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Category: Economy

  • MIL-OSI United Kingdom: Strategic Growth Partnership holds first meeting of 2025

    Source: Northern Ireland – City of Derry

    Strategic Growth Partnership holds first meeting of 2025

    21 February 2025

    Members of Derry and Strabane’s Strategic Growth Partnership met today at St Columb’s Park House for the first quarterly meeting of 2025.

    The partnership is a grouping of representatives from community, statutory and voluntary organisations leading on the implementation of the Strategic Growth Plan for Derry and Strabane, a shared, long-term vision to improve the social, economic, and environmental wellbeing of the Council area.

    Mayor Barr began the meeting by paying tribute to the late Kenny McFarland, who had served as Co-Chair of the partnership for a number of years, and actively represented the Faughan DEA as Chair of the Local Growth Partnership for the area. Cllr Barr acknowledged the many years that Kenny had dedicated to promoting good relations and celebrating culture within the local community, and said his loss would be widely felt.

    The Mayor also took the opportunity to thank Pauline Campbell, Director with the Department for Communities, who steps away from her role as Co-Chair. Pauline has played a key role in the partnership since it was first formed in 2017, and her significant contribution over the years was acknowledged today.

    During the meeting partners received a presentation from the President and Chief Executive of the Londonderry Chamber of Commerce, Andrew Fleming and Anna Doherty, on the Value Proposition of the North West, and future plans to promote investment and growth. They also heard more about the Housing Investment Plan for N. Ireland, including a breakdown of local progress and future strategic priorities taking into account public finance challenges, with a report from Louise Clarke, Head of Place Shaping North at the Northern Ireland Housing Executive.

    Health was also a key focus, with a concerning report on tackling obesity from David Tumilty with the Public Health Agency. Partners heard that a whole system approach to diet and healthy weight is needed to bring about real changes with buy in from local organisations to ensure it remains a priority for Derry and Strabane.

    An update was provided on approaching milestones in the delivery of the Strategic Growth Plan, with work ongoing to deliver a Statement of Progress during 2025, and a Review of the Plan by the end of 2026, in line with the legislative framework set out by the Department for Communities.

    Speaking after the meeting, Cllr Barr said: “Today’s meeting provided an opportunity to acknowledge the significant work to date and the dedication and insight of all our partners to this important process.

    “We are seeing much positive progress, and that is taking into account some significant challenges, particularly over the past five years. With our City Deal plans progressing at pace, and continued commitment from all our partners, I look forward to the next phase of delivery and more positive results in line with our strategic objectives.”

    You can find reports from today’s meeting and more information about the Strategic Growth Plan at growderrystrabane.com

    MIL OSI United Kingdom –

  • MIL-OSI USA: North Dakota Joins $106M Multi-State Settlement with Vanguard over Big Tax Bills, Remediation to Investors

    Source: US State of North Dakota

    The North Dakota Securities Department today announced that it joined a task force of state securities regulators and the U.S. Securities and Exchange Commission (SEC) in a $106 million settlement with Vanguard Marketing Corporation (VMC) and The Vanguard Group Inc. (Vanguard) for failing to supervise certain registered persons and failing to disclose potential tax consequences to investors following a change in investment minimums for certain target date retirement funds.

    The settlement stems from a three-year, multi-state task force investigation coordinated through the North American Securities Administrators Association’s Enforcement Section Committee, to conduct a comprehensive investigation, parallel to a concurrent investigation by the SEC.

    The investigation revealed that in 2020, Vanguard lowered the investment minimums for its Institutional Target Retirement Funds (TRFs). As a result, a large number of retirement plan investors redeemed their Investor TRF shares to purchase Institutional TRF shares. The large number of redemptions caused Vanguard to sell highly appreciated assets in the Investor TRF, which triggered significant capital gains taxes for hundreds of thousands of retail investors who remained invested in the Investor TRF. Vanguard did not disclose the potential capital gains and tax implications to Investor TRF shareholders which was a consequence of the migration of shareholders from the Investor TRF to the Institutional TRF.

    “This settlement ensures that investors who were harmed by Vanguard’s actions will see relief,” said Commissioner Tim Karsky. “We are proud of the collaboration of state and federal securities regulators to achieve this resolution.”

    The Vanguard Group Inc. is the parent company of Vanguard Marketing Corporation, a FINRA- and state-registered broker-dealer. Vanguard markets and sells target retirement funds to investors who hold shares in qualified accounts that offer special tax treatment, including deferred taxes, as well as to investors who hold shares in taxable accounts. Historically, the amount of capital gains distributions and resulting tax liability for shareholders in Investor TRFs has been modest. The SEC will notify the investors impacted by this action and will administer the remediation payments, through its Fair Fund program, to compensate investors for the capital gains taxes.

    If you have questions or concerns about your investments or financial professional, please contact the North Dakota Securities Department at 701-328-2910.

    MIL OSI USA News –

  • MIL-OSI USA: Jefferson, Reading between the Lines? Textual Analysis of Central Bank Communications

    Source: US State of New York Federal Reserve

    Thank you, President Daly, for organizing this conference and for the opportunity to talk to this group.1 I have paid close attention to the papers presented at this annual conference in the past, and I look forward to today’s presentations and discussion.

    Today, I will talk about central bank communications and the use of textual analysis tools. These tools help process qualitative information that may be hard to capture in numerical forecasts. Also, they can improve our understanding of economic concepts that are otherwise difficult to measure. This topic has been covered at this conference in the past. Last year, for example, there was a paper on the program that highlighted the importance of considering the impact that speeches by the Chair of the Federal Reserve (Fed) have on asset prices when evaluating the transmission of monetary policy to the rest of the economy.2 This paper also shows that speeches by the Vice Chair are less important than those by the Chair. So this might be a good time to catch up on your text messages! (Just kidding!)
    My talk is organized as follows. First, I will briefly discuss central bank communication and its effect on asset prices. Next, I will discuss how recent advances in automated textual analysis may be having an impact on how the information in central bank communication is incorporated into asset prices. Then I will review how researchers and market participants use textual analysis techniques, among other techniques, to gauge who is listening to central bank communication and to understand how monetary policy is transmitted to the economy. Before concluding, I will broaden my coverage and discuss how textual analysis tools can be used to estimate difficult-to-measure concepts in economics such as uncertainty and supply chain disruptions.
    These new textual analysis techniques are important to me as a policymaker because I want to understand how our communications are being heard, interpreted, understood, and acted upon.
    Central Bank Communication and its Effect on Financial MarketsFormer Fed Chair Ben Bernanke often highlighted the importance of central bank communication, saying that “monetary policy is 98 percent talk and 2 percent action.”3 Obviously, the “98 percent” is hyperbole; it is not meant to be taken as an exact measure of how much of the transmission of monetary policy is due to central bank communication. Even so, research and my own experience confirm that central bank communication is key for the transmission of monetary policy. In remarks I delivered almost two years ago, I discussed how monetary policy is transmitted to the rest of the economy through financial market prices.4 Changes in the federal funds target range are transmitted to overnight money market rates and other short-term interest rates through arbitrage relationships. The configuration of short-term interest rates, central bank communication about the likely future path of short-term interest rates, and the associated economic outlook, in turn, affect long-term interest rates through investors’ expectations.5 Higher long-term interest rates increase the cost of borrowing for households and businesses, thereby affecting households’ and businesses’ spending, savings, and investment decisions.
    Evolution of Fed CommunicationsPolicymakers’ approach to communication has evolved over time. In the past, policymakers were not focused on clarity and transparency in their communications as they are today. For example, former Fed Chair Alan Greenspan famously quipped in 1987, “If I seem unduly clear to you, you must have misunderstood what I said.”6 In the 1990s, however, he started to embrace transparency. Figure 1 shows a timeline of the steps taken toward increasing transparency at the Fed since the 1990s. In 1993, the Fed started to publish Federal Open Market Committee (FOMC) meeting minutes in their current form, and, soon after, it began releasing FOMC meeting transcripts with a five-year lag. In February 1994, the FOMC started to issue post-FOMC meeting statements following meetings at which there was a change in the intended policy stance. Later, it regularly incorporated the target federal funds rate into these statements. In May 1999, the FOMC started to publish statements after every meeting, even on occasions when there was no change in policy. In 2004, the FOMC accelerated the release of the minutes to three weeks after the meeting as opposed to after the subsequent FOMC meeting. During the tenure of former Fed Chair Ben Bernanke, the Fed’s transparency increased significantly. In November 2007, the FOMC began releasing the Summary of Economic Projections (SEP). In 2011, Chair Bernanke started holding press conferences after every other FOMC meeting. In 2012, under his leadership, the FOMC adopted an explicit inflation target of 2 percent in its new Statement on Longer-Run Goals and Monetary Policy Strategy. Also, it started publishing anonymized individual FOMC participants’ views on the appropriate future path of the federal funds rate, now famously known as the “dot plot.” In 2019, Chair Powell continued this march toward transparency and started holding press conferences after every FOMC meeting.
    Of course, Chair Powell and other policymakers testify regularly before Congress, as required by law. Also, FOMC participants give public speeches and transparently discuss their views on monetary policy and associated issues, as evidenced by my speech here today.
    Previously, I have spoken about two primary reasons for the increase in transparency.7 First, transparency allows for greater accountability to the public. Second, there is a growing appreciation in the economics profession that clarity about policy actions helps the transmission of monetary policy to the rest of the economy by, for example, making asset prices more informationally efficient. Relatedly, by conveying aspects of the Fed’s reaction function, communications can help inform investors’ views about the likely future path of monetary policy in a way that helps achieve the Fed’s monetary policy objectives.
    Using Textual Analysis to Quantify Central Bank CommunicationCentral bank communication is clearly important in shaping the path of interest rates, so it is not surprising that investors and researchers use textual analysis techniques, including artificial intelligence, to quantify in an automated way information conveyed through FOMC statements and other communications, such as speeches by Governors and Fed Bank presidents.8 Researchers have tested the hypothesis that clarity about policy actions would help the transmission of monetary policy to the rest of the economy. Using textual analysis, high-frequency asset price data, and high-frequency central bank communication data, this research shows that investors’ reactions to specific sentences communicated by the central bank are quickly incorporated into asset prices.9 In addition, economists have used textual analysis to understand how media reporting of central bank communication affects short-term interest rates.10 For example, some have used a bag-of-words technique to estimate media sentiment during FOMC announcement days.11 By design, a high media sentiment is meant to capture times when journalists report that the FOMC is more likely to tighten monetary policy in the near future. Figure 2 shows that the correlation between media sentiment and six-month U.S. Treasury yield changes is positive and relatively high (40 percent), which suggests that media reporting of central bank communication plays an important role in the transmission of monetary policy.
    Policymakers know that their communications are likely to affect the course of short-term interest rates, other asset prices, and the associated economic outlook, resulting in an easing or tightening of financial conditions. Therefore, policymakers have always paid close attention to what they say, well before market participants started applying artificial intelligence tools to central bank communications.
    In general, researchers argue that automated textual analysis and automated trading have increased the speed with which information is incorporated into asset prices. That suggests that asset prices have become more informationally efficient, sometimes in a matter of seconds or even milliseconds instead of minutes after information is released.12 Thus, increased transparency and advances in technology have potentially made asset prices more informationally efficient, which, in turn, helps with the transmission of monetary policy. Yet others argue that automated algorithms may be more prone to mistakes than humans, may provide an incentive for investors to value speed over accuracy, and may reduce the long-run informativeness of asset prices, which could hurt the transmission of monetary policy.13
    I look forward to the findings of future research as we develop a deeper understanding of this issue. For now, I do not think artificial intelligence is changing the way policymakers communicate, but research shows that it has affected how quickly information about policy is incorporated into asset prices.
    Central Bank Communication: Is Anyone Listening?Next, I will discuss whether research using textual analysis is helping policymakers to understand better who is listening to central bank communication. In 2018, former Fed Vice Chair Alan Blinder predicted that “central banks will keep trying to communicate with the general public, as they should. But for the most part, they will fail.”14 He explained further that “many economic models presume that central bank communication is aimed at wage-setters, price-setters, consumers, or investors—maybe all of them. But are they listening?” His answer was no, they are not listening to central bank communications, and he cited economic research using survey data to support his answer.15
    More recently, however, research shows that nonexperts and households are listening to central bank communications. Some of this research uses textual analysis, and some uses randomized control trials. Researchers have used textual analysis to process automatically and quantify more than 3.2 million posts on social media by experts and nonexperts. This research shows that journalists and professional forecasters who comment often on central bank policies, as well as nonexperts who do not comment regularly on central bank policies do listen to central bank communications.16
    Central Bank Communication and Monetary Policy TransmissionFurther, research shows that direct central bank communication and the media’s reporting of central bank communication are highly correlated. Yet when they do not align, the media’s reporting tends to have a larger effect on asset prices and professional forecasters’ views about the future than the central bank’s direct communication.17 In addition, a randomized control trial with nearly 20,000 U.S. individuals shows that central bank communication affects households’ inflation expectations, which, in turn, affects their behavior as measured by scanner-collected data.18 This research shows that while central bank communication tends to affect household expectations and spending behavior, the way households receive information matters. In particular, households appear to react more to information conveyed by social media, friends, and family than to information conveyed by traditional media. All told, this research suggests that central bank efforts to communicate with the general public are having some success, but there is still room for improvement.
    Measuring Economic Concepts Using Textual AnalysisTextual analysis is not only helping researchers understand who is listening to central bank communication. Generally, it is helping them to measure qualitative information that is hard to capture with numerical forecasts and estimate difficult-to-measure economic concepts such as uncertainty, supply chain disruptions, and financial conditions.19 As I mentioned in a previous speech, uncertainty is not directly observable in the same way that inflation and economic output are.20 Notwithstanding the difficulty in measuring uncertainty, researchers have developed tools to assess it. In fact, in the past two decades, there has been tremendous growth in research devoted to the subject, especially on text-based measures of uncertainty. For example, researchers created an economic policy uncertainty index, shown in figure 3, based on the number of leading newspaper articles that contain a combination of words related to economic policy uncertainty.21 As shown in the figure, economic uncertainty in the U.S. reached an all-time high at the onset of the pandemic, came down slightly after the pandemic, and has recently increased as the potential economic implications of new government policies are discussed in newspaper articles. Research also shows that newspaper text-based measures are highly correlated with stock price volatility, and that higher values of these measures are associated with lower investment and employment. A corollary to that insight is that policymakers should communicate as clearly as possible to avoid increasing uncertainty.
    Recent research has also discovered that narrative sentiment conveys information that may be hard to capture in numerical forecasts. For example, it was shown that the tone of text accompanying a set of economic forecasts produced by the Fed’s staff, predicts forecast errors of the Fed’s staff as well as Blue Chip participants.22 The predictive power of sentiment seems to be arising from signaling the downside risks to economic performance for output, employment, and stock returns. These findings suggest that the tone of the narrative captures information that is not necessarily provided by corresponding forecasts. Not surprisingly, given this information, the tonality has predictive power for stock prices as well as monetary policy surprises.
    Another example of how textual analysis is helping researchers estimate difficult-to-measure concepts is new measures of firms’ demand and supply shocks. Traditionally, academic researchers use sign restrictions in price and quantity measures to identify and differentiate demand shocks from supply shocks. An increase in price and quantity is considered a demand shock; an increase in price accompanied by a decline in quantity is considered a supply shock. These so-called sign restrictions are useful tools; however, it is possible that an increase in price and quantity can be due to a surge in demand in the face of supply chain disruptions. Other popular measures of supply chain disruptions are supplier delivery times and order backlogs provided by the Institute for Supply Management (ISM). These measures, however, only estimate firm activity relative to the previous month and can lack important context for understanding short-term dynamics that can otherwise be captured in qualitative, text-based measures. Thus, it can be useful to complement sign restriction methods, supplier delivery times, and order backlogs with textual analysis techniques that quantify firms’ narratives in earnings calls and the Beige Book to identify better demand and supply shocks.23 For example, figure 4 shows the Supply Chain Bottleneck Sentiment Index, the solid black line, estimated by a Board economist using textual analysis techniques to quantify the information conveyed in the Fed’s Beige Book publications, along with the ISM Supplier Delivery Index, the dashed red line.24 For illustration purposes, both indexes are normalized to have a zero mean and a standard deviation equal to one, with large positive numbers indicating that supply chains are stressed. Both indexes surged in the 1970s after the oil price increase and ensuing energy crisis. Supply chain disruptions reappeared in the 2000s with chip shortages, and, most recently, bottlenecks arose during the COVID-19 pandemic. The figure illustrates how the text-based measure signals a more prolonged period of supply chain disruptions during the pandemic. Comparing both measures, we see that the monthly changes in delivery times improved at a fast pace, as shown in the ISM index, but narratives of the post-pandemic recovery, as captured in the Beige Book, were signaling elevated levels of supply chain disruptions that eased more slowly.
    ConclusionThe idea of using qualitative information on media, government records, central bank, or management communication in economic research to understand better the transmission of monetary policy is not new.25 What is novel is that, in the past two decades, there have been advances in textual analysis techniques and incredible growth of data that are easily available to researchers and investors, in terms of both volume and variety. The advances in textual analysis techniques and the growth in alternative data have, in turn, helped researchers to better estimate difficult-to-measure economic concepts, to more easily identify who listens to central bank communications, and to investigate how quickly central bank communication is incorporated into asset prices, among other things. Also, we have greater access to high-frequency data, such as millisecond timestamp financial transactions, and “alternative data,” which includes textual information from social media posts. As I mentioned earlier, these new textual analysis techniques are important to policymakers because we seek to understand how our communications are being heard, interpreted, understood, and acted upon.
    While I am grateful that textual analysis techniques and data access have improved over the years, I will end on a cautionary note. Automatic textual analysis should not be regarded as superseding other analysis of the historical record on monetary policy. A wealth of data and techniques to analyze text does not necessarily translate into greater insight. Therefore, it is important that policymakers, researchers, and investors continue to be diligent in using the right tools and the right data to make the best possible inferences.26
    Thank you!
    ReferencesAdams, Travis, Andrea Ajello, Diego Silva, and Francisco Vazquez-Grande (2023). “More than Words: Twitter Chatter and Financial Market Sentiment,” Finance and Economics Discussion Series 2023-034. Washington: Board of Governors of the Federal Reserve System, May.
    Appelbaum, Binyamin (2012). “A Fed Focused on the Value of Clarity,” New York Times, December 13.
    Baker, Scott R., Nicholas Bloom, and Steven J. Davis (2016). “Measuring Economic Policy Uncertainty,” Quarterly Journal of Economics, vol. 131 (November), pp. 1593–636.
    Bernanke, Ben S. (2015). “Inaugurating a New Blog,” Ben Bernanke’s Blog, March 30.
    ——— (2022). “Ben Bernanke: The Fed from the Great Inflation to COVID-19 (PDF),” webinar, Brookings Institution, Washington, May 23.
    Bernanke, Ben S., and Kenneth N. Kuttner (2005). “What Explains the Stock Market’s Reaction to Federal Reserve Policy?” Journal of Finance, vol. 60 (June), pp. 1221–57.
    Blinder, Alan S. (2018). “Through a Crystal Ball Darkly: The Future of Monetary Policy Communication,” AEA Papers and Proceedings, vol. 108 (May), pp. 567–71.
    Chaboud, Alain P., Benjamin Chiquoine, Erik Hjalmarsson, and Clara Vega (2014). “Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market,” Journal of Finance, vol. 69 (October), pp. 2045–84.
    Cieslak, Anna, and Michael McMahon (2023). “Tough Talk: The Fed and Risk Premium,” working paper, April (revised June 2024).
    Coibion, Olivier, Yuriy Gorodnichenko, and Michael Weber (2022). “Monetary Policy Communications and Their Effects on Household Inflation Expectations,” Journal of Political Economy, vol. 130 (June), pp. 1537–84.
    Dessaint, Olivier, Thierry Foucault, and Laurent Fresard (2024). “Does Alternative Data Improve Financial Forecasting? The Horizon Effect,” Journal of Finance, vol. 79 (June), pp. 2237–87.
    Dugast, Jerome, and Thierry Foucault (2017). “Data Abundance and Asset Price Informativeness,” Journal of Financial Economics, vol. 130 (November), pp. 367–91.
    Gertler, Mark, and Peter Karadi (2015). “Monetary Policy Surprises, Credit Costs, and Economic Activity,” American Economic Journal: Macroeconomics, vol. 7 (January), pp. 44–76.
    Ehrmann, Michael, and Alena Wabitsch (2022). “Central Bank Communication with Non-experts – A Road to Nowhere?” Journal of Monetary Economics, vol. 127 (April), pp. 69–85.
    Gardner, Ben, Chiara Scotti, and Clara Vega (2022). “Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements,” Journal of Econometrics, vol. 231 (December), pp. 387–409.
    Gómez-Cram, Roberto, and Marco Grotteria (2022). “Real-Time Price Discovery via Verbal Communication: Method and Application to Fedspeak,” Journal of Financial Economics, vol. 143 (March), pp. 993–1025.
    Hanson, Samuel G., and Jeremy C. Stein (2015). “Monetary Policy and Long-Term Real Rates,” Journal of Financial Economics, vol. 115 (March), pp. 429–48.
    Jefferson, Philip N. (2023a). “Implementation and Transmission of Monetary Policy,” speech delivered at the H. Parker Willis Lecture, Washington and Lee University, Lexington, Va., March 27.
    ——— (2023b). “Communicating about Monetary Policy,” speech delivered at “Central Bank Communications: Theory and Practice,” a conference hosted by the Federal Reserve Bank of Cleveland, Cleveland, Ohio, May 13.
    ——— (2023c). “Elevated Economic Uncertainty: Causes and Consequences,” speech delivered at “Global Risk, Uncertainty, and Volatility,” a research conference sponsored by the Federal Reserve Board of Governors, Swiss National Bank, and the Bank for International Settlements, Zurich, Switzerland, November 14.
    Kumar, Saten, Hassan Afrouzi, Olivier Coibion, and Yuriy Gorodnichenko (2015). “Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand (PDF),” Brookings Papers on Economic Activity, Fall, pp. 151–208.
    O’Hara, Maureen (2015). “High Frequency Market Microstructure,” Journal of Financial Economics, vol. 116 (May), pp. 257–70.
    Piazzesi, Monika, and Martin Schneider (2006). “Equilibrium Yield Curves,” NBER Working Paper Series 12609. Cambridge, Mass.: National Bureau of Economic Research, October (revised January 2007).
    Romer, Christina D., and David H. Romer (1989). “Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz,” NBER Macroeconomics Annual, vol. 4, pp.121–70.
    ——— (2023). “Presidential Address: Does Monetary Policy Matter? The Narrative Approach after 35 Years.” American Economic Review, vol. 113 (June), pp. 1395-423.
    ——— (2024). “Lessons from History for Successful Disinflation,” Journal of Monetary Economics, vol.148, Supplement (November), 103654.
    Schmanski, Bennett, Chiara Scotti, Clara Vega, and Hedi Benamar (2023). “Fed Communication, News, Twitter, and Echo Chambers,” Finance and Economics Discussion Series 2023-36. Washington: Board of Governors of the Federal Reserve System, May.
    Sharpe, Steven A., Nitish R. Sinha, and Christopher A. Hollrah (2023). “The Power of Narrative Sentiment in Economic Forecasts,” International Journal of Forecasting, vol. 39 (July–September), pp. 1097–121.
    Soto, Paul (2023). “Measurement and Effects of Supply Chain Bottlenecks Using Natural Language Processing,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 6 (revised January 16, 2025).
    Swanson, Eric T., and Vishuddhi Jayawickrema (2024). “Speeches by the Fed Chair Are More Important Than FOMC Announcements: An Improved High-Frequency Measure of U.S. Monetary Policy Shocks,” working paper, University of California, Irvine.
    von Beschwitz, Bastian, Donald B. Keim, and Massimo Massa (2020). “First to ‘Read’ the News: News Analytics and Algorithmic Trading,” Review of Asset Pricing Studies, vol. 10 (February), pp. 122–78.
    Young, Henry L., Anderson Monken, Flora Haberkorn, and Eva Van Leemput (2021). “Effects of Supply Chain Bottlenecks on Prices using Textual Analysis,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 3.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Swanson and Jayawickrema (2024). Return to text
    3. See Bernanke (2015, 2022). Return to text
    4. See Jefferson (2023a). Arbitrage is the economic force that keeps prices of financial instruments with similar payoffs, such as the federal funds rate and repo rates, close to each other. Return to text
    5. More specifically, according to the expectations theory of the term structure of interest rates, intermediate- and long-term interest rates are importantly affected by the weighted average of expected future short-term interest rates. In addition, monetary policy affects risk premiums (see, for example, Bernanke and Kuttner, 2005; Hanson and Stein, 2015; and Gertler and Karadi, 2015) and term premiums (if monetary policy tightens in response to inflationary shocks, term premiums also tend to rise as longer-maturity bonds become riskier; see, for example, Piazzesi and Schneider, 2006). Return to text
    6. See Appelbaum (2012). Return to text
    7. See Jefferson (2023b). Return to text
    8. See, for example, Cieslak and McMahon (2023); Gardner, Scotti, and Vega (2022); Gómez-Cram and Grotteria (2022); and Sharpe, Sinha and Hollrah (2023). Return to text
    9. See, for example, Gómez-Cram and Grotteria (2022), who use textual analysis, high-frequency asset price data, and high-frequency central bank communication data to understand investors’ reactions to specific sentences communicated by the FOMC. Return to text
    10. See Schmanski and others (2023). Return to text
    11. A bag-of-words technique is a natural language processing technique that uses a collection (or “bag”) of words and a scoring system to quantify qualitative textual information. Schmanski and others (2023) use this technique to pair a set of topic keywords with modifiers and determine whether the combination of topic-modifier communicates tightening, neutral, or easing news. By construction, the sentiment is high when the media thinks the FOMC is more likely to tighten monetary policy in the near future. Return to text
    12. See Chaboud and others (2014) for evidence that automated trading has increased the informational efficiency of foreign exchange markets by reducing the frequency of triangular arbitrage opportunities and the autocorrelation of high-frequency returns. See von Beschwitz and others (2020) for evidence that automated textual analysis speeds up the stock price response to news. Return to text
    13. See, for example, von Beschwitz, Keim, and Massa (2020); Dugast and Foucault (2017); and O’Hara (2015). Return to text
    14. See Blinder (2018, p. 569). Return to text
    15. See Kumar and others (2015). Return to text
    16. Ehrmann and Wabitsch (2022) document that the number of expert and nonexpert comments posted on the X platform (formerly known as Twitter) that discuss central bank communication increases after European Central Bank (ECB) press conferences and other ECB communications, such as speeches by the ECB president. The authors also document that the content of the discussion tends to be objective (factual) rather than subjective, according to the authors’ dictionary base subjectivity measure. Return to text
    17. See Schmanski and others (2023). Return to text
    18. See Coibion, Gorodnichenko, and Weber (2022). Return to text
    19. See, for example, Baker, Bloom, and Davis (2016) for textual analysis measures of economic policy, Soto (2023) and Young and others (2021) for textual analysis measures of supply chain disruptions, and Adams and others (2023) for a textual analysis measure of financial conditions. Return to text
    20. See Jefferson (2023c). Return to text
    21. See Baker, Bloom, and Davis (2016). Return to text
    22. See Sharpe, Sinha, and Hollrah (2023). Return to text
    23. See Young and others (2021) and Soto (2023). Return to text
    24. See Soto (2023). Return to text
    25. See, for example, Romer and Romer (1989, 2023, 2024) for a description of the “narrative” approach. Return to text
    26. For example, Dessaint, Foucault, and Fresard (2024) suggest that alternative data mainly help forecast short-term outcomes, and not so much long-term outcomes. Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Relief Still Available to Arkansas Businesses Hit by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. –The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Arkansas of the March 21, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms and tornadoes occurring May 8, 2024.

    The disaster declaration covers the counties of Garland, Hot Spring, Montgomery, Perry, Saline and Yell.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

    To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 21.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: Navicore Solutions Offers Guidance for Those Struggling to Pay Their Tax Bill

    Source: GlobeNewswire (MIL-OSI)

    MANALAPAN, N.J., Feb. 21, 2025 (GLOBE NEWSWIRE) — As tax season approaches, millions of Americans find themselves overwhelmed with stress—especially those who owe more to the IRS than they can afford to pay. Navicore Solutions provides support, education and personal finance advice to those struggling with looming tax debt.

    The most recent IRS reported tax gap in 2022 is over $125 billion, including underreported, unpaid and unfiled taxes. These taxes are owed by an estimated 11 million Americans. While the government has provided some leniency, for example, during the COVID era the ‘People First Initiative’ delayed the collection of back taxes and the more recent ‘Tax Relief for American Families and Workers Act’ of 2024, tax debt continues to contribute to the overall financial stress of many Americans.

    Navicore Solutions helps families find relief by providing advice for the more immediate problem of what to do if you’re unable to pay your tax bill, including guidance on short term, long term, and partial payment plans. In addition, Navicore provides long term personal finance education and advice to help alleviate the ongoing problems that arise from a lack of financial literacy and poor money management.

    “Navicore understands the financial and emotional strain that comes with tax debt. Fortunately, there are options available, and we’re here to help our clients gain control of and navigate their personal finances to relieve the stress of all kinds of personal debt,” said Diane Gray, Chief Operating Officer with Navicore.

    Ignoring tax debt can lead to serious consequences, including tax liens, wage garnishments, or even legal action. It’s crucial to act quickly to avoid these ramifications. Navicore Solutions provides financial counseling to help individuals understand their options and make informed decisions.

    About Navicore Solutions

    Founded in 1991, Navicore Solutions is a national leader in the field of nonprofit financial counseling with a mission to strengthen the well-being of individuals and families through education, guidance, advocacy, and support.

    Navicore counselors provide a wide range of services including credit counseling to consumers in need; education programs through workshops, courses and written material; debt management plan to provide relief for applicable consumers; student loan counseling for those struggling with student loan debt; and housing counseling services in the areas of rental, pre-purchase, default and reverse mortgage. The agency is an advocate of financial education helping communities achieve and maintain financial stability.

    Contact:
    Lori Stratford
    Digital Marketing Manager
    Navicore Solutions
    lstratford@navicoresolutions.org
    navicoresolutions.org

    The MIL Network –

  • MIL-OSI USA: Tuberville Statement on Senate Budget

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) issued the following statement after voting yes on the Senate budget:

    “77 million Americans delivered a mandate when they voted for President Trump on November 5th. They want President Trump’s agenda, and they want it now. A critical part of the President’s agenda is immediately securing the border and stopping the flow of terrorists, cartels, and lethal drugs into this country. Thanks to the leadership of President Trump, Homeland Security Secretary Kristi Noem, and Border Czar Tom Homan, encounters at the border have plummeted. But we need to make sure the administration has the funding they need to finish the wall, support law enforcement, and detain and deport criminals. For those reasons, I voted yes on the Senate budget.

    Now, we can get to work on delivering the President’s economic mandate to lower taxes, rein in spending, and get the American economy booming again.”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Boozman, Ernst, Bennet Fight to Make Higher Education Accessible for Farm Families

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON––U.S. Senators John Boozman (R-AR), Joni Ernst (R-IA) and Michael Bennet (D-CO) introduced the bipartisan Family Farm and Small Business Exemption Act to reverse changes to the Free Application for Federal Student Aid (FAFSA) process that threaten to reduce or even eliminate access to need-based student aid for farm families and small business owners. 

    Specifically, the legislation would amend the FAFSA Simplification Act to restore the original exemption of all farmland, machinery, other operational materials and small businesses with fewer than 100 employees from being declared as assets on the FAFSA form.

    “We rely on our farm families to feed, clothe and fuel the world,” said Boozman. “Supporting agriculturalists by ensuring their children have the opportunity to access an affordable education is commonsense. As Chairman of the Senate Agriculture Committee, I am proud to champion a bipartisan solution that helps rural America’s future generations pursue higher learning.”

    “No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college,” said Ernst. “I’m fighting for Iowa families, so unfair policies don’t hold them back from investing in their child’s education.” 

    “From Colorado to Iowa, federal financial aid helps ensure more students can afford college – including students from farm families, whose businesses are vital to our communities and economies,” said Bennet. “Our bipartisan bill will help ensure these students receive the financial aid they need.”

    This legislation is also cosponsored by Senators Chuck Grassley (R-IA), Roger Marshall, M.D. (R-KS), Jim Justice (R-WV), Jerry Moran (R-KS), John Hoeven (R-ND), Mike Rounds (R-SD) and Thom Tillis (R-NC). 

    Congressman Tracey Mann (R-KS-01) introduced companion legislation in the U.S. House of Representatives.

    The Family Farm and Small Business Exemption Act is endorsed by several stakeholders including the American Farm Bureau Federation, National Association of Independent Colleges and Universities, National Association of State Student Grant and Aid Programs, Association of Public and Land-Grant Universities, SchoolHouse Connection, National Milk Producers Federation, United Egg Producers, Land O’Lakes and Farm Credit Council.

    Find the full bill text here.

    MIL OSI USA News –

  • MIL-OSI: Earn Bitcoin Easily Using XRP: DDB Miner Launches New Opportunity

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, United Kingdom, Feb. 21, 2025 (GLOBE NEWSWIRE) — DDB Miner, a leading cryptocurrency mining platform, has announced a new opportunity for users to start Bitcoin mining using Ripple (XRP). This initiative allows investors to earn up to $5,950 per day through innovative mining technology powered by renewable energy sources.

    The Rise of New Energy Mining

    As the world shifts toward sustainable energy solutions, DDB Miner leads the way by leveraging solar and wind power for its cloud mining operations. This eco-friendly approach not only reduces energy costs but also integrates surplus electricity into the grid, ensuring efficiency while delivering high returns for investors.

    Cloud mining simplifies cryptocurrency mining by eliminating the need for expensive hardware and technical expertise. Through DDB Miner’s remote data centers, users can rent mining algorithms and receive daily profits without complex setups.

    Why Choose DDB Miner?

    DDB Miner stands out as a trusted platform with over 9 million users worldwide and more than 500,000 mining machines across 100 mining farms. Key features include:

    • Renewable Energy-Powered Mining – Low-cost, environmentally friendly operations.
    • User-Friendly Platform – Ideal for beginners and experienced investors alike.
    • Secure & Transparent – Advanced SSL encryption for asset protection.
    • Daily Payouts – Consistent earnings with no hidden fees.
    • 24/7 Support – Live assistance available around the clock.

    How It Works

    Getting started with DDB Miner is simple:

    1. Register & Get $12 Bonus – Sign up on the official website and receive an instant $12 welcome gift.
    2. Choose a Mining Contract – Select from flexible plans, such as:
      • Starter Plan: $12 investment, $0.50 daily return.
      • Boosted Hash Power: $100 investment, $6 daily return.
      • Top Hash Power: $500 investment, $31.50 daily return.
      • Advanced Contracts: From $5,000 to $50,000, offering higher returns.
    3. Earn Daily Profits – Monitor your earnings via a user-friendly dashboard.

    For example, a $5,000 investment generates $75 daily, totaling $7,250 after 30 days, including principal return.

    Affiliate Program & Additional Benefits

    DDB Miner’s affiliate program offers an opportunity to earn without investing. Referring active users can yield bonuses of up to $22,000, with unlimited earning potential.

    Other platform highlights include:

    • No Service or Admin Fees – Transparent pricing.
    • Multi-Crypto Settlement – Supports DOGE, BTC, ETH, SOL, USDT, XRP, and more.
    • 100% Uptime Guarantee – Backed by McAfee® and Cloudflare® security.

    A Smarter Path to Passive Income

    DDB Miner’s XRP-powered Bitcoin mining plans present an accessible, eco-friendly way to build wealth passively. Whether you’re new to crypto or an experienced investor, DDB Miner ensures a hassle-free experience with consistent returns.

    For more details, visit https://ddbminer.com or download the mobile app from Google Play or the Apple App Store.

    Media Contact:
    Katerina Audrey
    DDB Miner Media Relations
    Email: info@ddbminer.com

    Disclaimer: This press release is provided by DDB Miner. The statements, views, and opinions expressed in this content are solely those of the DDB Miner 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. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. 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.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/51cc648f-a03e-43f4-985d-87d439ede601

    https://www.globenewswire.com/NewsRoom/AttachmentNg/23129e63-f17b-4df3-b3e0-08f489954aa0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e9e29852-4c8a-4ad0-8034-f10ee35dc947

    The MIL Network –

  • MIL-OSI: StoneX Group CEO Philip Smith on Gold Market Volatility

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — Amid growing uncertainty over Trump’s tariff policies and concerns surrounding gold market volatility, physical gold flows, and pricing disparities, Philip Smith, Chief Executive, StoneX Group, recently appeared on Sky News Arabia’s morning business segment sharing his insights on the subject.

    Smith also pointed to a major pricing disconnect between New York futures contracts and the London OTC physical market. He believes that the major disconnect—ranging from $25 to $30 an ounce, compared to the December high of $60—has been affecting the market’s overall efficiency. This divergence is fueled by a lack of clarity from the new administration over tariffs.

    Smith also noted a significant surge in physical gold moving into the United States over the past two months. “What we’ve seen in the past 7, 8 weeks in the market was probably one of the largest physical movements of gold from all over the world into the US. We estimate over 2,000 tons,” he stated.

    When asked about his forecast on gold, Smith remained cautious about making firm predictions. He explained that the existing price discrepancies between New York and London are unlikely to narrow until there is greater clarity on the tariff policies from the Trump administration.

    Smith believes that the ongoing ambiguity surrounding tariffs is exerting a “disproportionate and distorting effect on gold prices.” He stressed that once certainty is established, gold markets can revert to normal fundamentals, allowing for greater price stability and more predictable trading conditions.

    This perspective aligns with recent analysis from Fawad Razaqzada, UK Market Analyst for StoneX, who noted that Trump’s “aggressive fiscal policies and protectionist stance may fuel inflationary pressures, which could prompt further delays in the Federal Reserve’s rate cut. Any delay in monetary easing would, in turn, support bond yields, creating headwinds for gold.”

    From a StoneX standpoint, Smith remains optimistic. “We’re all seeing a very good position to be able to facilitate others who are struggling to bring gold into the United States,” he stated. StoneX’s Precious Metals division provides a comprehensive suite of gold services, including physical trading, financial derivatives, vaulting, and storage. Smith believes that StoneX is well-positioned to support large banks and financial institutions that lack direct access to physical gold, helping them navigate uncertainties related to tariffs and market disruptions.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,500 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    SNEX-G

    The MIL Network –

  • MIL-OSI USA: Grassley, Senate Republicans Advance Budget Resolution to Secure the Border, Restore Fiscal Sanity, Unleash American Energy

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON –  Sen. Chuck Grassley (R-Iowa) joined Senate Republicans in voting to pass a budget resolution that builds on President Trump’s electoral mandate to restore fiscal sanity, authorize robust resources to secure the southern border and greenlight domestic energy production.
    “After four years of being crushed by the Biden-Harris administration’s and congressional Democrats’ reckless spending, Iowans gave President Trump a mandate to right our fiscal ship and end the chaos at the southern border. By passing this budget resolution, Senate Republicans have taken a significant step forward to help deliver on the President’s agenda and improve the quality of life for all Americans. Together, Congress will send President Trump a strong package of Republican solutions that will get our country back on track, secure our border, unleash American energy and grow our economy,” Grassley said. 
    The Senate-Passed Fiscal Year 2025 Budget Resolution Paves the Way to:
    Begin restoring fiscal sanity by fully paying for investments in border security, national security and domestic energy production up front
    Secure the border by providing funding to:
    Finish the wall and upgrade border technologies
    Ensure dangerous criminals are not released into the United States by increasing the number of detention beds
    Boost the number of ICE officers, Border Patrol agents, Assistant U.S. Attorneys and immigration judges
    Invest in state and local law enforcement to bolster cooperation with federal law enforcement efforts
    Unleash American energy production and stop the Biden-Harris administration’s natural gas tax (methane emissions fee)
    Strengthen the military by providing critical Department of Defense funding to deter conflict and ensure America’s security, including to:
    Maintain military readiness to defend American interests globally
    Grow the Navy and strengthen the U.S. industrial base to restore maritime dominance
    Build an integrated air and missile defense
    Overhaul and strengthen America’s nuclear defense posture
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Budd Advances Bill to Bring Accountability to SBA Disaster Loan Program

    US Senate News:

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

    Washington, D.C. — Last night, the Disaster Loan Accountability and Reform Act was approved by the Senate Small Business Committee with bipartisan support and sent to the Senate floor for consideration.

    The bill is led by Senator Ted Budd (R-NC), Chair Joni Ernst (R-IA), Senator Thom Tillis (R-NC), and Senator Tim Scott (R-SC).

    The legislation strengthens oversight, financial safeguards, and transparency within the Small Business Administration’s disaster loan account.

    Key provisions include:

    • Requires detailed monthly reports on funding status, assumptions, and depletion estimates, with penalties for non-compliance.
    • Requires budget requests follow a 10-year program average for disaster loan subsidy and administrative costs.
    • Limits unsecured loan thresholds when funding falls below 10% of the 10-year average cost of the program.
    • Directs comprehensive reviews of recent funding shortfalls and program inefficiencies, with actionable recommendations for improvement.

    Senator Budd said in a statement:

    “As we learn the lessons from Hurricane Helene and the federal response, it’s imperative that we improve disaster response in a fiscally responsible way. My bill adds much-needed accountability, transparency, and oversight to SBA’s disaster loan account. I thank my colleagues for joining this effort to help those in need, while protecting the integrity of taxpayer dollars.”

    Chair Ernst said:

    “SBA’s mismanagement resulted in the disaster loan program running out of money for 66 days last year. This unacceptable failure left disaster victims across the country out in the cold. By advancing this legislation, the Senate Committee on Small Business and Entrepreneurship is ensuring that more Americans in need can get critical relief as soon as possible after disaster strikes.”

    Senator Tillis said:

    “Small businesses across Western North Carolina were hit hard by Hurricane Helene, and it’s our responsibility to ensure they have the resources to recover and rebuild. This legislation will enhance oversight, tighten financial controls, and eliminate wasteful spending by instituting clear reporting and budgeting standards. It’s essential that we not only support our small businesses during times of crisis, but also uphold the highest levels of accountability to ensure those resources are available when urgently needed.”

    Senator Tim Scott said:

    “Far too long have government agencies gone unchecked when dealing with taxpayer dollars. The Disaster Loan Accountability and Reform Act will implement the necessary measures to ensure that hard-earned tax dollars are used in the American people’s best interest and that Congress has a say in any financial decision from the Small Business Administration. I am grateful for Senator Budd’s efforts on this legislation.”

    MIL OSI USA News –

  • MIL-OSI Canada: Devin Dreeshen: Economic Corridors – Call for action

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Global: Will the UK send troops to Ukraine? The challenges facing Starmer’s plan

    Source: The Conversation – UK – By Christopher Featherstone, Associate Lecturer, Department of Politics, University of York

    Plans for the UK and other European countries to send troops to Ukraine are in their very early stages. But the UK prime minister, Keir Starmer, will already be thinking about how such a move could play out at home. Sending UK troops abroad, even on a “peacekeeping” mission, always has the potential to spark huge public debate.

    This is the first time the government has considered deploying military forces in 11 years, when the Cameron government debated intervening in Syria alongside the US Obama administration in 2014. Since then, the UK has not seriously considered deploying troops overseas.

    In the intervening years, the Chilcot inquiry found that the UK’s decision to join the invasion of Iraq was made prematurely, before all peaceful options were exhausted.

    This, along with the chaotic withdrawal from Afghanistan in 2021, may well have decreased UK public support for military interventions.

    When polled in 2021, the British public were unconvinced about involvement in Afghanistan, with 53% thinking that two decades of war in Afghanistan didn’t achieve anything. Worse, 62% think that the conflict either didn’t improve the lives of ordinary Afghans, or made their lives worse.

    The picture, for now, is a bit different on deploying troops to Ukraine as peacekeepers. Of those polled in mid-January, 58% either strongly or somewhat support deploying UK troops as peacekeepers. Among Labour voters, support is higher at 66%, with Tory voters (67%) and Lib Dem voters (70%) showing similar levels of support.

    Reform voters show far less support (44%), potentially building more of a split between Reform and the other mainstream parties. This division may increase polarisation, and could make it even harder for Starmer to slow the rise of Reform’s challenge to Labour’s voter base.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.

    Starmer will draw comfort from the limited opposition to deploying peacekeepers. Only 15% of Labour voters somewhat or strongly oppose deploying UK troops as peacekeepers, below the national average of 21%.

    But looking at history, we can see how changeable public support can be when it comes to war. In 2003, 54% of those polled supported the US and UK invasion of Iraq.

    Despite this, there were voluble public protests against the invasion. In February 2003, an estimated 1 million people marched through London.

    The 12-week initial campaign went well, so this continued level of support is not surprising. However, when people looked back at the war in 2015, only 37% thought it had been a good idea.

    Only eight years later, in 2023, this had fallen further to 23%. Meanwhile one in five thought Tony Blair should be tried as a war criminal for his decision.

    Starmer will need to ensure that the public understand what his government sees as the need for UK troops to serve as peacekeepers in Ukraine – and he will need to do so honestly. Much of the criticism Blair received over Iraq stemmed from accusations he wasn’t “straight” and that he “overstated” the case for UK involvement in Iraq.



    Read more:
    Iraq war 20 years on: the British government has never fully learned from Tony Blair’s mistakes

    The Iraq inquiry report also found the military was ill-equipped at the time of the invasion. There are similar concerns now about the readiness of the British army.

    Party politics and spending

    Starmer will be aware of the importance of parliamentary support for military action. When Cameron sought support for military intervention in Syria, Ed Miliband as leader of the Labour Party was crucial in the vote against this deployment.

    In contrast, when Blair won parliamentary support for invading Iraq, opposition from within the Labour party was so strong that Blair only won because of support from Tory MPs. Starmer will watch the responses in parliament from Conservative leader Kemi Badenoch, the Lib Dems and SNP.

    At the time of writing, Badenoch hasn’t commented on the idea of sending troops to Ukraine. She has, however, rejected Donald Trump’s attacks that Ukrainian president Volodymyr Zelensky is a dictator.

    Comments from former prime minister Boris Johnson that Trump accusing Ukraine of starting the war was the same as claiming that “America attacked Japan at Pearl Harbor” may help build cross-party support.

    The most important challenge to Starmer’s plans could come from the Treasury rather than the Tories. Proposals reportedly involve 30,000 British and European troops.

    The number of troops that the UK would contribute to this joint force is unclear. However, the cost will be the prime focus for the chancellor of the exchequer, Rachel Reeves.

    Reeves has committed to increasing defence spending to 2.5% of GDP (up from 2.3%), but the timeline for this has not been set out. Starmer is under pressure to increase it even further, but any increase will be financially difficult given the state of Britain’s finances.

    This might help Starmer on his trip to Washington next week. Trump will be less likely to criticise Starmer if the PM can show that he is listening to Trump’s demands for Nato countries to increase their military spending.

    But crucially, while increased spending to enable this deployment may improve UK-US relations, it could also make things difficult with voters, who could have to endure tax rises or further cuts to public spending.

    Badenoch has said that failing to increase defence spending “is not peacemaking, it is weakness”. This suggests that the cost of intervention will be a key point of contention for the Tory leader.

    Deploying UK troops to Ukraine may be a defining part of Starmer’s foreign policy. Increasing military spending and showing that the UK will help bear the cost of peacekeeping in Ukraine may also help set the tone of Starmer’s relationship with Trump.

    However, politically, the consequences of deploying UK troops to Ukraine could spark numerous domestic challenges. While Labour voters appear to support the proposal now, there is likely to be opposition from at least some Reform voters – something Starmer doesn’t need more of right now. The financial costs will also put even more pressure on Labour’s spending plans, and could build division between PM and chancellor.

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

    – ref. Will the UK send troops to Ukraine? The challenges facing Starmer’s plan – https://theconversation.com/will-the-uk-send-troops-to-ukraine-the-challenges-facing-starmers-plan-250330

    MIL OSI – Global Reports –

  • MIL-OSI Security: Former Taney County Official Pleads Guilty to Stealing $260,000

    Source: Federal Bureau of Investigation FBI Crime News (b)

    SPRINGFIELD, Mo. – A former official with the Taney County Health Department pleaded guilty in federal court today to a scheme to embezzle approximately $260,000 from the agency.

    Hugo Ricardo Huacuz, 51, waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge David P. Rush to a five-count federal information. Huacuz pleaded guilty to one count of wire fraud, two counts of stealing federal funds, one count of money laundering and one count of aggravated identity theft.

    Huacuz was the chief operating officer and the chief financial officer of the Taney County Health Department until he resigned on Nov. 14, 2023. Huacuz had been employed by the health department since 2011.

    By pleading guilty today, Huacuz admitted that he stole from the Taney County Health Department in a scheme that lasted from March 23, 2022, to Nov. 14, 2023. Huacuz caused the health department to write checks to Argon Investments, LLC, a company organized by Huacuz and his wife. Huacuz forged the signatures of health department members, using their identities without their permission. Huacuz caused the health department to issue 15 checks totaling approximately $259,000, which were deposited into the bank account of Argon Investments.

    Huacuz used the stolen funds for personal expenses charged to his personal credit card, including automobile insurance, maintenance, repair and parts; restaurants; home construction items; gasoline; airline tickets and travel, including to Chicago, Illinois, New York State, San Diego, California, College Station, Texas, Nashville, Tennessee, Las Vegas, Nevada, and Portland, Oregon; utilities; dry cleaning; clothing; dental and medical care; and payments to the Missouri Secretary of State’s office for Argon’s LLC fees.

    Health board members were not aware of the existence of Argon Investments or that any checks had been issued to Argon Investments. In order to conceal his scheme from the board, Huacuz caused these checks to be coded as payments to Sanofi Pasteur, Inc., a multinational pharmaceutical company. Huacuz falsely reported to the health department’s board that some of the checks written to Argon Investments were for items purchased from Sanofi, and created false invoices from Sanofi purportedly for the purchase of pharmaceutical and medical items, including COVID-19 testing kits.

    In November 2023, the director of the Taney County Health Department received information concerning Huacuz’s job performance. The information stated that Huacuz was frequently absent from his job and that he had other businesses he was operating independent from his job at the health department. After reviewing the information, the director met with Huacuz on Nov. 13, 2023, and placed him on administrative leave. Huacuz went to the bank immediately afterward and withdrew more than $24,000 from the Argon bank account, leaving a balance of $100 in the account.

    Under the terms of today’s plea agreement, Huacuz agrees that he embezzled at least $258,976 and, at the very least, this amount is subject to forfeiture and restitution. The government will recommend a sentence of no more than four years and six months in federal prison without parole while Huacuz will seek a sentence of three years in federal prison without parole. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Supervisory Assistant U.S. Attorney Randall D. Eggert. It was investigated by the Department of Health and Human Services and the FBI.

    MIL Security OSI –

  • MIL-OSI Security: Indian National Sentenced to Eight Years in Federal Prison for Defrauding Elderly Victims of Nearly $6 Million

    Source: Federal Bureau of Investigation FBI Crime News (b)

    AUSTIN, Texas – An Indian national was sentenced in a federal court in Austin today to 97 months in prison for conspiracy to commit money laundering.

    According to court documents, Moinuddin Mohammed, 34, engaged in a conspiracy to launder proceeds of a scheme to defraud elderly victims out of hundreds of thousands of dollars in cash and gold. Mohammed was a courier who picked up the cash and gold from vulnerable elderly people. The international conspiracy originated from India and involved the impersonation of government officials in order to convince the victims to turn over millions of dollars from their retirement and savings accounts.

    Multiple victims were contacted by a person claiming to be the United States Attorney for the Southern District of Texas, who told the victims that they were under investigation or at risk of financial loss. The victims were told that they would need to deposit cash, gold or other items of financial value in order to resolve the investigation or prevent the loss. One victim was defrauded of more than $300,000, another was defrauded of approximately $151,500, and a third victim lost a total of approximately $470,000 to the fraud scheme. Nationwide, investigators identified 21 victims who lost a total of nearly $6 million to the scheme.

    In addition to his imprisonment, Mohamed will pay full restitution in the approximate amount of $960,000, forfeits $20,000 in cash that was seized by investigators, and forfeits a money judgement in the amount of $16,000.

    “The significant sentence of this courier for an international fraud scheme sends a strong message that we will investigate and prosecute those at every level of the organization,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “Mohammed illegally used the likeness of government officials to prey on and victimize the vulnerable, elderly people in our community, and fraudsters like him will be held accountable.”

    “Mohammed targeted some of our most vulnerable elderly citizens in an effort to line his own pockets and the pockets of foreign fraudsters,” said Special Agent in Charge Aaron Tapp for the FBI’s San Antonio Field Office.  “The FBI continues to see an uptick in financial scams targeting our elderly population and we work every day to bring awareness to our victims and justice to those who perpetuate these devastating schemes. We want to thank our U.S. Attorney’s Office for aggressively pursuing justice for those who fell victim to this scammer. Cases like this are a priority for the FBI and we encourage anyone who has been a victim of a financial scam to contact your local FBI office or go to www.IC3.gov. We also encourage the public to review the FBI’s last report on Elder Fraud to educate yourselves and protect those you love.”

    The FBI investigated the case.

    Assistant U.S. Attorney Keith Henneke prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI United Kingdom: Boost for Stoke-on-Trent’s bus revolution

    Source: City of Stoke-on-Trent

    New bus routes being introduced in Stoke-on-Trent will make it easier for people to get to shops, hospitals, visitor attractions and key employment sites.

    The changes affect 14 services, being phased in from Sunday 23 February, and will help to meet the ongoing demand from passengers for more evening and weekend services.

    They are being introduced as part of Stoke-on-Trent City Council’s Bus Service Improvement Plan (BSIP) which is transforming the local transport network.

    The new journeys include brand-new services 500 and 501 which link Stoke-on-Trent Railway Station, Hanley Bus Station, Festival Park, Etruria Valley and Wolstanton Retail Park.

    Another brand-new service, service 27A, links Bentilee, Anchor Road and Longton to Trentham Lakes and Radial Park in Stoke, while service 40 has been extended on Saturdays to include the World of Wedgwood in Barlaston.

    Councillor Finlay Gordon-McCusker, cabinet member for transport, infrastructure and regeneration at Stoke-on-Trent City Council, said: “We’re bringing buses back. We’re making them work for working people, getting them to and from work, connecting them to family and friends and making everyday life easier.

    “Local people have told us they need better connections to jobs, shops, and hospitals – and we’ve listened. That’s why we’re introducing new and improved routes linking places like Etruria Valley, Trentham Lakes, Festival Park, Wolstanton Retail Park, Haywood Hospital and the World of Wedgwood.

    “Here in Stoke-on-Trent, we are leading the nation in the bus revolution. In just 12 months, we’ve improved 28 services across all six towns, providing more evening and weekend buses, creating new routes where they’re needed most and making sure no community is left behind. And people are seeing the difference. They’re telling us they’re noticing more buses on the roads, running later than they have in years.

    “This is about getting the basics right – buses that turn up on time, go where people need them while supporting jobs, families and our local economy. We are determined that everyone – from students to pensioners – feels the benefits of our Bus Service Improvement Programme.”

    Stoke-on-Trent City Council’s Bus Service Improvement Plan is being funded by £31.6 million of funding from the Department for Transport (DfT).

    In December, following extensive lobbying efforts by councillors and local MPs, the city council was awarded additional government funding of almost £10 million to continue with its efforts to improve the local bus network and build on the success of the scheme in the coming years.

    The new routes, which will operate until at least March 2026, are:

    • Service 2 (Hanley – Birches Head) – new evening services Monday to Saturday, operated by First Potteries.

    • Service 5 (Hanley – Abbey Hulton) – new early morning buses from Abbey Hulton into Hanley, Monday to Saturday, along with new evening services, all operated by First Potteries.

    • Service 7A (Hanley – High Lane – Fegg Hayes) – new evening service along High Lane, serving Haywood Hospital, Monday to Saturday, operated by First Potteries.

    • Service 8 (Hanley – Norton – Ball Green) – new late evening services to Ball Green, Monday to Friday, operated by First Potteries.

    • Service 9 (Fegg Hayes – Bradeley – Hanley – Newcastle) – new evening service along Chell Heath Road, Monday to Saturday, and a new Sunday daytime service along Chell Heath Road, operated by First Potteries.

    • Service 23 (Hanley – Blurton – Newstead) – new late evening services to Blurton, Monday to Saturday, operated by First Potteries.

    • Service 27A (Bentilee – Longton – Trentham Lakes) – new service running at shift-change times, every day of the week, operated by D&G Bus.

    • Service 36 / 36A (Meir – Longton – Hanley – Tunstall – Kidsgrove) – new Sunday evening service, operated by First Potteries.

    • Service 38 / 39 (Hanley – Festival Park – Newcastle) – new late evening service every day, operated by First Potteries.

    • Service 40 (Hanley – Mount Pleasant – Longton – Wedgwood) – new Saturday daytime service for Mount Pleasant, also providing a new link to World of Wedgwood, operated by First Potteries.

    • Service 501– new link to Wolstanton Retail Park and the Etruria Valley development site from Stoke and Hanley, Monday to Saturday, operated by First Potteries.

    MIL OSI United Kingdom –

  • MIL-OSI: JAMINING Mining Launches Limited-Time New User Bonus and High-Yield Cloud Mining Plans

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — JAMINING Mining, a leading global cloud mining platform, has announced an exclusive limited-time promotion for new users, offering a $100 bonus immediately upon registration. This initiative is designed to lower the entry barrier for individuals looking to earn passive income through cryptocurrency mining, particularly Bitcoin and Ethereum.

    New User Bonus: Get Started with Zero Cost
    New users who register on the JAMINING Mining platform will receive a $100 bonus that can be directly used for mining. This promotion allows users to experience the platform’s features without any upfront investment. The bonus can be applied toward any mining contract, with profits fully withdrawable upon completion.

    Flexible Mining Plans with High Returns
    JAMINING Mining offers a variety of cloud mining contracts tailored to different investment levels. Highlighted plans include:

    • Basic Cloud Computing Plan: Invest $200, 2-day contract, $214 profit.
    • Classic Cloud Computing Plan: Invest $500, 3-day contract, $527 profit.
    • Advanced Cloud Computing Plan: Invest $1,000, 5-day contract, $1,095 profit.
    • Super Cloud Computing Plan: Invest $5,800, 14-day contract, $7,424 profit.

    After the contract ends, the initial investment is automatically returned, giving users the flexibility to reinvest or withdraw funds.

    Why Choose JAMINING Mining?
    Founded in 2004 and headquartered in the UK, JAMINING Mining is authorized and regulated by the UK Financial Services Authority (FCA). The company operates over 100 global data centers across Eastern Europe, North America, the Middle East, and South America. JAMINING Mining’s infrastructure utilizes industry-leading hardware from Bitmain and NVIDIA, while renewable energy sources like solar and wind power ensure environmentally friendly operations.

    No Hidden Fees, Transparent Operations
    JAMINING Mining’s contracts come with no additional maintenance or hidden fees. Users only pay the contract deposit, which is fully refunded after the contract expires.

    About JAMINING Mining
    JAMINING Mining is a globally recognized cloud mining platform dedicated to providing users with secure, efficient, and sustainable income opportunities. The company’s commitment to transparency, technological excellence, and environmental sustainability has earned it a trusted reputation among cryptocurrency enthusiasts worldwide.

    Join Now and Start Earning
    Seize this limited-time opportunity to start your cloud mining journey with JAMINING Mining. Register today, claim your $100 bonus, and begin earning passive income with ease.

    Official Website: https://jamining.com/
    Contact: Apostolakis
    Email: info@jamining.com

    Disclaimer: This press release is provided by JAMINING Mining. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5f03d47d-03cd-4418-9280-b704f653294f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7401632d-71d4-42d8-84ec-2139cebc62e3

    https://www.globenewswire.com/NewsRoom/AttachmentNg/25856214-4dda-4729-af57-be20d18d5baa

    https://www.globenewswire.com/NewsRoom/AttachmentNg/50ba9d54-11eb-4bc8-8377-0731e007d9d2

    The MIL Network –

  • MIL-OSI: Advantage Solutions Announces Date for its Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Feb. 21, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV) announced today that it will release financial results for the fourth quarter and full year at 7 a.m. ET on March 7, 2025, followed by a conference call at 8:30 a.m. ET on the same day.

    The conference call can be accessed live over the phone by dialing 1-800-225-9448, or for international callers, 1-203-518-9708. The conference ID is ADVQ4. Three hours after the call, a replay will be available by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode is 11158219. The replay recording will be available until March 14, 2025.

    Interested investors and other parties may also listen to a simultaneous conference call webcast by logging onto the Investor Relations section of the Advantage Solutions website at ir.youradv.com/. The online replay will be available for a limited time shortly following the call.

    About Advantage Solutions

    Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit youradv.com.

    Investor Contacts:  

    Ruben Mella

    investorrelations@youradv.com

    Media Contacts:  

    Peter Frost

    press@youradv.com

    The MIL Network –

  • MIL-OSI Security: Guilty Verdict in Georgia Tax Fraud Case, Defendant’s Second Federal Fraud Conviction

    Source: Office of United States Attorneys

    ALBANY, Ga. – A Southwest Georgia resident with a prior federal conviction for tax fraud in Florida was found guilty by a federal jury seated in Albany of a fraudulent tax filing scheme.

    Reginald Knight, 52, of Arlington, Georgia, was found guilty of one count of making and subscribing a false tax return on Feb. 19, following a two-day trial that began on Feb. 18. Knight faces a maximum of three years in prison to be followed by three years of supervised release and a $100,000 fine. Chief U.S. District Judge Leslie Abrams Gardner is presiding over the case. A sentencing date will be determined by the Court.

    “The defendant was claiming millions in refunds for a business that never generated income or incurred any losses, fabricating these claims in yet another attempt by the defendant to steal from taxpayers,” said Acting U.S. Attorney C. Shanelle Booker. “We are grateful to the IRS investigators who collaborated with our office to help bring a repeat fraudster to justice.”

    “The guilty verdict serves as a notice to unscrupulous tax preparers that filing fraudulent tax returns will lead them to a criminal court date,” said Assistant Special Agent in Charge Lisa Fontanette, IRS Criminal Investigation, Atlanta Field Office. “IRS Criminal Investigation special agents will continue to investigate and recommend prosecution for those individuals who commit tax crimes.”

    According to court documents and evidence presented at trial, Knight filed a tax return with the IRS on March 13, 2018, falsely claiming $3,211,907 in wages, $2,586,551 in withholdings, $1,848,000 in Schedule C (Form 1040) losses and claimed a refund of $2,165,154. As part of the scheme, Knight fabricated W-2s and Schedule Cs for two separate business entities; however, neither business ever generated the income, paid the withholdings or suffered the losses Knight claimed on his return. The financials Knight submitted on the signed tax form were entirely fabricated. The IRS did not issue a refund. The IRS began investigating Knight in 2021, discovering that Knight filed tax returns with similarly exorbitant financials for the non-operating business for tax years 2014, 2015 and 2016; the IRS did not issue a refund for tax years 2014 and 2015. The IRS did issue a $745,953 refund to Knight for tax year 2016 on June 7, 2017. Knight used the refund from the false claim to pay for the construction of a new home in Albany, made transfers to his investment account, purchased a vehicle and paid for personal living expenses totaling $442,667.30. The IRS recovered $315,466.97.

    Knight has a prior federal conviction in the Southern District of Florida for one count of Conspiracy to Defraud the Government through False Claim for a Tax Refund and False Claim for a Tax Refund on Nov. 22, 2005, and was sentenced to serve five months in prison per charge, to be served concurrently.

    The IRS Criminal Division and IRS Special Enforcement Program are investigating the case.

    Assistant U.S. Attorney Veronica Hansis is prosecuting the case for the Government.

    MIL Security OSI –

  • MIL-OSI Security: “La Empresa” Member Sentenced in El Paso to Nearly 20 Years in Federal Prison

    Source: Office of United States Attorneys

    EL PASO, Texas – An El Paso transnational criminal organization (TCO) member was sentenced in federal court Thursday to 235 months in prison for his role in a hostage taking conspiracy.

    According to court documents, a man was forcefully kidnapped at gunpoint from his motel room in Juarez, Mexico, on Aug. 24, 2023, and was held hostage until Sept. 5, 2023. During that time, the victim’s family received threatening phone calls from multiple unknown subjects demanding payment. Ultimately, the family paid approximated $9,000 to the TCO for safe travel and release of the victim.

    Luis Edward Castro, 28, worked for the TCO, “La Empresa.” Armed with a handgun, he recorded and sent proof-of-life videos to the victim’s family. In the videos, the victim appeared visibly scared and stated he was in El Paso. An investigation led law enforcement to Castro’s address, where they searched the residence and found six undocumented noncitizens and multiple firearms.

    Castro was arrested Sept. 5, 2023 and charged with six counts pertaining to harboring and transporting undocumented noncitizens for financial gain, hostage taking, and the possession of a firearm with an obliterated serial number. He pleaded guilty to the hostage taking charge on Sept. 26, 2024.

    “This case highlights some of the many dangers posed by TCOs on both sides of our southern border, and Castro’s sentencing of two decades in federal prison is a significant penalty,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “I am thankful for our partners at the FBI and U.S. Border Patrol, whose investigative skill and expertise led to the recovery of these kidnapping victims and the outcome of this case.”

    The FBI and USBP investigated the case.

    Assistant U.S. Attorneys Mathew Engelbaum and Kyle Myers prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Ahead of Hearing, Attorney General Bonta Issues Joint Statement on Lawsuit Against Trump Administration to Preserve Funding for Medical and Public Health Innovation Research

    Source: US State of California

    Hearing scheduled for 7 AM PT today at John Joseph Moakley Courthouse in Boston; register to listen online here

    OAKLAND — California Attorney General Rob Bonta today joined a coalition of 16 attorneys general in issuing a joint statement ahead of a court hearing in Commonwealth of Massachusetts v. National Institutes of Health (NIH). At today’s hearing, the plaintiffs will seek an extension of its Temporary Restraining Order (TRO) against the Trump Administration’s unlawful cuts to funds that support cutting-edge medical and public health research at universities and research institutions across the country.  

    Attorney General Bonta joins the attorneys general of Arizona, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Vermont and Washington in issuing the following statement: 

    “The Trump Administration’s attempt to cut research funding at thousands of research institution across the country is not only unlawful; it undermines public health, our economy and our competitiveness. There are laws in place that protect this funding, and the President cannot simply toss those laws aside.  

    “This research funding covers expenses that facilitate critical components of biomedical research, such as lab, faculty, infrastructure and utility costs. Without it, lifesaving and life-extending research, including clinical trials, would be significantly compromised. These cuts would have a devastating impact on universities around the country, many of which are at the forefront of groundbreaking research efforts – while also training future generations of researchers and innovators. They would force many universities to redirect funds and ultimately reduce research activities. Research funded by the National Institutes of Health has furthered our understanding of medical conditions and found new treatments for adult and childhood cancer, ALS, Parkinson’s Disease, heart disease, PTSD, and more.  

    “Attorneys general are not just fighting for the rule of law; we are fighting for our loved ones, our friends and our neighbors, and we will not allow President Trump to play politics with our public health. We are heartened that less than six hours after filing our lawsuit, the Court recognized the devastating impacts of this directive and granted an emergency temporary restraining order preventing the Administration from implementing these unlawful cuts. Today, we urge the Court to continue to block these funding cuts as we keep fighting this reckless abuse of power.”

    On February 10, Attorney General Bonta joined a coalition of 22 attorneys general in filing a lawsuit against the Trump Administration, the Department of Health and Human Services, and the NIH in the U.S. District Court for Massachusetts challenging the Trump Administration’s attempt to unilaterally cut “indirect cost” reimbursements at every research institution throughout the country. Less than six hours after the attorneys general filed their lawsuit, the court issued a temporary restraining order against the NIH, barring it from cutting billions in funding for biomedical and public health research.  

    In filing the lawsuit, Attorney General Bonta joined the attorneys general of Arizona, Connecticut, Colorado, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, and Wisconsin.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Fairer Aberdeen Fund marks anniversary with showcase event

    Source: Scotland – City of Aberdeen

    The Fairer Aberdeen Fund marked 10 years of supporting organisations to tackle poverty and deprivation across the city in a showcase event today (Friday 21 February).

    Those attending the showcase event were able to hear from projects which have benefited from funding on how they have supported individuals and communities, and watch a selection of short films on the work that they have been carrying out. 

    Councillor Alex McLellan, Convener of Finance and Resources Committee, who is also Chair of the Fairer Aberdeen Board, said: “There is so much positive work being done by the Fairer Aberdeen Funded organisations across Aberdeen to support people and families.

    “Our Fairer Aberdeen funded partners are dealing are helping people struggling wtih the cost-of-living crisis 10 years on from the start of the fund, highlighting that poverty remains a huge issue in our city.” 

    Over the last year, 38 initiatives were delivered across the city by 26 voluntary and third sector organisations, that have supported over 50,000 people to access support for employability, financial inclusion, family support, youth work, mental health, learning and volunteering. 

    The keynote speaker for the event was Ruth Boyle, Policy and Campaign Manager at The Poverty Alliance, and featured talks from Cameron McCready, CEO of Homestart Aberdeen and Graeme Kinghorn, CEO of Mental Health Aberdeen, who highlighted their work tackling social isolation and improving mental health across the city.

    Cameron McCready, CEO of Homestart Aberdeen said: “Poverty in Aberdeen affects families in many ways, from financial insecurity to social isolation. With the support of FAF, we’ve been able to provide early intervention services that strengthen family wellbeing and build stronger, more connected communities.”

    Graham Kinghorn, CEO of Mental Health Aberdeen said: “The Fairer Aberdeen Fund is vital in tackling poverty and inequality, supporting essential services from mental health to financial advice and employability. Continued investment is crucial to strengthening communities and improving lives.”

    Organisations supported by the Fund have included Station House Media Unit (SHMU), Community Food Initiatives North East (CFINE) and Pathways. 

    The Fairer Aberdeen Fund is allocated by Aberdeen City Council and is dispersed by the Fairer Aberdeen Board to third sector organisations, charities and voluntary groups.  

    MIL OSI United Kingdom –

  • MIL-OSI: MultiCorp International, Inc. Formalizes Agreement to LBO Bitcoin

    Source: GlobeNewswire (MIL-OSI)

    AGOURA HILLS, CALIFORNIA, Feb. 21, 2025 (GLOBE NEWSWIRE) — MultiCorp International, Inc. (OTC Markets PINK: MCIC) and 40 Brightwater LLC are pleased to announce their current discussions to purchase an initial $25,000,000 (twenty-five million USD) in Bitcoin utilizing a leveraged buy-out structure funded through Edwards Capital N.A. LLC’s correspondent bank loan.

    The initial $25,000,000 (twenty-five million USD) Bitcoin to be purchased will become the first of several diversified assets of MultiCorp International, Inc. 

    As previously announced on February 12th, 2025 a $50,000,000 (fifty million USD) collateralized loan from Edwards Capital N.A. LLC’s correspondent bank will be provided to MultiCorp International, Inc. for targeted acquisitions, and ongoing discussions to access more capital through the collateralized loan structure are proceeding.

    About MultiCorp International, Inc.:

    MultiCorp International, Inc., a diversified leader in health, energy and agriculture, announces a series of strategic initiatives aimed at accelerating its growth and expanding its market presence. The company is actively pursuing joint ventures and acquisitions, is fortifying its organizational infrastructure and is preparing for significant advancements in the stock market.

    About Edwards Capital N.A. LLC:

    Edwards Capital is a private Family Office focused on comprehensive, proactive, and robust solutions in the enhancement of private wealth based on robust strategic initiatives in and approaches to specific asset classes and financial markets. The Office is dedicated to pursuing optimal bespoke solutions to achieve the best outcomes with consistent results.

    https://www.edwardscapital.ca/

    About 40 Brightwater LLC:

    40 Brightwater LLC is a private holding company focusing specifically on acquiring private entities and merging its holdings with public companies by leveraging its financial network and resources through its Managing Member, President & CEO Shannon Newby.

    Disclaimer

    This press release does not constitute an offer to sell or solicit an offer to buy, nor will there be any sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under applicable securities laws. Any offer will be made only through a prospectus supplement and accompanying base prospectus as part of an effective registration statement.

    Contact Information:  J. A. Coleman,  J.a.coleman1512@gmail.com

    The MIL Network –

  • MIL-OSI: Immunefi Launches the Magnus Platform to Protect the Next Trillion Dollars Moving Onchain

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Feb. 21, 2025 (GLOBE NEWSWIRE) —

    • Onchain security today is fragmented, inefficient, and dangerously reliant on manual workflows. As capital flows into a rapidly expanding web of protocols, the complexity of securing the ecosystem grows—exposing projects to immeasurable risk and inevitable large-scale breaches. Without a fundamental shift in how security is managed, the next trillion dollars won’t move onchain.
    • Immunefi is solving this problem by launching Magnus, a unified security platform that integrates all essential tools in the onchain security stack in a single command center, unifying threat intelligence and automating SecOps using AI agents across CI/CD pipeline security, vulnerability scanning, audits, bug bounties, onchain monitoring, and firewalls.
    • Magnus will be powered by Immunefi’s own products and the best providers in each product and service category, a proprietary agentic security workflow automation engine, and threat intelligence built upon the largest onchain vulnerability dataset available today. 

    Immunefi, the leader in onchain crowdsecurity protecting over $190 billion in assets, launches Magnus, an AI-powered security orchestration platform that unifies and automates security operations across a protocol’s security stack for maximum protection.

    Onchain security is fragmented and inefficient, relying on manual workflows that struggle to keep up with the relentless pace of threats the ecosystem faces 24/7. This scenario will only get worse as liquidity spreads across a growing number of protocols and the complexity of securing the ecosystem compounds. This leaves the ecosystem vulnerable to a future where major breaches remain inevitable, hindering the adoption and growth of the onchain economy.

    The lack of trust that digital assets are fully secure remains one of the biggest obstacles to TradFi investment in the onchain economy, even as interest continues to grow. While Decentralized Finance (DeFi) has surpassed $124 billion in total value locked (TVL), the industry is still plagued by catastrophic hacks. If security remains fragmented, the next trillion dollars in finance won’t move onchain. The only way to address this and mitigate threats at scale is by unifying security into a single platform that enables protocols to access, automate, and coordinate best-in-class security tools. 

    Immunefi leverages years of experience securing over $190B in assets across a network of 500+ projects to launch Magnus, an AI-powered security platform that unifies threat intelligence and automates security workflows across the best tools in the onchain security stack. Immunefi has integrated its pioneering bug bounty products and audit competitions into Magnus and is partnering with top-tier security researchers, auditors, service providers, and tooling companies to provide a comprehensive security platform. 

    • Unified Security Toolstack: A seamlessly integrated suite of best-in-class security solutions, including CI/CD pipeline security, vulnerability scanning, audits, bug bounty programs, audit competitions, Safe Harbor, onchain monitoring, and a firewall, ensuring protocols can detect and mitigate threats at every stage.
    • Security Swarm: An automation engine that orchestrates task-specific AI agents, enabling instant threat response and drastically reducing manual workloads. As more tools are added to Magnus, Security Swarm will become more autonomous in managing security and ensuring the safety of funds.
    • CODEX: The industry’s largest and most comprehensive onchain vulnerability dataset, proprietary to Immunefi—built from processing over 90% of all industry reports and additional materials related to onchain bug bounties. CODEX powers AI security models, allowing protocols to train and refine AI agents for onchain security applications, advanced threat detection, and defense.

    “Security must evolve as fast as the onchain economy itself, or the industry will remain trapped in a cycle of catastrophic breaches,” said Mitchell Amador, Founder and CEO of Immunefi. “Magnus marks the first time security in web3 is being addressed as a cohesive, integrated, and efficient system rather than a patchwork of tools. We’re transforming the way the security industry works altogether and equipping protocol teams with the ability to anticipate, prevent, and respond to threats at unprecedented speed and scale. All from a single platform, with technology that will continue to evolve alongside the industry and its projects.”

    Due to its foundational position in the web3 security industry, Immunefi has established partnerships with top-tier security providers such as Nexus Mutual, Halborn, Sigma Prime, and Asymmetric Research, amongst others. Immunefi has already secured interest from a number of top tier security service and tooling providers to integrate with Magnus that will be announced soon.

    About Immunefi
    Immunefi is the leading crowdsourced security platform for Web3. It guards over $190 billion in user funds and is trusted by 370+ projects, including Ethereum Foundation, Lido, Sky, Polymarket, Optimism, LayerZero, Hyperlane, and Stacks. The company has paid out the most significant bug bounties in the software industry, amounting to over $112 million, and has pioneered the scaling Web3 bug bounties standard. For more information, please visit https://immunefi.com

    The MIL Network –

  • MIL-OSI: STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    ATHENS, Greece, Feb. 21, 2025 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.

    OPERATIONAL AND FINANCIAL HIGHLIGHTS

    • All-time record Net Income of $69.9 million for the twelve month period of 2024, a 34.7% increase compared to the same period last year. Strong profitability continued for the fourth quarter, with Net income of $14.2 million corresponding to a basic EPS of $0.38.
    • Revenues increased by 27.3% compared to the same period of last year to $43.5 million for the fourth quarter of 2024.
    • Further increased period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.
    • Continued reducing leverage, making $108.2 million in debt repayments during the twelve month period of 2024 and $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in the fully owned fleet are unencumbered.
    • Maintaining ample cash and cash equivalents (incl. restricted cash) of $84.5 million as of December 31, 2024 enabling the Company to further reduce debt.

    Fourth Quarter 2024 Results1:

    • Revenues for the three months ended December 31, 2024 amounted to $43.5 million compared to revenues of $34.1 million for the three months ended December 31, 2023, based on an average of 27.6 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
    • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.2 million and $13.6 million, respectively, compared to $3.3 million and $12.9 million, respectively, for the three months ended December 31, 2023. The $0.7 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses, while the voyage expenses remained stable between 2024 and 2023.
    • Drydocking costs for the three months ended December 31, 2024 and 2023 were $1.9 million and $0.03 million, respectively. Drydocking expenses during the fourth quarter of 2024 mainly relate to the completed drydocking of three vessels, compared to no drydocking of vessels in the same period of last year.
    • General and administrative expenses for the three months ended December 31, 2024 and 2023 were $3.0 million and $1.7 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
    • Depreciation for the three months ended December 31, 2024 and 2023 was $6.6 million and $5.6 million, respectively, a $1.0 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost.
    • Interest and finance costs for the three months ended December 31, 2024 and 2023, were $1.4 million and $2.3 million, respectively. The $0.9 million decrease from the same period of last year is primarily due to continued debt prepayments.
    • Interest income for the three months ended December 31, 2024 and 2023, were $1.1 million and $1.0 million, respectively.
    • Equity earnings in joint ventures for the three months ended December 31, 2024 and 2023 was a gain of $0.5 million and $0.9 million, respectively. The $0.4 million decrease was primarily due to decrease in number of vessels in joint ventures.
    • As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $14.2 million, compared to net income of $8.9 million for the three months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2024 and 2023 was 35.3 million and 35.3 million, respectively.
    • Earnings per share, basic, for the three months ended December 31, 2024 amounted to $0.38 compared to earnings per share, basic, of $0.25 for the same period of last year.
    • Adjusted net income was $16.4 million corresponding to an Adjusted EPS, basic, of $0.44 for the three months ended December 31, 2024 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS, basic, of $0.29 for the same period of last year.
    • EBITDA for the three months ended December 31, 2024 amounted to $21.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
    • An average of 27.6 vessels were owned by the Company during the three months ended December 31, 2024 compared to 27.0 vessels for the same period of 2023.

    Twelve months 2024 Results:

    • Revenues for the twelve months ended December 31, 2024, amounted to $167.3 million, an increase of $23.8 million, or 16.6%, compared to revenues of $143.5 million for the twelve months ended December 31, 2023, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
    • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $11.7 million and $49.8 million, respectively, compared to $13.2 million and $53.1 million for the twelve months ended December 31, 2023. The $1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.3 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.
    • Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $5.3 million and $2.6 million, respectively. The costs for the twelve months ended December 31, 2024 mainly related to the completed drydocking of seven vessels, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize vessels.
    • General and administrative expenses for the twelve months ended December 31, 2024 and 2023 were $10.3 million and $5.3 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
    • Depreciation for the twelve months ended December 31, 2024, was $26.1 million, a $2.4 million increase from $23.7 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost.
    • Impairment loss for the twelve months ended December 31, 2024 and 2023 was nil and $2.8 million, respectively. The impairment loss for the year ended December 31, 2023, related to two vessels for which the Company had entered into separate agreements to sell to third parties.
    • Gain on sale of vessels for the twelve months ended December 31, 2024 was $0.05 million compared to $7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the twelve months ended December 31, 2023 compared to the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023.
    • Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $9.1 million and $10.0 million, respectively. The $0.9 million decrease from last year is primarily due to continued debt prepayments.
    • Interest income for the twelve months ended December 31, 2024 and 2023 was $3.4 million and $3.7 million, respectively. The $0.3 million decrease is mainly attributed to decrease in interest rates and over the corresponding period.
    • Equity earnings in joint ventures for the twelve months ended December 31, 2024 and 2023 was a gain of $15.6 million and a gain of $12.3 million, respectively. The $3.3 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.
    • As a result of the above, the Company reported a net income for the twelve months ended December 31, 2024 of $69.9 million, compared to a net income of $51.9 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 and 2023 was 35.2 million and 37.2 million, respectively.
    • Earnings per share, basic, for the twelve months ended December 31, 2024 amounted to $1.91 compared to earnings per share, basic, of $1.38 for the same period of last year.
    • Adjusted net income was $77.3 million, corresponding to an Adjusted EPS, basic, of $2.11 per share, for the twelve months ended December 31, 2024 compared to adjusted net income of $50.5 million, or $1.34 per share, for the same period of last year.
    • EBITDA for the twelve months ended December 31, 2024 amounted to $101.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
    • An average of 27.2 vessels were owned by the Company during the twelve months ended December 31, 2024, compared to 29.3 vessels for the same period of 2023.

      As of December 31, 2024, cash and cash equivalents (including restricted cash) amounted to $84.5 million and total debt amounted to $84.9 million.

      1  EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

    Fleet Update Since Previous Announcement

    The Company announced the conclusion of the following chartering arrangements (of three or more months duration):  

    • A twelve months time charter for its 2024 built LPG carrier Eco Wizard, until Dec 2025.
    • A twelve months time charter for its 2020 built LPG carrier Eco Alice, until Feb 2026.
    • A twelve months time charter for the JV-owned 2007 built LPG carrier Gas Haralambos, until Dec 2025.
    • A three months time charter for the 2012 built LPG carrier Gas Husky, until April 2025.

    As of February 2025, the Company has total contracted revenues of approximately $200 million.

    As of February 2025, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107 million for the remainder of the year.

    On January 21, 2025, the previously announced sale of the Gas Shuriken was concluded and the vessel was delivered to its new owners.

    Share Repurchase Program Increase

    Today the Board of Directors authorized a $5 million increase to the existing $25 million common stock repurchase program for a total aggregate amount of $30 million. Shares of common stock may be purchased, from time to time, in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. As of the date hereof, the Company has repurchased an aggregate of approximately $19.4 million.

    CEO Harry Vafias Commented

    It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels. We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter. We are close to completing our deleverage that will bring a long term advantage to the fleet and the Company is in a solid footing. As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly. We are optimistic for the future albeit evermore cautiously not least because the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations. Finally, in order to give further value back to our shareholders, we are renewing our share repurchases and increasing up to $10.5 million the amount available to us for this task.

     Conference Call details:

    On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

    Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

    https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733

    Slides and audio webcast:
    There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

    About STEALTHGAS INC.

    StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

    Visit our website at www.stealthgas.com

    Forward-Looking Statements

    Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or  accidents and political events or acts by terrorists.

    Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

    Fleet List        
    For information on our fleet and further information:
    Visit our website at www.stealthgas.com

    Fleet Data:
    The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024.

    FLEET DATA Q4 2023   Q4 2024   12M 2023   12M 2024  
    Average number of vessels (1) 27.0   27.6   29.3   27.2  
    Period end number of owned vessels in fleet 27   28   27   28  
    Total calendar days for fleet (2) 2,484   2,542   10,698   9,944  
    Total voyage days for fleet (3) 2,441   2,446   10,566   9,677  
    Fleet utilization (4) 98.3 % 96.2 % 98.8 % 97.3 %
    Total charter days for fleet (5) 2,207   2,265   9,544   8,930  
    Total spot market days for fleet (6) 234   181   1,022   747  
    Fleet operational utilization (7) 96.8 % 95.0 % 96.6 % 95.4 %
                     

    1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
    2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
    5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
    6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
    7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

    Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

    Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.

    Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.

    EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

    EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

    (Expressed in United States Dollars,
    except number of shares)    		 Fourth Quarter Ended
    December 31st,    		 Twelve months Periods
    Ended December 31st,
      2023 2024 2023 2024
    Net Income – Adjusted Net Income        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus/(Less) loss/(gain) on derivatives 255,736   —   (237,618 ) (99,286 )
    (Less)/Plus swap interest (paid)/received 216,432   —   1,027,127   208,127  
    (Less)/Plus (gain)/loss on sale of vessels, net —   —   (7,645,781 ) (46,384 )
    Plus impairment loss —   —   2,816,873   —  
    Plus share based compensation 940,216   2,206,295   2,589,405   7,326,807  
    Adjusted Net Income 10,301,430   16,404,822   50,486,835   77,251,441  
             
    Net income – EBITDA        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus interest and finance costs 2,344,430   1,425,886   9,956,712   9,062,562  
    Less interest income (952,287 ) (1,052,786 ) (3,712,239 ) (3,416,221 )
    Plus depreciation 5,565,955   6,598,549   23,707,797   26,076,687  
    EBITDA 15,847,144   21,170,176   81,889,099   101,585,205  
             
    Net income – Adjusted EBITDA        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus/(Less) loss/(gain) on derivatives 255,736   —   (237,618 ) (99,286 )
    (Less)/Plus (gain)/loss on sale of vessels, net —   —   (7,645,781 ) (46,384 )
    Plus impairment loss —   —   2,816,873   —  
    Plus share based compensation 940,216   2,206,295   2,589,405   7,326,807  
    Plus interest and finance costs 2,344,430   1,425,886   9,956,712   9,062,562  
    Less interest income (952,287 ) (1,052,786 ) (3,712,239 ) (3,416,221 )
    Plus depreciation 5,565,955   6,598,549   23,707,797   26,076,687  
    Adjusted EBITDA 17,043,096   23,376,471   79,411,978   108,766,342  
             
    EPS – Adjusted EPS        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Adjusted net income 10,301,430   16,404,822   50,486,835   77,251,441  
    Weighted average number of shares, basic 35,300,965   35,345,251   37,166,449   35,237,059  
    EPS – Basic 0.25   0.38   1.38   1.91  
    Adjusted EPS – Basic 0.29   0.44   1.34   2.11  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Statements of Income
    (Expressed in United States Dollars, except for number of shares)
      Quarters Ended
    December 31,    		   Twelve month Periods Ended
    December 31,
      2023   2024   2023   2024
               
    Revenues              
    Revenues 34,139,248     43,467,117     143,527,769     167,262,185  
                   
    Expenses              
    Voyage expenses 2,878,732     2,679,927     11,429,716     9,594,880  
    Voyage expenses – related party 426,108     535,991     1,779,488     2,063,228  
    Vessels’ operating expenses 12,690,873     13,404,725     52,206,248     48,961,137  
    Vessels’ operating expenses – related party 207,500     212,500     911,250     875,002  
    Drydocking costs 27,696     1,855,672     2,641,706     5,312,614  
    Management fees – related party 1,048,800     1,089,040     4,531,920     4,258,240  
    General and administrative expenses 1,657,671     3,010,733     5,331,029     10,309,693  
    Depreciation 5,565,955     6,598,549     23,707,797     26,076,687  
    Impairment loss —     —     2,816,873     —  
    Net gain on sale of vessels —     —     (7,645,781 )   (46,384 )
    Total expenses 24,503,335     29,387,137     97,710,246     107,405,097  
                   
    Income from operations 9,635,913     14,079,980     45,817,523     59,857,088  
                   
    Other (expenses)/income              
    Interest and finance costs (2,344,430 )   (1,425,886 )   (9,956,712 )   (9,062,562 )
    (Loss)/gain on derivatives (255,736 )   —     237,618     99,286  
    Interest income 952,287     1,052,786     3,712,239     3,416,221  
    Foreign exchange (loss)/gain (27,829 )   25,598     (190,722 )   (70,692 )
    Other expenses, net (1,675,708 )   (347,502 )   (6,197,577 )   (5,617,747 )
                   
    Income before equity in earnings of investees 7,960,205     13,732,478     39,619,946     54,239,341  
    Equity earnings in joint ventures 928,841     466,049     12,316,883     15,622,836  
    Net Income 8,889,046     14,198,527     51,936,829     69,862,177  
                   
    Earnings per share              
    – Basic 0.25     0.38     1.38     1.91  
    – Diluted 0.25     0.38     1.37     1.90  
                   
    Weighted average number of shares              
    – Basic 35,300,965     35,345,251     37,166,449     35,237,059  
    – Diluted 35,430,883     35,409,350     37,236,951     35,333,160  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Balance Sheets
    (Expressed in United States Dollars)
      December 31,   December 31,  
      2023   2024  
             
    Assets        
    Current assets        
    Cash and cash equivalents 77,202,843     80,653,398  
    Trade and other receivables 4,506,741     6,156,300  
    Other current assets 130,589     193,265  
    Claims receivable 55,475     55,475  
    Inventories 1,979,683     3,891,147  
    Advances and prepayments 1,409,418     733,190  
    Restricted cash 659,137     —  
    Assets held for sale 34,879,925     —  
    Fair value of derivatives —     387,630  
    Total current assets 120,823,811     92,070,405  
             
    Non current assets        
    Advances for vessel acquisitions 23,414,570     —  
    Operating lease right-of-use assets 99,379     —  
    Vessels, net 504,295,083     608,214,416  
    Other receivables 48,040     370,053  
    Restricted cash 5,893,721     3,867,752  
    Investments in joint ventures 39,671,603     27,717,238  
    Deferred finance charges 1,105,790     —  
    Fair value of derivatives 1,858,677     —  
    Total non current assets 576,386,863     640,169,459  
    Total assets 697,210,674     732,239,864  
             
    Liabilities and Stockholders’ Equity        
    Current liabilities        
    Payable to related parties 955,567     388,130  
    Trade accounts payable 9,953,137     10,994,434  
    Accrued liabilities 5,681,144     4,922,587  
    Operating lease liabilities 71,173     —  
    Deferred income 5,386,126     4,304,667  
    Current portion of long-term debt 16,624,473     23,333,814  
    Total current liabilities 38,671,620     43,943,632  
             
    Non current liabilities        
    Operating lease liabilities 28,206     —  
    Deferred income 1,928,712     213,563  
    Long-term debt 106,918,176     61,555,855  
    Total non current liabilities 108,875,094     61,769,418  
    Total liabilities 147,546,713     105,713,050  
             
    Commitments and contingencies        
             
    Stockholders’ equity        
    Capital stock 453,434     370,414  
    Treasury stock (44,453,836 )   —  
    Additional paid-in capital 446,938,868     409,912,934  
    Retained earnings 145,993,681     215,855,858  
    Accumulated other comprehensive income 731,814     387,608  
    Total stockholders’ equity 549,663,961     626,526,814  
    Total liabilities and stockholders’ equity 697,210,674     732,239,864  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Expressed in United States Dollars)
     
      Twelve month Periods Ended
    December 31,
      2023   2024
       
    Cash flows from operating activities      
    Net income for the year 51,936,829     69,862,177  
           
    Adjustments to reconcile net income to net cash      
    provided by operating activities:      
    Depreciation 23,707,797     26,076,687  
    Amortization of deferred finance charges 1,345,941     711,378  
    Amortization of operating lease right-of-use assets 99,379     99,379  
    Share based compensation 2,589,405     7,326,807  
    Change in fair value of derivatives 789,509     108,841  
    Proceeds from disposal of interest rate swaps —     1,018,000  
    Equity earnings in joint ventures (12,316,883 )   (15,622,836 )
    Dividends received from joint ventures 14,589,215     20,570,036  
    Impairment loss 2,816,873     —  
    Gain on sale of vessels (7,645,781 )   (46,384 )
    Changes in operating assets and liabilities:      
    (Increase)/decrease in      
    Trade and other receivables 238,627     (1,971,610 )
    Other current assets 139,925     (62,676 )
    Inventories 1,365,189     (1,664,736 )
    Changes in operating lease liabilities (99,379 )   (99,379 )
    Advances and prepayments (728,005 )   676,228  
    Increase/(decrease) in      
    Balances with related parties (1,532,943 )   (555,589 )
    Trade accounts payable (1,813,377 )   628,898  
    Accrued liabilities (100,515 )   (758,558 )
    Deferred income 2,058,409     (2,796,608 )
    Net cash provided by operating activities 77,440,215     103,500,055  
           
    Cash flows from investing activities      
    Insurance proceeds 126,666     —  
    Proceeds from sale of vessels, net 80,109,781     34,679,584  
    Acquisition and improvements of vessels (85,201 )   (106,169,013 )
    Maturity of short term investments 26,500,000     —  
    Return of investments from joint ventures 4,688,785     7,007,164  
    Net cash provided by/(used in) investing activities 111,340,031     (64,482,265 )
           
    Cash flows from financing activities      
    Proceeds from exercise of stock options 747,500     356,250  
    Stock repurchase (19,080,455 )   (338,176 )
    Deferred finance charges paid (988,166 )   (22,167 )
    Advances from joint ventures 11,847     —  
    Advances to joint ventures —     (11,847 )
    Loan repayments (154,870,215 )   (108,236,401 )
    Proceeds from long-term debt —     70,000,000  
    Net cash used in financing activities (174,179,489 )   (38,252,341 )
           
    Net increase in cash, cash equivalents and restricted cash 14,600,757     765,449  
    Cash, cash equivalents and restricted cash at beginning of period 69,154,944     83,755,701  
    Cash, cash equivalents and restricted cash at end of year 83,755,701     84,521,150  
    Cash breakdown      
    Cash and cash equivalents 77,202,843     80,653,398  
    Restricted cash, current 659,137     —  
    Restricted cash, non current 5,893,721     3,867,752  
    Total cash, cash equivalents and restricted cash shown in the statements of cash flows 83,755,701     84,521,150  

    The MIL Network –

  • MIL-OSI Global: What is the AfD? Germany’s far-right party, explained

    Source: The Conversation – UK – By Léonie de Jonge, Professor of Research on Far-Right Extremism, Institute for Research on Far-Right Extremism (IRex), University of Tübingen

    In the weeks ahead of the German election, the far-right party Alternative für Deutschland (AfD) consistently polled around 20%. For the first time, the AfD poses a challenge to mainstream parties’ longstanding strategy of isolating the far right.

    The rise of the AfD is striking, given the country’s history of authoritarianism and National Socialism during the 1930s and 1940s. For decades, far-right movements were generally stigmatised and treated as pariahs. Political elites, mainstream parties, the media and civil society effectively marginalised the far right and limited its electoral prospects.

    The AfD’s breakthrough in the 2017 federal election shattered this status quo. Winning 12.6% of the vote and securing 94 Bundestag seats, it became Germany’s third-largest party — unlocking viable political space to the right of the centre-right party CDU/CSU for the first time in the postwar era.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.

    The AfD was founded in 2013 by disaffected CDU members. This included economics professors Bernd Lucke and Joachim Starbatty, and conservative journalists Konrad Adam and Alexander Gauland. It began as a single-issue, anti-euro party advocating Germany’s exit from the Eurozone.

    Dubbed a “party of professors”, it gained credibility through the support of academics and former mainstream politicians, lending it an “unusual gravitas” for a protest party. While nativist elements were arguably present from the start, the AfD was not initially conceived as a far-right party.

    When it first ran for the Bundestag in 2013, its four-page manifesto focused exclusively on dissolving the Eurozone. At the time, the party advocated political asylum for the persecuted and avoided harsh anti-immigrant or anti-Islam rhetoric, cultivating more of a “bourgeois” image.

    This helped the AfD build what political scientist Elisabeth Ivarsflaten has called a reputational shield — a legacy used to deflect social stigma and accusations of extremism.

    Initially, the AfD distanced itself from far-right parties in neighbouring countries. However, successive leadership changes between 2015 and 2017 saw the party adopt a more hardline position, particularly on immigration, Islam and national identity. By 2016, its platform had largely aligned with those of populist radical right parties elsewhere.

    Far-right views

    Today, the party can unequivocally be classified as far right. This umbrella term captures the growing links between “(populist) radical right” (illiberal-democratic) and “extreme right” (anti-democratic) parties and movements. Ideologically, the far right is characterised by nativism and authoritarianism.

    Nativism is a xenophobic form of nationalism, which holds that non-native elements form a threat to the homogeneous nation-state. In Germany, nativism carries a historical legacy. “Völkisch nationalism” was one of the core ideas of the 19th and early 20th centuries that was broadly adopted by National Socialism to justify deportations and, ultimately, the Holocaust.

    Völkisch ideology is based on the essentialist idea that the German people are inextricably connected to the soil. Thus, other people cannot be part of the völkisch community.

    The AfD has evolved into a far-right party by continuously radicalising its positions. It acted like a Trojan horse, importing völkisch nationalist ideology into the parliamentary and public arena, which used to be blocked by the gatekeeping mechanisms of German democracy.

    The AfD carved out a niche for itself by advocating stricter anti-immigration policies. This came in response to the so-called “refugee crisis”, when then-Chancellor Angela Merkel welcomed more than a million asylum seekers into Germany. At its campaign kickoff rally in January 2025, AfD’s chancellor candidate Alice Weidel vowed to implement “large-scale repatriations” (or “remigration”) of immigrants.

    The party advocates a return to a blood-based citizenship, insisting that, with very few exceptions for well-assimilated migrants, citizenship can only be determined by ancestry and bloodline rather than birthright.

    Additionally, the party upholds the white, nuclear family as an ideal and has pledged to dismiss university professors accused of promoting “leftist, woke gender ideology”. The party also calls for the immediate lifting of sanctions against Russia and opposes weapons deliveries to Ukraine.

    In recent years, the party has embraced the far-right strategy of flooding the media and public discourse with controversy, misinformation and inflammatory rhetoric, to dominate attention and transgress traditional political norms.

    A striking example is former AfD-leader Alexander Gauland’s 2018 claim that the 12 years of Nazi rule were “mere bird shit in over 1,000 years of successful German history”. With this remark, he sought to reframe modern Germany as a continuation of its pre-1933 history, while downplaying the significance of the Nazi era.

    Normalising the AfD

    Until recently, the far right was consistently excluded by mainstream political parties. It was a founding myth of the old Federal Republic of Germany that democratic forces do not cooperate with the far right. At least on the parliamentary level, this worked quite well as a part of Germany’s “militant democracy”.

    However, the political firewall — the Brandmauer — has started to crumble. The AfD has since celebrated the election of its first mayors at the local level.

    The success of the AfD has especially been fuelled by the narrative of a “refugee crisis” in Germany. Harsh political rhetoric about migration has contributed to the party’s electoral success, as well as mainstream adoption of some of its positions.

    Oddly enough, the AfD is especially successful in rural, remote areas with low levels of migration. It is weak in more globalised, university-oriented urban areas.



    Read more:
    German party leaders are united against immigration – but there is little evidence for a key part of their argument

    Ahead of the 2025 elections, Friedrich Merz, the lead candidate of the CDU, broke a longstanding political taboo when his proposal to tighten asylum policies narrowly passed in the Bundestag with backing from the AfD. Meanwhile, German media have increasingly treated AfD representatives as legitimate political contenders.

    Once marginalised in political debates, they are now regularly invited to talk shows. And they have received international legitimacy from figures such as US vice-president J.D. Vance, and X owner Elon Musk.

    This election may give an indication of how far the AfD’s normalisation will go and how it will affect Germany’s political future. Beyond electoral success, the main question will be to what extent mainstream parties will incorporate far-right ideas in their political agenda.

    What is already clear, however, is that the political landscape has shifted. The boundaries that once kept the far right at the margins are no longer as firm as they once were

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

    – ref. What is the AfD? Germany’s far-right party, explained – https://theconversation.com/what-is-the-afd-germanys-far-right-party-explained-250218

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why Keir Starmer may gamble on increasing Britain’s defence spending

    Source: The Conversation – UK – By Peter Bloom, Professor of Management, University of Essex

    leshiy985/Shutterstock

    Amid rising tensions around the world, the UK government faces pressure to increase defence spending. External threats and uncertainty over the nature of peace talks with Russia over Ukraine have been in the spotlight. But there are also broader political and economic interests shaping these decisions.

    The UK prime minister, Keir Starmer, must navigate commitments to Nato, expectations from allies and the influence of the defence industry. All the while, the squeeze on domestic spending and public scepticism loom large.

    The UK’s total military spending for 2024-2025 is expected to be £64.4 billion, with a rise to £67.7 billion in 2025-26. This is equal to 2.3% of the entire UK economy (GDP). It would continue the trend of making the UK one of the highest military spenders in Europe. But it’s still not enough as far as the US president, Donald Trump, is concerned.

    In 2023-2024, the UK’s Ministry of Defence spent its budget across several key areas. Around one-third went towards investment in things such as equipment, infrastructure and technology. Another big area of spending was personnel costs, accounting for around one-fifth of the spend.

    In recent years, UK military spending has fluctuated, reflecting a balance between modernisation, deterrence and operational readiness. One of the most significant areas of investment has been in the UK’s nuclear deterrent (Trident).

    At the same time, cyber defence has become a growing focus, with £1.9 billion allocated to counter threats such as increased cyber attacks and misinformation campaigns from foreign governments and political extremists. The UK has also committed to expanding its next-generation air capabilities.

    Britain’s recent escalation in defence investment mirrors a global surge in military spending. In 2024, worldwide defence expenditures reached an unprecedented US$2.46 trillion (£1.95 trillion), marking a 7.4% real-term increase from the previous year.

    This trend is particularly pronounced in Europe, where nations are bolstering their military capabilities in response to geopolitical tensions such as the war in Ukraine. Germany’s defence budget experienced a significant 23.2% real-term growth, making the country the world’s fourth-largest defence spender.

    In the UK, Labour has pledged to increase defence spending to 2.5% of GDP, aligning with Nato expectations. It also serves as a response to concerns about the country’s military readiness. This could require several billion pounds more annually, raising questions about how this would be funded.

    Publicly, the party presents this commitment as a necessary investment in the UK’s global standing and ability to deter aggression. However, you can argue that there is more at play.

    Political and economic pressures

    Starmer’s government inherited a complex set of geopolitical challenges, from European security concerns to the UK’s international relationships post-Brexit. Nato commitments remain a significant driver of defence spending, particularly as European allies anticipate shifts in US foreign policy under the second Trump presidency.

    The UK must also respond to regional tensions beyond Europe, due to its military alliances in the Indo-Pacific and its arms trade relationships with Middle Eastern states.

    Domestically, Labour’s commitment to raising defence spending is not just about security – it is also a political calculation. Starmer wants to dispel any perceptions that Labour is weak on defence.

    However, it comes at a time of fiscal constraint. Any new defence commitments must compete with demands for public investment in healthcare, education and infrastructure. Without additional taxation or significant budget cuts, Labour may struggle to meet its defence spending targets without compromising other commitments.

    Beyond geopolitical necessity, increased military spending benefits the UK’s powerful military-industrial complex (the relationship between the country’s military and its defence industry). Major defence contractors such as BAE Systems, Rolls-Royce and Lockheed Martin UK secure billions in government contracts.

    The so-called “revolving door” between government and defence firms frequently sees former military officials and politicians taking on lucrative roles in private-sector defence companies.

    The cross-party consensus on expanding Britain’s defence industry, now embraced by trade unions and political commentators, reflects a narrow vision of economic security that overlooks more sustainable alternatives.

    The sector’s 200,000 jobs are frequently claimed to justify increased military spending. But investment in renewable energy infrastructure and domestic energy production could both boost employment and address fundamental security challenges exposed by the Ukraine crisis.

    The reliance on foreign energy sources can be weaponised by adversarial states, as reflected in the continued reliance of EU countries on Russia for their energy needs. By investing in domestic renewable energy infrastructure, the UK can insulate itself from geopolitical energy threats. Stable energy supplies can underpin both economic resilience and military readiness.

    But there is a disconnect between strong government protection for arms manufacturers and relatively limited support for green technology development. This, even as climate change poses an escalating threat to national stability.

    Labour faces a difficult balancing act. Increasing defence spending helps solidify the party’s credibility on national security. But domestically, it risks alienating voters who favour investment in social welfare over military expansion.

    Additionally, higher military expenditure could make tax hikes or borrowing necessary. Both pose political hazards. And there is a real risk that increased spending will disproportionately benefit corporate defence giants rather than the public.

    Starmer hopes increased defence spending will show that he is serious about European security.
    Fred Duval/Shutterstock

    Internationally, Starmer aims to signal Britain’s continued reliability as a Nato ally amid uncertainties about the US commitment to European security. This positioning becomes especially significant given the UK’s post-Brexit need to demonstrate its global relevance and military capability.

    Labour’s drive to increase defence spending is also shaped by economic imperatives that extend beyond immediate security needs. The party faces pressure to expand a major sector of British manufacturing. At stake are not just defence capabilities but jobs, regional development and industrial strategy.

    The government now finds itself caught between competing pressures. The commitment to military expansion reflects not just geopolitical imperatives but also domestic political calculations and economic concerns, which appear to be equally influential. And it raises fundamental questions about how national security priorities are truly determined in an era of multiple challenges.

    Peter Bloom 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. Why Keir Starmer may gamble on increasing Britain’s defence spending – https://theconversation.com/why-keir-starmer-may-gamble-on-increasing-britains-defence-spending-250447

    MIL OSI – Global Reports –

  • MIL-OSI Global: An explosion of colour and the downfall of an Instagram darling: what to see and watch this week

    Source: The Conversation – UK – By Jane Wright, Commissioning Editor, Arts & Culture, The Conversation UK

    Anyone familiar with Scotland will know the weather is at best mercurial, and at worst wet, grey and what we call “dreich” – a good Scottish word meaning drab. For an artist in the early 20th century suffering not just miserable weather but a cultural landscape of joyless, soul-sucking Presbyterianism, escaping to the sunlit uplands of the Parisian avant garde, where artists were experimenting wildly with new ideas and techniques, would have been deeply attractive.

    Into this vivid world of colour and possibility stepped four Scottish artists who embraced everything this exciting new art scene had to offer, and in doing so, changed Scotland’s art forever. Inspired by the post-impressionist works of Van Gogh, Matisse, Cezanne and Derain, they often painted outdoors, revelling in nature, creating exceptional artworks that explored light, shape and colour.

    Samuel John Peploe experimented with Cezanne-like geometric forms, while John Duncan Fergusson took on fauvist influences. George Leslie Hunter focused on blocks of colour, and Francis Campbell Boileau Cadell explored bold shapes and impressionistic compositions.

    Together they became known as the “Scottish colourists”, and their work is being celebrated at a new exhibition at the Dovecot in Edinburgh. As our reviewer Blane Savage points out, each brought back to Scotland new approaches to art that were reflected in their subsequent work. Take Peploe’s Green Sea, Iona from 1925, which perfectly captures the mesmerising colours of a Hebridean shoreline. Radiant and vibrant, here was art to lift even the dreichest Presbyterian Scot’s heart.

    The Scottish Colourists: Radical Perspectives is on at the Dovecot Studios in Edinburgh until June 28.



    Read more:
    Scottish colourists exhibition: the painters who stood shoulder to shoulder with Matisse and Cezanne

    Flowers, grief and reconciliation

    Just as the Scottish colourists loved a nice vase of voluptuous blooms, the new Saatchi Gallery exhibition on the subject, named simply Flowers, explores the place of flora in contemporary art, as well as its wider cultural influence.

    Reviewer Judith Brocklehurst describes the show as resembling a “supersized florist”, filled with bunches of blooms and hanging arrangements of dried flowers. The exhibition offers a wide perspective: from sculpture finding inspiration in Van Gogh’s Sunflowers, to William Morris’s much-loved floral designs, to the digital recreation of 17th-century Dutch paintings, and contemporary photography and video installations too.

    This richly imaginative and engaging exhibition celebrating the importance of flora in our lives is well worth an hour of your time if you’re in London.

    Flowers – Flora in Contemporary Art and Culture is on display at London’s Saatchi Gallery until May 5 2025.



    Read more:
    Flowers at London’s Saatchi Gallery: this exploration of flora in history and contemporary culture smells as good as it looks

    Highly recommended cinema this week is the Japanese film Cottontail, a gentle and touching story about a middle-aged man grieving the loss of his wife after a long illness. Honouring her dying wish, he takes her ashes to be scattered in the Lake District in the north of England – a place that had special significance for her.

    Woven through the tale is the man’s complicated relationship with his son, whom he has neglected for his career. Struggling to connect, they embark on the journey together, each dealing with their own grief and sense of loss. Chao Fang, an expert in ageing, death and dying, found this delicate film’s portrayal of grief realistic and relatable, and the journey to find peace by reconciling the past and present both absorbing and affecting.

    Cottontail is in select cinemas now.



    Read more:
    Cottontail review: how a man’s journey through grief mirrors our search for peace – by an expert in death and grieving

    The Oscar-nominated I’m Still Here, released today, sees director Walter Salles adapt Marcelo Rubens Paiva’s autobiographical novel of the same name. The film follows the grief of a family whose husband and father is disappeared by the regime of Brazilian dictator Emílio Garrastazu Médici in the early 1970s. The film is carried by a memorable performance from actress Fernanda Torres who plays Eunice, the wife of missing left-wing politician Rubens.

    Relating the story from Eunice’s perspective as she desperately searches for her husband, the film details the breakdown of her relationship with her eldest daughters as they all seek to deal with their devastating loss and uncertain future. Professor of film Belén Vidal describes the film as a “clear-cut tribute to the ‘feminine’ politics of resistance”. Sad, moving and bittersweet in its conclusion, I’m Still Here, appropriately, lingers long after the credits have rolled.

    I’m Still Here is in cinemas now.



    Read more:
    I’m Still Here: a vibrant testament to female resilience that mourns Brazil’s dark past

    Downfall of an Instagram darling

    Often real life is stranger than anything created for our screens. Based on the true story of Australian wellness influencer Belle Gibson, Apple Cider Vinegar follows the story of a social media darling documenting her “journey” as she rejects conventional medicine for alternative therapies to treat a rare form of brain cancer. But in 2015, Gibson was exposed as a financial fraud – and worse, was revealed as never having had cancer. The internet, understandably, went wild. But how was she able to perpetrate such an audacious and complex deception?

    Apple Cider Vinegar dramatises Gibson’s story, documenting her meteoric rise to fame and her dramatic downfall, detailing some of the psychological issues that influenced her deceit. But, as sociology professor Stephanie Baker indicates, this shocking story also illustrates a wider point about the conditions that enable frauds like Gibson to gain credibility and influence online. Truly fascinating stuff, it once again reveals how the virtual nature of the internet deludes people when it comes to online behaviour, accountability and getting away with it.

    Apple Cider Vinegar is now streaming on Netflix.



    Read more:
    Apple Cider Vinegar: how social media gave rise to fraudulent wellness influencers like Belle Gibson

    – ref. An explosion of colour and the downfall of an Instagram darling: what to see and watch this week – https://theconversation.com/an-explosion-of-colour-and-the-downfall-of-an-instagram-darling-what-to-see-and-watch-this-week-250437

    MIL OSI – Global Reports –

  • MIL-OSI Global: China: Xi Jinping has learned from Trump’s first trade war and is ready to fight back

    Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

    The start of 2025 has been good for China and its reputation as a high-tech innovator. The unveiling of the Chinese-made artificial intelligence (AI) tool, DeepSeek, caused consternation on the US stock exchange and from potential competitors in Silicon Valley.

    Chinese firms are increasingly at the forefront of key high-level technologies such as electric vehicles (EVs) and AI, as reflected by the success of China’s electric vehicles, BYD, and now DeepSeek.

    These moves have made the Chinese economy more self sufficient than it was during Trump’s first term, and has made Beijing more confident about pushing back politically against Trump.

    This is all underlined by a high-level meeting hosted by President Xi Jinping at China’s Great Hall of the People this week. He told the heads of China’s leading tech firms it was time for them “to give full play to their capabilities” and spoke of it as a patriotic duty, according to official accounts.

    This comes as China starts being hit by US tariffs of an additional 10% on its goods, as well as a slew of anti-China rhetoric from the Trump government.

    But China’s high tech industries are on the up, and this is a significant boost for Xi. For instance, in January this year, sales of the Chinese EVs exceeded those of Tesla in the UK for the first time.

    Part of the Chinese EV’s success could be attributed to a backlash against Tesla’s co-founder Elon Musk, after he started backing far-right parties around the world.

    Another factor that Chinese high-tech goods have in their favour are lower prices. Prices for Chinese EVs start at £7,697 in the UK, for example – much lower than Tesla’s Model 3 at £25,490.

    This price difference will be significant in the latest phase of the Sino-US trade war, particularly in countries struggling with a cost-of-living crisis. China is also hoping its cheap prices and tech innovations will help it find new trading allies to counteract Washington’s proposed tariffs.

    What China has to offer

    China is a fast-growing economic and political power and is expected to account for nearly a quarter of the global economy by 2030.

    The success of BYD and DeepSeek comes at a time where Beijing feels more prepared for Trump’s tough tariffs and tension with Washington, than it did in his previous term. China has responded to Trump’s threats with reciprocal tariffs on US coal and liquefied gas, as well as a ban on the export of critical minerals. These are a key component for many US military technologies varying from communications equipment to missiles.

    China accounts for 72% of all rare earth imports for the US. Such measures contrast with the cautious approach taken by Beijing in 2017, when US tariffs during Trump’s first term met little retaliation from Beijing.

    The changes in China’s tactics can partly be attributed to what Beijing learned from the previous trade war. In 2017 there were weaknesses in the supply chains of many Chinese firms, most notably ZTE and Huawei.

    They struggled when Washington pressurised its own chipmakers and those of allied states, such as Britain’s Arm, to stop sales of semiconductor technology to China. As a result, finding long-term alternatives to US technology in the supply chain has become a key priority for Beijing.

    What is Deep Seek?

    Xi has recognised the value of firms such as Huawei and BYD in aiding China’s wider technological (and geopolitical) ambitions, most notably as part of the Made in China 2025 strategy, a national strategy to make China a leader in high-tech technology.



    Read more:
    DeepSeek: how China’s embrace of open-source AI caused a geopolitical earthquake

    Traditionally, China was seen as the home of cheap, low-quality goods, which had been central to its development in the 1980s and 1990s. But many of companies producing these products are increasingly moving to south-east Asia to take advantage of lower labour costs.

    However, Chinese industries are now gaining ground in fields that have traditionally been the preserve of developed nations. For instance, Huawei has developed a spin off, Honor, which has gone from producing cheap, simple smartphones and into AI technology.

    Meanwhile, the success of BYD and DeepSeek have demonstrated that China is, in some ways at least, far better placed for a prolonged trade war. Beijing is feeling more confident, which explains its willingness to push back against Washington this time.

    So the White House will have to deal with higher prices for US goods going into China, as well as additional trade spats with the EU, Canada and the UK. It might be a bumpy ride for US consumers.

    How Beijing responds and its new-found clout may determine the course of this new trade war, and potentially add to its long-term standing in the world.

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

    – ref. China: Xi Jinping has learned from Trump’s first trade war and is ready to fight back – https://theconversation.com/china-xi-jinping-has-learned-from-trumps-first-trade-war-and-is-ready-to-fight-back-250101

    MIL OSI – Global Reports –

  • MIL-OSI Global: Brazil coup charges could end Bolsonaro’s political career − but they won’t extinguish Bolsonarismo

    Source: The Conversation – USA – By Anthony Pereira, Director of the Kimberly Green Latin American and Caribbean Center, Florida International University

    The former president looked disappointed on Jan. 18, 2025, after a judge denied his request to travel to the U.S. for Donald Trump’s inauguration. Evaristo Sa/AFP via Getty Images

    Brazilian politics are getting more dramatic again.

    The South American country’s attorney general filed five criminal charges against former President Jair Bolsonaro and 33 others in its Supreme Court on Feb. 18, 2025, detonating political shock waves. The charges include plotting a coup d’état to prevent Luíz Inácio Lula da Silva’s presidency. The other defendants include several former prominent officials, including a former spy chief, defense minister, national security adviser and Bolsonaro’s running mate.

    Lula took office in Brazil for a third time in January 2023, after he defeated Bolsonaro in the 2022 presidential election. Bolsonaro, a right-wing politician allied with U.S. President Donald Trump, had served the previous four-year term. Bolsonaro and his codefendants are also charged with trying to poison Lula and assassinate his vice presidential running mate, Geraldo Alckmin, and Brazilian Supreme Court Justice Alexandre de Moraes; participating in an armed criminal organization; and seeking to violently overthrow the democratic rule of law. He denies doing anything wrong.

    As a professor of Brazilian politics, I believe that Bolsonaro’s legal troubles threaten to definitively end his political career. There’s also a possibility that the 69-year-old former president will be sentenced to prison. But, at the same time, the charges could also galvanize Bolsonaro’s base – playing into a narrative that sees the right-wing leader as stymied, unfairly, by the government he used to run.

    No sash passed

    Bolsonaro’s behavior before, during and after his second presidential campaign was unusual for any president seeking another term. He claimed, when he was still in office, that Brazil’s electronic voting system was not secure and predicted that fraud might crop up in the 2022 elections.

    Although he never produced any evidence to support this claim, he promoted it on social media, fostering skepticism about the election among some voters.

    Bolsonaro never formally conceded his narrow electoral defeat to Lula in October 2022, insinuating that instead the election had been stolen. In 2023, Brazil’s Supreme Electoral Court ruled that he had abused his power and banned him from running for political office again for the next eight years.

    Instead of attending Lula’s inauguration on Jan. 1, 2023, where he would have been expected to participate in the traditional passing of the sash from the incumbent to the incoming president, Bolsonaro flew to Orlando, Florida, on Dec. 30, 2022. He stayed in Kissimmee, Florida, for the next three months.

    That meant Bolsonaro was not in Brazil when thousands of his supporters rampaged through and vandalized three government buildings in Brasília on Jan. 8, 2023. The incident was strikingly similar to Trump supporters’ assault on the U.S. Capitol on Jan. 6, 2021.

    The new charges accuse Bolsonaro of taking part in a conspiracy to delegitimize the elections. The indictment also alleges that after the results were announced, Bolsonaro and the other defendants encouraged protests and urged the armed forces to intervene, declare a state of siege and prevent the peaceful transition of power from Bolsonaro to Lula.

    Former Brazilian President Jair Bolsonaro can still draw crowds of supporters, as happened on Copacabana Beach in Rio de Janeiro on April 21, 2024.
    Buda Mendes/Getty Images

    Possibility of prison

    The evidence in this indictment is based, in part, on plea-bargained testimony by one of the alleged conspirators, the former presidential adviser and army Lt. Col. Mauro Cid.

    The attorney general has also accused Bolsonaro and his associates of being linked to businessmen who paid for buses to take Bolsonaro supporters to Brasília so they could participate in the Jan. 8 attacks, which caused damage estimated at 20 million Brazilian reais (US$3.5 million). And the indictment alleges that the coup plot failed because the commanders of Brazil’s army and air force refused to support the conspiracy, although the commander of the navy did, which explains why he was named as a defendant.

    If Brazil’s Supreme Court accepts the charges, which seems likely, the legal battle will begin. If Bolsonaro is convicted, he could go to prison.

    Bolsonaro’s defense team, for its part, says that the charges are “inept” and unconvincing. His lawyers expressed confidence that they could win the case.

    President Lula, wearing a hat, walks alongside Brazil’s first lady, Rosangela Janja da Silva, in a pink suit, during a rally in Brasilia on Jan. 8, 2025 – two years after supporters of his predecessor staged a failed coup attempt.
    Claudio Reis/Getty Images

    Narrow path

    Bolsonaro and his supporters have long criticized Brazil’s Supreme Court, arguing that it has exceeded its constitutional powers and become a judicial “dictatorship.” They have also pushed for Congress to grant amnesty to everyone who took part in or helped carry out the Jan. 8 attacks, including Bolsonaro.

    To date, Brazil’s Supreme Court has convicted 371 people for participating in the attacks. Those convicted have received prison sentences of between three and 17 years.

    Unlike in the United States, however, there has been a broad consensus in Brazil that the attacks were illegitimate and unacceptable. This consensus includes many lawmakers on the right and center-right in Brazil’s Congress, as well as in state and local governments.

    So, although the example of Donald Trump returning to the presidency and pardoning the participants in the Jan. 6 attack on the U.S. Capitol inspires Bolsonaro’s supporters, his path to achieving a similar result is narrower than was Trump’s.

    Meanwhile, Trump’s media company, which owns Truth Social and Rumble, sued Moraes, the judge Bolsonaro is accused of plotting to kill, for ordering the suspension of social media accounts and thereby undermining the First Amendment rights of U.S. citizens. The case was filed in federal court in Tampa, Florida, on Feb. 19.

    Any trial of Bolsonaro and the other alleged coup plotters could spark a political struggle.

    Brazil’s right wing is currently divided between advocates of hard-line Bolsonarismo – a disruptive ideology that advocates social conservatism, a lightly regulated economy, militarism and a strong executive branch – and a more pragmatic conservatism that works within the conventional rules of politics and is mainly focused on patronage and the management of the spoils of office.

    Should Bolsonaro and his fellow defendants be tried in the Supreme Court, those hard-liners could be mobilized and energized.

    They would see the trial as the political establishment’s persecution of their political hero. And a struggle to find Bolsanaro’s successor, most likely between his son Eduardo and the former president’s wife, Michelle, would ensue.

    The successor would claim the mantle of opposition to Lula, who is eligible to seek a fourth presidential term and claims to want to run for reelection in 2026 – when he would be about to celebrate his 81st birthday.

    High stakes

    There are, to be sure, some Brazilian politicians who are more moderate than Bolsonaro and would also like to run against Lula next time. They would bring much less baggage to that presidential race.

    Their candidacies might offer a possible return to the relative political stability Brazil had experienced for almost two decades before 2013, when the main dividing line in Brazilian politics was between coalitions led by the center-right Social Democratic Party and the center-left Workers’ Party.

    To be clear, it’s hard to overstate the potential consequences of the Supreme Court’s deliberation and judgment in this case.

    The trial, should it occur, would be televised and also have a geopolitical dimension, because it would be closely watched by advocates of hard-right populism in other countries across the Americas and beyond. The stakes are high.

    In the meantime, I have no doubt that Bolsonaro’s supporters will try to use his legal woes to rally his political movement. The judgment of Brazil’s Supreme Court, should it decide to hear this case, could therefore end Bolsonaro’s political career. However, no matter what happens, I believe that Bolsonarismo would still be alive and well as a political force in Brazil and a factor in the 2026 elections.

    Anthony Pereira has received funding in the past from the British Academy and the Economic and Social Research Council (ESRC) of the UK.

    I am a senior fellow at Canning House, a think tank based in London. This is an unpaid position.

    – ref. Brazil coup charges could end Bolsonaro’s political career − but they won’t extinguish Bolsonarismo – https://theconversation.com/brazil-coup-charges-could-end-bolsonaros-political-career-but-they-wont-extinguish-bolsonarismo-250478

    MIL OSI – Global Reports –