NewzIntel.com

Category: Economy

  • MIL-OSI Economics: Michael S Barr: Deepfakes and the AI arms race in bank cybersecurity

    Source: Bank for International Settlements

    Thank you for the opportunity to speak to you today about artificial intelligence (AI) and cybersecurity. In the past, a skilled forger could pass a bad check by replicating a person’s signature. Now, advances in AI can do much more damage by replicating a person’s entire identity. This technology-known as deepfakes-has the potential to supercharge identity fraud. I’ve recently spoken about the importance of recognizing both the benefits and the risks of generative AI (Gen AI). Today, I’d like to focus more on the darker side of the technology-specifically how Gen AI has the potential to enable deepfake technology, and what we should be doing now to defend against this risk in finance.

    Escalating Threat of Gen-AI Facilitated Cybercrime

    Cybercrime is on the rise, and cybercriminals are increasingly turning to Gen AI to facilitate their crimes. Criminal tactics are becoming more sophisticated and available to a broader range of criminals. Estimates of direct and indirect costs of cyber incidents range from 1 to 10 percent of global GDP. Deepfake attacks have seen a twentyfold increase over the last three years.

    Cybercrime with deepfakes involves the same cat and mouse game common to sophisticated criminal activity. Both cybercriminals and financial institutions are constantly trying to outdo each other. Criminals develop new attack methods, and companies respond with better defenses. Here, the same technological innovations that enable the bad actors can also help those fighting cybercrime. However, there is an asymmetry-the fraudsters can cast a wide net of approaches and target a wide number of victims, and they only need a small number to be successful. Their marginal cost is generally low, and individual failures matter little. Conversely, companies must undergo a rigorous review and testing process to mount effective cyber defenses and will thus be slower in developing their defenses. A single failure is very costly. As we consider this issue from a policy perspective, we need to take steps to make attacks less likely by raising the cost of the attack to the cybercriminals and lowering the costs of defense to financial institutions and law enforcement.

    MIL OSI Economics –

  • MIL-OSI Economics: Chia Der Jiun: Charting a steady course in a changing world

    Source: Bank for International Settlements

    IMAS EXCO
    Ms Carmen Wee, IMAS CEO
    Ladies and Gentlemen

    Good morning. I am delighted to join you today at the 28th IMAS Annual Investment Conference.

    This year’s conference theme – “Navigating an Evolving Landscape” – is apt but may be understating the environment we are in today. Fundamental shifts in trade policy and the geo-strategic landscape have led us into a period of heightened uncertainty in the global economy and volatility in financial markets. In this new landscape of uncertainty and volatility, the asset management industry plays an important role in sustaining investor confidence and contributing to the resilience of markets.

    Role of Asset Management Industry to Manage Uncertainty 

    Let me focus on 3 areas that the asset management industry can help in:

    a. One, build more resilient markets;
    b. Two, provide products and portfolios that meet investors’ diversification and retirement needs; and
    c. Three, support better informed investors.

    Resilient Markets

    There are several components that contribute towards more resilient markets. Transparency, market integrity and settlement efficiency are fundamental. Regulators have a role in putting these right. Market infrastructure operators also have a role. Trading venues should be liquidity enhancing rather than liquidity fragmenting. Margin requirements should be set at levels that avoid amplifying funding stresses.

    Market participants too play a role. Leverage needs to be deployed carefully to mitigate procyclical deleveraging. To be clear, market functionality has generally remained resilient through stress episodes, including through the sharp market repricing of risks and uncertainty in April. But we are also all aware of episodes where volatility spiked and market functionality deteriorated. In August last year, Japanese equities fell sharply and VIX spiked following the unwinding of leveraged carry trades. Earlier this month, 10-year Treasuries rose 50bps over a short period of time, while the dollar weakened. A commonly heard attribution has been the unwind of leveraged trades. Crowded leveraged trades are vulnerable to changing policy, economic and market conditions. Market resilience is better assured through a diversity of market participants, employing a myriad of strategies which provides depth and two-way flows. Let me give the example of Singapore’s FX market, where MAS had sought to foster a diverse ecosystem of market participants to support depth and stability.

    a. In FX markets, we made efforts since 2018 via our Foreign Exchange E-Trading (“FXET”) initiative, to strengthen infrastructure capabilities. This has improved pricing and trade-fill efficiency while reducing latency. Over time, a diverse group of FX players have anchored their matching and pricing engines in Singapore to serve regional market participants. This enhancement of FX capabilities and infrastructure has supported FX price discovery and market functionality in this region during both Business-as-Usual and under stressed periods. Our eFX ecosystem continues to grow well with a diversity of market participants including platforms, banks, real money, hedge funds, and corporate treasuries. This has contributed to Singapore’s continued growth as a leading FX hub in Asia, with the average daily traded volumes crossing US$ 1 trillion in 2024.1

    At this time of heightened uncertainty, MAS is closely watching that Singapore’s foreign exchange and S$ money markets continue to function in an orderly manner. We also monitor the functionality of key funding markets in coordination with central banks globally.

    Products and Portfolios that Meet Diversification and Retirement Needs

    Let me turn to my second point. Asset managers are key to providing fund products that serve the savings and retirement needs for our region. Their products should contribute to portfolio diversification and help investors manage market volatility while investing for the long term. In building and delivering such products,:

    a. Asset managers must have in place an effective liquidity and market risk management framework. There is a need to run regular stress testing on your portfolio risks under conditions when volatility spikes and correlations break down. Funds should also stress your ability to handle redemption spikes amidst adverse market movements. Global regulatory bodies such as the FSB and IOSCO have made calls for further enhancements to strengthen the industry’s resilience in both normal and stressed market conditions, by reinforcing consistency between the funds’ investment strategy and liquidity of fund assets, with redemption terms. In line with this, MAS will study the need to review the current framework for liquidity risk management by asset managers, and will engage the industry when ready.
    b. Product distributors and providers should also ensure that marketing and advertisements are fair and balanced. Marketing should not over-emphasise product features that are not sustainable across a robust range of scenarios. A sudden withdrawal of such product features could cause a loss of confidence and a redemption spike.
    c. Clear and timely disclosures should be provided to investors, to enable them to make well-informed investment decisions in fast-changing market conditions.

    To provide retail investors with a wider set of investment choices, MAS is also currently consulting on a framework for private market investment funds for retail investors.

    a. Private market investments, such as private equity and infrastructure, generally have longer investment horizons and a differentiated set of risk factors that are different than public market investments. Retail investors may be interested in gaining exposure to this asset class as part of a well-diversified investment portfolio.
    b. We welcome feedback from all IMAS members as we work towards developing a balanced and risk-calibrated framework that can support the growth of a robust and sustainable market for such retail funds.

    Support Better Informed Investors

    Third, asset managers support better informed investors, through continued partnership with MAS and the MoneySense community on investor education.

    When MAS launched the national financial education programme MoneySense in 2003, one of its goals was to support consumers in becoming more self-reliant in financial affairs. This was important as consumers needed to exercise their judgement, evaluate the suitability of investments for their own needs, even as more complex and varied products entered the financial markets.

    Over the years, industry associations, including IMAS, community organisations and consumer bodies have been valuable partners. Together, MoneySense’s activities and programmes were launched to enhance consumers’ understanding of financial affairs, whether it is in managing money, insurance protection, or investing and planning for retirement.

    IMAS’ Contributions to Industry

    Let me say a few words of appreciation for IMAS’ role in galvanizing the industry.

    I am happy to see IMAS’ continued efforts to bring partners together to uplift the asset management sector. As I mentioned earlier, IMAS has played an important role in improving public education through your ongoing partnerships with MoneySense, SGX and FundSingapore. IMAS has also contributed efforts towards reskilling and upskilling for industry professionals by developing the iLEARN platform since 2019 as a one-stop platform for relevant training programmes in line with market shifts.

    I am also encouraged to know that IMAS has taken the lead to support its members to deepen expertise in sustainable finance. I am happy today to be part of a significant milestone – the launch of the IMAS Climate Handbook in partnership with Amundi. This practical guide will enable asset managers to integrate climate considerations into risk assessments as well as investment frameworks.

    In closing, as regulator and developer of the asset management industry, we share a common goal with market participants to keep our markets stable and vibrant and to ensure its sustainable growth in the face of global headwinds. MAS will continue to partner with IMAS and its members to build a more resilient, competitive, and innovative asset management ecosystem.

    Thank you and wishing you all a fulfilling Conference ahead.

    MIL OSI Economics –

  • MIL-OSI USA: Heinrich, Luján Blast Trump Admin’s Attacks on Head Start, Demand RFK Jr. Immediately Unfreeze Head Start Funding & Reverse Firings of Early Childhood Education Workers

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    In a letter to RFK Jr., Heinrich & Luján demand answers on Trump Admin’s actions to undermine Head Start as Trump reportedly plans to eliminate the program
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Senator Ben Ray Luján (D-N.M.), one of only two Head Start graduates to serve in the Senate, sent a letter to Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. to demand the Trump Administration stop its attacks on Head Start programs. In their letter, Heinrich and Luján reminded Secretary Kennedy of his legal obligation to administer Head Start, and demanded that HHS immediately unfreeze Head Start funding, reverse the mass firing of Head Start workers, and stop  gutting offices that ensure high-quality early childhood education services are available for thousands of children and families in New Mexico and nationwide.
    In New Mexico, Head Start and early Head Start programs serve 8,800 children living below the poverty line, including 271 children experiencing homelessness, and 139 children in foster care in 2022. 
    “We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year,” the senators wrote in a letter to Secretary Kennedy. “It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”
    The senators detailed how the program plays an instrumental role in supporting kids and families across the country, writing: “Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.”
    “You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center,” the senators wrote, contrasting that statement of support with the Trump administration’s actions. “However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.”
    “Since the very start of this Administration, Head Start programs have been under attack,” the senators wrote, detailing office closures and funds that were frozen for Head Start grants across the country. “At one point, the National Head Start Association reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff.”
    The senators underscored how the gutting of Head Start offices and the firing of staff who keep the federal program running puts the entire program in jeopardy, “On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised ‘radical transparency’ as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.”
    Importantly, the senators noted that if Head Start funding is kept frozen by the Trump Administration, many more programs could be forced to close.
    “Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals,” the senators continued, detailing how local Head Start programs are receiving no notice for the path forward for grant funding. “Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.”
    “The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country,” the senators stated. “There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation.”
    The senators concluded by warning that eliminating Head Start would be devastating, demanding answers on the Trump Administration’s actions, and demanding the reversal of these actions: “[W]e urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.”
    Community leaders in New Mexico are weighing in on the grave consequences of the Trump Administration’s continuous assault on Head Start for children’s futures:
    “As a Head Start Leader for over 40 years, I have witnessed firsthand the transformative impact Head Start has on children, families, and communities. Eliminating Head Start would be nothing less than a national tragedy. It would be a direct attack on the country’s most vulnerable children and families – those who have the least and need the most.” said Patricia Grovey Evans, President of New Mexico Head Start Association.
    “Defunding the Head Start program would be a grave injustice to young Zuni children, who depend on this vital resource to embark on their educational journey steeped in cultural identity and moral values. Early childhood education is not merely about teaching; it lays the foundation for self-awareness and community connection that will guide them throughout their lives. Cutting this crucial funding threatens to strip away their opportunity to nurture the skills and cultural heritage essential for their growth and future success,” said Anthony Sanchez, Head Councilman for Zuni Tribe.
    “Jemez Pueblo’s Walatowa Head Start Language Immersion Program offers a unique and valuable community-based education delivered solely in our Towa language. Education of our youngest community members is important and to have that education provided in our native language is of the utmost importance. As Native people, it was vital that our Head Start program incorporated the Pueblo’s vibrant traditional calendar through art, music and dance while also incorporating other subjects like math and science. Walatowa Head Start Language Immersion Program serves as a model for other tribal Head Start programs who wish to teach the children in their native language. Our community worked for over a decade to make this education culturally responsive and if funding for Head Start were to disappear, so would our community’s work. We cannot allow this to happen,” said Carnell Chosa, First Lieutenant Governor of Jemez Pueblo.
    “As someone working on the front lines of early childhood education in New Mexico, I am deeply alarmed by the proposed cuts to Head Start in President Trump’s leaked budget. At the Now Mexico Association for the Education of Young Children (NMAEYC), we see firsthand how essential this program is especially for families inour rural and underserved communities. Head Start has been a cornerstone for opportunity and stability for low-income families for 60 years. Eliminating this program would jeopardize early learning, health, and nutrition services for more than 150,000 children across the country, including thousands here in New Mexico. Head Start is not just a program- it’s a lifeline. Gutting this critical funding, would harm our most vulnerable children, undermine family stability, and set our state back for generations. Continued investment in Head Start is not optional – it’s essential to ensuring that every New Mexico child, regardless of zip code, has a fair shot at success,” said Alicia B. Borrego, MBA, Executive Director of New Mexico Association for the Education of Young Children.
    “Children are our most precious resource. Cutting funding for Head Start and Early Head Start, which serve nearly 8,800 of New Mexico’s most vulnerable children, jeopardizes our children’s future, our community’s wellbeing, and our economy. These programs provide vital education and support families and their health, improving immunization rates, healthcare access, and social-emotional, language, and cognitive development. While New Mexico has made bold investments in early childhood, strong federal support is essential for every child to succeed in school and to flourish in life,” said Gabrielle Uballez, Executive Director of New Mexico Voices for Children.
    “Head Start has been a massively important force in changing the game for young children. The science tells us that 85% of brain development happens before age 5, so this is a common sense investment, and one that has contributed to decades of American prosperity,” said Kate Noble, President and CEO of Growing Up New Mexico.
    “Thanks to my experience working as a Head Start teacher in Santa Fe, I’ve seen firsthand how the Head Start Program change lives – giving our youngest leaners the solid foundation they need to succeed in school and beyond. Cutting this program would mean turning our backs on the children who need us most. This program isn’t just early education; it’s lifeblood for families who are doing their best with so little. Taking it away would break something sacred in our community.” said Deyanira Contreras, Director of Kids Campus at SFCC.
    Alongside Heinrich and Luján, the letter is signed by U.S. Senators Patty Murray (D-Wash.), Bernie Sanders (I-Vt.), Tammy Baldwin (D-Wis.), Jack Reed (D-R.I.), Mazie K. Hirono (D-Hawaii), Andy Kim (D-N.J.), Chuck Schumer (D-N.Y.), Lisa Blunt Rochester (D-Del.), Peter Welch (D-Vt.), Gary Peters (D-Mich.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Jeanne Shaheen (D-N.H.), Ruben Gallego (D-Ariz.), Elizabeth Warren (D-Mass.), Jacky Rosen (D-Nev.), Tina Smith (D-Minn.), John Fetterman (D-Pa.), Tammy Duckworth (D-Ill.), Chris Coons (D-Del.), Chris Murphy (D-Conn.), Jeff Merkley (D-Ore.), Mark Kelly (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Sheldon Whitehouse (D-R.I.), Dick Durbin (D-Ill.), Catherine Cortez Masto (D-Nev.), Tim Kaine (D-Minn.), Alex Padilla (D-Calif.), Chris Van Hollen (D-Md.), Elissa Slotkin (D-Minn.), Ron Wyden (D-Ore.), Raphael Warnock (D-Ga.), Cory Booker (D-N.J.), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Angus King (I-Maine), Brian Schatz (D-Hawaii), Angela Alsobrooks (D-Md.), and Mark Warner (D-Va.).
    The full text of the letter is here and below:
    Dear Secretary Kennedy:
    We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.
    Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. HeadStart programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.
    You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center, where you said, “I had a very inspiring tour. I saw a devoted staff and a lot of happy children. They are getting the kind of education and socialization they need, and they are also getting a couple of meals a day.”
    However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.
    Since the very start of this Administration, Head Start programs have been under attack. On January 27th, 2025, the Office of Management and Budget issued a memo (M-25-13) that suddenly froze the disbursement of grant funding for federal programs and services government-wide, including Head Start. Despite the Administration’s clarification that Head Start programs would not be the target of the funding freeze, many Head Startprograms across the country were unable to draw down their grant funds through the Payment Management System (PMS) for weeks. At one point, the National Head StartAssociation reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff. In Wisconsin, the National Centers for Learning Excellence, which serves more than 200 children and their families, shut down for a week and laid off staff due to the funding freeze.
    On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised “radical transparency” as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.
    On March 14th, 2025, the Office of Head Start (OHS) notified all Head Start programs that “the use of federal funding for any training and technical assistance or other program expenditures that promote or take part in diversity, equity, and inclusion (DEI) initiatives” will not be approved and that any questions should be directed to regional offices. Programs have not received any guidance for what would be considered “DEI” but this policy is potentially in direct conflict with statutory and regulatory program requirements, such as providing culturally and linguistically appropriate instructional services for English learners. Many programs cannot direct questions to regional staff, as half of regional offices were abruptly closed, and as unprecedented actions are being taken to delay and withhold funding, Head Start programs have been intentionally left with little to no guidance.
    Head Start programs are now arbitrarily required to provide justifications for each draw down of funds that is necessary to operate their programs, despite already receiving a federal grant award for these purposes. As of April 14th, Head Startprograms have reportedly received correspondence from an email address “defendthespend@hhs.gov” requiring programs to submit a “specific description of why the funds are necessary and why they are aligned to the award” before programs can have funding disbursed. It has been reported that political appointees must sign off on every draw down of funds. This creates an illusion of improving oversight but only serves to add unnecessary red tape by requiring the manual sign off on hundreds of thousands of individual actions annually across the Department based on two to three sentence justifications. Already some grantees have reported delays in receiving funds, and have reported that furloughs or closures are imminent if funds are not released. For an administration that purports to value local autonomy and efficiency in federally funded programs, your actions have achieved the exact opposite.
    Finally, Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals. Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.
    The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country. The fiscal year 2025 appropriations act provided $12.3 billion for Head Start, the same as the fiscal year 2024 level. The Head Start Act includes an explicit formula for how appropriated funds should be allocated. There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation. However, this week leaked fiscal year 2026 budget documents indicated the Office of Management and Budget was directing the Department, consistent with the Administration’s proposal to eliminate Head Start in fiscal year 2026, to “ensure to the extent allowable FY2025 funds are available to close out the program.” If this explains any of the delay in awarding fiscal year 2025 funding, we want to be clear, no funds were provided in fiscal year 2025 to “close out the program,” and it would be wholly unacceptable and likely illegal if the Department tries to carry out this directive.
    Finally, the leaked budget documents provided a justification, albeit brief, for eliminating Head Start in fiscal year 2026 that makes this Administration’s priorities clear and puts the Department’s actions over the last several months in context. The Administration argues that eliminating Head Start, “is consistent with the Administration’s goals of returning education to the States and increasing parental choice.” It is shocking to see an argument that eliminating a program that provides comprehensive early childhood care and education to 800,000 children and their families would increase parental choice. It is particularly concerning to see that argument in the context of the significant delay in awarding fiscal year 2025 appropriated funds and what that indicates about the intent behind the Department’s actions. We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Startprograms to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable.
    Therefore, we urge you to immediately reinstate fired staff across all Offices of HeadStart, and cease all actions to delay the awarding and disbursement of funding to HeadStart programs across this country.
    Please provide us with a written response to the questions below no later than 10 days from receipt:
    1. Will you reinstate the staff who administer Head Start programs and reopen the closed regional offices responsible for overseeing Head Start programs in 22 states?
    a) When is HHS going to share information on the reorganization plan for the consolidation of the regional offices?
    b) Please provide the contact information for each program specialist designated to the 22 states who lost their regional office.
    c) Who is responsible for ensuring there are no delays or lapses in funding, nor any disruptions to Head Start program operations now that these states do not have a regional office?
    2. How many employees at the Offices of Head Start have been terminated, including the five regional offices and the central office?
    a) Which officials at HHS were involved in the staffing reduction decisions for OHS and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions.
    3. Can you confirm that the Administration will distribute all Head Start funds appropriated by Congress to Head Start programs in FY 25, as required by the HeadStart Act?
    4. Please provide a list of all grantees with 5-year Head Start grant renewals that startbetween now and the end of the fiscal year: May 1st, June 1st, July 1st, August 1st, and September 1st.
    a) Will any funding be delayed for grantees that are due to receive their annual funding on May 1st or beyond?
    5. Why are funding awards delayed for grantees that received partial awards during the first continuing resolution for FY25?
    a) When can HHS guarantee that all funds will be awarded for partially funded Head Start programs?
    6. What is the “Tier 2” department for review that is delaying drawn down for HeadStart programs in the Payment Management System?
    a) When should programs expect to receive their funds?
    b) Please provide all communication that went to Head Start grantees on the new review process.
    7. What guidance and clarifications have been provided to Head Start grantees on DEI expenditures?
    a) How is HHS evaluating Head Start programs’ expenditures and grant awards for DEI?
    b) What justifications are being used to prohibit DEI?

    MIL OSI USA News –

  • MIL-OSI Europe: OSCE supports Ukraine in fighting illicit trafficking of firearms and explosives

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE supports Ukraine in fighting illicit trafficking of firearms and explosives

    Panellists at an expert roundtable on preventing and combating illicit trafficking of weapons, ammunition and explosives (WAE) in Ukraine, Kyiv, 25 April 2025. (OSCE) Photo details

    The OSCE, in partnership with Ukraine’s Ministry of Interior, convened an expert roundtable to discuss various aspects of preventing and combating illicit trafficking of weapons, ammunition and explosives (WAE) in Ukraine on 25 April.
    The roundtable focused on the development of Ukraine’s national control system over firearms, which is a permit-based system that streamlines proper storage and adherence to public carry restrictions of civilian firearms. More than 50 representatives of Ukrainian law enforcement sector, parliament and international organizations that provide subject matter support to Ukraine attended the event held in Kyiv.
    “Counteracting the illicit trafficking of weapons cannot be postponed to later – our joint actions today define safety and security of our communities tomorrow. Even during the war, we introduce systemic solutions for better tracing and thus control over firearms, which is a unique experience by itself,” said Ihor Klymenko, Ukraine’s Minister of Interior in his opening address.
    Reflecting on the threats illicit weapons currently pose in Ukraine, the participants shared their thoughts on appropriate response measures, such as improving national legislation on firearms, strengthening inter-agency co-ordination, implementing awareness raising campaigns, as well as enhancing capabilities of Ukraine’s law enforcement agencies in detection and investigation of illicit WAE. How to work closely with the Ukrainian society in curbing illicit circulation of firearms in the country was also discussed.
    “The recently launched mechanism for voluntary declaration of unregistered weapons and further digitalization of this process is a tangible step of the Ukrainian government towards reducing the risks of gun violence in Ukraine. Understanding deep trauma caused by the war and people’s natural desire of self-protection, it is important to build trustful relations between competent authorities and the population against illicit possession of firearms,” said Petr Mareš, the Special Representative of the OSCE Chairpersonship – Project Co-ordinator in Ukraine.
    The crucial role of the international support and synergy among all assistance providers on combating illicit WAE and affiliated threats in Ukraine was emphasized to ensure tailored address for Ukraine’s needs. Shawn DeCaluwe, Deputy Director of the OSCE Conflict Prevention Centre highlighted the OSCE’s role in providing training, specialized equipment and a platform for regular co-ordination among the organizations supporting Ukraine’s efforts in combating illicit WAE.
    The event was held as part of the OSCE extrabudgetary project “In support of strengthening the capacities of Ukrainian authorities in preventing and combating illicit trafficking of weapons, ammunition and explosives in all its aspects”, financed by the European Union, Finland, France, Germany, Slovakia and Poland.

    MIL OSI Europe News –

  • MIL-OSI Europe: Remarks by President António Costa at the joint press conference with Prime Minister of Bulgaria Rossen Jeliazkov

    Source: Council of the European Union

    In the context of his visit to Bulgaria, European Council President António Costa visited the Trakia University in Stara Zagora. Addressing the press, he highlighted the importance of strengthening Europe’s economy, security and cohesion. He also praised Bulgaria’s efforts in innovation, research and defense, emphasising its contribution to a more prosperous and secure EU.

    MIL OSI Europe News –

  • MIL-OSI: BexBack Introduces 100x Leverage, No KYC, and Exclusive Bonuses Amid Crypto Market Volatility

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 28, 2025 (GLOBE NEWSWIRE) — As Bitcoin has surged to new highs, reaching $95,000, BexBack, a fast-growing cryptocurrency derivatives platform, is positioning itself to help traders capitalize on market opportunities. Offering up to 100x leverage and no KYC, BexBack is redefining what it means to trade freely in today’s volatile market.

    In light of U.S. economic policies, such as recent tax adjustments and fiscal concerns, cryptocurrency has remained an attractive hedge. BexBack offers a suite of features that empower traders, including high leverage and enticing bonuses, to navigate the uncertain market with greater flexibility.

    Leverage Trading Made Simple

    With up to 100x leverage, BexBack enables traders to open larger positions with smaller capital. A small price movement in Bitcoin could result in significant gains, especially for those utilizing high leverage. However, traders are advised to manage risk carefully, as higher leverage also increases potential risks.

    Exclusive Bonuses to Maximize Profits

    1. $100 Welcome Bonus: Available to new users who deposit at least 0.01 BTC or 1000 USDT and complete their first trade. This bonus can help offset potential losses, offering a cushion as you start trading.
    2. 100% Deposit Bonus: Double your funds by applying for the 100% deposit bonus. While this bonus can’t be withdrawn, it can be used as margin, helping you open larger positions and trade with greater flexibility. Profits generated from trading with this bonus are fully withdrawable.

    Why Choose BexBack?

    • No KYC Requirements: BexBack prioritizes privacy, offering anonymous trading without the need for identity verification.
    • No Slippage, No Spread: Trades are executed at the set price, even with large positions, ensuring better price certainty.
    • Global Access: Available to users in the U.S., Canada, Europe, and more, with 24/7 customer support.
    • High-Leverage Trading: Trade with up to 100x leverage, maximizing your capital’s potential.

    About BexBack

    Launched in May 2024 and headquartered in Singapore, BexBack has quickly attracted over 500,000 users worldwide. The platform offers 100x leverage on Bitcoin, Ethereum, Solana, Cardano, and more, with no deposit fees and powerful promotional offers.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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

    Photos accompanying this announcement are available at:

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    The MIL Network –

  • MIL-OSI: Hedge Funds Down-shifted on Pro-Growth Positions During Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) — Unlimited, an asset management firm and ETF sponsor that uses proprietary technology to provide low-cost, alternative strategies to a variety of investors, today published its Q1 2025 Hedge Fund Barometer, which showed a significant reversal of pro-growth positions in both U.S. equities and corporate bonds over the quarter as well as an increase in bets on gold.

    According to Unlimited’s proprietary technology, hedge fund managers came into the year with relatively low conviction and modest views but subsequently ramped up pro-growth positions including long the U.S. dollar, and credit spread and equity bets in line with increased expectations of U.S. growth from the new administration. The majority of those positions were reversed starting in February with the exception of extending bullish positions on gold.

    “Hedge fund positioning shows some of the lowest conviction in the direction of asset prices that we have seen in decades,” said Bob Elliott, CEO and CIO of Unlimited and portfolio manager of actively-managed ETFs. “Those positions were a dramatic transition from the beginning of the quarter when hedge funds were ramping up their bullish bets on the U.S. economy. The prominence of policy volatility likely triggered managers’ reluctance to hold significant directional positions.”

    Hedge funds eked out modestly positive performance in the first quarter with the mix of sub-strategy returns largely reversing the moves of the previous quarter. Emerging Market funds outperformed meaningfully as Chinese stocks surged meanwhile Equity Long/Short and Event Driven strategies came in weak.

    1Q25 Hedge Fund Strategy Performance, Gross of Fees

    • Industry Return: 1.7%
    • Best Performing Fund Style: Emerging Markets 6.3%
    • Worst Performing Fund Style: Event Driven -0.8%

    Unlimited’s Hedge Fund Barometer showed other notable moves during the quarter included:

    • Bearish outlook on oil shifted towards neutral bullish positioning in Chinese and Japanese equities
    • Notable underweight in U.S. biotech
    • Equity Long/Short managers remain bearish on U.S. small and mid-cap companies

    Click here to view a video on how Unlimited’s technology works.

    About Unlimited
    Founded in 2022 by Bob Elliott, Bruce McNevin and Matt Salzberg, Unlimited is an investment firm using proprietary technology to create strategies that offer lower-cost access to 2 & 20-style alternative investment strategies, such as hedge funds, to a wide variety of investors. Mr. Elliott has built innovative hedge fund strategies for more than two decades, including at Bridgewater Associates, the world’s largest hedge fund. Mr. McNevin is a Professor of Economics at New York University and has held various data science positions at hedge funds Clinton Group and Midway Group, along with positions at Bank of America and BlackRock. Mr. Salzberg serves as a Managing Partner at Material and Board Director of Unlimited. Learn more at unlimitedfunds.com.

    For informational and educational purposes only and should not be construed as investment advice. The data shown herein represents past performance and should not be construed as providing any assurance or guarantee as to returns that may be realized in the future. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown herein. No investment strategy or risk management technique can guarantee return or eliminate risk in any market environment.

    Media Contacts:  
    Sarah Lazarus Zach Kouwe
    Dukas Linden Public Relations Dukas Linden Public Relations
    +1 617-335-7823 +1 551-655-4032
    sarah@dlpr.com zkouwe@dlpr.com

    The MIL Network –

  • MIL-OSI: Caldwell U.S. Dividend Advantage Fund Declares Distributions for Q2 2025

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, April 28, 2025 (GLOBE NEWSWIRE) — Caldwell Investment Management Ltd., the manager of Caldwell U.S. Dividend Advantage Fund (the “Fund”), is pleased to announce the payment of distributions on the actively-managed ETF Series of the Fund to unitholders of record as indicated below. The monthly distribution rate of CAD $0.038 per unit of the ETF Series represents an attractive annualized yield on net assets of approximately 3.4%.

    Record Date Payment Date Distribution per Unit
    April 30, 2025 May 7, 2025 CAD $0.038
    May 30, 2025 June 6, 2025 CAD $0.038
    June 30, 2025 July 8, 2025 CAD $0.038
         

    ETF Series unitholders also have the option to participate in the distribution reinvestment plan (“DRIP”) offered by the Fund, which provides investors with the ability to automatically reinvest distributions and realize the benefits of compounded growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    The ETF Series of Caldwell U.S. Dividend Advantage Fund trades on the TSX under the ticker symbol UDA.

    For further information, please visit our website at www.caldwellinvestment.com or contact us at 416-593-1798 or 1-800-256-2441.

    The Fund was first offered to the public as a closed-end investment on May 28, 2015 and was converted into an open-end mutual fund effective as of November 15, 2018, with all outstanding units designated as Series F units. The ETF Series of the Fund was launched on March 18, 2020.  Performance of the Fund prior to the conversion date would have differed had the Fund been subject to the same investment restrictions and practices of the current open-end mutual fund.

    Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Caldwell Investment Management Ltd. makes no representations or warranties on the accuracy and completeness of the information included herein. Certain statements herein contain forward looking information based on certain historical information of the Fund and represent current expectations as of the date of this press release. Actual future results may differ materially due to but not limited to prevailing market conditions, there being no assurance of realizing capital gains and no assurance that issuers held in the portfolio will pay dividends or distributions on their securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund, are taxable in your hands in the year they are paid. Your adjusted cost base (“ACB”) will be reduced by the amount of any returns of capital and should your ACB fall below zero, you will have to pay capital gains tax on the amount below zero.

    The MIL Network –

  • MIL-OSI Africa: Africa Finance Corporation Appoints Ireti Samuel-Ogbu as Chair of Board of Directors

    Source: Africa Press Organisation – English (2) – Report:

    LAGOS, Nigeria, April 28, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading instrumental infrastructure solutions provider, today announced the appointment of Mrs Ireti Samuel-Ogbu as Chair of its Board of Directors. She succeeds Mr. Emeka Emuwa who has completed 12 years of meritorious service to the Corporation.

    Mrs. Samuel-Ogbu brings a wealth of experience spread over three decades leading and transforming the banking sector in Europe, Middle East, and Africa. Until recently, she led Citi’s institutional businesses in Nigeria and Ghana, with oversight across Banking, Markets and Services. During this period, she steered the franchise through significant macroeconomic and regulatory headwinds, strengthening its strategic momentum and resilience.

    Her international career within Citibank included senior leadership roles across over 50 countries in the Europe, Middle East, and Africa region, during which time she worked in the United Kingdom, Nigeria, and South Africa.

    Mrs. Samuel-Ogbu has extensive boardroom experience including Citibank Nigeria where she was a Non-Executive Director for 6 years and Chair of the Risk Committee prior to becoming the Managing Director. She also served on the board of CHAPS Clearing UK, the high value payment system now operated by the Bank of England and a UK-based charity, Opportunity International. Her extensive experience and unwavering dedication to the advancement of Africa make her a valuable asset to AFC at a time when the Corporation is more committed than ever to accelerating Africa’s transformation through bold investments, innovative financing models and catalytic partnerships.

    AFC recently delivered a record-breaking FY2024 financial performance, with total revenue increasing by 22.8% to US$1.1 billion, surpassing the US$1 billion milestone for the first time. This strong performance was driven by several transformational projects including acting as the Lead Project Developer for the Lobito Corridor, a transformative multi-country transport network connecting Angola, Zambia and the Democratic Republic of Congo (DRC), financing of the expansion of the Kamoa-Kakula Copper Complex in the DRC — one of the world’s highest-grade, low-carbon underground copper mines and financing support for the commissioning of the Dangote Refinery, the largest in Africa.

    Speaking on the appointment, Samaila Zubairu, President & CEO of AFC, said: ” We are delighted to welcome Mrs Ireti Samuel-Ogbu as Chair of the Board. Her wealth of experience, visionary leadership and deep understanding of Africa’s financial landscape will be invaluable as we navigate our next phase of growth- expanding our impact, mobilising urgently needed capital and delivering transformative projects that enable inclusive and sustainable prosperity across the continent.”

    Mrs Ireti Samuel-Ogbu commented: “I am honoured to take on the role of Chair at AFC, an institution that serves as a trusted bridge between international capital and Africa’s dynamic growth opportunities. I look forward to working closely with the board, management, and all stakeholders to advance the Corporation’s mission and strengthen its role as the leading provider of strategic, investment-driven solutions that unlock Africa’s full economic potential.”

    MIL OSI Africa –

  • MIL-OSI Africa: Ahead of Conference of the Parties (COP30), Africa champions new approach to measuring green wealth of countries and incentivizing climate action

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, April 28, 2025/APO Group/ —

    •  Proper valuation of natural capital and the ecosystem services it provides, such as carbon sequestration, is a win-win strategy for growing economies— Urama, African Development Bank (www.AfDB.org)
    • We need to make bold decisions and act swiftly to accelerate the measurement of Africa’s green wealth— Suda-Mafudze, African Union Commission.

    African leaders are advocating for a new approach to measuring the continent’s green wealth, emphasizing that current  gross domestic product measures in most African countries are outdated and underestimate their true wealth.

    They spoke on Thursday at an event hosted by the African Union Commission and the African Development Bank Group at the African Union Mission to the United States on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).

    “We need to talk the talk and walk the talk. It is time to turn our commitments and pledges into concrete actions,” said Ambassador Hilda Suda-Mafudze, Permanent Representative of the African Union Mission to the U.S. “We need to invest in our systems of national accounts. If we want to have accurate measures of our wealth and create a store of assets, we can leverage them to drive our ambitions of shared prosperity and sustainable development.”

    The event featured discussion of a 2024 African Development Bank Group report that found that including the value of carbon sequestered in African forests only would have resulted in an additional $66.1 billion of GDP for the continent in 2022, an expansion of about 2.2 percent. Professor Kevin Urama, African Development Bank Chief Economist and Vice President presented key findings from the report, Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa.

    Leaders emphasized that a proper valuation of Africa’s natural resources would transform the continent’s financial landscape by unlocking access to global financial flows, improving national risk profiles, and creating new capacity for investments in green economies and climate-resilient infrastructure.

    This call to action comes ahead of the November UN Climate Change Conference in Belém, Brazil, where African leaders are expected to press for reforms to the global economic and financial infrastructure, so these better reflect Africa’s green wealth and sustainability contributions.

    “It is time for us to redefine our identity as Africa,” said Nigerien Prime Minister Ali Lamine Zeine in a panel discussion on practical steps towards implementing the 2025 System of National Accounts (SNAs) in Africa. “Africa is underestimated. We must work strategically to change this.”

    Panelists noted that several African countries still use SNAs dating back to 1968. SNAs are an international standard system of concepts and methods  for national accounts that have been adopted by most countries worldwide.

    Madagascar’s Minister of Economy and Finance Rindra Rabarinirinarison called for more robust technology transfer and technical capacity building to enable African countries to build proper statistical systems for natural capital. She outlined that Madagascar has launched pilot projects to leverage and measure the value of its natural resources.

    “Madagascar is a rich country but not rich,” she lamented, pointing to the country’s abundant natural resources.

    Erich Strassner from IMF’s Statistics Department described the report as transformational and assured that the Fund was ready to work with the African Development Bank, the World Bank, and governments to implement its recommendations. He emphasized the need to focus on priorities in each country, “so that together we can put together a plan to bring each country up to speed on the new system of national capital evaluation.”

     Quoting African Development Bank figures, Ambassador Suda-Mafudze observed that if countries rebased their GDP based on carbon sequestration by forests alone, the impact would be substantial, with estimated GDP increases of 38.2% in Côte d’Ivoire, 36.7% in Benin, and 33.5% in Niger. “We need to ensure a proper valuation of Africa’s green wealth. When we know the value of this significant asset base and incorporate its true value into our national accounts, we improve our economies’ risk profiles and enhance access to financial flows for financing our development,” the Ambassador said.

    In his presentation, Vice President Urama pointed to the massive economic value of Africa’s natural resources—estimated at $6.2 trillion in 2018—and the fact that the continent accounts for 26% of global forest-based carbon capture despite contributing only 4% of global carbon emissions.

    “Africa’s green wealth and the important global public goods and ecosystem services it provides to the world are often overlooked in economic valuations,” Urama said. “This significantly underestimates African countries’  gross domestic product, despite abundant green wealth.”

    He said that in addition to natural capital, ecosystem services and informal economic activities were also not factored into GDP. Revaluing these assets through Natural Capital Accounting (NCA) and the updated System of National Accounts, which includes the informal sector, could significantly increase Africa’s GDP and improve access to sustainable finance, Urama noted.

    “This is not just about correcting statistics. It’s about ensuring comparability of the measures of countries’ GDP in Africa and globally. By updating the System of National Accounts in countries, we can ensure that the basket of goods and services included in the measure of GDP of countries is the same, and avoid comparing oranges and  apples,” Urama said

    He called on African countries to allocate appropriate budgets to upgrade their National Accounting Systems and rebase their GDPs, noting that “this is a smart investment that can deliver low-hanging fruit.”  

    The Executive Secretary of the African Economic Research Consortium, Prof. Victor Murinde, described the new model developed by the African Development Bank as transformative.

     “It is a bold step to address a methodological gap in how the GDP of countries is measured to consider the true wealth of nations. Its recommendations provide rich materials for economists to work on in the coming years to improve the methodology for assessing the wealth of nations,” he remarked.

    The African Development Bank expressed a commitment to work with the World Bank, the IMF, and other partners to implement the recommendations of the report. It is also advancing practical steps that include creating standard methods to value natural resources, connecting environmental goals with other policies, training local experts across Africa, and helping African countries sell their environmental benefits in worldwide carbon markets. The Bank Group will also host the African Natural Capital Accounting Community of Practice

    MIL OSI Africa –

  • MIL-OSI Africa: Teachers in South African schools may be slow to report rape of girls: study shows why

    Source: The Conversation – Africa – By Ayobami Precious Adekola, Postdoctoral Researcher, University of South Africa

    In South Africa, the age of consent for sex is 16 years old. Engaging in sexual activity with someone under the age of 16 is considered statutory rape, even if the minor consents as defined under the law that applies to adults.

    In December 2021, South Africa’s Department of Basic Education introduced a policy aimed at reducing the country’s high rates of teenage pregnancy and sexual exploitation. It requires educators to report cases where older sexual partners impregnate learners under 16 years of age.

    We are researchers in sexual and reproductive health who have been working on a decade-long community engagement project focused on improving HIV prevention and related challenges among learners. The project is in the Vhembe district of Limpopo province, South Africa, bordering Zimbabwe. Sexual health practices among young people here remain a pressing concern, due to high rates of unprotected sex, sexually transmitted infections, HIV and unplanned pregnancies.

    As part of the project, we conducted a study of the statutory rape reporting policy for schools. It showed a disconnect between the policy’s intent and implementation. We found that some rural teachers were unaware of the policy, were not sure what they were supposed to do, or faced cultural, social and systemic barriers that left them feeling powerless to act.

    The result is that the child protection law is failing the learners it was designed to safeguard.

    Because teachers are often some of the first adults to become aware of statutory rape cases, it’s crucial to equip them to deal with disclosures appropriately, navigate reporting protocols confidently, and engage support systems effectively and help prevent future sexual abuse of learners.

    Lack of awareness of policy

    Our research was conducted at eight public primary and high schools in the Soutpansberg North school circuit of Limpopo. All the schools are in rural, under-resourced and poor communities. There is a high number of HIV infections and unplanned teenage pregnancies in the schools where the study was conducted. The true incidence rate of rape is different because it’s not always reported.

    We engaged 19 educators (16 of them female) through group discussions.

    Teachers expressed confusion and frustration over the lack of formal communication and training on the statutory rape reporting policy. Some were unaware that such a policy existed. One admitted:

    Honestly, I wasn’t even aware that we had a policy on statutory rape. It’s not something we’ve ever discussed in our school.

    Another teacher said:

    I know there’s a policy, but I’m unsure where to find it or exactly what it says. As educators, we need to be informed about policies, but it feels like no one communicates them effectively to us.

    Cultural and socioeconomic barriers

    Beyond a lack of awareness, the discussions suggested that socio-cultural norms hinder the implementation of the statutory rape policy in rural areas.

    The study highlighted that intergenerational relationships are normalised in some rural communities. In these cases, families may depend financially on the older male partner, making them reluctant to report such relationships as criminal offences.

    Read more: Rape culture in South African schools: where it comes from and how to change it

    In some cases, families tacitly support relationships between young girls and older men in exchange for financial support, making such arrangements difficult to challenge.

    A participant shared:

    It’s difficult because some parents tolerate these relationships as normal and support their kids to sleep with older men, who in turn provide for the family.

    Teachers encounter immense social pressure when faced with statutory rape cases. In tight-knit rural communities, reporting a case could mean accusing a neighbour, relative, or local authority figure. This creates a moral dilemma for educators who want to protect learners but fear community backlash.

    As one participant put it:

    If I report it, they might turn against us.

    These socio-cultural dynamics create a culture of silence that protects perpetrators rather than victims.

    What’s missing

    The study also found that a lack of training on statutory rape policies is a barrier to effective implementation. Teachers reported feeling unprepared to handle the legal and emotional complexities of reporting statutory rape cases.

    There’s been no training at all. We hear about the policy, but they don’t teach us how to implement it or what steps to take if something happens.

    Another teacher added:

    There is no formal memo from the circuit office and from our school governing body meetings; it was never introduced as an agenda item.

    The absence of confidential reporting mechanisms further complicates the situation. Teachers fear that reporting cases could lead to retaliation from the community or even threats to their safety. The lack of a standardised anonymous reporting system leaves teachers feeling vulnerable and unsupported.

    Teachers indicated that fear of community backlash led them to prioritise managing learner pregnancies over investigating potential rape cases. Some said it was the parents’ responsibility to report rape.

    Read more: South Africa’s stance on teenage pregnancy needs a radical review: what it would look like

    Proposed solutions

    We recommend a few ways to improve reporting of statutory rape:

    Mandatory training for educators: The education department should ensure that all teachers understand their legal obligations and know how to navigate reporting procedures.

    Confidential reporting systems: Establishing secure and anonymous reporting channels.

    Community awareness campaigns: Programmes to help shift harmful cultural norms and make it easier to report statutory rape. Campaigns should emphasise the importance of protecting minors and the legal consequences of statutory rape.

    Interdisciplinary support networks: Schools should collaborate with social workers, legal professionals, and mental health experts to provide educators with the support and resources needed to handle statutory rape cases.

    Bridging the gap between South Africa’s statutory rape policy and what actually happens in rural areas is a social justice imperative that affects the most vulnerable members of society.

    – Teachers in South African schools may be slow to report rape of girls: study shows why
    – https://theconversation.com/teachers-in-south-african-schools-may-be-slow-to-report-rape-of-girls-study-shows-why-253992

    MIL OSI Africa –

  • MIL-OSI Russia: Round table within BIMAC-2025: how to provide the industry with personnel

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    On April 24, a round table was held at SPbGASU as part of the VIII International Scientific and Practical Conference “Information Modeling in Construction and Architecture Problems” (BIMAC-2025) dedicated to the issues of developing digital competencies of students of secondary vocational education institutions (SVE) in the construction sector.

    The event brought together representatives of public organizations, educational institutions, customer companies and students to discuss current trends in personnel training and the implementation of information modeling technologies.

    SPbGASU trains personnel together with industry partners

    Polina Fedyuchek, Victoria Vinogradova

    Vice-Rector for Continuing Education at SPbGASU Victoria Vinogradova said that the university continues to actively work on the application of TIM technologies in the educational process, closely cooperating with leading enterprises in the construction industry, and emphasized that all initiatives at the university – from school projects to scientific developments – are implemented jointly with industrial partners, which ensures the practical orientation of personnel training. She also noted that the university positions itself not just as an educational institution, but as an integration center that unites educational, scientific and project activities. SPbGASU is becoming a platform for professional dialogue between all participants in the construction process – from students to the heads of large companies.

    “We are creating an environment where future specialists can gain not only theoretical knowledge, but also practical experience working with real projects,” noted Victoria Vinogradova. “Our partners are actively involved in developing educational programs, organizing internships and internships, and supervising diploma projects.” Particular attention is paid to creating conditions for professional growth. The university offers various formats of interaction: from corporate training for company employees to joint scientific research.

    “Openness to cooperation is one of our key principles,” emphasized Victoria Vinogradova. “We are ready to discuss new initiatives and joint projects that will contribute to the development of the construction industry and the training of highly qualified personnel who meet the requirements of the digital age.”

    In conclusion of her report, Victoria Vinogradova invited interested organizations to work together in several areas: the implementation of scientific and design developments, the creation of an open environment for digital projects, and the development of students’ project activities. According to her, such a comprehensive approach allows training specialists who can work effectively in the modern conditions of the digitalized construction industry immediately after graduation.

    The role of professional associations

    Elena Parikova, Development Director – Head of the NOSTROY Project Office, gave a presentation on the experience of the NOSTROY SPO Consortium in the field of digital competencies formation. She emphasized the importance of information modeling technologies and presented the consortium’s initiatives in this area.

    Particular attention was paid to personnel training. Elena Parikova noted that the industry is facing a shortage of specialists – from 300 to 700 thousand digital personnel. In higher education institutions, TIM programs are implemented in bachelor’s, master’s and postgraduate programs, including such areas as “Construction” and “Information systems and technologies”. In secondary vocational education, the federal state educational standard for the specialty 08.02.15 “Information modeling in construction” has been implemented, which provides training in technical support of TIM, design of structures and management of digital models.

    Elena Parikova noted that NOSTROY is also developing additional educational programs, including professional retraining, advanced training, and corporate training. Of particular interest were the projects “Digital Construction Classes” developed by SPbGASU for schoolchildren, and the online course “From Idea to Practice of Digitalization of the Construction Industry”, developed jointly with the RF Competence Center.

    Elena Parikova also spoke in detail about the implementation of the educational initiative “TIM-elective of SPbGASU. SPO League 2025” and the All-Russian TIM-championship of SPbGASU. SPO League 2025. She noted that NOSTROY President Anton Glushkov notes the importance of digitalization of the industry and training of qualified personnel and emphasizes that the championship has become the first all-Russian competition for students of the vocational education system after the approval of the new Federal State Educational Standard (FSES) for the specialty 08.02.15, expressing confidence that the participants will make a significant contribution to the development of the construction industry.

    In conclusion, Elena Parikova noted that the development of digital competencies requires joint efforts of educational institutions, businesses and regulators, and invited all interested parties to cooperate.

    Deputy Head of the Office of the National Association of Designers and Surveyors (NOPRIZ) Nadezhda Prokopyeva gave a report on the development of a system for independent assessment of the qualifications of specialists in the field of information modeling. In her speech, she emphasized the importance of fulfilling the order of the President of the Russian Federation from 2018 on the modernization of the construction industry through the introduction of TIM technologies.

    Nadezhda Prokopyeva noted that NOPRIZ and the Association of Software Developers “Domestic Software” are joining forces to develop TIM technologies. As part of the development of digital competencies in the construction industry, NOPRIZ has entered into an agreement with the Association “Domestic Software”, which unites Russian software developers. This partnership is aimed at harmonizing professional standards and qualification requirements with the capabilities of domestic TIM solutions. Joint work will allow adapting independent qualification assessment programs to Russian software products, as well as facilitating the training of specialists who are proficient in national digital tools.

    Particular attention was paid to the updated professional standard “Specialist in the field of information modeling in construction”, which came into force on March 1, 2025. The standard establishes five levels of qualification – from technical support of TIM to management of information modeling processes at the organizational level. On its basis, the Federal State Educational Standard of Secondary Vocational Education 08.02.15 “Information Modeling in Construction” has already been developed, which is implemented by 34 educational institutions of secondary vocational education.

    Nadezhda Prokopyeva spoke in detail about the independent qualification assessment system, which has been conducted since 2017 on the basis of Federal Law No. 238-FZ. Currently, examination centers operate in Moscow, Krasnoyarsk, Yekaterinburg, Novosibirsk, Irkutsk and Veliky Novgorod. The exam includes both a theoretical part with questions on the regulatory framework and practical tasks on working with TIM software products.

    An important area of work for NOPRIZ is cooperation with the country’s leading construction universities to update educational programs in accordance with professional standards. In conclusion, Nadezhda Prokopyeva noted that the introduction of an independent qualification assessment system ensures a high professional level of specialists and increases confidence in TIM technologies in the construction industry.

    Polina Fedyuchek, Deputy Director for Development of the Association of SRO “OsnovaProekt”, gave a report on the role of self-regulatory organizations in training specialists for the construction industry. In her speech, she emphasized the importance of the active participation of self-regulatory organizations in issues of personnel shortage and digitalization of the construction industry.

    Polina Fedyuchek emphasized the importance of implementing state strategic documents – the Strategy for the Development of the Construction Industry and Housing and Public Utilities of the Russian Federation for the Period up to 2030 with a Forecast up to 2035 and the Concept for Training Personnel for the Construction Industry and Housing and Public Utilities up to 2035. These documents define the need for digitalization of the industry and the creation of a system of continuous professional education, where SROs act as a link between educational institutions, businesses and regulators.

    Particular attention was paid to the implementation of the educational initiative “TIM-elective. SPO League”, launched by the Association of SRO “OsnovaProekt” together with SPbGASU in 2024. The pilot project covered six colleges from different regions of Russia, training 150 students and 29 teachers. In 2025, the program expanded significantly: now 32 educational institutions are participating in it, including colleges from Moscow, St. Petersburg, Novosibirsk, Khabarovsk and other cities. The total number of students reached 787 people, of which 631 are students and 146 are teachers. The program includes 308 hours of training in key areas of TIM technologies: architecture, structures, engineering systems and others. She also noted that these educational initiatives are being implemented with the involvement of exclusively domestic software developers.

    “Support for young specialists and development of regional human resources potential remain our priorities,” noted Polina Fedyuchek. “Programs like the TIM-optional course not only help prepare qualified specialists, but also help reduce the personnel shortage in the regions.”

    In conclusion, the speaker expressed confidence that further development of the self-regulation system and strengthening of interaction with educational institutions and government agencies will allow for successful resolution of the challenges facing the industry, including digitalization and training of qualified personnel.

    As noted by Leonid Shelkovnikov, Head of the TIM Department of Kairos-Engineering LLC, a teacher at the Perm Construction College, the discrepancy between the qualifications of personnel and the needs of the labor market is a consequence of a major problem – the lack of a unified state approach to the use of information modeling technology, namely the choice of software. Educational institutions at the state level are prohibited from teaching imported software products, but construction organizations are allowed to use foreign software, including with violation of the copyrights of the departed vendors.

    “The rapid obsolescence of knowledge due to the rapid transformation of the construction industry, the effective implementation of new technologies in the conditions of “turbulence” of the economy, the lack of dialogue between enterprises of the real sector of the economy and educational institutions – this is what is worth paying attention to in the near future. Growth points lie in the close interaction of educational institutions with the construction industry, the information technology industry. Therefore, it is necessary to move towards the set goals: try to select the required software for the educational process, look for technology partners in the conditions of uncertainty of state policy in the field of application of TIM. At the same time, we are all waiting for the formation of a unified methodology for training TIM personnel in the country, we are trying to convince both students and ourselves of the need to achieve technological sovereignty of the Russian construction industry through import substitution of software products and the applied standards for information transfer,” Leonid Shelkovnikov emphasized.

    What do experts expect from the educational process?

    Leonid Shelkovnikov, Maria Lemekhova and Alexey Zubkov

    The head of the educational project of the company “ASCON”, the manager of the competence “Technologies of information modeling BIM” of the Agency for the development of skills and professions Olga Chernyadyeva clarified who a TIM teacher is. This is a certified specialist in the main BIM tools, who has experience in solving real problems of the industry and strives to constantly develop along with the update of the functionality of BIM tools and the construction industry.

    “The professional skills competitions were created at the request of the industry. The tasks include the basic principles of BIM technologies (multi-vendor, teamwork, work with exchange formats), current tasks and skills in demand by the industry, taking into account current BIM standards and professional standards. As part of the TIM Championship of SPbGASU, training intensives are held on working with BIM tools, as well as on teaching methods,” said Olga Chernyadyeva.

    She added that BIM management, the StroimProsto hackathon, the Professionals Championship movement, the TIM-Leaders All-Russian competition, and the Summer BIM School help develop the competencies of all members of the professional community.

    Maria Lemekhova, Head of the Department for Work with the Federal Targeted Program at JSC Baltic Shipyard, noted that shipbuilding is also currently implementing TIM technologies and is facing similar personnel problems.

    “Shipbuilding, like the construction industry, is unthinkable today without information modeling. At shipyards, we use TIM approaches to create ships, vessels and infrastructure. Our experience can be useful for solving problems in architecture and construction – from design optimization to life cycle management of objects. Digital twins of ships and TIM technologies in shipbuilding are the “marine version” of construction solutions. Integration of approaches will help overcome common challenges,” explained Maria Lemekhova.

    She emphasized that digitalization of shipbuilding is a key element of the strategy of technological sovereignty. It covers not only the introduction of robotics and automation, but also the transformation of human resources. The transition to the concept of “Shipbuilding 4.0” requires training specialists capable of working with digital twins, ship lifecycle management systems (PLM) and artificial intelligence. The United Construction Corporation (JSC “USC”), which includes the Baltic Shipyard, is taking steps to restructure the educational system through projects such as “Plant-VTUZ”, combining training with practical training at enterprises. For example, students of the St. Petersburg Marine Technical University (SPbGMTU) are involved in the creation of digital twins of ships, which reduces the adaptation period for graduates in production.

    “Only through the integration of digital platforms, updating retraining programs and creating attractive conditions for young people will we be able to overcome the personnel crisis,” noted Maria Lemekhova.

    Construction allows you to leave a mark on history and realize your creative potential, because each project is unique and requires an individual approach, agreed Alexey Zubkov, project manager of the service of the director for construction of social facilities of the LSR Group and a graduate of St. Petersburg State University of Architecture and Civil Engineering.

    “LSR traces its history back to 1993 and in 30 years has become one of the leading construction holdings in the country. Now the LSR Group continues to increase construction and production volumes, following a proven strategy and maintaining established traditions. We follow new standards and requirements for the design of buildings and structures, including the use of modern technologies (for example, TIM). And we understand that the most important thing in any company, regardless of its size and profile of activity, is people. Therefore, we pay great attention to our many thousands of personnel, creating conditions for effective work and providing the broadest opportunities for professional and career growth. We will be glad to see young specialists in our teams,” said Alexey Zubkov.

    In addition, teachers from colleges from Perm, Belgorod, Rostov-on-Don, Veliky Novgorod and St. Petersburg spoke at the round table and shared their opinions on the educational initiative “TIM-elective SPbGASU. SPO League 2025”. The speakers outlined the issues that, in their opinion, need to be improved by next year, and thanked SPbGASU and the Association of SRO “OsnovaProekt” for organizing such an interesting and significant event.

    The participants of the round table agreed that the development of TIM technologies requires close interaction between educational institutions, businesses and regulators. Particular attention was paid to the need to adapt educational programs to rapidly changing industry requirements.

    The event became a platform for exchanging best practices and defining the vector of further cooperation in the field of digitalization of the construction industry.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Nations: 28 April 2025 Departmental update Meeting of the Guideline Development Group for the monitoring and management of hyperglycaemia in pregnancy

    Source: World Health Organisation

    One in six live births (21 million per year) is affected by hyperglycaemia during pregnancy (1). Hyperglycaemia in pregnancy can mean either diabetes that existed before pregnancy, diabetes first diagnosed during pregnancy, or gestational diabetes – a milder form of elevated glucose (blood sugar) levels that appears during pregnancy, though the distinction between the types is blurred due to the high burden of undiagnosed pre-existing diabetes. The management of hyperglycaemia, or elevated glucose levels, in pregnancy differs significantly from its management outside of pregnancy. Hyperglycaemia during pregnancy has effects on the fetus and birth process. Pregnancy-related complications of hyperglycaemia, including GDM, include pre-eclampsia/hypertensive disorders of pregnancy, stillbirth, macrosomia, neonatal hypoglycaemia and seizures, and birth injury. Women with hyperglycaemia in pregnancy are more likely to develop type 2 diabetes (1) and long-term complications of diabetes can include cardiovascular disease, neuropathy, nephropathy and retinopathy (2).  

    The World Health Organization (WHO) 2013 guideline on Diagnostic criteria and classification of hyperglycaemia first detected in pregnancy focused on the diagnostic criteria and classification of hyperglycaemia in pregnancy, but did not provide recommendations on diabetes management. The 2016 antenatal care guidelines identified this as a priority research area, particularly in lower-middle-income countries. Given that the disease burden of diabetes is global, with a majority of cases in low- and middle-income countries, guidelines applicable to these settings are needed. With a view towards promoting the best-known clinical practices in labour and childbirth, and improving maternal and newborn outcomes worldwide, WHO will review the evidence for recommendations related to monitoring and management of hyperglycaemia in pregnancy. The development of this guideline has been prioritized as part of the work to address non-communicable diseases in pregnancy.  

    A Guideline Development Group (GDG) meeting will be held 12–15 May 2025 to review the evidence base on these recommendations. In keeping with the requirements of the WHO Compliance, Risk Management and Ethics Office, we are posting online short biographies of the GDG members. The listed candidates have also submitted a declaration of interest form stating any conflict of interests. WHO has applied its internal processes to ensure that the performance of the above tasks by members of this group will be transparent and without any significant conflict of interests (academic, financial or other) that could affect the credibility of the guideline. 

    Nevertheless, WHO invites the public to review the experts and stakeholders involved and provide feedback regarding any member deemed to have a significant conflict of interest with respect to the terms of reference for this group. Comments and feedback should be cordial and constructive, and sent to srhmph@who.int. 

    This WHO normative meeting is by invitation only. 

    NOTE: 

    The GDG members are participating in the meeting on their individual capacity. Affiliations are presented only as a reference. The participation of experts in a WHO meeting does not imply that they are endorsed or recommended by WHO nor does it create a binding relationship between the experts and WHO. The biographies have been provided by the experts themselves and are the sole responsibility of the individuals concerned. WHO is not responsible for the accuracy, veracity and completeness of the information provided. In accordance with WHO conflict of interest assessment policy, expert’s biographies are published for transparency purposes. Comments and perceptions are brought to the knowledge of WHO through the public notice and comment process.  

    Comments sent to WHO are treated confidentially and their receipt will be acknowledged through a generic email notification to the sender. Please send any comments to the following email: srhmph@who.int. WHO reserves the right to discuss information received through this process with the relevant expert with no attribution to the provider of such information. Upon review and assessment of the information received through this process, WHO, in its sole discretion, may take appropriate management of conflicts of interests in accordance with its policies. 

    1. Gestational Diabetes. International Diabetes Federation; 2022: https://idf.org/about-diabetes/types-of-diabetes/gestational-diabetes 
    2. Harding JL, Pavkov ME, Magliano DJ, Shaw JE, Gregg EW. Global trends in diabetes complications: a review of current evidence. Diabetologia. 2019;62(1):3-16. doi: 10.1007/s00125-018-4711-2. 

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Secretary-General’s remarks at the 2025 ECOSOC Forum on Financing for Development [Bilingual, as delivered; see below for All-English and All-French versions]

    Source: United Nations secretary general

    Mr. President of the General Assembly, Mr. President of ECOSOC,

    Excellencies, ladies and gentlemen,

    This year’s ECOSOC Forum comes at a pivotal time.

    We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

    And we face some harsh truths. 

    The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

    The harsh truth of trade barriers being erected at a dizzying pace.

    The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

    And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

    But there’s another, much larger — and more dangerous — truth underlying all these challenges:  
    The harsh truth that global collaboration is being actively questioned.

    Look no further than trade wars. 

    Trade — fair trade — is a prime example of the benefits of international cooperation.

    And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

    In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

    Excellencies,

    Against this turbulent background, we cannot let our financing for development ambitions get swept away.

    With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.  

    That includes making good on the commitments countries made in the Pact for the Future in September:

    From an SDG stimulus to help countries invest in their people…

    To vital and long-awaited reforms to the global financial architecture…

    To the Pact’s clear commitments to open, fair and rules-based trade…

    To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

    To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

    As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

    First — on debt.

    When applied smartly and fairly, debt can be an ally of development.

    Instead, it has become a villain.

    In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

    And the problem is getting worse.

    Debt service for developing economies has soared past $1.4 trillion a year.

    Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

    The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

    This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

    The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

    And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

    At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

    These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

    Second — we need to unlock the full potential of our international financial institutions.

    If finance is the fuel of development, Multilateral Development Banks are its engine.

    And this engine needs revving up. 

    We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

    This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

    We must ensure that concessional finance is deployed where it is most needed.

    And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

    Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

    Oui, les temps sont durs.

    Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

    Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

    Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

    Et intensifier la lutte contre la corruption et les flux financiers illicites.

    Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.

    Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

    Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

    Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

    Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

    Excellences,

    À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

    Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

    Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

    Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

    Et je vous remercie.

    ***
    [All-English]

    Mr. President of the General Assembly, Mr. President of ECOSOC,

    Excellencies, ladies and gentlemen,

    This year’s ECOSOC Forum comes at a pivotal time.

    We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

    And we face some harsh truths. 

    The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

    The harsh truth of trade barriers being erected at a dizzying pace.

    The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

    And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

    But there’s another, much larger — and more dangerous — truth underlying all these challenges:

    The harsh truth that global collaboration is being actively questioned.

    Look no further than trade wars. 

    Trade — fair trade — is a prime example of the benefits of international cooperation.

    And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

    In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

    Excellencies,

    Against this turbulent background, we cannot let our financing for development ambitions get swept away.

    With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.  

    That includes making good on the commitments countries made in the Pact for the Future in September:

    From an SDG stimulus to help countries invest in their people…

    To vital and long-awaited reforms to the global financial architecture…

    To the Pact’s clear commitments to open, fair and rules-based trade…

    To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

    To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

    As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

    First — on debt.

    When applied smartly and fairly, debt can be an ally of development.

    Instead, it has become a villain.

    In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

    And the problem is getting worse.

    Debt service for developing economies has soared past $1.4 trillion a year.

    Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

    The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

    This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

    The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

    And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

    At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

    These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

    Second — we need to unlock the full potential of our international financial institutions.

    If finance is the fuel of development, Multilateral Development Banks are its engine.

    And this engine needs revving up. 

    We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

    This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

    We must ensure that concessional finance is deployed where it is most needed.

    And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

    And third — we need concrete action to increase all streams of finance.

    Yes, these are tough times.

    But it is in difficult periods that the imperative for responsible, sustainable investment is even more critical. 

    At the country level, governments need to strengthen the mobilization of domestic resources and channel them towards critical systems like education, health and infrastructure…

    To work with private sector partners to increase blended finance options…

    And to scale-up the fight against corruption and illicit financial flows.

    At the global level, we must keep working to shape an inclusive and effective global tax regime, and ensure that international taxation rules are applied fairly and effectively.

    Donors must keep their promises on official development assistance, and ensure those precious resources reach developing countries.  

    For our part, we will fully deploy our UN Country Teams to work with host governments to channel the maximum amount of resources towards sustainable development at the national and regional levels.
     
    And we will use every opportunity — including COP30 in Brazil — to call on leaders to identify innovative sources of climate finance for developing countries leading to the mobilization of $1.3 trillion annually by 2035. 

    All this requires a focus on innovative sources of finance.  

    Excellencies,

    In many ways, financing for development is integral to the future of the multilateral system.

    It’s about our conviction in the power of global solutions to global problems like poverty, hunger and the climate crisis.

    Let’s make the most of this critical moment as we prepare for Sevilla.

    Let’s keep our ambitions high and deliver for people and planet.

    And I thank you.

    ***
    [All-French]

    Monsieur le Président de l’Assemblée générale, Monsieur le Président de l’ECOSOC,

    Excellences, Mesdames et Messieurs,

    Le Forum du Conseil économique et social de cette année tombe à un moment charnière.

    Les préparatifs de la quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, entrent dans leur dernière ligne droite.

    Parallèlement, nous nous heurtons à de dures réalités :

    Des donateurs qui reviennent sur leurs engagements et renoncent à verser l’aide promise à une vitesse et à une ampleur sans précédent ;

    Des barrières commerciales qui sont érigées à un rythme effréné ;

    Des objectifs de développement durable qui sont encore bien loin d’être atteints et qui pâtissent d’un déficit de financement annuel estimé à 4 000 milliards de dollars ;

    Ou encore des coûts d’emprunt prohibitifs qui tarissent les investissements publics dans tous les domaines, de l’éducation et des systèmes de santé à la protection sociale, en passant par les infrastructures et la transition énergétique.

    Mais il y a une autre réalité – bien plus importante et bien plus dangereuse – qui est à la base de tous ces problèmes.

    Cette réalité, c’est la remise en question de la collaboration internationale.

    Inutile de chercher un exemple bien loin : prenons les guerres commerciales.

    Le commerce – un commerce équitable – illustre parfaitement les avantages de la coopération internationale.

    Les barrières commerciales constituent un danger réel et immédiat pour l’économie mondiale et le développement durable – comme le montrent les récentes prévisions en forte baisse du Fonds monétaire international, de la CNUCED, de l’Organisation mondiale du commerce et de bien d’autres organismes.

    L’Organisation mondiale du commerce prévoit déjà que le commerce international de marchandises se contractera de 0,2 % cette année – un revirement brutal par rapport à la hausse de 2,9 % enregistrée l’année dernière.

    Dans une guerre commerciale, tout le monde est perdant, en particulier les pays et les populations les plus vulnérables, qui sont les plus durement touchés.

    Excellences,

    Dans ce contexte mouvementé, nous ne pouvons laisser s’envoler nos ambitions en matière de financement du développement.

    Il ne reste que cinq ans pour atteindre les objectifs de développement durable ; il nous faut donc passer à la vitesse supérieure.

    Il faut notamment honorer les engagements pris par les pays dans le cadre du Pacte pour l’avenir en septembre :

    Du plan de relance des objectifs de développement durable, qui vise à aider les pays à investir dans leurs populations…

    Aux réformes vitales et longuement attendues de l’architecture financière mondiale…

    Aux engagements clairs pris dans le Pacte en faveur d’un commerce ouvert, équitable et régi par des règles…

    À l’analyse qui y est préconisée de l’impact des dépenses militaires sur la réalisation des objectifs de développement durable, qui fera l’objet d’un rapport final publié d’ici à septembre…

    Et au résultat ambitieux qui y est fixé pour la Conférence internationale sur le financement du développement de juillet.

    Alors que les négociations sur le projet de document final de Séville se poursuivent, j’insiste pour que des mesures soient prises dans trois domaines clés.

    Premièrement, la dette.

    Lorsqu’elle est exploitée de manière intelligente et équitable, la dette peut être une alliée du développement.

    Or, elle est devenue une ennemie.

    Dans bon nombre de pays en développement, les acquis obtenus dans le domaine du développement croulent sous le poids du service de la dette, qui ponctionne les investissements dans l’éducation, la santé et les infrastructures.

    Et le problème ne fait qu’empirer.

    Le service de la dette des économies en développement s’est envolé à plus de 1 400 milliards de dollars par an.

    Il dépasse aujourd’hui de 10 % les recettes publiques dans plus de 50 pays en développement – et plus de 20 % dans 17 pays – un signe évident de défaillance.

    À l’issue de la conférence de Séville, les États Membres devraient s’engager à réduire le coût des emprunts, à mieux restructurer la dette et à empêcher les crises de perdurer.

    Pour ce faire, il faudra notamment mettre en place un dispositif pour aider les pays en développement à gérer leurs dettes et à améliorer leur situation de trésorerie en temps de crise.

    Le G20 doit également poursuivre ses travaux afin d’accélérer la mise en œuvre du Cadre commun pour le traitement de la dette et d’apporter un plus grand appui aux pays qui ne remplissent pas les conditions requises pour bénéficier de l’Initiative de suspension du service de la dette, notamment les pays à revenu intermédiaire.

    En outre, les agences de notation doivent revoir leurs méthodes, qui font grimper les coûts d’emprunt pour les pays en développement.

    Dans le même temps, le FMI et la Banque mondiale devraient faire avancer la réforme de l’évaluation de la dette de sorte que les investissements dans le développement durable et les risques climatiques soient pris en compte.

    Ces propositions, comme les nombreuses autres propositions faites dans le projet de document final, constituent un plan d’action ambitieux devant aider les pays en développement à utiliser la dette de manière constructive et durable.

    Deuxièmement, nos institutions financières internationales doivent pouvoir exploiter tout leur potentiel.

    Si le financement est le carburant du développement, les banques multilatérales de développement en sont le moteur.

    Et ce moteur doit être rendu plus performant.

    Nous continuerons à faire pression pour tripler la capacité de prêt des banques multilatérales de développement, en les agrandissant et en les rendant plus audacieuses, comme le prévoit le projet de document final.

    Il s’agit notamment d’augmenter leur capital, d’étendre leurs bilans et d’accroître considérablement leur capacité à mobiliser des financements privés à des coûts raisonnables pour les pays en développement.

    Il faudra également veiller à ce que des financements à des conditions favorables soient accordés là où ils sont le plus nécessaires.

    Et il faudra que les pays en développement soient représentés équitablement – et aient voix au chapitre – dans la gouvernance de ces institutions, dont ils dépendent.

    Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

    Oui, les temps sont durs.

    Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

    Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

    Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

    Et intensifier la lutte contre la corruption et les flux financiers illicites.

    Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.
    Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

    Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

    Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

    Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

    Excellences,

    À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

    Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

    Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

    Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

    Et je vous remercie.
     

    MIL OSI United Nations News –

  • MIL-OSI: Lifestage Financial Partners with Native Source Restaurant Group, a Subsidiary of Little River Holdings LLC, to Deliver Universal Worker Wealth and Benefits

    Source: GlobeNewswire (MIL-OSI)

    MANISTEE, Mich., April 28, 2025 (GLOBE NEWSWIRE) — In a groundbreaking move to elevate financial security and opportunity for workers across the hospitality, small business, and franchise sector, Lifestage Financial, a community-first financial and wealth building platform and portfolio company of 22 X Ventures, has entered into a transformative partnership with Native Source Restaurant Group (NSRG)—who, through their subsidiary, NativeWahl owns the Exclusive Master Franchise Rights to Wahlburgers on all tribal land in North America. Through this alliance, Lifestage Financial will deliver universal worker wealth and benefit solutions to NSRG’s growing national workforce, including tribal members, small business and franchise employees. The partnership marks a national model for how tribal enterprises can lead the way in redefining workplace prosperity, wealth access, and multigenerational empowerment.

    “This is not just a benefit package—it’s a financial freedom system built for the people who make America run,” said Minh Le, Co-founder of Lifestage Financial. “We’re proud to partner with a visionary tribal enterprise like NSRG to give every worker the tools to grow wealth, weather economic shifts, and create generational opportunity.”

    About Native Source Restaurant Group (NSRG)

    As the Exclusive Master Franchisee to Wahlburgers on all tribal land in North America, NSRG oversees operations and expansion of Wahlburgers restaurants across the country on tribal land. NSRG is driven by a vision to leverage hospitality for tribal advancement—creating jobs, empowering workers, and reinvesting into tribal communities and sovereign development projects. We believe in empowering success through our people. Our team is the cornerstone of our business. We are committed to creating opportunities for growth, developing leadership skills, and prioritizing well-being, ensuring that every individual has the support, resources, and opportunities to reach their full potential.

    Wahlburgers: A Brand with Purpose

    A globally recognized, chef-inspired burger restaurant founded by Chef Paul Wahlberg and his brothers, Mark and Donnie Wahlberg. Blending quality food with a welcoming atmosphere, the brand thrives on exceptional hospitality and a family-first experience. At Wahlburgers, we’re not just creating jobs—we’re building pathways to better lives.

    “Partnering with Wahlburgers is about building a culture of care. Now, through our collaboration with Lifestage Financial, we’re weaving that care directly into the lives of our workforce,” said Josh LeClair, CEO of NSRG. “This partnership demonstrates what’s possible when business, technology, and tribal sovereignty come together in service of the people.”

    “This partnership between Lifestage Financial and Native Source Restaurant Group exemplifies the type of impactful investment that 22 X Ventures seeks to support,” said Wayne Kalish, Senior PE Advisor at 22 X Ventures. “By combining innovative financial and wealth building solutions with tribal enterprise, responsible capitalism, we’re creating a model that addresses real economic challenges while generating sustainable value across multiple communities. This initiative perfectly demonstrates how strategic partnerships can drive both business growth and meaningful social impact.”

    About Lifestage Financial

    Lifestage Financial provides financial prosperity and security for every worker—regardless of job title, background, or income level. Its all-in-one platform offers personalized wealth planning, tax-free retirement options, housing protection, income stability tools, and estate strategies typically reserved for the wealthy—now reimagined for America’s workforce. Learn more www.lifestagefinancial.com.

    About 22 X Ventures
    22 X Ventures is a private capital firm investing in transformative companies that align with its mission to create sustainable value across industries and communities. The firm focuses on growth-stage companies with high disruption potential and clear market advantages. Learn more www.22xventures.com.

    Media Contact:

    Minh Le
    Public Relations Manager
    22 X Ventures and Lifestage Financial  
    Email: info@22capitalpartners.com
    Phone: 703-629-1131

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas Group results for 3M 2025

    Source: GlobeNewswire (MIL-OSI)

    • Profit. Šiaulių Bankas Group earned a net profit of €17.7 million
    • Fee and commission income. Net fee and commission income exceeded €7.5 million, up 17% year-on-year
    • Loan portfolio. The loan portfolio exceeded €3.5 billion, up 15% year-on-year
    • Financing structure. The bank successfully placed €300 million bond issue on the international markets
    • Buybacks. The bank has requested the ECB for authorisation to purchase 4.5 million of own shares
    • Rebranding. Šiaulių Bankas will become Artea as of 5 May 2025.

     

    “We are about to take a historic step by becoming Artea in early May. This is more than just a new name. It is a strategic initiative to strengthen our relationship with private and corporate clients, the public and investors, and to become the first choice bank for customers in Lithuania.

    We are fully focused on this important strategic change from the beginning of the year, which we believe will support long-term business. Our first quarter were in line with our market guidance,” says Vytautas Sinius, Chief Executive Officer of Šiaulių bankas.

    Šiaulių Bankas Group earned unaudited net profit of €17.7 million in the first quarter of 2025, which is 21% less than in the corresponding period of 2024. Operating profit before impairment and income tax amounted to €24.5 million, down 18% compared to an operating profit of €30.0 million in the corresponding period of 2024.

    Net fee and commission income in Q1 2025 grew by 17% y-o-y to over €7.5 million, while net interest income decreased by 13% y-o-y to €34.4 million.

    All loan book segments grew during the quarter, with the total loan portfolio increasing by 2% (€76 million) to €3.5 billion. New credit agreements signed in the first quarter amounted to €0.4 million, 6% more than in the corresponding period of 2024 (€0.37 million).

    The quality of the loan portfolio remains very strong, with loan provisions of €1.9 million in Q1 2025 (€2.2 million in the corresponding period of 2024). The Cost of Risk (CoR) of the loan portfolio was 0.2% in Q1 2025 (0.4% in the corresponding period of 2024).

    The customer deposit portfolio grew by 1% (€45 million) since the beginning of the year and exceeded €3.6 billion at the end of the quarter. Demand deposits grew by 4% (€67 million) during the quarter to over €1.7 billion.

    In the first quarter of this year, the bank’s funding structure was reinforced by €300 million senior preffered bond issue. As planned, the bank redeemed a subordinated bond issue of €20 million after the end of the quarter.

    The group’s cost-to-income ratio at the end of the quarter was 52.6%1 (Q1 2024: 42.1%1) and the return on equity was 12.4% (Q1 2024: 17.6%). The group has accumulated capital and liquidity reserves, which include a contingent reserve for changes in CRR3 regulatory requirements to be implemented by June 30, 2025. Preliminary prudential ratios – the Capital Adequacy Ratio (CAR) stood at 22.8%2, while the Liquidity Coverage Ratio (LCR) stood at 254%2.

    The bank’s strong and sustainable capital base has enabled it not only to pay out a record dividend for 2024 (50% of 2024 net profit, €0.061 per share), but also to achieve a higher return to shareholders through the use of a buybacks of its own shares. The bank plans to continue its own share buybacks under the ECB’s authorisation and intends to buy back up to 2.65 million shares. In the first quarter of 2025 the bank has also submitted an additional request for ECB authorisation to purchase up to 4.5 million own shares

    Income Statement (€`m)

    2025 3M YTD

    2024 3M

    % ∆

     

     

    Net Interest Income

    34.4

    39.6

    -13%

    Net Fee and Commission Income

    7.6

    6.5

    17%

    Other Income

    6.4

    11.4

    –44%

    Total Revenue

    48.3

    57.4

    -16%

     

     

    Salaries and Related Expenses

    -14.0

    -11.3

    24%

    Other Operating Expenses

    -9.9

    -16.1

    –39%

    Total Operating Expenses

    -23.8

    -27.4

    –13%

     

     

    Operating Profit

    24.5

    30.0

    -18%

    Provisions

    -2.2

    -2.2

    1%

    Income Tax Expense

    -4.6

    -5.4

    -14%

     

     

    Net Profit

    17.7

    22.5

    -21%

     

     

    Balance Sheet Metrics (€`m)

    2025.03.31

    2024.12.31

    % ∆

     

     

    Loan Portfolio

    3 511

    3 435

    2%

    Total Assets

    5 286

    4 923

    7%

    Deposits

    3 606

    3 561

    1%

    Equity

    561

    585

    -4%

     

     

    Assets under Management3

    1 957

    1 977

    -1%

    Assets under Custody

    1 964

    1 936

    1%

     

     

    Key indicators

    2025 3M YTD

    2024 3M

    ∆

     

     

    Net Interest Margin (NIM)

    3.0%

    3.9%

    -94bp

    Cost-to-Income Ratio (C/I)1

    52.6%

    42.1%

    +1054bp

    Return on Equity (RoE)

    12.4%

    17.6%

    -521bp

    Cost of Risk (CoR)

    0.2%

    0.4%

    -15bp

    Capital Adequacy Ratio (CAR)2

    22.8%

    21.1%

    +169bps

     

    Overview of Business Segments

    Corporate Client Segment

    The volume of new business finance contracts in Q1 2025 was €0.2 billion, the same as a year before. Since the beginning of the year, the business loan portfolio grew by 2% (€33 million) to almost €1.9 billion. The strong growth is maintained by the high quality of the loan portfolio, with a partial release of provisions on the corporate loan portfolio Q1 2025, with a Cost of Risk (CoR) of -0.21%.

    The bank’s continues to diversify growth across strategic sectors such as manufacturing, retail and renewable energy. The favourable business environment has stimulated investment and created additional opportunities for expansion.

    Private Client Segment

    In Q1 2025, the volume of new mortgage contracts increased by 90% to €76 million compared to the same period last year. Since the beginning of the year, the housing loan portfolio has grown by 5% (€43 million) to almost €1 billion.

    The volume of new consumer finance contracts fell by 9% year-on-year to €49 million in Q1 2025 compared to the same period last year. Since the beginning of the year, the consumer loan portfolio grew by 1% (€5 million) to almost €0.4 billion.

    The bank continues to implement strategically important projects, modernising its core banking platform in line with the plan and rebranding. Šiaulių bankas will becomes Artea as of 5 May.

    Investment Client Segment

    In an environment of decreasing base rates, customers continue to invest and save actively. In Q1 2025, the value of bonds issued on behalf of corporate clients amounted to €64 million. At the end of the quarter, the value of assets under custody amounted to almost €2 billion.

    At the end of Q1 2025, the assets managed by SB Asset Management remained above €1.4 billion. The performance of the managed pension funds continues to rank among the best compared to competitors, both since the beginning of the year and over longer 3- and 5-year periods. Thanks to the applied Index Plus investment strategy—where part of the funds is allocated to private debt, real estate, and other private assets—the funds experience lower volatility during turbulent periods, while maintaining high returns.

    1eliminating the impact of SB Insurance’s client portfolio
    2Preliminary data
    3 includes assets managed by asset management and modernisation funds

    Šiaulių bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results for the first quarter of 2025. The webinar will start at 08:30 (EEST) on 29 April 2025. The webinar will be held in English. Please register here.

    If you would like to receive Šiaulių Bankas’ news for investors directly to your inbox, subscribe to our newsletter.

     

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt, +370 610 44447

    Attachments

    The MIL Network –

  • MIL-OSI Global: Teachers in South African schools may be slow to report rape of girls: study shows why

    Source: The Conversation – Africa – By Ayobami Precious Adekola, Postdoctoral Researcher, University of South Africa

    2A Images via Getty Images

    In South Africa, the age of consent for sex is 16 years old. Engaging in sexual activity with someone under the age of 16 is considered statutory rape, even if the minor consents as defined under the law that applies to adults.

    In December 2021, South Africa’s Department of Basic Education introduced a policy aimed at reducing the country’s high rates of teenage pregnancy and sexual exploitation. It requires educators to report cases where older sexual partners impregnate learners under 16 years of age.

    We are researchers in sexual and reproductive health who have been working on a decade-long community engagement project focused on improving HIV prevention and related challenges among learners. The project is in the Vhembe district of Limpopo province, South Africa, bordering Zimbabwe. Sexual health practices among young people here remain a pressing concern, due to high rates of unprotected sex, sexually transmitted infections, HIV and unplanned pregnancies.

    As part of the project, we conducted a study of the statutory rape reporting policy for schools. It showed a disconnect between the policy’s intent and implementation. We found that some rural teachers were unaware of the policy, were not sure what they were supposed to do, or faced cultural, social and systemic barriers that left them feeling powerless to act.

    The result is that the child protection law is failing the learners it was designed to safeguard.

    Because teachers are often some of the first adults to become aware of statutory rape cases, it’s crucial to equip them to deal with disclosures appropriately, navigate reporting protocols confidently, and engage support systems effectively and help prevent future sexual abuse of learners.

    Lack of awareness of policy

    Our research was conducted at eight public primary and high schools in the Soutpansberg North school circuit of Limpopo. All the schools are in rural, under-resourced and poor communities. There is a high number of HIV infections and unplanned teenage pregnancies in the schools where the study was conducted. The true incidence rate of rape is different because it’s not always reported.

    We engaged 19 educators (16 of them female) through group discussions.

    Teachers expressed confusion and frustration over the lack of formal communication and training on the statutory rape reporting policy. Some were unaware that such a policy existed. One admitted:

    Honestly, I wasn’t even aware that we had a policy on statutory rape. It’s not something we’ve ever discussed in our school.

    Another teacher said:

    I know there’s a policy, but I’m unsure where to find it or exactly what it says. As educators, we need to be informed about policies, but it feels like no one communicates them effectively to us.

    Cultural and socioeconomic barriers

    Beyond a lack of awareness, the discussions suggested that socio-cultural norms hinder the implementation of the statutory rape policy in rural areas.

    The study highlighted that intergenerational relationships are normalised in some rural communities. In these cases, families may depend financially on the older male partner, making them reluctant to report such relationships as criminal offences.



    Read more:
    Rape culture in South African schools: where it comes from and how to change it

    In some cases, families tacitly support relationships between young girls and older men in exchange for financial support, making such arrangements difficult to challenge.

    A participant shared:

    It’s difficult because some parents tolerate these relationships as normal and support their kids to sleep with older men, who in turn provide for the family.

    Teachers encounter immense social pressure when faced with statutory rape cases. In tight-knit rural communities, reporting a case could mean accusing a neighbour, relative, or local authority figure. This creates a moral dilemma for educators who want to protect learners but fear community backlash.

    As one participant put it:

    If I report it, they might turn against us.

    These socio-cultural dynamics create a culture of silence that protects perpetrators rather than victims.

    What’s missing

    The study also found that a lack of training on statutory rape policies is a barrier to effective implementation. Teachers reported feeling unprepared to handle the legal and emotional complexities of reporting statutory rape cases.

    There’s been no training at all. We hear about the policy, but they don’t teach us how to implement it or what steps to take if something happens.

    Another teacher added:

    There is no formal memo from the circuit office and from our school governing body meetings; it was never introduced as an agenda item.

    The absence of confidential reporting mechanisms further complicates the situation. Teachers fear that reporting cases could lead to retaliation from the community or even threats to their safety. The lack of a standardised anonymous reporting system leaves teachers feeling vulnerable and unsupported.

    Teachers indicated that fear of community backlash led them to prioritise managing learner pregnancies over investigating potential rape cases. Some said it was the parents’ responsibility to report rape.



    Read more:
    South Africa’s stance on teenage pregnancy needs a radical review: what it would look like

    Proposed solutions

    We recommend a few ways to improve reporting of statutory rape:

    Mandatory training for educators: The education department should ensure that all teachers understand their legal obligations and know how to navigate reporting procedures.

    Confidential reporting systems: Establishing secure and anonymous reporting channels.

    Community awareness campaigns: Programmes to help shift harmful cultural norms and make it easier to report statutory rape. Campaigns should emphasise the importance of protecting minors and the legal consequences of statutory rape.

    Interdisciplinary support networks: Schools should collaborate with social workers, legal professionals, and mental health experts to provide educators with the support and resources needed to handle statutory rape cases.

    Bridging the gap between South Africa’s statutory rape policy and what actually happens in rural areas is a social justice imperative that affects the most vulnerable members of society.

    Azwihangwisi Helen Mavhandu-Mudzusi receives funding from the South African Medical Research Council for this study.

    Ayobami Precious Adekola 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. Teachers in South African schools may be slow to report rape of girls: study shows why – https://theconversation.com/teachers-in-south-african-schools-may-be-slow-to-report-rape-of-girls-study-shows-why-253992

    MIL OSI – Global Reports –

  • MIL-OSI USA: New Atomic Fountain Clock Joins Elite Group That Keeps the World on Time

    Source: US Government research organizations

    NIST scientists Greg Hoth (left) and Vladislav Gerginov work on NIST-F4, NIST’s new cesium fountain clock.

    Credit: R. Eskalis/NIST

    Clocks on Earth are ticking a bit more regularly thanks to NIST-F4, a new atomic clock at the National Institute of Standards and Technology (NIST) campus in Boulder, Colorado.

    This month, NIST researchers published a journal article establishing NIST-F4 as one of the world’s most accurate timekeepers. NIST has also submitted the clock for acceptance as a primary frequency standard by the International Bureau of Weights and Measures (BIPM), the body that oversees the world’s time.

    NIST-F4 measures an unchanging frequency in the heart of cesium atoms, the internationally agreed-upon basis for defining the second since 1967. The clock is based on a “fountain” design that represents the gold standard of accuracy in timekeeping. NIST-F4 ticks at such a steady rate that if it had started running 100 million years ago, when dinosaurs roamed, it would be off by less than a second today.

    By joining a small group of similarly elite time pieces run by just 10 countries around the world, NIST-F4 makes the foundation of global time more stable and secure. At the same time, it is helping to steer the clocks NIST uses to keep official U.S. time. Distributed via radio and the internet, official U.S. time is critical for telecommunications and transportation systems, financial trading platforms, data center operations and more.

    NIST-F4 has improved time signals that are “used literally billions of times each day for everything from setting clocks and watches to ensuring the accurate time stamping of hundreds of billions of dollars of electronic financial transactions,” said Liz Donley, chief of the Time and Frequency Division at NIST.

    Introducing NIST-F4: The Nation’s New Primary Frequency Standard

    NIST-F4 isn’t just a clock — it’s the culmination of decades of scientific ingenuity, engineering breakthroughs, and an unwavering pursuit of precision. In this video, we explore the creation of NIST-F4, the United States’ latest primary frequency standard, and how it redefines what it means to measure time with atomic accuracy. From unexpected flaws to groundbreaking redesigns, this is the story of how one of the most precise timekeeping instruments ever built came to be — and why it’s crucial for everything from global synchronization to tomorrow’s technologies. Because when it comes to time, every billionth of a second counts. Find out more: https://www.nist.gov/atomic-clocks

    A Special Kind of Clock

    Cesium fountain clocks such as NIST-F4 are a type of atomic clock — a complex, high-precision device that extracts timing pulses from atoms. These clocks play a critical role in our globally connected society: They serve as “primary frequency standards” that work together to calibrate Coordinated Universal Time, or UTC (an agreed-upon system for keeping time using data from atomic clocks around the world, known as a time scale).

    National measurement labs such as NIST produce and distribute versions of UTC using their own time scales; NIST’s version, for example, is known as UTC(NIST). Those national time scales are then used to synchronize the clocks and networks we rely on in our daily lives. 

    In fountain clocks, a cloud of thousands of cesium atoms is first cooled to near absolute zero using lasers. Then, a pair of laser beams toss the atoms gently upward, after which they fall under their own weight.

    During their journey, the atoms pass twice through a small chamber full of microwave radiation. The first time, as the atoms are on their way up, the microwaves put the atoms into a quantum state that cycles in time at a special frequency known as the cesium resonant frequency — an unchanging constant set by the laws of nature.

    About one second later, as the atoms fall back down, a second interaction between the microwaves and the atoms reveals how close the clock’s microwave frequency is to the atoms’ natural resonant frequency. This measurement is used to tune the microwave frequency toward the atomic resonance frequency.

    A detector then counts 9,192,631,770 wave cycles of the fine-tuned microwaves. The time it takes to count those cycles defines the official international second.

    (That may change as early as 2030, when nations plan to consider redefining the second in terms of one or more different atomic elements used in so-called optical clocks that can measure time even more precisely than fountain clocks can. Even after that, cesium fountain clocks will still play an important, though diminished, role in timekeeping.)

    How does NIST-F4, NIST’s newest fountain clock, work?

    Meet NIST-F4, NIST’s newest fountain clock and our nation’s primary standard for the measurement of a second. It’s used to calibrate the hydrogen maser clocks that determine U.S. standard time. In this animation we explain the intricacies of how it works.

    A Journey Years in the Making

    Fewer than 20 cesium fountains are operating anywhere in the world. Unlike commercially available atomic clocks that tick off seconds for internet data centers, stock markets and other private enterprises, nearly every fountain clock is built and operated by scientists in a national measurement lab such as NIST.
    “It’s a beautiful technology that has real performance advantages, but it’s very delicate,” said Greg Hoth, a NIST physicist on the fountain clock team.

    Getting NIST-F4 admitted into this rarefied club was a journey years in the making. NIST scientists built the agency’s first fountain clock, NIST-F1, in the late 1990s. NIST-F1 ran for more than a decade and a half and was used to perform regular frequency calibrations. But fountain clocks can be as fragile as they are precise, and after a move to a new building in 2016, the clock had to be restored and carefully tested to operate as a primary frequency standard again — a process that took longer than expected.

    In 2020, physicist Vladislav Gerginov began investigating NIST-F1’s frequency measurements. Eventually, he, Hoth and colleagues decided to rebuild the core of the clock — the microwave cavity, where the cesium atoms are measured — from scratch. To achieve the necessary precision, they needed to achieve tolerances of 5 to 10 microns — roughly one-fifth the width of a human hair.

    The scientists added and fine-tuned new electric heating coils, magnetic coils, optics and microwave components. The NIST team decided to name the new fountain NIST-F4. (NIST has built two other fountain clocks, NIST-F2 and NIST-F3, making NIST-F4 the fourth in the series.)

    The research team took months’ worth of measurements to make sure NIST-F4 was not thrown off by factors such as pressure and temperature fluctuations or stray electric and magnetic fields. They compared the fountain’s ticks to those of hydrogen masers — the workhorse atomic clocks that tick off the seconds for official U.S. time — to make sure they were keeping a steady, unchanging beat.

    “Fountain clocks are supposed to be very boring,” said Hoth.

    Evaluating a fountain clock such as NIST-F4 “is a slow process because we have to be very conservative,” said Gerginov. “We should know everything about it” before putting it into service, he said, because any error in the timing signals could corrupt not only U.S. time but also the global timekeeping infrastructure.

    This month, the NIST team reported in the journal Metrologia that NIST-F4’s frequency measurements were accurate to within 2.2 parts in 10 to the 16th (10 million billion) — comparable to the world’s best fountain clocks. The NIST team also sent the clock data to the BIPM, where a team of experts is checking it over before BIPM officially certifies the clock as a primary frequency standard.

    “The success of NIST-F4 has renewed NIST’s global leadership in primary frequency standards,” said Donley. “Vladi and Greg used ingenuity and skill to restore the reliable, world-class operation of NIST’s atomic fountains.” 

    NIST-F4 and a second fountain clock, NIST-F3, operate roughly 90% of the time, with at least one of the clocks running at any given time. Data from NIST-F4 will be sent periodically to BIPM to calibrate UTC, and both clocks are already helping to steer the NIST time scale UTC(NIST).

    The NIST time scale “has already benefited significantly from the fountain’s high uptime and the reliability of its performance,” Donley said.

    Paper:  Vladislav Gerginov, Gregory W. Hoth, Thomas P. Heavner, Thomas E. Parker, Kurt Gibble and Jeff A. Sherman. Accuracy evaluation of primary frequency standard NIST-F4. Metrologia. Published online April 15, 2025. DOI: 10.1088/1681-7575/adc7bd

    MIL OSI USA News –

  • MIL-OSI: HYPR Continues Global Expansion with New Belgrade Office Amid Shift to Passkeys and Rising Deepfake Threats

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) — Today, HYPR, the Identity Assurance Company, announced a significant acceleration of its global growth strategy with the opening of a new European Center of Excellence in Belgrade, Serbia. This strategic second physical office will amplify the company’s capacity to serve its rapidly expanding worldwide customer base while leveraging the region’s deep reservoir of technical talent. Further fueling this global momentum, HYPR also announced the promotion of Douglas McLaughlin to Senior Vice President of Worldwide Sales, a strategic appointment that underscores the company’s response to the surging demand for its passwordless authentication and identity verification solutions across key sectors like financial services and healthcare, where cyber threats are reaching critical levels.

    Identity Renaissance Drives Market Demand

    HYPR’s recently released 2025 State of Passwordless Identity Assurance Report, conducted in partnership with S&P Global Market Intelligence 451 Research, reveals a critical inflection point in authentication security driven by a concerning reality. In 2024, nearly half (49%) of organizations suffered a breach, with an overwhelming 87% attributed to identity vulnerabilities. These breaches resulted in substantial financial losses averaging $2.5 million per incident, alongside legal ramifications forcing many organizations to reduce headcount and implement executive changes. Adding to this challenging landscape, the report also uncovers one of the most alarming findings: nearly 40% of organizations experienced a GenAI-related security incident in the past year, with a staggering 95% encountering some form of deepfake attack—including altered static imagery (50%) and manipulated live (44%) and recorded (41%) audio/video. However, amidst these escalating threats, the report highlights a historic shift in the authentication landscape. For the first time in its five-year history, FIDO passkeys and hardware keys are on track to become the dominant authentication method by 2027, offering a potential pathway to a more secure future.

    Global Expansion and Hiring Initiatives

    To better equip organizations for the escalating battle against identity-based attacks and to fuel its ambitious growth trajectory, HYPR has strategically expanded its operational footprint with a new European Center of Excellence in Belgrade, Serbia. This critical addition will significantly enhance the company’s ability to serve its increasing global customer base with localized expertise while tapping into the region’s robust technical talent market.

    “Our new Belgrade office represents a strategic investment in HYPR’s future,” added Simic. “As threats like sophisticated phishing campaigns and the alarming trend of North Korean hackers infiltrating IT departments continue to make headlines, organizations worldwide are recognizing that robust identity assurance is non-negotiable. We’re actively hiring across multiple functions in both the US and internationally to meet this surging demand.”

    The company’s HYPR Affirm identity verification solution has seen strong adoption across organizations of all sizes, from nimble SMBs to large enterprises, as identity fraud and verification challenges affect businesses regardless of scale. Organizations are leveraging HYPR Affirm to address critical identity challenges including employee onboarding fraud prevention, detection of fake workers, secure account recovery for helpdesks, and verification during high-risk transactions. This growth aligns with the report’s finding that identity verification tools are now the most widely deployed IAM tool (63%) and a top choice for post-breach implementation (68%).

    When combined with HYPR’s passwordless authentication capabilities, customers create a comprehensive identity assurance framework that significantly reduces risk across the identity lifecycle.

    Leadership for Hypergrowth

    Douglas McLaughlin has been named SVP of Worldwide Sales. Over the last six years, McLaughlin has been instrumental in HYPR’s growth trajectory, personally cultivating strategic partnerships with one of the top four US banks, a top five healthcare organization, and one of the nation’s largest credit unions, among other marquee accounts. His leadership has been pivotal in establishing HYPR as the trusted identity assurance partner for enterprises seeking to eliminate credential-based attacks. Additionally, Doug has played a crucial role in building and enhancing HYPR’s channel partner program, significantly expanding the company’s market reach and creating mutually beneficial relationships with strategic technology and service providers.

    “Doug has consistently demonstrated exceptional leadership and an unwavering commitment to our customers’ success,” said Bojan Simic, co-founder, CEO and CTO of HYPR. “His deep understanding of the evolving threat landscape and ability to translate our technical innovations into tangible business value for customers makes them the ideal leader to scale our global sales operations. This promotion reflects not only Doug’s individual achievements but also our company’s commitment to recognizing and elevating top talent.”

    Customers consistently cite McLaughlin’s ability to guide them through complex digital transformations, providing the confidence needed to undertake significant authentication modernization initiatives that deliver both enhanced security and improved user experiences.

    About HYPR

    HYPR, the Identity Assurance Company, helps organizations create trust in the identity lifecycle. The HYPR solution provides the strongest end-to-end identity security, combining modern passwordless authentication with adaptive risk mitigation, automated identity verification and a simple, intuitive user experience. With a third-party validated ROI of 324%, HYPR easily integrates with existing identity and security tools and can be rapidly deployed at scale in the most complex environments.

    Media Contact:
    Fabienne Dawson
    fabienne@hypr.com 
    917.374.6860

    The MIL Network –

  • MIL-OSI USA: AFSCME’s Saunders: Workers Memorial Day highlights why we must organize for health and safety

    Source: American Federation of State, County and Municipal Employees Union

    WASHINGTON – AFSCME President Lee Saunders released the following statement in recognition of Workers Memorial Day, Monday, April 28:

    “Today, we join countless Americans in mourning loved ones who have lost their lives on the job, often due to entirely preventable tragedies. Every person should be able to earn a living in a workplace that’s free of violence, health hazards and other threats, so they can safely return home to their families each day. This is a fundamental freedom that the world’s largest economy is more than capable of guaranteeing. We should never be satisfied with a status quo that prioritizes profits over workers’ health and safety.

    “The sad truth is that even as workplace injuries rise across the country, we have a White House hell-bent on dismantling the very institutions meant to safeguard workers — all to hand tax breaks to billionaires who want to trample their rights. They are shuttering OSHA field offices, firing federal employees who investigate workplace incidents, and making it easier for employers to silence those who speak out about feeling unsafe.

    “We won’t allow this billionaire-run administration to put our lives in jeopardy just to enrich themselves. This week, we are working with our congressional allies to introduce legislation that would expand OSHA protections to public service workers nationwide. We’re also getting organized on the ground, calling members of Congress, joining town halls – or forming our own when elected officials refuse to show up – and demanding they defend our communities from those who see our lives as expandable. We won’t back down.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Armstrong signs bill creating framework for establishing public charter schools in North Dakota

    Source: US State of North Dakota

    Gov. Kelly Armstrong released the following statement today after signing Senate Bill 2241, which creates a framework for establishing public charter schools in North Dakota. The Governor’s Office testified in support of the bill.

    “Expanding school choice is a win-win for North Dakota families and for our state’s workforce and long-term success. The public charter schools authorized by this bill can drive innovation, improve student outcomes and increase parent satisfaction,” Armstrong said. “We appreciate the work of Sen. Axtman, the bill sponsors and other supporters for empowering communities to establish customized learning environments that meet the unique needs of students.”

    The bill was introduced by Sen. Michelle Axtman and co-sponsored by Senate Majority Leader David Hogue, House Majority Leader Mike Lefor, Sen. Don Schaible and Reps. Glenn Bosch and Pat Heinert. It was approved 64-29 in the House and 39-7 in the Senate. North Dakota is currently one of only four states not to allow public charter schools, according to testimony on the bill, which takes effect Aug. 1.

    The bill requires public charter schools to be part of the state’s public education system and operate under a charter performance agreement with the state Superintendent of Public Instruction, with academic, operational and financial expectations outlined in the agreement. Public charter schools must meet or exceed state academic and graduation requirements and be open to all North Dakota students – regardless of where they live, prior academic performance and special needs.

    Additional information about the bill is available in Axtman’s testimony here.

    MIL OSI USA News –

  • MIL-OSI: Dividend Payments ex-date of Coop Pank AS

    Source: GlobeNewswire (MIL-OSI)

    For the year of 2024 Coop Pank AS will pay dividend in the net amount of 7,00 eurocents per share. The list of shareholders entitled to receive dividend will be established as at 02.05.2025 COB in the settlement system. Consequently, the day of change of the rights related to the shares (ex-date) is set to 30.04.2025. From this day onwards, the person acquiring the shares will not have the right to receive dividend for the financial year 2024. Dividend shall be disbursed to the shareholders on 06.05.2025.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 213,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Announces Scheduled Release of First Quarter 2025 Financial Results

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its first quarter 2025 financial results on Wednesday morning, April 30, 2025, before the opening of U.S. financial markets.

    Fannie Mae has scheduled a conference call to discuss the company’s results at 8:00 a.m., ET, on April 30, 2025.

    Prior to the call, the company’s first quarter 2025 earnings news release, quarterly report on Form 10-Q, and other supplemental information will be available on the company’s Quarterly and Annual Results webpage at fanniemae.com/financialresults. Following the call, a transcript will be published to the same webpage and will remain available until our next quarterly earnings announcement.

    CONFERENCE CALL PARTICIPATION DETAILS – Fannie Mae First Quarter 2025 Financial Results

    Event day and time
    Wednesday, April 30, 2025
    8:00 AM (ET)

    Listen-only webcast:
    https://event.webcasts.com/starthere.jsp?ei=1714045&tp_key=af61e0bd6a

    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics –

  • MIL-OSI Global: What have the Democrats achieved in Trump’s first 100 days?

    Source: The Conversation – UK – By Richard Hargy, Visiting Research Fellow in International Studies, Queen’s University Belfast

    The Democratic response to the first 100 days of Donald Trump’s second term has been sluggish. It has made many Congressional Democrats, and party members, anxious about what the party can do to push back against the president’s fast-moving agenda.

    “None of this feels like you’re fighting for us … The words are great, but I’m really not seeing any action,” said an exasperated constituent at a town hall event held in March by Colorado Democratic Senator Michael Bennet.

    According to reports, much of the anger in the room was aimed at the Democrats lacklustre fightback against Trump, and specifically a decision by some Democratic senators to support a Republican government funding bill in order to avert a federal government shutdown.

    Democrat Senate leader Chuck Schumer’s decision to support this bill attracted criticism from within the party. Opponents argued that rejecting the bill and forcing a government shutdown would have required Trump and Republicans to rethink their strategy and negotiate a more palatable deal with Democrats. Schumer, however, argued that it was a far worse option to allow “Trump to take even much more power via a government shutdown”.

    Former House Speaker Nancy Pelosi offered a sharp critique of Schumer’s approach, saying “America has experienced a Trump shutdown before — but this damaging legislation only makes matters worse. Democrats must not buy into this false choice. We must fight back for a better way”.

    Some within the party viewed this as a missed opportunity by Democrats to portray themselves as an active opposition to Trump’s agenda, especially as Republicans currently control both parts of Congress – the US House of Representatives and the Senate.

    To progress to a vote on a bill in the Senate requires 60 votes. With 52 yes votes on their government-funding bill, Republicans needed eight Democrats to switch sides. Schumer could have sunk the bill and shut down the federal government. But, as Time magazine’s Philip Elliott said, while Democrats had this option, they “lacked the bandwidth to sell it as the other guys’ fault, or put forth a unified plan on how to reopen the government on better terms”.

    Nevertheless, the outcry within Democrat circles was fierce. Prominent progressive Congresswoman Alexandria Ocasio-Cortez of New York said that “there is a deep sense of outrage and betrayal”. The fallout exposed wider divisions within the party, as well as friction between Schumer and House Minority Leader Hakeem Jeffries.

    Polling data released in March showed Democrats with a favourability score of 29%, the party’s lowest point since 1992. This came as some of the Democrats’ major financial backers were publicly critical of the party’s ineffective and lethargic opposition and withheld financial backing.

    Democrat Chuck Schumer voted with the Republicans.

    Effective Democratic opposition will require sustained work, which connects with and mobilises voters. Darrell M. West, a senior fellow at the Brookings Institution in Washington, said that previous victories “demonstrated that long-term success involves many steps, from … political alliance-building to candidate recruitment, fundraising, registration drives, and get-out-the-vote efforts”.

    Some Democrats in Congress are trying to hold the Trump administration accountable. Congressman James Raskin of Maryland and California Senator Adam Schiff have convened “shadow hearings” to highlight what they allege to be dubious decisions. Other Democrats have signed onto several court briefs that have challenged some of Trump’s executive orders.


    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

    Other notable Democrats are mounting a fightback by trying to rally their supporters. Ocasio-Cortez and Senator Bernie Sanders of Vermont have held a series of rallies that saw huge crowds of over 200,000 people turn out in mainly Republican-supporting states to hear their anti-Trump message. Sanders declared that the “future of the Democratic Party is not going to rest with the kind of leadership that we’ve had”.

    Arguably the defining moment from this turbulent three-month period of Trump’s second term was the president’s “Liberation Day” announcement on April 2, when he imposed sweeping new tariffs on many major trading partners across the world.

    The economic turmoil that followed presented Democrats with a political opportunity. Yet their immediate response was restrained and lacklustre.

    As the economic shock waves from Trump’s tariff blitz reverberated, Jonathan Chait, staff writer at the Atlantic, asked why was Trump facing sharper political attacks from his allies than he is from the putative opposition.

    Weeks of market mayhem have given Democrats an opening to challenge Republican dominance in Washington ahead of next year’s midterm elections. A recent Morning Consult poll showed Democrats, for the first time in four-years, enjoying a three percentage point advantage (46% to 43%) over Republicans on economic competency.

    Democrats will have greater leverage if Trump’s tariff policies lead to inflation, and prices rising or even a recession.

    There’s just over 18 months until the next set of national elections in the US. In that time Democrats face the challenge of reconnecting with voters.

    Leah Greenberg, co-founder of the progressive grassroots organisation, Indivisible, gave an ominous judgement of the party’s current predicament, stating there have been “a lot of episodes over the last few months that have really soured people on whether the Democratic Party has … a clear assessment of the danger it’s facing right now”.

    This warning aside, three elections held at the beginning of April gave Democrats cause for some optimism. In a contest for a Wisconsin Supreme Court seat, the Trump-backed candidate, who was supported financially by the president’s ally Elon Musk, lost by a significant margin in a state that Trump won last November.

    In two congressional races in Florida, while the Republicans held both seats, results were far closer than those seen two years ago, signalling some disapproval of Republican policy.

    Elaine Kamarck, a Brookings fellow, believes that the large demonstrations that have sprung up around the country over the past months have started to alter the mood within the Democratic party, and that’s something they can build on.

    Richard Hargy 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. What have the Democrats achieved in Trump’s first 100 days? – https://theconversation.com/what-have-the-democrats-achieved-in-trumps-first-100-days-255139

    MIL OSI – Global Reports –

  • MIL-OSI China: China pledges more measures to bolster employment, economy amid global uncertainties

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

    China pledges more measures to bolster employment, economy amid global uncertainties

    BEIJING, April 28 — In the face of increasing global uncertainties, China prepares to roll out more measures to strengthen growth momentum in the rest of the year, aiming to keep employment stable and deliver the development targets for 2025.

    At a press conference held on Monday, several senior officials elaborated on the policies in the pipeline, ranging from further unleashing consumption potential to consolidating the recovery of the real estate sector.

    Zhao Chenxin, deputy head of the National Development and Reform Commission, detailed the new measures in five key areas: supporting employment, keeping foreign trade stable, promoting consumption, expanding effective investment, and fostering a sound environment for development.

    The government will encourage businesses to maintain stable staffing levels and introduce tailored policies to assist export enterprises in mitigating risks. Measures will be unveiled to boost service consumption, stimulate auto sales, galvanize private investment, establish new policy-based financial instruments, keep the capital markets stable and active, and consolidate the stable development of the real estate market, according to Zhao.

    All policies have been designed with a strong emphasis on specificity and practicality so that enterprises and individuals feel tangible benefits, Zhao said, adding that the government will introduce each measure once it is ready.

    Also speaking at the press conference, Zou Lan, deputy governor of the People’s Bank of China, vowed to implement timely cuts in reserve requirement ratios and interest rates and create new structural monetary policy instruments, ensuring ample liquidity to foster job stability and economic resilience.

    The central bank is studying ways to expand its policy toolkit, with plans to roll out incremental measures to consolidate the foundations of economic development and social stability, Zou said.

    The remarks of the senior officials came amid the country’s ongoing efforts to navigate complex global economic challenges while maintaining a resilient growth trajectory.

    With an encouraging 5.4-percent GDP increase in the first quarter, China’s policymakers recognized the sound trend at a high-level meeting last Friday, while cautioning that the economic recovery needs to be further consolidated to fend off increasing impact from external shocks.

    The meeting of the Political Bureau of the Communist Party of China Central Committee called for preparing for worst-case scenarios with sufficient planning, and dealing with the uncertainty of drastic changes in the external environment with the certainty of the country’s high-quality development.

    When answering a media question about “reciprocal tariffs” imposed by the United States, Zhao called the protectionist measures a typical act of unilateral bullying, which severely defies historical trends and economic laws and is doomed to fail.

    “China will stand together with the vast majority of countries in the world — on the right side of history and on the side of human progress,” he said.

    Zhao also said that China is able to ensure its grain and energy security even if it stops purchasing commodities from the United States.

    The officials at the press conference expressed confidence in the country’s ability to handle external challenges and maintain steady economic performance.

    With ample policy reserves and sufficient policy room, China is fully confident in achieving this year’s economic and social development goals and tasks, said Zhao.

    The country has targeted its full-year economic growth at around 5 percent this year, the same as in 2024.

    Zhao said the government will intensify efforts to ensure the full effect of existing policies, including special campaigns to boost consumption and effectively utilize the 5-trillion-yuan (about 694 billion U.S. dollars) investment funds at the national level.

    Moreover, incremental reserve policies will be rolled out in a timely manner in response to changing conditions, Zhao said, adding that the country will stay focused on managing its own affairs well no matter how the international situation evolves.

    MIL OSI China News –

  • MIL-OSI: Torrey Jacoby Joins Rate as Vice President of Mortgage in Houston

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 28, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, welcomes Torrey Jacoby to Rate as Vice President of Mortgage, based in Houston. A top 1% originator both locally and nationally, Torrey brings more than a decade of experience and a track record of consistent production—closing over $62 million in 2024 alone. As Rate continues to grow in Texas and nationwide, Torrey’s customer-first approach and deep roots in the Houston market are a strong match for our fintech-powered, loan officer–driven model.

    “I’ve always believed that customer service is the foundation of long-term success in this business,” said Jacoby. “That’s how you earn referrals for life. After seven great years at my previous company, I knew it was time to make a move to a platform built for top producers, with the tools and support to take things to the next level.”

    Torrey began his mortgage career in Houston in 2011, shortly after graduating from Pepperdine University and moving from California. He has been a President’s Club winner for the past 10 years and has built his business on trust, responsiveness, and results. He lives in Houston with his wife, Victoria (Tori), and their two children, Hudson (5) and Georgie (2).

    “Torrey represents exactly the kind of leadership and production mindset we value at Rate,” said Todd Heaton, EVP and Western Divisional Manager for Rate. “He’s a powerhouse originator who’s built his business on relationships and repeat referrals. We’re proud to have him on board.”

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service.

    Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years.

    Visit rate.com for more information.

    Media Contact

    press@rate.com

    The MIL Network –

  • MIL-OSI: EIGHTCO HOLDINGS INC. APPOINTS NICOLA CAIANO TO BOARD OF DIRECTORS

    Source: GlobeNewswire (MIL-OSI)

    Easton, PA, April 28, 2025 (GLOBE NEWSWIRE) — Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) today announced the appointment of Nicola Caiano to its Board of Directors. Mr. Caiano brings over three decades of expertise in financial strategy, capital markets, and investment management, further strengthening Eightco’s strategic vision and growth trajectory.

    Mr. Caiano currently serves as Chief Financial Officer at Cytometric Therapeutics, where he leads capital formation strategies to fund clinical trials for groundbreaking cancer therapies. He is also the Founding Partner of Olea Management LLC, where he advises family offices and early-stage companies across diverse industries, including technology, finance, and consumer goods, on capital raising and mergers and acquisitions. Previously, Mr. Caiano was a Partner and Director of Research at Pinyon Asset Management, managing a global event-driven equity and credit portfolio. His career also includes senior roles at Paulson & Co. Inc., J.P. Morgan Chase, and Bear, Stearns & Co. Inc.

    “We are thrilled to welcome Nicola Caiano to our Board of Directors,” said Paul Vassilakos, CEO and Chairman of Eightco. “Nic’s proven track record in financial strategy, capital raising, and investment management aligns with our goals to drive sustainable growth and shareholder value. We look forward to him utilizing his expertise and strategic vision to help us execute our ambitious plans to lead in the technology and inventory funding sectors.”

    Mr. Caiano is replacing Mary Ann Halford. Ms. Halford had served on Eightco’s Board since October 2021. “We would like to thank Mary Ann for her dedicated service. Her insights, commitment, and leadership have made a lasting impact. We deeply appreciate her contributions and wish her all the best in her current and future endeavours,” said Mr. Vassilakos.

    About Eightco Holdings, Inc. Eightco (NASDAQ: OCTO) is committed to growth of its subsidiary, Forever 8 Fund, LLC, an inventory capital and management platform for e-commerce sellers. In addition, the Company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco aims to create significant value and growth for its stockholders.

    For additional information, please visit www.8co.holdings and www.forever8.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; and Eightco’s inability to innovate and attract users for Eightco’s products and services. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the SEC, including in its Annual Report on Form 10-K filed with the SEC on April 15, 2025. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

    For further information, please contact:
    Investor Relations
    investors@8co.holdings

    The MIL Network –

  • MIL-OSI: Houston American Energy Corp. Announces Results of Special Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, April 28, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”), today announced the results of the Company’s special meeting of stockholders (the “Meeting”) held virtually on April 24, 2025.

    At the Meeting, all of the matters put forward before the Company’s stockholders for consideration and approval, as set out in the Company’s definitive proxy statement dated April 11, 2025, were approved by the requisite number of votes cast at the meeting.

    Of most importance, the HUSA shareholders approved the Company’s proposed acquisition of Abundia Global Impact Group (AGIG) with over 90% of shareholders’ votes cast supporting HUSA’s plan to acquire AGIG, a company specializing in converting waste into high value fuels and chemicals. The acquisition supports HUSA’s strategy to diversify its portfolio, expand its global footprint and execute its strategy aimed at driving shareholder value through innovation in the renewable energy sector.

    HUSA and AGIG will continue developing a structured integration and execution plan, with additional updates to come as the acquisition advances toward closing. HUSA currently anticipates closing on the AGIG acquisition by the end of second quarter of 2025.

    “The AGIG acquisition aligns with our strategy to position HUSA into the multi-billion-dollar renewable energy market” said Peter Longo, CEO of HUSA. AGIG has developed a commercially ready project for converting waste into valuable fuels and chemicals, and this transaction gives HUSA stockholders a ready-made platform and project pipeline for future value generation. We are witnessing the growing momentum of the fuel and chemical industry’s transformation into alternative solutions like recycled chemical alternatives and the highly publicized sustainable aviation fuel market.”

    About HUSA

    HUSA is an independent oil and gas company focused on the development, exploration, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: https://houstonamerican.com/.

    About Abundia Global Impact Group

    AGIG’s mission is to transition the world into a decarbonized future through the deployment of its technologies, which convert plastic and certified biomass waste into high-quality renewable fuels, energy, and chemical products, providing sustainable solutions that meet the growing demand within established global markets, thus facilitating the transition into a decarbonized future. AGIG is preparing to build its first advanced plastic recycling facility in Cedar Port, Texas. The facility represents the first phase of a structured, capital-efficient growth plan aimed at scaling and deploying AGIG’s technologies for producing renewable fuels and chemicals from waste.

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes, but not limited to, statements regarding HUSA’s expected financial condition and performance, the current and projected market, and growth opportunities for the company.

    With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing our business is disclosed in our Annual Report on Form 10-K and other filings with the SEC on www.sec.gov.

    All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

    For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

    The MIL Network –

  • MIL-OSI: Check Point Software Achieves FedRAMP “In Process” Milestone to Deliver AI-Powered Cyber Security Solutions to U.S. Government

    Source: GlobeNewswire (MIL-OSI)

    REDWOOD CITY, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced it has achieved “In Process” status for the Federal Risk and Authorization Management Program (FedRAMP) Moderate baseline. This designation signifies a significant step toward FedRAMP Authorization, enabling U.S. federal agencies to leverage Check Point’s advanced threat protection and real-time threat intelligence to safeguard systems against known and emerging threats.​

    “Achieving FedRAMP ‘In Process’ status is a critical milestone in our mission to provide robust and compliant cyber security solutions to the U.S. government,” said Avi Rembaum, President of Americas Sales at Check Point Software Technologies. “We are dedicated to supporting federal agencies in securing their digital assets against ever evolving cyber threats.”

    The FedRAMP “In Process” status indicates that Check Point is actively working with a federal agency sponsor to achieve full FedRAMP Authorization. This collaboration underscores Check Point’s commitment to meeting the stringent security requirements necessary to protect federal information systems.

    FedRAMP is a U.S. government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. By achieving “In Process” status, Check Point demonstrates its commitment to delivering secure and reliable solutions that meet federal security standards.

    For more information on Check Point’s FedRAMP journey, please visit the FedRAMP Marketplace: https://marketplace.fedramp.gov/products/FR2511048038.

    Follow Check Point via:
    X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
    Facebook: https://www.facebook.com/checkpointsoftware
    Blog: https://blog.checkpoint.com
    YouTube: https://www.youtube.com/user/CPGlobal
    LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

    About Check Point Software Technologies Ltd. 
    Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading protector of digital trust, utilizing AI-powered cyber security solutions to safeguard over 100,000 organizations globally. Through its Infinity Platform and an open garden ecosystem, Check Point’s prevention-first approach delivers industry-leading security efficacy while reducing risk. Employing a hybrid mesh network architecture with SASE at its core, the Infinity Platform unifies the management of on-premises, cloud, and workspace environments to offer flexibility, simplicity and scale for enterprises and service providers.

    Legal Notice Regarding Forward-Looking Statements
    This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

    The MIL Network –

  • MIL-OSI: TeraWulf Announces Participation in Upcoming Investor and Industry Conferences

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., April 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced that various members of senior management will be participating in the following upcoming conferences and events:

    • May 13-15, 2025: JP Morgan Global TMT Conference, Boston, MA
    • May 19-20, 2025: AIM Summit, London
    • May 21-22, 2025: B Riley 25th Annual Investor Conference, Marina del Ray, CA
    • May 27-29, 2025: Bitcoin 2025, Las Vegas, NV
    • June 3-5, 2025: Datacloud Global Congress 2025, Cannes FRA
    • June 10-11, 2025: Rosenblatt Annual Age of AI Summit, Virtual
    • June 24-26, 2025: Roth 15th Annual London Conference, London
    • June 25, 2025: Northland Growth Conference, Virtual

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –