Category: CTF

  • MIL-OSI USA: Kennedy announces $9.6 million in Hurricane Ida, wildfire aid for Louisiana

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $9,623,017 in Federal Emergency Management Agency (FEMA) grants for the Jefferson Parish Public School System, the Louisiana Office of Emergency Preparedness and the Louisiana Department of Agriculture and Forestry.

    “It’s impossible to keep Louisianians down, and our people’s response to storms like Hurricane Ida and deadly wildfires proves that. This $9.6 million will help cover Louisiana’s response to the Tiger Island and Highway 113 fires, and help with school restoration costs in Jefferson Parish,” said Kennedy.

    The FEMA aid will fund the following:

    • $3,589,728 to the Jefferson Parish Public School System for repairs to the J.D. Meisler Middle School campus due to Hurricane Ida damage.
    • $3,156,954 to the Louisiana Office of Emergency Preparedness for emergency management costs sustained due to the Tiger Island Fire.
    • $2,876,335 to the Louisiana Department of Agriculture and Forestry for emergency response costs sustained due to the Highway 113 Fire.

    MIL OSI USA News

  • MIL-OSI USA: Risch, Hickenlooper Introduce Legislation to Enhance Cyber Security for America’s Energy Sector

    US Senate News:

    Source: United States Senator for Idaho James E Risch

    WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and John Hickenlooper (D-Colo.) introduced the Energy Threat Analysis Program Act to improve information sharing regarding cyber security prevention across America’s energy sector.

    The legislation authorizes the Department of Energy’s (DOE) Energy Threat Analysis Center to coordinate information sharing on threat assessments and mitigation measures between the DOE, the Cybersecurity and Infrastructure Security Agency, the intelligence community, and the private sector.

    “Increased risk of cyberattacks requires more diligent information sharing to effectively monitor and mitigate threats to America’s energy sector,” said Risch. “Idaho is already leading the way in combatting cyber threats through the Idaho National Lab. My Energy Threat Analysis Program Act will support these efforts and better protect the U.S. from future cyberattacks.”

    “Our national security depends on a resilient and secure energy grid,” said Hickenlooper. “We need to address our vulnerabilities and modernize our grid to protect our energy future.”

    MIL OSI USA News

  • MIL-OSI USA: CFPB finally disburses checks to Prehired victims following pressure from AGs

    Source: Washington State News

    SEATTLE — The federal Consumer Financial Protection Bureau (CFPB) is finally providing long-delayed restitution to victims of a predatory tech sales program in Washington and other states after their attorneys general pressed the agency for answers in May.

    In a May 6 letter to the CFPB’s acting director, Attorney General Nick Brown and 11 other state attorneys general detailed how a 2023 court order against Prehired LLC for illegal, deceptive and abusive practices resulted in $4.2 million in restitution for some 660 consumers nationwide, yet unexplained delays kept those checks from being distributed by the CFPB.

    The CFPB announced the allocation in May 2024. For the remainder of 2024, states received regular updates regarding the federal government’s progress on distributing these funds to Prehired’s victims. But in February of this year, the CFPB stopped providing information about the process.

    That changed after the attorneys general publicly pressured the agency to act. This week the CFPB confirmed checks are being sent. Our office is still gathering information about how many individuals have received restitution so far.

    “I appreciate the CFPB finally releasing restitution to victims,” Brown said. “After waiting years for justice to be done, I hope this development helps people move on from this awful experience.”

    Washington state sued the South Carolina company and its founder in 2022 for violating Washington’s Consumer Protection Act, Private Vocational Schools Act, and Collection Agency Act. The state alleged Prehired used deceptive marketing tactics to lure Washingtonians into paying up to $30,000 for Prehired’s unlicensed online sales training program. Most students could not afford to pay, and Prehired offered them income-share loans, which it represented were not loans.

    The company “guaranteed” students would land tech sales jobs paying $60,000 or more. Meanwhile, the company demanded monthly payments from students who were earning far less. When students failed to pay on massive debt from the program, Prehired pursued aggressive collection techniques such as filing lawsuits and initiating arbitration proceedings against students across the country.

    The state later joined other state attorneys general along with the CFPB in a consumer protection enforcement action against Prehired, resulting in the court order that Prehired return $4.2 million to those who made payments on the company’s loans.

    Joining Washington in the letter were the states of Colorado, Delaware, Illinois, Massachusetts, Minnesota, New York, North Carolina, Ohio, Oregon, South Carolina, and the California Department of Financial Protection and Innovation.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News

  • MIL-OSI Security: Convicted Felon Facing Up To Life In Federal Prison For Firearm And Drug Offenses

    Source: Office of United States Attorneys

    Ocala, FL – United States Attorney Gregory W. Kehoe announces the return of a six-count indictment charging Darius Reshodd Alexander (29, Eustis) with possession of a firearm by a convicted felon, possession of a controlled substance with intent to distribute, and carrying a firearm during and in relation to a drug-trafficking crime. He faces up to 10 years’ imprisonment on possessing a firearm as a convicted felon, up to 5 years in prison on the controlled substances offenses, and a mandatory minimum penalty of 5 years, up to life, for carrying a firearm during a drug trafficking crime, which must be served consecutively to one another and to any other prison term imposed in the case. 

    According to the indictment, Alexander has five previous felony convictions. On December 3, 2023, and on October 16, 2024, he was in possession of marijuana and firearms, which he carried during and in relation to the marijuana-trafficking crimes. At the time of the December 2023 offenses, Alexander had three prior felony convictions. At the time of the October 2024 offenses, however, he had five felony convictions—two of which he had just received the month prior. As a convicted felon, he is prohibited from possessing firearms or ammunition under federal law.

    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case was investigated by the Federal Bureau of Investigation Daytona Beach Safe Streets Gang Task Force, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Lake County Sheriff’s Office, and the Orange County Sheriff’s Office. It will be prosecuted by Assistant United States Attorney Belkis H. Callaos.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI

  • MIL-OSI Security: Buffalo and Jamestown man going to prison for selling cocaine

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Nicholas Gaskin, 37, of Buffalo and Jamestown, NY, who was convicted of possession with intent to distribute cocaine, was sentenced to serve 41 months in prison by U.S. District Judge John L. Sinatra, Jr.

    Assistant U.S. Attorney Joshua A. Violanti, who handled the case, stated that in March 2022, Jamestown Police officers stopped a vehicle in which Gaskin was a passenger. Gaskin was arrested because of an active arrest warrant. Officers searched Gaskin and recovered approximately 12 grams of crack cocaine and $1,766.00 in cash. Following Gaskin’s arrest, investigators searched his Jamestown residence and recovered a semi-automatic pistol, ammunition $158 in cash, a quantity of suboxone pills and strips, six grams of suspected and drug paraphernalia. The investigation also included four controlled purchases of cocaine from Gaskin.

    The sentencing is a result of an investigation by the Jamestown Police Department, under the direction of Chief Timothy Jackson and Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    # # # #

    MIL Security OSI

  • MIL-OSI Security: Browning man found guilty of attempted strangulation and assault charges on Blackfeet Indian Reservation

    Source: Office of United States Attorneys

    GREAT FALLS – A Browning man who assaulted a woman on the Blackfeet Indian Reservation was found guilty today, U.S. Attorney Kurt Alme said.

    Following a one-and-a-half-day trial, a federal jury found William Alvin Potts, 62, guilty of attempted strangulation and assault by striking, beating, or wounding. Potts faces 10 years in prison, a $250,000 fine and 3 years of supervised release.

    Chief U.S. District Judge Brian M. Morris presided and will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for October 8, 2025. Potts will remain released on conditions pending further proceedings.

    The government alleged in court documents that on June 28, 2024, Potts physically assaulted Jane Doe. That morning a verbal argument escalated to name-calling. Potts then threw a chair to the side and grabbed Jane Doe by the neck. He pushed her backward while applying pressure to her throat and neck. Eventually he pushed her into the corner of the entry wall to the living room. Potts pushed her backward for approximately ten feet, at which point, their legs tangled, and Doe fell to the ground. Potts landed on top of Jane Doe and proceeded to physically strike her with his fists. A witness stopped the assault and physically pulled Potts off Jane Doe. Jane Doe experienced significant pain after the assault and sought treatment at the Browning Community Hospital. Doe suffered a spinal fracture and continues to experience pain.

    Potts was interviewed by law enforcement and admitted to pushing Doe. He said he pushed her to make her go down the hall and they then both fell. He denied striking her.

    Assistant U.S. Attorney Kalah Paisley prosecuted the case. The investigation was conducted by the FBI and Blackfeet Law Enforcement Services.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

    MIL Security OSI

  • MIL-OSI Security: Buffalo man charged with possession of a machinegun

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Luis Mercado a/k/a Yvng Fabii, 24, of Buffalo, NY, was arrested and charged by criminal complaint with possession of a machinegun and possession of a firearm with a removed, altered and obliterated serial number. The charges carry a maximum penalty of 10 years in prison.

    Assistant U.S. Attorneys Joshua A. Violanti, Louis M. Testani, and Jeffrey E. Intravatola, who are handling the case, stated that according to the complaint, on February 9, 2024, Buffalo State University police officers responded to an altercation during a men’s basketball game. While officers were trying to identify the parties involved, Mercado began to run away. When confronted by law enforcement, he stopped running, raised his arms, and stated, “I got the thing on me.” When questioned as to what he had, Mercado stated, “I got the joint on me.” During a pat down on Mercado, officers found a loaded pistol with a suspected machine gun conversion device and extended magazine. Law enforcement later learned that the firearm had a defaced serial number.

    Mercado made an initial appearance before U.S. Magistrate Judge H. Kenneth Schroeder Jr. and was held pending a detention hearing.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the New York State Police, under the direction of Major Amie Feroleto.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty. 

    MIL Security OSI

  • MIL-OSI Security: Tampa Man Sentenced To More Than Six Years For Possessing A Firearm And Ammunition As A Convicted Felon

    Source: Office of United States Attorneys

    Tampa, Florida – U.S. District Judge Thomas P. Barber today sentenced Brandon Palmore (30, Tampa) to six years and six months in federal prison for possession of a firearm and ammunition by a convicted felon. The court also ordered Palmore to forfeit a Sig Sauer firearm and assorted rounds of ammunition possessed during the commission of the offense. Palmore pled guilty on March 12, 2025.

    According to court records, agents were conducting surveillance on Palmore at an apartment complex in Tampa in relation to an outstanding arrest warrant and observed him walking to his vehicle. As Palmore was given commands to exit the vehicle, he was seen reaching toward the center console and passenger floorboard areas of the vehicle. A Sig Sauer handgun was found where Palmore was seen reaching. The handgun was loaded and had previously been reported stolen. Prior to the offense, Palmore knew he had been convicted of multiple felonies, including convictions for aggravated assault and shooting at, within, or into a vehicle in 2019. The 2019 convictions resulted from an incident where Palmore fired a handgun into an occupied vehicle. As a convicted felon, Palmore is prohibited from possessing firearms and ammunition under federal law. 

    This case was investigated by the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Tampa Police Department. It was prosecuted by Assistant United States Attorney Jeff Chang.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence for occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI Security: Illinois man charged with COVID fraud

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Joseph Giannini, 54, of Chicago, IL, pleaded guilty before U.S. District Judge Charles J. Siragusa to conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison and a $250,000 fine.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that in April and May 2020, Giannini submitted false applications to the Paycheck Protection Program (PPP), and Economic Injury Disaster (EIDL) loan programs, which were intended to provide funding to businesses that were negatively impacted by the COVID-19 pandemic. Giannini applied for seven fraudulent loans for various businesses, making false representations about profits and employee payrolls for those businesses. In total, Giannini applied for $606,635.00 in loans, for which he was actually paid $280,135.00. One of the fraudulent applications was submitted on behalf of the Rochester business Spin Marketing Inc., which is owned by co-defendant Ann Spinosa. Spinosa is currently charged by federal indictment.

    The plea is the result of an investigation by the Internal Revenue Service Criminal Investigations Division, under the direction of Special Agent in Charge Harry Chavis.         

    Sentencing is scheduled for September 29, 2025, at 9:30 a.m. before Judge Siragusa.

    MIL Security OSI

  • MIL-OSI Security: Genesee County man pleads guilty to possession of machineguns

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Peter Celentano, 36, of Bergen, NY, pleaded guilty before U.S. District Judge Lawrence J. Vilardo to illegal possession of machineguns, which carries a maximum penalty of 10 years in prison and a $250,000 fine.

    Assistant U.S. Attorney Jeffrey E. Intravatola, who is handling the case, stated that on September 29, 2024, the New York State Police, Genesee County Sheriff’s Office, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, executed a search warrant at Celentano’s residence in Bergen. During the search, law enforcement recovered numerous items, including 3D printed pistol frames, firearm parts and accessories, ammunition reloading equipment, tools for constructing privately made firearms, a drill press, and two 3D printed machinegun conversion devices. Law enforcement also conducted additional searches at properties in Lyndonville and Medina, NY, during which they seized numerous AR-style lower receivers, 3D printed handguns, and additional firearm parts and accessories. In total, law enforcement seized over 200 firearms tied to Celentano.

    During the investigation, law enforcement learned that Celentano provided another individual with nine lower receivers, two of which contained the “third pin hole,” qualifying them as machineguns. An individual known by defendant had subsequently discarded these firearms off the Beals Road Bridge into the Erie Canal. A New York State Police dive team searched the Erie Canal beneath the bridge in Medina, NY, and recovered a cardboard box containing 10 AR-style receivers, an unmarked handgun, ammunition magazines, and additional firearm parts.

    The plea is the result of an investigation by the New York State Police, under the direction of Major Kevin Sucher, the Genesee County Sheriff’s Office, under the direction of Sheriff Joseph M. Graff, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, under the direction of Special Agent-in-Charge Bryan Miller, New York Field Division.

    Sentencing is scheduled for October 6, 2025 before Judge Vilardo.

    # # # #

    MIL Security OSI

  • MIL-OSI Security: Convicted Felon Sentenced To More Than 29 Years For Possession With Intent To Distribute Fentanyl, Methamphetamine, And Cocaine

    Source: Office of United States Attorneys

    Tampa, FL – U.S. District Court Judge Thomas P. Barber has sentenced Brendan Wells (29, Tampa) to 29 years and 5 months in federal prison for conspiracy to possess with intent to distribute controlled substances, one count of possession with intent to distribute controlled substances, and one count of possession of a firearm in furtherance of a drug trafficking crime. Wells pleaded guilty on November 18, 2024.

    According to court documents, on February 14, 2023, law enforcement searched a storage unit that Wells, along with his co-conspirator, Emmanuel Dourthe, used to store narcotics they were selling and intending to sell. Inside the storage unit, law enforcement located 408 grams of methamphetamine, 399.7 grams of fentanyl, and 27.7 grams of cocaine. In addition, numerous bottles and baggies with various powders suspected to be cutting agents, as well as mixing tools, were found. Law enforcement also located a Smith & Wesson M&P semiautomatic rifle along with numerous gun cases, magazines, and ammunition. Earlier that day, law enforcement had recovered a backpack belonging to Wells, a search of which revealed what the DEA laboratory would later confirm to be 143.98 grams of methamphetamine.

    Both Wells and Dourthe are previously convicted felons and prohibited from possessing firearms or ammunition under federal law.

    Dourthe pled guilty to the same charges and was previously sentenced to 20 years in federal prison.

    This case was investigated by the Federal Bureau of Investigation, the Hillsborough County Sheriff’s Office, the Bureau of Alcohol, Firearms, Tobacco and Explosives, and the Volusia County Sheriff’s Office. It was prosecuted by Assistant United States Attorney Samantha Newman. The forfeiture is being handled by Assistant United States Attorney Suzanne Nebesky.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI Security: Buffalo man arrested on meth charge

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Demetrius Parker, 43, of Buffalo, NY, was arrested and charged by criminal complaint with possession with intent to distribute methamphetamine, which carries a maximum penalty of 20 years in prison.

    Assistant U.S. Attorney Nicholas M. Testani, who is handling the case, stated that according to the complaint, on May 28, 2025, investigators executed search warrants at two residences, one in the City of Buffalo, and one in the Town of Cheektowaga, as well as on Parker’s vehicle. During the searches, they recovered 124 grams of suspected cocaine, 86 grams of methamphetamine, 50 grams of suspected fentanyl, $1,762.00 in cash, a loaded magazine, a Digital Video Recording (DVR) system, drug paraphernalia, a gold necklace with diamonds, and three cellular phones.

    Parker made an initial appearance before U.S. Magistrate Judge H. Kenneth Schroeder, Jr. and was detained.

    The complaint is a result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the Erie County Sheriff’s Office, under the direction of Sheriff John Garcia.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.   

    MIL Security OSI

  • MIL-OSI: ThreeD Capital Inc. Releases Results For the Three and Nine Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 29, 2025 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce its unaudited results as at and for the three and nine months ended March 31, 2025.

    As at March 31, 2025, the Company had cash, investments and digital assets of $37.4 million.

    As at March 31, 2025, net asset value per share was $0.53 as compared to $0.86 as at June 30, 2024. (See “Use of Non-GAAP Financial Measures” elsewhere)

    Financial Highlights for the three and nine months ending March 31, 2025 with comparatives:

    Operating Results Three months ended
    March 31,
    Nine months ended
    March 31,
        2025     2024     2025     2024  
    Net investment and digital assets gains (losses) $ (4,838,215)   $ 4,486,530   $ (6,348,077)   $ 7,861,037  
    Operating, general and administrative expenses   (815,096)     (1,059,859)     (2,812,064)     (2,581,273)  
    Net income (loss) for the period   (5,463,310)     3,709,026     (8,778,468)     5,902,964  
    Total comprehensive income (loss) for the period   (5,463,838)     3,708,589     (8,779,393)     5,902,545  
    Basic earnings (loss) per common share   (0.08)   0.07   (0.15)   0.11
    Diluted earnings (loss) per common share   (0.08)   0.07   (0.15)   0.11
    Consolidated statement of financial position highlights

    March 31, 2025

    June 30, 2024

    Cash $ 7,567   $ 482,146  
    Investments, at fair value   36,263,127     51,577,705  
    Digital assets, at fair value less cost to sell   1,097,449     3,156,065  
    Total assets   41,016,482     56,174,715  
    Total liabilities   633,307     11,455,313  
    Share capital, contributed surplus, warrants   156,016,658     151,573,492  
    Foreign currency translation reserve   874,177     875,102  
    Deficit   (116,507,660)     (107,729,192)  

    Sheldon Inwentash, Chairman and CEO, stated “Although ThreeD recognized losses during the quarter, the Company’s portfolio remains fundamentally strong, with key investments continuing to achieve significant milestones and growth targets. This past quarter, we observed encouraging developments across several holdings, particularly in the micropayments, artificial intelligence, and digital asset sectors. As the Company maintains these promising investments, ThreeD also remains focused on expanding its network to pursue new investment opportunities that align with our strategic vision.”

    Use of Non-GAAP Financial Measures:

    This press release contains references to “net asset value per share” (“NAV”) which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.

    About ThreeD Capital Inc.

    ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

    For further information:
    Matthew Davis, CPA
    Chief Financial Officer
    davis@threedcap.com
    Phone: 416-941-8900

    The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward- looking statements will not occur. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward- looking statements contained herein are expressly qualified by this cautionary statement.

    The MIL Network

  • MIL-OSI: FlexShopper Partners with ICON Vehicle Dynamics to Expand Lease-to-Own Financing Options for Premium Off-Road Vehicle Upgrades

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., May 29, 2025 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper”), a leading provider of lease-to-own (LTO) payment solutions, is pleased to announce a new strategic partnership with ICON Vehicle Dynamics, a premier manufacturer of performance suspension systems and off-road vehicle components. This collaboration brings FlexShopper’s innovative LTO financing directly to ICON’s customers, making premium vehicle upgrades more accessible and affordable.  

    ICON’s customers now have the ability to obtain high-quality off-road performance parts and accessories with flexible weekly payments, no credit needed, and a straightforward approval process-powered by FlexShopper’s advanced underwriting and technology platform.

    “We are excited to provide ICON’s customers with flexible payment options for the products they need and want,” said Russ Heiser, CEO of FlexShopper. “Partnering with a respected industry leader like ICON enables us to serve a passionate community of automotive enthusiasts while enhancing their buying power.”

    Founded on a commitment to innovation and performance, ICON designs and manufactures state-of-the-art suspension systems and components for trucks, SUVs, and Jeeps. Their products are engineered for superior ride quality, strength, and durability-built to conquer rugged terrain while maintaining excellent on-road performance.

    By offering LTO solutions through FlexShopper, ICON enhances the buying experience for customers seeking to build or upgrade their vehicles with top-tier components. The addition of LTO financing aligns with ICON’s commitment to delivering high-performance products and services, giving more drivers the opportunity to equip their vehicles without compromising on quality or budget.

    FlexShopper’s LTO option is now available at http://www.iconvehicledynamics.com and participating retail partners.

    For more information on FlexShopper’s LTO solutions, visit http://www.flexshopper.com.

    Mr. Heiser, continued, “We are actively working to regain compliance with Nasdaq’s listing standards as soon as practicable. We remain committed to transparency and strong financial reporting as we continue to execute on our business strategy.”

    10-Q Filing and Nasdaq Compliance

    On May 22, 2025, the Company received a notice from the Nasdaq Listing Qualifications staff of Nasdaq indicating that, as a result of not having timely filed its Form 10-Q for the quarterly period ended March 31, 2025, and because the Company remains delinquent in filing its Form 10-K for the year ended December 31, 2024 (the “Initial Delinquent Filing”), the Company does not comply with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.

    The Company intends to file its Form 10-K for the year ended December 31, 2024 and its Form 10-Q for the quarter ended March 31, 2025 as soon as practicable. The Company has until June 16, 2025 to submit a plan to regain compliance with respect to these delinquent reports. If Nasdaq accepts the Company’s plan, then Nasdaq may, at its discretion, grant the Company up to 180 additional calendar days from the due date of the Initial Delinquent Filing, or October 13, 2025, to regain compliance. In determining whether to accept the plan, Nasdaq will consider such things as the likelihood that the Filing, along with any subsequent periodic filing that will be due, can be made within the 180 day period, the Company’s past compliance history, the reasons for the late filing, other corporate events that may occur within its review period, the Company’s overall financial condition and its public disclosures. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

    About FlexShopper

    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Company Contact:
    FlexShopper, Inc.
    Investor Relations
    ir@flexshopper.com 

    Investor and Media Contact:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    andrew@smberger.com 

    The MIL Network

  • MIL-OSI: RCP Advisors Closes Fund XIX on $314 Million

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 29, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX), (“P10” or the “Company”), a leading private markets solutions provider, today announced that its strategy, RCP Advisors, a private equity investment firm that provides access to North American small buyout fund managers, closed on its latest primary fund-of-funds, RCP Fund XIX, LP (“Fund XIX” or the “Fund”).

    The Fund closed on approximately $314 million in capital commitments. The Fund has a broad LP base of new and existing investors, including family offices, public pension plans, endowments, foundations, and high-net-worth individuals.

    “The close of RCP Fund XIX underscores the underlying strength of the firm’s investment strategy and demand for North American small buyout funds,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “This milestone underscores the confidence of our global investor base and our commitment to delivering exceptional value. I want to thank the entire RCP team for their ongoing contributions and insights to make the P10 platform stronger.”

    Fund XIX will adhere to the same investment strategy that RCP’s predecessor primary funds employ. The Fund will generally target investments with buyout fund managers primarily focusing on less than $1 billion in committed capital. These managers will, in turn, generally seek to make control-oriented investments in established, small to mid-sized companies with approximately $10 million to $250 million in enterprise value.

    “We are humbled by the continued support of our limited partners. More than 23 years after launching our first fund-of-funds focused exclusively on the North American small company buyout market, RCP remains as committed as ever to our strategy as well as the managers with whom we partner,” said Tom Danis, Managing Partner at RCP Advisors.

    About P10

    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

    Forward-Looking Statements

    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

    About RCP Advisors

    Founded in 2001, RCP Advisors, a subsidiary of P10, Inc. (NYSE: PX), is a private equity investment firm that provides access to North American small buyout fund managers through primary funds, secondary funds, and co-investment funds, as well as customized solutions and research services. RCP believes it is one of the largest fund sponsors focused on this niche, with approximately $17.0 billion in committed capital* and 55 full-time professionals as of May 27, 2025.

    The information contained in this press release does not constitute investment advice or an offer or sale of any security or investment product. Offerings are made only pursuant to a private offering memorandum containing important information. Statements are made as of the date of this release, and there is no implication that the information contained herein is correct as of any time subsequent to such date. Some of the statements in this release may constitute “forward-looking statements” within the meaning of the federal securities laws. Any forward-looking statements inherently are subject to a variety of risks and uncertainties that could cause actual results or events to differ materially from those results or events predicted or anticipated by these statements. RCP’s investment strategy is subject to significant risks and there is no guarantee that any fund will achieve comparable results as any prior investments or prior investment funds of RCP. Past performance does not predict, and is not a guarantee of, future results. All investments involve risk, including the potential loss of capital.

    *“Committed capital” primarily reflects the capital commitments associated with our SMAs, focused commingled funds and advisory accounts advised by RCP since the firm’s inception in 2001 (including funds that have since been sold, dissolved, or wound down and certain historical advisory accounts for which RCP’s advisory contracts have expired). We include capital commitments in our calculation of committed capital if (a) we have full discretion over the investment decisions in an account or have responsibility or custody of assets or (b) we do not have full discretion to make investment decisions but play a role in advising the client on asset allocation, performing investment manager due diligence and recommending investments for the client’s portfolio and/or monitoring and reporting on their investments. For our discretionary SMAs and commingled funds, as well as for our non-discretionary advisory accounts for which RCP is responsible for advising on all investments within the client’s portfolio, committed capital is calculated based on aggregate capital commitments to such accounts. For non-discretionary accounts where RCP is responsible for advising only a portion of the client portfolio investments, committed capital is calculated as capital commitments by the client to those underlying investments which were made based on RCP’s recommendation or with respect to which RCP advises the client. Committed capital does not include (i) certain historical non-discretionary advisory accounts no longer under advisement by RCP, (ii) assets managed or advised by Columbia Partners Private Capital (the “Private Capital Unit”), a separate business unit of RCP Advisors 2, LLC (“RCP 2”), or by Hark Capital Advisors, LLC, and Bonaccord Capital Advisors, LLC which are independent business lines of RCP 2, (iii) capital commitments to funds managed or sponsored by RCP’s affiliated (but independently operated) management companies (including, without limitation, Five Points Capital and Westech Investment Advisors, LLC), and (iv) RCP’s ancillary products or services.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Josh Clarkson
    Taylor Donahue
    pro-p10@prosek.com

    The MIL Network

  • MIL-OSI: MINILUXE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025

    Source: GlobeNewswire (MIL-OSI)

    Reported figures all in U.S. Dollars

    Boston, MA, May 29, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 13 weeks ended March 30, 2025 (“Q1 2025”). The fiscal year of MiniLuxe is a 52-week reporting cycle ending on Sunday closest to December 31, which periodically necessitates a fiscal year of 53 weeks; fiscal years referred to in this release consist of 52-week periods. Unless otherwise specified, all amounts are reported in U.S. dollars.

    MiniLuxe continued its momentum with year-over-year growth as Q1 2025 revenue increased 9% over Q1 2024 at $6.1M and gross profit of $2.5M, representing a 12% increase from Q1 2024. The Company focuses on gross profit margin expansion and earnings before interest, tax, depreciation and amortization (EBITDA) growth as key success indicators towards long-term profitability. The first quarter is traditionally the lowest relative revenue period for the Company and highest level of cash use due to the seasonality of the business. In Q1 2025, the Company’s operating loss was ($2M) slightly higher than ($1.8M) in Q1 2024, primarily driven by one-time spend increases in professional services, and stock-based compensation expenses. Taking out non-cash items such as stock-based compensation, adjusted EBITDA for total company (inclusive of all overhead) came in for Q1 2025 at ~($1.6M) while YoY Fleet 4-wall adjusted EBITDA nearly tripled to positive $700k.

    Key 2025 Strategic Pillars

    Through Q1 2025 the Company continued its execution focus on three strategic pillars:

    1. Drive growth through operating partners and franchise partners – Continued expansion of the Company’s talent revenue base, which grew by 10% year-over-year to $6.08M, reflecting the success of MiniLuxe’s operating model and growing appeal to partners. In the first quarter of operation, MiniLuxe’s first franchise location grew 25% in the second half of Q1 when compared to the first half – demonstrating the power of the brand to attract and capture demand.
    2. Accelerate overall studio-level profitability growth – Fleet Adjusted EBITDA increased approximately 290% compared to Q1 2024, reaching $700K, demonstrating the Company’s continued success in improving store-level contribution.
    3. Increase fixed cost leverage and SG&A efficiency – The company continued to see improvements in its SG&A efficiency, demonstrating the Company’s ability to leverage its cost structure as revenues grow. Corporate SG&A continues to remain steady or decline as a percentage of total revenue, driven by cost efficiencies and overall top line growth.

    Highlights of Business Performance

    • Gross profit increased 12% to $2.5M with gross margin improving from 40% in Q1 2024 to 41% in Q1 2025.
    • Cash flow used in operating activities improved by $700k in Q1 2025 to ($1.2M) versus ($1.9M) in Q1 2024.
    • Per the company’s February 10 press release and March 10th press release, MiniLuxe raised approximately $[5M] in additional funding in Q1, supporting the Company’s strategic initiatives for 2025.
    • Cash, cash equivalents and restricted cash reached $7.2M at the end of Q1 2025, an increase of $3.2M from $4.0M at the end of FY24 and an increase of $5M from $2.2M at the end of Q1 2024, providing the Company with a strong foundation for continued growth and strategic initiatives.

    The majority of the Company’s growth continues to come from MiniLuxe branded Core Studios. The Core Studio base maintained consistent, multi-year trend of growth in Q1 2025 as service revenue from the fleet increased by $0.6M to $6.1M, or 10% over Q1 2024. MiniLuxe saw strong trends on the demand and supply side of its business: (a) positive momentum on the demand side (new client and loyal client growth) and (b) growth and development of supply side (talent ecosystem growth).

    Outside of the Core Studios – performance at the Company’s operating partner studios exceeded target expectations. The Company’s partnership studio with Atlanta-based Sugarcoat is trending more than 10% above target. The Company’s first franchise location in Brookline, Massachusetts also exhibited very strong growth in its ramp and achieved profitability within its first 6 months of operations.

    Our first quarter performance is the direct result of execution on our strategic pillars, including partnership with outstanding operating partners, and the growing momentum of MiniLuxe’s core business model,” said Tony Tjan, Chief Executive Officer and Co-founder of MiniLuxe. “We’re pleased to see the brand’s resiliency that has not only endured since Covid but strengthened as unit economics continue to positively expand and generate growing Fleet contribution and fixed cost leverage. I am most proud that the team is doing this while maintaining our commitment to clean, high-quality services and the empowerment of our designers.

    Q1 2025 Results

    Selected Financial Measures

    Results of Operations

    The following table outlines the consolidated statements of loss and comprehensive loss for the thirteen weeks ended March 30, 2025 and March 31, 2024:

    Cash Flows

    The following table presents cash and cash equivalents as of March 30, 2025 and March 31, 2024:

    Non-IFRS Measures and Reconciliation of Non-IFRS Measures

    This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release are “Adjusted EBITDA” and “Fleet Adjusted EBITDA.”

    Adjusted EBITDA

    Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company’s operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.

    Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset amortization under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting straight-line rent expenses net of lease abatements. IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expense.

    The Company also uses Fleet Adjusted EBITDA to evaluate the performance of its MiniLuxe Core Studio business. This metric is calculated in a similar manner, starting with Talent revenue and adjusting for non-fleet Talent revenue and cost of sales, further adjusted by fleet general and administrative expenses and finally subtracting straight line rent expense. The Company believes that this metric most closely mirrors how management views the fleet portion of the business.

    The following table reconciles Adjusted EBITDA to net loss for the periods indicated:

    The following table reconciles Fleet Adjusted EBITDA to net loss for the periods indicated:

    About MiniLuxe

    MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 4 million services.

    For further information

    Christine Mastrangelo

    Investor Relations, MiniLuxe Holding Corp.

    cmastrangelo@MiniLuxe.com

    MiniLuxe.com

    Neither 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 press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company’s financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

    Many factors could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the “Risk Factors” section of the Company’s filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release.

    Forward-looking information, by its nature, is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company’s future growth potential, results of operations, future prospects and opportunities, execution of the Company’s business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

    Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.

    The MIL Network

  • MIL-OSI: XenDex Extends $XDX Presale as Exchange Listing Discussions Progress with Leading Exchanges

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 29, 2025 (GLOBE NEWSWIRE) — XenDex has confirmed it is actively negotiating with several top-tier exchanges ahead of the official listing of its native token, $XDX. This revelation comes just as the project team announced a limited extension of its presale phase due to overwhelming demand and investor requests.

    With over 93% of the $XDX presale allocation already sold, this final window which is just about 72-hour grace period, is the last chance for late investors to buy the token at discounted presale rates and $XDX will launch at market price across multiple exchanges.

    The presale extension coincides with bullish developments within the broader XRP ecosystem. Ripple has announced its acquisition of Circle, the issuer of USDC, while Volatility Shares has launched the XRPI Futures ETF, both of which have sent positive shockwaves across the crypto market. As institutional interest in XRP surges, XenDex is riding that momentum as the most anticipated DeFi platform to emerge on XRPL.

    What Makes XenDex Unique?

    Buy $XDX At Discount Price

    XenDex merges multiple financial tools into a single interface:

    • AI Copy Trading: Automatically mimic the trades of top-performing traders and minimize loss.
    • Lending & Borrowing: Lend or borrow assets directly without third-party interference.
    • Cross-Chain Swaps: Trade XRP assets across other blockchains like; Ethereum, BNB, Solana, and more.
    • DAO Governance: $XDX holders can vote on major protocol upgrades and decisions.

    Why Buy $XDX Now?

    Aside from pumping upon listing, and trading on exchanges, early holders of $XDX gain access to:

    • Staking and yield farming rewards
    • Reduced fees on all trading, lending, borrowing and other DeFi functions
    • Priority access to new features, listings, and platform upgrades
    • Governance voting rights that give users control over the platform’s future upgrades and decisions

    XenDex Presale

    Crypto analysts are already speculating a strong pump once $XDX gets listed on the exchanges. After the presale, $XDX is expected to be available for trading on major exchanges, with active discussions currently underway with Binance, Gate.io, MEXC, BitMart, MagneticX, and FirstLedger.

    How To Buy $XDX During The Presale?

    1. Visit the official presale link: https://xendex.net/presale
    2. Set up a Trustline using an XRP-compatible wallet (e.g., Xaman)
    3. Minimum buy is 150 XRP
    4. Exchange rate is 1.25 XRP = 10 XDX
    5. Full guide available here: https://xdxdocs.gitbook.io/xendex/buy-usdxdx-token-presale

    XenDex Presale Details

    • Soft Cap: Reached
    • Hard Cap: 93% SoldTime Left: 72-Hour Grace Period Only
    • Presale Rate: 150 XRP = 1200 $XDX

    Buy XDX At A Cheap Rate: https://xendex.net/presale

    Join XenDex Community Below

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21f5b11e-8e3c-4c85-ade4-c35c34332d19

    The MIL Network

  • MIL-Evening Report: Talk to Me was a rollercoaster, but the Philippou brothers’ Bring Her Back will trap you in a house of horrors

    Source: The Conversation (Au and NZ) – By Jessica Balanzategui, Associate Professor in Media, RMIT University

    A24

    They may have only made two feature films so far, but Danny and Michael Philippou are already being hailed as Australia’s premiere horror auteurs.

    Their 2023 debut Talk To Me sparked a bidding war between distributors upon its premiere at Sundance.

    It went on to become prestige indie studio A24’s highest grossing horror release ever at the United States box office. That’s an impressive feat, given A24 is behind some of the most revered horror films of the 21st century, including Ari Aster’s Hereditary (2018) and Midsommar (2019), and Robert Eggers’ The Witch (2015).

    This context helps explain the sky-high expectations around the release of the Philippous’ newest horror film, Bring Her Back. The brothers even expressed their nerves around the film’s release during a preview screening introduction.

    But I’d suggest they breathe a sigh of relief. Bring Her Back trades the chaotic thrills of Talk To Me for a slow-burning, sensory-driven exploration of grief that’s as engrossing as it is unbearable.

    Same universe, but not a sequel

    Bring Her Back is very tonally distinct from and not explicitly narratively linked to Talk To Me. However, the directors have explained it exists in the same fictional universe as their original smash hit.

    This explains why, despite the stark difference in tone – Bring Her Back is a much more sombre watch – there are many thematic and stylistic parallels. These similarities are visible from the films’ marketing materials, through to individual frames.

    Film posters for Bring Her Back and Talk To Me.
    A24

    Bring Her Back’s sombre notes

    Talk To Me is a riotous, bloody and loud racket of teen supernatural possession horror.

    Like Richard Carter’s song Le Monde, a viral hit from the movie’s soundtrack, the film rises and falls cacophonously. It follows a group of teens at a party as they decide to commune with the dead through an occult party prop: a cursed hand.

    Trauma, grief, gore and comedy strike discordantly at the piano keys as the body count piles up.

    In contrast to Talk To Me’s tonal and sonic mayhem, Bring Her Back heavily pounds at the same two notes throughout: grief and trauma.

    Set in the horror staple of a mysterious, suffocating house, the film follows step-siblings Piper (Sora Wong) and Andy (Billy Barratt) as they adjust to life with their new foster mother, Laura (Sally Hawkins), after their father’s sudden death. The teen’s sense of vulnerability in the strange new environment is heightened by the fact Piper is blind.

    Bring Her Back builds on a trend of sensory-driven horror films – including the Quiet Place franchise, Bird Box (2018), and The Silence (2019) – that impel viewers to navigate threatening environments through the main character’s sensory loss or impairment.

    Uncomfortable on the ear

    In Bring Her Back, the viewer inhabits the destabilising environment of the house through layered sensory textures that feel increasingly claustrophobic and threatening.

    Case in point is the harsh rush of water in the running shower where the teens find their father’s gruesome dead body in the opening moments. As the film progresses, this sound manifests as a genuine threat to Piper’s life, in the form of relentlessly pouring (and potentially occult) rain.

    The oppressive rain gradually fills up the house’s desolate, unfenced swimming pool, which is the site of previous trauma for foster mother Laura.

    Simply traversing the house’s backyard becomes increasingly perilous for Piper as she becomes accustomed to her environment, a process the audience shares through the audio-visuals of her hands gliding across walls, counter tops and corners.

    The immersive sound design is dense with hands scraping, sliding and slapping – as well as some truly hideous teeth gnashing. These tactile sounds integrate chillingly with the otherwordly soundtrack composed by Cornel Wilczek, who also composed the score for Talk to Me.

    Haunting performances

    The teens soon learn that another foster child, the mute and mysterious Oliver (Jonah Wren Phillips), also inhabits the house. The strange relationship between Laura and Oliver couldn’t be more ominous.

    Sally Hawkins is captivatingly monstrous as the outwardly warm but increasingly overbearing and unhinged mother figure (particularly for those of us with a fresh memory of Hawkins’ loveably zany mum, Mrs Brown, from the Paddington films).

    Piper is tempted to sink into the warm embrace Laura offers. The viewer, however, is privy to Laura’s vicious streak – evident in her rough, uncaring gestures, harsh glares and sinister flashes of cunning.

    Young Jonah Wren Phillips is transfixing as the creepy Oliver, delivering a performance through piercing stares and tortured bodily contortions rather than dialogue.

    Unbearably grim

    Bring Her Back exhibits a dense film literacy. The Philippous have discussed the influence of classic “psycho biddy” films such as What Ever Happened to Baby Jane? (1962), and foundational ghost films such as The Innocents (1961).

    But for me, Bring Her Back chimes most evocatively with the trauma- and grief-soaked Japanese horror wave of the early 2000s, and particularly with Hideo Nakata’s J-Horror masterpiece Dark Water (2002).

    This tragic ghost story similarly deploys the rippling, rushing and dripping of water as an agent of death and decay within fractured mother-daughter relationships.

    Inhabiting the world of Bring Her Back ends up feeling like an unbearably grim and claustrophobic endurance effort – which is exactly what the Philippous intended.

    While this is not the exhilarating rollercoaster of Talk To Me, the shift in tonal gears showcases the Philippous’ impressive range within the horror genre’s rich emotional terrain.

    Bring Her Back is in cinemas from today.

    Jessica Balanzategui receives funding from the Australian Research Council.

    ref. Talk to Me was a rollercoaster, but the Philippou brothers’ Bring Her Back will trap you in a house of horrors – https://theconversation.com/talk-to-me-was-a-rollercoaster-but-the-philippou-brothers-bring-her-back-will-trap-you-in-a-house-of-horrors-257631

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: NSW is again cleaning up after major floods. Are we veering towards the collapse of insurability?

    Source: The Conversation (Au and NZ) – By Kate Booth, Associate Professor of Human Geography, University of Tasmania

    Once again, large parts of New South Wales have been devastated by floods. It’s estimated 10,000 homes and businesses may have been damaged or destroyed and the Insurance Council of Australia reports more than 6,000 insurance claims have been received for the Mid North Coast and Hunter region.

    Hundreds of families are displaced. With many homes now uninhabitable, they face a uncertain future.

    As the mop-up begins, stories are emerging of households and businesses not covered by insurance, with some residents saying insurance companies were asking up to A$30,000 annually for cover.

    There are many others who are underinsured, with insurance payouts not meeting the full costs of rebuild, repair and replacement. The Insurance Council of Australia has declared the event an “insurance catastrophe”.

    The impacts of these floods reflect global trends. In 2024, there were around 60 natural disaster events that each exceeded A$1.5 billion in economic losses. Total losses worldwide reached A$650 billion.

    As one of the most disaster-prone countries in the Western world, is Australia the canary in the coalmine for a global collapse of insurance? With these types of disasters escalating in a changing climate, it is reasonable to feel – and fear – this is the case.

    An uninsurable future?

    In 1992, sociologist Ulrich Beck argued unpredictable global risks, such as climate change, would bring an end to the private insurance market, with profound effects on the modern world.

    The idea of an uninsurable future stirs up imaginings of apocalyptic landscapes – crumbling buildings, streets strewn with refuse and people eking out a living amid the rubble and ruins.

    But the reality is, as we are seeing in central NSW, it is not a future event that demands attention. Many individuals and communities are already living with an unfolding collapse of insurance affordability and availability.

    The consequences can be dire, especially for those already struggling to make ends meet.

    How are governments responding?

    Speaking on ABC radio on Thursday morning, NSW Premier Chris Minns said he would be “putting the heat” on insurance companies:

    Everyone’s going to have to do their part […] and that means insurance companies will have to step up and pay out claims quickly.

    In the lead-up to the federal election, both major parties made clear they believed insurers were “ripping off” Australians. The Coalition even proposed new emergency divestiture powers that would allow the government to break up major insurers in the case of market failure.

    But this is no solution at all, given insurance pricing and coverage is largely set by global “reinsurers”. Reinsurance is a kind of insurance coverage for insurance companies themselves – that is, policies to cover the cost of paying out claims after major disasters.

    Just ten multi-billion dollar companies control 70% of the reinsurance market.

    Who should bear rising costs?

    Insurers, led by the Insurance Council of Australia, are pushing for a Flood Defence Fund and retrofitting homes for disaster resilience, paid for by governments and households.

    These ideas might seem logical. But they draw attention away from a thriving industry and regulations and policies aimed at making insurance more affordable and effective for ordinary people.

    In places like Australia, the increasing cost of insurance cuts across all types, with the largest rises coming in home, vehicle, and employers’ liability insurance.

    Many insurers are reporting healthy profits. Globally, the sector is experiencing “exceptionally strong growth”.

    Over the three years to 2024, revenue from premiums in the insurance sector increased by over 21% globally – a “whopping” rise, according to the finance corporation Allianz.

    Where to from here?

    The insurance sector will continue to grow – and profit – until it no longer can due to climate change and other pressures.

    But it is not a future crash of insurers that should be of primary concern. It is the real-time collapse of insurance for households, businesses and communities.

    As this collapse of insurance unfolds, it is largely left to households and communities to take action and build resilience.

    Examples include squatters taking possession of flood-damaged vacant homes in Lismore and, when combined with the housing crisis, the growth in informal housing and settlements on the fringes of major population centres.

    These are desperate responses. But they are also realistic, given governments and insurers are failing to reverse this trending collapse.

    What else we could do

    After each major disaster event comes a rise in insurance costs and a withdrawal of insurance coverage. To avoid being a canary in the coalmine, Australia urgently needs government intervention in the insurance industry – an industry very resistant to such intervention.

    To ensure everyone is adequately covered when disaster strikes, this could come in the form of an equitable and affordable public insurance scheme.

    As more Australians lose the ability to insure themselves, governments must also address growing structural inequality that is undermining social cohesion and our capacity for collective resilience.




    Read more:
    Underinsurance is entrenching poverty as the vulnerable are hit hardest by disasters


    Kate Booth receives funding from the Tasmanian Department of Premier and Cabinet – Grant-Disaster Ready Fund. She is affiliated with Just Collapse – an activist platform dedicated to socio-ecological justice in unfolding, irreversible global collapse.

    ref. NSW is again cleaning up after major floods. Are we veering towards the collapse of insurability? – https://theconversation.com/nsw-is-again-cleaning-up-after-major-floods-are-we-veering-towards-the-collapse-of-insurability-257715

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  • MIL-Evening Report: Researchers created a chatbot to help teach a university law class – but the AI kept messing up

    Source: The Conversation (Au and NZ) – By Armin Alimardani, Senior Lecturer in Law and Emerging Technologies, University of Wollongong

    Mikhail Nilov/ Pexels , CC BY

    “AI tutors” have been hyped as a way to revolutionise education.

    The idea is generative artificial intelligence tools (such as ChatGPT) could adapt to any teaching style set by a teacher. The AI could guide students step-by-step through problems and offer hints without giving away answers. It could then deliver precise, immediate feedback tailored to the student’s individual learning gaps.

    Despite the enthusiasm, there is limited research testing how well AI performs in teaching environments, especially within structured university courses.

    In our new study, we developed our own AI tool for a university law class. We wanted to know, can it genuinely support personalised learning or are we expecting too much?

    Our study

    In 2022, we developed SmartTest, a customisable educational chatbot, as part of a broader project to democratise access to AI tools in education.

    Unlike generic chatbots, SmartTest is purpose-built for educators, allowing them to embed questions, model answers and prompts. This means the chatbot can ask relevant questions, deliver accurate and consistent feedback and minimise hallucinations (or mistakes). SmartTest is also instructed to use the Socratic method, encouraging students to think, rather than spoon-feeding them answers.

    We trialled SmartTest over five test cycles in a criminal law course (which one of us was coordinating) at the University of Wollongong in 2023.

    Each cycle introduced varying degrees of complexity. The first three cycles used short hypothetical criminal law scenarios (for example, is the accused guilty of theft in this scenario?). The last two cycles used simple short-answer questions (for example, what’s the maximum sentencing discount for a guilty plea?).

    An average of 35 students interacted with SmartTest in each cycle across several criminal law tutorials. Participation was voluntary and anonymous, with students interacting with SmartTest on their own devices for up to ten minutes per session. Students’ conversations with SmartTest – their attempts at answering the question, and the immediate feedback they received from the chatbot – were recorded in our database.

    After the final test cycle, we surveyed students about their experience.



    What we found

    SmartTest showed promise in guiding students and helping them identify gaps in their understanding.

    However, in the first three cycles (the problem-scenario questions), between 40% and 54% of conversations had at least one example of inaccurate, misleading, or incorrect feedback.

    When we shifted to much simpler short-answer format in cycles four and five, the error rate dropped significantly to between 6% and 27%. However, even in these best-performing cycles, some errors persisted. For example, sometimes SmartTest would affirm an incorrect answer before providing the correct one, which risks confusing students.

    A significant revelation was the sheer effort required to get the chatbot working effectively in our tests. Far from a time-saving silver bullet, integrating SmartTest involved painstaking prompt engineering and rigorous manual assessments from educators (in this case, us). This paradox – where a tool promoted as labour-saving demands significant labour – calls into question its practical benefits for already time-poor educators.

    Inconsistency is a core issue

    SmartTest’s behaviour was also unpredictable. Under identical conditions, it sometimes offered excellent feedback and at other times provided incorrect, confusing or misleading information.

    For an educational tool tasked with supporting student learning, this raises serious concerns about reliability and trustworthiness.

    To assess if newer models improved performance, we replaced the underlying generative AI powering SmartTest (ChatGPT-4) with newer models, such as ChatGPT-4.5, which was released in 2025.

    We tested these models by replicating instances where SmartTest provided poor feedback to students in our study. The newer models did not consistently outperform older ones. Sometimes, their responses were even less accurate or useful from a teaching perspective. As such, newer more advanced AI models do not automatically translate to better educational outcomes.

    What does this mean for students and teachers?

    The implications for students and university staff are mixed.

    Generative AI may support low-stakes, formative learning activities. But in our study, it could not provide the reliability, nuance and subject-matter depth needed for many educational contexts.

    On the plus side, our survey results indicated students appreciated the immediate feedback and conversational tone of SmartTest. Some mentioned it reduced anxiety and made them more comfortable expressing uncertainty. However, this benefit came with a catch: incorrect or misleading answers could just as easily reinforce misunderstandings as clarify them.

    Most students (76%) preferred having access to SmartTest rather than no opportunity to practise questions. However, when given the choice between receiving immediate feedback from AI or waiting one or more days for feedback from human tutors, only 27% preferred AI. Nearly half preferred human feedback with a delay and the rest were indifferent.

    This suggests a critical challenge. Students enjoy the convenience of AI tools, but they still place higher trust in human educators.

    A need for caution

    Our findings suggest generative AI should still be treated as an experimental educational aid.

    The potential is real – but so are the limitations. Relying too heavily on AI without rigorous evaluation risks compromising the very educational outcomes we are aiming to enhance.

    Armin Alimardani previously had a short-term, part-time contract with OpenAI as a consultant. The organisation had no input into the study featured in this article. The views expressed in this article are those of the authors.

    This work was supported by the Early-Mid-Career Researcher Enabling Grants Scheme, University of Wollongong (2022, Project ID: R5829).

    This work was supported by the School Research Grant, School of the Arts and Media (SAM), UNSW Sydney (2023, Project ID: PS68922); the Research Infrastructure Scheme, Faculty of Arts, Design, and Architecture, UNSW Sydney (2023, Project ID: PS68745); and the School Research Grant, SAM, UNSW Sydney (2022, Project ID: PS66264).

    ref. Researchers created a chatbot to help teach a university law class – but the AI kept messing up – https://theconversation.com/researchers-created-a-chatbot-to-help-teach-a-university-law-class-but-the-ai-kept-messing-up-257551

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  • MIL-Evening Report: People with disability are dying from cancers we can actually prevent, our study shows

    Source: The Conversation (Au and NZ) – By Yi Yang, Research Fellow, Social Epidemiology, Melbourne Disability Institute, Melbourne School of Population and Global Health, The University of Melbourne

    Chona Kasinger/Disabled and Here, CC BY-SA

    People with disability are missing out on screening programs that could help detect cancer early, and after diagnosis, are less likely to survive, our study shows.

    Overall, this means people with disability are more likely to die from cancer than people without disability.

    We draw together evidence showing the striking inequity at the heart of current approaches to controlling cancer.

    But there are ways to improve access to the types of screening programs and cancer services many people without disability use routinely.

    What we did and what we found

    We reviewed evidence from 73 studies from around the world. These studies compared cancer outcomes in people with disability to those without.

    Let’s start with cancer screening, one way to prevent deaths from cancer. Screening picks up early signs of cancer or can prevent it from developing into a problem if found early enough. Early detection usually means more treatment options and higher chances of a good outcome.

    However, our review found people with disability are missing out on these life-saving screening programs all around the world, including for breast, cervical and bowel cancer.

    In fact, some studies in our review showed these cancers are more likely to be diagnosed at an advanced stage in people with disability.

    Once diagnosed, people with disability are still at a disadvantage. We found lower survival rates than cancer patients without disability.

    This could be because of delayed diagnosis and inaccessible treatment, and we’d need further research to be sure. But we do have relevant evidence from some studies.

    A UK study of cancer deaths in people with intellectual disability found more than a third had their cancer diagnosed after going to the emergency department. Almost half of the cancers in the study were already at an advanced stage when diagnosed.

    Another review of global evidence found cancer patients with disability receive poorer quality cancer care. This included delays in treatment, being undertreated or having excessively invasive treatment. People with disability also had less access to in-hospital services and pain medication.

    From diagnosis to treatment, global evidence shows people with disability are being excluded from health services that many people without disability routinely access and benefit from.

    The situation is no different in Australia and it is costing lives.

    In previous work, we found cancer is a leading cause of earlier deaths among Australians with disability. It’s the cause of about 20% of the extra deaths we see in people with disability compared to people without.

    Why is this happening?

    We clearly need to do more to improve health care for people with disability. But we also need to take action in other areas to address underlying issues.

    People with disability are more likely to be poor and live in disadvantaged circumstances than the rest of the Australian population, which may put them at higher risk of cancer.

    Many factors that cause cancer – for example, smoking, unaffordable healthy food, and drinking high levels of alcohol – disproportionately impact disadvantaged groups, including people with disability.

    Many people with disability live with additional health conditions, which can lead to a lack of attention to routine issues. This can result in cancer screening and routine care becoming less of a priority.

    Buildings where services are provided and medical diagnostic equipment is located are not always accessible for people with disability.

    The health system itself can be inaccessible, with little support to help people with disability access services. For instance, navigating cancer care can be overwhelming, especially for people who need support for daily activities, transport or communication.

    People with disability, especially with intellectual disability, need extra time and support to give informed consent to screening, treatment or procedures – resources and time particularly overstretched in public health systems.

    People with disability can also experience both direct and indirect discrimination in health care, which lead to poorer outcomes. This includes discriminatory attitudes towards people with disability and their carers, and making assumptions about a patient based on their disability.

    Health systems need to allow for extra time to get informed consent.
    Media_Photos/Shutterstock

    What can we do about it?

    For cancer control to be inclusive and work for people with disability, we need to look at:

    • prevention – public health interventions, such as quit smoking or healthy lifestyle programs, need to be co-designed with and tailored to people with disability

    • early detection – national screening programs must develop strategies and take active steps to include people with disability. Clinics need to be physically accessible, information needs to be available in a range of accessible formats, and extra time needs to be allocated to get genuine informed consent

    • ensuring people with disability have a voice – cancer care needs to be tailored to an individual person, as everyone’s needs are different. We need to support and include people with disability in conversations about their care so they can make informed decisions. This means providing information in ways that work for them, and allowing time to understand and ask questions

    • training health professionals to understand and respond to the needs of people with disability and make the adjustments required for optimal cancer care, particularly for people with an intellectual disability.

    Yi Yang’s research is supported by a postdoctoral fellowship from the Melbourne Disability Institute and an Early Career Researcher Grant from the University of Melbourne. Yi Yang has conducted commissioned work for the Australian Department of Social Services (inequalities in NDIS), the Victorian Department of Families Fairness and Housing (NDIS service use in Victoria), and the Queensland Department of Seniors, Disability Services, and Aboriginal and Torres Strait Islander Partnerships (inequalities in NDIS service use in regional and remote Queensland).

    George Disney receives funding from the NHMRC and has conducted commissioned work for the Australian Department of Social Services (NDIS service use), the Victorian Department of Families Fairness and Housing (inequalities in NDIS service use), and the Queensland Department of Seniors, Disability Services, and Aboriginal and Torres Strait Islander Partnerships (NDIS service use in regional and remote Queensland).

    Kirsten Deane is a member of the consortium receiving funding from the Commonwealth Department of Health for the Centre of Excellence in Intellectual Disability Health. Melbourne Disability Institute also receives funding from the Department of Social Services for the Australian Disability Dialogue and for the Centre for Inclusive Employment. MDi also received funding from the Commonwealth, Victorian and Queensland governments to conduct research into inequities in NDIS funding and services.

    ref. People with disability are dying from cancers we can actually prevent, our study shows – https://theconversation.com/people-with-disability-are-dying-from-cancers-we-can-actually-prevent-our-study-shows-257456

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  • MIL-Evening Report: Google is going ‘all in’ on AI. It’s part of a troubling trend in big tech

    Source: The Conversation (Au and NZ) – By Zena Assaad, Senior Lecturer, School of Engineering, Australian National University

    Google recently unveiled the next phase of its artificial intelligence (AI) journey: “AI mode”.

    This new feature will soon be released as a new option to users of Google’s search engine in the United States, with no timeline yet for the rest of the world. The company says it will be akin to having a conversation with an expert well versed on a wide range of topics.

    This is just one of many steps Google is taking in pursuit of its “all-in” approach to AI.

    The “all-in” approach extends beyond just integrating the technology into different applications. Google is providing products all along the AI supply chain – a process known as “vertical integration” – housing everything from AI computer chips through to the user interfaces we interact with on a daily basis, such as Google maps or Gmail.

    Google isn’t the only AI company with ambitions of vertical integration. For example, OpenAI recently acquired a hardware startup co-founded by Apple’s Jony Ive, which will centralise hardware development within the company. Amazon is taking similar steps. It owns cloud computing platforms, custom chips, device plans and is incorporating more AI services into products.

    This may be the beginning of a trend of vertical integration across big tech. And it could have significant implications for users and companies alike.

    The AI ‘tech stack’

    Hardware, software, data sources, databases and servers are some of the layers that make up what is commonly referred to as the “AI tech stack”.

    There are four main layers to Google’s evolving vertical tech stack:

    1. Hardware layer. Google develops its own AI chips, known as tensor processing units (TPUs). The company claims these chips provide superior performance and efficiency compared to general purpose processors.

    2. Infrastructure layer. The company uses its own cloud infrastructure to source its computing power, networking and storage requirements. This infrastructure is the foundation for running and scaling AI capabilities.

    3. Model development layer. In-house research capabilities are used to drive the development of their products and services. This includes research around machine learning, robotics, language models and computer vision.

    4. Data layer. Data is constantly sourced from users across all Google platforms, including its search engine, maps and email. Data collection is a condition of using any Google application.

    Some argue vertical integration is an optimal and cost-effective business strategy in many industries, not just tech. However, the realities of this set-up prove otherwise.

    Google is seeking to become a vertically integrated AI company.
    RYO Alexandre/Shutterstock

    Fuelling power imbalances

    Google and OpenAI are two of just a handful of companies which dominate the global technology market.

    Thanks to this market dominance, these companies can charge higher markups for their goods and services and abuse practices in online advertising.

    Vertical integration further skews this power imbalance by centralising the layers of the AI tech stack to one company. A distribution of hardware, infrastructure, research and development and data across multiple industries helps support a more equitable playing field across the industry.

    The loss of this equity creates greater barriers to entry for smaller companies as the larger conglomerates keep everything in-house.

    It also reduces incentives to innovate in ways that benefit consumers because it eliminates the business competition that usually drives innovation.

    Data is often described as the new gold. This is especially true in the case of AI, which is heavily reliant on data. Through its many platforms, Google has access to a continuous stream of data. In turn, this gives the company even more power in the industry.

    Other tech companies such as Amazon are moving towards vertical integration in the AI sector.
    ACHPF/Shutterstock

    The vulnerabilities of vertical integration

    The success of a company that is vertically integrated relies on housing the best knowledge and expertise in-house. Retaining this level of resourcing within a small handful of companies can lead to knowledge and expertise hoarding.

    Research shows knowledge and expertise hoarding reduces social learning and increases disparities between “winners” and “losers” in a given market. This creates an overall vulnerable industry, because net gains are lost in the pursuit of exclusivity.

    Exclusivity also breeds a lack of resilience. That’s because the points of failure are centralised.

    Risk is better managed with additional oversight, transparency and accountability. Collaborations across industry rely on these processes to work together effectively.

    Centralising the AI tech stack within one organisation eliminates external scrutiny, because it reduces interactions with external providers of products and services. In turn this can lead to a company behaving in a more risky manner.

    Regulatory bodies can also provide external scrutiny.

    However, the current push to deregulate AI is widening the gap between technology development and regulation.

    It is also allowing for big tech companies to become increasingly opaque. A lack of transparency raises issues about organisational practices; in the context of AI, practices around data are of particular concern.

    The trend towards vertical integration in the AI sector will further increase this opacity and heighten existing issues around transparency.

    Zena Assaad 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. Google is going ‘all in’ on AI. It’s part of a troubling trend in big tech – https://theconversation.com/google-is-going-all-in-on-ai-its-part-of-a-troubling-trend-in-big-tech-257563

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  • MIL-OSI Canada: Prime Minister Carney speaks with Crown Prince and Prime Minister of Saudi Arabia His Royal Highness Mohammed bin Salman

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, spoke with the Crown Prince and Prime Minister of Saudi Arabia, His Royal Highness Mohammed bin Salman.

    The leaders discussed energy security and deepening bilateral trade. They agreed on the imperative of a sustainable peace in the Middle East.

    The Prime Minister and the Crown Prince agreed to remain in close contact.

    Associated Link

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  • MIL-OSI USA: ICYMI: Pressley Delivers Keynote at Boston University School of Public Health Convocation

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    “A decision to pursue a career in public health is a noble and worthwhile decision, and to do so especially right now, is in and of itself, an act of radical courage.”

    “Keep dreaming and remain in unapologetic and in active pursuit of making those dreams a reality, just as you did with your degree. Change can’t wait. And neither can the world—for you.”

    BOSTON – In case you missed it, Congresswoman Ayanna Pressley (MA-07) delivered the keynote address at the Boston University School of Public Health’s (BUSPH) 2025 Convocation in which she shared a powerful and personal message of hope, urgency, and moral clarity. In her remarks, Rep. Pressley described her own journey at Boston University, discussed the critical role of public health professionals amidst the Trump Administration’s anti-health, anti-science, and anti-research agenda, and encouraged graduates to continue doing the work necessary to build a more just and healthy world.

    A transcript of the Congresswoman’s remarks, as delivered, is available below, and the full video is available here.

    Transcript: Rep. Ayanna Pressley’s Keynote Address at Boston University School of Public Health’s Convocation
    May 17, 2025

    Thank you, Dean Stein, for that warm welcome and introduction. I am so deeply disappointed to be joining you by Zoom. This is what you call a hard pivot. I was in the airport for some seven hours—planes, trains and automobiles trying to get to you all. 

    I’m so sorry that weather got in the way of that, but I am so glad that I’m joining you, at least virtually, because nothing ultimately was going to stop me from congratulating the BU School of Public Health on this incredible milestone in your life and this incredible occasion.

    And it’s full circle in so many ways—you know, for me, as I’ve said many times before, Chicago is the city that raised me, Boston is the city that changed me, and Boston University had so much to do with that. So again, I’m so grateful and humbled to be invited to be your convocation speaker this year. 

    Again, Boston University, even virtually, it’s good to be in community with you. Chicago is a city that raised me, Boston is the city that changed me, and Boston University is the place that forever changed the trajectory of my life. 

    It is the place where I arrived as an idealistic teenager, eager to continue my education and expand my horizons. 

    So what a gift, truly, to share this life milestone and achievement for these 440 scholars and very soon graduates,  the Class of 2025. 

    This is one of my favorite times of the year: commencement. A time to pause and recognize the extraordinary achievements of students here at BU and beyond, who have persevered and sacrificed in order to make this day a reality for themselves and their families. 

    Now I don’t know each of your stories, but I know that you each have one. I know you’ve overcome life obstacles. I know that there were days you questioned what it’s all for and wanted to quit—where you were overwhelmed by life, fatigue, self doubt. But you persisted. And I’m so damn glad that you did.

    A decision to pursue a career in public health is a noble and worthwhile decision, and to do so right now—to do so, especially right now, is in and of itself, an act of radical courage.

    An act of faith in a belief in something greater, a belief that another world is possible—one not dominated by greed or a culture of grievance, one that sees and centers the humanity, dignity, and health of all people. 

    As you all know, while we may be in the wealthiest nation in the world, we also face unacceptable and persistent disparities in outcomes that are too often determined by the zip code you live in or the color of your skin. 

    To be clear, these outcomes are human made. They are the consequence of moral failings, budgetary neglect, and policy violence. 

    You need look no further than the case study of the Massachusetts 7th, right here, where a simple three mile bus ride from Harvard to Roxbury sees life expectancy drop by 30 years. 

    No doubt you’ve heard this statistic before—you may have even heard me recite it before. I imagine folks are tired of hearing it, but I don’t care, because what matters most is how tired people are of living it. 

    These are the challenges that the class of 2025 will face head on, against the backdrop of an anti-science, anti-research, anti-data, anti-equity, anti-health, anti-people agenda. 

    The essential mission of public health is under attack right now. The landscape you will be forced to navigate is unprecedented. The systems that public health professionals have poured their sweat equity into building are being dismantled with carelessness and a cruelty that is shocking, that will have devastating consequences for generations.

    There is a greed that pulls too many, to look past the humanity of those who are struggling or less fortunate. These decisions are driven by greed—and cruelty is the point.

    Some people think cutting pediatric cancer research is a fair trade for an unnecessary tax cut. Some people think taking food out of the mouths of hungry children to pay for a private jet is acceptable. Some people think government efficiency means making people hungrier and sicker. 

    It is easy to lose hope in the overwhelm of it all. In fact, that is just the point. That is the design of it all. 

    The current occupant of the White House and his dangerous conspirators want you to see their dark vision for our country as an inevitable fate, but I know better. You know better. We know better.

    We possess the superpower that is hope. Hope that is strengthened by the moral clarity and resolve each of you have demonstrated to arrive at this very day. 

    You have chosen to devote your lives to literally saving lives. 

    Please hear me when I say you have made the right choice. You are on the right path. 

    It is the brilliance and impatience of your generation who did not come to play, who will see us through these turbulent times.

    And when we get to the other side of this—and we will—you will be able to tell your children and your grandchildren about where you stood and the choices you made. 

    You’ll be able to tell them when everything was at stake, when it would have been easier and perhaps even safer, to retreat, to be silent, to change paths—you held firm. 

    You chose to stand for truth. You chose to stand for justice. You chose to stand for your neighbor, by your neighbor, and for humanity. You chose to stand for public health because you believe like I do, that our greatest wealth as a nation is the health of our people. 

    Here in Massachusetts and in Boston, we are lucky to have some of the brightest minds in public health, in the arts, in biotech, in higher education, and on and on. I know that the amazing faculty and dedicated staff here at BU have prepared you well to join that distinguished club.

    Whether you are preparing to join the workforce or planning to continue your education, just know that we need you. 

    We need your ideas and idealism. We need your passion and perspectives. We need your empathy and expertise. And I know the diversity of this year’s class will only serve to strengthen the solutions to our most pressing challenges. 

    You know, it’s hard to believe diversity is more frightening to some than a dictator and the rise of fascism. It’s hard to believe there are men in leadership who care more about growing their millions and billions than preventing measles outbreaks. And yet, here we are. 

    But I digress. While the current occupant of the White House carries out a coordinated attack on our public health systems, you are prepared to stand in the gap. 

    From the Black maternal health crisis to the opioid epidemic to the lingering impacts of COVID and those living with long COVID, there is no shortage of work to be done. As the Congresswoman who represents Massachusetts’ 7th, one of the most unequal districts in our Commonwealth and country across all outcomes, especially health — I know the need for care is great. 

    Our communities need you. Our communities deserve you. The years you have spent learning, growing, and forging partnerships here at Boston University will be brought to our nonprofits, our hospitals, our board rooms—and we will be the better for it. 

    For many, you may be the first person in your family to receive a master’s or a doctorate—impressive achievements that I hope will carry you in difficult times.

    Your next role will have its difficulties. You may be in rooms where no one else looks like you, grew up where you did, or shares your background. While that can be daunting, it is also essential in order for our communities to have the best policies.

    There have been times in my life, from my first internship while a student at BU—at a satellite office in Roxbury, working for former Congressman Joseph P. Kennedy II—all the way to my own time in Congress, where I was the only Black woman in the room.

    And when I entered, I called the question, I raised different questions that would not have come up otherwise. We’re all better served when solutions are being developed through a diverse prism, not through one that is monolithic and homogenized. 

    This is why personnel is policy. We live intersectional lives that demand intersectional policies. Any organization can’t be its best if you do not have a diversity of perspective, opinion, and thought around the table. 

    And in this work, I have relied on and benefited from two Boston University School of Public Health grads to legislate health, wellness, and justice. As a Boston City Councilor, my longtime Chief of Staff, Jessica Ridge, was a proud BU School of Public Health graduate, and her experience here — her unique lens and attention to the intersectional nature of health outcomes — were critical to our policy agenda.

    From fighting for more walkable sit down restaurants and communities to literally rewriting the sex ed curriculum at Boston Public Schools, she connected the policy decisions to outcomes. And together, we centered the people who stood to be the most impacted in crafting the solutions. 

    That’s where my ethos, “the people closest to the pain should be closest to the power, driving and informing the policy making,” came from. The practice of cooperative governing, being proximate to those closest to the pain, to better understand the nuances, complexities and intersectionalities, but also to harness the best solutions. 

    That practice continued in Congress. My first senior advisor in DC, Lynese Wallace, used what she learned on campus and her own lived experiences as a Black woman to shepherd our shared work to address the Black maternal mortality crisis. 

    Now for you. There is a set path laid before you as a researcher, clinician, practitioner, policymaker, or whatever role sings to your soul and your passions. 

    I know the degree you walk out of this ceremony with today will give you the foundation to make a difference. It has to me, and the constituents that I serve.

    And ultimately, we are all better served by the policies advanced when we include different approaches and perspectives in writing them. 

    As a former BU student, I’m especially proud that the School of Public Health has not in any way run away or retreated from your commitment to diversity, equity and inclusion, even as assaults on these programs and initiatives rage on across the country. I hope that your courage is contagious.

    While there are active efforts underway to perpetuate fiction rather than to teach facts, it is a fact that systemic oppression, codified in our laws and budgets, has discriminately harmed women, people of color, the LGBTQIA community, persons with disabilities, and other underserved communities in this country. 

    I’m so glad that you have been called. I’m so glad that you have been compelled to pursue a career in public health because you want to undo the harms of past injustices and prevent future harms. You want policies and systems that are just, equitable, and people-centered. 

    It is the challenge and the responsibility before each of us during these deeply consequential times to summon our unique gifts and talents in service to our communities to mitigate harm and to advance progress. 

    The moment in time — this moment in time — isn’t merely about how to survive the next four years. It is about shaping the next 100 years. 

    And I am enlisting each of you as architects in that shaping. I believe it is possible. I believe another world is possible. You do too.

    Cling to that and pass it on. Radical work begins with a radical dream. 

    I dream of a world where health equity is a given, not an afterthought. 

    I dream of a world where Black men grow old. 

    I dream of a world where gender affirming care is a right, and trans children are not political props. 

    I dream of a world where pain is believed — everyone’s pain is believed — in healthcare settings. 

    I dream of a world where you can be Black and birthing and safe and live to raise your child. 

    I dream of a world where housing and healthcare are rights, not privileges. 

    I dream of a world where no one knows hunger, water is drinkable, air is breathable.

    Radical work begins with a radical dream. 

    Graduates, keep dreaming and remain in unapologetic and active pursuit of making those dreams a reality, just as you did with your degree.

    Change can’t wait. And neither can the world for you. 

    Congratulations, graduates!

    MIL OSI USA News

  • MIL-OSI New Zealand: Govt’s budget balanced on the backs of low-income families

    Source: Green Party

    The Government is quietly leaving some of our poorest families hundreds of dollars worse off, ignoring warnings that changes to the accommodation supplement and public housing subsidies will disproportionately target disabled, older, Māori, Pasifika, and young people.

    “This is a stealth cut, pushed through with no acknowledgement of the harm it will cause,” says the Green Party’s spokesperson for Housing, Ricardo Menéndez March.

    “Housing is a human right. We can build an Aotearoa in which everyone has what they need, and nobody is left behind. 

    “Instead, the Government hoped we wouldn’t notice that, hidden under headlines about KiwiSaver and Best Start changes, lies a major policy shift that will leave 13,200 families worse off by $100, even up to $200 per week*. 

    “Changes to how the Accommodation Supplement is calculated means that income from boarders–which previously were partially exempt because the Ministry of Social Development (MSD) understood these boarders were often family members–now fully counts against eligibility.

    “MSD flagged early on that increased hardship was expected to be experienced by disabled people, young people, older New Zealanders and Māori and Pasifika peoples.

    “People who receive the accommodation supplement, by definition, already have unaffordable rents. $100 or $200 a week may not feel much for a Prime Minister out of touch with reality, but for thousands of families it’s a lifeline that allows them to keep a roof over their head, put food on the table and pay their bills.

    “MSD also noted that any ‘savings’ were likely overstated**, as costs were simply going to be shifted to emergency housing and hardship grants. 

    “Poverty is a political choice this coalition is repeatedly choosing. Once again, we see the wellbeing of thousands sacrificed in the name of superficial savings and cowardly games of political hot potato,” says Ricardo Menéndez March.

    • *An estimated 13,200 households will be affected (7,000 on accommodation supplement, 6,200 on public housing subsidies). On average, the 7,000 households with boarders receiving the Accommodation Supplement will be $100/week worse off, and people with 3 boarders would be $202/week worse off. Affected households receiving public housing subsidies would see an average increase of $132/week to the cost of their rent. (Page 21 of the report)
    •  **The Government is saving $150m over four years by stripping support (Accommodation Supplement + Income Related Rent Subsidy) from around 13,200 households who have boarders. MSD has told the Government that the savings are likely to be overestimated (page 7 and bottom of page 15 of the report). This is due to people needing hardship assistance, emergency housing, etc as a result of these changes creating costs for other parts of the system.

    MIL OSI New Zealand News

  • MIL-OSI USA: Keynote Remarks of Commissioner Kristin Johnson at the Federal Reserve Bank of Dallas

    Source: US Commodity Futures Trading Commission

    Good afternoon. Thank you to President Lorie Logan, Senior Vice President and Senior Advisor to the President Sam Schulhofer-Wohl, and the Federal Reserve Bank of Dallas for hosting us. Consistent with the title selected for the Symposium, today’s discussion will explore AI Risks and Opportunities Across the Digital and Cyber Landscape, including a broad range of topics focused on fostering responsible innovation, as well as topics focused on proactively addressing potential risks. As always allow me to share a standard disclaimer. My views are my own and not necessarily the views of the Commission, Commission staff or my fellow Commissioners. 
    This morning, I gave a livestream interview from my hotel with Reunion Tower standing tall behind me, offering an impressive landmark as background for the interview. For those of you who are not familiar, Reunion Tower is an iconic symbol in the Dallas skyline. Like Reunion Tower and the breathtaking 360-degree view it provides, our smart approach to supervision of financial markets has enabled us to create and boast the deepest and most liquid capital and derivatives markets in the world while still maintaining the ability to see the market from any angle. How have we achieved these goals? We have harnessed lessons from the customs and traditions that built successful market and prudential supervision and oversight for over one hundred years under federal legislation and for over two hundred and fifty years since the founding of our nation. At the same time, we are forward-looking, appreciating the innovative design and potential for technology to shape enduring, healthy, competitive financial markets that foster market integrity and stability and promote customer and investor protection. 
    It is an honor to be here and to see so many familiar faces, including market and prudential regulators, industry representatives from traditional financial services firms and emerging technologies, academics, and public interest advocates. Any successful convening on the issues that we will tackle today requires a multi-stakeholder dialogue drawing on all corners to help us ensure that supervision and oversight are best-in-class and fit-for-purpose.
    As I intimated, today’s Symposium will explore topics that are at the core of our markets and reflect the future of finance. In my time as a Commissioner, and for decades prior to my public service, I have worked to ensure first-best outcomes for our economy, customer protection, and industry initiatives in these areas.
    AI: Generating New Buzz
    Over the last few decades, we have witnessed the evolution of a number of technologies. While thoughts of artificial intelligence, automation, and robotics have long populated sci-fi novels and films, it was only during the last half-century that sentient technology became an increasing feature in financial markets. The advent and advances in computer technology and computing capabilities have significantly accelerated the adoption of various forms of AI in financial markets and enhanced the efficiency and execution of various back-office and compliance functions that were sources of consternation and crises forty or fifty years ago. 
    Three distinct phases of AI have marked the most recent chapter of financial markets development and evolution – the creation of supervised and unsupervised machine learning algorithms, the creation of generative AI (GenAI), and most recently, the launch of agentic AI. As we transverse the most recent stages of these innovative developments, I think that expert, industry, and customer protection driven dialogues are essential to the creation of any potential regulation or simply effective oversight and supervision of financial markets. I am looking forward to hearing from panelists today regarding the potential and possible limitations of the most cutting-edge aspects of this most recent phase AI of developments. 
    GenAI 
    A Treasury report focused on AI-based cybersecurity risks in the financial services sector notes that:
    The term “Generative AI” means the class of AI models that emulate the structure and characteristics of input data in order to generate derived synthetic content. This can include images, videos, audio, text, and other digital content.[1]
    In general, a user inputs a specific prompt into an interface to produce synthetic content. Tools like ChatGPT and Claude apply this model to produce text, audio, and images based on the input.  As we all quickly noticed, GenAI has real limitations. For example, non-determinism, or the potential for different outputs to result from the same input, and hallucinations – that is, notwithstanding reliance on incredibly large amounts of data gathered from the internet, GenAI models may generate false information that is highly persuasive.[2] 
    Notwithstanding a general propensity to be accurate, current GenAI models may not comprehend certain real-world roadblocks because these models rely heavily on user input and training data to predict patterns. 
    For example, a GenAI model trained on a LLM similar to the LLMs that enable GPT-4 can successfully offer highly accurate driving directions in New York City.  However, when adding street closures or detours (both of which are common in many cities) the models struggled to achieve the same performance level and the accuracy of the models’ predictions were drastically reduced.[3] 
    There is tremendous potential for GenAI to facilitate execution of regulatory reporting and compliance obligations. Regulators supervising markets may use GenAI for supervisory technology (SupTech) to better enable oversight of know-your-customer (KYC) and anti-money laundering (AML) compliance, to expedite routine reporting and to enable efficient review of responses and comment letters issued in connection with requests for information or comment on important, timely issues emerging in financial markets.
    Agentic AI 
    More recent efforts of technologists have generated a next-level AI model that does more than generate synthetic content. Agentic AI endeavors to make decisions, take actions, and adapt to changing inputs. So, for example, an agentic AI model would not be thumped by the road closures and detours that crop up on a map of busy New York City streets. An agentic AI model can tackle these new obstacles, adapting as the information inputs regarding routing change.
    Agentic AI introduces AI agents designed to complete tasks in an autonomous manner. According to the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab (CSAIL), Agentic AI is “designed to pursue complex goals with autonomy and predictability” by “taking goal-directed actions, making contextual decisions, and adjusting plans based on changing conditions with minimal human oversight” to enhance productivity.[4] What does this mean for those of us who do not have an advanced degree in computer science and artificial intelligence from MIT? Agentic AI focuses on the creation and utilization of autonomous, task-based agents to showcase AI’s ability to do, rather than to just create. 
    Potential applications of this technology are widespread and include healthcare (identifying, mapping, monitoring, and predicting disease prognosis), global logistics (rerouting to optimize shipped commodities due to weather, geopolitical events, or other exogenous events in a supply chain), and even simply, creature comfort energy optimization (adjusting heating, air conditioning, and lighting for maximum efficiency). In the financial services industry, and broadly our markets, the potential found in agentic AI presents an array of cost savings and efficiencies to be had with the proper implementation of this technology. For example, manual transaction reviews typically conducted in different types of auditing can be completed by AI agents who autonomously scan financial statements and flag those transactions which do not comply with their respective regulations. Credit scoring models, which typically rely on static data, now have the potential to rely on real-time transaction data, behavior trends and economic indicators and can continuously monitor credit instead of providing credit snap shots.[5] Agentic AI can also be used to create processes to improve efficiencies in customer interactions through automation in financial planning and optimization of client communications, and in market intelligence by monitoring the vast data produced by the markets each day and analyzing the data for notable shifts to alert analysts for opportunities and risks.[6] More importantly, from a regulator’s perspective, at least, properly architected agentic AI systems can produce robust compliance and fraud prevention systems, including those that can monitor for AML risks by flagging and dynamically intervening in high-risk transactions, automating claims triaging and refining risk assessments in claims and underwriting, tracking real-time market threats and making risk mitigation recommendations with robust data sets, end and even identifying bugs, deploying automatic updates, and ensuring compliance with software compliance testing in real time.[7] 
    In the context of producing systems that can complete tasks without human oversight, like creating robust compliance and reporting systems that can create tangible operational efficiencies and increase compliance with applicable regulations, agentic AI builds upon GenAI in every discernable way. It does so by being distinct from GenAI in four ways: a focus on action and decision-making rather than creating synthetic data and content; removal of the necessity to continuously input prompts; an ability to act independently to carry out activities and tasks within its parameters; and, compared to GenAI whose programs are static once trained, the ability to continuously change and remain dynamic by adjusting to data and learning from its own mistakes.[8]
    But with every great opportunity comes risk. Agentic AI suffers from a vulnerability in that outputs are only as good as inputs – meaning, if the training model data is biased, incomplete, or otherwise compromised, agentic AI outputs may be similarly inadequate. 
    Perhaps more immediately concerning for regulators who are cops on the financial markets beat, as the potential for positive, efficient, market-enhancing use cases AI grow, so too does the potential for misuse of the same technology by bad actors. The increasing power of GenAI to create synthetic data, which might be inaccurately produced due to purposeful prompting by a bad actor or produced due to its own vulnerabilities and insufficient data sets, has created the ability to insert misleading or malicious data which might lead to hallucinations in output from the AI agents. Because they work autonomously, if improperly architected, this has the potential to create a continuous loop of improper data and feedback, effectively poisoning the model’s own data. Further, agentic AI suffers some of the same vulnerabilities and risks to that of GenAI, including privacy concerns over the vast amounts of data used to fuel the algorithms and data learning sets, risks associated with fairness and bias due to incomplete or over representative data, and to data leakages and model inference attacks which can leak sensitive data.[9]
    Other risks that should be carefully considered as agentic AI models are integrated into our markets include the limitations of synthetic data, data leakages, data integrity, data security, data privacy, ethical concerns, the absence of a human in the loop, security vulnerabilities (hijacking or exploitation), and accountability among others. 
    Cyber Threats: The AI Problem and Solution 
    Over the course of my service, discussions of cybersecurity and artificial intelligence have become increasingly intertwined. I have closely followed these topics and the increasing volume and severity of cyberattacks in part due to the rise in AI used by bad actors to perpetrate these attacks. Over the last year in particular, several reports highlight the rise in cyberthreats across financial markets and discuss potential risks that cyber threats pose.[10] I have continuously advocated for the Commission to take a leading role among domestic and international regulators in addressing these issues to ensure that our market participants are prepared, and in turn, that our overall markets remain resilient.
    In April, my remarks at an AI summit highlighted findings from the Treasury report on AI-fueled cyber and fraud threats that pose significant risks to our markets, including AI-driven fraud, vulnerabilities of technology, and synthetic identities and impersonation. In the speech, I called for regulators to collaborate and coordinate efforts to identify a responsible path for introducing responsible innovation in our markets.[11]
    A recent FSOC Report notes gaps in financial institutions’ cybersecurity preparedness, risk management, and business continuity practices with respect to AI. The report notes, “AI’s data intensity and higher complexity, as well as increased reliance on third-party vendors of AI technology can complicate the ability to fend off attacks.”[12] 
    The FSOC Report explains that “[c]yberthreat actors may also be able to use AI tools, such as generative AI, to enable attacks on the financial services sector, particularly through the use of social engineering, malware generation, vulnerability discovery, and disinformation. While these cyber attacks are neither new nor unique to AI, AI tools may make these attacks much easier for a less sophisticated adversary.”[13] In December 2024, the Treasury Department released an additional report on AI in financial services highlighting uses of AI by financial services firms. That report notes that “AI is widely used for cybersecurity risk management…including analyzing large sets of data, detecting anomalies, flagging suspicious activities, and verifying customer identities under Bank Secrecy Act (BSA) obligations” and goes on to note that “Generative AI has been deployed to complement an investigation platform in collating and summarizing data and automating report creation and filing. AI is also being used in compliance with risk management guidelines, including managing operational risks, meeting capital and liquidity standards, improving stress test scenarios, and enhancing forecasting accuracy.”[14]
    As agentic AI comes into focus, it may present new opportunities to build upon the systems that financial services firms may already be working on and enable these tools to be more tailored to their specific organizations. 
    As I continue to study these issues and engage with market participants, AI has increasingly been discussed as a potential mitigant to the very risks that the technology creates in other contexts. In fact, AI is being discussed not just as a potential benefit, but possibly a necessary element to fighting AI-driven cyberthreats. I am reminded of a saying I heard at a prior event on this topic, that firms need to be able to “fight fire with fire.” In my remarks in April, I encouraged regulators to focus on how we may be able to use AI to combat cybersecurity and fraud threats. In other words, AI may offer useful SupTech solutions to detect fraud and market manipulation.
    Market participants have already been using AI for compliance and supervision functions, and we may expect that number to increase. For example, the FSB Report notes that financial institutions are using AI for compliance with fraud and AML/CFT requirements in more and more varied use cases. The report notes that “[a]lthough the use of AI models to comply with AML/CFT requirements and to perform fraud detection were already identified in the 2017 report, they have been more widely deployed since then to facilitate investigations into sanctions evasion, to identify misuse of legal persons and legal arrangements, to uncover trade fraud and trade-based money laundering, and to detect tax evasion, fraud/scams, and money mules.”[15] The report discusses some enhanced benefits of generative AI, and our discussion today may show why agentic AI can even go a step further. Similarly,  a recent consultation report published by the International Organization of Securities Commissions (IOSCO) on AI in capital markets reports from a survey of IOSCO members and self-regulatory organizations that market participants are not only using AI “to enhance the effectiveness of AML and CFT measures,” but in addition to other compliance uses, specifically using AI for cybersecurity, including “for vulnerability, threat, phishing, and anomaly detection; for automated response and authentication; in risk management and compliance surveillance activities; and to assist with the detection and prevention of frauds and scams.”[16]
    On the regulators’ side, there are also opportunities to use AI to enhance our ability to carry out our missions. The FSB Report notes that “Supervisory authorities’ use of SupTech has increased, with 59% of authorities surveyed using various applications in 2023, a 5- percentage point increase from 2022.”[17] With the data that it collects and its responsibilities for market oversight, it is easy to imagine how the CFTC could start to explore how SupTech could facilitate the agency in advancing many aspects of its mission.
    TPRM: Market Risks and Beyond
    As we hear from a truly impressive group of experts today about how some of these new technologies are being integrated into their organizations, and how at a micro and macro level these innovations may be capable of (and in some cases already have) changing how we operate or interact with different players in our markets, I would ask you to consider not just the big picture of what the technology or the outcome may be but what goes into making that happen. And in many cases, we will see that critical third-party vendors are an integral part of that – in some cases, the technology itself will come from a vendor, and in others, it may be an important input, such as data centers or cloud storage. It is important to highlight a number of potential risks that may relate to third-party risk management, such as concentration risk among a limited number of providers.[18] 
    As I have discussed previously, MRAC has been at the forefront of the Commission’s efforts to address the importance of cyber resilience for market participants, central counterparties and the broader market and economy. In March 2023, MRAC held a “first-of-its-kind” public meeting to discuss the cybersecurity event at ION Cleared Derivatives that led to a ripple effect across our markets. This was the first chance for experts across our industry to come together to evaluate the event as well as begin to map out next steps to ensure cyber preparedness among market participants, service providers, and other sources that have the potential to impact our markets. 
    After the March 2023 meeting, both the Commission and the MRAC got to work on addressing the cyber resilience of market participants. The Commission developed a proposed rule that would implement an operational resilience framework for futures commission merchants, swap dealers, and major swap participants, but did not focus on similar cyber risk in other areas, such as DCOs. The CCP Risk & Governance Committee took up the mantel where the Commission left off and developed recommendations that highlight the importance of cyber resilience in DCOs and the need for a more robust regulatory framework. These recommendations, which the MRAC voted to advance to the Commission, would expand upon the existing framework and require DCOs establish, implement and maintain a third-party relationship management program. 
    CFTC Rule 39.18, establishing system safeguard standards for DCOs, addresses outsourcing but does not expressly discuss third-party relationships; the CCP Risk and Governance recommendations would build upon the framework of Rule 39.18 by adding a third-party risk management program to (b)(2). The proposed language notes that “[a] robust TPRM program should identify, assess, mitigate and monitor the full scope of risks that the use of third party arrangements through implementation” at a minimum of certain enumerated principes, including, among other things, written policies and procedures that over the entire lifecycle of the third-party relationship, personnel with expertise to monitor the third-party service provider, onboarding and diligence before onboarding and exit strategies and alternatives before termination, risk-based monitoring, and more.[19] 
    The recommendations build upon the principle-based approach of the Core Principles as well as lessons learned and best practices from voices across the industry as well as international standard setting bodies. As noted in the report
    “These principles are intended to reflect lessons learned from industry efforts and best practices in derivatives, the guidance notes in Form DCO, the NFA interpretive guidance, lessons learned from the wider context of third-party relationship management, as well as the principles enunciated in the PFMIs. Incorporating these principles in Commission regulations would enable the Commission to update its regulatory framework with respect to critical third party service providers and to bring its regulations in line with internationally accepted standards, while maintaining a principles based approach to regulation.”[20]
    Cyber resilience is a critical gateway issue for protecting market integrity. At the risk of sounding like a broken record, I urge everyone to be thoughtful about these issues and what steps we can take to strengthen market participants and our broader derivatives and global financial markets. Effectively combatting cyber threats will require a coordinated effort among regulators and industry, and I believe there is a lot we can accomplish across a number of different areas, ranging from considering best practices for governance and effective risk management to leveraging technology through SupTech or RegTech innovations.
    Conclusion
    Reunion Tower stands tall and strong in Dallas largely because it is built on a solid foundation. As we think about integrating innovative technologies into our markets and as we focus on cyber resilience and third-party risk management, as well as the benefits and threats of AI-enhanced cybersecurity, I look forward to collaborating with different regulators, industry experts, and academics at roundtables and events like this one to continue to study these issues. My hope is that we can continue to advance a shared understanding of the risks and opportunities to develop best practices or to use these technologies to monitor and fight back against cyber threats.

    [10] See, e.g., U.S. Dep’t of the Treasury, Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector (Mar. 2024), https://home.treasury.gov/system/files/136/Managing-Artificial-Intelligence-Specific-Cybersecurity-Risks-In-The-Financial-Services-Sector.pdf (Treasury Report); Financial Stability Oversight Council, Annual Report (Dec. 6, 2024), https://home.treasury.gov/system/files/261/FSOC2024AnnualReport.pdf (FSOC Report); Financial Stability Board, The Financial Stability Implications of Artificial Intelligence (Nov. 14, 2024), https://www.fsb.org/uploads/P14112024.pdf (FSB Report). 

    [12] FSOC Report at 86 (citation omitted).

    [15] FSB Report at 12 (citation omitted).

    [17] FSB Report at 13 (citing Cambridge Centre for Alternative Finance (2023), Cambridge SupTech Lab: State of SupTech Report 2023).

    MIL OSI USA News

  • MIL-OSI USA: Amidst Trump Admin Attacks, RI Delegation & Local Librarians Highlight Importance of Public Libraries

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    CRANSTON, RI – The Trump Administration is targeting the main source of federal funding for public libraries across the nation, putting interlibrary lending, adult education, summer reading, workforce development, and many other essential programs and community services in jeopardy.
    As public libraries continue to grapple with an uncertain future due to the Trump Administration’s attacks on the Institute of Museum and Library Services (IMLS), U.S. Senators Jack Reed and Sheldon Whitehouse and U.S. Representatives Seth Magaziner and Gabe Amo are teaming up with Ocean State librarians and advocates to underscore the important role libraries play in the state’s communities and to urge robust federal support for the nation’s public libraries.
    In Rhode Island, IMLS cuts proposed by the Trump Administration would eliminate roughly 45 percent of the Office of Library and Information Services’ (OLIS) budget. OLIS is Rhode Island’s state library agency and provides support and services to libraries across the state.
    Today, the Rhode Island congressional delegation joined Rhode Island Chief of Library Services, Karen Mellor, Director of Cranston Public Library, Ed Garcia, and library directors from across Rhode Island to discuss the Trump Administration’s latest actions and work being done in congress to protect IMLS and strengthen federal funding and support for libraries.
    “The Trump Administration’s attacks on public libraries and IMLS are really an attack on learning, knowledge, and opportunity,” said Senator Reed, the leading champion of public libraries in Congress.  “Public libraries are among the best institutions we have, providing central gathering places where all community members are welcome to access an entire world of information.  I’m proud that Rhode Island is helping to lead the push against President Trump’s misguided IMLS cuts. And I will continue to fight to ensure our libraries have the funding, resources, and support they need to serve our communities.”
    “Public libraries enrich lives and make communities stronger,” said Whitehouse.  “As the Trump administration makes chaotic cuts to public libraries, I will do everything in my power to protect federal programs and resources that so many Rhode Islanders rely on.” 
    “Public libraries in Rhode Island are essential for people of all ages, as a source of education and community building,” said Magaziner.  “President Trump’s plan to cut funding for Rhode Island libraries and museums to pay for tax breaks for billionaires is cruel and shortsighted, and we are determined to fight back.”
    “From my first-hand experiences at the Pawtucket Public Library in my youth, I truly believe that public libraries are an invaluable resource for Rhode Islanders to achieve so many goals,” said Congressman Gabe Amo (RI-01). “Whether using their local library’s internet to search for a job or checking out a book to learn a new skill, the least resourced Rhode Islanders will be hit hardest by Trump’s attacks on libraries and museums. Funding and resources for museums and libraries help communities thrive and I will fight in Congress every day to make sure these vital community hubs have the funding they need to succeed.”
    “Every city and town in Rhode Island has a public library, and they work together as a seamless network to provide services and programs for children, students, jobseekers, adult learners, senior citizens, and anyone in between,” said Karen Mellor, Chief of the state’s Office of Library and Information Services. “We are extremely grateful to our congressional delegation for their ongoing efforts to preserve the federal funding that enables our agency to provide and support critical services for Rhode Islanders at libraries across the state.”
    “When we rally for libraries, we rally for the heart of our communities – our libraries, our museums, our educators, and our future. Our entire congressional delegation understands what is at stake, and we are proud to stand with them to ensure these vital institutions are not only protected but empowered to thrive,” said Ed Garcia, Director of Cranston Public Library.  “Elimination of IMLS funding would be devastating to Rhode Island libraries and the communities we serve, putting important programs and services our patrons rely on at risk.”
    In March, President Trump issued an executive order that called for the closing of several government agencies, including the Institute of Museum and Library Services (IMLS). Following the order, all IMLS staff were put on leave and some states began seeing their previously awarded federal IMLS grants being rescinded.
    While President Trump’s order has been challenged in federal court, the Administration has continued to target support for public libraries in a proposed budget that would eliminate funding for IMLS completely.
    For the current year, Congress has provided more than $294 million to IMLS to support grants and research funding, including about $1.4 million for Rhode Island’s Office of Library & Information Services (OLIS) alone. Additionally, several Rhode Island institutions had their previously approved grants from IMLS rescinded, and recently received notification that their grants would be restored due to a court order.
    In most cases, public libraries receive the majority of their funding from state and local budgets. IMLS provides critical federal grants to state library agencies that help to strengthen libraries and boost services for patrons, such as workforce development training, interlibrary loans, e-book and audiobook lending, and much more.

    MIL OSI USA News

  • MIL-OSI USA: Shaheen, Collins Introduce Bipartisan Legislation to Expand Access to Diabetes Self-Management Training and Lower Treatment Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Bipartisan Bill Would Expand Access to Services That Improve Wellness & Reduce Risk of Diabetes-Related Death or Heart Attack for Diabetic Patients**
    (Washington, DC) – Today, U.S. Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME), co-chairs of the Senate Diabetes Caucus, reintroduced the Expanding Access to Diabetes Self-Management Training Act. This bipartisan legislation would expand Medicare coverage for diabetes self-management training (DSMT) sessions, where diabetes educators help train Medicare patients on how to manage their glucose, maintain a healthy weight, eat healthy foods, manage their insulin levels and improve general care for their diabetes. DSMT is associated with a reduction in risk for diabetes-related death and heart attack and, importantly, leads to improved self-care behavior and wellness, which greatly reduces hospital care costs.  “Diabetes is a lifelong condition that affects millions of Americans. Expanding access to diabetes self-management training will allow patients to improve their well-being and live healthier lives while being more self-sufficient in their care,” said Senator Shaheen. “Our bipartisan legislation would lower the cost of treatment for patients with diabetes and I’m proud to work across the aisle to continue supporting diabetes treatment, research and investment.”  “Diabetes self-management training equips Americans with diabetes with the tools they need to successfully manage their disease,” said Senator Collins. “By supporting education and patient engagement, our bipartisan bill would improve health outcomes, enhance quality of life, and reduce health care costs by helping to prevent complications and hospitalizations.”
    “The Association of Diabetes Care & Education Specialists (ADCES) applauds and thanks our champions, Senators Shaheen and Collins, for introducing legislation that would improve access to diabetes care and education for Medicare beneficiaries,” said ADCES President Veronica Brady, PhD, RN, FNP-P, BC-ADM, CDCES. “DSMT services help individuals with diabetes improve their health and reduce complications which in turn can decrease health care costs.”?? 
    38.4 million Americans live with diabetes and 1 in 3 adults have prediabetes, a condition that is known to progress to diabetes without early intervention, according to the Centers for Disease Control and Prevention (CDC). Diabetes is the seventh leading cause of death in the United States and can lead to many other chronic diseases and conditions, such as blindness and kidney failure. As one of the most expensive chronic diseases, diabetes costs the American health care system billions of dollars each year. Overall, one in every ten health care dollars is spent on diabetes and its complications, and one in every three Medicare dollars is spent on the condition.  Earlier this week, Shaheen and Collins introduced the Promoting Access to Diabetic Shoes Act, new legislation that would improve care for patients with diabetes by allowing nurse practitioners (NPs) and physician associates/physician assistants (PAs)—who often act as sole primary care providers for many patients with diabetes—to prescribe therapeutic shoes.   
    As co-chairs of the U.S. Senate Diabetes Caucus, Shaheen and Collins have led action in the U.S. Senate to advance priorities that will lower the costs of insulin, invest in treatment and prioritize diabetes research. Their bipartisan Improving Needed Safeguards for Users of Lifesaving Insulin Now (INSULIN) Act would comprehensively address the skyrocketing costs of insulin, removing barriers to care and making it more accessible for millions more Americans.? The Senators have also pushed for passage of their bicameral, bipartisan Strengthening Collective Resources for Encouraging Education Needed (SCREEN) for Type 1 Diabetes Act, to improve early detection and screening for type 1 diabetes.   

    MIL OSI USA News

  • MIL-OSI USA: Senator Hassan Recognizes Catherine Reed of Hanover as May’s Granite Stater of the Month

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    WASHINGTON – U.S. Senator Maggie Hassan recognized Catherine Reed of Hanover as May’s Granite Stater of the Month. Catherine started an innovative program at the Dartmouth Cancer Center to provide food assistance to cancer patients, helping them access fresh and healthy food that is donated by local nonprofits.  
    While Catherine was working at the Dartmouth Cancer Center as a social worker, she discovered that there was a significant gap in resources for her patients. She realized that there were very few options for food assistance and that the stigma surrounding food insecurity stopped many of her patients from asking for help. Partnering with her coworker, Chelsey Canavan, Catherine was able to open the Food-Is-Medicine Pantry. 
    Through her work as a social worker, Catherine saw first-hand the impact that food assistance can have for cancer patients and not only started this pantry, but then further expanded it after its initial success. The program has now grown to include all patients at the Cancer Center. For each patient who chooses to participate, their entire family is provided with fresh food.  
    Catherine’s attentiveness to her patients is a great example of the Granite State spirit of going above and beyond for your community. She saw a problem, and did not look around for someone else to solve it. She got to work. Her determination and her compassion is why Senator Hassan named her May’s Granite Stater of the Month.
    Senator Hassan launched the “Granite Stater of the Month” initiative in 2017 to recognize outstanding New Hampshire citizens who go above and beyond to help their neighbors and make their communities stronger. To nominate a New Hampshire citizen to be a “Granite Stater of the Month,” constituents can complete the nomination form here. 
    To read Senator Hassan’s statement for the Congressional Record, see below.
    I am honored to recognize Catherine Reed of Hanover as May’s Granite Stater of the Month. Catherine started a food pantry, called the Food-is-Medicine Pantry, at the Dartmouth Cancer Center when she saw how many of her cancer patients needed food assistance.   
    Three years ago, Catherine was working at the Dartmouth Cancer Center as a social worker when she discovered that there was a significant gap in resources for her patients. She was helping a patient get assistance with paying for rent, car payments, and fuel oil, but learned that the patient was also struggling to afford their groceries. Catherine realized that there were very few options for food assistance for her patients, and the stigma surrounding food insecurity stopped many of her patients from asking for help. Catherine decided to take action, and with the help of a coworker, Chelsey Canavan, Catherine secured funding for a food pantry at the Dartmouth Cancer Center, with fresh and healthy donations provided by a local nonprofit organization.   
    Catherine knew that in order for the food pantry to improve the lives of her patients, she needed to make sure that anyone who needed help was comfortable asking for it. She explained to her patients that proper nutrition is a part of the treatment for their cancer, because the stronger that someone goes into treatment, the stronger they can come out of it. Catherine took grocery orders from her patients daily and delivered the groceries to people’s cars before they left in order to make things as easy as possible for them.  
    Catherine saw first-hand the difference that food assistance makes for cancer patients. She began working to expand the food pantry program, including collecting data, presenting a poster at an oncology conference, contacting a hospital in Tennessee to learn about their food pantry so that she could model best practices, and creating a referral system to bring more patients into the program. The program’s eligibility has grown to include all patients at the center, and for each patient who chooses to participate, their entire family is provided with fresh and healthy food harvested and delivered by local organizations.   
    Catherine’s attentiveness to her patients is a great example of the Granite State spirit of going above and beyond for your community. She saw a problem, and did not look around for someone else to solve it. She got to work. Her determination and her compassion is why I am proud to name her May’s Granite Stater of the Month.

    MIL OSI USA News

  • MIL-OSI USA: Senator Hassan Hosts Discussion in Nashua on Threats to Health Care Under Republican Tax Bill

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    NASHUA – U.S. Senator Maggie Hassan heard directly this week from Lamprey Health Care leaders, other Nashua-area health care providers, and a Granite State Medicaid recipient about the importance of protecting Medicaid, Medicare, and the Affordable Care Act. This discussion comes as President Trump and Congressional Republicans continue their efforts to gut the health care that millions of Americans rely on in order to pay for tax breaks for corporate special interests and billionaires.  
    “President Trump and Congressional Republicans continue to push forward a plan that will make severe health care cuts, while also giving tax breaks to billionaires and corporate special interests… They are paying for these tax breaks by cutting Medicaid and taking health care coverage away from about 36,000 Granite Staters,” said Senator Hassan. “At a time when families are struggling with rising costs… I just can’t think of a worse idea than what the Administration and Congressional Republicans are proposing, which is to make it harder to afford health care, too.” 
    Senator Hassan, Ranking Member of the Senate Finance Subcommittee on Health, has been hearing directly from Granite Staters about the importance of safeguarding Medicaid, Medicare, and the Affordable Care Act, and has been voicing her opposition to the GOP’s plan to cut these programs. A recent analysis from the non-partisan Congressional Budget Office found that because the Congressional Republican plan increases the deficit by $2.3 trillion, it will trigger automatic cuts of $490 billion to Medicare. More than 60 million American seniors are enrolled in Medicare. An additional recent analysis of the Republican tax plan estimates that 36,856 Granite Staters will lose their health insurance by 2034 because of proposed cuts to Medicaid and the Affordable Care Act.   

    MIL OSI USA News