Category: Commerce

MIL-OSI USA: Boozman, Cotton, Thune Introduce Legislation to Repeal the Federal Death Tax

US Senate News:

Source: United States Senator for Arkansas – John Boozman
WASHINGTON––U.S. Senators John Boozman (R-AR) and Tom Cotton (R-AR) joined Senate Majority Leader John Thune (R-SD) and 45 of their Senate Republican colleagues to introduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Actwould end this punitive tax that threatens family-run farms, ranches and businesses upon the owner’s death.
“Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”
“Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Cotton.
“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
The Death Tax Repeal Act would:
Fully repeal the Estate Tax;
Repeal the Generation-Skipping Transfer Tax for when a grandparent transfers assets to a grandchild; and
Maintains step-up basis to allow the evaluation of an inherited asset to be adjusted to reflect a fair market value at the time of death
The legislation is also cosponsored by Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall, M.D. (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS) and Todd Young (R-IN).
Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04).
The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.
Click here for full text of the legislation.

MIL OSI USA News –

February 19, 2025
MIL-OSI Europe: Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

Frankfurt am Main, 18 February 2025

Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs).^[1] As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

Against this background, the Governing Council has gradually been reducing the degree of monetary policy restriction by cutting policy rates towards neutral territory. While our direction is clear, we are very attentive to incoming information in view of the prevailing uncertainty about the economic environment. We continue to make decisions on a meeting-by-meeting and data-dependent basis. This gives us the option to adapt our interest rate path if necessary to ensure that inflation stabilises sustainably at our 2% medium-term target.

However, given the importance of financial conditions in determining the inflation outlook, we also need to consider the role played by the reduction of our balance sheet. In the tightening phase our rate decisions and balance sheet policies complemented each other, but they are now going in opposing directions.

This divergence has important implications across at least two dimensions.

First, it contributes to a steepening of the yield curve. Our rate cuts exert downward pressure primarily at the short end of the yield curve. At the same time, the gradual runoff of our asset purchase portfolios exerts upward pressure on long-term and, to a lesser extent, intermediate yields. This has been compounded by recent spillovers from the US.^[2]

Second, it may affect credit supply. Declining levels of central bank liquidity could constrain banks’ ability to extend credit, resulting in tighter credit conditions and potentially slowing down the investment and consumption that are critical for economic recovery.

In setting the policy stance, we therefore need to consider the impact of the overall set of financial conditions resulting from our interest rate and balance sheet policies. In other words, we need to strike the right balance if we are to achieve our inflation aim without an undue negative impact on incomes and employment. A rate cut has a more contained easing effect when the balance sheet is simultaneously reduced. This has implications when discussing the appropriate policy rate path.

We also need to consider the potential risks to the transmission of our monetary policy. In the past, abundant levels of liquidity have acted as a safeguard against spikes in liquidity needs that emerged regardless of where our rates stood. With this in mind, we need to carefully monitor the transition from abundant to less ample excess liquidity, mindful of the potential implications for financial stability.

Today, I would like to take stock of the ECB’s experience with balance sheet policies, explaining why they remain a vital part of our monetary policy toolbox. I will then discuss the implications of the ECB’s balance sheet for our monetary policy in the current environment.

The ECB’s experience with balance sheet policies

At the ECB, balance sheet policies have served a dual purpose over time, allowing us to deliver on our price stability mandate amid exceptionally difficult circumstances.

First, during periods when interest rates approached their effective lower bound and inflation remained below target, the ECB used asset purchases to support an accommodative monetary policy stance.

For instance, the ECB launched its asset purchase programme (APP) in 2015 to stimulate the economy and inflation at a time when deflationary threats loomed large. Asset purchases and the associated provision of central bank liquidity worked in several ways – including through the portfolio rebalancing, exchange rate and credit channels – to generate a significant upward effect on both economic activity and inflation.^[3]

Second, balance sheet policies have been pivotal to ensuring the smooth transmission of our monetary policy to the real economy, in both tightening and easing phases.

At times when we were lowering our policy rates, our TLTROs, launched in 2014, provided banks with long-term funding on favourable terms to incentivise them to lend to firms and households. This led to a persistent compression in lending rates and an increase in loan volumes over time.^[4]

But balance sheet policies were also instrumental in ensuring the smooth transmission of monetary policy at times when we were increasing our policy rates. The announcement of our Transmission Protection Instrument (TPI) in 2022 allowed us to embark on the fastest rate hiking cycle in our history without sparking financial fragmentation in the euro area.

Of course, the stance and transmission functions of our balance sheet policies do not operate in isolation. There can be beneficial interactions between the two.

As rates increased, for example, euro area banks had sufficient liquidity to manage any maturity mismatches that arose. This – alongside strengthened regulation and supervision – helped them to emerge unscathed from the market turbulence in March 2023 that saw the collapse of three regional banks in the United States.

The proportionate use of balance sheet policies in an evolving economic landscape

The substantial expansion of the ECB’s balance sheet required careful monitoring of potential side effects. That is why the principle of proportionality lies at the core of how we use our balance sheet instruments.^[5]

In its 2021 strategy review, the Governing Council assessed that its use of balance sheet measures – alongside negative interest rates and forward guidance – had indeed been proportionate, taking into account any side effects, for instance on inequality and the financial sector.^[6]

Some concerns, however, require a more nuanced perspective.

For example, there is little evidence to suggest that excessive risk appetite may be attributable to larger central bank balance sheets. If this were the case, we should have seen less risk-taking in markets as central banks began to withdraw their market footprint.

But the opposite has been the case. Today equity markets are near all-time highs. This may be due to “animal spirits”^[7], which have also been observed outside periods of central bank balance sheet growth. We saw them at play, for instance, during the dot-com bubble – a period when the cyclically adjusted price-to-earnings ratio hit its historic peak and central bank balance sheets were distinctly lean.

Moreover, as the Eurosystem gradually reduces its footprint in sovereign bond markets by reducing its holdings of euro area government bonds, concerns about the size of the balance sheet are becoming less and less justified (Chart 1).^[8]

Chart 1

Size of euro area government bond market and the Eurosystem’s market footprint

(left-hand scale: EUR billions; right-hand scale: percentages)

Sources: Eurosystem and Centralised Securities Database.

Notes: The chart shows the evolution of the size of the euro area government bond market and splits it into outright holdings (yellow) and mobilised collateral (green), as well as what is not held or mobilised as collateral with the Eurosystem (blue). The Eurosystem market footprint is a relative measure, computed as the share of the Eurosystem’s euro area government bond (EGB) holdings compared with the nominal amount outstanding. Outright holdings are EGBs held by the Eurosystem via purchase programmes, adjusted by EGBs lent back via the securities lending against cash collateral facilities. Mobilised collateral includes EGBs mobilised as collateral for open market operations. The latest observations are for 31 January 2025.

Going forward, an evolving economic landscape suggests that balance sheet policies could be increasingly useful as monetary policy instruments. Let me highlight two developments that are particularly relevant here.

First, the non-bank financial sector has grown considerably over time and is becoming increasingly relevant in the funding of the real economy.

In the euro area, the financial assets of non-banks have more than doubled since the global financial crisis.^[9] Compared with banks, non-banks are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases.^[10] Given that non-banks adjust their portfolios more actively in response to changes in interest rates, this also increases the need for sufficient liquidity in the system to facilitate these adjustments.

Second, geopolitical fragmentation means that the global economy is becoming more shock prone and subject to higher levels of uncertainty (Chart 2).

Chart 2

Global Economic Policy Uncertainty index

(index)

Source: Bloomberg.

Note: The latest observation is for December 2024.

In this environment, we need to remember that the euro area is subject to fragmentation risk. A key lesson from the sovereign debt crisis is that balance sheet policies have been instrumental in making the euro area a more “normal” jurisdiction from the perspective of monetary policy.

As we navigate an increasingly complex economic landscape, the transition from abundant to less ample excess liquidity represents an inflection point that also requires close monitoring.

In this environment, banks’ liquidity needs are met via a broad mix of instruments under our new operational framework. These include our short-term main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs) and will also include – at a later stage – structural longer-term credit operations and a structural portfolio of securities.^[11]

However, the decline in excess liquidity warrants careful monitoring, as it could exert additional tightening pressures on financial and financing conditions, potentially exceeding the intended policy stance.

The implications of the ECB’s balance sheet for monetary policy in the current environment

It is in this context that I would like to talk about the implications of our balance sheet for monetary policy in the current environment.

The ECB’s balance sheet has been reduced at a faster pace than those of central banks in other major economies during their tightening cycles (Chart 3). So far, much of this decline can be attributed to banks’ repayments of TLTRO loans.^[12]

Chart 3

Central bank total assets

(index = 100 at the start of the respective policy rate hiking cycles)

Sources: Bloomberg and ECB calculations.

Notes: The x-axis starts on 21 July 2022, 16 March 2022 and 15 December 2021 for the Eurosystem, Federal Reserve System, and Bank of England respectively. For the Bank of England, reserve balances are used as a proxy for the total balance sheet. The latest observations are for 12 February 2025.

Looking ahead, however, any further reduction in the size of our balance sheet will stem from the gradual unwinding of our asset purchase portfolios, as the Eurosystem no longer reinvests the principal payments from maturing securities.

As in the past, the normalisation of our balance sheet has implications for our monetary policy stance and the possible risks to monetary policy transmission.

The monetary policy stance

Let me start with the implications for our monetary policy stance.

Our reaction function for rate decisions is built around three well-known criteria: (i) the inflation outlook, (ii) the dynamics of underlying inflation and (iii) the strength of monetary policy transmission.

Inflation has fallen by around three-quarters from its peak in late 2022 (Chart 4). The disinflation process is well on track, and our staff projections see inflation averaging 2.1% this year, 1.9% next year and 2.1% in 2027.

Chart 4

Headline inflation

(annual percentage changes)

Source: Eurostat.
Note: The latest observation is for January 2025 (flash estimate).

Most measures of underlying inflation suggest that inflation will settle at around our 2% medium-term target on a sustained basis. In particular, the ECB’s measure of the persistent and common component of inflation (PCCI)^[13] – a more forward-looking indicator of underlying inflationary pressures that tends to better predict future inflation – stood at 2.1% in December, and 2.0% when excluding energy.

Domestic inflation remains high, as wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But our wage tracker is signalling a significant moderation in wage growth, and profits are partially buffering the impact on inflation.

It is the third leg of our reaction function – the strength of monetary policy transmission – that I would like to discuss in more detail, however.

As we cut interest rates, new borrowing for firms and households is becoming less expensive. But financing conditions continue to be tight – in part because our monetary policy remains restrictive and past rate hikes are still working their way through the economy.^[14]

While credit continues to expand, lending to firms and households remains subdued by historical standards. In December, the annual growth rate of lending to firms was roughly two-thirds below its historical average.^[15] Growth in housing loans increased gradually but also remained muted overall, at around one-fifth of its long-term average (Chart 5).^[16]

Chart 5

Loans to firms and households

(percentage points)

Sources: ECB (BSI) and ECB staff calculations.

Note: The latest observations are for December 2024.

At the same time, the recent gradual recovery in lending has not kept pace with the nominal growth of the economy, as reflected in the continued decline of the loan-to-GDP ratio (Chart 6).

Chart 6

Ratio of bank loans to GDP

(percentages)

Sources: ECB (BSI), Eurostat and ECB staff calculations.

Note: The latest observation is for the third quarter of 2024.

While policy rates remain our primary instrument for adjusting our monetary policy stance, the normalisation of our balance sheet may also affect the stance through two key channels.

First, while our rate cuts exert downward pressure primarily at the short end of the yield curve, our quantitative tightening exerts upward pressure on long-term maturities and, to a lesser extent, intermediate ones. This serves to tighten financial conditions.^[17]

Indeed, the runoff of the asset portfolios of central banks has arguably been one of several factors contributing to a steepening of sovereign yield curves in recent months – akin to a reversal of the duration risk channel previously associated with central banks through quantitative easing (Chart 7).

Chart 7

New duration risk absorbed by private investors

(EUR billions per basis point)

Sources: Bloomberg and ECB.

Notes: The chart shows the month-on-month change in the duration of government bonds held by private investors (i.e. investors other than the domestic central bank). Rates are approximated by weighted average maturity.

At its peak in early 2022, the impact of current and expected Eurosystem bond holdings in our asset portfolios lowered ten-year sovereign bond yields by around 175 basis points.^[18] Due to quantitative tightening, however, the easing impact has now fallen to around 75 basis points and is expected to further reduce over time (Chart 8).

Chart 8

Impact of APP and PEPP sovereign bond holdings on ten-year sovereign risk premia

(basis points)

Source: ECB calculations.

Notes: The impacts are derived from an affine arbitrage-free model of the term structure with a quantity factor (see Eser et al., op. cit.) and an alternative version of the model recalibrated so that the model-implied yield reactions to the March PEPP announcement match the two-day yield changes observed after 18 March 2020. The model results are derived using GDP-weighted averages of the zero-coupon yields of the big-four sovereign issuers (DE, FR, IT and ES). The continuous line represents estimates based on real-time survey expectations. The dashed line is based on projections of the Eurosystem’s holdings of big-four sovereign bonds in the APP and PEPP as informed by the ECB’s December 2024 Survey of Monetary Analysts. The model abstracts from any potential holdings in a structural portfolio of securities. The latest observations are for January 2025 (monthly data).

According to ECB research, an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 basis points (Chart 9).^[19]

Chart 9

Expected term premium impact from running down the asset portfolio by €1 trillion

(basis points)

Sources: ECB December 2024 Survey of Monetary Analysts (SMA) and Akkaya, Y. et al., op.cit.

Notes: The chart depicts the expected effect on the term premium of various assets with a ten-year maturity resulting from an expected €1 trillion decrease in the ECB’s bond holdings. Results are based on individual SMA responses from December 2022 until December 2023.

Second, an environment marked by declining levels of central bank liquidity may constrain banks’ ability to extend credit.

Research documents the strong relationship between loan supply and structural sources of liquidity, such as reserves obtained through credit easing programmes or those injected through quantitative easing interventions.

More specifically, a €1 change in non-borrowed reserves or credit easing reserves is associated with a corresponding change in credit of approximately 15 cents or 10 cents respectively.^[20] In other words, a €500 billion drop in non-borrowed reserves – similar to the one expected in 2025 as a result of the decline in our APP and PEPP holdings – is associated with a €75 billion decline in credit supply, equivalent to about 0.6 percentage points of downward pressure on loans to the non-financial private sector.^[21]

Accordingly, as central bank liquidity declines, we may see tighter credit conditions in the economy. This could slow down investment and consumption, with firms cutting back on capital expenditure and consumers reducing purchases of big-ticket items that require financing.^[22]

Incoming data suggest that euro area GDP growth will remain subdued in the short term. Industrial production decreased notably in December and surveys indicate that manufacturing is continuing to contract, whereas services activity is expanding at a moderate pace (Chart 10).

Chart 10

Purchasing Managers’ Index

(diffusion indices)

Source: S&P Global.

Notes: “Output” and “New orders” correspond to the manufacturing and composite indices, and “Business activity” and “New business” to the services index. The latest observations are for January 2025.

Given the uncertain economic environment, we are yet to see a sustained rebound in investment (Chart 11).^[23] And while we continue to expect consumption to be the main driver of the recovery, rising real incomes have not yet encouraged households to increase their spending in a commensurate manner (Chart 12).^[24] In the face of subdued domestic demand, our latest staff projections forecast a slower economic recovery than had been forecast in the September projections.^[25]

Chart 11

Detailed decomposition of euro area real GDP

(quarter-on-quarter percentage changes and percentage point contributions)

Sources: Eurostat and ECB staff calculations.

Note: The latest observations are for the fourth quarter of 2024 for real GDP, and for the third quarter of 2024 for the other components.

Chart 12

Real household disposable income and consumption

(second quarter of 2022 = 100)

Sources: Eurostat and ECB staff calculations.

Note: The latest observations are for the third quarter of 2024.

Moreover, geopolitical risks may create further headwinds for the recovery, which we will need to monitor carefully. Forthcoming findings from the ECB’s Consumer Expectations Survey (CES) suggest that consumers’ concerns about geopolitical risks are negatively affecting economic sentiment – leading to more pessimistic expectations, more elevated income uncertainty and, ultimately, a lower propensity to consume.

We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. As we gradually cut rates towards neutral territory, we need to be mindful of the fact that we now have two monetary policy tools working in opposing directions, given our ongoing quantitative tightening. This is a first in our history at the ECB.

We therefore need to ensure that we factor in the tightening of our balance sheet when calibrating our rate cuts to achieve our inflation aim. This is because the stance effects stemming from our rate cuts will be somewhat dampened by the tightening induced by the normalisation of our balance sheet.

This is an important consideration when discussing the appropriate policy rate path.

Risks to the transmission of our monetary policy

Similarly, we need to be mindful of the possible risks to the transmission of our monetary policy to the real economy in view of the prevailing uncertainty and potential risks to financial stability.

This cautious approach is crucial, especially given historical precedents where central banks faced unexpected challenges.

In late 2019, for instance, the Federal Reserve System was unexpectedly forced to temporarily reverse its balance sheet retrenchment due to liquidity challenges in financial markets.^[26] In 2022 the Bank of England halted quantitative tightening and launched emergency gilt purchases to safeguard financial stability after pension funds’ liability-driven investment strategies exposed systemic risks.^[27]

Recent bouts of market volatility also underscore that we should remain alert to the emergence of financial stability risks that may endanger transmission. Last August several factors converged to spark substantial market volatility.^[28] The VIX, a market index that measures the implied volatility of the S&P 500 index, recorded its largest ever one-day spike (Chart 13).^[29]

Chart 13

VIX index

(percentages)

Source: ECB staff calculations.

Notes: Long run average calculated since January 2000. The latest observations are for 7 February 2025.

Faced with such episodes of volatility, the further decline in our balance sheet must remain on a gradual and predictable path to avoid financial amplification effects.^[30] This is especially important in an environment where euro area banks are already tightening their credit standards, especially for firms and consumer credit, due to higher perceived risks related to the economic outlook (Chart 14).^[31]

Chart 14

Credit standards, demand for loans to firms and contributing factors

(net percentages)

Source: ECB (bank lending survey).

Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for the questions on credit standards for loans are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. “Other financing needs” as unweighted average of “M&A and corporate restructuring” and “debt refinancing/restructuring and renegotiation”; “Use of alternative finance” as unweighted average of “internal financing”, “loans from other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards or changes in loan demand, respectively. The latest observations are for the fourth quarter of 2024 (January 2025 bank lending survey).

Our balance sheet policy instruments continue to be a crucial item in our toolbox. The expectation that we will use them if necessary protects the smooth transmission of our monetary policy and reduces the likelihood that we will need to use these tools in the first place.

Moreover, in an environment of heightened uncertainty, even in the context of excess liquidity, we need to remain prudent and be ready to step in should another shock emerge. We should maintain the flexibility to swiftly expand liquidity facilities if stressful conditions arise.

Conclusion

Let me conclude.

The ECB’s experience with balance sheet policies to date demonstrates their importance both for the monetary policy stance and for the transmission of our monetary policy to the real economy. They are a vital part of our toolkit.

While policy rates remain our primary instrument for adjusting the monetary policy stance, we should also consider the role played by quantitative tightening in influencing overall financial and financing conditions – be it through the yield curve or through the bank lending channel.

To strike the right balance, we should ensure that our rate decisions adequately compensate for the tightening induced by the reduction of our balance sheet.

Thank you.

MIL OSI Europe News –

February 19, 2025
MIL-OSI Europe: Answer to a written question – 29 years of failure to protect Cypriot loan borrowers from foreclosures of family homes – P-002870/2024(ASW)
Source: European Parliament
Directive 93/13/EEC[1] requires Member States to ensure that consumers are not bound by unfair terms and have effective remedies against such terms.

I t applies to all kinds of contracts on the purchase of goods and services[2] and to contracts concluded in Cyprus since its accession to the EU on 1 May 2004[3].

It is the primary responsibility of national authorities and courts to safeguard consumer rights in individual disputes such as related to mortgage enforcement[4].

The Commission opened in 2013 an infringement procedure[5] against Cyprus for ineffective enforcement of Directive 93/13/EEC and Directive 2005/29/EC[6].

While Cyprus responded positively to several concerns, certain unresolved grievances, including concerning the role of the Law Office of the Republic, were addressed in an additional letter of formal notice on 25 July 2019[7] and a reasoned opinion on 18 February 2021[8].

The Commission is finalising its assessment of the case, taking into account inter alia the reply of 16 April 2021 to the reasoned opinion, subsequent changes to Cypriot consumer law last notified to the Commission in November 2022[9], and further analysis undertaken as part of the preparation of the report on the implementation of the Modernisation Directive, published by the Commission on 18 June 2024[10].

[1] Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ L 95, 21.4.1993, p. 29-34.

[2] See Section 5 of Commission Notice — Guidance on the interpretation and application of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ C 323, 27.9.2019, p. 4-92, COM(2019) 5325 final.

[3] See Judgment of the Court of Justice of the European Union of 5 May 2022 in Case C-567/20 A.H. v Zagrebačka banka d.d.

[4] See for example CJEU judgment of 30 September 2003, Case C-224/01, Köbler.

[5] https://ec.europa.eu/atwork/applying-eu-law/infringements-proceedings/infringement_decisions/index.cfm?lang_code=EN&typeOfSearch=false&active_only=0&noncom=0&r_dossier=INFR%282013%292082&decision_date_from=&decision_date_to=&title=&submit=Search

[6] Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (‘Unfair Commercial Practices Directive’), OJ L 149, 11.6.2005, p. 22-39.

[7] https://ec.europa.eu/commission/presscorner/detail/en/INF_19_4251

[8] https://ec.europa.eu/commission/presscorner/detail/en/inf_21_441

[9] See in particular the Cypriot Consumer Protection Laws of 2021 to (No 2) 2022.

[10] Report from the Commission to the European Parliament and the Council on the implementation of Directive (EU) 2019/2161 of the European Parliament and of the Council of 27 November 2019 amending Council Directive 93/13/EEC and Directives 98/6/EC, 2005/29/EC and 2011/83/EU of the European Parliament and of the Council as regards the better enforcement and modernisation of Union consumer protection rules, (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2024%3A258%3AFIN).
Last updated: 18 February 2025
MIL OSI Europe News –
February 19, 2025
MIL-OSI USA: IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion

Source: US State of North Carolina

Headline: IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion

IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion
lsaito
Tue, 02/18/2025 – 14:11

Raleigh, NC

Today, Governor Josh Stein announced Chatsworth Products, Inc. (CPI), a manufacturer of IT equipment, will add 45 new jobs in Craven County. The company will invest $11 million to expand its facility in New Bern.

“Our state’s ability to support manufacturing operations in all corners of the state will continue to grow our economy and ensure the benefits of that growth are more broadly shared across North Carolina,” said Governor Josh Stein. “Chatsworth Products is reinvesting in Craven County because North Carolina is a great home for business and our workforce is the best.”

CPI, a global manufacturer of infrastructure hardware and equipment for the information and communication technology industries, has been delivering innovative solutions for more than three decades. As a 100% employee-owned company, CPI specializes in engineering thermal, power and cable management solutions for the data center, in addition to enterprise networking and industrial enclosures. The New Bern location will increase its production capacity and introduce new product lines in this expansion.

“Chatsworth Products has been delivering innovative Data Center infrastructure solutions for over 34 years to our global customer base fueled by our employee-ownership culture,” said Ted Behrens, CEO, Chatsworth Products. “This expansion in New Bern underscores our dedication to meeting customer needs while strengthening our role as a trusted partner in the IT and telecommunications industries. We are proud to deepen our roots in Craven County and contribute to the region’s economic growth with new opportunities and advanced manufacturing capabilities.”

“Chatsworth’s decision to expand is the result of what works well in North Carolina,” said N.C. Commerce Secretary Lee Lilley. “In addition to a skilled workforce and talent development system, the intersection of manufacturing excellence and innovative leadership keeps us high on the list as a fast-growing tech hub that companies need to thrive.”

New positions include machine operators, packers, and warehouse staff. While wages vary by position, annual wages for new positions will average $50,224, which exceeds the Craven County average of $48,770. These new jobs could potentially create an annual payroll impact of more than $2.2 million for the region.

A performance-based grant of $100,000 from the One North Carolina Fund awarded to Chatsworth Products will help facilitate the company’s expansion. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.

“These new jobs are a welcome addition to our region,” said N.C. Senator Bob Brinson. “Chatsworth’s commitment in Craven County is a testament to our state’s strong economy and well-educated workforce. I look forward to working with them for years to come.”

“We know Chatsworth could have expanded anywhere, but we’re glad they chose New Bern,” said N.C. Representative Steve Tyson. “We’re grateful for the diligent professionals as well as the state, regional and local officials that helped the company with its decision.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Craven Community College, NC East Alliance, North Carolina’s Southeast, Craven County, Craven 100 Alliance, and Duke Energy.

Feb 18, 2025

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: District Court Enters Permanent Injunctions Prohibiting Unauthorized Debits to Consumer and Small Business Bank Accounts

Source: US Justice – Antitrust Division

Headline: District Court Enters Permanent Injunctions Prohibiting Unauthorized Debits to Consumer and Small Business Bank Accounts

On Jan. 31, a court in Miami entered the final in a series of consent decrees, permanently barring 10 individuals and entities from operating a scheme to steal funds from thousands of bank accounts belonging to consumers and small businesses across the United States.

MIL OSI USA News –

February 19, 2025
MIL-OSI Economics: Security pros: Join us for Microsoft RSAC 2025 beginning April 27
Source: Microsoft

Headline: Security pros: Join us for Microsoft RSAC 2025 beginning April 27

AI adoption is picking up speed. Many companies are growing their technology estates by embracing powerful new solutions like generative AI. But to maximize the benefits of new technology with confidence, security professionals need to stay compliant with the evolving regulatory and audit requirements in the age of AI. It is in this spirit that Microsoft invites you to join us at RSAC^TM 2025 Conference in San Francisco, where we will showcase end-to-end security designed to help organizations accelerate the secure adoption of AI with ready-to-go security and governance tools and solutions to multiply security teams’ productivity.

Across the Microsoft Security portfolio, our innovations, together with world-class threat and regulatory intelligence, will help give security experts the advantage they need in the era of AI. From our signature Pre-Day to hands-on demos and one-on-one meetings, join the Microsoft experience at RSAC 2025 designed just for you.

Microsoft at RSAC

From our signature Pre-Day to hands-on demos and one-on-one meetings, discover how Microsoft Security can give you the advantage you need in the era of AI.

Kick things off at Microsoft Pre-Day

The Microsoft experience at RSAC 2025 begins with Microsoft Pre-Day on Sunday, April 27, 2025, at the Palace Hotel, just around the corner from the Moscone Center. For the fourth year running, the keynote speech held on Microsoft Pre-Day will kick off the full lineup of Microsoft events and activities throughout RSAC 2025. By joining us on Sunday, you’ll have the chance to hear directly from Microsoft Security business leaders—including Vasu Jakkal, Corporate Vice President, Microsoft Security Business; Charlie Bell, Executive Vice President, Microsoft Security; Sherrod DeGrippo, Director of Threat Intelligence Strategy; and other Microsoft Security leaders as they share reporting on emerging cyberthreat trends and the product innovations designed to protect against them. Vasu will also take the RSAC 2025 stage on Day 1 for the conference keynote.

At Pre-Day, attendees will hear Microsoft Security threat intelligence on emerging trends, explore new AI-first tools, demos, and best practices, and attain a better understanding of how Microsoft can help them secure and govern their AI deployments. Attend to discover how the adaptive, end-to-end security platform from Microsoft, including Microsoft Security Copilot, can help your team catch what others miss, speed up remediation, lower your total cost of ownership, and boost—rather than burden—you and your teams.

Stick around after Pre-Day for the reception—an evening of fun, networking, and entertainment, celebrating the vibrant security community. This is a unique opportunity to meet Microsoft security leaders, expand your professional network, and learn how others are addressing the latest security trends and challenges. Light refreshments will be served. CISOs who register to attend Microsoft Pre-Day will automatically be invited to a chief information security officer (CISO) dinner with Vasu Jakkal.

Make sure to register for Microsoft Pre-Day to join in on all the day’s activities.

Register for Microsoft Pre-Day at RSAC 2025

Dedicated calendar of events for CISOs

Microsoft will be hosting a number of events tailored to CISOs throughout RSAC 2025. To kick off the week, Microsoft will be hosting a Pre-Day, followed by the exclusive CISO dinner on April 27, 2025. Following, there will be daily lunch and learn opportunities that address some of the primary challenges facing CISOs organizations:
- Monday April 28, 2025: Innovating Securely CISO Lunch—Learn insights concerning secure innovation centered around the new AI regulations, including the EU Act, Digital Operational Resilience Act (DORA), and more.
- Tuesday April 29, 2025: SFI Executive Lunch—Open to all and focused around the needs of Latin America-based CISOs, this lunch will bring together leaders and experts interested in understanding the latest Secure Future Initiative (SFI) progress and exchanging their thoughts on related best practices.
- Wednesday April 30, 2025: Embracing Cyber resilience CISO Lunch—Attendees are invited to network, learn, and exchange their insights regarding cyber resilience as the AI landscape evolves.
Finally, CISOs who attend RSAC 2025 are invited to stay through the end of the conference to attend the Microsoft Post-Day Forum at the Microsoft Experience Center at Silicon Valley on Thursday, May 1, 2025, from 9:00 AM PT to 1:00 PM PT. The day will be full of insightful presentations, interactive discussions, networking opportunities, and a curated CISO roundtable session. This informative day will also include an immersive tour of the unique state-of-the-art Microsoft Experience Center, which highlights larger-than-life solutions that show Microsoft’s cutting-edge technology solving many of today’s challenges. This experience is facilitated by envisioning specialists who spark inspired conversations, creative ideas, and new opportunities for leaders to participate in before returning home.

Sign up for Microsoft experiences at RSAC, including the Pre-Day, the CISO dinner, CISO lunch, and the Post-Day Forum. Request a one-on-one meeting with Microsoft experts to discuss your most pressing questions here.

Discover solutions to your challenges during the keynote speech and Microsoft sessions

As part of the RSAC agenda, Vasu Jakkal will take the stage on Monday, April 28, 2025, at 4:40 PM PT. During the speech, she will discuss the potential of agentic workflows to dramatically reshape the security landscape. Agentic AI has the power to enable more complex problem-solving, deeper agent collaboration, and iterative learning. All of this leads us toward a previously unheard-of new paradigm for security. Join Vasu Jakkal for an imaginative look at the future of AI security agents and how the people of our security teams will work alongside them to change the game.

After the keynote and throughout the conference, attendees will be able to split their time between the Microsoft Security sessions included in the RSAC 2025 agenda, live demonstrations at booth #5744 in Moscone North, and a variety of roundtables, one-on-one meetings, and presentations at the Microsoft Security Hub at the Palace Hotel.

Here are two sessions not to miss:
- Tuesday, April 29, 2025, at 9:40 AM PT: Shaping the Future of Security with Agentic AI—In a time of rapidly evolving cyberthreats, agentic AI is emerging as a transformative force in security. Join Dorothy Li, Corporate Vice President of Microsoft Security Copilot and Marketplace, to discover how autonomous decision-making is reshaping our approach to cybersecurity. This session will reveal how agentic AI empowers organizations to proactively mitigate risks, enhance operational efficiency, and elevate the effectiveness of your security tools. Attendees will gain actionable insights and practical strategies for harnessing the potential of agentic AI. Prepare to rethink the future of security and position your organization at the forefront of innovation.
- Wednesday, April 30, 2025, at 9:40 AM PT: Accelerate AI Adoption with Stronger Security—AI adoption is accelerating, creating both new opportunities and security challenges. Led by Neta Haiby, Partner Product Manager at Microsoft, this session covers key AI adoption trends, emerging risks, and common cyberthreats. Discover actionable steps to secure and govern AI, from establishing a dedicated security team for AI to adopting AI-specific solutions, ensuring your organization can innovate with confidence.
Other well-known Microsoft experts will host session sharing what they’ve learned from their work pioneering and securing AI:
- Wednesday, April 30, 2025 at 8:30 AM PT: Guardians of the Cyber Galaxy: Allies Against AI-Powered Cybercrime by Sean Farrell, Assistant General Counsel, Digital Crimes Unit.
- Monday, April 28, 2025 at 1:10 PM PT: AI Era Authentication: Securing the Future with Inclusive Identity by Abhilasha Bhargav-Spantzel, Partner Security Architect, and Aditi Shah, Senior Data and Applied Scientist.
- Tuesday, April 29, 2025, at 8:30 AM PT: AI Safety: Where Do We Go From Here? by Ram Shankar Siva Kumar, Principal Research Lead, AI Red Team Lead.
- Tuesday, April 29, 2025, at 2:25 PM PT: Lessons Learned from a Year(ish) of Countering Malicious Actors’ Use of AI by Sherrod DeGrippo, Director, Threat intelligence strategy.
View live demonstrations and discover engaging ways to learn at booth #5744

At the Microsoft booth, attendees will have the chance to engage with experts, discover ready-to-go security and governance tools built for generative AI, and watch theater sessions showcasing the latest products, innovations, and industry perspectives from Microsoft. They’ll also get to enjoy a fun and interactive gaming experience.

Microsoft product and partner experts will be on hand to showcase the newest advancements through captivating demonstrations, informative videos, and valuable resources.

Visit the Microsoft booth theater for exclusive 20-minute demos and expert-led sessions on the latest in security and AI. Explore strategies to protect, govern, and secure AI. Listen in to insights on identity, compliance, privacy, threat defense, data protection, and more. Don’t miss this opportunity to learn from industry leaders and stay ahead in the ever-evolving security landscape.

Meetings and connections at the Microsoft Security Hub

The historic and luxurious Palace Hotel is home base for Microsoft during the week. RSAC 2025 attendees are invited to meet with Microsoft experts and executives, attend thought leadership sessions and roundtable lunches, and join networking opportunities. Detailed information about individual sessions can be found on the Microsoft Security Experiences at RSAC 2025 Landing Page.

Customers are also invited to deepen their understanding of the latest cybersecurity threats, trends, and developments by discussing their most important security product and threat intelligence questions directly with Microsoft security experts through scheduled one-on-one meetings, held from Monday, April 28, 2025, to Wednesday, April 30, 2025, at the Palace Hotel. Request your meeting directly through the Microsoft Security Experiences at RSAC 2025 Home Page.

Microsoft Intelligent Security Association featured partners

The Microsoft Intelligent Security Association (MISA) will once again have a considerable presence at RSAC 2025. MISA partners will be featured in the Microsoft Booth #5744 and included in other events happening throughout the week. Additionally, the sixth annual Microsoft Security Excellence Awards, presented by MISA, will be held at the Palace Hotel in San Francisco on April 28, 2025, celebrating our finalists and announcing winners in nine award categories as well as enjoying a time of connecting.

Activities include:
- MISA demo station: Stop by the Microsoft Booth to explore the innovative solutions developed by MISA members, which integrate Microsoft Security technology.
- Theater sessions: Attend one or more of our five theater sessions at the Microsoft booth, led by MISA members, focusing on partner strategies and solutions for cyberthreat protection.
- View the MISA demo and theater schedule.
- MISA Partner awards: MISA members are invited to attend the Microsoft Security Excellence Awards on Monday, April 28, 2025, where winners will be announced in nine security award categories.
Get the most by staying through Microsoft Post-Day

Microsoft Post-Day Forum is a unique experience designed to help customers, CISOs, and security leaders dive deep into new concepts, ask questions they need answered about product features, and prepare to realize and enable the AI-first, end-to-end security concepts they’ve learned about throughout RSAC 2025. The Microsoft Post-Day Forum, hosted by Microsoft Security executives, will be held on Thursday, May 1, 2025, from 10:00 AM PT to 1:00 PM PT, at the Silicon Valley Experience Center. Pick up for the event will be held at the Palace Hotel at 8:00 AM PT, with drop off organized for 2:00 PM PT.

We look forward to seeing you at RSAC 2025!

Learn more about the Microsoft experience at RSAC 2025

Customers and partners can register for the events highlighted in this blog as well as other Microsoft ancillary events and more here.

Explore Microsoft Security events at RSAC 2025

To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.
MIL OSI Economics –
February 19, 2025
MIL-OSI Security: District Court Enters Permanent Injunctions Prohibiting Unauthorized Debits to Consumer and Small Business Bank Accounts

Source: United States Attorneys General

On Jan. 31, a court in Miami entered the final in a series of consent decrees, permanently barring 10 individuals and entities from operating a scheme to steal funds from thousands of bank accounts belonging to consumers and small businesses across the United States.

In a civil complaint unsealed on Dec. 11, 2023, the Justice Department alleged that a network of individuals and their companies, including defendants Farhan Khan, Jeremy Todd Briley, Christopher Foufas, Brandon Hahn, and Melinda Petit-Homme, participated in a scheme to steal millions of dollars from consumers and small businesses by making recurring unauthorized charges against their bank accounts.

The defendants allegedly used sham companies, including Altitude Processing Inc., which does business as Clear Marketing Agency, to cover their tracks and make the unauthorized charges appear legitimate. The defendants also allegedly took elaborate steps to portray the sham companies as legitimate businesses that provided online marketing services, creating bogus websites for the sham companies, fake customer authorizations for the charges, and a “customer service” call center to field complaints and offer refunds. The government alleged that, in reality, victims of the scheme never signed up for — or received — any services from the defendants.

“These consent decrees are the hard-won result of the Department’s efforts to eradicate schemes that prey upon consumers and small businesses across the United States,” said Acting Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “The Department is committed to using all the tools at its disposal to block fraudsters from reaching into victims’ bank accounts and draining their savings through repeated unauthorized charges.”

“The U.S. Postal Inspection Service will relentlessly pursue any and everyone masquerading as legitimate businesses to fraudulently steal money from unsuspecting consumers,” said Inspector in Charge Eric Shen of the Postal Inspection Service’s Criminal Investigations Group. “Postal inspectors work diligently to investigate fraud scams and educate the public about how to protect their money from criminals.”

Under the consent decrees, the defendants may not charge consumers without authorization. The consent decrees also prevent the defendants from taking any measures to: (a) evade fraud and risk monitoring programs established by any financial institution, payment processor, or the operator of any payment system; (b) disguise the nature of transactions; or (c) artificially reduce chargeback rates. They are further prohibited from assisting any other individuals or entities with taking any of the prohibited actions. The consent decrees do not constitute an admission of guilt on behalf of the defendants.

The United States Postal Inspection Service investigated the case.

Trial Attorneys Carolyn Rice and Meredith Reiter of the Civil Division’s Consumer Protection Branch represented the government in this matter. The U.S. Attorney’s Office for the Southern District of Florida provided substantial assistance.

For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch.

MIL Security OSI –

February 19, 2025
MIL-OSI USA: Barr, Artificial Intelligence: Hypothetical Scenarios for the Future

Source: US State of New York Federal Reserve

Advances in artificial intelligence (AI) have accelerated rapidly over the past few years.1 It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy.2 Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.
GenAI and Its AdoptionCompared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D.3 There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet.4 While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.5
Firms are also exploring Agentic AI—Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale.6 Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”—a collective intelligence that surpasses human capabilities in problem-solving and collaboration.7 Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.8
Hypothetical Scenarios Considering How GenAI Could EvolveToday, I will outline two hypothetical scenarios for considering how GenAI could evolve.9 In one, we see only incremental adoption that primarily augments what humans do today, but still leads to widespread productivity gains. In the other, we see transformative change where we extend human capabilities with far-reaching consequences. For each scenario, I consider the potential implications for the economy and financial sector.
Thinking through hypothetical scenarios can help widen our lens to a range of possible outcomes and provide a framework for assessing the balance between benefits and risks. Scenarios are not predictions of the future, but provide a framework for analyzing the factors that could lead to different outcomes. Reality is complex. GenAI adoption rates will vary across industries, leading to diverse impacts on market structures. Elements of both scenarios will likely come to pass, and play out at different rates, which will influence the effects on the economy and society. In the short term, GenAI may be overhyped, while in the long run, it may be underappreciated. And, of course, things might turn out differently from these hypotheticals.
Hypothetical 1: Incremental Progress with Widespread Productivity GainsFirst, let me begin with the incremental scenario, where GenAI primarily augments work in existing processes and leads to steady and widespread productivity gains, but does not fundamentally unlock new capabilities or transform the economy.
In this state of the world, GenAI tools enhance efficiency and enable more personalized solutions across industries, in ways that have incremental—but still meaningful—effects on people’s lives. For instance, in customer service, professional writing—but not this speech—and software engineering, GenAI-powered tools are already supporting workers, improving accuracy and speed, and these effects could spread to other sectors.10 In this world, health care sees significant improvements as GenAI reduces administrative burdens, assists with diagnostics, and personalizes treatment plans based on real-time patient data. Medicines and other treatments are developed at a faster pace.11 Education is similarly affected, as GenAI alleviates administrative tasks for teachers, allows lessons to be tailored to individual students, and permits students to learn by doing.12 In manufacturing, GenAI-optimized supply chains anticipate and adjust more quickly to disruptions, and current manufacturing processes are refined through virtual iteration.13 In materials science, GenAI-driven experimentation accelerates the discovery of new materials, leading to advances in everything from construction to electronics.14 Turning to the financial sector, we could see similar productivity gains. Community banks leverage GenAI-powered chatbots to provide customized financial advice rooted in local knowledge, while institutions of all sizes continue to advance use of GenAI for compliance monitoring, fraud detection, risk management, and document analysis.15
The impact to society would be incrementally positive in this state of the world. Humans would use GenAI as a tool to deliver goods and services that we currently produce in a more efficient way. Productivity would go up. The economy would grow at a faster pace.16
What does this mean for the labor force? The impact will depend on the industry and the nature of the job. GenAI experiments suggest the technology holds the promise of levelling up skills and bringing productivity of lower-performing workers into line with higher performing workers.17 In other cases, it could augment the highest performers, leaving them more time for creativity or strategic aspects of their roles. Increasing automation for certain tasks may displace some workers, where certain skills can be replicated by GenAI. Historically, as technology has replaced some jobs, it has augmented existing roles or created new ones.18 However, this is not to downplay the individual cost for workers who need to retrain, find other employment, or change careers in response to major changes in labor demand. Society will need to account for these possible effects of AI.
What does this mean for the economy? As I noted before, the economy should grow, if the incremental productivity gains are widespread. However, in this scenario, it is possible that the expected value creation from GenAI was overhyped, anticipating transformative breakthroughs rather than incremental productivity gains. This could trigger market corrections for the firms that have heavily invested in this technology if reality doesn’t measure up to expectations. While the U.S. economy experienced a surge of productivity growth during the dot.com boom in the late 1990s, it was followed by a wave of bankruptcies, capital overhang, and a cautious business investment climate.19 The effects of the ensuing recession were widespread.
What does this mean for financial stability and other financial risks? In this incremental scenario, GenAI may magnify both the vulnerabilities and sources of resilience that already exist in the system. Attractive trades become more crowded, but risk managers gain new insights.20 Malicious actors gain new tools, but cyber defenders become better armed. So long as financial regulators, enterprise risk managers, and others charged with managing downside risks prioritize efforts to keep pace with the evolving financial ecosystem, there’s nothing to suggest a wholesale transformation of the balance of risks. Of course, keeping pace will pose challenges, and it’s important that we all focus on the need to meet these risks.
Hypothetical Scenario 2: Transformative ChangeNow, let’s consider a more dramatic hypothetical scenario, in which GenAI adoption extends beyond improving on what we currently do, and provides new expertise and capabilities that have transformative effects on the economy and society. In this scenario, humans deploy their imagination and creativity—combined with robust investment in research and development—to deploy intelligent GenAI systems to make rapid breakthroughs in, for example, biotechnology, robotics, and energy, fundamentally reshaping existing industries and creating new ones. In this instance, to focus the mind, we can think of GenAI as no longer only a tool for scientists to analyze data—in a sense, it becomes the scientist, directing the research.21
For instance, let’s say that GenAI applications in health care do not simply improve how we currently deliver care, but also enable therapies that target genetic mutations and cure diseases previously considered incurable.22 Similarly, manufacturing evolves to create GenAI-driven robotic factories, with goods produced with new materials and atomic precision.23 Materials science is transformed through the discovery of programmable materials and self-healing substances, all of which reshape construction, technology, and consumer goods.24 Meanwhile, GenAI optimizes fusion energy research, expediting the shift to sustainable energy sources.25 And GenAI helps to create the next generation of quantum computing.26 In that way, GenAI improves its own energy sources and computing capabilities, enabling it to become a more powerful creative tool.27
Finance also looks radically different than it does today. Individuals with access to hyper-personalized financial planning and businesses with innovative products and services seamlessly connect with one another through near-frictionless or novel forms of financial intermediation.28 Trading strategies and risk-management practices are boosted by greater GenAI-based analytic tools that have dynamic real-time access to an enormous knowledge base in both the public and private domains.29
Although this transformative scenario is more speculative and is accompanied by a far greater degree of uncertainty than the first, it is important to consider given the extraordinary opportunities for human advancement and welfare that could arise, even if just one of its transformative components were to come to fruition. We would need to fundamentally reimagine how the economy is structured.
What are the impacts on the labor force, in a world where GenAI’s capabilities extend beyond what humans can accomplish today? Humans may have a role to manage multi-agent GenAI frameworks, or fill gaps where GenAI solutions remain expensive or inefficient for some applications. But this is a world where some workers may see their current jobs disappearing. It is also a world in which they may see their own work transformed and have many more choices about the work they do. The nature of labor would radically change, and this will require us to have broader conversations about how to organize the economy. These conversations should wrestle with how to navigate major economic shifts in a way that recognizes the impact on the human condition, and the extent to which people derive their communities, friendships, personal sense of meaning and dignity from their work.
What about the competitive landscape? There is probably a greater likelihood that rewards for businesses would be distributed more unevenly at first, as significant breakthroughs with far-reaching ramifications may benefit a subset of firms and industries and concentrate economic power in firms that control GenAI breakthroughs. If only a handful of firms have the ability to accomplish the incredible things I’ve mentioned above, they may dominate markets and crowd out competitors. To the extent that GenAI becomes broadly effective, widely available, and cheap, these market advantages could lessen over time if the right regulatory environment supports competitive market dynamics.30 But history suggests caution in this regard; a handful of players may dominate.31
And finally, for finance, we should anticipate fundamental changes in this scenario. When it’s working well, the financial system helps move money and risk through time and space.32 To the extent there are fundamental changes to how the economy is organized, we could need a new set of institutions, markets, and products to facilitate transactions among households, businesses, and GenAI agents.
What Should We Do?Among the many ways in which we can help to harness the potential benefits of GenAI and minimize its risks, I will highlight only a couple today.
Financial institutions, and the Federal Reserve System, should consider investing sufficient resources in understanding GenAI technology, incorporating it into their workflows where appropriate, and training staff on how to use the technology responsibly and effectively.33 Meanwhile, the financial regulatory community should approach the changing landscape with agility and flexibility. And beyond the financial sector, collaboration between governments, private industry, and research institutions will be critical to ensure that GenAI systems are not weaponized in catastrophic ways. We should continue to focus on responsible AI research and development and implement safeguards against misuse, including monitoring systems, standards for secure AI system development, and agreement on red lines for acceptable use cases.34 We should be attuned to the impact of GenAI on our economic and political institutions. There’s a risk that it concentrates economic and political power in the hands of the very few and could lead to the gains being realized only by a small group, while the rest are left behind.
Another thing I want to emphasize is AI governance. I think most would agree that the goal of the technology is to improve the human condition, and to do that, we need to be intentional in advancing that goal. We should make sure that we think about GenAI as enhancing, not replacing, humans, and set up best practices and cultural norms to that end. Every financial institution should recognize the limitations of the technology, explore where and when GenAI belongs in any process, and identify how humans can be best positioned to be in the loop. We should also focus on data quality, and make sure that uses of GenAI do not perpetuate or amplify biases inherent in the data used to train the system or make incorrect inferences to the extent the data is incomplete or nonrepresentative.35 In the realm of regulation, frameworks for understanding model risk may need to be updated to address the complexity and challenges of explaining AI methods and the difficulty of assessing data quality.
We need to be attuned to the risk in finance. The very attributes that make GenAI attractive—the speed, automaticity, and ability to optimize financial strategies—also present risk.36 When the technology becomes ubiquitous, use of GenAI could lead to herding behavior and the concentration of risk, potentially amplifying market volatility. As GenAI agents will be directed to maximize profit, they may converge on strategies to maximize returns through coordinated market manipulation, potentially fueling asset bubbles and crashes. Speed, automaticity, and ubiquity could generate new risks at wide scale.37
We also should monitor how introduction of this technology changes the banking landscape. Nonbanks may be more nimble and risk-forward in incorporating GenAI into their operations, which may push intermediation to less-regulated, less transparent corners of the financial sector. In addition, this competitive pressure may push all institutions, including regulated institutions, to take a more aggressive approach to GenAI adoption, heightening the governance, alignment, and financial risks I mentioned before.
In conclusion, while AI’s impact will vary across industries and the reality is evolving, the scenarios I have outlined today provide a framework to begin thinking about how we should respond to developments in GenAI. However, as I mentioned above, elements of both scenarios will likely be present in the future, and play out at different rates, which will influence the effects on the economy and society. Rapid advances in this technology, such as Agentic AI and advancements in open-source models, underscore just how new this technology is and the importance of understanding what it means for individuals, businesses, and markets. Thank you.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board. Return to text
2. See, for instance, Lisa D. Cook, “Artificial Intelligence, Big Data, and the Path Ahead for Productivity,” (speech at Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work Conference, Atlanta, Georgia, October 1, 2024). Return to text
3. See Gaurav Sett, “How AI Can Automate AI Research and Development,” RAND Commentary, October 24, 2024. Return to text
4. See Cory Breaux and Emin Dinlersoz, “How Many U.S. Businesses Use Artificial Intelligence?” (Washington: U.S. Census Bureau, November 28, 2023); Alexander Bick, Adam Blandin, and David J. Deming, “The Rapid Adoption of Generative AI,” NBER Working Paper No. 32966 (Cambridge, MA: National Bureau of Economic Research, September 2024, revised February 2025); and Leland Crane, Michael Green, and Paul Soto, “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5, 2025). Return to text
5. There’s evidence of firms experimenting with these tools and then abandoning them—due to a multitude of reasons. See Kathryn Bonney, Cory Breaux, Cathy Buffington, Emin Dinlersoz, Lucia S. Foster, Nathan Goldschlag, John C. Haltiwanger, Zachary Kroff, and Keith Savage, “Tracking Firm Use of AI in Real Time: A Snapshot from the Business Trends and Outlook Survey,” NBER Working Paper No. 32319 (Cambridge, MA: National Bureau of Economic Research, April 2024). Return to text
6. For more on Agentic AI’s uses, advantages, and risks, see Mark Purdy, “What Is Agentic AI, and How Will It Change Work?” Harvard Business Review (December 12, 2024). Return to text
7. See Dario Amodei, “Machines of Loving Grace,” October 2024, https://darioamodei.com/machines-of-loving-grace. Return to text
8. For biology and drug discovery, see Jean-Philippe Vert, “Unlocking the Mysteries of Complex Biological Systems with Agentic AI,” MIT Technology Review (November 13, 2024), https://www.technologyreview.com/2024/11/13/1106750/unlocking-the-mysteries-of-complex-biological-systems-with-agentic-ai; and “Owkin Announces First Patient Dosed in Phase I AI-Optimized Clinical Trial of OKN4395, a First-in-Class EP2/EP4/DP1 Triple Inhibitor for Patients with Solid Tumors,” Business Wire, January 30, 2025, https://www.businesswire.com/news/home/20250130436779/en/Owkin-Announces-First-Patient-Dosed-in-Phase-I-AI-optimized-Clinical-Trial-of-OKN4395-a-First-in-Class-EP2EP4DP1-Triple-Inhibitor-for-Patients-with-Solid-Tumors. Return to text
9. Others have used other types of scenarios. See Anton Korinek, “The Economics of Transformative AI,” The Reporter (Cambridge, MA: National Bureau of Economic Research, December 31, 2024); Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Ethan Mollick, Co-Intelligence: Living and Working with AI (New York: Portfolio/Penguin, 2024). Return to text
10. For worker productivity gains in customer service, see Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond, “Generative AI at Work,” NBER Working Paper No. 31161 (Cambridge, MA: National Bureau of Economic Research, April 2023, revised November 2023). For GenAI assisted writing gains, see Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 2023): 187–92; Jordan Usdan, Allison Connell Pensky, and Harley Chang, “Generative AI’s Impact on Graduate Student Writing Productivity and Quality,” SSRN (August 29, 2024), https://dx.doi.org/10.2139/ssrn.4941022. For software engineering, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer, “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” arXiv:2302.06590, February 13, 2023; Leonardo Gambacorta, Han Qiu, Shuo Shan, and Daniel M. Rees, “Generative AI and Labour Productivity: A Field Experiment on Coding (PDF),” BIS Working Papers No. 1208 (Basel, Switzerland: Bank for International Settlements, September 2024); Zheyuan (Kevin) Cui, Mert Demirer, Sonia Jaffe, Leon Musolff, Sida Peng, and Tobias Salz, “The Effects of Generative AI on High-Skilled Work: Evidence from Three Field Experiments with Software Developers,” SSRN (September 5, 2024, revised February 10, 2025), https://dx.doi.org/10.2139/ssrn.4945566. For worker gains in the consulting industry, see Fabrizio Dell’Acqua, Edward McFowland III, Ethan Mollick, Hila Lifshitz-Assaf, Katherine C. Kellogg, Saran Rajendran, Lisa Krayer, François Candelon, and Karim R. Lakhani, “Navigating the Jagged Technological Frontier: Field Experimental Evidence of the Effects of AI on Knowledge Worker Productivity and Quality (PDF),” Harvard Business School Working Paper No. 24-013 (September 2023). Return to text
11. See Ethan Goh, Robert Gallo, Jason Hom, et al., “Large Language Model Influence on Diagnostic Reasoning: A Randomized Clinical Trial,” JAMA Network Open (October 28, 2024), https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2825395; Nikhil Agarwal, Alex Moehring, Pranav Rajpurkar, and Tobias Salz, “Combining Human Expertise with Artificial Intelligence: Experimental Evidence from Radiology,” NBER Working Paper No. 31422 (Cambridge, MA: National Bureau of Economic Research, July 2023, revised March 2024); Ashley Capoot, “Reid Hoffman Enters ‘Wondrous and Terrifying’ World of Health Care with Latest AI Startup,” CNBC, February 2, 2025, https://www.cnbc.com/2025/02/02/reid-hoffman-launches-manas-ai-a-new-drug-discovery-startup.html; Kang Zhang, Xin Yang, Yifei Wang, Yunfang Yu, Niu Huang, Gen Li, Xiaokun Li, Joseph C. Wu, and Shengyong Yang, “Artificial Intelligence in Drug Development,” Nature Medicine, vol. 31 (January 2025): 45–59, https://doi.org/10.1038/s41591-024-03434-4; Qian Liao, Yu Zhang, Ying Chu, Yi Ding, Zhen Liu, Xianyi Zhao, Yizheng Wang, Jie Wan, Yijie Ding, Prayag Tiwari, Quan Zou, and Ke Han, “Application of Artificial Intelligence in Drug-Target Interactions Prediction: A Review,” NPJ Biomedical Innovations, vol. 2, no. 1 (January 2025), https://doi.org/10.1038/s44385-024-00003-9. Return to text
12. For more on education, see Justin Wolfers, “An Econ Educators Guide to our AI-Powered Future,” Macmillan Learning, EconEd (presentation), September 26, 2024, https://www.macmillanlearning.com/college/us/events/econed; and Anne J. Manning, “Professor Tailored AI Tutor to Physics Course. Engagement Doubled,” Harvard Gazette, September 5, 2024. Return to text
13. See Maxime C. Cohen and Christopher S. Tang, “The Role of AI in Developing Resilient Supply Chains,” Georgetown Journal of International Affairs (February 5, 2024); and Remko Van Hoek and Mary Lacity, “How Global Companies Use AI to Prevent Supply Chain Disruptions,” Harvard Business Review, November 21, 2023. Return to text
14. See Sheldon Fernandez, “How Generative AI Can Be Used in Electronics,” Forbes, April 26, 2023, https://www.forbes.com/councils/forbestechcouncil/2023/04/26/how-generative-ai-can-be-used-in-electronics-manufacturing. Return to text
15. For U.S. financial institutions, see Elizabeth Judd, “How to Balance Human and Machine While Using Chatbots,” Independent Banker, January 1, 2025; and U.S. Department of the Treasury, “Artificial Intelligence in Financial Services (PDF)” (Washington: U.S. Department of the Treasury, December 2024). For foreign financial institutions, see Bank of England and Financial Conduct Authority, “Artificial Intelligence in UK Financial Services—2024” (London: Bank of England and Financial Conduct Authority, November 21, 2024); and Bank of Japan, “Use and Risk Management of Generative AI by Japanese Financial Institutions,” Financial System Report Annex (Tokyo: Bank of Japan, October 29, 2024). For global financial institutions, see OECD, “FSB Roundtable on Artificial Intelligence (AI) in Finance (PDF),” Financial Stability Board, September 30, 2024. Return to text
16. Lida R. Weinstock and Paul Tierno, “The Macroeconomic Effects of Artificial Intelligence (PDF),” Congressional Research Service, January 28, 2025. Return to text
17. See Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 13, 2023): 187–92; Brynjolfsson et al., “Generative AI at Work” (see footnote 9); and “for software engineering” from footnote 9; Korinek (2024) from footnote 7. Return to text
18. See David H. Autor, “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29, no. 3 (Summer 2015): 3–30.See Simona Abis and Laura Veldkamp. Return to text
19. See Ben S. Bernanke, “Will Business Investment Bounce Back?” (speech at the Forecasters Club, New York, NY, April 24, 2003). Return to text
20. See Financial Stability Board, The Financial Stability Implications of Artificial Intelligence (Basel, Switzerland: Financial Stability Board, November 14, 2024); and Jon Danielsson and Andreas Uthemann, “How AI Can Undermine Financial Stability,” VoxEU: CEPR, January 22, 2024. Return to text
21. For some very early examples, see Davide Castelvecchi, “Researchers Built an ‘AI Scientist’—What Can It Do?” Nature, August 30, 2024, https://www.nature.com/articles/d41586-024-02842-3; Daniil A. Boiko, Robert MacKnight, Ben Kline, and Gabe Gomes, “Autonomous Chemical Research with Large Language Models,” Nature, December 20, 2023, https://www.nature.com/articles/s41586-023-06792-0; and Helena Kudiabor, “Virtual Lab Powered by ‘AI Scientists’ Super-Charges Biomedical Research,” Nature, December 4, 2024, https://www.nature.com/articles/d41586-024-01684-3. Return to text
22. For more on drug discovery and gene therapy, see Betty Zou, “Team Uses AI and Quantum Computing to Target ‘Undruggable’ Cancer Protein,” Phys Org, January 27, 2025; and Mohammad Ghazi Vakili et al., “Quantum-Computing-Enhanced Algorithm Unveils Potential KRAS Inhibitors,” Nature Biotechnology, January 22, 2025, https://www.nature.com/articles/s41587-024-02526-3. Return to text
23. See NASA Technology Transfer Program, “Robonaut 2: Hazardous Environments (MSC-TOPS-44)”. Return to text
24. For more on material sciences innovation, see Andy Extance, “First GPT-4-Powered AI Lab Assistant Independently Directs Key Organic Reactions,” Chemistry World, January 8, 2024, https://www.chemistryworld.com/news/first-gpt-4-powered-ai-lab-assistant-independently-directs-key-organic-reactions/4018723.article; Chenyang Liu, Xi Zhang, Jiahui Chang, You Lyu, Jianan Zhao, and Song Qiu, “Programmable Mechanical Metamaterials: Basic Concepts, Types, Construction Strategies—A Review,” Frontiers, vol. 11 (March 19, 2024); Aidan Toner-Rodgers, “Artificial Intelligence, Scientific Discovery, and Product Innovation,” MIT, November 27, 2024, https://aidantr.github.io/files/AI_innovation.pdf; and Thomas Hayes et al., “Simulating 500 Million Years of Evolution with a Language Model,” Science, January 16, 2025. Return to text
25. See Tan Sui, “AI Could Help Overcome the Hurdles to Making Nuclear Fusion a Practical Energy Source,” The Conversation, January 29, 2025, https://theconversation.com/ai-could-help-overcome-the-hurdles-to-making-nuclear-fusion-a-practical-energy-source-247608; Jaemin Seo, SangKyeun Kim, Azarakhsh Jalalvand, Rory Conlin, Andrew Rothstein, Joseph Abbate, Keith Erickson, Josiah Wai, Ricardo Shousha, and Egemen Kolemen, “Avoiding Fusion Plasma Tearing Instability with Deep Reinforcement Learning,” Nature, vol. 626, February 21, 2024, https://doi.org/10.1038/s41586-024-07024-9; and Massimiliano Lupo Pasini, German Samolyuk, Markus Eisenbach, Jong Youl Choi, Junqi Yin, and Ying Yang, “First-Principles Data for Solid Solution Niobium-Tantalum-Vanadium Alloys with Body-Centered-Cubic Structures,” Nature: Scientific Data, vol. 11, no. 907 (August 22, 2024), https://doi.org/10.1038/s41597-024-03720-3. Return to text
26. Nakia Melecio, “Exploring the Synergy: Quantum Computing and Generative AI at the Intersection of Innovation,” ScaleUp Lab Program, Enterprise Innovation Institute, Georgia Tech. Return to text
27. For an example on GenAI and quantum computers, see Rahul Rao, “Quantum Computers Can Now Run Powerful AI That Works like the Brain,” Scientific American, April 22, 2024, https://www.scientificamerican.com/article/quantum-computers-can-run-powerful-ai-that-works-like-the-brain. For an example about AI and clean energy, see Office of Policy, “How AI Can Help Clean Energy Meet Growing Electricity Demand” (Washington: U.S. Department of Energy, August 16, 2024). For examples of how GenAI is augmenting creativity, see Tojin T. Eapen, Daniel J. Finkenstadt, Josh Folk, and Lokesh Venkataswamy, “How Generative AI Can Augment Human Creativity,” Harvard Business Review (July–August 2023); and Anil R. Doshi and Oliver P. Hauser, “Generative AI Enhances Individual Creativity but Reduces the Collective Diversity of Novel Content,” Science Advances, vol. 10, no. 28 (July 12, 2024). Return to text
28. See Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Sarah Hammer, “From Turing to Trading: How AI Is Revolutionizing Finance,” Finance Centers at the Wharton School, July 10, 2024. Return to text
29. Large language models may even allow for the creation of synthetic data that allows for enhancing macroeconomic nowcasting and forecasting through economic AI agents that can also help with analyzing macroeconomic trends and contribute to more informed financial decisionmaking. See Anne Lundgaard Hansen, John J. Horton, Sophia Kazinnik, Daniela Puzzello, and Ali Zarifhonarvar, “Simulating the Survey of Professional Forecasters,” SSRN (December 1, 2024), https://dx.doi.org/10.2139/ssrn.5066286. Return to text
30. Kelly Ng, Brandon Drenon, Tom Gerken, and Marc Cieslak, “DeepSeek: The Chinese AI App That Has the World Talking,” BBC News, February 4, 2025, https://www.bbc.com/news/articles/c5yv5976z9po. Return to text
31. For example, see IBM Newsroom, “Data Suggests Growth in Enterprise Adoption of AI Is Due to Widespread Deployment by Early Adopters, But Barriers Keep 40% in the Exploration and Experimentation Phases,” IBM, January 10, 2024, https://newsroom.ibm.com/2024-01-10-Data-Suggests-Growth-in-Enterprise-Adoption-of-AI-is-Due-to-Widespread-Deployment-by-Early-Adopters; and Jefferies Editorial Team, “Can Startups Outsmart Big Tech in the AI Race?” Jefferies, September 17, 2024, https://www.jefferies.com/insights/boardroom-intelligence/can-startups-outsmart-big-tech-in-the-ai-race. Return to text
32. If AI agents proliferate in financial transactions, we will also need to be careful about the potential for unintended consequences such as collusion among AI agents. See Winston Wei Dou, Itay Goldstein, and Yan Ji, “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency,” Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, The Wharton School Research Paper, May 30, 2024, https://dx.doi.org/10.2139/ssrn.4452704. Return to text
33. See Request for Information on the Development of an Artificial Intelligence (AI) Action Plan, 90 Fed. Reg. 9,088 (PDF) (February 6, 2025). Return to text
34. See Heather Domin, “AI Governance Trends: How Regulation, Collaboration, and Skills Demand Are Shaping the Industry,” World Economic Forum, September 5, 2024. Return to text
35. For more on bias introduced in models, see Moshe Glickman and Tali Sharot, “How Human–AI Feedback Loops Alter Human Perceptual, Emotional, and Social Judgements,” Nature Human Behavior, December 18, 2024, https://www.nature.com/articles/s41562-024-02077-2; Saul Asiel Flores, “‘Bias in, Bias out’: Tackling Bias in Medical Artificial Intelligence,” Yale School of Medicine, November 18, 2024; and Adam Zewe, “Researchers Reduce Bias in AI Models While Preserving or Improving Accuracy,” MIT News, December 11, 2024. For governance in central banks, see Claudia Alvarez Toca and Alexandre Tombini, Governance of AI Adoption in Central Banks (PDF) (Basel, Switzerland: Bank for International Settlements, January 2025). Return to text
36. See, e.g., Michael P. Wellman, “Artificial Intelligence in Financial Services (PDF)” (written testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 20, 2023). Return to text
37. See Jon Danielsson and Andreas Uthemann, “AI Financial Crises,” VoxEU: CEPR, July 26, 2024. For more on algorithm collusion, see Wei Dou et al., “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency” (see footnote 33). Return to text

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: Capito Introduces American Investment in Manufacturing and Main Street Act

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) recently introduced the American Investment in Manufacturing and Main Street (AIMM) Act, legislation that would reinstate the Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) measure, supporting a competitive tax code for American job creators and businesses. Reinstating EBITDA will make it easier for capital-intensive companies to raise capital or obtain financing, protect U.S. jobs and wages, and strengthen global competition.
“After years of sustained inflation, high interest rates, and increased taxes burdening U.S. businesses due in part to the failed policies of the Biden administration, additional limitations jeopardize American manufacturers, retailers, and service providers’ ability to compete across global markets. This legislation would reinstate a needed measure to encourage industrial growth, increase jobs and wages at all levels, and contribute to America’s economy. I’m proud to support American workers and businesses by leading the introduction of this legislation, and I encourage my colleagues to join me in this effort,” Senator Capito said.
Companion legislation was introduced in the U.S. House of Representatives by U.S. Reps. Adrian Smith (R-Neb.-03), Joe Morelle (D-N.Y.-25), Kevin Hern (R-Okla.-01), and Brad Schneider (D-Ill.-10).
BACKGROUND:
Prior to 2022, businesses could deduct 30% of its EBITDA. A new limitation that went into effect would limit the deduction to only EBIT. This change is an added cost to businesses environment in the U.S. and could harm global competition. This restriction harms a wide range of industries including – but not limited to – American manufacturers, broadband providers, healthcare systems, and restaurants. Without this change, businesses will on average see close to a threefold increase in their incremental tax obligations
The legislation has been endorsed by: The National Association of Manufacturers, Business Roundtable, Global Business Alliance, RAIN Coalition, Association of Equipment Manufacturers, West Virginia Manufacturers Association, Rural Broadband Association (NTCA), Americans for Tax Reform, Inspire Brands, National Restaurant Association, American Petroleum Institute, National Taxpayers Union, Novelis, and Charter Communications.
Click here to read what others are saying about the legislation.
Click here for full text of the legislation.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: $32.6M to Attract High-Tech Manufacturing Businesses
Source: US State of New York

Governor Kathy Hochul today announced that $32.6 million has been awarded to improve seven locations under the Focused Attraction of Shovel-Ready Tracts New York grant program, administered by Empire State Development. First announced by the Governor in February 2022, FAST NY is designed to prepare and develop sites across the state to further New York’s shovel-readiness and increase its attractiveness to large employers and high-tech manufacturing companies. To date, FAST NY has awarded nearly $233 million to 32 sites, with locations in every region across Upstate New York, and Governor Hochul has proposed an additional $100 million for this proven program in her 2026 Executive Budget.

“FAST NY is a valuable tool that attracts strategic industries that invest in our communities and bring good paying jobs to New York State,” Governor Hochul said. “We have experienced first hand that shovel ready sites are an important factor when businesses are looking to expand and companies like Micron, Wolfspeed, Edwards Vacuum, and fairlife have chosen New York State because of our investments in site readiness. FAST NY is helping New York be a competitor on a global stage for the world’s best companies.”

Empire State Development President, CEO and Commissioner Hope Knight said, “FAST NY is a forward-thinking initiative that enhances the state’s appeal to major employers in high-growth industries by helping communities prepare and develop sites to accelerate New York’s shovel-readiness. Each site selected for a FAST NY investment has tremendous potential to ignite projects that generate jobs and stimulate regional economic development across New York.”

The latest awardees are:
- Albany Port District Commission (Capital Region) – $18.79 million: This project at the Port of Albany’s 85-acre Beacon Island expansion site will allow for utility infrastructure work, including installation of a high-voltage substation, a sanitary wastewater treatment plant, and the intake lines and pump station package for fire protection system. Additionally, it will support the remaining earthwork at the site. This fully graded 85-acre site with access to 115Kv power lines and the navigable Hudson River presents a unique asset to manufacturers of a variety of large-scale components.
- Buffalo and Erie County Land Development Corporation (Western New York) – $11.5 million: This infrastructure improvement project at the former Evans-Angola airport will support the establishment of the Erie County Agribusiness Park. The grant will support utility infrastructure work, including roadway and sewer improvements, and power and gas transmission extensions, plus a substation. The former airport has been defunct for over 25 years and the new agribusiness park will focus on attracting food and agricultural processing businesses to the region, and expanding available markets for local farms.
- Town of Clifton Park (Capital Region) – $1 million: This infrastructure improvement project at the Synergy Technology Park will extend the site’s water infrastructure by providing a secondary water line. This will increase capacity to the park and support future site development and expansion for industrial, manufacturing and distribution operations.
- Orange County Industrial Development Agency (Mid-Hudson) – $500,000: This pre-development project at the Roseton Development site will induce advancement of environmental studies including a Generic Environmental Impact Statement and State Environmental Quality Review, plus engineering and site design. The site provides unique assets, including direct access to existing power transmission, rail, heavy infrastructure, and existing maritime infrastructure with direct access to the Hudson River, and will focus on targeting offshore wind supply chain companies.
- Fulton County Center for Regional Growth (Mohawk Valley) – $434,700: This pre-development project will induce the advancement of engineering fees and studies that will determine costs for the development of infrastructure at Johnstown Commerce Park, including roads, utilities, site analysis, and environmental investigation. This site is located directly across from the current Johnstown Industrial Park, which is currently at capacity. The site, which was previously awarded a FAST NY grant, expects to produce five major industrial development projects, resulting in the creation of approximately 200 jobs.
- Hamburg Development Corporation (Western New York) – $250,000: This pre-development project will allow for shovel-ready advancement of the Crossroads site, including environmental impact and traffic studies. The site is adjacent to the former Ford stamping plant and is zoned industrial, with direct proximity to significant water, sewer, natural gas and power lines. Pre-permitting this site will expedite development and improve speed to market for advanced manufacturing projects in the region.
- Wayne County Industrial Development Agency (Finger Lakes) – $100,000: This pre-development project will enable studies to evaluate water and sewer treatment and delivery infrastructure, with a focus on Lyons Industrial Park and additional industrial parks located along the Route 31 corridor spanning east to west through the southern end of the county. These parks were recently identified via a feasibility study, conducted to evaluate potential areas for future industrial development.
This year, Governor Hochul proposed $100 million for additional rounds of FAST NY in her FY26 Executive Budget. The program helps to diversify New York State’s economy while generating new investments for businesses, communities and job creation. Last year, Governor Hochul secured an additional $100 million in funding through the FY25 State Budget for the FAST NY program.

FAST NY grants are awarded for pre-development activities and infrastructure investments to develop sites that will attract many eligible industries —including high-tech manufacturing, semiconductors, clean-tech renewable energy, life sciences, agribusiness, optics, transportation equipment, materials processing, industrial machinery manufacturing and other advanced manufacturing. These sites can also be used for interstate distribution and logistics. For more information, or to apply for a FAST NY grant, visit esd.ny.gov/fast-ny.

MIL OSI USA News –
February 19, 2025
MIL-OSI Video: Getting EV Supply Chains Right | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

Despite slowing electric vehicle sales growth in the US and Europe, over 30 million new EVs are expected on the road in 2027. To scale production, manufacturers are racing to secure reliable and sustainable supply chains for critical components and materials.

From batteries to critical minerals to skills, what strategies are manufacturers and policy-makers adopting to meet the increasing demand?

This session is linked to the ongoing work of the Centre for Advanced Manufacturing and Supply Chains, Centre for Energy and Materials, and Automotive Industry of the World Economic Forum.

This session was developed in collaboration with Business Insider.

Speakers: Pan Jian, Anindya Novyan Bakrie, Jamie Heller, Bonginkosi Emmanuel “Blade” Nzimande, Elizabeth Shuler, Jakob Stausholm

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=S4tgXhJlUrI

MIL OSI Video –

February 19, 2025
MIL-OSI Global: Trump’s quiet change to US position on Taiwan is all about the economy

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

The US state department has removed a highly symbolic phrase from its routine update on Taiwan. Its previous briefings said: “We do not support Taiwan independence.” This disappeared on February 13 2025.

That’s not all. Donald Trump’s new government also stated on the same day that it advocated a peaceful and coercion free resolution to the Sino-Taiwan issue and opposes unilateral changes to the status quo from either side. These may seem like small tweaks to previous US positions, but they are sending a big signal to China.

Beijing is concerned that the changes in the state department’s factsheet suggest that Trump’s government may be taking a stronger tack than was expected in being prepared to defend, or throw support behind, the island of Taiwan.

The issue for China is that it sees Taiwan as a breakaway province, which it believes should return to Beijing’s orbit. Many Taiwanese see it as a separate state.

China hasn’t ruled out the use of force to make Taiwan part of the republic and has even sent warplanes to defend the Taiwan Strait in the past week. China claims the waterway between the island and the mainland as its own, though this is disputed under the United Nations convention on the law of the sea.

Beijing will be concerned that Washington’s updated wording on Taiwan might mean that the US is less likely to stand idly by if China invades the island than it might have expected. But what’s also interesting is why the US is warming up to Taiwan despite how aggrieved Trump has been by how Taiwan has “stolen” the semiconductor industry from the US.

Trump’s eye on business

Given Trump’s transactional, or business-first approach, towards politics, it is hardly surprising that Washington’s updated statement of support on Taiwan’s independence may be aimed towards enhancing US rather than Taiwanese interests.

Many in Trump’s second cabinet such as Secretary of State Marco Rubio and National Security Advisor Mike Waltz are China hawks who view Beijing as a national security threat and advocate a more aggressive stance towards China. One major US concern is China’s growing influence in Asia, which challenges US influence within the region.

Trump announces more tariffs on China in his first weeks in office.

While Washington still appears to tip its hat towards a one-China policy, its updated statement on Taiwanese independence suggests that the US might adopt an aggressive approach to any move by Beijing. The US’s watching brief on the China-Taiwan conflict will mean Beijing will have to think hard before taking any measures towards reclaiming the island right now.

A weakened Beijing?

China’s president, Xi Jinping, had hoped to win international hearts and minds through the Belt and Road Initiative, its global trade plan to build an international network of countries receiving Chinese investment. But as China’s own economy is weakened by a real estate crisis that started in 2021, the aim of showing Xi’s success through economic means is not working out as hoped.

The other avenue for Xi to enhance his reputation as leader is to bring Taiwan back into the Chinese fold. Since the Chinese Communist party came to power in 1949, various Chinese leaders have made reunification with Taiwan a long-term goal. So, if Xi could return Taiwan to China, he could be hailed domestically as one of the greatest leaders the country has ever seen.

If China’s plan to reunify with Taiwan was already a major challenge, Washington’s altered stance on Taiwan independence and overt opposition towards coercion or the use of force makes this task even more difficult for Beijing. This could weaken Xi’s image and undermine his rule further (and may of course be part of Trump’s agenda).

Prepped for the negotiation table

The US and China had spent years in trade negotiations before US tariffs were imposed on China during Trump’s first term, culminating in the phase one deal in January 2020. Trump has already announced an extra 10% of tariffs on Chinese goods in his first month in office.

It is plausible that these statements on Taiwan are aimed at enhancing Washington’s bargaining power in the burgeoning China-US trade war.

In 2016, Trump accused China of “raping” the US with unfair trade policies, and imposed tariffs of up to 25% on Chinese goods coming into the US. During his 2024 presidential campaign trail, Trump went as far as to suggests that tariffs on Chinese goods could go as high as 60%.

Higher tariffs are bad news for China since the country relies heavily on exports for economic growth, especially on high tech “new three” products – electric vehicles, lithium batteries and solar panels – to recover its ailing economy.

However, if Beijing is forced to retreat from Taiwan, Xi might have to fall back heavily on the economy to maintain political legitimacy. When that happens, Beijing could be forced to offer concessions to the Americans, such as buying more US products, and to address how subsidies are used to aid Chinese firms to the detriment of US businesses in China.

Overall, it’s likely that someone on Trump’s team has thought about all the implications of tweaking its Taiwan stance, and sees it as working out well for the US economy and, potentially, the Trump government overall. Taiwan is just a pawn in the game.

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. Trump’s quiet change to US position on Taiwan is all about the economy – https://theconversation.com/trumps-quiet-change-to-us-position-on-taiwan-is-all-about-the-economy-250106

MIL OSI – Global Reports –

February 19, 2025
MIL-OSI United Kingdom: Meet the Council drop-in for business support

Source: Scotland – City of Edinburgh

A Meet the Council event will be held on Tuesday 11 March at the Assembly Rooms on George Street between 10:00am and 2:00pm.

Local businesses are encouraged to register in advance to secure a space to the drop-in, with opportunities throughout the day to meet with key Council teams and hear about opportunities for business growth.

Offering a single point of access for business support, the event will bring together Council officers from:
• Building standards
• Business Gateway
• Commercial property
• Cultural events
• Economic development
• Edinburgh Convention Bureau
• Environmental health
• Film Edinburgh
• Forever Edinburgh
• JET (Jobs, Education & Training)
• Licensing
• Non-Domestic Rates
• Parental Employability Support
• Planning
• Procurement
• The Edinburgh Employer Recruitment Incentive
• The Edinburgh Guarantee
• Trading standards
• Visitor Levy

Throughout the day, external partners will also be on hand to present and share their expertise, including:
• Edinburgh Chamber of Commerce, an independent membership organisation which supports over 1,000 organisations who employ more than 120,000 staff in the Capital
• British Business Bank, a government-owned economic bank specialised in helping businesses in the UK access financial support
• Federation of Small Businesses, a non-profit organisation that helps small businesses and the self-employed
• Capital City Partnership, the anchor delivery body for Edinburgh’s employability strategy, working together to tackle inequality and poverty
• Edinburgh Social Enterprise Network, which works to create opportunities for Edinburgh’s Social Enterprise community to develop and thrive
• Forth Green Freeport, Scotland’s largest opportunity to deliver a just transition to net zero, to attract significant inward investment, to build international trade and export capability, and to create high quality and well paid jobs.

Councillor Lezley Marion Cameron, Housing, Homelessness and Fair Work Convener, said:

Edinburgh continues to have the strongest local economy outside of London and the highest number of registered Living Wage employers in Scotland. The entrepreneurialism, success and resilience of Edinburgh business owners contributes hugely to what makes our City of Edinburgh a unique and special place to live and work.

We would like to work much more closely with the business community in offering meaningful support, understand more fully the views, concerns and aspirations of business owners and work jointly in securing a vibrant, sustainable, and resilient economic future for Edinburgh.

We recognise that the current economic climate is challenging, and in working together with businesses and other partners, there is much we can do collectively to grow and sustain Edinburgh’s economy, promote the benefits of Fair Work, and become a fairer city for all. That’s why the Council is hosting this opportunity for businesses to meet us face-to-face and engage with our staff teams across a variety of services which support business.

Whether you’re looking for advice on funding, navigating licensing, or exploring how we can support employers, this event is an ideal place to connect directly with the right people, who can provide the advice and support you need.

The Meet the Council event is designed to support Edinburgh’s business community and help foster a thriving, greener, and fairer economy – as outlined in the Council’s Business Plan 2023-27.

MIL OSI United Kingdom –

February 19, 2025
MIL-OSI New Zealand: Farmer confidence jumps to 10-year high

Source: Federated Farmers

Farmer confidence has risen to its highest level in over a decade, rebounding from record lows in recent years.

Federated Farmers’ latest Farm Confidence Survey shows falling interest rates, rising incomes and more favourable farming rules have all played a major role in that improvement.

“I’ve definitely noticed a significant shift in the mood of rural New Zealand. Farmers are feeling a lot more positive,” Federated Farmers president Wayne Langford says.

“The last few years have been bloody tough for a lot of our farming families, with falling incomes, rising interest rates and unpaid bills starting to pile up on the kitchen bench.

“At the same time, we’ve also been struggling with an incredibly challenging regulatory environment and farming rules that haven’t always been practical, affordable or fair.

“These survey results paint a clear picture of a sector finally able to breathe a sigh of relief as some of that weight is lifted.”

The January survey shows farmers’ confidence in current general economic conditions has surged from a deeply negative -66% in July 2024 to a net positive score of 2%.

This marks the largest one-off improvement since the question was introduced in 2016.

Meanwhile, a net 23% of farmers now expect better economic conditions over the next year – the highest confidence level since January 2014.

There has also been a sharp lift in profitability, with 54% of farmers now reporting making a profit – double the number in the last survey six months ago.

Langford says it’s important to note that, despite confidence being at its highest point in more than a decade, it’s still only just in the positive.

“It’s been a remarkable recovery in farmer confidence over a short period of time, but I’m very conscious that we were coming off an extremely low base.

“We’ve come a long way, but there’s a long way to go yet. Federated Farmers will keep pushing hard to cut costs out of farmers’ businesses and reduce some of that regulatory burden.”

The survey results show regulation and compliance costs remains the greatest concern for farmers, followed by interest rates and banks, and input costs.

“When it comes to farmer confidence, a lot of it comes down to what’s coming into our bank account, and what’s going out the other side. It’s a simple equation,” Langford says.

“A lot of that is market driven, and farmers are used to riding those highs and lows, but Government rules and regulations have a significant impact on farmers’ costs.

“Those compliance costs really can make or break your season and have a significant impact on a farmer’s confidence to keep investing in their business.

“The Government have made a great start cutting through red tape for farmers and repealing a lot of the most unworkable rules, but there’s still a lot of work to be done.”

Interest rates and banking issues have consistently been a top concern for farmers, which is why Federated Farmers fought so hard for a banking inquiry, Langford says.

“Interest payments are a huge cost for most farming businesses and farmers have been under massive pressure from their banks in recent years.

“We want to see the Government take a much closer look at our banking system and whether farmers are getting a fair deal from their lenders.”

The survey shows farmers’ highest priorities for the Government are the economy and business environment, fiscal policy, and reducing regulatory burdens.

“If the Government are serious about their ambitious growth agenda and doubling exports over the next decade, this is where they need to be focusing their energy,” Langford says.

“For farmers to have the confidence to invest in our businesses, employ more staff, and grow our economy, we need to have confidence in our direction of travel as a nation too.

“As a country, we’re never going be able to regulate our way to prosperity, but with the right policy settings, we might just be able to farm our way there.”

The report’s key findings include:

– General economic conditions (current): Farmer confidence has surged by 68 points since July 2024, rebounding from a deeply negative -66% to a net positive score of 2%. This marks the largest one-off improvement since the question was introduced in 2016.

– General economic conditions (expectations): Optimism is rising, with net expectations increasing by 29 points since January 2024. A net 23% of farmers now anticipate better conditions over the next year-the highest confidence level seen since January 2014.

– Farm profitability (current): The number of farmers making a profit has doubled since the last survey, with 54% of farmers now reporting a profit-up from just 27%. The net profitability score has surged by 60 points, the strongest turnaround since July 2022.

– Farm profitability (expectations): Confidence in future profitability continues to climb, with a net 31% of farmers expecting improvement over the next 12 months-a 41-point increase since July 2024. This is the highest forward-looking profitability score since July 2017.

– Farm production (expectations): A net 16% of farmers expect production to increase in the next year, extending a positive trend. This marks the first time since 2016/17 that there have been three consecutive periods of predicted growth.

– Farm spending (expectations): Spending intentions have strengthened, with a net 23% of farmers planning to increase spending over the next 12 months-up 26 points from July 2024. This is the strongest expected rise since January 2023.

– Farm debt (expectations): 41% of farmers plan to reduce their debt in the next year, up from 23% in July 2024. Lower interest rates, improved confidence, and stronger production forecasts are driving this shift.

– Ability to recruit (experienced): Hiring challenges persist, with a net 16% of respondents reporting difficulty recruiting skilled staff in the past six months, largely unchanged from July 2024. However, this is the least difficult period for recruitment since July 2012.

– Greatest concerns (current): The top concerns for farmers remain Regulation & Compliance Costs, Debt, Interest & Banks, and Input Costs.

– Highest government priorities: Farmers want the Government to prioritise the Economy & Business Environment, Fiscal Policy, and reducing Regulatory Burdens.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI Canada: Speech by Tiff Macklem, Governor of the Bank of Canada

Source: Bank of Canada

OTTAWA – On Friday, February 21, 2025, Tiff Macklem, Governor of the Bank of Canada, will speak before the Mississauga Board of Trade-Oakville Chamber of Commerce.

Topic

Trade friction, structural change and monetary policy

Time

12:45 (Eastern Time)

Place

Hilton Meadowvale
6750 Mississauga Road
Mississauga, ON L5N 2L3

Lock-Up

At 11:00 (ET), journalists are invited to review copies of the speech, under embargo, at the Bank’s head office in Ottawa. Please use the Bank of Canada Museum entrance, located at 30 Bank Street (corner of Bank and Wellington), and bring photo ID.

For security reasons, journalists wishing to attend must confirm their presence by contacting Media Relations before noon (ET) on Thursday, February 20, 2025. Those who have not registered will not be admitted to the lock-up.

The embargo will be lifted at 12:30 (ET).

Distribution

The Governor’s text will be available on the Bank’s website at 12:30 (ET).

Media Availability

At approximately 14:10 (ET), the Governor will hold a press conference in Hazel McCallion D.

Accredited journalists who wish to participate remotely must contact Media Relations for connection information before noon (ET) on Thursday, February 20, 2025.

Audience Q&A

There will be an audience Q&A period.

Webcast

Audio and video webcasts of the speech and press conference will be available.

Note

Those wishing to attend are asked to contact
.

For more information, please contact Media Relations.

MIL OSI Canada News –

February 19, 2025
MIL-OSI: AutoScheduler.AI Hosts LinkedIn Live Event on Cutting Through the AI Buzzwords
Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — AutoScheduler.AI, an innovative Warehouse Orchestration Platform and WMS accelerator, announces a LinkedIn Live Event on Cutting Through the AI Buzzwords. As AI is everywhere in supply chain conversations, companies have trouble discerning whether it is right for their business.

“Between ChatGPT, DeepSeek, Machine Learning, and ‘Proprietary Algorithms’ supply chain executives are getting lost in all the verbiage and having a hard time determining what is real and what isn’t,” says Keith Moore, CEO of AutoScheduler.AI. “In this event, I will provide a straight-talking session on what AI actually does in supply chain operations, whether in warehousing, transportation, procurement, or other, and help companies see where the real business value is.”

Date of Event: February 27, 2025
Time: 2:00 – 3:00 PM EST

The AutoScheduler LinkedIn Live Event: Cutting Through the AI Buzzwords will cover
- What AI Actually Is – DeepSeek vs. ChatGPT vs. Machine Learning vs. “Proprietary Algorithms” – what’s real?
- How AI is Used in Supply Chain – Warehousing, transportation, procurement, demand planning & beyond
- What AI Delivers – The business value, success stories, and how to measure ROI
Presenter: Keith Moore, CEO of AutoScheduler.AI, is focused on bringing the future of technology into warehousing. He works with the top 10 Consumer Goods, Beverage, and Distribution companies to drive efficiency in distribution centers. Before launching AutoScheduler.AI, Keith was voted by Hart Energy Magazine as an Energy Innovator of the Year in 2020, was selected as a Pi Kappa Phi 30 under 30 member, and holds multiple patents in the fields of neural architecture search and supply chain planning. Keith has been published in journals and groups like SupplyChainBrain, Inbound Logistics, ISSA, and OTC for his work in logistics, cyber security, and predictive maintenance applications.

To register for the event, click here: https://www.linkedin.com/events/cuttingthroughtheaibuzzwords7297372946942083072/theater/.

About AutoScheduler.AI

AutoScheduler.AI empowers you to take full control of your warehouse with a cloud-based solution that seamlessly integrates with your existing WMS/LMS/YMS or any other solution. We automate critical tasks like labor scheduling, dock management, and task sequencing, ensuring everything runs smoothly and efficiently. You’ve already invested in the software to run your warehouse—what we do is provide the orchestration layer that ties it all together to make real-time data driven decisions. With AutoScheduler.AI, you get smart orchestration for a smarter, more agile warehouse. For more information, visit: http://www.autoscheduler.ai.

Contact:
Becky Boyd
MediaFirst PR
Becky@MediaFirst.Net
Cell: (404) 421-8497

The MIL Network –
February 19, 2025
MIL-OSI: EXL’s LDS platform recognized as ‘Luminary’ in Celent New Business and Underwriting Systems: North America Life Insurance Edition report

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a global data and AI company, announced it has been recognized as a Luminary in the Celent New Business and Underwriting Systems: North America Life Insurance Edition report.

The recognition marks the third consecutive year that EXL’s Life Digital Suite™ (LDS) solution, has been honored for its innovation and functionality. In 2022, EXL’s LDS also earned the Luminary honor, and in 2023, EXL won Celent’s XCelent Breadth of Functionality Award for its LifePRO™ platform.

This Celent report evaluated 20 different technology platforms supporting the automation and digitization of the new business and underwriting processes to lower operating costs and improve customer experience. The focus was on new business and underwriting systems currently offered in North America. The Celent evaluation is based on detailed analysis of product offerings and capabilities along with client references and surveys.

“As a modern, low-code, highly configurable system with six new clients in the U.S. and U.K., EXL’s LDS has become a top contender in the new business and underwriting solution market,” states Karen Monks, principal analyst in Celent’s Life Insurance Practice and author of the recent report. “EXL’s continued investment in the product, like Underwriter Assist, a summarization and query tool using GenAI, helps them make insurers’ shortlists.”

EXL’s LDS is a comprehensive digital platform that automates the entire new business and underwriting process from receipt of insurance application through policy issue. Fully interoperable with existing client technologies and pricing systems, the cloud-based solution is built a with simple no code configuration and includes pre-built product templates supporting fully customized agent landing and quote pages, personalized quotes and detailed management dashboards.

“The landscape of the life insurance industry favors fast decisioning and efficient workflows,” said Ajmal Malik, EXL’s vice president and LDS product manager. “At EXL, we empower insurers with fully automated, AI enhanced processes that help underwriters organize and search through unstructured data, streamline decision-making, and allowing them to thrive in this fast-paced environment.”

To read more about the report and to see how EXL compares to its competition, visit here. For more information on EXL’s Life Digital Suite, click here.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.com

Investor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com

The MIL Network –

February 19, 2025
MIL-OSI Asia-Pac: Korea-Malaysia summit (November 2024)
Source: Government of the Republic of Korea

Korea-Latvia summit (November 2024)

President Yoon Suk Yeol on Nov. 28 hosted a summit at his office for visiting Latvian President Edgars Rinkevics on raising bilateral cooperation and analyzing regional and international situations.

Both leaders agreed to strengthen bilateral cooperation in sectors such as bio and pharmaceuticals, national security and the defense industry.

Korea-Malaysia summit (November 2024)

President Yoon Suk Yeol on Nov. 25 hosted summit talks in Seoul with Malaysian Prime Minister Anwar Ibrahim, who was on an official visit to Korea, and adopted a joint statement on their newly formed strategic partnership.

Both leaders welcomed the resumption of negotiations on a bilateral free trade agreement this year and agreed to accelerate efforts to conclude the deal next year. They also pledged to raise cooperation in infrastructure and supply chains for core minerals.
Korea-Peru summit (November 2024)

President Yoon Suk Yeol and Peruvian President Dina Boluarte on Nov. 16 held a bilateral summit at the Presidential Palace in Lima, Peru, and agreed to bolster cooperation in the defense sector and infrastructure.
The two countries concluded memorandums of understanding on joint production of KF-21 fighter jet parts, development of naval ships (submarines) and cooperation in army ground equipment.
- Current Affairs President Yoon’s visits to Peru, Brazil for APEC, G20
Korea-ASEAN summit (October 2024)

President Yoon Suk Yeol on Oct. 10 attended the 25th Association of Southeast Asian Nations (ASEAN) Summit at the National Convention Centre in Vientiane, Laos, where he and ASEAN leaders agreed to form a comprehensive strategic partnership and launch joint projects in a range of sectors.

They also agreed to stimulate trade and investment through a bilateral free trade agreement and the Regional Comprehensive Economic Partnership, while creating a “conducive and favourable environment” for ASEAN and Korean business such as the ASEAN-ROK (Republic of Korea) Business Council.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Japan summit (October 2024)

President Yoon Suk Yeol on Oct. 10 held a summit with Japanese Prime Minister Shigeru Ishiba at a hotel in Vientiane, Laos, their first talks since the prime minister assumed office on Sept. 1.

Both leaders agreed on the growing need to raise bilateral cooperation in regional and global issues and expand the horizons for such collaboration on the global stage.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Philippines summit (October 2024)

President Yoon Suk Yeol, on a state visit to the Philippines, on Oct. 7 agreed with Philippine President Ferdinand Marcos Jr to form a bilateral strategic partnership at their summit held at the presidential Malacanang Palace in Manila.

Both leaders also adopted a joint declaration on higher cooperation in all sectors including national security and economy like nuclear power plants.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Czechia summit (September 2024)

President Yoon Suk Yeol on Sept. 19 discussed with Czech President Petr Pavel in Prague cooperation in strategic sectors including nuclear power plants. Both leaders also shared opinions on developing their bilateral strategic partnership.

Korea-New Zealand summit (September 2024)

President Yoon Suk Yeol and New Zealand Prime Minister Christopher Luxon on Sept. 4 at their bilateral summit adopted a joint statement on stronger bilateral relations in trade, economy, science, human exchange, national security and international cooperation.

Both leaders also agreed to elevate their Partnership for the 21st Century concluded in 2006 to a comprehensive strategic partnership.
Korea-Germany summit (July 2024)

President Yoon Suk Yeol on July 10 in Washington held bilateral talks with German Chancellor Olaf Scholz on the sidelines of the NATO Summit.
President Yoon said he hopes to work more closely with Germany on global issues such as support for Ukraine, supply chain disruptions and the climate crisis. He also hailed Germany’s application to join the United Nations Command.
- Current Affairs President Yoon’s US visit for NATO Summit
Korea-Japan summit (July 2024)

President Yoon Suk Yeol on July 10 in Washington held bilateral talks with Japanese Prime Minister Fumio Kishida on the sidelines of the NATO Summit.
President Yoon said, “The recent signing by Russia and North Korea of a comprehensive strategic partnership treaty and their accelerated closeness in military and economic ties are raising serious concern over global security as well as that of East Asia.”
- Current Affairs President Yoon’s US visit for NATO Summit
MIL OSI Asia Pacific News –
February 19, 2025
MIL-OSI Asia-Pac: Korea-Latvia summit (November 2024)
Source: Government of the Republic of Korea

Korea-Latvia summit (November 2024)

President Yoon Suk Yeol on Nov. 28 hosted a summit at his office for visiting Latvian President Edgars Rinkevics on raising bilateral cooperation and analyzing regional and international situations.

Both leaders agreed to strengthen bilateral cooperation in sectors such as bio and pharmaceuticals, national security and the defense industry.

Korea-Malaysia summit (November 2024)

President Yoon Suk Yeol on Nov. 25 hosted summit talks in Seoul with Malaysian Prime Minister Anwar Ibrahim, who was on an official visit to Korea, and adopted a joint statement on their newly formed strategic partnership.

Both leaders welcomed the resumption of negotiations on a bilateral free trade agreement this year and agreed to accelerate efforts to conclude the deal next year. They also pledged to raise cooperation in infrastructure and supply chains for core minerals.
Korea-Peru summit (November 2024)

President Yoon Suk Yeol and Peruvian President Dina Boluarte on Nov. 16 held a bilateral summit at the Presidential Palace in Lima, Peru, and agreed to bolster cooperation in the defense sector and infrastructure.
The two countries concluded memorandums of understanding on joint production of KF-21 fighter jet parts, development of naval ships (submarines) and cooperation in army ground equipment.
- Current Affairs President Yoon’s visits to Peru, Brazil for APEC, G20
Korea-ASEAN summit (October 2024)

President Yoon Suk Yeol on Oct. 10 attended the 25th Association of Southeast Asian Nations (ASEAN) Summit at the National Convention Centre in Vientiane, Laos, where he and ASEAN leaders agreed to form a comprehensive strategic partnership and launch joint projects in a range of sectors.

They also agreed to stimulate trade and investment through a bilateral free trade agreement and the Regional Comprehensive Economic Partnership, while creating a “conducive and favourable environment” for ASEAN and Korean business such as the ASEAN-ROK (Republic of Korea) Business Council.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Japan summit (October 2024)

President Yoon Suk Yeol on Oct. 10 held a summit with Japanese Prime Minister Shigeru Ishiba at a hotel in Vientiane, Laos, their first talks since the prime minister assumed office on Sept. 1.

Both leaders agreed on the growing need to raise bilateral cooperation in regional and global issues and expand the horizons for such collaboration on the global stage.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Philippines summit (October 2024)

President Yoon Suk Yeol, on a state visit to the Philippines, on Oct. 7 agreed with Philippine President Ferdinand Marcos Jr to form a bilateral strategic partnership at their summit held at the presidential Malacanang Palace in Manila.

Both leaders also adopted a joint declaration on higher cooperation in all sectors including national security and economy like nuclear power plants.
- Current Affairs President Yoon’s visit to 3 Asian nations
Korea-Czechia summit (September 2024)

President Yoon Suk Yeol on Sept. 19 discussed with Czech President Petr Pavel in Prague cooperation in strategic sectors including nuclear power plants. Both leaders also shared opinions on developing their bilateral strategic partnership.

Korea-New Zealand summit (September 2024)

President Yoon Suk Yeol and New Zealand Prime Minister Christopher Luxon on Sept. 4 at their bilateral summit adopted a joint statement on stronger bilateral relations in trade, economy, science, human exchange, national security and international cooperation.

Both leaders also agreed to elevate their Partnership for the 21st Century concluded in 2006 to a comprehensive strategic partnership.
Korea-Germany summit (July 2024)

President Yoon Suk Yeol on July 10 in Washington held bilateral talks with German Chancellor Olaf Scholz on the sidelines of the NATO Summit.
President Yoon said he hopes to work more closely with Germany on global issues such as support for Ukraine, supply chain disruptions and the climate crisis. He also hailed Germany’s application to join the United Nations Command.
- Current Affairs President Yoon’s US visit for NATO Summit
Korea-Japan summit (July 2024)

President Yoon Suk Yeol on July 10 in Washington held bilateral talks with Japanese Prime Minister Fumio Kishida on the sidelines of the NATO Summit.
President Yoon said, “The recent signing by Russia and North Korea of a comprehensive strategic partnership treaty and their accelerated closeness in military and economic ties are raising serious concern over global security as well as that of East Asia.”
- Current Affairs President Yoon’s US visit for NATO Summit
MIL OSI Asia Pacific News –
February 19, 2025
MIL-OSI: James Bell Capital Corp. Announces Business Combination with Evolution Nickel

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) — James Bell Capital Corp. (“JBCC” or the “Company”) is pleased to announce that it has entered into a definitive agreement effective February 18, 2025 (the “Business Combination Agreement“) setting out the terms of a proposed business combination (the “Transaction“) with Evolution Nickel Corp. (“Evolution“), an arm’s length company incorporated under the Business Corporations Act (Ontario).

Evolution is a privately held company focused on the advancement and development of the South Thompson Nickel Project (the “Project”) in the Thompson Nickel Belt in Manitoba. The Project comprises more than 3,000 square kilometres of mineral exploration licenses on which extensive historic drilling and other exploration work has been conducted. Upon completion of the Transaction, it is the intention of the parties that Evolution will focus primarily upon the further evaluation, exploration, and advancement of the Project, while seeking additional corporate development opportunities that it believes will create value for Evolution’s stakeholders.

Transaction Structure

The Transaction will be structured as a three‐cornered amalgamation pursuant to which Evolution will amalgamate with a wholly‐owned subsidiary of JBCC and JBCC will acquire all of the issued and outstanding shares of Evolution from the shareholders of Evolution in exchange for the issuance of an aggregate of 52,000,000 common shares of JBCC (each, a “JBCC Share“) to such shareholders (being calculated based on a ratio of one JBCC Share for each one share of Evolution outstanding). The Transaction remains subject to the receipt of all applicable regulatory and third-party approvals and the satisfaction of other closing conditions set forth in the Business Combination Agreement. Subject to the completion of the Transaction, JBCC expects that it will change its corporate name to “Evolution Nickel Corp.”

The Transaction will constitute a change of business for the Company, as JBCC was previously a non-resource issuer and upon completion of the Transaction, proposes to focus on natural resource development opportunities. The Transaction is not expected to be subject to the approval of shareholders of JBCC, on the basis that (i) shareholder approval is not required for a three‐cornered amalgamation under applicable corporate law; (ii) the Transaction is not a “related party transaction” and no other circumstances exist which may compromise the independence of the Company or other interested parties with respect to the Transaction; and (iii) the Company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading on completion of the Transaction.

Concurrent Financing

As a condition of the closing of the Transaction, JBCC and Evolution shall complete a non-brokered private placement (the “Private Placement“) of common shares and flow-through common shares to raise minimum aggregate gross proceeds of $5,000,000.

Following the completion of the Transaction, the net proceeds of the Private Placement are anticipated to be used to further assess and explore the Project, and for general corporate purposes.

Conditions to Completion

Completion of the Transaction is subject to a number of conditions. The Transaction cannot close until all required regulatory approvals are obtained. There can be no assurance that the Transaction will receive such approvals on acceptable terms, or at all. Completion of the Transaction is also subject to a number of conditions including, if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed, or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, neither Evolution nor JBCC can make any representation or warranty as to the completeness or the accuracy of any information regarding the transaction. Trading in the securities of JBCC should be considered highly speculative. Neither the Canadian Investment Regulatory Organization or any securities exchange has expressed an opinion on the merits of the proposed Transaction or has approved or disapproved the contents of this news release.

On behalf of the Board of Directors

Bruce Langstaff
Executive Chairman
info@copland-road.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements about the Company’s expectations regarding the proposed Transaction of the Company and the Private Placement which are forward‐looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward‐looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward‐looking statements. Factors that could cause the actual results to differ materially from those in forward‐looking statements include general business, economic, competitive and social uncertainties; and the delay or failure to receive all applicable regulatory and third party approvals, and availability of financing. The forward‐looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward‐looking statements or information, except as required by law.

The MIL Network –

February 19, 2025
MIL-OSI USA: St. Louis District 837 Readies For Upcoming Boeing Defense Negotiations
Source: US GOIAM Union

IAM District 837’s negotiating committee recently completed a negotiation preparation program ahead of upcoming contract talks with Boeing Defense in St. Louis. The week-long training covered essential skills, such as drafting contract language, presenting proposals, assessing the company’s strengths and weaknesses, and exploring various bargaining strategies. Aerospace Coordinators Bobby Barnwell, Stephen Jordan, and Instructor Jeff McLeod supported the program.

In June 2025, approximately 3,200 IAM District 837 members will begin contract negotiations with Boeing Defense. These members work across Boeing facilities in St. Charles, Mo., St. Louis, and Mascoutah, Ill.

The 2022 contract agreement included significant improvements:
- An average of a 14% general wage increase over three years, in addition to cost-of-living adjustments.
- No changes to existing comprehensive health insurance plans.
- Elimination of the two-tier wage system.
- Boosts auto progression rate from 50 to 65 cents per hour twice a year.
- Lead pay and second shift premium increases.
- Sick, parental, and funeral leave improvements.
“Our focus is on protecting and improving the livelihoods of IAM Union members at Boeing Defense in St. Louis,” said IAM International President Brian Bryant. “The negotiation prep program gives members the strategic tools to negotiate at the table with confidence.”

“Our members deserve a contract that reflects their hard work and dedication,” said IAM Midwest Territory General Vice President Sam Cicinelli. “This program ensures we’re ready to fight for fair wages, benefits, and working conditions.”

“As the landscape of collective bargaining continues to evolve, it’s crucial that we stay prepared with innovative and strategic approaches,” said IAM District 837 President and Directing Business Representative Boelling. “I appreciate the staff, instructors, and technical team at the Winpisinger Center for organizing this valuable in-person training.”

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MIL OSI USA News –
February 19, 2025
MIL-OSI United Kingdom: New local Asian fashion business moves into city centre Pop Up

Source: City of Portsmouth

Local Southsea business SP Collections have moved into the city centre Portsmouth Pop Up shop to sell Asian inspired clothing and jewellery. This start up business is hitting the ground running by trialling high street retail as part of Portsmouth City Council’s pop-up shop scheme that is designed to help local businesses grow.

SP Collections is a fashion brand inspired by the rich heritage of Asian culture offering an elegant range of attire, including sarees, salwar kameez, abayas, long dresses, and jewellery.

Shama Parveen, founder and owner of SP Collections said:

‘I am truly grateful for the pop-up scheme as it provides an incredible opportunity to showcase my products to a wider audience.

Previously, I sold at local pop-up markets, but these occasional events weren’t enough to sustain consistent growth. This initiative offers a fantastic platform for small businesses like mine to connect with new customers in Portsmouth.

SP Collections was born from the desire to bring authentic, Asian-inspired clothing to Portsmouth’s diverse community. We understand the challenges with finding modest, stylish Asian fashion locally. That’s why we’re dedicated to making these beautiful pieces easily accessible, without compromising on quality, style, or authenticity.”

The Portsmouth Pop Up enables local entrepreneurs and small businesses to trade in a high street location without the commitment or cost of a longer-term lease.

Councillor Steve Pitt, Leader of the council with responsibility for economic development said:

“Pop Up shop schemes can breathe new life into our high streets, whilst giving independent businesses a great opportunity to have a shop front in a prime retail location.

“One year on since the Portsmouth Pop Up initiative began, it’s great to see its success in supporting local businesses like SP Collections. This is a fantastic example of how we’re working together to strengthen our economy and providing the necessary support businesses need to grow”

The Portsmouth Pop-Up shop, a joint venture between Portsmouth City Council, Cascades, and Flude, opened last year to address the increasing demand for business space in the city. The first tenant, Goly Natural, a local natural skincare business, has been so successful that they plan to establish a permanent shop this year.

Businesses can apply to rent the pop-up shop in Cascades, in Portsmouth’s city centre for a minimum of 13 weeks giving them a chance to engage with customers and launch products and services.

For more information visit Portsmouth Pop Up

MIL OSI United Kingdom –

February 19, 2025

MIL-OSI: Leishen Energy Holding Co., Ltd. Announces Fiscal Year 2024 Financial Results Highlighting Strong Operating Cash Flow and Stable Gross Margins

Source: GlobeNewswire (MIL-OSI)

BEIJING, Feb. 18, 2025 (GLOBE NEWSWIRE) — Leishen Energy Holding Co., Ltd. (“Leishen Energy”), a leading provider of clean-energy equipment and integrated solutions for the oil and gas industry, today announced its fiscal year 2024 financial results, showcasing robust performance driven by effective cost management, strategic market expansion, and growing demand for the Company’s innovative product offerings.

Fiscal Year 2024 Financial Highlights

Operating Cash Flow Grows 243%, rising to USD $15.07 million in fiscal year 2024, up from USD $4.39 million in fiscal year 2023, marking a more than 243% year-over-year increase. This sharp rise was driven by robust accounts receivable collections, efficiency gains, and disciplined costs.
Total Revenues were USD $69.07 million, compared to USD $73.08 million in fiscal year 2023, representing a 5.5% decrease year-over-year. The decline was primarily attributable to lower sales of clean-energy equipment in the domestic market, partially offset by growth in the Company’s new energy business.
Gross Profit totaled USD $16.03 million, down from USD $18.38 million in the prior year, reflecting a gross margin of 23.2% (25.1% in fiscal year 2023). The margin decrease was primarily driven by lower margins in oil and gas engineering technical services.
Net Income was USD $7.99 million, compared to USD $11.63 million in fiscal year 2023, reflecting a 31.3% decrease.
Operating Expenses rose from USD $6.49 million in fiscal year 2023 to USD $8.48 million in fiscal year 2024, largely due to higher selling and marketing costs associated with international market expansion, as well as increased research and development.
Net Income Attributable to Leishen Energy was USD $8.10 million, reflecting a decrease of USD $3.76 million year-over-year.

Segment Performance

Clean-Energy Equipment
- Revenue declined by 14.6% year-over-year, to USD $33.82 million, mainly due to reduced domestic orders amid tighter market competition and lower selling prices for certain common products. The segment contributed 49.0% of total revenues.
Digitalization and Integration Equipment
- Revenue was USD $3.08 million, reflecting a modest year-over-year decline. Gross margin improved to 18.2% as the Company continued to streamline costs and enhance efficiency.
New Energy Sales
- Revenue grew 11.3%, reaching USD $25.82 million, driven by increased demand for natural gas. The Company added a major new client in fiscal year 2024, contributing over USD $1.5 million in revenue.
Oil and Gas Engineering Technical Services
- Revenue was USD $6.35 million, representing a decrease of 8.4% from the prior year, due to intensified pricing pressure and customers adopting lower-cost operating models. Despite increased competition, the Company continues to develop new projects at home and abroad.

Management Commentary

“We are pleased to report that while Leishen Energy experienced year-over-year declines in revenue and profitability in fiscal 2024, we have strengthened our position in new energy sales and increased our presence in international markets,” said Hongliang Li, Chief Executive Officer of Leishen Energy. “The successful expansion of our customer base—particularly in overseas regions—and ongoing investments in research and development underscore our commitment to delivering innovative, high-performance energy solutions.”

Zhiping Yu, Chief Financial Officer, added: “As we navigate near-term market pressures, we remain focused on cost optimization and strategic capital allocation. We believe our prudent balance sheet management, coupled with targeted investments in key growth areas, will help us enhance our financial performance and maintain sustainable returns for our shareholders in the years to come.”

Business Outlook

The Company aims to capitalize on the following growth drivers and strategic initiatives in fiscal year 2025 and beyond:

International Expansion: Continued pursuit of overseas projects in Central Asia, Southeast Asia, and the Middle East, including joint reserve warehouses of spare parts with major oilfields and new power plant operation and maintenance projects in Africa.
Technology and Innovation: Further investment in research and development to strengthen patented technologies, with 72 patents now held across clean-energy equipment, oil and gas engineering technical services, and new energy production and operation.
Customer Diversification: Ongoing efforts to deepen relationships with long-standing domestic clients while expanding the Company’s international customer pipeline, particularly in digitalization and integration equipment sales.
Operational Efficiencies: Enhancement of cost-control measures, rigorous supply chain management, and new supplier partnerships to mitigate inflationary pressures and disruptions.

LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
	2024						2023						Variance
	Amount			% of revenue			Amount			% of revenue			Amount			%
Revenues	$	69,073,374			100.0	%	$	73,084,448			100.0	%	$	(4,011,074	)		(5.5	)%
Cost of revenues		(53,038,855	)		(76.8	)%		(54,705,407	)		(74.9	)%		1,666,552			(3.0	)%
Gross profit		16,034,519			23.2	%		18,379,041			25.1	%		(2,344,522	)		(12.8	)%

Operating expenses:
Selling and marketing		2,053,194			3.0	%		775,957			1.1	%		1,277,237			164.6	%
General and administrative		5,979,890			8.7	%		5,553,912			7.6	%		425,978			7.7	%
Research and development		449,542			0.7	%		158,657			0.2	%		290,885			183.3	%
Total operating expenses		8,482,626			12.4	%		6,488,526			8.9	%		1,994,100			30.7	%

Income from operations		7,551,893			10.8	%		11,890,515			16.2	%		(4,338,622	)		(36.5	)%

Other income (loss):
Interest expense		(57,018	)		(0.1	)%		(67,964	)		(0.1	)%		10,946			(16.1	)%
Exchange (loss) gains		(18,107	)		0.0	%		280,538			0.4	%		(298,645	)		(106.5	)%
Gain from equity investment		81,150			0.1	%		80,616			0.10	%		534			0.7	%
Net investment income		445,271			0.6	%		108,671			0.1	%		336,600			309.7	%
Other expenses, net		171,845			0.2	%		71,850			0.0	%		99,995			139.2	%
Total other income, net		623,141			0.8	%		473,711			0.6	%		149,430			31.5	%

Income before income taxes		8,175,034			11.6	%		12,364,226			16.8	%		(4,189,192	)		(33.9	)%

Provision for income taxes		184,818			0.3	%		729,506			1.0	%		(544,688	)		(74.7	)%

Net income		7,990,216			11.3	%		11,634,720			15.8	%		(3,644,504	)		(31.3	)%
Net loss attributable to non-controlling interests		(105,655	)		(0.2	)%		(223,870	)		(0.3	)%		118,215			(52.8	)%
Net income attributable to Leishen Energy Holding Co., Ltd.	$	8,095,871			11.5	%	$	11,858,590			16.1	%	$	(3,762,719	)		(31.7	)%

LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	As of September 30,
	2024			2023
	US$			US$
ASSETS
Current Assets:
Cash	$	5,811,798		$	4,567,608
Restricted cash		1,489,216			–
Short-term investments		17,850,648			7,234,607
Accounts receivable, net		21,826,297			30,742,914
Notes receivable		1,054,528			1,304,004
Advance to suppliers, net		5,896,595			5,637,829
Inventories		5,396,634			7,877,202
Due from related parties		31,535			44,848
Loan receivable – related party		822,878			–
Prepaid expenses and other current assets, net		1,567,060			1,351,049
Total current assets		61,747,189			58,760,061

Non-current assets:
Long-term investments		1,758,515			1,670,461
Deferred offering costs		437,653			271,155
Property and equipment, net		4,111,919			3,838,135
Intangible assets		140,070			152,901
Operating lease right-of-use assets, net		668,259			712,065
Loans receivable, non-current		725,699			–
Other non-current assets		44,746			52,351
Total non-current assets		7,886,861			6,697,068

Total Assets	$	69,634,050		$	65,457,129

LIABILITIES AND EQUITY
Current Liabilities:
Short-term loans	$	50,899		$	1,090,378
Accounts payable		10,731,238			11,758,870
Advance from customers		2,292,728			1,465,285
Taxes payable		3,418,725			2,755,661
Due to related parties		9,239,059			13,387,546
Operating lease liabilities		68,291			62,057
Other payables and other current liabilities		1,339,969			1,303,371
Total current liabilities		27,140,909			31,823,168

Non-current Liabilities:
Long-term loans		1,127,380			49,676
Deferred tax liabilities, net		307,513			1,175,703
Operating lease liabilities, non-current		602,735			650,007
Total non-current liabilities		2,037,628			1,875,386

Total Liabilities		29,178,537			33,698,554

Equity:
Ordinary shares, par value $0.001 per share, 50,000,000 shares authorized; 15,500,000 shares issued and outstanding*		15,500			15,500
Subscription receivable		(15,500	)		(15,500	)
Additional paid-in capital		1,617,966			1,617,966
Statutory reserves		1,690,994			1,565,649
Retained earnings		37,339,006			29,368,480
Accumulated other comprehensive loss		(861,374	)		(1,746,809	)
Total equity attributable to Leishen Energy Holding Co., Ltd		39,786,592			30,805,286
Non-controlling interests		668,921			953,289
Total Equity		40,455,513			31,758,575

Total Liabilities and Equity	$	69,634,050		$	65,457,129

About Leishen Energy Holding Co., Ltd.

The Leishen Group was founded in 2007 and is a China-based provider of clean-energy equipment and integrated solutions for the oil and gas industry, with a commitment to providing customers with high-performance, safe and cost-effective energy solutions. Our major lines of business include (i) sale of clean-energy industry; (ii) new energy production and operation; (iii) digitalization and integration equipment; and (iv) oil and gas engineering technical services. At present, the Group holds more than 70 patents and software copyrights, forming a comprehensive ecosystem of core technical capabilities. Currently, our business operations have expanded beyond the PRC to Central Asia, and Southeast Asia, and our service abilities and quality have been widely recognized and praised by foreign customers. Efficient, safe and energy-saving equipment combined with professional technical services have enabled our brand to gain positive attention and recognition from our customers and enabled us to become a well-known equipment and services provider in the oil and gas industry. For more information, please visit the Company’s website: www.r-egroup.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s share offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

Investor Relations

Michael Wei
Email:hwey@horizonconsultancy.co

The MIL Network –

February 19, 2025

MIL-OSI: Epiq and Maptician Partner to Enhance Hybrid and Flexible Work Models

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — Epiq and Maptician announced today a new partnership to provide innovative workplace management solutions. The direct integration of Maptician’s platform with Epiq’s global presence delivers seamless, data-driven results to optimize workplace productivity, collaboration, and efficiency for organizations navigating hybrid and flexible work models.

“Epiq’s transformative business solutions and global operational expertise, coupled with Maptician’s industry leading workplace management technology, enable us to provide clients with a meaningful way to foster collaboration and streamline the employee experience,” said Michelle Deichmeister, President of Epiq’s Global Business Transformation Solutions business. “By working together, we are uniquely positioned to serve organizations of all sizes and industries worldwide with powerful, user-friendly tools for managing hybrid workforces.”

Advanced flexible seating capabilities, space planning, and conference room management tools help deliver end-to-end support for flexible workplace management. Organizations are now able to gain access to vigorous workplace analytics, enabling data-driven decisions to optimize resources and reduce costs. The partnership provides smooth onboarding and scalability for organizations adopting Maptician’s workplace management platform.

“Partnering with Epiq allows us to extend Maptician’s advanced workplace management technology to even more organizations looking to optimize flexible work,” said Alaa Pasha, CEO of Maptician. “This collaboration isn’t just about technology—it’s about transforming how businesses navigate the future of work. By integrating our intelligent space planning, advanced conference room management, flexible seating, and workplace analytics with Epiq’s global expertise, we’re providing a seamless, data-driven solution that enables organizations to enhance collaboration, reduce costs, and make strategic real estate decisions with confidence.”

Epiq has significant business process outsourcing experience, driving organizational and operational innovation at more than 500 client sites and for 91 of the top 100 law firms. By leveraging its expertise with utility players, process improvement, and quality, Epiq is able to soundly engrain with clients’ strategies to outsource front- and back-end processes.

About Epiq
Epiq is a leading legal and compliance services platform integrating people, process, and technology. Through this combination of innovative technology, legal and business expertise, and comprehensive solutions, Epiq drives efficiency in large-scale and increasingly complex tasks. High-performing clients around the world rely on Epiq to streamline the administration of business, settlement administration, legal, and compliance operations to solve immediate challenges and provide scalable ongoing support to transform the enterprise. Learn more at www.epiqglobal.com.

About Maptician
Maptician is a leading workplace management technology platform that empowers organizations to optimize space, enhance collaboration, and maximize operational efficiency. Designed for the modern hybrid workplace, Maptician provides intelligent seat booking, hoteling, conference room management, space planning, and workplace analytics—all in one cloud-based solution. By leveraging data-driven insights, Maptician enables firms to streamline real estate decisions, improve employee experience, and drive cost savings. Trusted by law firms and financial services organizations, Maptician helps businesses transform how they manage people and places in a dynamic work environment.

Press Contact
Carrie Trent
Epiq, Director of Communications and Public Relations
Carrie.Trent@epiqglobal.com

The MIL Network –

February 19, 2025
MIL-OSI United Kingdom: CMA publishes supplementary interim report in GBT / CWT merger investigation
Source: United Kingdom – Government Statements

Interim report published by the CMA in the latest step in its Phase 2 investigation into the merger of two corporate travel businesses.
iStock

The Competition and Markets Authority (CMA) has published a supplementary interim report in its investigation of the merger of corporate travel management companies Global Business Travel Group, Inc (GBT) and CWT Holdings LLC (CWT). Both companies supply travel agency services to global businesses with high travel spend and employees who travel internationally.

This is the first in-depth merger investigation that the CMA has conducted under its revised Phase 2 process. Those process changes included issuing a more provisional ‘interim report’, earlier in the process, to facilitate engagement by merging parties in relation to the independent CMA inquiry group’s initial assessment.

In November, the CMA’s interim report provisionally found the proposed merger between GBT and CWT was likely to substantially lessen competition. Following the interim report, the CMA has continued to gather evidence and has carried out further analysis that suggests CWT would not have performed as strongly absent the merger as the group had initially assessed. As a result, and having considered all the evidence in the round, the group has provisionally concluded that CWT is a significantly weaker competitor than in the past and is likely to continue to weaken in the future. There are other suppliers who will offer customers an alternative to the merged business.

Based on that further analysis, and in line with its usual procedures, the CMA inquiry group is today publishing a supplementary interim report ahead of its final decision. That interim report sets out why the group provisionally considers that the deal should be allowed to proceed.

Martin Coleman, chair of the independent panel of experts conducting this investigation, said:

In this case, having considered all of the evidence in the round, particularly the further analysis of CWT’s financial position, we have now provisionally concluded that the merger will not result in a substantial lessening of competition in corporate travel management services.

This is our first investigation under the revised Phase 2 process, with several benefits including the publication of an interim report at an earlier stage and a higher level of business and third-party engagement with the inquiry group. Today’s supplementary report reflects the flexibility this new process provides.

We will now consider feedback on our supplementary interim report before making a final decision in March.

The inquiry group will now seek feedback on its supplementary interim report before making a final decision by 9 March 2025. The deadline for comments is Tuesday 25 February 2025.

For more information, visit the Global Business Travel Group, Inc / CWT Holdings, LLC merger inquiry case page.

Notes to editors

On 10 January 2025 the United States Department of Justice filed a civil antitrust lawsuit seeking to block the merger. The case is currently before the US courts.

New Phase 1 cases opened by the CMA after 25 April 2024 which are referred for an in-depth Phase 2 investigation are run under the new Phase 2 process.

All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

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Published 18 February 2025
MIL OSI United Kingdom –
February 19, 2025
MIL-OSI: Coop Pank extends authorities of Margus Rink as a Member of the Supervisory Board of Coop Liising AS

Source: GlobeNewswire (MIL-OSI)

Today, on January 18^th, 2025, the Coop Pank AS decided to extend the term of office of Mr. Margus Rink, a Member of the Supervisory Board of Coop Liising AS a subsidiaries of Coop Pank AS, for a another 3-years term effective as of the end of his previous term.

Margus Rink has been the Chairman of the Management Board of Coop Pank AS since 2017. He is also a member of the Supervisory Board of bank’s subsidiaries Coop Liising AS and Coop Kindlustusmaakler AS. Margus Rink is a member of the Council of the Estonian Banking Association and member of the management board of Estonian Chamber of Commerce and Industry. Margus Rink obtained a master’s degree in business administration from the Faculty of Economics of the University of Tartu in 2000 and a bachelor’s degree in financial accounting and analysis from the same university in 1994.
Margus Rink currently owns 806 000 shares in Coop Pank and 7 subordinated bonds of Coop Pank.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 209 500 everyday banking customers. Coop Pank uses the synergies between retail and banking and brings everyday banking services close to people’s homes. The majority shareholder of the bank is the domestic retail chain Coop Eesti, whose sales network includes 320 stores.

Additional information:
Katre Tatrik
Communication Manager
Tel: +372 5151 859
E-mail: katre.tatrik@cooppank.ee

The MIL Network –

February 19, 2025
MIL-OSI: ServiceTrade Research Reveals Strategies for Attracting, Hiring, and Retaining Techs Amid Today’s Top Business Challenge: The Skilled Labor Shortage
Source: GlobeNewswire (MIL-OSI)

DURHAM, N.C., Feb. 18, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform designed to optimize commercial service business operations for growth and profit, released the 2025 Technician Insights Report today to help commercial service business owners address the most significant challenge they face today – a critical shortage of skilled labor. There is currently a 14-20% skilled labor shortfall in the commercial fire and mechanical markets, further complicated by 6-8% industry growth and a rapidly aging workforce. ServiceTrade surveyed 650 technicians in the fire safety and mechanical services industries, discovering the top drivers of job satisfaction, common frustrations, and improvement opportunities shared across the profession.

“Skilled technicians are the heart of commercial service businesses, yet the industry is facing a critical shortage of these highly skilled professionals,” said William Chaney, CEO of ServiceTrade. “Building an efficient, satisfied, and dedicated workforce is essential to achieving business results. Our Technician Insights Report uncovers the factors that drive technician satisfaction and productivity, enabling business owners to differentiate their work environment and attract and retain a more satisfied workforce.”

Unprecedented Market Growth Drives Technician Demand

The ServiceTrade report reveals that 54% of technicians feel their profession provides a solid financial future. When asked what they like most about their profession, 17% cited competitive pay and benefits. The survey reveals that techs prioritize earning potential, supportive management, and opportunities for training and growth provided by their companies.

In the U.S., the commercial HVAC market is expected to grow to $15.70 billion by 2029, necessitating an 8% increase in the technician workforce. The commercial fire protection sector is expected to increase by 4.1% annually, requiring a 6% increase in technicians over the same period. Further exacerbating the lack of talent, about 26% of technicians are nearing retirement age, while 31% of business owners say retaining skilled technicians is already a significant challenge.

Tech Satisfaction is Key To Retaining Top Techs

Technicians want to be productive, do good work, and be recognized for it. The ServiceTrade report reveals techs are frustrated by non-maintenance tasks that consume valuable time, such as manual paperwork (49%), inefficient office communication (22%), and customer miscommunication (18%). Inefficient travel and job scheduling (11%) or arriving at the job site without the right equipment and tools (17%) also negatively affect job satisfaction. The report provides insights to help businesses improve technicians’ job satisfaction, ability to serve customers, perform daily tasks, and progress in their careers.
- Technicians need easier access to job or customer information (24%)
- They want more training (27%) and professional development opportunities (49%)
- Most technicians surveyed say that more flexible schedules and a better work/life balance (59%) could improve their job satisfaction.
ServiceTrade Enables Tech Satisfaction, Better Customer Service, and Business Performance

“Addressing the skilled labor shortage is not just a challenge, but an opportunity to invest in the future of our workforce,” said Jim Pauley, NFPA CEO, in a statement. “In 2025, we can expect to see more organizations focused on talent development, embracing innovation, and supporting education and training to help bridge the gap…”

In 2025, almost half of commercial fire service organizations (49%) plan to adopt more digital tools within day-to-day operations to streamline work, share knowledge, and collaborate with peers. ServiceTrade’s service management platform enables techs to increase field performance by 52%, while business owners simplify back office operations by 12%, reduce time spent on communications and admin, and win and keep 36% more profitable customers. The platform automates customer communications and syncs data to the office without requiring manual paperwork. It guides techs through efficient job completion and helps them proactively identify needed repairs and inspections, increasing work orders by 15%. By harnessing the power of ServiceTrade, companies can improve technician satisfaction and operational excellence while ensuring quality customer service.

For more information on the 2025 Technician Insights Report and to explore its full findings, please visit—https://servicetrade.com/knowledge-base/technician-insights-report/

To learn more about ServiceTrade:

About ServiceTrade

ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

Media Contact:
Media@Ktcmarketingandpr.com

The MIL Network –
February 19, 2025
MIL-OSI: NANO Nuclear Energy Strengthens Intellectual Property Portfolio with Four New Patent Applications Updated
Source: GlobeNewswire (MIL-OSI)

Protections Surrounding Key Enabling ALIP Technology Adds to NANO Nuclear’s Stable of Granted or Acquired Patents and Patent Applications

New York, N.Y., Feb. 18, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has filed four new separate utility patent applications with the United States Patent and Trademark Office (USPTO) related to NANO Nuclear’s Annular Linear Induction Pump (ALIP) technology.

The ALIP technology, a thermal management and distribution system which is based on electromagnetic (rather than mechanical) pumps, is a core technology in the development of advanced molten-salt and liquid-metal nuclear reactors. By utilizing a time-varying magnetic field, ALIPs enable the movement of conductive fluids without mechanical components, reducing wear and maintenance requirements while increasing efficiency.

The ALIP technology, acquired by NANO Nuclear last year and part of its suite of energy systems, is considered a key-enabling technology for the development of advanced nuclear reactors, not only for NANO Nuclear’s microreactors in development but as a third-party commercial opportunity for other advanced nuclear reactor systems.

In addition to enhancing energy conversion cycles, optimizing thermal management, and ensuring operational longevity in high-temperature applications across the energy, propulsion, and industrial sectors, applications of the ALIP technology extend beyond nuclear energy to space power and propulsion systems, industrial cooling systems, and defense applications, positioning NANO Nuclear at the forefront of emerging high-performance fluid control markets.

A U.S. Department of Energy’s Small Business Innovation Research (SBIR) Phase III project is ongoing to refine the ALIP technology, led by inventor and NANO Nuclear’s Head of Thermal Hydraulics and Space Program Dr. Carlos O. Maidana, with a view to separately commercialize the technology as a component for liquid metal and all molten salt-based nuclear reactors.

Figure 1 – NANO Nuclear Energy’s Annular Linear Induction Pump (ALIP) technology cross-sectional visualization.

“The development and eventual commercialization of the ALIP technology is essential for advancing next-generation nuclear reactor solutions,” said Carlos O. Maidana, Ph.D., Head of Thermal Hydraulics and Space Program of NANO Nuclear Energy. “Filing these utility patents highlights our commitment to leading the charge in next-generation technologies that are critical to the ongoing evolution of advanced energy systems. I’m pleased to have housed these inventions within NANO Nuclear and to lead the team to progress and refine this technology.”

The newly filed patent applications include:
1. Patent Application # 19/030,148, titled “Integrated platform and method for optimizing an electromagnetic pump,” relates to the development of software for the design of annular linear induction pumps.
2. Patent Application # 19/030,130, titled “Electromagnetic pump system and method for moving conducting fluid,” relates to the design of the next generation of annular linear induction pumps.
3. Patent Application # 19/030,098, titled “Electromagnetic pump and method for manufacturing the same,” relates to the advanced manufacturing of annular linear induction pumps.
4. Patent Application # 19/030,068, titled “Cooling system for electromagnetic pump system,” relates to the design of a micro-channel cooling system, using advanced manufacturing methods, for annular linear induction pumps operating at very high temperature.
These intellectual properties are expected to provide enhanced component life span and operation metrics in all advanced molten-salt and liquid-metal reactors, including NANO Nuclear’s KRONOS MMR^™, LOKI MMR^™, and ODIN portable microreactor, all of which are currently in development.

“The filing of these additional utility patents further bolsters our intellectual property portfolio and helps to ensure the protection of our progress in developing this key enabling technology,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “We believe that the ALIP technology will be instrumental in the development and optimization of the next generation of advanced nuclear reactors, and I’m pleased with the progress Dr. Maidana has overseen through the SBIR Phase III program. We look forward to continuing our progress with ALIP with a view towards including in it our own microreactors in development as well as seeking to separately commercialize it as soon as possible.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further NANO Nuclear information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

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Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those related to (i) the anticipated benefits to NANO Nuclear of the patent applications described herein and (ii) the future prospects for the ALIP technology generally as part of NANO Nuclear’s reactors in development or via separate commercialization. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues, securing intellectual property protection, and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment

The MIL Network –
February 19, 2025
MIL-OSI: Customer reviews help Rightworks collect nine G2 Winter 2025 badges
Source: GlobeNewswire (MIL-OSI)

NASHUA, N.H., Feb. 18, 2025 (GLOBE NEWSWIRE) — Rightworks, the only intelligent cloud service provider of solutions purpose-built for accounting firms and professionals, is proud to announce its OneSpace platform was awarded nine badges in G2’s Winter 2025 Reports. The recognition marks Rightworks’ 15th consecutive quarter being awarded top honors in G2’s market reports, the world’s largest and most trusted software marketplace.

Rightworks OneSpace earned the following recognition in G2’s Winter 2025 Reports:
- Leader
- Leader — Small-Business
- High Performer (for OneSpace Firm)
- High Performer
- High Performer — Mid-Market
- High Performer — Small-Business
- Users Love Us
- Best Support — Mid-Market
- Easiest To Do Business With
“Earning a spot in a G2 Report is a testament to the positive experiences of real users,” said Sydney Sloan, CMO of G2. “Congratulations to Rightworks for their inclusion in G2 Reports for the winter 2025 season, powered by their customers’ authentic reviews.”

Rightworks achieved Leader and High Performer recognition after receiving positive reviews from verified users compared to similar products in each category. In G2’s Winter 2025 Reports, just 4% of the Software & Services received a Leader badge.

“We are honored to begin the new year receiving high ratings from G2 and our customers. As the accounting profession enters another busy tax season, equipping our customers with powerful and purpose-built solutions is our highest priority,” said Joel Hughes, CEO of Rightworks.

More than 100 million people annually use G2 to make smarter software decisions based on authentic peer reviews.

Visit Rightworks’ G2 page to read user reviews and learn more.

Connect with Rightworks
Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

About Rightworks
Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b83c827a-2cf4-4b92-900e-aef9a6b45949

The MIL Network –
February 19, 2025
MIL-OSI: LPL Financial Launches Planning Tools to Help Advisors Provide Personalized Service for Business Founders and CEOs
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 18, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC, a leader in the wealth management industry, is expanding its portfolio of high-net-worth services with the launch of business planning tools designed to help its network of nearly 29,000 financial advisors provide personalized support to their clients who are Chief Executive Officers (CEOs) and/or have founded their own businesses.

There are more than 33 millionⁱ small businesses in the U.S., and more than halfⁱⁱ of all private employer business owners are over the age of 55. Additionally, it’s estimated that approximately 12 millionⁱⁱⁱ of those firms will be sold over the next decade, and most small business owners do not have a succession plan in place.

Through this new offering, advisors are connected with a certified business exit planner who supports the business owner’s needs and serves as a liaison to vetted banking partners. This full-service experience is designed to meet the discerning needs of advisors and differentiate the value they provide to their entrepreneurial clients.

“CEOs and founders have worked incredibly hard to build their businesses and deserve the highest caliber of planning and advice,” said Jen Hollers, senior vice president and head of high-net-worth services at LPL Financial. “Through relationships with trusted investment banks, we enable LPL advisors to offer their business-owner clients a full-service experience, helping them strategize, scale, and, when the time is right, pursue an optimized sale.”

LPL offers a range of specialized planning services tailored to address the complex needs of high-net-worth and ultra-high-net-worth clients, including:
- Case consultations
- Advanced planning
- Estate and philanthropic planning
- Tax planning
- Business planning
For more information about this new offering, financial advisors can visit High-Net-Worth Services for Advisors.

About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Media Contact:
Media.relations@LPLFinancial.com
(402) 740-2047

Tracking #: 697285

________________________ⁱhttps://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-US.pdf
ⁱⁱhttps://www.sbc.senate.gov/public/index.cfm/2024/1/shaheen-convenes-hearing-on-small-business-succession-planning
ⁱⁱⁱhttps://www.score.org/princeton/resource/blog-post/current-rise-small-businesses-being-sold-over-next-10-15-years

The MIL Network –
February 19, 2025

Category: Commerce

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

The ECB’s experience with balance sheet policies

The proportionate use of balance sheet policies in an evolving economic landscape

Chart 1

Chart 2

The implications of the ECB’s balance sheet for monetary policy in the current environment

Chart 3

The monetary policy stance

Chart 4

Chart 5

Chart 6

Chart 7

Chart 8

Chart 9

Chart 10

Chart 11

Chart 12

Risks to the transmission of our monetary policy

Chart 13

Chart 14

Conclusion

Microsoft at RSAC

Kick things off at Microsoft Pre-Day

Dedicated calendar of events for CISOs

Discover solutions to your challenges during the keynote speech and Microsoft sessions

View live demonstrations and discover engaging ways to learn at booth #5744

Meetings and connections at the Microsoft Security Hub

Microsoft Intelligent Security Association featured partners

Get the most by staying through Microsoft Post-Day

Learn more about the Microsoft experience at RSAC 2025

Trump’s eye on business

A weakened Beijing?

Prepped for the negotiation table

Source: Federated Farmers

Notes to editors

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