrive and children are still dying. Senators Blumenthal and Blackburn bring hope with the reintroduction of Kids Online Safety Act (KOSA). Last year, Senators of all stripes sat down with parents, shared our grief, learned about the many and varied harms our children suffered, and then passed KOSA by a resounding 91 to 3 vote. It should have been smooth sailing through the U.S. House as well, but Leadership wouldn’t even meet with parents or bring this lifesaving legislation to the floor for a vote. If they fail once more, it won’t be for lack of evidence. It will be because they chose Big Tech’s money over the lives of American children again,” said Christine Pfister McComas, mother of Grace, forever 15, Grace McComas Memorial.

    “I lost my son, Erik Robinson to accidental asphyxiation 15 years ago when he was just 12-years-old because of a viral challenge that others had promised was “safe.” Back then we had no idea that algorithms targeted kids with such dangerous material. However, we now know that these platforms are only out to make money and do not care how their platforms target and affect children. It breaks my heart that thousands of other kids have also died since Erik’s death as a result of an immense menu of harms that target kids online. Legislation like the Kids Online Safety Act (KOSA) would help mitigate many of these harms and save lives. I urge Congress to say “yes” and help keep kids safe with KOSA,” said Judy Rogg, mother of Erik Robinson, forever 12, Co-founder and Director of Erik’s Cause.

    “It’s been more than four years since I lost my son, Riley, to suicide when he was only 15 years old after a sinister stranger found him on Facebook and sextorted him. One of the few ways I’ve found to cope since then is to advocate for social media reforms that will protect other children from the abuse Riley experienced. Which is why the reintroduction of the Kids Online Safety Act (KOSA) is so critical. This transformative legislation will finally hold Big Tech accountable for the algorithms and designs they use to prey on the most vulnerable among us simply because it adds to their hefty bottom line. It’s unconscionable and Congress must step in now to require they create a safer product, because we know they can. KOSA will do just that,” said Mary Rodee, mother of Riley Basford, forever 15

    “My world imploded in May 2019 when my 15-year-old son Mason died of accidental asphyxiation. The cause? The ‘blackout challenge,’ a viral social media trend. No child should die because they were innocently scrolling online and no product manufacturer, in this case Big Tech, should be allowed to peddle such harmful products. Cars have to have seat belts. Milk has to have an expiration date. Social media platforms should be required to have meaningful, effective, safety features as well. The Kids Online Safety Act (KOSA) includes those necessary guardrails by mandating a change to the algorithms that send kids such destructive content unsolicited. If Congress would finally pass this bill and make it law, it would be a complete game-changer for children and families across America.” said Joann Bogard, mother of Mason Bogard, forever 15.

    “There’s a lie going around that vigilant parents – the ones who regularly check their children’s phones, read their texts, are “friends” on their feeds – can keep their kids safe online. I learned in the absolute worst way how untrue this is. I lost my daughter Coco, just 17, after an Instagram drug dealer sold her counterfeit Percocet laced with fentanyl. We parents are no match for Big Tech and their multi-million-dollar lobbying arm working tirelessly to keep their products unregulated so they can earn billions off of our kids, no matter the harm caused along the way. The Kids Online Safety Act (KOSA), would finally put an end to this uncontrolled greed and I know it would have saved Coco’s life. It came so close to passage last year and I am so grateful to Senators Blackburn and Blumenthal for not giving up and reintroducing it again now. I can only hope this time around their Congressional colleagues will see fit to choose kids over Big Tech’s profits and make KOSA law once and for all,” said Julianna Arnold, mother of Lucienne “Coco” Konar, forever 17.

    “My daughter McKenna was an accomplished athlete and scholar, kind to her core, and deeply loyal to those she loved. She had such a promising, rich, life ahead of her. But three years ago she died by suicide after being horribly cyberbullied on social media. She was only 16. Had the Kids Online Safety Act (KOSA) been law, I am certain she would still be with us today. This bill requires that social media platforms take a safety-by-design approach, which is the precise opposite of their profits-at-any-cost approach right now. KOSA would make sure that too-often lethal harms like cyberbullying are no longer allowed to run rampant, ruining children’s and family’s lives forever. Thank you to Senators Blumenthal and Blackburn for reintroducing this life-saving bill. I urge every lawmaker in D.C. to pass KOSA without delay,” said Cheryl Brown, mother of McKenna Brown, forever 16

    “My son Bubba was just 13 years old when he died by accidental asphyxiation after trying a so-called viral ‘challenge’ he saw online. He was a brilliant student, full of promise, and he never should have been exposed to content that could cost him his life. That responsibility lies with Big Tech CEOs who have built business models that exploit our children’s attention with no regard for their well-being. Last year, the Senate overwhelmingly passed KOSA, proving that protecting kids online is not a partisan issue. But the House failed to act. That’s why I’m incredibly grateful to Senators Blumenthal and Blackburn for reviving this critical bill. KOSA is long overdue. I truly believe my son would still be here today if these safeguards had been in place. My plea to lawmakers is simple: Congress hasn’t passed a single meaningful law to protect kids online in 25 years. How many more children have to die before you finally hold Big Tech accountable?” said Annie McGrath, mother of Griffin “Bubba” McGrath, forever 13.

    “I have sat across from lawmakers on both sides of the aisle and told Becca’s story time and again. And still, there are no meaningful protections in place to prevent this from happening to another child. That is why the Kids Online Safety Act is so important. KOSA would finally require companies to design for safety instead of profit and give parents a fighting chance to protect their kids. I urge every member of Congress: do not let another year pass without action. Our children deserve better,” said Deb Schmill, mother of Becca Schmill, forever 18, Founder of the Becca Schmill Foundation

    “Selena was just 11 when she died by suicide after being exploited and overwhelmed on social media. I tried everything to protect her, but social media platforms like Snapchat were designed to pull her in and shut me out. KOSA would give parents a fighting chance. It would force companies to put safety first, and finally make them answer for the harm they’ve caused to families like mine through exposure to harmful cyberbullying. The reintroduction of KOSA represents a vital opportunity for Congress to finally implement necessary safeguards, ensuring that no other child falls victim to the same preventable dangers that took Selena from us,” said Tammy Rodriguez, mother of Selena Rodriguez, forever 11

    “My son Alexander was 14 when he died from fentanyl poisoning after a drug dealer on Snapchat sold him counterfeit oxycontin that had enough fentanyl to kill four adults. There should have been social restrictions in place to prevent his death and there should be such restrictions in place now. Congress had an opportunity to stop further online harms from happening by passing KOSA in 2024, the Senate prevailed and the House failed us and America’s children. I commend Senators Blackburn and Blumenthal for stepping up to the plate again and only hope that House Leadership will follow suit this time around and stop making profits a priority over children’s lives,” said Amy Neville, mother of Alexander Neville, forever 14

    “My son Ethan was 13 when he died as a result of accidental asphyxiation after participating in the online ‘Blackout Challenge.’ Had KOSA been in place, there is no doubt that my son would still be alive. Congress had an opportunity to save more children’s lives last year by passing KOSA, the Senate stepped up, but the House failed to do so. Now is the time for Congress to redefine the narrative and to stop allowing Big Tech to win and to stop them from killing more children. It is time for Congress to do the right thing and pass KOSA this year,” said Jeff Van Lith, father of Ethan Burke Van Lith, forever 13.

    “KOSA is the first bill that would make these companies, like iFunny and Snapchat, responsible for preventing the kinds of harm that took my son from me. Congress has a second chance to do something real. We need them to take it,” said Michelle Servi, mother of Jack Servi, forever 16.

    “The Kids Online Safety Act gives parents the tools they need—and have long pleaded for—to effectively oversee their children’s social media use. The legislation rightfully requires platforms to prioritize the well-being of young users over algorithms and design features that maximize user engagement. While some platforms have elected to implement varying degrees of safeguards, the Kids Online Safety Act creates consistency, fosters transparency, and critically, holds platforms accountable for profiting from addictive features and child exploitation,” said Annie Chestnut Tutor, Policy Analyst, Center for Technology and the Human Person, The Heritage Foundation.

    “Our children need online protection plain and simple. The amount of victimization that occurs online is staggering.  Law enforcement cannot protect our children in the current online environment, that is why KOSA is so important to our children,” said John Pizzuro, CEO of Raven.

    “Every day, catastrophic numbers of children are exploited on social media platforms that have no protective guardrails. The proliferation of adult content and bad actors make the internet a perilous place for kids. The Kids Online Safety Act would introduce basic, commonsense protection that make these platforms safer for minors. Internet protections have not been updated by Congress since 1998, long before many of these platforms existed. It’s imperative that Congress act now to protect America’s kids,” said Penny Nance, CEO and President of Concerned Women for America Legislative Action Committee.

    “I’m pleased the Senate has re-introduced the Kids Online Safety Act (KOSA). There is indisputable harm happening to children at an industrial scale—reaching literally millions of children. KOSA would begin to address those harms. Parents say this is the #1 issue, above school violence, drugs, and bullying. Free speech protections are enshrined in explicit language in the bill. I look forward to lauding the efforts of all who see this bill through,” said Jonathan Haidt, social psychologist and author of The Anxious Generation.

    “The reintroduction of KOSA is a test of whether Congress will finally stand with families instead of Big Tech. This bill has withstood years of scrutiny, has enormous bipartisan support, and is the only federal legislation that addresses the wide range of design-caused harms experienced by children every day online. Lawmakers must seize this moment and finally deliver the protections children need,” said Josh Golin, Executive Director of Fairplay.  

    “Protecting children is the most basic human decency. The technology world that has come into being over the last 20+ years has been strip-mining the minds of our next generation for profit. They have been darkening their souls. They have been playing to their fears and walling them up in their anxieties. And their vision is now to use the very isolation and instability that they have created and catalyzed to create dependence on them through AI. The Kids Online Safety Act will stop this. It will turn the page on the harms many kids have suffered and protect the next generation. It will hold the companies that have done this accountable,” said Tim Estes, Founder & CEO of AngelQ.

    “The Eating Disorders Coalition for Research, Policy & Action remains committed to the passage of KOSA. We are encouraged to see the bill being reintroduced in the Senate and look forward to working with Congressional members to protect vulnerable young people against online harms,” said Christine Peat, PhD, FAED, LP, President of the Eating Disorders Coalition for Research, Policy, & Action.

    “Street Grace is honored to support KOSA. We envision a world where no child is exploited and KOSA puts America on that path by adding transparency and accountability to the sites and platforms which are currently advertising to children with zero safeguards in place,” said Bob Rodgers, CEO of Street Grace.

    “The Kids Online Safety Act (KOSA) represents a vital and overdue step toward protecting our children from the growing threat of online exploitation. These predators are not abstract threats – they are in our homes, on our children’s phones, in their games, and across every digital platform they use daily.  We need KOSA because our current system is failing our children.  This legislation provides essential guardrails to ensure tech companies are accountable for the safety of minors and are required to design their platforms with the well-being of children in mind – not profit,” said Tammy Sneed, Director of Engage Together.

    “This bill is a critical step toward holding tech companies accountable for designing online platforms with child safety in mind. For too long, predators have exploited the internet’s blind spots to target children for grooming and trafficking. By requiring platforms to proactively mitigate these harms and provide greater transparency and control to families, this legislation puts the safety of children first. We urge lawmakers to swiftly pass this bill and send a clear message: protecting children online is not optional—it’s a responsibility,” said Linda Smith (U.S. Congress 1995-99, Washington State Senate/House 1983-94), Founder & President of Shared Hope International.

    “Parents have been left on their own to try to fend off a massive tech-induced crisis in American childhood from online platforms that are engineered to be maximally addictive. And the tech companies face zero accountability for how their products harm children, like how their algorithms help connect predators with child victims online. KOSA offers a needed solution by making social media platforms responsible for preventing and mitigating certain objective harms to minors, like sexual exploitation, in their product design and empowering authorities to hold them accountable if they don’t. It’s time to end Big Tech’s total impunity,” said Clare Morell, Fellow at the Ethics and Public Policy Center

    “In this digital age, the number of cybertips has skyrocketed from 1 million in 2012 to 36 million in 2023. Now more than ever, it is crucial to protect our children by ensuring they receive online safety training and by enacting legislation like the Kids Online Safety Act to hold tech platforms accountable and implement necessary safeguards,” said Ashlie Bryant, CEO of the 3Strands Global Foundation.

    “Count on Mothers fully endorses KOSA. After surveying mothers across the political spectrum and all U.S. regions, and conducting a nationally representative focus group, we found overwhelming support for KOSA’s protections. Mothers are demanding accountability and a clear duty of care from tech companies. Across backgrounds and beliefs, they agree: it’s time for the federal government to require social media platforms to offer minors the tools to protect their privacy, safety, and mental health from addictive and harmful product designs,” said Count on Mothers

    “The Kids Online Safety Act (KOSA) demands that the sanctity of family and the sacredness of childhood be treated as national priorities. American families cannot withstand this digital crisis without real protections and accountability for an industry that has gone unchecked for far too long. KOSA offers an indispensable shield for children, guarding them against corporate greed and reckless harm through a commonsense approach to online safety,” said Jason Frost, CEO of Wired Human.

    “KOSA supports Digitally Intentional’s mission by prioritizing protection over profit, empowering families and safeguarding children from the manipulative corporate practices of Big Tech. Passing KOSA renews our nation’s commitments to another generation and for our country’s future,” said Harrison Haynes, Founder of Digitally Intentional and Chair of End OSEAC Survivors Council.

    “We are grateful to the United States Senators that they are unflagging in their efforts to get the Kids Online Safety Act passed. This is no time for politics. America’s children are suffering from the worst mental health crisis in recorded history, and the literature is increasingly clear that the main driver is digital addiction. Social media are rife with abusive environments for children who get swept down dark rabbit holes by opaque algorithms. To make matters worse, the rise of A.I. chatbots that trick kids into friendships and romantic relationships with artificial corporate products that are perfectly attuned to their shifting moods, will only make it more critical than ever that we pass the Kids Online Safety Act. The time is now,” said Michael Toscano, Director of the Family First Technology Initiative

    “Passing KOSA is a significant step forward toward protecting kids from the harms of Big Tech.KOSA’s targeted, bipartisan approach ensures that parents have the ability to protect their kids online from those features and designs that hurt their development and mental health. This is simply a win for parents, children, and consumers all around,” said Joel Thayer, President of the Digital Progress Institute

    “When companies like Meta enable a new AI chatbot to have sexually explicit conversations with child accounts, or when TikTok provided a platform for adults to pay teens to strip on its LIVE feature, it is clear that it is past time to hold Big Tech accountable. Congress has a major role in ensuring tech platforms prioritize child safety by reintroducing and passing the Kids Online Safety Act,” said Melissa Henson, Vice President of Parents Television and Media Council.

    “We strongly support the Kids Online Safety Act as a critical step toward protecting the health, safety, and well-being of children and teens in the digital age. Online platforms play an increasingly central role in the lives of young people, it is imperative that we hold technology companies accountable for the environments they create and maintain. We commend the bipartisan leadership behind the Kids Online Safety Act and urge lawmakers to pass this legislation without delay. Protecting children online is not a partisan issue—it is a moral imperative,” said the Paving The Way Foundation.

    “Social media companies continue to abjectly fail the most basic test of any society: protecting children. Big Tech has consistently shown that it cares more about its profit margins than about child safety. The harm needs to stop. It’s past time that Congress pass the Kids Online Safety Act,” said Chris Griswold, Policy Director of American Compass

    “Online exploitation is a borderless crime that transcends jurisdictions and preys on the most vulnerable—our children. KOSA is a critical step towards safeguarding digital spaces and setting an example for other governments to combat this global threat. Protecting children online is not just a policy imperative; it is a moral obligation,” said Anne Basham, Chair of the Interparliamentary Taskforce on Human Trafficking.

    “In light of the disturbing reality that some social media services and platforms have become increasingly addictive and even toxic to kids, The Kids Online Safety Act is common sense and necessary  legislation that when enacted, will hold platforms accountable to restrict targeted advertising to children, disable addictive online platform features, provide the option to opt out of algorithmic recommendations, and enforce the highest privacy settings for accounts used by minor children. Enough Is Enough applauds the leadership of KOSA cosponsors Senator Blackburn and Senator Blumenthal for reintroducing this critical bill and the overwhelming bi-partisan support of the U.S. Senate last session. We join our allies in urging both the Senate and the House to prioritize the passage of KOSA soonest. The human cost of delay is severe. Kids are dying. Protecting the lives, innocence and dignity of children online is a non-partisan issue with wide bi-partisan support,” said Donna Rice Hughes, CEO/President, Enough Is Enough

    “These platforms fail to disclose their addictive nature or the harms associated with their use. Our children deserve transparency, safety measures, and tools, not exploitation, by default. Why is this so hard? Thank you, Senator Blackburn, for consistently standing in the gap with parents. This time, let’s get it done!” said Chris McKenna, Founder of Protect Young Eyes

    Click here for bill text.

     RELATED 

    MIL OSI USA News

  • MIL-OSI United Kingdom: Completion of £6m public realm scheme marks transformational investment for Banbridge

    Source: Northern Ireland City of Armagh

    The revitalisation of Banbridge town centre has been officially celebrated today – Wednesday 14 May – with the launch of the completed Banbridge public realm scheme.

    The £6 million investment has transformed the heart of the town into a safer, more accessible, and more vibrant destination for residents, businesses and visitors alike.

    Lord Mayor, Councillor Sarah Duffy welcomed the Department for Communities Minister Gordon Lyons to the town to see the improvements which were jointly funded by Armagh City, Banbridge and Craigavon Borough Council, DfC and the UK Government’s Shared Prosperity Fund.

    The scheme represents a significant milestone in the regeneration of the town, enhancing its distinctive heritage while providing a more modern, functional and attractive public space.

    Speaking at the event, Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Sarah Duffy, said:

    “The completion of this major public realm scheme is a moment of real pride for Banbridge. It not only preserves and enhances our rich built heritage but also reimagines the town centre as a dynamic, accessible and welcoming place for all. With improved walkways, lighting, civic spaces and streetscapes, this investment lays the foundation for continued economic growth, community connection and future cultural events. I want to thank everyone involved in this project, including the contractors, our local businesses and the Department for Communities, for their support and commitment to Banbridge’s future.”

    Delivered by Fox Building and Engineering Limited, the scheme commenced in May 2023 and included a wide range of infrastructure improvements across the town centre. New natural stone paving, granite kerbs, widened and resurfaced footpaths, enhanced wayfinding, increased cycle parking and tree planting have all contributed to a high-quality, better-connected streetscape.

    The event also celebrated the success and continuation of the Empty to Occupied Scheme funded by DfC. This programme is aimed at targeting dereliction across the borough by refurbishing buildings and making them fit for purpose and ready to occupy, thus improving the vitality of our high streets, creating jobs and increasing footfall.

    To date, 10 new units have been refurbished, with seven of these already back into commercial use. By the end of the programme, it is anticipated that funding of £751,277 will have leveraged £1,185,740 of private investment. Within five years, the return on public investment will equate to £2 for every £1 of public money.

    Communities Minister Gordon Lyons welcomed the investment in Banbridge, saying:

    “It is good to see the completion of Banbridge Public Realm, which has genuinely enhanced the centre of Banbridge, adding to its attraction as somewhere to visit, shop, work and invest in. In addition, the Empty to Occupied Scheme is a great example of tackling vacancy and bringing new life into the town. My Department’s funding has enabled both schemes to be delivered and it shows what positive results can be gained through collaborative working with our colleagues in Armagh City Banbridge & Craigavon Borough Council.”

    Chair of Banbridge Chamber of Commerce, Michael Donaghy, commented: 

    “This investment is a vote of confidence in the future of Banbridge. The improvements have already made a positive difference to the way people experience our town, with improved access and an environment that reflects our rich history while supporting modern-day business. The new civic plaza and upgraded infrastructure will attract more visitors and shoppers, helping to stimulate our local economy and support our business community.”

    The Banbridge Public Realm Scheme is part of Council’s wider regeneration programme aimed at supporting sustainable town centres, strengthening local identity and ensuring the long-term vitality of the borough’s urban areas.

    MIL OSI United Kingdom

  • MIL-OSI: COFACE SA: Combined Shareholders’ General Meeting of 14 May 2025 approved all the proposed resolutions

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Combined Shareholders’ General Meeting of 14 May 2025 approved all the proposed resolutions

    Paris, 14 May 2025 – 17.45

    The Combined Shareholders’ General Meeting of COFACE SA was held on 14 May 2025 at the Company’s headquarters in Bois-Colombes, and it was chaired by Mr Bernardo Sanchez Incera, Chairman of the Board of Directors.

    All the proposed resolutions were adopted by COFACE SA’s shareholders, including the payment of a dividend of €1.40 per share for the 2024 financial year with the coupon date set at 20 May 2025, and the payment date at 22 May 2025.

    All documents related to this General Meeting are available on COFACE SA institutional website (www.coface.com) and more precisely under “Investors/General Assembly”.

    The resolution voting results are online at:

    https://www.coface.com/investors/regulated-information/documents-relating-to-the-general-assembly

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: Foreign Minister Lin concludes successful visit to US

    Source: Republic of China Taiwan

    Foreign Minister Lin concludes successful visit to US

    Date:2025-05-10
    Data Source:Department of North American Affairs

    May 10, 2025  
    No. 152  

    Minister of Foreign Affairs Lin Chia-lung on May 10 concluded a successful three-day visit to the US state of Texas and boarded a flight back to Taiwan.
     
    On the last day of the trip, Minister Lin attended the Texas-Taiwan AI and Innovation Summit, which was organized by the Texas Association of Business (TAB), Opportunity Austin, and the Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) at the Texas State Capitol. In remarks delivered at the event, Minister Lin thanked US partners for long trusting and supporting Taiwan’s technology sector. He said that the gathering highlighted the strong partnership between Taiwan and the United States in such industries as AI, semiconductors, robotics, and energy, expressing the hope that the two countries would continue to work together in technology, capital, human resources, and other domains.
     
    Minister Lin also stressed that Taiwan and the United States enjoyed a mutually beneficial partnership in the high-tech industry. He noted that, given its complete upstream and downstream supply chains and its solid intellectual property protections, Taiwan had always been a key US partner and that together they could build even more resilient democratic supply chains. Pete Sessions, a senior member of the US House of Representatives for Texas, also spoke during the event, reaffirming democratic Taiwan as the staunchest partner of the United States in AI-related cooperation. 
     
    Minister Lin and Representative Sessions also witnessed the signing of a Taiwan-Texas economic cooperation agreement between TEEMA, TAB, and Opportunity Austin designed to facilitate two-way investment between Taiwan and the United States.
     
    During his trip, Minister Lin met with prominent political and business leaders from Texas, announced the Taiwan government’s interest in a Taiwan Tower investment and construction project in downtown Houston, and delivered his address to the Texas-Taiwan AI and Innovation Summit. Furthermore, visiting the Texas House of Representatives at the invitation of its speaker and in the company of Managing Director of the American Institute in Taiwan Washington Office Ingrid Larson, Minister Lin publicly accepted a resolution that the House had adopted in support of Taiwan.
     
    Minister Lin’s visit concluded on a successful note. The Ministry of Foreign Affairs will continue to implement a roadmap introduced by President Lai Ching-te to deepen bilateral trade relations through integrated diplomacy, underlining the diverse and robust partnership between Taiwan and the United States at all levels and across all areas. (E)

    MIL OSI Asia Pacific News

  • MIL-OSI China: Foreign Minister Lin concludes successful visit to US

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin concludes successful visit to US

    • Date:2025-05-10
    • Data Source:Department of North American Affairs

    May 10, 2025  

    No. 152  

    Minister of Foreign Affairs Lin Chia-lung on May 10 concluded a successful three-day visit to the US state of Texas and boarded a flight back to Taiwan.

     

    On the last day of the trip, Minister Lin attended the Texas-Taiwan AI and Innovation Summit, which was organized by the Texas Association of Business (TAB), Opportunity Austin, and the Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) at the Texas State Capitol. In remarks delivered at the event, Minister Lin thanked US partners for long trusting and supporting Taiwan’s technology sector. He said that the gathering highlighted the strong partnership between Taiwan and the United States in such industries as AI, semiconductors, robotics, and energy, expressing the hope that the two countries would continue to work together in technology, capital, human resources, and other domains.

     

    Minister Lin also stressed that Taiwan and the United States enjoyed a mutually beneficial partnership in the high-tech industry. He noted that, given its complete upstream and downstream supply chains and its solid intellectual property protections, Taiwan had always been a key US partner and that together they could build even more resilient democratic supply chains. Pete Sessions, a senior member of the US House of Representatives for Texas, also spoke during the event, reaffirming democratic Taiwan as the staunchest partner of the United States in AI-related cooperation. 

     

    Minister Lin and Representative Sessions also witnessed the signing of a Taiwan-Texas economic cooperation agreement between TEEMA, TAB, and Opportunity Austin designed to facilitate two-way investment between Taiwan and the United States.

     

    During his trip, Minister Lin met with prominent political and business leaders from Texas, announced the Taiwan government’s interest in a Taiwan Tower investment and construction project in downtown Houston, and delivered his address to the Texas-Taiwan AI and Innovation Summit. Furthermore, visiting the Texas House of Representatives at the invitation of its speaker and in the company of Managing Director of the American Institute in Taiwan Washington Office Ingrid Larson, Minister Lin publicly accepted a resolution that the House had adopted in support of Taiwan.

     

    Minister Lin’s visit concluded on a successful note. The Ministry of Foreign Affairs will continue to implement a roadmap introduced by President Lai Ching-te to deepen bilateral trade relations through integrated diplomacy, underlining the diverse and robust partnership between Taiwan and the United States at all levels and across all areas. (E)

    MIL OSI China News

  • MIL-OSI: Channel Factory Strengthens North American Leadership to Accelerate Growth and Expansion

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Channel Factory, the global brand suitability and contextual advertising company, today announced several strategic leadership appointments to bolster its North American operations and drive the company’s next phase of growth, appointing Kevin Gentzel as President, Americas. Gentzel brings over two decades of experience leading revenue and transformation strategies at some of the world’s most recognized media and technology companies.

    This follows Channel Factory’s recent investment from Truelink Capital, which was specifically designed to help Channel Factory advance its future growth, and this announcement further reinforces that plan.

    In previous roles, Gentzel served as Global Chief Commercial and Growth Officer at Newsweek, was the first Chief Revenue Officer at Gannett and held the position of Head of Advertising Sales for North America at Yahoo. He has also held the position of Chief Revenue Officer at The Washington Post. During his time at The Washington Post as CRO, Gentzel helped lead the company through the Jeff Bezos acquisition. Gentzel was also the first CRO at Forbes Media, and under his leadership, the company developed the Forbes CMO Summit and Practice and launched “AdVoice” (now BrandVoice), an industry-leading version of branded content.

    Gentzel is a sought after voice at top industry conferences and has spoken at events to include Business Insider’s IGNITION, Financial Times’ Digital Media Summit in London, Forbes CMO Summit, and Digiday’s Publishing Summit.

    “As Channel Factory continues to scale and evolve, bringing on exceptional leaders is critical to realizing our vision. Kevin’s ability to drive innovation and business growth at the highest levels of media and technology makes him an invaluable addition to our executive team,” said Tony Chen Founder and CEO of Channel Factory.

    “This leadership investment underscores Channel Factory’s commitment to evolving its executive team to meet the growing needs of the digital media industry and support its ambitious expansion plans,” continued Chen.

    About Channel Factory
    Channel Factory is a global technology and data company that optimizes business performance and enhances brand reputation through ethical and effective contextual targeting. Utilizing proprietary AI and brand suitability technologically , Channel Factory ensures ads are placed on brand-safe, contextually relevant content across YouTube, CTV platforms, and social media, including Meta and TikTok. Through its conscious media planning, Channel Factory is committed to promoting sustainability, diversity, and positive content, helping brands achieve their goals while fostering a healthier digital ecosystem.

    Channel Factory has a presence in 31 countries across the Americas, Europe, the Middle East, Asia, and ANZ, providing advertisers with IAB standard category lists and customized content options in 49+ languages. For more information about Channel Factory, please visit http://www.channelfactory.com.

    Media Contact:
    Andrew Krepow
    andrew@broadsheetcomms.com

    The MIL Network

  • MIL-OSI USA: Budd, Nehls Introduce Legislation to Allow Flight of Supersonic Civil Aircraft

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — U.S. Senator Ted Budd (R-N.C.), a member of the Senate Committee on Commerce, Science, and Transportation, and Congressman Troy Nehls (R-Texas-22), Chairman of the Subcommittee on Aviation for the House Transportation and Infrastructure Committee, introduced the Supersonic Aviation Modernization (SAM) Act, to require the Federal Aviation Administration (FAA) Administrator to issue regulations to legalize civil supersonic flight in the United States.

    For the past fifty-two years, the United States has had a speed limit in the sky. The SAM Act would permit operators to fly aircraft at supersonic speeds within the National Airspace System if no sonic boom reaches the ground.

    “The race for supersonic dominance between the U.S. and China is already underway and the stakes couldn’t be higher. To maintain our global leadership in aerospace innovation, we must modernize air travel by lifting the outdated ban on civil supersonic flight. The Supersonic Aviation Modernization Act paves the way to lift decades-old restrictions, allowing for faster air travel. This is a critical step to ensure America leads the next era of aviation,” said Senator Budd.

    “The United States is home to many ground-breaking innovations and should welcome these innovations so long as public safety isn’t threatened. Our nation’s laws and regulations should encourage these innovations and uplift companies that are leading in industries, including the aviation industry. My legislation cuts regulatory red tape without minimizing safety, and incentivizes further innovation in the aviation industry, helping America remain competitive and the envy of the world,” said Congressman Nehls.

    “Supersonic flight without an audible sonic boom should obviously be allowed. The ban on supersonic has held back progress for more than half a century. I urge Congress to pass the Supersonic Aviation Modernization Act supersonically, so we can all enjoy faster flights and maintain American leadership in aviation,” said Blake Scholl, Founder and CEO of Boom Supersonic.

    “This commonsense legislation maintains safety while clearing the way for innovative technologies to flourish, enabling the United States to keep its competitive edge and remain the global leader in aviation. I commend Sen. Budd, a pilot and recognized aviation champion, for his smart solution to help advance what will be a revolutionary technology,” said Ed Bolen, President and CEO of the National Business Aviation Association.

    Senators Thom Tillis (R-N.C.), Mike Lee (R-Utah), and Tim Sheehy (R-Mont.) joined Senator Budd in introducing the bill.

    Congresswoman Sharice Davids (D-Kan.-3) joined Congressman Nehls in introducing the bill in the House.

    Read the full bill text HERE.

    Background

    14 CFR § 91.817, enacted in 1973, dictates that no person may operate a civil aircraft in the United States at a true flight Mach number greater than 1. This rule prohibits non-military related supersonic flight over the United States, setting an artificial speed limit in the national airspace.

    American companies like Boom Supersonic, have developed quiet supersonic technologies and have already demonstrated that their aircraft can operate above Mach 1 without a sonic boom reaching the ground.

    This is due to a well-known phenomenon called Mach cutoff, in which a sonic boom refracts in the atmosphere and never reaches the ground.

    Despite these innovations, FAA regulations continue to restrict supersonic operations.

    The SAM Act would provide a 12-month window for the FAA to re-examine the existing ban on supersonic flight.

    MIL OSI USA News