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  • MIL-OSI: Best Online Casinos New Zealand: 7Bit Casino Picked as Top Casino for NZ Players

    Source: GlobeNewswire (MIL-OSI)

    WELLINGTON, New Zealand, April 28, 2025 (GLOBE NEWSWIRE) — After spending some time exploring various online casinos in New Zealand, it became clear that most just didn’t deliver when it came to bonuses or overall experience. That’s when a few local players in New Zealand pointed us toward something better- 7Bit Casino. It stood out from the moment we signed up, kicking things off with a massive welcome bonus. With thousands of games and easy crypto payments, it turned out to be one of the smoothest and most enjoyable platforms we’ve tried.

    CHECK OUT 7Bit CASINO’S OFFERINGS TODAY!

    Our Favourite Overall Casino New Zealand: 7Bit

    7Bit Casino earns its place as the top pick for the best online casinos in New Zealand due to its all-around excellence. Its massive game selection, from classic pokies like Mega Moolah to immersive live dealer tables, ensures endless entertainment. The anonymous online casino approach, combined with robust security, appeals to players who value privacy. Regular promotions, such as weekly cashback and free spins, keep the experience fresh. For Kiwi players, 7Bit’s blend of variety, bonuses, and fast payouts makes it a standout.

    The casino’s commitment to innovation, such as integrating cryptocurrencies and offering a seamless mobile experience, sets it apart. Its retro aesthetic adds a unique charm, making every session visually engaging. Whether you’re a casual player or a high roller, 7Bit delivers a gaming experience that’s hard to beat.

    7Bit Casino Features

    7Bit Casino has earned its spot as one of the best online casinos in New Zealand. Licensed by Curacao and trusted for over a decade, it offers a secure, reliable experience for real money players. With a massive library of 10,000+ games, including pokies, table games, and live dealers, it covers all bases.

    The site supports Pay ID and crypto, making deposits and withdrawals fast and hassle-free. Its sleek, retro design works flawlessly on both desktop and mobile. Regular tournaments, a rewarding VIP program, and no KYC requirements give players flexibility, privacy, and extra perks.

    Whether you’re spinning the reels or playing live blackjack, 7Bit delivers top-tier entertainment for Kiwi gamblers in 2025.

    Why 7Bit Casino Stands Out From Other Casinos

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    • Fair Play: Provably fair games like Plinko and Aviator ensure transparency.
    • Easy to Use: Mobile-friendly, intuitive design with demo modes.
    • 24/7 Help: Live chat and email support in multiple languages.

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    How to Join 7Bit Casino

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    4. Deposit Funds: Choose from fiat or crypto payment methods, including Pay ID Casino options.
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    The process takes minutes, and the best no KYC casino ensure minimal hassle for anonymous play. Always ensure you meet New Zealand’s legal gambling age (19) before signing up.

    Pros and Cons of 7Bit Casino

    Pros

    • Extensive game library with over 10,000 titles, including high-RTP pokies.
    • Generous welcome bonus: Get 325% up to 10800 NZD + 250 F
    • Supports multiple cryptocurrencies for fast, secure transactions.
    • Lightning-fast withdrawals via Pay ID Casino and crypto methods.
    • Frequent promotions and a rewarding VIP program.
    • Mobile-friendly platform with a robust app-like experience.

    Cons

    • High wagering requirements on bonuses can be challenging.
    • Bank transfers are slower compared to crypto or e-wallet options.
    • Limited customer support hours for live chat.

    Despite these drawbacks, 7Bit’s strengths make it a top contender among New Online Casinos in New Zealand, offering a balanced mix of entertainment and reliability.

    How We Selected the Best Online Casinos in New Zealand

    Choosing the best online casinos in New Zealand involves a rigorous evaluation process. Our experts assess multiple factors to ensure only top-tier platforms like 7Bit Casino make the cut. Here’s how we evaluate:

    1. License and Security

    A valid license is non-negotiable. 7Bit Casino holds a Curacao eGaming license, ensuring compliance with industry standards. SSL encryption protects player data, and provably fair games guarantee transparency. For players seeking an anonymous online casino, 7Bit’s minimal KYC requirements add an extra layer of privacy.

    2. Bonuses and Promotions
    Generous bonuses attract players, and 7Bit excels here. Its welcome package (Get 325% up to 10800 NZD + 250 FS) is unmatched. Ongoing promotions, like weekly cashback and daily free spins, keep players engaged. We also check wagering requirements to ensure fairness.

    • 1st Deposit Offer: 100% + 100 FS
    • 2nd Deposit Offer: 75% + 100 FS
    • 3rd Deposit Offer: 50% Match
    • 4th Deposit Offer: 100% + 50 FS
    • New Game Offer: 50 free spins
    • Easter Crypto Offer: 75 free spins
    • Spring Elite Offer: 100 free spins
    • Weekly Cashback: Up to 20%
    • Monday Offer: 25% + 50 FS
    • Wednesday Offer: Up to 100 free spins
    • Reload Friday Offer: 111 free spins
    • Reload Weekend Offer: 99 free spins
    • Telegram Offer: 50 free spins
    • Telegram Friday Offer: 111 free spins
    • Telegram Sunday Offer: 66 free spins

    3. Casino Games

    A diverse game library is crucial. 7Bit offers over 10,000 games, including pokies, table games, and live dealer options. High-RTP titles like Johnny Cash and Mega Moolah are highlights, catering to all skill levels.

    4. Casino Game Providers

    Top providers ensure quality. 7Bit partners with industry leaders like NetEnt, Microgaming, Betsoft, and Evolution Gaming. These providers deliver cutting-edge graphics, smooth gameplay, and innovative features.

    5. Banking Methods

    Flexible payment options are vital. 7Bit supports fiat (Visa, Mastercard, Neosurf) and cryptocurrencies (Bitcoin, Ethereum, Litecoin), ensuring fast, secure transactions. The Pay ID Casino feature simplifies deposits for Kiwi players.

    6. Customer Support

    Reliable support enhances trust. 7Bit offers 24/7 live chat, email, and a comprehensive FAQ. While phone support is absent, the live chat team is responsive and knowledgeable.

    Our methodology ensures that only the best online casinos in New Zealand, like 7Bit, meet the needs of Kiwi players, balancing fun, safety, and convenience.

    How We Choosed 7Bit as Best Online Casino NZ

    Selecting top-rated casino sites like 7Bit involves a detailed process. We prioritize player experience, focusing on usability, game variety, and payout speed. Security is paramount, with licensed platforms like 7Bit undergoing regular audits. Bonuses must be generous yet fair, and customer support should be accessible. For New Online Casinos, we also consider innovation, such as crypto integration or unique features like 7Bit’s best no KYC casino option. This ensures only the best platforms shine.

    We also analyze user reviews and industry trends to gauge reputation. 7Bit’s decade-long presence and positive feedback from Kiwi players solidify its status. By combining objective metrics with real-world insights, we identify casinos that deliver exceptional value.

    The Selection Process: Defining Excellence in Online Gaming

    Our selection process for the best online casinos in New Zealand is thorough and transparent. We evaluate casinos based on:

    • Game Quality and Variety: Platforms must offer diverse, high-quality games. 7Bit’s 10,000+ titles set a high standard.
    • User Experience: Intuitive navigation and mobile compatibility are key. 7Bit’s retro design and responsive platform excel here.
    • Bonuses and Fairness: Promotions should enhance play without excessive restrictions. 7Bit’s free spins and cashback offers are player-friendly.
    • Payment Flexibility: Fast, secure methods are essential. 7Bit’s crypto and Pay ID Casino options cater to modern needs.
    • Security and Trust: Licensing, encryption, and fair play are non-negotiable. 7Bit’s Curacao license and SSL protection ensure safety.

    This process confirms 7Bit as a leader among New Online Casinos, delivering excellence in every aspect of online gaming.

    Games Offered in 7Bit Casino

    7Bit Casino is a gaming paradise, offering over 10,000 games to suit every taste. From classic pokies to immersive live dealer tables, the variety is staggering. Popular titles like Mega Moolah, Raging Lion, and Johnny Cash offer high RTPs and thrilling gameplay. The casino also features instant-win games, scratch cards, and progressive jackpots, ensuring something for everyone. For fans of best online casinos New Zealand, 7Bit’s library is a treasure trove.

    The platform regularly updates its catalog with new releases, keeping the experience fresh. Tournaments add a competitive edge, with cash prizes and free spins up for grabs. Whether you’re a casual player or a seasoned gambler, 7Bit’s diverse offerings make it a top choice.

    1.   Craps

    Craps at 7Bit Casino is a thrilling dice game with multiple betting options. Available in both RNG and live dealer formats, it appeals to players seeking fast-paced action. The game’s intuitive interface and high-quality graphics enhance the experience. For fans of the Best Online Casinos New Zealand, craps at 7Bit offers a dynamic way to test luck and strategy. New players can use free spins or bonuses to explore the game risk-free.

    2.   Live Dealer Games

    7Bit’s live dealer games bring the casino floor to your screen. Powered by Evolution Gaming and Pragmatic Play, options include blackjack, roulette, baccarat, and game shows like Dream Catcher. High-definition streaming and professional dealers create an immersive experience. The anonymous online casino feature allows discreet play, making 7Bit a top pick for live gaming enthusiasts in the Best Online Casinos New Zealand.

    Live tables cater to all budgets, with low-stake and VIP options. The social aspect, with real-time chat, adds excitement, replicating a land-based casino vibe.

    3.   Poker

    Poker at 7Bit includes video poker, RNG table games, and live dealer variants like Texas Hold’em and Caribbean Stud. Titles like Jacks or Better and Deuces Wild offer high RTPs, appealing to strategic players. Tournaments add a competitive edge, with cash prizes and leaderboards. For Kiwi players, 7Bit’s poker selection is a highlight among New Online Casinos, supported by generous bonuses like free spins for new players.

    4.   Roulette

    Roulette at 7Bit comes in multiple variants, including European, American, and French. RNG and live dealer options cater to different preferences, with Evolution Gaming’s live tables standing out for their quality. The game’s simplicity and high stakes make it a favorite in the Best Online Casinos New Zealand. Players can use bonuses to explore strategies like Martingale or D’Alembert without risking much.

    5.   Blackjack

    Blackjack at 7Bit is a staple, with classic, multi-hand, and live dealer versions. Titles like Blackjack Surrender and Infinite Blackjack offer unique twists. Low house edges and strategic depth make it ideal for skilled players. The Pay ID Casino feature ensures quick deposits, letting you jump into the action. 7Bit’s blackjack offerings solidify its status as a leader in Best Online Casinos New Zealand.

    6.   Slots

    Slots dominate 7Bit’s library, with over 8,000 titles from providers like NetEnt and Betsoft. Popular pokies include Mega Moolah, Starburst, and Raging Lion, known for high RTPs and massive jackpots. Themes range from classic fruit machines to modern video slots with immersive storylines. free spins promotions make slots accessible, enhancing 7Bit’s appeal as a best no KYC casino for slot enthusiasts.

    Progressive jackpots offer life-changing payouts, while regular tournaments keep the excitement alive. 7Bit’s slot variety is unmatched, making it a go-to for Kiwi players.

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    Payment Options Available in 7Bit Casino

    7Bit Casino offers a wide range of payment methods, catering to both traditional and crypto-savvy players. Below is a comprehensive list based on the uploaded document and additional research:

    Fiat Currency Methods

    • Visa: Secure credit/debit card deposits, processed instantly.
    • Mastercard: Widely accepted, with fast deposits but slower withdrawals.
    • Neosurf: Prepaid voucher for anonymous deposits.
    • Skrill: E-wallet with instant deposits and withdrawals.
    • Neteller: Popular e-wallet for quick, secure transactions.
    • PaysafeCard: Prepaid option for safe deposits.
    • Interac: Canadian-focused method, also available for Kiwi players.
    • Bank Transfer: Reliable but slower, with withdrawals taking 3-5 days.
    • MuchBetter: Mobile-friendly e-wallet with low fees.
    • EcoPayz: Versatile e-wallet for fast transactions.

    Cryptocurrency Methods

    • Bitcoin (BTC): Fast, anonymous deposits and withdrawals.
    • Litecoin (LTC): Low-fee alternative to Bitcoin.
    • Ethereum (ETH): Secure blockchain-based transactions.
    • Dogecoin (DOGE): Fun, low-cost crypto option.
    • Binance Coin (BNB): Growing in popularity for casino payments.
    • Tether (USDT): Stablecoin for consistent value.
    • Ripple (XRP): Fast and cost-effective crypto payments.

    Additional Notes

    • Pay ID Casino: 7Bit supports PayID for instant bank transfers, popular among Kiwi players for its speed and simplicity.
    • Withdrawal Speed: Crypto and e-wallets process within hours; bank transfers take 3-5 days.
    • No KYC for Crypto: The best no KYC casino feature allows anonymous withdrawals for crypto users, enhancing privacy.

    This extensive range ensures 7Bit caters to all players, making it a leader among Best Online Casinos New Zealand. The anonymous online casino approach with crypto payments is a major draw for privacy-conscious gamers.

    Customer Support

    7Bit Casino’s customer support is reliable, though not flawless. Available 24/7 via live chat and email, the team is responsive and professional. Live chat typically connects within minutes, ideal for urgent queries. Email responses take 1-2 hours, suitable for detailed issues. A comprehensive FAQ section covers common topics like bonuses, payments, and account management. While phone support is absent, the existing channels are effective for most players.

    For Kiwi players, 7Bit’s support shines in resolving payment and bonus issues quickly. The Best Online Casinos New Zealand prioritize accessibility, and 7Bit meets this standard with its user-focused approach. Regular feedback from players highlights the team’s friendliness and expertise.

    Regulation of the Best Online Casinos

    The best online casinos New Zealand adhere to strict regulations to ensure player safety and fairness. Key points include:

    • Licensing: A valid license from a reputable authority, like 7Bit’s Curacao eGaming license, ensures legal operation and oversight.
    • Data Protection: SSL encryption safeguards personal and financial information, as seen in 7Bit’s robust security measures.
    • Fair Play: Random Number Generators (RNGs) and provably fair games guarantee unbiased outcomes. 7Bit’s games are regularly audited.
    • Responsible Gambling: Tools like deposit limits, self-exclusion, and reality checks promote healthy gaming. 7Bit offers these features prominently.
    • Age Verification: Compliance with legal gambling age (19 in New Zealand) is mandatory to prevent underage gambling.

    These regulations ensure 7Bit and other New Online Casinos maintain high standards, fostering trust among Kiwi players.

    The Most Popular Pay-out Methods at 7Bit Casino

    The most popular payout methods at 7Bit Casino include:

    • Bitcoin: Fastest withdrawals, often processed within hours, ideal for anonymous online casino users.
    • Skrill/Neteller: E-wallets with instant payouts after approval.
    • PayID: Popular for Kiwi players, offering near-instant bank transfers.
    • Visa/Mastercard: Reliable but slower, taking 1-3 days.
    • Ethereum/Litecoin: Low-fee crypto options for quick, secure payouts.

    Crypto methods dominate due to their speed and privacy, aligning with 7Bit’s best no KYC casino ethos. The Pay ID Casino option is a close second for its convenience among fiat users.

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    Conclusion – Why 7Bit Casino Top New Zealand Online Casino

    7Bit Casino is the ultimate destination for Kiwi players seeking the best online casinos New Zealand. Its vast game library, generous bonuses, and flexible payment options create a top-tier gaming experience. From pokies to live dealer tables, 7Bit caters to all preferences while prioritizing security and privacy. The anonymous online casino features and Pay ID Casino support make it a standout. Whether you’re chasing free spins or big jackpots, 7Bit delivers unmatched value and excitement.

    Frequently Asked Questions

    1. Is 7Bit Casino safe for New Zealand players?
    Yes, 7Bit is licensed by Curacao eGaming and uses SSL encryption, making it a secure choice among Best Online Casinos New Zealand.

    2. What is the welcome bonus at 7Bit Casino?
    New players get a 325% up to 10800 NZD + 250 FS across four deposits.

    3. Does 7Bit support cryptocurrency payments?
    Yes, 7Bit accepts Bitcoin, Ethereum, Litecoin, Dogecoin, and more, perfect for best no KYC casino fans.

    4. How fast are withdrawals at 7Bit Casino?
    Crypto and e-wallet withdrawals process within hours; bank transfers take 3-5 days.

    5. Can I play on mobile at 7Bit Casino?
    Absolutely, 7Bit’s mobile platform is seamless, offering the same features as the desktop version.

    Email: Support@7bitCasino.com

    Disclaimers and Affiliate Disclosure

    General Disclaimer
    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer
    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure
    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products. Do your own research before signing up.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10718a9c-846b-4181-8c60-cf087632b3f1

    The MIL Network –

  • MIL-OSI China: China confident of achieving full-year development targets: official

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

    BEIJING, April 28 — With ample policy reserves and sufficient policy room, China is fully confident in achieving this year’s economic and social development goals and tasks, Zhao Chenxin, deputy head of the National Development and Reform Commission, told a press conference on Monday.

    The country will accelerate the implementation of measures to stabilize employment and the economy, expedite the roll-out and execution of policies, and place greater emphasis on enhancing policy implementation efficiency and effectiveness to ensure direct benefits for businesses and the public, Zhao said.

    Meanwhile, it 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, he said, adding that most of these policies will take effect in the second quarter.

    The country will continuously strengthen policy consistency, conduct regular and open-ended policy research, fully prepare contingency plans, and steadily improve the policy toolkit for stabilizing employment and the economy, he said.

    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.

    China has targeted its full-year economic growth at around 5 percent this year. In the first quarter, the country’s gross domestic product grew 5.4 percent year on year.

    MIL OSI China News –

  • MIL-OSI: NBPE Announces Audited 2024 Results and 31 March 2025 Est. NAV

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey   28 April 2025

    NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update.

    Audited Annual Results Highlights (31 December 2024)

    • NAV per share of $27.53 (£21.98)
    • 1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in private valuations, offset by quoted holdings and FX
    • Private portfolio value increased 6.9% in 2024 on a constant currency basis
    • Strong portfolio company operating performance: LTM revenue and EBITDA growth of 8.0% and 13.1%, respectively, during 20241
    • $179 million of proceeds from realisations received during 2024
    • Well positioned to take advantage of investment opportunities – $283 million of cash and undrawn credit line available
    • $0.94 per share of dividends paid during 2024
    As of 31 December 2024 2024 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 1.5% (4.0%)
    (1.3%)    		 68.8%
    11.0%    		 166.2%
    10.3%
    MSCI World TR (USD)*
    Annualised    		 19.2% 22.0%
    6.9%    		 73.9%
    11.7%    		 171.9%
    10.5%
             
    Share price TR (GBP)*
    Annualised    		 (1.1%) (2.3%)
    (0.8%)    		 62.1%
    10.1%    		 231.2%
    12.7%
    FTSE All-Share TR (GBP)*
    Annualised    		 9.5% 18.5%
    5.8%    		 26.5%
    4.8%    		 81.9%
    6.2%

    *Reflects cumulative returns over the time periods shown and are not annualised.

    Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented:

    “NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share of $27.53 and a total NAV return of 1.5% for the year. This performance was driven by the strong operating performance of our private investment portfolio, which grew in value by 6.9% on a constant currency basis. However, these gains were partially offset by the impact of foreign exchange fluctuations and public holdings. Despite a more challenging environment for private equity exits, NBPE delivered solid realisations in 2024, generating $179 million in proceeds – equivalent to 14% of the portfolio’s opening fair value.

    NBPE ended the year in a strong financial position with $283 million of available liquidity and an investment level of 102%, which is at the lower end of the long-term target investment level range of 100-110%.”

    Paul Daggett, Managing Director of Neuberger Berman, continued:

    “Overall, the underlying portfolio of private companies continued to perform well, reporting a weighted average LTM revenue and EBITDA growth1 of 8.0% and 13.1%, respectively. It is encouraging to see that the four new investments made in 2024 are off to a good start, being valued at a 1.1x gross multiple of capital and generating a 22% IRR on a combined basis as of 31 December 2024.

    Despite recent market volatility and uncertainty, we remain confident that NBPE is well-positioned to perform across a range of economic scenarios. The portfolio remains well-diversified across our two key themes, and we believe it is well-positioned to continue to deliver growth over the long term.”

    The Company’s 2024 Annual Report and a video from Neuberger Berman to accompany the results are available to view at: https://www.nbprivateequitypartners.com/

    Portfolio Update to 31 March 2025

    NAV TR increase of 0.4% YTD 2025

    • 31 March 2025 NAV per share of $27.17 (£21.05)
    • YTD NAV driven by positive FX adjustments, offset by declines in quoted holdings
    • 31 March 2025 monthly NAV estimate does not include any Q1 2025 private company valuations

    Realisations from the portfolio in 2025

    • $47 million of proceeds received in the first three months of 2025
      • Realisations to date driven by full exits of USI and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full and partial realisations of certain quoted holdings and income investments
    • A further ~$20 million of proceeds is expected in the coming months from pending transactions

    Robust liquidity – well positioned to take advantage of opportunities

    • $283 million of available liquidity ($73 million cash/liquid investments and $210 million of credit line)

    2025 Share Buybacks

    • Through 25 April 2025, NBPE has repurchased approximately 624k shares for $12.3 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.10 per share

    Portfolio Valuation
    The fair value of NBPE’s portfolio as of 31 March 2025 was based on the following information:

    • 6% of the portfolio was valued as of 31 March 2025
      • 6% in public securities
    • 94% of the portfolio was valued as of 31 December 2024
      • 93% in private direct investments
      • 1% in private fund investments

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644
    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 31 March 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 76.8 6.1%
    Osaic 2019 Reverence Capital Financial Services 63.5 5.0%
    Solenis 2021 Platinum Equity Industrials 60.5 4.8%
    BeyondTrust 2018 Francisco Partners Technology / IT 50.1 4.0%
    Monroe Engineering 2021 AEA Investors Industrials 42.6 3.4%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.2%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 38.9 3.1%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 38.5 3.0%
    Mariner 2024 Leonard Green & Partners Financial Services 33.7 2.7%
    True Potential 2022 Cinven Financial Services 33.5 2.6%
    FDH Aero 2024 Audax Group Industrials 32.9 2.6%
    Marquee Brands 2014 Neuberger Berman Consumer 31.8 2.5%
    Staples 2017 Sycamore Partners Business Services 29.7 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 28.7 2.3%
    Fortna 2017 THL Industrials 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.1 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.4 2.1%
    Benecon 2024 TA Associates Healthcare 25.5 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 25.0 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.5 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Kroll 2020 Further Global / Stone Point Financial Services 23.7 1.9%
    Exact 2019 KKR Technology / IT 22.2 1.8%
    CH Guenther 2021 Pritzker Private Capital Consumer 22.0 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    Bylight 2017 Sagewind Partners Technology / IT 19.9 1.6%
    Real Page 2021 Thoma Bravo Technology / IT 18.5 1.5%
    AutoStore (OB.AUTO) 2019 THL Industrials 18.2 1.4%
    Constellation Automotive 2019 TDR Capital Business Services 18.2 1.4%
    Total Top 30 Investments       $972.3 76.9%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 77%
    Europe 22%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 21%
    Industrials / Industrial Technology 18%
    Financial Services 13%
    Business Services 12%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 16%
    2018 14%
    2019 14%
    2020 13%
    2021 18%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

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    The MIL Network –

  • MIL-Evening Report: Plans to stockpile critical minerals will help Australia weather global uncertainty – and encourage smaller miners

    Source: The Conversation (Au and NZ) – By Mohan Yellishetty, Professor, Co-Founder, Critical Minerals Consortium, and Australia-India Critical Minerals Research Hub, Monash University

    RHJPhtotos/Shutterstock

    The world needs huge quantities of critical minerals to make batteries, electric vehicles, wind turbines, mobile phones, computers and advanced weaponry.

    Many of these minerals lie under Australian soil. Australia is able to produce 9 out of 10 mineral elements required to produce lithium-ion batteries, such as lithium, nickel and cobalt. It also has the highest total reserves of battery minerals.

    But at a time of major geopolitical upheaval, critical minerals are also contested. China controls many critical mineral supply chains, allowing it to dominate clean energy technologies. The ongoing United States–China trade war has intensified competition for access to critical minerals.

    It’s against this backdrop that Labor has proposed a A$1.2 billion strategic reserve of critical minerals. It’s a timely and welcome step in the right direction.

    Why is this reserve needed?

    Critical minerals are vital to the industries of the future. But supply can be hard to secure and disruptions can be devastating.

    After US President Donald Trump jacked up tariffs on China, Beijing responded by clamping down on critical mineral exports. Almost 80% of US weaponry depends on Chinese critical minerals.

    China now dominates mining and refining of many critical minerals. Beijing controls 90% of the world’s rare earth refining, 80% of lithium refining and 68% of nickel refining. The US and other nations are belatedly trying to catch up.

    Mining has long been a major Australian industry, particularly iron ore and coal. But Australia has huge reserves of many critical minerals, producing the largest volume of lithium ore in the world as well as stocks of cobalt, manganese, rutile and others. Australian miners Lynas and Australian Strategic Materials are two of the few rare-earth mining companies not owned by China.

    That’s where this strategic reserve comes in. If it comes to fruition, the federal government would buy agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price. It would then keep stockpiles of these key minerals to prevent market manipulation by China and stabilise prices by releasing or holding stocks strategically.

    The reserve would give Canberra more leverage in negotiating with trading partners and enable a rapid response to supply disruptions. Government backing for the industry would boost onshore processing, scale up domestic production and encourage more high-wage, high-skill jobs in regional areas.

    Which minerals will be stockpiled? That’s yet to be determined. The list of ‘critical minerals’ can vary between countries, and a mineral critical to one nation may not be to another.

    Australia lists 31 critical minerals while Japan lists 35, the US lists 50 and the European Union 34. Australia’s list is unique in that it reflects global demand, not domestic dependency.

    The minerals most commonly included in these lists include cobalt, gallium, indium, niobium, tantalum, platinum group minerals and rare earth elements.

    Why is the government intervening?

    In 2023, major miners produced close to a billion tonnes of iron ore in Western Australia.

    By contrast, critical mineral volumes are small. For instance, only 610 tonnes of gallium were mined in 2023. Major miners such as Rio Tinto, BHP and Vale don’t tend to bother.

    Critical mineral markets are often opaque and highly concentrated. The barrier to entry is high. Globally, the market for the 31 critical minerals on Australia’s list is valued at around A$344 billion – about the size of the global aluminium market.

    That leaves it to mid-tier and small miners to bridge the gap between rapidly growing demand and supply. The problem is, raising capital is often very difficult. The price of critical minerals can fluctuate wildly. The price of lithium and nickel have fallen sharply over the last two years due to market oversupply.

    The strategic reserve would make it easier for these miners by providing access to capital through loans from Export Finance Australia and private investors, reducing financial uncertainty and cost overruns and acting as a buffer against market volatility.

    For instance, mid-tier miner Illuka Resources is building Australia’s first rare earths refinery in Western Australia. The project already has significant government support, but it is likely to need more.

    Despite Australia’s significant mineral resources, it faces an uphill battle to gain market share. China’s dominance has been driven by low production costs; low environmental, social and goverance standards; and a competitive labour market. But intensifying geopolitical competition between China and the US means Australian minerals would likely be sought by the US.

    How can Australia best play its hand?

    In volatile market conditions, cheaper operations have a significant advantage, while new mines face an uphill battle.

    Australia’s critical minerals hub framework could help offset capital costs. Smaller miners could form cooperatives to share infrastructure and manage logistics, processing and access to international markets. Sharing infrastructure such as roads, rail, energy and ports would reduce the investment risk.

    There are other challenges to overcome, such as the long lead times of 10 years or more to go from discovery to production, limited access to low-cost renewable energy and a shortage of technical and scientific capabilities.

    Labor’s strategic reserve would help. But it won’t be enough to make Australia into a critical mineral giant. The government should consider:

    • building more regional processing hubs with shared infrastructure and microgrids
    • offering royalty exemptions, tax incentives and energy subsidies early on
    • giving incentives to retrofit facilities to produce critical minerals found alongside main ores, such as cobalt found alongside copper and antimony with gold
    • encouraging models where rare earths are concentrated in Australia and processed overseas in partner countries
    • establishing Centres of Excellence on critical minerals and creating shared libraries of intellectual property to support research, avoid duplication and optimise resource allocation.

    Overall, the proposed reserve is an excellent idea. Government intervention will be necessary to absorb and mitigate risks from price fluctuations and geopolitical shocks.

    Mohan Yellishetty receives funding from the Australian Research Council, Geoscience Australia, Defense Science Institute, Boral Limited, AGL Loy Yang, Indian Ministry of Education. He is affiliated with AusIMM as its fellow, Honorary Academic Fellow, Australia India Institute, Foreign Fellow, Indian Geophysical Union, and affiliated with Indian Institute of Technology (Dharwad, Mumbai, Hyderabad). David Whittle contributed to the research base and data for this article.

    – ref. Plans to stockpile critical minerals will help Australia weather global uncertainty – and encourage smaller miners – https://theconversation.com/plans-to-stockpile-critical-minerals-will-help-australia-weather-global-uncertainty-and-encourage-smaller-miners-255320

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: 24/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 24 / 2025
    Schindellegi, Switzerland – 28 April 2025

    Trifork Group: Weekly report on share buyback

    On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million). Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

    Date       Number of shares        Average purchase price (DKK)        Transaction value (DKK)
    Total beginning 59,909 85.13 5,099,831
    21 April 2025     Market closed
    22 April 2025 1,933 84.69 163,706
    23 April 2025 2,000 85.16 170,320
    24 April 2025 1,900 86.77 164,863
    25 April 2025 1,155 88.64 102,379
    Accumulated 66,897 85.22 5,701,099

    A detailed overview of the daily transactions can be found here: https://investor.trifork.com/trifork-shares/

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 66,897 at a total amount of DKK 5,701,099. On 25 March and on 25 April 2025, 2,929 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025). On 1 April 2025, 19,943 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

    With the transactions stated above, Trifork holds a total of 300,354 treasury shares, corresponding to 1.5%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,444,545.

     

    Investor and media contact
    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Exosens delivers strong revenue growth in Q1 2025 in a dynamic defense market environment; Fully on track to 2025 guidance

    Source: GlobeNewswire (MIL-OSI)

    EXOSENS DELIVERS STRONG REVENUE GROWTH IN Q1 2025 IN A DYNAMIC DEFENSE MARKET ENVIRONMENT

    FULLY ON TRACK TO 2025 GUIDANCE

    HIGHLIGHTS

    • Sustained revenue growth of +21.1% to €104.9m in Q1 2025, reflecting strong like-for-like performance (+18.0%)
      • Continued strong growth in Amplification revenue (+29.1% vs. Q1 2024), driven by a growing demand of image intensifier tubes for Defense night vision applications from NATO and Tier-1 allies forces
      • Detection & Imaging revenue slightly down (-1.0% vs. Q1 2024), affected by temporary headwinds mostly related to Telops, the Group’s imaging systems business in Canada (+16% growth vs. Q1 2024 excluding Telops). Growth is expected to resume and accelerate throughout the remainder of the year supported by solid underlying end-market trends
    • Adjusted gross margin up +28.1% to €52.6m in Q1 2025 (margin rate of 50.1%, +270bps vs. Q1 2024), mainly driven by strong Amplification growth (+39.5%)
    • Closing of Noxant acquisition, reinforcing Exosens’ position in high-performance cooled infrared imaging, particularly in fast growing Defense and Surveillance markets

    OUTLOOK

    • Fully on track to deliver on 2025 guidance: continued strong performance expected, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties

    Mérignac (France), 28 April 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technologies, today publishes its revenue and adjusted gross margin for the first quarter of 2025.

    “After a very successful 2024, which marked a turning point in our trajectory and saw us exceed our IPO guidance, we are proud to start 2025 with a strong Q1 performance, confirming the positive momentum across our core markets. Regarding our Defense-related activities, demand remains high amid increasing geopolitical tensions and sustained investment from NATO countries and Tier-1 allies. This solid start of the year demonstrates the strength of our positioning and our ability to execute. Amplification continues to be a key growth engine, supported by accelerating demand and increased capacity, while our Detection & Imaging segment is on track to deliver solid like-for-like growth, progressively improving over the course of the year.

    Supported by strong fundamentals , and solid operational performance, we are fully confident in our ability to deliver our 2025 objectives and continue creating long-term value for all stakeholders.” commented Jérôme Cerisier, CEO of Exosens.

    Strong revenue performance in Q1 2025 in a dynamic defense market environment

      Q1 2024 Q1 2025 Change Like-for-like
      In €m In €m In €m In % In %
    Amplification 63.3 81.7 +18.4 +29.1% +29.3%
    Detection & Imaging 24.2 24.0 (0.2) (1.0)% (13.0)%
    Eliminations & Other (0.8) (0.7) +0.1 n/a n/a
    Total revenue 86.7 104.9 +18.3 +21.1% +18.0%

    Exosens delivered strong revenue performance in Q1 2025, demonstrating its ability to continue its sustained growth trajectory. Consolidated revenue amounted to €104.9 million, which represented a growth of +21.1% (+€18.3 million) compared to Q1 2024. On a like-for-like basis, revenue grew by +18.0% year-over-year, driven by continued strong momentum in Defense end-markets.

    Amplification revenue amounted to €81.7 million in Q1 2025, marking a significant growth of +29.1% (+€18.4 million) compared to Q1 2024, reflecting higher sales volumes due to increased production capacity and growing demand of image intensifier tubes for Defense night vision applications.

    Reflecting this dynamic market environment, Exosens has continued benefiting from its position as the strategic supplier of NATO and Tier-1 allies, which have continued to ramp up their procurement of night vision systems on the back of the need for armies to enhance their night fighting capabilities. This positive trend was particularly noticeable in Europe with a number of major business wins, notably in Eastern and Northern Europe.

    Detection and Imaging revenue amounted to €24.0 million in Q1 2025, representing a small decline of -1.0% compared to Q1 2024. The first semester revenue contribution for Detection & Imaging is typically lower due to seasonality. On a like-for-like basis, D&I revenue was down -13.0% (-€3.1 million), mainly due to Telops, the Group’s Canadian-based imaging system business. Telops was temporarily impacted by US tariff uncertainties and reductions in federal science funding, which resulted in softer demand from US customers, as well as by delays in securing certain export licenses. Excluding Telops, D&I revenue grew by around +16% year-over-year and was broadly stable on a like-for-like basis.

    Exosens continued to see robust demand across its key high-growth markets, particularly in Nuclear and Defense & Surveillance.

    The Group expects D&I like-for-like growth to resume and accelerate throughout the remainder of the 2025 fiscal year, supported by solid underlying end-market trends.

    On the M&A front, Exosens closed on 13thMarch 2025 the acquisition of Noxant, a specialist in high-performance cooled infrared cameras. Noxant’s range of high-performance MWIR cooled camera cores provides complementary capabilities that meet the increasing demand for advanced infrared solutions, particularly for drone-based Defense and Surveillance applications where camera integration is required. Meaningful synergies are expected with Exosens’ imaging business leveraging its technologies portfolio and worldwide commercial reach.

    The Group has started Noxant’s integration process, which is expected to be finalized by end-June. Q1 2025 revenue and adjusted gross margin do not include any contribution from this acquisition.

    Otherwise, the closing of the acquisition of NVLS, a specialist in man-portable night vision and thermal devices, is expected to occur during Q2 2025, pending customary clearances and approvals.

    Adjusted gross margin up +28.1% in Q1 2025

      Q1 2024 Q1 2025 Change
      In €m % of sales In €m % of sales In €m In %
    Amplification 29.2 46.2% 40.8 49.9% +11.6 +39.5%
    Detection & Imaging 11.8 48.9% 11.8 49.3% (0.0) (0.1)%
    Eliminations & Other 0.0 n/a 0.0 n/a n/a n/a
    Adjusted gross margin 41.1 47.4% 52.6 50.1% +11.5 +28.1%

    Exosens recorded a strong increase in adjusted gross margin at Group level, mainly driven by higher sales volumes, improved yields and favorable product mix. The Group’s adjusted gross margin stood at €52.6 million in Q1 2025, reflecting a growth of +28.1% (+€11.5 million) compared to Q1 2024. As a percentage of consolidated revenue, adjusted gross margin was 50.1% in Q1 2025, representing an improvement of 270 basis points year-on-year.

    Adjusted gross margin for the Amplification segment reached €40.8 million in Q1 2025, recording a growth of +39.5% (+€11.6 million) compared to Q1 2024. Margin rate increased by 370 basis points to 49.9% in Q1 2025, driven by the strong growth in sales volume with increased production capacity, improved yields and favorable product mix.

    Adjusted gross margin for the Detection and Imaging segment amounted to €11.8 million in Q1 2025, stable compared to Q1 2024. Margin rate improved by 50 basis points to 49.3% in Q1 2025, despite lower revenue, driven by better yields, effective cost control, and supply chain synergies.

    Evolution of corporate governance

    The Board of Directors of Exosens, at its meeting on 25 April 25, proposed to the upcoming annual combined General Meeting on 23 May to appoint Bpifrance Investissement as a director.

    This nomination of Bpifrance Investissement, represented by Ms. Dorianne Bonfils as permanent representative, for a seat on the Board of Directors is aligned with Bpifrance Participations’ increased investment in Exosens’ share capital.

    Following the exercise of the call option on Exosens shares granted by HLD as part of Exosens’ IPO, Bpifrance Participations acquired an additional 2.7% stake in the share capital and voting rights on 25 April 2025 and now ranks as Exosens’ second-largest shareholder, holding 7.2% of the share capital and voting rights, behind the HLD Group.

    At its meeting on 25 April 2025, the Board of Directors, following the recommendation of Exosens’ Nominations and Compensation Committee, and after evaluating its independence according to the AFEP-MEDEF code criteria, confirmed Bpifrance Investissement’s status as an independent director, should it be appointed by the Company’s General Meeting.

    Outlook for 2025 and the 2024-2026 period confirmed

    Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

    The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion1ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

    Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio2of around 2x.

    Financial calendar

    • 29/04/2025: Publication of 2024 universal registration document;
    • 23/05/2025: Annual general meeting;
    • 31/07/2025: H1 2025 results (publication before market opening);
    • 27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

    About Exosens

    Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 11 sites, in Europe and North America, and with over 1,800 employees. Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿. Exosens is a member of Euronext Tech Leaders segment and is also included in several indices, including the SBF 120, CAC All-Tradable, CAC Mid 60, FTSE Total Cap and MSCI France Small Cap. For more information: www.exosens.com.

    Investor relations

    Laurent Sfaxi, l.sfaxi@exosens.com

    Media relations

    Brunswick Group, exosens@brunswickgroup.com

    APPENDIX

    Definitions

    Like-for-like growth is the revenue growth achieved by the Group excluding currency impact and scope effect, which corresponds to the revenue recorded during period “n” by all the companies included in the Group’s scope of consolidation at the end of period “n-1” (excluding any contribution from the companies acquired after the end of period “n-1”), compared with revenue achieved during period “n-1” by the same companies. Like-for-like growth for the first quarter of 2025 therefore excludes the contribution of Centronic and LR Tech, acquired by the Group in July 2024 and September 2024, respectively.

    Adjusted gross margin is equal to the difference between the selling price and the cost price of products and services (including notably employee benefits).

    Adjusted EBITDA is defined as operating profit, less (i) additions net of reversals to depreciation, amortization and impairment of non-current assets; (ii) non-recurring income and expenses as presented in the Group’s consolidated income statement within “Other income” and “Other expenses”, and (iii) the impact of items that do not reflect ordinary operating performance (in particular business reorganization and adaption costs, costs relating to acquisition and external growth transactions, as well as the IFRS 2 share-based payment expense).

    Cash conversion is calculated as follows: (adjusted EBITDA – capitalized research and development costs – capital expenditure) / adjusted EBITDA – capitalized research and development costs).

    Leverage ratio is calculated as net debt / adjusted EBITDA as defined in the Group’s Senior Credit Facilities Agreement entered into as part of the refinancing executed in the frame of the IPO.

    Forward-looking statements

    Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release. These risks and uncertainties include those set out and detailed in Chapter 3 “Risk Factors” of the registration document approved on 22 May 2024 by the French financial markets’ authority (“Autorité des marchés financiers”) under number I. 24-010. Forward-looking statements speak only as of the date of this press release and the Group expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. This press release is provided for information purposes only. It does not constitute and should not be deemed to constitute an offer to the public of securities.

    1 Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
    2 Leverage ratio is defined as net financial debt / adjusted EBITDA.

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Ban on engineered stone essential to protect workers

    Source: Green Party

    The Green Party has renewed its call for the Government to ban the use, supply, and manufacture of engineered stone products, as the CTU launches a petition for the implementation of a full ban.

    “Let’s put people before profits and protect our workers by banning this dangerous product,” says the Green Party’s spokesperson for Workplace Relations and Safety, Teanau Tuiono.

    “Workers are the backbone of our economy, and their safety must be protected from dangerous practices including the use of engineered stone, the dust from which can lead to fatal lung disease.

    “Australia banned this product following extensive consultation and analysis, revealing incontrovertible scientific evidence of the dangers posed by silica dust exposure to workers. What’s stopping our country emulating this ban?

    “Instead of looking for excuses to reduce workplace protections and safeguards, the Government must prioritise workers’ rights that have been fought for over generations

    “Aotearoa has serious mahi to do regarding workplace safety, as far more people are injured or killed on the job here than in countries like the UK or Australia.

    “Banning engineered stone is a good place to start,” says Teanau Tuiono.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Jeffries, Booker Conclude Day-Long Capitol Steps Sit-In Calling Americans to Action to Protect Medicaid, Safety Net Programs from GOP Budget Cuts

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    WASHINGTON, D.C. – House Democratic Leader Hakeem Jeffries (D-NY) and U.S. Senator Cory Booker (D-NJ) have concluded a day-long sit-in on the US Capitol steps that began at sunrise today, calling Americans to action to protect Medicaid and other vital safety net programs from devastating cuts proposed in Trump and Congressional Republicans’ budget bill.

    With Congress returning to session tomorrow, Republican leaders have made clear their intention to use the coming weeks to advance a reckless budget scheme to President Trump’s desk that seeks to gut Medicaid, food assistance and basic needs programs that help people, all to give tax breaks to billionaires. Given what’s at stake, these could be some of the most consequential weeks for seniors, kids and families in generations.

    The sit-in – which began at 6:14am ET this morning with Booker and Jeffries opening a live streamed conversation with their social media followers as the sun was rising over the Capitol  – saw numerous guest speakers and passers-by participate, including families who rely on critical programs like Medicaid, people who administer nutrition programs that keep Americans from going hungry, union leaders who fight for fair wages and working conditions, experts on Social Security and civil rights, and Senators and members of Congress.

    The live stream concluded at 6:35pm ET, after more than 12 hours. 

    “Budgets are more than just numbers in a spreadsheet—they are moral documents,” said Senator Booker. “They reveal what we value, who we protect, and what we stand for. That’s why I came here today: to sit-in at a sacred civic space, to make clear the moral and practical stakes of the Trump budget proposal, and to call others to action. Republicans in Congress are proposing cuts that will take food from children, healthcare from the sick, and dignity from those already struggling. It’s wrong. To stop it, we all must say so—clearly, courageously, and together. Speaking out and speaking up is how we will convince four Republicans in the House and Senate to do the right thing and vote no.”

    “Republicans are crashing the economy in real time,” said House Democratic Leader Jeffries. “Now, they want to jam a reckless budget down the throats of the American people that will end Medicaid as we know it, destroy Social Security and rip food from the mouths of children, seniors and veterans. As Democrats, we’re going to continue to stand on the side of the American people and we will not rest until we bury this reckless Republican budget in the ground.”

    For millions of Americans, Sundays are a day of faith, spirituality and moral reflection. In that spirit, Booker and Jeffries launched their sit-in this morning — an urgent conversation with the American people to focus on our common values, our faith traditions, and the moral moment facing our nation.

    Over the course of the day, Booker, Jeffries, and participants spoke to our shared American values and our nation’s religious and moral underpinnings, and how the Republican budget bill is antithetical to these beliefs. They also affirmed to Americans that their voices not only matter, but are needed in this moment in order to stop these harmful cuts.

    The conversation was live-streamed on multiple platforms, including TikTok, Instagram, Facebook, X, and YouTube.

    ###

    MIL OSI USA News –

  • MIL-OSI Economics: Money Market Operations as on April 25, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,16,051.71 5.79 0.01-6.85
         I. Call Money 14,474.89 5.86 4.95-5.95
         II. Triparty Repo 4,05,721.70 5.76 5.65-5.90
         III. Market Repo 1,94,293.12 5.85 0.01-6.85
         IV. Repo in Corporate Bond 1,562.00 6.00 6.00-6.05
    B. Term Segment      
         I. Notice Money** 87.10 5.74 5.55-5.85
         II. Term Money@@ 400.00 – 6.20-6.20
         III. Triparty Repo 6,620.00 5.88 5.83-5.90
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/04/2025 3 Mon, 28/04/2025 6,947.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Fri, 25/04/2025 1 Sat, 26/04/2025 198.00 6.25
      Fri, 25/04/2025 2 Sun, 27/04/2025 0.00 6.25
      Fri, 25/04/2025 3 Mon, 28/04/2025 100.00 6.25
    4. SDFΔ# Fri, 25/04/2025 1 Sat, 26/04/2025 1,28,142.00 5.75
      Fri, 25/04/2025 2 Sun, 27/04/2025 53.00 5.75
      Fri, 25/04/2025 3 Mon, 28/04/2025 16,811.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,37,761.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       10,031.22  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     35,762.22  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,01,998.78  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 25, 2025 9,54,370.84  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 25, 2025 6,947.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/192

    MIL OSI Economics –

  • MIL-Evening Report: Young women are among those who care most about the cost of living. It could be bad for the major parties

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    Unsplash

    As was widely predicted, the cost of living has dominated the federal election campaign. Soaring rents, grocery bills and energy prices have squeezed household budgets.

    But these pressures aren’t new. In 2022, voter frustration over living costs helped Labor oust the Coalition.

    With economic pressures persisting, will history repeat?

    Analysis of cost-of-living trends and voting patterns in the last election reveals the voters most motivated by hip-pocket concerns: young women.

    What was the situation in 2022?

    In the 2022 Australian Election Study – a nationally representative post-election survey – about 23.3% of respondents (577 out of 2,478) identified cost of living as the most important issue shaping their vote.

    Younger Australians were the most concerned about the issue. Among the age groups, 38.9% of those aged 18–30 prioritised it, compared with 30.4% aged 31–45, 28.5% aged 46–60, and just 15.4% among those aged 61–90.

    The generational pattern was clear: the younger you were, the more likely you were to vote on cost-of-living concerns.

    Gender also played a role. A slightly higher proportion of women (25.1%) than men (21.1%) rated cost of living as their top issue.

    But the age-gender breakdown reveals more: among cost-of-living voters aged 18–45, women made up roughly 70%.

    In contrast, men outnumbered women among older cost-of-living voters (aged 60 and over).

    These trends suggest the cost of living is especially salient for younger women — a key electoral demographic to watch. Evidence shows this cohort is almost twice as likely as young men to be undecided voters.

    If we look at housing, cost-of-living concerns were most prevalent among renters, with 38.5% of public housing tenants and 32.3% of private renters citing it as their top issue, compared to just 16.4% of those who own their home outright.

    Those paying off a mortgage (27.3%) and people in alternative living arrangements such as boarding or living at home (35.6%) also reported elevated concern, highlighting the strong link between housing insecurity and financial stress.

    Looking at household incomes, it’s no surprise low-income households were overrepresented among cost-of-living voters.

    But concern wasn’t limited to them. Middle-income households, including many earning six-figure incomes, also featured prominently, reflecting how rising rents and mortgage repayments are squeezing even those once considered financially secure.

    A generation defining crisis

    Cost-of-living pressures are widespread, but financial vulnerability heightens the risk of poverty, which already affects more than three million Australians.

    As shown above, young people and young families are at the deep end of the crisis.
    For many, this is a generation-defining crisis, reshaping life expectations.

    In 2017, 62.2% of Australians aged 18–24 saw home ownership as highly important. By 2024, that dropped to 49.5%. A similar decline occurred among 25–34-year-olds.



    Read more:
    Every generation thinks they had it the toughest, but for Gen Z, they’re probably right

    Those in the poorest suburbs or the poorest household are the least likely to value home ownership. This is potentially a sign they feel permanently locked out, deepening inequality.

    As renting becomes more common, and rent prices skyrocket, young people are increasingly struggling to secure affordable rent.

    It’s no surprise Gen Z is more financially anxious than any other generation. The mental health toll of financial stress is stark, contributing to the high prevalence of mental health disorders among this age group.

    With a sizeable youth electorate this time around, financially struggling young voters could be the power brokers of the election. So who might they vote for?

    The politics of living costs

    In the last election, 61.7% of voters concerned about the cost of living backed a left-of-centre party, while 38.3% voted for the right. Despite the Coalition’s historic advantage on economic issues, they faced an incumbent disadvantage among cost-of-living voters.

    In an Election Monitoring Survey conducted in October 2024, only 23.7% of Australians were living comfortably on their present income, while 46.4% were coping, and 29.9% were struggling.

    Those facing financial hardship were more dissatisfied with the country’s direction, less confident in the government, and more likely to dislike both major party leaders.

    Unsurprisingly, October 2024 saw a decline in trust in the federal government, with 15.7% of Australians reporting no trust at all, up from 8.3% in May 2022. Those who did trust the government remained around 32%.

    This shows cost-of-living voters – much like young and female voters – are likely to explore alternatives beyond the major parties, continuing the 2022 trend.

    Both major parties have seen a steady decline in support over the past two decades, with less than 70% of the primary vote between them in 2022.

    This time around, Labor can afford to lose only two seats before facing minority government. Peter Dutton, on the other hand, faces a tougher task, needing nearly 20 seats for a majority.

    With increasing dislike for the major parties among financially struggling voters, there’s a real chance of a hung parliament, where neither party secures the 76 seats needed to govern outright, making negotiations with minor parties and independents crucial.

    Policy battleground

    The major parties know how important the rising cost of living is to voters. A slew of policies has already been announced, from cheaper doctors visits, to lower cost medicines and power bill rebates. On all these fronts, the Coalition has agreed to match Labor’s proposals, ensuring a tightly contested debate.

    Notably, Labor’s proposal to top up stage three income tax cuts won’t kick in until mid-next year, but will cost the government $17 billion over four years.

    Meanwhile, the Coalition’s pledge to halve the excise on fuel duty for a year, will cost $6 billion in lost tax revenue in a year.

    But whether it will be enough to stop cost-of-living voters siding with a minor party or independent remains to be seen.

    Intifar Chowdhury 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. Young women are among those who care most about the cost of living. It could be bad for the major parties – https://theconversation.com/young-women-are-among-those-who-care-most-about-the-cost-of-living-it-could-be-bad-for-the-major-parties-254988

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What political ads are Australians seeing online? Astroturfing, fake grassroots groups, and outright falsehoods

    Source: The Conversation (Au and NZ) – By Daniel Angus, Professor of Digital Communication, Director of QUT Digital Media Research Centre, Queensland University of Technology

    In the lead-up to the 2025 Australian federal election, political advertising is seemingly everywhere.

    We’ve been mapping the often invisible world of digital political advertising across Facebook, Instagram and TikTok.

    We’ve done this thanks to a panel of ordinary Australians who agreed to download an ad tracking app developed through the Australian Internet Observatory.

    We’re also tracking larger trends in political ad spending, message type and tone, and reach via the PoliDashboard tool. This open source tool aggregates transparency data from Meta (including Facebook and Instagram) which we use to identify patterns and items of concern.

    While the major parties are spending heavily and are highly visible in the feeds of our participants, it is the prevalence of third-party political advertising that is most striking. We’ve observed a notable trend: for every ad from a registered political party, there is roughly one ad from a third-party entity.

    Astroturfing and the illusion of grassroots support

    One of the most concerning trends we’re seeing is a rise in astroturfing. This refers to masking the sponsors of a message to make it appear as though it originates from ordinary citizens or grassroots organisations.

    Astroturfing ads do often adhere to the formal disclosure requirements set out by the Australian Electoral Commission. However, these disclosures don’t meaningfully inform the public on who is behind these misleading ads.

    Authorisation typically only includes the name and address of an intermediary. This may be a deliberately opaque shell entity set up just in time for an election.

    A key example seen by participants in our study involves the pro-gas advocacy group Australians for Natural Gas.

    It presents itself as a grassroots movement, but an ABC investigation revealed this group is working with Freshwater Strategy – the Coalition’s internal pollster. Emails obtained by the ABC show Freshwater Strategy is “helping orchestrate a campaign to boost public support for the gas industry ahead of the federal election”.

    Other examples we’ve encountered in our monitoring include groups with benign-sounding names like Mums for Nuclear and Australians for Prosperity. These labels and the ads they are running suggest grassroots concern, but they obscure the deeper agendas behind them.

    In the case of Australians for Prosperity, an ABC analysis revealed backing from wealthy donors, former conservative MPs and coal interests.

    The battle over energy

    Nowhere is this more evident than in messaging around energy policy, especially nuclear power and gas.

    In recent months, both major parties and a swathe of third-party advertisers have run targeted online campaigns focused on the costs and benefits of different energy futures. These ads play to deeply felt concerns about cost of living, action on climate change, and national sovereignty.

    Yet many of these messages, particularly those that promote gas and nuclear, come from organisations with opaque funding and undeclared political affiliations or connections. Voters may see a slick Facebook ad or a sponsored TikTok explainer without any idea who paid for it, or why.

    And with no obligation to be truthful, much of this content may be deeply misleading. It muddies public understanding at a critical moment for climate action.

    Truth not required

    Truth in political advertising isn’t legally required in all of Australia. While businesses can’t mislead consumers under consumer law, political parties and third-party campaigners are exempt from those same standards.

    This means misleading or outright false claims – about opponents, policies or the state of the economy – can be repeated and amplified without consequence, provided they’re framed as political opinion.

    Despite calls for reform from politicians, experts and civil society groups, federal legislation continues to lag behind community expectations.

    South Australia and the Australian Capital Territory do have truth in political advertising laws, but there is still no national standard.

    In the digital advertising environment, where ads are fast, fleeting, and often tailored to individuals, the absence of such independent scrutiny allows misinformation to flourish unchecked.

    Most people are seeing very little – or so it seems

    Paradoxically, our data shows the majority of participants are seeing very few political ads. Of the total ads seen, less than 2% pertained to political topics or the election specifically.

    This is partly a result of how the advertising products offered by platforms like Meta and TikTok allow ads to be targeted to specific demographics, locations or interests. This means even two people in the same household may have entirely different ad experiences.

    But it’s also a reminder social media ads are just the tip of the iceberg. Much political persuasion online happens outside paid ad campaigns – via influencer content, YouTube recommendations, algorithmic amplification, mainstream media coverage and more.

    Because platforms and publishers aren’t required to share this broader content with researchers or the public, we can’t easily track it – although we are trying.

    We need meaningful observability

    If democracy is to thrive in a digital age, we need to be able to independently observe online political communication, including advertising.

    Existing measures like campaign finance disclosures and transparency tools provided by platforms will never be enough. They don’t include user experiences or track patterns across populations and over time. This inevitably means some advertising activity flies under the radar.

    We lack robust tools to understand and analyse our current fragmented information landscape.

    Where platforms don’t provide meaningful data access to researchers and the public, tools like the Ad Observatory and PoliDashboard offer valuable glimpses into a fragmented information landscape, while remaining incomplete.

    However, tools on their own are not enough. We also need to be willing to call out and act when politicians mislead the public.

    Acknowlegement: The Australian Ad Observatory is a team effort. The authors wish to acknowledge the contribution of Jean Burgess, Nicholas Carah, Alfie Chadwick, Kyle Herbertson, Tina Kang, Khanh Luong, Abdul Karim Obeid, Lina Przhedetsky, and Dan Tran.

    Daniel Angus receives funding from Australian Research Council through Linkage Project ‘Young Australians and the Promotion of Alcohol on Social Media’. He is a Chief Investigator with the ARC Centre of Excellence for Automated Decision Making & Society.

    Christine Parker receives funding from the Australian Research Council through the ARC Centre of Excellence for Automated Decision-Making and Society.

    Giselle Newton received funding from the Foundation for Alcohol Research and Education for the project ‘How alcohol and gambling companies target people most at risk with marketing for addictive products on Facebook’.

    Mark Andrejevic receives funding from the Australian Research Council through the Centre of Excellence for Automated Decision Making and Society and through the Discovery Program.

    Kate Clark 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 political ads are Australians seeing online? Astroturfing, fake grassroots groups, and outright falsehoods – https://theconversation.com/what-political-ads-are-australians-seeing-online-astroturfing-fake-grassroots-groups-and-outright-falsehoods-255225

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Education – Success Tutoring expands globally with New Zealand centre launch

    Source: Success Tutoring

    The global tutoring revolution has arrived in New Zealand. Success Tutoring, Australia’s fastest growing and most innovative education and tutoring franchise, has officially opened its first centre in Papanui, Christchurch, marking the beginning of a bold global expansion into New Zealand, the United States, Canada, Singapore and the United Kingdom.
     
    “This is an incredibly exciting time for our company and for tutoring globally,” Success Tutoring founder and CEO, Michael Black said.
     
    “We have redefined how students learn in Australia and now we’re bringing that same energy and innovation to the world, starting right here in Christchurch.”
     
    Success Tutoring breaks away from the traditional one-size-fits-all tutoring model. Instead, it delivers a highly flexible, student-first approach, giving families unlimited access to personalised sessions through a subscription model that fits modern life.

    It’s more than academic support, it’s about building confidence, curiosity and a mindset for success.

    “Our students aren’t just lifting grades, they’re unlocking their potential,” Black said.

    “We’ve helped kids significantly improve their academic results, earn scholarships, get into selective schools and most importantly, feel proud of themselves again.”

    Results from across the Australian network in 2024 were outstanding with Success Tutoring seeing strong academic improvements in Math and English, scholarships and school-entry success for many students and the majority of students reported significant boosts in confidence and self-esteem.

    The Christchurch launch is being led by powerhouse pair Abhishek Gupta (Abhi) and Jalvanti Bhanderi (Jayvee), franchisees with a powerful combination of business smarts, education experience and passion for youth development.

    Gupta, with a master’s in economics and a background in banking, consulting and teaching, has spent years empowering learners. Bhanderi, who grew up in Nairobi and speaks four languages, brings a background in accounting, operations and people-focused leadership.

    “We’re not just running a tutoring centre, we’re creating a space where young people can grow, be inspired and realise what they’re capable of,” Gupta said.

    Bhanderi added that they have seen the gap, the average student who gets left behind. Success Tutoring is here in New Zealand to give all students the tools and support to soar.

    As the brand goes global, Success Tutoring is also offering a life-changing business opportunity for passionate tutors and entrepreneurs. With a turnkey system, national marketing and world-class support, the franchise model is designed to deliver exceptional results for students as well as franchise business owners.

    “The majority of Success Tutoring franchises are cashflow-positive from day one, deliver high profit margins and rapid growth potential and boast purpose-driven ownership backed by proven national systems,” Black said.

    “This is a business where your success is measurable in both income and impact. It’s a model that delivers for students, for families and for the people who run it.”

    With Christchurch opening and already accepting bookings, Success Tutoring is actively recruiting new franchisees across New Zealand, from Auckland to Queenstown, looking for people who want to change lives and build a business with heart.

    “We’re on a mission to empower the next generation and we’re calling on visionary leaders to join us,” Black said.

    “If you want to inspire, uplift and grow a business that matters, there’s never been a better time.”

    About Success Tutoring

    Founded by Michael Black in 2017, Success Tutoring is Australia’s fastest growing education centre with multiple locations and a further 150 cities planned worldwide by 2026. The company offers weekly tutoring sessions in English and Math for students aged five to 17, with a school readiness program for kids even younger, and selective school exam preparation tutoring also available. The Success Model not only empowers students to work at their own pace towards progress but also finds success in the social aspect of students coming together and working as a community of students to find motivation, inspiration and a lifelong love of learning.

    https://successtutoring.com.au/

    MIL OSI New Zealand News –

  • MIL-Evening Report: Pokies line the coffers of governments and venues – but there are ways to tame this gambling gorilla

    Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University

    Recently, much public attention has been given to the way online wagering and its incessant promotion has infiltrated sport and our TV screens.

    Despite a 2023 parliamentary inquiry that recommended new restrictions on online (especially sport) gambling advertising, the federal government neglected to implement any of the 31 recommendations.



    Read more:
    Will the government’s online gambling advertising legislation ever eventuate? Don’t bet on it

    This seems to have resulted from a furious and well resourced campaign by gambling’s ecosystem: wagering companies, broadcasters, sporting leagues, and others who currently drink from the fountain of gambling revenue.

    Naturally, this issue garnered a great deal of attention, as it should.

    But there’s another even bigger gambling gorilla that has steadily rebuilt its profits post-pandemic. You’ll probably find some at a hotel or social club near you.

    This is, of course, pokies: Australia’s version of slot machines.

    Australia’s major source of gambling problems

    Australians lost A$15.8 billion on pokies in 2022–23, over half of that ($8.1 billion) in New South Wales. That’s an increase of 7.6% from 2018–19 (before pandemic restrictions closed many venues or restricted operations).

    Wagering (sports and race betting) losses grew a hefty 45% over the same period, to around $8.4 billion. Even so, it remains way behind the pokies as Australia’s biggest source of gambling losses and problems.

    Casino losses dropped by 35.5%. Casinos are also poke venues, but also offer other forms of gambling. Pokies in casinos are counted as “casino” gambling in national gambling statistics, while pokies in clubs and pubs continue to be counted separately.

    A recent study found pokies responsible for between 52% and 57% of gambling problems in Australia. Wagering was estimated at 20%.

    Recent growth may have altered these a little but pokies are still responsible for half of Australia’s gambling losses.

    The gambling industry is fond of pointing out only a modest proportion of the population have serious gambling problems. That’s true, according to most prevalence studies.

    But what also has to be remembered is, most people never use pokies. In 2024, the latest population study for NSW found only 14.3% of adults used pokies at all.

    But around 18.5% of pokie users are either high or moderate risk gamblers: 35% of gamblers who use pokies at least once a month are classified as either high or moderate risk gamblers.

    And in 2010 the Productivity Commission estimated 41% of the money lost on pokies came from the most seriously addicted, with another 20% coming from those with more moderate issues. Overall, well over half of the losses.

    It’s little wonder pokie operators resist reforms.

    Why are pokies so profitable?

    The first and obvious answer to this is that there are a lot of them: they are widely accessible across Australia (apart from Western Australia, where they’re only in a single casino).

    NSW alone has about 87,500. Queensland has about half that number, and Victoria about 26,000.

    All of these are located in pubs or clubs, and in NSW they collect (on average) $93,000 per machine per year.

    Second, they’re overwhelmingly concentrated in areas where people are doing it tough. Stress and strain are common where there are pokies.

    Some people start to use them thinking they might alleviate financial woes. They don’t, of course. But they do provide an escape from the vicissitudes of daily life.

    Once sampled, that can become addictive.

    People who use pokies a lot call this escape from reality “the zone” – once you’re there, nothing matters, except staying there.

    The zone is also known as “immersion”, or “loss of executive control”: people using pokies find it very difficult, if not impossible, to stop. Once the money’s gone, reality crashes in.

    Pokies are also extremely addictive. Along with online casino games (which includes virtual pokies or slot machines), they are generally regarded as the most addictive and harmful gambling products.

    They have a host of features engineered into them, including “losses disguised as wins”, “near misses” and many others.

    They are engineered with 10 million or more possible outcomes and it is not possible for anyone to predict what outcome will come next.

    Crucially, the house always wins. In a machine where the “return to player ratio” is set at 87% (a common, completely lawful setting), the machine would retain 13% of all wagers.

    Unfortunately, few pokie users understand these characteristics.

    Can’t we rein in the pokies?

    So why do politicians resist reform?

    One reason for this is the pokie revenue that flows into government coffers.

    In 2022–23, state governments received a total of more than $9 billion in gambling taxes – 7.8% of all state tax revenue. Of this, $5.3 billion came from pokies. NSW alone got $2.23 billion from pokies, Victoria $1.3 billion, and Queensland $1.1 billion.

    The venues, of course, receive a great deal more. One of the consequences of all that money flowing into the coffers of pubs and clubs is political access and influence.

    We can, however, tame the pokies if we want to.

    Various solutions are available, including pre-commitment, generally believed to be the most likely candidate.

    This involves pokie users being required to set a limit prior to using the machines, which is now common in many countries in Europe, and has been proposed (but delayed or scuttled) in Australia for Tasmania, Victoria, and New South Wales.

    More broadly however, this has been strongly resisted by the gambling ecosystem, including parties such as ClubsNSW and the Tasmanian Hospitality Association. Their influence appears profound.

    Change is needed, urgently

    Australia’s reputation as the world’s biggest gambling losers is unenviable: we lose $32 billion on gambling products every year.

    Clearly, prohibition of gambling ads, and the termination of sports sponsorships that tie football, cricket and other major sports to gambling is needed urgently.

    But if we really want to reduce gambling problems and their extraordinary catalogue of harm, reining in the pokies is a must.

    That may take some serious effort.

    Charles Livingstone has received funding from the Victorian Responsible Gambling Foundation, the (former) Victorian Gambling Research Panel, and the South Australian Independent Gambling Authority (the funds for which were derived from hypothecation of gambling tax revenue to research purposes), from the Australian and New Zealand School of Government and the Foundation for Alcohol Research and Education, and from non-government organisations for research into multiple aspects of poker machine gambling, including regulatory reform, existing harm minimisation practices, and technical characteristics of gambling forms. He has received travel and co-operation grants from the Alberta Problem Gambling Research Institute, the Finnish Institute for Public Health, the Finnish Alcohol Research Foundation, the Ontario Problem Gambling Research Committee, the Turkish Red Crescent Society, and the Problem Gambling Foundation of New Zealand. He was a Chief Investigator on an Australian Research Council funded project researching mechanisms of influence on government by the tobacco, alcohol and gambling industries. He has undertaken consultancy research for local governments and non-government organisations in Australia and the UK seeking to restrict or reduce the concentration of poker machines and gambling impacts, and was a member of the Australian government’s Ministerial Expert Advisory Group on Gambling in 2010-11. He is a member of the Lancet Public Health Commission into gambling, and of the World Health Organisation expert group on gambling and gambling harm. He made a submission to and appeared before the HoR Standing Committee on Social Policy and Legal Affairs inquiry into online gambling and its impacts on those experiencing gambling harm.

    – ref. Pokies line the coffers of governments and venues – but there are ways to tame this gambling gorilla – https://theconversation.com/pokies-line-the-coffers-of-governments-and-venues-but-there-are-ways-to-tame-this-gambling-gorilla-252038

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: The world’s first museum was curated by a princess. A tour reveals the origins of the zodiac, calculus and writing

    Source: The Conversation – Global Perspectives – By Louise Pryke, Honorary Research Associate, Department of Classics and Ancient History, University of Sydney

    Archeological excavations at the palace grounds in Ur, modern-day Iraq, uncovered Ennigaldi-Nanna’s museum. M. Lubinski/Flickr/Wikimedia Commons, CC BY

    Around 2,500 years ago, a princess living in what is now modern-day Iraq collected a number of artefacts, including a statue, a boundary stone and a mace head. The items, which show signs of preservation, date from around 2100 BCE to 600 BCE. This collection, it is generally thought, was the world’s first known “museum”.

    Between Two Rivers, by Oxford scholar Moudhy Al-Rashid, tells the story of ancient Mesopotamia, a period in world history sometimes known as a “forgotten age”.

    While Mesopotamian history is innately fascinating, Al-Rashid also notes its many historical “world firsts”: the first known writing system, the potter’s wheel, the first record of beer production and advances in agriculture.

    Review: Between Two Rivers: Ancient Mesopotamia and the Birth of History – Moudhy Al-Rashid (Hodder Press)

    The first museum

    The world’s first known museum, and its curator, Ennigaldi-Nanna, are among these many firsts. The daughter of the Neo-Babylonian king Nabonidus, Ennigaldi-Nanna was a priestess at the temple of the moon deity, as well as a princess.

    Both Ennigaldi-Nanna and Nabonidus were keenly interested in history. Indeed, Nabonidus’ interest in excavating old temples and describing his findings once saw him described as the “first archaeologist”. This makes these figures well suited as the book’s central focus.

    At its heart, Between Two Rivers is an ode to the power of history. It builds a persuasive case for history writing as a particularly human impulse, and for how lives of people living thousands of years ago can reflect and shape our modern lives in unexpected ways.

    10 museum objects

    The book is organised around the ten items from Ennigaldi-Nanna’s collection. This structural conceit creates a sense of unity, despite the diversity of topics the book covers. Each chapter is focused on one item. For example, an ancient granite mace head introduces a chapter on warfare, violence and death.

    Moudhy Al-Rashid.
    Hachette

    In chapter one, we are introduced to ancient Mesopotamian history. We’re also introduced to the author herself. Al-Rashid punctuates her prose with personal recollections and humour, as well as touching reflections on her experience of motherhood. She is our companion, tour guide and teacher as we navigate this journey into the past, helping the reader feel a personal stake in the scholarly adventure ahead.

    Other chapters explore cuneiform script (the world’s first known writing), cities, leadership, education (including some of the earliest doodles by bored students), early scientific developments and the gods. The final three chapters look at economics, warfare and curator Ennigaldi-Nanna herself.

    The book offers a useful timeline, though pictures of the ten ancient items and a map would have been useful additions.

    Fun historical facts

    The broad range of subjects, periods and people explored in this book results in the inclusion of many dazzling features of Mesopotamian history, rarely considered together. Indeed, there is a plethora of fun historical facts.

    In the chapter on science, Al-Rashid notes the development of the zodiac and a mathematical precursor to modern calculus.

    Five Amarna letters on display at the British Museum.
    Osama Shukir Muhammed Amin/Wikimedia Commons, CC BY

    We get a brief overview of the fascinating diplomatic correspondence between New Kingdom Pharaohs and their West Asian vassals, known as the Amarna Letters. There is also the cuneiform tablet referencing the death of Alexander the Great, and an overview of the practice of divination (including an attempted palace coup).

    These highlights from ancient evidence are balanced against frequent commentary from the author. She notes the less glamorous nature of much of it, such as economic texts and legal agreements.

    Indeed, Al-Rashid is careful to note the limits of the evidence used to build this vivid picture of ancient Mesopotamia. She notes the difficulties of learning Sumerian, the world’s first known language, written in the intricate cuneiform script. In her chapter on leadership, she notes that further evidence for powerful women leaders may yet be discovered, while discussing what is currently known of these figures.

    Sumerian, the world’s first known language, was written in cuneiform – like the script on this clay tablet.
    Louvre, photographed by Gary Todd/Flickr

    The author’s transparency and expert handling of evidence puts the reader at ease, while subtly championing the importance of continued studies in this field. This is timely, as the academic field of Mesopotamian history has seen significant cuts in the last decade.

    Rediscovering cultural riches

    Despite the rich cultural legacy of this region, Mesopotamian history is largely unknown in the modern day. While 21st-century audiences are often familiar with the works of Plato, Homer and Virgil, they may struggle to identify Enheduanna – a princess, priestess, and poetess who lived over 4,000 years ago – as the world’s first known author, or Sin-leqe-uninni as the editor of the Epic of Gilgamesh.

    This is likely due to the circumstances around the recovery of the Mesopotamian writing script, cuneiform. This style of writing faded from use around the 1st century CE, and was only re-deciphered in 1857 CE. This meant that for almost two millennia, awareness of the Mesopotamian cultural legacy almost entirely disappeared.

    This modern lack of awareness of Mesopotamian history is slowly changing. Between Two Rivers is part of an emerging trend in the field of Assyriology — the study of the languages, literature, history, laws and sciences of Mesopotamia — for producing accessible works, for non-specialist audiences.

    Between Two Rivers further demonstrates the usefulness of this approach in bringing the riches of the ancient Near East to modern audiences.

    Changing times


    In recent years, we have seen new translations of the famous Mesopotamian epic Gilgamesh, and the first volume dedicated to the works of the world’s first known author, Enheduanna.

    There are new books on Mesopotamian religion and the cuneiform script by Irving Finkel, who has been an ambassador for the discipline for many years. Indeed, Al-Rashid notes his influence.

    To write a book like this one, the author needs to have both mastery over the subject material and an engaging style of communication. Al-Rashid excels in both areas. For general audiences, Between Two Rivers is a fascinating, balanced introduction to this complex – and at times elusive – ancient world.

    Louise Pryke 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. The world’s first museum was curated by a princess. A tour reveals the origins of the zodiac, calculus and writing – https://theconversation.com/the-worlds-first-museum-was-curated-by-a-princess-a-tour-reveals-the-origins-of-the-zodiac-calculus-and-writing-246876

    MIL OSI – Global Reports –

  • MIL-OSI USA: Gov. Pillen Comments on New Forecast Board Projections

    Source: US State of Nebraska

    . Pillen Comments on New Forecast Board Projections

    LINCOLN, NE – The Nebraska Economic Forecasting Advisory Board (NEFAB) voted today to take away $190 million from current fiscal year revenue projections for General Fund receipts.

    Additionally, the Forecasting Board decreased projected revenue receipts by $90 million for the upcoming Fiscal Year 2025-2026, and by $100 million for the following Fiscal Year 2026-2027. Together, these decreases account for $380 million that will need to be addressed to support a balanced state budget that delivers critical investments in education and property tax relief.

    “The foundations of Nebraska’s economy are stable and resilient because of our farmers, ranchers, businesses, and workers,” said Governor Jim Pillen. “Today we have a great opportunity to be strong fiscal conservatives. I am looking forward to working with the Legislature to close the budget gap while delivering the property tax relief that Nebraskans expect and deserve.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: ACT MP welcomes move to cut construction red tape

    Source: ACT Party

    ACT Building and Construction spokesperson Cameron Luxton is welcoming the Government’s announcement of a new opt-in scheme allowing trusted builders to sign off their own work and the setting of a mandatory target to slash building inspection wait times.

    “New Zealand’s overreliance on councils in consenting and certification results in bottlenecks and delays,” says Mr Luxton, who is also a Licensed Building Practitioner.

    “Those delays drive up the cost of getting almost anything built, fuelling higher housing costs and dragging down productivity across the economy.

    “ACT has long argued we need to provide alternatives to costly council processes for building. Our coalition agreement commits to ‘explore allowing home builders to opt out of needing a building consent provided they have long-term insurance for the building work.’

    “Today’s changes are a good start in getting council bureaucracies out of the way. But unless we fix the underlying incentive problems, councils will continue to grind construction to a halt.

    “The fundamental incentive problem is that when building projects are botched, it’s councils, and therefore ratepayers, who shoulder the liability. It means councils only see risk whenever they look at a building project that doesn’t fit into their cookie-cutter understanding of building. Under this system it’s a wonder new designs get consented or certified at all.

    “Expert builders should be allowed to shoulder the liability for their work, protected by insurance. That would free them to innovate and build faster, while giving clients the security of knowing that if something goes wrong, they’re protected.

    “Crucially, to secure a good deal on the insurance market, builders would need to demonstrate a strong reputation for quality workmanship. Those with proven track records would be rewarded with better terms, while those unable to show consistent quality would face stricter requirements from insurers before being allowed to proceed.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Businesses reminded to review their card surcharges and pricing information

    Source: Australian Ministers for Regional Development

    The ACCC is encouraging businesses to review their card payment surcharges to ensure they are in line with their cost of accepting card payments.

    Businesses should also ensure they adequately disclose upfront any card payment surcharges that apply, so that their customers can make informed decisions before ordering, booking and paying for a product or service.

    Misleading surcharging practices and other add-on costs is a compliance and enforcement priority for the ACCC in the 2025-26 financial year.

    “Businesses need to ensure their customers know about any card payment surcharges upfront, and that they are only charging what it costs them to accept those card payments,” ACCC Deputy Chair Mick Keogh said.

    The Australian Consumer Law prohibits businesses from misleading people about the prices they charge.

    The Competition and Consumer Act also prohibits businesses from charging a card payment surcharge that is excessive. A card payment surcharge is considered excessive if it is higher than the business’s ‘cost of acceptance’.

    For example, if a business’s ‘cost of acceptance’ for Visa credit card payments, including the merchant service fee and all other permissible costs, is 1 per cent, and they choose to charge a card payment surcharge, they can only apply a surcharge of up to 1 per cent to their customers that pay using a Visa credit card.

    The ACCC has commenced an education and compliance campaign to inform businesses, particularly small businesses, of their obligations and help them to comply with the relevant laws.

    As part of this campaign, the ACCC is helping businesses to comply with the law through advertisements and updated guidance material. It will also be engaging closely with relevant industry representatives to help them support their small business members in complying with the laws.

    The ACCC will also be actively monitoring business compliance, and may take appropriate compliance or enforcement action, in line with our Compliance and Enforcement Policy.

    “We understand that small businesses need to be across a lot of information to comply with all of the laws that apply to their business, however, charging excessive surcharges and not being upfront with customers about pricing can result in small businesses losing customers,” Mr Keogh said.

    “It is important for small businesses to ensure they understand their obligations and check their costs of acceptance to know what amounts they can legally charge their customers as a payment surcharge, as well as reviewing how they inform customers of their prices, including any applicable surcharges.”

    More information to help businesses comply with the law is available on the ACCC website.

    Businesses may also wish to seek advice from their bank or payment facilitator, an accountant or business advisor to assist them with working out what their ‘cost of acceptance’ is.

    Background

    A standard set by the Reserve Bank of Australia sets out the costs that businesses can include when working out their ‘cost of acceptance’ for each payment type they accept. More information about this can be found on the Reserve Bank of Australia’s website.

    Businesses’ banks or payment facilitators provide businesses with statements or similar payment processing information, which includes their main costs of accepting different payment types, typically shown as a percentage figure amount.

    There are other costs that businesses may be able to include when calculating their ‘cost of acceptance’. Businesses need to be able to verify and calculate these costs with reference to contracts, statements or invoices from their providers.

    The costs for accepting card payments can vary between businesses. This means that the card payment surcharges charged to customers can also vary between businesses.

    The ACCC’s education and compliance engagement campaign is about the existing surcharging laws.

    The Reserve Bank of Australia is currently finalising a Review of Retail Payments Regulation – Merchant Card Payment Costs and Surcharging.

    MIL OSI News –

  • MIL-Evening Report: In talking with Tehran, Trump is reversing course on Iran – could a new nuclear deal be next?

    Source: The Conversation (Au and NZ) – By Jeffrey Fields, Professor of the Practice of International Relations, USC Dornsife College of Letters, Arts and Sciences

    A mural on the outer walls of the former US embassy in Tehran depicts two men in negotiation. Majid Saeedi/Getty Images

    Negotiators from Iran and the United States are set to meet again in Oman on April 26, 2025, prompting hopes the two countries might be moving, albeit tentatively, toward a new nuclear accord.

    The scheduled talks follow the two previous rounds of indirect negotiations that have taken place under the new Trump administration. Those discussions were deemed to have yielded enough progress to merit sending nuclear experts from both sides to begin outlining the specifics of a potential framework for a deal.

    The development is particularly notable given that Trump, in 2018, unilaterally walked the U.S. away from a multilateral agreement with Iran. That deal, negotiated during the Obama presidency, put restrictions on Tehran’s nuclear program in return for sanctions relief. Trump instead turned to a policy that involved tightening the financial screws on Iran through enhanced sanctions while issuing implicit military threats.

    But that approach failed to disrupt Iran’s nuclear program.

    Now, rather than revive the maximum pressure policy of his first term, Trump – ever keen to be seen as a dealmaker – has given his team the green light for the renewed diplomacy and even reportedly rebuffed, for now, Israel’s desire to launch military strikes against Tehran.

    Jaw-jaw over war-war

    The turn to diplomacy returns Iran-US relations to where they began during the Obama administration, with attempts to encourage Iran to curb or eliminate its ability to enrich uranium.

    Only this time, with the U.S. having left the previous deal in 2018, Iran has had seven years to improve on its enrichment capability and stockpile vastly more uranium than had been allowed under the abandoned accord.

    As a long-time expert on U.S. foreign policy and nuclear nonproliferation, I believe Trump has a unique opportunity to not only reinstate a similar nuclear agreement to the one he rejected, but also forge a more encompassing deal – and foster better relations with the Islamic Republic in the process.

    The front pages of Iran’s newspapers in a sidewalk newsstand in Tehran, Iran, on April 13, 2025.
    Alireza/Middle East Images/AFP via Getty Images

    There are real signs that a potential deal could be in the offing, and it is certainly true that Trump likes the optics of dealmaking.

    But an agreement is by no means certain. Any progress toward a deal will be challenged by a number of factors, not least internal divisions and opposition within the Trump administration and skepticism among some in the Islamic Republic, along with uncertainty over a succession plan for the aging Ayatollah Khamenei.

    Conservative hawks are still abundant in both countries and could yet derail any easing of diplomatic tensions.

    A checkered diplomatic past

    There are also decades of mistrust to overcome.

    It is an understatement to say that the U.S. and Iran have had a fraught relationship, such as it is, since the Iranian revolution of 1979 and takeover of the U.S. embassy in Tehran the same year.

    Many Iranians would say relations have been strained since 1953, when the U.S. and the United Kingdom orchestrated the overthrow of Mohammad Mossadegh, the democratically elected prime minister of Iran.

    Washington and Tehran have not had formal diplomatic relations since 1979, and the two countries have been locked in a decadeslong battle for influence in the Middle East. Today, tensions remain high over Iranian support for a so-called axis of resistance against the West and in particular U.S. interests in the Middle East. That axis includes Hamas in Palestine, Hezbollah in Lebanon and the Houthis in Yemen.

    For its part, Tehran has long bristled at American hegemony in the region, including its resolute support for Israel and its history of military action. In recent years that U.S. action has included the direct assaults on Iranian assets and personnel. In particular, Tehran is still angry about the 2020 assassination of Qassem Soleimani, the head of the Quds Force of the Islamic Revolutionary Guard Corps.

    Standing atop these various disputes, Iran’s nuclear ambitions have proved a constant source of contention for the United States and Israel, the latter being the only nuclear power in the region.

    The prospect of warmer relations between the two sides first emerged during the Obama administration – though Iran sounded out the Bush administration in 2003 only to be rebuffed.

    U.S. diplomats began making contact with Iranian counterparts in 2009 when Undersecretary of State for Political Affairs William Burns met with an Iranian negotiator in Geneva. The so-called P5+1 began direct negotiations with Iran in 2013. This paved the way for the eventual Iran nuclear deal, or Joint Comprehensive Plan of Action (JCPOA), in 2015. In that agreement – concluded by the U.S., Iran, China, Russia and a slew of European nations – Iran agreed to restrictions on its nuclear program, including limits on the level to which it could enrich uranium, which was capped well short of what would be necessary for a nuclear weapon. In return, multilateral and bilateral U.S. sanctions would be removed.

    Many observers saw it as a win-win, with the restraints on a burgeoning nuclear power coupled with hopes that greater economic engagement with the international community that might temper some of Iran’s more provocative foreign policy behavior.

    Yet Israel and Saudi Arabia worried the deal did not entirely eliminate Iran’s ability to enrich uranium, and right-wing critics in the U.S. complained it did not address Iran’s ballistic missile programs or support for militant groups in the region.

    Benjamin Netanyahu, Prime Minister of Israel, draws a red line on a graphic of a bomb while discussing Iran at the United Nations on Sept. 27, 2012.
    Mario Tama/Getty Images

    When Trump first took office in 2016, he and his foreign policy team pledged to reverse Obama’s course and close the door on any diplomatic opening. Making good on his pledge, Trump unilaterally withdrew U.S. support for the JCPOA despite Iran’s continued compliance with the terms of the agreement and reinstated sanctions.

    Donald the dealmaker?

    So what has changed? Well, several things.

    While Trump’s withdrawal from the JCPOA was welcomed by Republicans, it did nothing to stop Iran from enhancing its ability to enrich uranium.

    Meanwhile, Saudi Arabia, eager to transform its image and diversify economically, now supports a deal it opposed during the Obama administration.

    In this second term, Trump’s anti-Iran impulses are still there. But despite his rhetoric of a military option should a deal not be struck, Trump has on numerous occasions stated his opposition to U.S. involvement in another war in the Middle East.

    In addition, Iran has suffered a number of blows in recent years that has left it more isolated in the region. Iranian-aligned Hamas and Hezbollah have been seriously weakened as a result of military action by Israel. Meanwhile, strikes within Iran by Israel have shown the potential reach of Israeli missiles – and the apparent willingness of Prime Minister Benjamin Netanyahu to use them. Further, the removal of President Bashar al-Assad in Syria has deprived Iran of another regional ally.

    Tehran is also contending with a more fragile domestic economy than it had during negotiations for JCPOA.

    With Iran weakened regionally and Trump’s main global focus being China, a diplomatic avenue with Iran seems entirely in line with Trump’s view of himself as a dealmaker.

    A deal is not a given

    With two rounds of meetings completed and the move now to more technical aspects of a possible agreement negotiated by experts, there appears to be a credible window of opportunity for diplomacy.

    This could mean a new agreement that retains the core aspects of the deal Trump previously abandoned. I’m not convinced a new deal will look any different from the previous in terms of the enrichment aspect.

    There are still a number of potential roadblocks standing in the way of any potential deal, however.

    As was the case with Trump’s meetings with North Korean leader Kim Jong-un during his first term, the president seems to be less interested in details than spectacle. While it was quite amazing for an American leader to meet with his North Korean counterpart, ultimately, no policy meaningfully changed because of it.

    On Iran and other issues, the president displays little patience for complicated policy details. Complicating matters is that the U.S. administration is riven by intense factionalism, with many Iran hawks who would be seemingly opposed to a deal – including Secretary of State Marco Rubio and national security adviser Mike Waltz. They could rub up against newly confirmed Undersecretary of Defense for policy Elbridge Colby and Vice President JD Vance, both of whom have in the past advocated for a more pro-diplomacy line on Iran.

    As has become a common theme in Trump administration foreign policy – even with its own allies on issues like trade – it’s unclear what a Trump administration policy on Iran actually is, and whether a political commitment exists to carry through any ultimate deal.

    Top Trump foreign policy negotiator Steve Witkoff, who has no national security experience, has exemplified this tension. Tasked with leading negotiations with Iran, Witkoff has already been forced to walk back his contention that the U.S. was only seeking to cap the level of uranium enrichment rather than eliminate the entirety of the program.

    For its part, Iran has proved that it is serious about diplomacy, previously having accepted Barack Obama’s “extended hand.”

    But Tehran is unlikely to capitulate on core interests or allow itself to be humiliated by the terms of any agreement.

    Ultimately, the main question to watch is whether a deal with Iran is to be concluded by pragmatists – and then to what extent, narrow or expansive – or derailed by hawks within the administration.

    Jeffrey Fields receives funding from the Carnegie Corporation of New York.

    – ref. In talking with Tehran, Trump is reversing course on Iran – could a new nuclear deal be next? – https://theconversation.com/in-talking-with-tehran-trump-is-reversing-course-on-iran-could-a-new-nuclear-deal-be-next-254770

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Is Canada heading down a path that has caused the collapse of mighty civilizations in the past?

    Source: The Conversation (Au and NZ) – By Daniel Hoyer, Senior Researcher, Historian and Complexity Scientist, University of Toronto

    Canada is, by nearly any measure, a large, advanced, prosperous nation. A founding member of the G7, Canada is one of the world’s most “advanced economies,” ranking fourth in the Organization for Economic Co-operation and Development’s Better Life Index, which measures things like national health outcomes, security, safety and life satisfaction.

    However, all of this prosperity and ostensible stability can mask social tensions, which can simmer for years, even decades, before boiling over into widespread unrest, civil violence and even societal collapse.

    Along with more than a dozen collaborators as part of the Seshat: Global History Databank project, I have spent over a decade studying the rise and fall of societies from around the globe and throughout history. This provides a unique insight to understand the challenges facing modern nations.

    Our new organization, Societal Dynamics (SoDy), works to translate what we learn from observing historical patterns into lessons for today.

    Even the most powerful empires can collapse

    Devoting my time to studying historic crises has shown me just how fragile societies are. Even big, powerful, famous civilizations can succumb to crises.

    For instance, colleagues recently published a study comparing three large, wealthy imperial powers of the past: the Roman, Han and Aztec Empires.

    Historians consider these to be some of the most successful, wealthy, stable societies of the pre-modern world.

    They lasted centuries, controlled vast stretches of territory, oversaw innovations in technology, politics and philosophy and produced some of the most famous works of art and architecture from history that we still talk about today — the incredible Roman Colosseum, the stunning jade carvings and other artwork of the Han period and the amazing Aztec pyramids and intricate artwork.

    But not long after they reached their apex, all three of these mighty civilizations experienced devastating crises:

    Rome was torn apart by civil warfare starting in the early third century CE. Ambitious military generals from the provinces marched on each other, looking to gain even more power. They were supported by legions of loyal soldiers dissatisfied with their lot in life.

    Western Han imperial rule came to a crashing end in the 9 CE when a wealthy and prominent courtier named Wang Mang led a successful coup. As in Rome, Wang rallied military leaders and officials frustrated in their ambitions. He amassed a large following of commoners weary of impoverishment by decrying the luxurious excesses of the Han court.

    Aztec authority was already weakened by civil strife by the time the invading Spanish armies arrived in 1519 CE. The Aztecs ultimately proved unable to withstand the vicious warfare and disease outbreaks that accompanied the Spanish arrival.

    Hidden vulnerabilities

    What happened to these once-mighty empires? The aforementioned study gives some answers. The authors explored the distribution of wealth and income in these empires, comparing it to the modern United States.

    They found that each of these empires permitted fairly high disparities to accumulate.

    In each case, the richest five per cent and one per cent of citizens controlled an outsized share of their society’s wealth. This leads to fairly high “gini index” values as well. The gini is a commonly used measure of inequality in nations — the higher the number up to one, the more inequitable a society is. For comparison, the current average gini among OECD countries is 0.32, notably lower than each of the four societies shown above.

    The researchers suggest this high level of inequality contributed to the eventual collapse of these empires.

    This is consistent with our own findings on the dynamics of crisis. Inequality tends to breed frustration as impoverishment spreads.

    It creates conflict as the upper classes become bloated with too many wealthy and powerful families vying for control of the vast spoils that accumulate at the top. It also erodes society’s ability to respond to acute shocks like ecological disasters or economic downturns as the government loses capacity and authority.

    If allowed to persist, it becomes more and more likely for the society to end in collapse.

    How does Canada compare?

    Canada today bears several similarities with these and other famous civilizations of the past — and that should make Canadians nervous.

    Canada, like the Romans, Han, Aztecs and many other once great societies, has maintained a relatively peaceful and secure rule over a large territory for a time. It’s generated a great deal of wealth, has facilitated the exchange of technology, ideas and movement of people over vast distances and has produced amazing works of art. But Canada has also allowed inequality to grow and linger for generations.

    My group has been exploring the historic patterns of wealth creation and distribution in different countries, including Canada. We focus on what’s known as the “Palma ratio,” generally considered a more reliable measure of inequality than the gini.

    The measurement quantifies the ratio of wealth or income between the richest 10 per cent and the poorest 40 per cent of citizens. Higher numbers indicate that the richest are capturing the lion’s share of a country’s overall wealth.

    Canada’s economy has been growing steadily as measured by GDP per capita — with a few notable exceptions — since the Second World War.

    Initially, inequality held steady, but starting in about 1980, the Palma ratio jumps up sharply. This suggests the bulk of this growth was making its way into the hands of the wealthy. After a downturn in the late 2000s, inequality has begun to grow again in recent years.

    By comparison, the U.S. has experienced similar trends, though without the momentary downturn in the 2000s. Note also that these two graphs show different levels — the Palma ratio in the U.S. in 2022 (the latest available data) is about 4.5, while it’s just over two in Canada.

    Heading down a dangerous path

    Most citizens living in the heyday of these once mighty empires probably thought that collapse was unfathomable, just as few living in the U.S. or Canada today feel that we’re headed that way.

    But there have been familiar signs growing in the U.S. in recent years. Americans appear to be further ahead on the road to a potential collapse than Canadians are, but not by that much.

    Canada is starting to exhibit many of these same indicators as well, including significant spikes in social unrest evident during the COVID-19 pandemic and the increasingly hostile rhetoric we have seen among Canadian politicians. Persistent, heightened material inequality stands out as core driver in all of these cases.



    Read more:
    The ‘freedom convoy’ protesters are a textbook case of ‘aggrieved entitlement’

    Canada remains, in many ways, a stable, thriving, modern democratic-socialist country. But it’s on a dangerous path.

    If Canada allows inequality continue to rise unchecked as it has over the last few generations, it risks ending up where Rome, Han, the Aztecs and hundreds of other societies have been before: widespread unrest, devastating violence and even complete societal collapse.

    As Canadians head to the polls, the country is at another crossroads. Will it continue down this all-too-familiar path, or will it take the opportunity to forge a different route and avoid the fate of the fallen societies of the past?

    Daniel Hoyer is director of SoDy and affiliated with ASRA Network, Complexity Science Hub, Vienna, and the SocialAI lab at the University of Toronto. He has received funding from: the Tricoastal Foundation; the Institute for Economics and Peace; and the V. Kann Rasmussen Foundation.

    – ref. Is Canada heading down a path that has caused the collapse of mighty civilizations in the past? – https://theconversation.com/is-canada-heading-down-a-path-that-has-caused-the-collapse-of-mighty-civilizations-in-the-past-254378

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: A Global Joint Statement Condemns Cancellation of International Religious Event in South Korea – NewzEngine.com

    Source: NewzEngine.com

    Gyeonggi Provincial Government’s Sudden Cancellation Raises Concerns of Bias and Violation of Rights

    An administrative decision by a South Korean government agency sparked international controversy, raising concerns about religious freedom.

    On November 27, religious leaders and opinion leaders delivered a joint protest statement to the Government of the Republic of Korea condemning the cancellation of the venue rental on October 29th as an act of biased religious oppression through public power.

    Signed by 402 organizations, 758 religious representatives, and 977 individuals across the globe, totalling 1,735 signatories, the statement emphasized the psychological and financial damage caused to the international participants and highlighted the need for accountability.

    On October 30 the “Religious Leaders Forum and Graduation Ceremony,” a joint initiative by two prominent religious organizations, was set to take place in Paju, South Korea. The event was expected to draw over 30,000 participants from 78 countries, including 1,000 religious leaders representing Christianity, Buddhism, Islam, and Hinduism.

    However, the Gyeonggi Tourism Organization (GTO), a public entity under Gyeonggi Province, abruptly canceled the venue rental at 11am on the morning of the event, when preparations were already underway.

    This decision, made without prior notice, has resulted in significant financial damage to the international event and its organizers. As the first clause of Article 20 of the South Korean Constitution states: “All citizens shall enjoy freedom of religion”, they argue that the cancellation constitutes an unconstitutional act of discrimination against a specific religion, violating religious freedom, human rights, and due process of law and an act that divides the people and divides the country into two.

    The Joint Protest Statement demands accountability for this situation and calls for an official apology from the Gyeonggi Provincial Government and the Gyeonggi Tourism Organization to both domestic and international religious organizations and the global community.

    It also requires the government to take appropriate disciplinary actions against the officials responsible for handling this matter and to strengthen fair and transparent venue reservation procedures and preliminary consultation systems.

    Over 88 global leaders including international law experts, religious leaders, education experts, heads of organizations, journalists from around the world sent official documents and protest letters to the Republic of Korea upon hearing the news of the cancellation of the event, expressing shock and disappointment at this administrative action and demanding prompt and appropriate measures.

    In particular, international law experts from around the world, including those with experience as prime ministers, vice ministers of justice, chief justices of the Supreme Court, presidents of the Constitutional Court, lawyers, and professors of international law, pointed out that the cancellation of the event on this day was an act that violated the Constitution, and religious leaders expressed concern that it was a biased decision and an anti-peaceful act that infringed on religious freedom.

    Since November 15, religious leaders and members of Shincheonji Church of Jesus have held rallies outside the Gyeonggi Provincial Office and Gyeonggi Tourism Organization, condemning the biased cancellation urging the government to address the issue and take measures to prevent recurrence.

    Timeline of Events Leading to the Cancellation
    ● July 22: Notification of approval for the rental from 29th to 31st October by GTO.
    ● October 2: Full payment of the rental fee.
    ● October 16: A working-level meeting held to discuss the event’s size, arrangements,
    safety plans, and special effects. The GTO reviewed all details and completed a
    safety inspection. While Paju City was designated a danger zone due to potential
    North Korean provocations, officials assured organizers that this designation would
    not impact the event.
    ● October 23 & 28: Officials confirmed twice that ‘there are no plans to cancel the
    rental’.
    ● October 28: A rally was hosted by ‘SUGICHONG’, a Christian council of capital area
    of Korea urging the cancellation of a venue rental.
    ● October 29: At 11 o’clock on the day of the rental while the event was being set up,
    the Gyeonggi Province Governor Kim Dong-yeon unilaterally notified the
    cancellation, citing security concerns related to recent North Korean actions and
    activities by a North Korean defector group. Organizers allege that pressure from
    opposing groups, including vested religious interests, influenced the decision.
    ● October 19-20, November 4: Notably, other events in the same area proceeded
    without disruption.

    – Published by MIL OSI in partnership with NewzEngine.com

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Trade Minister hosts NZ Saudi Arabia Joint Ministerial Commission

    Source: New Zealand Government

    Minister for Trade and Investment Hon Todd McClay will today welcome Saudi Arabia’s Minister of Environment, Water and Agriculture, His Excellency Eng Abdulrahman A. AlFadley, to New Zealand.
    Minister AlFadley is leading a delegation of more than 35 senior Saudi officials and business people to Auckland for the 9th New Zealand–Saudi Arabia Joint Ministerial Commission—a key platform for advancing trade and economic ties between the two countries.
    “The hosting of this Joint Commission in New Zealand reflects the strong momentum in our relationship with Saudi Arabia and the broader Gulf region, particularly following the successful conclusion of negotiations for the New Zealand-Gulf Cooperation Council Free Trade Agreement late last year,” Mr McClay says.
    “In a time of global uncertainty, the Government is focused on opening doors for Kiwi exporters and providing greater certainty for New Zealand businesses.
    lf’s largest economy and one of our top export markets, with exports reaching $1.14 billion last year, Saudi Arabia presents significant opportunities for Kiwi businesses through the NZ-GCC FTA.” 
    Alongside the Commission, the Ministers will participate in business outreach focused on agriculture, technology, and digital innovation.
    “This visit provides a valuable opportunity to profile world-class Kiwi exporters and highlight investment opportunities in New Zealand’s fast-growing tech sectors,” Mr McClay says.
    The Joint Ministerial Commission and business programme will run from 28–30 April in Auckland.

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Australia – WA tops economic leaderboard as Queensland rises up the ranks: CommSec State of the States – CBA

    Source: Commonwealth Bank of Australia (CBA)

    WA leads on five of eight economic indicators as Australian state economies remain resilient in the face of higher interest rates and inflation pressures.

    For the April 2025 State of the States please follow this link: https://www.commbank.com.au/articles/newsroom/2025/04/commsec-state-of-the-states-april.html

    Western Australia has held off a fast-finishing Queensland to claim top spot as the country’s best performing economy for the second quarter in a row in the latest CommSec State of the States report.

    Now in its 16th year, the State of the States report determines which state or territory economy is performing best, by tracking eight key economic indicators and comparing the latest data with decade averages (or the “normal”).

    Western Australia led the national performance rankings for the second time in a decade, ranked first on five of the eight economic indicators.

    In a closely fought contest, Queensland moved up from third spot, joining South Australia in second spot. Victoria remains in fourth place, with Tasmania steady in fifth place.

    NSW leapfrogged the ACT into sixth from seventh place, with the nation’s capital slipping back to seventh. The Northern Territory remains in eighth spot.

    “Overall, economies have slowed in response to higher interest rates and inflation, however Australian states and territories are proving resilient due to a strong job market and solid population growth. As consumers respond to higher borrowing costs and price pressures, the future path will depend on whether the job market can hold up as well as the trajectory of interest rates over the coming months,” Chief CommSec Economist Ryan Felsman said

    “Western Australia’s performance across a number of indicators, namely retail spending, unemployment, population growth, housing finance and dwelling starts powered the state to the top of our economic leaderboard for the second quarter in a row. Queensland however is nipping at WA’s heels, having shot up to equal second place alongside South Australia, with solid results across the eight economic indicators and strong economic momentum. As expected, the interest-rate sensitive south-eastern states remained in a tight cluster mid-table.”

    Additional state and territory highlights include:

    Western Australia ranks first on retail spending, relative unemployment, relative population growth, housing finance and dwelling starts.
    Queensland is now equal second, up from third place, with solid results across the board. South Australia, now joint second, ranks first on economic growth.
    Victoria remains in fourth place – leading on construction work done – and is in fourth spot on two indicators.
    Tasmania is steady in fifth spot — ranking second on equipment spending — but is held back by lower rankings on other indicators.
    NSW moves up to sixth from seventh position and now ranks fifth on four indicators. The ACT has slipped back to seventh — in that position on four indicators.
    The Northern Territory remains in last place. But the “Top End” has performed better over the past 12 months, ranking first for retail spending and equipment investment when annual growth rates are considered.

    Annual growth rates

    The State of the States report also compares the annual growth rates of the eight major indicators, enabling comparisons in terms of more recent economic momentum. This quarter’s report showed:

    Resources-focused Queensland and Western Australia both have the strongest annual economic momentum, and Queensland is now in first spot with Western Australia slipping to second.
    There is little to separate the states with Queensland ranked first or second on five out of the eight key economic indicators. Western Australia is top ranked on three indicators.
    The biggest mover is Victoria, which has jumped to third from seventh place in a sign of improvement in underlying economic activity.  
    South Australia has ascended to fourth from sixth place.
    The Northern Territory has eased back to fifth from third spot. The ACT and NSW are now in joint sixth position, ahead of Tasmania in eighth spot – all held back by higher borrowing costs and slower population growth.

    About the CommSec State of the States Report

    The January 2025 edition of the State of the States report uses the most recent economic data available. While population growth data relates to the June quarter of 2024, other data – such as unemployment – is much timelier, covering the month of December 2024, with housing finance figures focusing on the month of September 2024.

    CommSec, the digital broking arm of Australia’s largest bank, assesses the performance of each state and territory on a quarterly basis using eight key indicators. Those indicators include economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance, and dwelling commencements.

    Just as the Reserve Bank of Australia (RBA) uses long-term averages to determine the level of “normal” interest rates, CommSec compares the key indicators to decade averages; that is, against “normal” performance.

    CommSec also compares annual growth rates for eight key indicators for all states and territories, in addition to Australia as a whole, enabling a comparison of economic momentum.

    MIL OSI – Submitted News –

  • MIL-OSI USA: JEFFRIES, BOOKER SIT ON CAPITOL STEPS, BEGIN LIVE STREAM SPEAKING DIRECTLY WITH AMERICANS

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Washington, DC — For millions of Americans, Sundays are a day of faith, spirituality and moral reflection. In that spirit, today, just before sunrise, House Democratic Leader Hakeem Jeffries and Senator Cory Booker sat down on the steps of the US Capitol and began an urgent, live-streamed conversation with the American people to focus on our common values, our faith traditions and the moral moment facing our nation.

    With Congress returning to session tomorrow, Republican leaders have made clear their intention to use the coming weeks to advance a reckless budget scheme to President Trump’s desk that seeks to gut Medicaid, food assistance and basic needs programs that help people, all to give tax breaks to billionaires. Given what’s at stake, these could be some of the most consequential weeks for seniors, kids and families in generations.

    During the action, Senator Booker and Leader Jeffries will speak to our shared American values and our nation’s religious and moral underpinnings, and how the budget bill is antithetical to these beliefs. They will also affirm to Americans that their voices not only matter, but are needed, in this moment in order to stop these harmful cuts.

    “Budgets are more than just numbers in a spreadsheet—they are moral documents,” Booker said. “They reveal what we value, who we protect, and what we stand for. That’s why I’m here today: to sit in at a sacred civic space, to make clear the moral and practical stakes of the Trump budget proposal, and to call others to action. 

    Booker continued, “Republicans in Congress are proposing cuts that will take food from children, healthcare from the sick, and dignity from those already struggling. It’s wrong. To stop it, we all must say so—clearly, courageously, and together. Speaking out and speaking up is how we will convince four Republicans in the House and Senate to do the right thing and vote no.”

    “Republicans are crashing the economy, undermining American values, assaulting our democracy and driving us toward a recession. Now, they want to jam a reckless budget down the throats of the American people that will end Medicaid as we know it and rip food from the mouths of children, seniors and veterans. Enough. This is not America,” said Leader Jeffries. “We will continue to show up, speak up and stand up until we end this national nightmare.”

    The conversation is being live-streamed on multiple platforms, including TikTok, Instagram, Facebook, X and YouTube.

    ###

    MIL OSI USA News –

  • MIL-Evening Report: Used EV batteries could power vehicles, houses or even towns – if their manufacturers share vital data

    Source: The Conversation (Au and NZ) – By Daryoush Habibi, Professor and Head, Centre for Green and Smart Energy Systems, Edith Cowan University

    EV batteries are made of hundreds of smaller cells. IM Imagery/Shutterstock

    Around the world, more and more electric vehicles are hitting the road. Last year, more than 17 million battery-electric and hybrid vehicles were sold. Early forecasts suggest this year’s figure might reach 20 million. Nearly 20% of all cars sold today are electric.

    But as more motorists go electric, it creates a new challenge – what to do with the giant batteries when they reach the end of their lives. That’s 12 to 15 years on average, though real-world data suggests it may be up to 40% longer. The average EV battery weighs about 450 kilograms.

    By 2030, around 30,000 tonnes of EV batteries are expected to need disposal or recycling in Australia. By 2040, the figure is projected to be 360,000 tonnes and 1.6 million tonnes by 2050.

    Is this a problem? Not necessarily. When a battery reaches the end of its life in a vehicle, it’s still got plenty of juice. Together, they could power smaller vehicles, houses or, when daisy-chained, even whole towns.

    For this to work, though, we need better information. How healthy are these batteries? What are they made of? Have they ever been in an accident? At present, answers to these questions are hard to come by. That has to change.

    Gauging the health and reliability of a used EV battery is harder than it should be.
    Fahroni/Shutterstock

    Huge potential, challenging reality

    Old EV batteries have huge potential. But it’s not going to be easy to realise this.

    That’s because it’s hard to get accurate data on battery performance, how fast it’s degrading and the battery’s current state of health – how much capacity it has now versus how much it had when new.

    Unfortunately, vehicle manufacturers often make it difficult to get access to this crucial information. And once a battery pack is removed, we can’t get access to its specific data.

    This comes with real risks. If a battery has a fault or has been severely degraded, it could catch fire when opened or if used for an unsuitable role. Without data, recyclers are flying blind.

    Reusing EV batteries will only be economically viable if there’s sufficient confidence in estimates of remaining capacity and performance.

    Without solid data, investors and companies may hesitate to engage in the repurposing market due to the financial risks involved.

    Extracting minerals from a battery

    EV batteries are full of critical minerals such as nickel, cobalt, lithium and manganese. Nearly everything in an EV battery can be recycled – up to 95%.

    Here, too, it’s not as easy as it should be. Manufacturers design batteries focusing on performance and safety with recyclability often an afterthought.

    Battery packs are often sealed shut for safety, making it difficult to disassemble their thousands of individual cells. Dismantling these type of EV batteries is extremely labour-intensive and time-consuming. Some will have to be crushed and the minerals extracted afterwards.

    EV batteries have widely differing chemistries, such as lithium iron phosphate and nickel manganese cobalt. But this vital information is often not included on the label.

    EV batteries require significant quantities of critical minerals. Pictured: lithium salt evaporation ponds in Argentina.
    Freedom_wanted/Shutterstock

    Better ways of assessing battery health

    Used EV batteries fall into three groups based on their state of health:

    High (80% or more of original capacity): These batteries can be refurbished for reuse in similar applications, such as electric cars, mopeds, bicycles and golf carts. Some can be resized to suit smaller vehicles.

    Medium (60-80%): These batteries can be repurposed for entirely different applications, such as stationary power storage or uninterruptible power supplies.

    Low (below 60%): These batteries undergo shredding and refining processes to recover valuable minerals which can be used to make new batteries.

    Researchers have recently succeeded in estimating the health of used EV batteries even without access to the battery’s data. But access to usage and performance data would still give better estimates.

    What’s at stake?

    An EV battery is a remarkable thing. But they rely on long supply chains and contain critical minerals, and their manufacture can cause pollution and carbon emissions.

    Ideally, an EV battery would be exhausted before we recycle it. Repurposing these batteries will help reduce how many new batteries are needed.

    If old batteries are stockpiled or improperly discarded, it leads to fire risk and potential contamination of soil and water.

    Right now, it’s hard for companies and individuals to access each battery’s performance data. This means it’s much harder and more expensive to assess its health and remaining useful life. As a result, more batteries are being discarded or sent for recycling too early.

    Recycling EV batteries is a well-defined process. But it’s energy-intensive and requires significant chemical treatments.

    What needs to change?

    At present, many battery manufacturers are wary of sharing battery performance data, due to concerns over intellectual property and other legal issues. This will have to change if society is to get the fullest use out of these complex energy storage devices. But these changes are unlikely to come from industry.

    In 2021, California introduced laws requiring manufacturers to give recyclers access to data and battery state of health. Likewise, the European Union will require all EV batteries to come with a digital passport from January 2027, giving access to data on the battery’s health, chemistry and records of potentially harmful events such as accidents or charging at extreme temperatures.

    Australia should follow suit – before we have a mountain of EV batteries and no way to reuse them.

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

    – ref. Used EV batteries could power vehicles, houses or even towns – if their manufacturers share vital data – https://theconversation.com/used-ev-batteries-could-power-vehicles-houses-or-even-towns-if-their-manufacturers-share-vital-data-248677

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: BDTCOIN (BDTC) Is Listed On AscendEX! Trade Now!

    Source: GlobeNewswire (MIL-OSI)

    FERNANDINA BEACH, Fla., April 27, 2025 (GLOBE NEWSWIRE) — BDTCOIN, the world’s first gold-backed cryptocurrency, is now expanding its reach through listing on AscendEX. AscendEX is one of the fastest-growing centralised crypto trading exchanges over 90 M+ Active users and 200 M+ Daily trading volume. 300+ cryptocurrencies are available to trade. Starting from 28th April, 10 AM UTC, AscendEX users will be able to trade $BDTC Coin.

    $BDTC is the native coin of BDTCOIN, which is built on the principles of decentralization and financial accessibility, aiming to empower individuals, especially those in underserved regions, with easy access to secure and cost-effective financial services. By leveraging blockchain technology, BDTCOIN facilitates seamless cross-border transactions, enabling users to navigate the complexities of international payments with ease.

    $BDTC Coin’s previous two listings, one on MEXC and Lbank, were greatly successful. The listing on AscendEX builds on this progress by offering greater liquidity and accessibility to a broader user base. AscendEX’s established reputation and global presence make it a fitting choice for this expansion.

    The strong buy support on LBank and MEXC highlighted investor trust, indicating BDTCoin’s potential for sustained growth and a lasting impact on the market. This impressive performance on LBank and MEXC has positioned BDTCoin as a noteworthy contender in the dynamic cryptocurrency space, reinforcing its credibility as a dependable and valuable digital asset.

    “This listing on AscendEX is an exciting step in our mission to bring financial tools to everyone, regardless of where they are. We’re committed to building a system where users have real control over their assets while connecting to next-gen financial solutions,” said the Creator of BDTCOIN. “AscendEX’s platform offers the reach and reliability we need to make $BDTC more accessible and practical for a global audience.”

    Deposit: April 28, 4:00 AM UTC | https://bdtcoin.co/
    Explorer: https://bdtcoin.info
    Development: https://bdtcoin.org
    Contact: Admin Email: Admin@bdtcoin.co

    Disclaimer: This is a paid post and is provided by BDTCOIN. 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:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/523542cf-b509-4df8-9b71-2d95a1c74585
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9fcfc047-4014-4dc4-a11d-f01dfe5c190c

    The MIL Network –

  • MIL-Evening Report: Albanese has been a ‘proficient and lucky general’. But if he wins a second term, we are right to demand more

    Source: The Conversation (Au and NZ) – By Paul Strangio, Emeritus Professor of Politics, Monash University

    Barring a rogue result, this Saturday Anthony Albanese will achieve what no major party leader has done since John Howard’s prime-ministerial era – win consecutive elections. Admittedly, in those two decades he is only the second of the six prime ministers (the other is Scott Morrison), who has been permitted by his party to contest successive elections. The other four – Kevin Rudd, Julia Gillard, Tony Abbott and Malcolm Turnbull – were cut off at the knees by their colleagues before having the chance to seek re-election.

    For a prime minister who has spent much of the past three years derided as a plodder, uninspiring and weak, this is no small feat. If longevity in office is the principal measure of the success of prime ministers, then Albanese will soon have claim to be the best of the post-Howard group. Before election day, he will leapfrog Turnbull’s tenure and if, as the polls suggest, he is returned to government on May 3, he will shortly thereafter exceed Gillard’s incumbency with a whole three years ahead to build on his reign.

    Of course, duration of office is not the only benchmark of prime-ministerial achievement – more important is how power is exercised, the legacy that is left behind. Arguably, the productive Gillard still outranks Albanese in this respect, highlighted by her government’s establishment of the National Disability Insurance Scheme. This is widely regarded as the most transformative social reform since the advent of universal health care. On the other hand, if he is granted a second term by voters, Albanese will be in a position to build on his policy edifice and produce his own signature reform, something he still lacks.

    A leader for the times?

    When sitting down to write this essay about Albanese, I looked back at two of the questions I raised about him shortly before and after his May 2022 election. The first was whether he was capable of switching “to a more dynamic galvanising mode of leadership or will the circumspection that has defined him in opposition shackle him in government?”

    The second question was whether voters would stick by the dogged and gentler type of leadership Albanese promised. Or if, in an environment of pent-up dissatisfaction with the order of things, they would lose patience with him and instead hanker for a “strong” leader: one who conquered and divided, and offered black and white solutions to the complex challenges of the early 21st century.

    As recently as early March, the answer to both of these questions seemed a definite no. For some 18 months, the opinion polls had signalled the electorate was profoundly underwhelmed by Albanese and his Labor government.

    Despite a busy legislative program, the incremental methods of his prime ministership had proved incompatible with the public’s disenchantment with business-as-usual practices. Precious little Labor had done had registered with voters.

    By way of contrast, the Liberal opposition leader, Peter Dutton, gave the impression of being in tune with the disgruntled milieu. Not that the public had warmed to him: a common focus group reaction was he was “nasty”.

    Yet Dutton had the hallmarks of a quintessential “strong” leader. He was a political hard man, a trader in fear and division. He projected decisiveness. Where Albanese was prone to looking wishy-washy, Dutton was a man to get things done.

    As Niccolò Machiavelli recognised in his notorious, and mostly misunderstood, treatise on statecraft, The Prince, the fate of political leaders is significantly determined by “fortuna”. These are the forces largely beyond a prince’s control.

    Fortuna has undoubtedly intervened in Albanese’s favour over the past couple of months. This began with Cyclone Alfred giving him a steal on Dutton. Manning the deck during the cyclone’s painstakingly slow landfall on the east coast of the Australia, Albanese had the advantage of a prime ministerial bearing. His government’s response to Alfred also enabled him to exercise two of his emotional calling cards: empathy and compassion.

    Additionally, the cyclone was a timely demonstration of the increased frequency of extreme weather events in a climate change affected environment. This is a phenomenon the prime minister could credibly speak to. Whereas the opposition leader, at the head of a Coalition in which climate change denialism still runs deep, has dissembled about a connection by protesting he is not a scientist.

    Alfred also compelled the delay of the election to a time more propitious for Labor. The April campaign has been heavily shadowed by the spectre of US President Donald Trump’s wilful and reckless disturbance of geopolitics and the international economy. Unquestionably, Albanese would have been better placed to capitalise on Washington’s caprice and the undiscriminating damage it is visiting on purported allies like Australia had his government opted for a less orthodox America-dependent defence and security posture.

    Yet Trump’s second presidency is principally a liability for Dutton. This is not because he is a Trump ventriloquist. Dutton’s right-wing populist stance on issues such as immigration and climate change and his hostility to identity politics are indigenous to Australia rather than imported from America. He is exploiting themes unleashed in the Liberal Party by Howard, which have been rendered more aggressive by Howard’s successors, first Abbott and now Dutton.

    My hunch has always been the opposition leader was misreading the national psyche. Australians are more optimistic, forward-looking and generous-hearted than he was banking on. They are less scared and less paranoid. Women and young voters especially loomed as a formidable barrier to his prime-ministerial ambitions. But the parallels between his locally originated brand of reactionary populism and Trumpism are sufficient to have made his tilt for power still more difficult.

    Bloodless, perhaps, but methodical and scandal-free

    Albanese’s political renaissance since March, however, is not solely a product of happenstance. Nor is it only due to Dutton’s unravelling: his quest for office has also been damaged by the Coalition’s flimsy policy development and his stumbles on the hustings.

    The opinion polls currently indicate Labor’s primary and two-party preferred votes are hovering around the same level as at the 2022 election. If this translates into Saturday’s result, it would represent the first time a novice government has not shed support in modern Australian political history on its initial return to the polls. Gough Whitlam, Malcolm Fraser, Bob Hawke, Howard and so on all went backwards.

    It is true Albanese is starting from a low base because of his slender victory in 2022. Still, should Labor hold its ground, this will surely owe something to an acceptance by the electorate, even if grudging, that Albanese deserves a second term. In other words, this could not merely be considered a victory by default, but also a degree of positive endorsement of his prime ministership.

    On the cusp of his 2013 election win, Abbott pledged a return to “grown-up” government. After three years of destructive leadership conflict between Rudd and Gillard, he assured voters the “adults” would be back in charge. Over the course of the next nine years of Coalition rule, Abbott’s promise went woefully unfulfilled. It was a period blighted by further leadership civil war and policy indolence. By way of contrast, Albanese’s government has been united, orderly, industrious and scandal-free.

    With the exceptions of the Gillard and Turnbull administrations, the other post-Howard governments have been notable for departing from conventional cabinet practices, an unhealthy level of leadership centralisation, a domineering Prime Minister’s Office (PMO) and a tendency to run roughshod over the bureaucracy. The evidence from Albanese’s first term is he has learned from, and chiefly avoided, these follies.

    An admirer of the governance practices of Hawke and Howard, the latter whom he closely observed over the despatch box between 1996 and 2007, Albanese does not “sweat the small stuff”. He avoids micromanaging his government, as Rudd was notoriously guilty of.

    Detractors attribute this to a dearth of policy curiosity and a want of drive. But, whatever its explanation, the effect has been to give a competent ministerial team, many of them battle-scarred veterans of the tumultuous Rudd-Gillard years, leeway in their portfolios rather than choking their autonomy. The prime minister reaches down only when things “go awry” and, in those circumstances, he intervenes “forcefully” to “assume control”.

    His PMO, headed since 2022 by Tim Gartrell, has been largely stable and has resisted the excessive command and control methods of many of its predecessors. After a decade of cutbacks under the Coalition and the degrading of its policy function through widespread outsourcing to giant consulting firms, the public service has been replenished and its policy input encouraged and respected.

    Albanese has maintained a tight group of ministerial confidants around him, including the talented economics portfolio duo of Jim Chalmers and Katy Gallagher, as well as Deputy Prime Minister Richard Marles and Mark Butler, Penny Wong and Tony Burke.

    The continuity in membership of this “kitchen cabinet” suggests a prime minister gifted in collaboration and relationship management.

    The downside to the ‘lone wolf’

    The story is not all blue skies. As originally identified by the political correspondent, Katharine Murphy, now a media director in Albanese’s office, his early life as the only child of a single mother and invalid pensioner planted in him a powerful streak of self-sufficiency. This “lone wolf” element can see him lapse into relying too much and too stubbornly on his own judgement.

    After a lifetime in the game, he is convinced he possesses uncommon political instincts. Yet his radar is sometimes astray. Examples include little things such as attending the wedding of shock jock Kyle Sandilands, as well as bigger miscalculations, such as purchasing an expensive beachfront property during a housing affordability crisis.

    Few, if any, prime ministers avoid the urge for captain’s calls. Indeed, on occasions, going out on a solitary limb is essential for leaders. But Albanese has left ministers high and dry with some of his unilateral interventions, including blindsiding and humiliating environment minister and one-time leadership rival, Tanya Plibersek, by vetoing legislation to establish a national environment protection authority.

    Albanese routinely cites a laundry list of achievements from the past three years. Against a backdrop of significant international turbulence, Labor’s handling of the economy has been mostly deft: inflation has been reduced, employment has grown, interest rates are finally on a downward trajectory and real wages have increased.

    Analysis indicates it is households from low socioeconomic areas that have benefited most from the government’s tax and welfare changes. In short, redistributive action we expect from a Labor government.

    The government has thrown its weight behind pay increases for poorly renumerated and predominantly female workforces in aged care and childcare. Childcare support has been extended and cheaper medicines delivered.

    Labor has also introduced free TAFE and trimmed the debts of university students. In addition, the government has presided over amendments to industrial relations laws to improve protections for vulnerable workers in the gig economy.

    Notwithstanding criticisms of its approval of new fossil fuel projects, Labor has pursued a concerted strategy to curb carbon emissions, encouraging a major increase in renewable energy supply and implementing complementary measures such as the vehicle efficiency standards scheme.

    On the other hand, there have been glaring gaps in the Albanese government’s record. These include:

    • the stalling on banning gambling advertising, despite this being widely desired by the Australian public

    • the failure to lift many of the most disadvantaged members of the community out of poverty through a meaningful increase in JobSeeker and related income support payments, despite this being repeatedly recommended by the Labor appointed Economic Inclusion Advisory Committee

    • the inadequate due diligence applied to the Morrison government’s AUKUS agreement, an oversight all the more imprudent given the inconstancy of Trump’s America

    • the doleful silence on the Uluru Statement of the Heart agenda since the defeat of the Indigenous Voice to Parliament referendum. This leaves Albanese at risk of joining several of his predecessors, including Malcolm Fraser and Hawke, who later identified the lack of progress on First Nations affairs as the greatest regret of their prime ministerships.

    The government’s reputation for stolidity has been exacerbated by Albanese’s deficiencies. In retrospect, he booby-trapped his own prime-ministership by crouching too low at the 2022 election. The Australian people wanted desperately to be rid of Morrison, affording Labor scope for a more expansive manifesto. The absence of audacity in the party’s program undoubtedly contributed to the public’s tepid embrace of the incoming government. Labor’s primary vote was at a century low.

    In turn, because Albanese was intent on not exceeding his narrow mandate, he was hamstrung in office. He had to be needled by colleagues to finally walk away at the beginning of 2024 from the campaign promise not to amend Morrison’s stage three tax cuts despite their regressive nature – a change of stance the public welcomed.

    His pedestrian communication skills, while congruent with his everyman persona, have had a dulling effect on his government. As Gillard did to her cost, he seems to operate on the premise his government will be known by its deeds rather than words or gestures of emotional freight. He is devoid of memorable or moving phrasing. Where Keating had the Redfern address, Rudd the Stolen Generation apology and Gillard, after repetitive provocation, the misogyny speech, it is hard to imagine Albanese delivering anything commensurately stirring or enduring.

    The lament that governments lack an overarching narrative is commonplace in contemporary politics. But Albanese has showed little proclivity for weaving a compelling tale for his government, to joining the dots between its actions, or projecting what lies ahead on the horizon.

    In that absence, each measure has been at risk of disappearing into the ether through the warp-speed media cycle. And he has been conspicuously tongue-tied on interpreting Australia’s national identity, a theme fruitfully mined by his most accomplished predecessors. At a moment when the distinctiveness of Australia’s democracy has come into sharp relief, this is a missed opportunity.

    Some Labor insiders are confident that, in a second term, Albanese will pursue a more adventurous program. Change to an outmoded tax regime, which is particularly fuelling generational inequality, is widely considered the holy grail of reform.

    One reason why the centre is holding better in Australia relative to other comparable democracies can be traced back to the modernising reforms executed in the final decades of the 20th century by the governments of Hawke and Keating, and the early Howard government. Crucially, under the former intrepid Labor duo, major social stabilisers were also introduced, such as Medicare and compulsory superannuation.

    Though not without their own destabilising effects, these policy innovations helped insulate Australia from the deadly combination of drastic austerity, severe erosion of living standards and gross inequalities experienced in a number of other countries. These are the conditions on which aggressive right-wing populism has dined. The rub is, however, that the reforms of late last century are running out of puff, and patching the policy edifice built in those years is also exhausting its utility. We are on borrowed time.

    If he is returned to the prime ministership on Saturday, there is an imperative for Albanese to spread his wings, to go beyond doggedly nudging the country along. Yet the danger is he will interpret election success as proof of his self-narrative that he has always been underestimated. As confirmation of his rare power of political intuition. As evidence he need not deviate from his first term formula of what he characterises as “considered, measured government”.

    Albanese is a well-intentioned prime minister of evidently decent values. An individual of good character at the helm of nations matters, as anyone who studies leadership comes to recognise. What we can confidently say of him is that as prime minister, he has fulfilled the injunction of the Greek physician and philosopher, Hippocrates: “first, do no harm”.

    In an era in which the potential of mad and bad rulers to wreak havoc is painfully on display, doing no harm is actually quite a mighty thing. To have a prime minister, who believes, as Albanese said during one of the campaign leader debates, that “kindness isn’t weakness” is, indeed, comforting as we witness shrivel-hearted strong men menance the globe.

    Albanese has been a proficient as well as a lucky general. But we are right to yearn for more. A second term will test whether he can make the transition from a solid to a weather-making prime minister. We will also discover, should that step be beyond him, if he has the self-knowledge and grace of spirit, to pass the office on.

    In the past, Paul Strangio received funding from the Australian Research Council

    – ref. Albanese has been a ‘proficient and lucky general’. But if he wins a second term, we are right to demand more – https://theconversation.com/albanese-has-been-a-proficient-and-lucky-general-but-if-he-wins-a-second-term-we-are-right-to-demand-more-235197

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Peter Dutton: a Liberal leader seeking to surf on the wave of outer suburbia

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    In searching for the “real” Peter Dutton, it is possible to end up frustrated because you have looked too hard.

    Politically, Dutton is not complicated. There is a consistent line in his beliefs through his career. Perhaps the shortest cut to understanding the Liberal leader is to go back to his maiden speech, delivered in February 2002.

    The former Queensland policeman canvassed “unacceptable crime rates”, the “silent majority”, the “aspirational voters”, how the “politically correct” had a “disproportionate say in political debate”, the “grossly inadequate sentences” dispensed by the courts, and the centrality of national security. The way the last was handled was “perhaps the most significant challenge our society faces today,” the novice MP told the House of Representatives.

    “National security” would be a foundational pillar of Dutton’s career, as well as his political security blanket.

    Dutton had been a member of the Liberal Party since about age 18 and hoped “to use my experience both in small business and in law enforcement to provide perhaps a more practical view on some of the issues and problems” of the day.

    The 32-year-old Dutton, who’d recently been in the building business with his father, following his nine years in the police force, arrived in parliament on a high, as something of a dragon-slayer in his Brisbane seat of Dickson. He had defeated Labor’s Cheryl Kernot, former leader of the Australian Democrats who had jumped ship in a spectacular defection in October 1997.

    Dutton came from Brisbane’s outer suburbia, just as the Liberals were reorienting their focus towards this constituency, the so-called “Howard battlers”.

    The eager newcomer was soon noted by the prime minister who, after the 2004 election, appointed him to the junior ministry. One Liberal insider from the time says that when campaigning in Dickson, John Howard saw Dutton “was very good at establishing himself in a marginal seat”. (Years later, when a redistribution turned Dickson into a notional Labor seat for the 2010 election, Dutton tried to do a runner to the safe seat of McPherson. But he failed to win preselection; in the event he held Dickson with a hefty swing. This election Dickson is on 1.7%.)

    Dutton brought to his first ministry, workforce participation, the view he had expressed in his maiden speech: “We are seeing an alarming number of households where up to three generations – in many cases by choice – have never worked in their lives, and a society where in many cases rights are demanded but no responsibility is taken.”

    By 2006 he had been promoted by Howard to assistant treasurer, a job that gave the ambitious Dutton a chance to work closely with Treasurer Peter Costello. Nick Minchin was finance minister then. He paints a picture of Dutton as a sort of guard dog protecting the revenue. In the cabinet expenditure review committee, “Peter was particularly helpful and supportive of Costello and my fending off the demands of spending ministers”.

    The one-time police officer was “strong and resolute in questioning ministers”. Minchin was impressed; the junior minister was “obviously going places”.

    From defensive to offensive

    After the Liberals went into opposition, Dutton “shadowed” health, becoming health minister in Tony Abbott’s government after the 2013 election.

    His legacy from the health portfolio dogs him in this campaign. He presided over the government’s failed attempt in the 2014 budget to put a co-payment on bulk-billed services. A poll conducted by Australian Doctor magazine voted him the worst health minister in memory.

    A former senior public servant who observed him at the time presents a more positive picture, saying it was a very difficult time and Dutton was well across the complexity of the portfolio. On the notorious co-payment, Abbott says it was not Dutton’s idea: “It was absolutely 150% my idea”.

    When in December 2014 Abbott moved him to immigration and border protection, Dutton was both in his comfort zone and on the escalator. Looking back, Abbott says Dutton was “a better match” for that portfolio. “In health the Coalition tends to play a defensive game. In border protection it plays an offensive game.”

    Partnered by empire-building bureaucrat Mike Pezzullo, Dutton agitated for the creation of a mega security department (a push that earlier originated with Scott Morrison when he was in immigration). Prime Minister Malcolm Turnbull felt the need to accommodate Dutton – then one of his conservative backers – with the creation of the home affairs super department, which was controversial and divided ministers. Someone who observed him closely in that portfolio says Dutton was always clear what he wanted, but didn’t get too deeply involved in the processes of policy.

    Dutton, however, had another goal, and the turmoil surrounding Turnbull’s leadership seemed to offer the opportunity to shoot for the top. It was a false hope. Tactically outsmarted by Turnbull, Dutton lost the first face-off between the two in August 2018. The second bout, later the same week, provided not victory but a pathway to the prime ministership for Scott Morrison.

    It wasn’t all downside for Dutton: during the Morrison government he became defence minister. The post suited a China hawk when the bilateral relationship was in a deep trough.

    Early on, he met with one-time Labor defence minister (and later Labor leader) Kim Beazley. Beazley recalls: “He wanted to talk to me about what being defence minister was like”. They spoke about submarines: Beazley suggested Australia should cancel its then-existing contract for French conventional submarines and get a new contract for their nuclear subs (this was before AUKUS).

    “He knew a fair bit,” Beazley says. “So he was looking to think a way through the huge problems we confronted.” Dutton was “aware we were slipping into an era of constant danger. He had all the attitude you would want of a contemporary defence minister” (although, Beazley adds, the Morrison government had “a propensity for unfunded defence annoucements”).

    Leadership and control

    By the time the Liberals went into opposition, Dutton was the only leadership candidate standing. His long-term rival Josh Frydenberg had lost his seat – a bonus for Dutton, who hasn’t had to look over his shoulder in the past three years, but a big loss for a party deprived of choice. The Liberals’ moderate wing had been decimated with the rise of the “teals”.

    Many immediately declared Dutton unelectable, a view that would soften over time, then return again, to an extent, close to the election.

    As opposition leader, Dutton’s laser-like focus was on keeping the party together, avoiding the backbiting and schisms that often follow a serious loss. Colleagues found him approachable and willing to listen. A backbencher says: “He was always very respectful of people in the party room. He will make himself available if people want to talk.”

    Yet how much was he willing to hear? The same backbencher says, “I don’t think there was a lot of consultation in the development of policy – it was a bit of a black box. The emphasis has been on unity and discipline.”

    Russell Broadbent, a moderate Liberal who defected to the crossbench in 2023 when he lost preselection for his seat of Monash (which he is recontesting an an independent) says, “I’ve never had a cup of tea or a meal with [Dutton]. I wasn’t in his group – I was on the wrong side of the party somewhere.” He says their only conversation was when Dutton told him his preselection was under threat. Broadbent said he knew his opponents had the numbers: Dutton asked whether he’d go to the crossbench. “I said, ‘probably’”.

    Anthony Albanese gave his opponent a big political break, when the Voice, opposed by the Coalition, crashed spectacularly in October 2023. The prime minister had invested heavily in a doomed and faulty campaign that misread the mood of Australians, just when many people were being dragged down by the cost of living.

    It took Albanese well over a year to recover his stride. Indeed, he did not do so fully until early 2025, when a pre-campaign burst of announcements put the government in a strong position. Dutton’s miscalculation was to believe that when he had Albanese down, his opponent would be out for the count.

    Dutton gambled by holding back key policies until the campaign and making the opposition a relatively small target. The big exception was the nuclear pitch, released fairly early and driven in part by the need to keep the Nationals, a number of whom were restive about the Coalition commitment to the 2050 net zero emissions target, in the tent. Saturday’s result will be the ultimate test of the “hold back” tactic.

    As the election neared, there was increasing criticism in Coalition ranks of the handling of the campaign, which has been shambolic at times. One example was the delay in producing modelling for a signature policy – the proposal for a gas reservation scheme. That pales beside the fiasco of the (aborted) plan to force Canberra public servants back into the office.

    The bold defence policy, to take spending to 3% of GDP within a decade, was not only released after pre-polling had started, but came without detail.

    On strategy and tactics, Dutton is controlling, wanting to keep things tight, in his own hands or those of a small group. Perhaps it is the policeman’s mindset. Certainly it has worked to the disadvantage of his campaign, which has appeared under-cooked on large and small things. Among the latter, Dutton’s office insisted on doing his transcripts, rather than having them done by the campaign HQ. Predictably, they were overwhelmed and the transcripts ran late.

    Dutton seemed to be working on the assumption he was in a similar situation to Abbott in 2013, when Labor was gone for all money. But this election people needed to be convinced the alternative was robust and, late in the day, many swinging voters remained sceptical about that. Dutton is a strong negative campaigner, who hasn’t put much work into strengthening his weaker skill set to be a “positive” voice as well.

    Going into the campaign’s final days, Labor held the edge in the polls. But the Liberals maintained that in key marginals, the story was rather different.

    There is a degree of mismatch between the private Dutton and the public figure. Often those who meet or know him remark that one-to-one or in small groups he is personable. Yet his public demeanour is frequently awkward and somewhat aloof. This leaves him open to caricature, and raises the question of why he has been so unsuccessful in projecting more of his private self into his public image.

    The latest Newspoll, published Sunday night, had Dutton’s approval rating at minus 24, compared to Anthony Albanese’s minus 9. A just-released Morgan poll on trust in leaders found Dutton had the highest net distrust score (when people were asked in an open-ended question to nominate whom they trusted and distrusted). It’s a long-term thing: he was third in the 2022 list.

    The gender problem that dogs the Liberals

    One of Dutton’s problems has been the women’s vote. The Poll Bludger’s William Bowe says looking at the polls, “Dutton wasn’t doing too badly [with women] in the first half of the term, but a gap opened up in 2024 and substantially widened in 2025”. Sunday’s Newspoll found 66% of female voters had “little or no confidence” the Coalition was ready to govern, compared to 58% of male voters.

    Retiring Liberal senator Linda Reynolds, who preceded Dutton in the defence portfolio, has worked on gender issues in the Liberal Party for 15 years. She believes this is “a party problem, not specifically a Peter Dutton problem”. She says the Liberals’ failure to embrace and deal with gender issues “leaves the leader of the day vulnerable”.

    Kos Samaras, from Redbrige political consultancy, agrees. “It’s a brand issue, rather than him personally. He’s just the leader of [the brand].” Scott Morrison made the brand problem a lot worse. “It’s gone back to a normal [Liberal] problem, be it still bad.”

    There are differences between constituencies, but there is a “very significant problem with professional women”, Samaras says, which highlights the Liberals’ challenge with the “teal” seats.
    Dutton is classic right-wing on law and order, defence policy, nationalism, anti-wokeness, and much more. But he can be pragmatic when the politics demands.

    He was personally opposed to marriage equality, but was behind the postal survey that enabled the Turnbull government to achieve it, so removing the issue from the agenda. And the China hawk has recently softened his line on that country, in part to facilitate a pitch for the votes of Chinese-Australians, alienated by the Morrison government.

    In this campaign, Dutton has been painted by his opponents as “Trump-lite”. Confronted with this in the third leaders’ debate, he was unable to provide an answer. Initially expecting the election of Trump would be potentially helpful for the opposition, he failed to appreciate the dangers for him, which only increased as the new president became more arbitrary and unpredictable.

    The opposition leader’s anti-public service attitude might be a milder version of Trump’s stand but it is also a Queenslander’s view of Canberra, as well as typical of what the Liberals roll out before elections. But his appointment of Senator Jacinta Nampijinpa Price as shadow minister for government efficiency was blatantly and foolishly Trumpian.

    Dutton is not nimble or nuanced. He is also prone to going off half-cocked, which can lead to missteps (as when he wrongly said the Indonesian president had announced a Russian request to base planes in Papua). Earlier examples are easy to find. In his autobiography A Bigger Picture, Turnbull wrote of him that he would do interviews with right-wing shock jock in which he would “echo their extreme views […] He always apologised for going too far, and I generally gave him the benefit of the doubt”.

    Dutton talks little about Liberal Party history, or political philosophy. Is he ideological? Abbott says he is ideological in the way Howard was. “He has strong instincts, he has convictions but they are more instinctual than ideological.”

    Dutton at every opportunity points to Howard as his lodestar. Howard also came from a small business family, didn’t have much time for the public service, and had the quality of political doggedness. Regardless of some similarities, however, it is a very long stretch to see Dutton walking in Howard’s shoes.

    Michelle Grattan 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. Peter Dutton: a Liberal leader seeking to surf on the wave of outer suburbia – https://theconversation.com/peter-dutton-a-liberal-leader-seeking-to-surf-on-the-wave-of-outer-suburbia-254590

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Independents may build on Australia’s history of hung parliaments, if they can survive the campaign blues

    Source: The Conversation (Au and NZ) – By Joshua Black, Visitor, School of History, Australian National University

    Major parties used to easily dismiss the rare politician who stood alone in parliament. These MPs could be written off as isolated idealists, and the press could condescend to them as noble, naïve and unlikely to succeed.

    In November 1930, when independent country MP Harold Glowrey chose to sit on the crossbench of the Victorian parliament while his few peers joined the new United Country Party, the local newspapers emphasised that he could not “become a cabinet minister” or “have a say” in making policy from the sidelines. (As if he wasn’t aware.) Australia was a place where, according to the scribes at The Ouyen Mail, “very few constituencies were prepared to elect independent men”.

    Things are rather different now. Lifelong loyalty to a single party has become a rarer thing among voters, with the Australian Election Study showing fewer than four in ten voters give their first preference vote to the same party at each election. It was more than seven in ten back in 1967.

    Voters have gravitated towards alternatives to the two major parties. A new interactive data tool from the ABC shows just how much more competitive federal elections have become. Australians are now world leaders in sending independents to represent them in state and federal parliaments.

    And who could call the independents of the recent past naïve? Independent MPs held the balance of power in New South Wales in the early 1990s, and in Victoria later that decade. Both parliaments saw substantive reforms and improved parliamentary processes.

    A strong track record

    At the federal level, a lineage of independents such as Ted Mack, Peter Andren, Zali Steggall, Cathy McGowan and her successor in Indi Helen Haines have all found new ways to give voice to their community in parliament. Voters, especially in rural electorates and formerly “safe” seats, have been attracted to candidates who promise to “do politics differently”, as McGowan so often puts it.

    There are dozens of candidates making that promise at this election. At least 129 candidates are listed on House of Representatives ballot papers as independent or unaffiliated candidates in 88 seats. That’s almost twice as many independent candidates than in the 2013 election for the lower house. Around 35 of these are community independent candidates. A further 28 people are running as independents or ungrouped candidates in Senate races.

    So who are the independent candidates, and what role might they play after May 3?

    Who are the independent candidates?

    For a start, around a third of all independent candidates for House of Representatives seats are women. Among the “community independent” candidates (commonly referred to as “teals”), it’s closer to four out of five.

    This is entirely in keeping with the role daring women have played as the strongest custodians of non-party politics in Australia over the past 120-odd years.

    Most of the women on ballot papers this year are professionals and public figures. Nicolette Boele, candidate for Bradfield, NSW, is a former consultant and clean energy financier who came close to unseating cabinet minister Paul Fletcher in 2022. In the seat of Calare, also in NSW, candidate Kate Hook describes herself as “a professional working mum” and “small farmer” with an interest in regional development and renewable energy. Caz Heise, candidate for Cowper (NSW) is a healthcare expert who carved a sizeable chunk out of the National Party vote in 2022. Independent candidate for Groom (Queensland) Suzie Holt is a social worker by training who finished second at the last election. Berowra’s Tina Brown is a local magazine publisher with deep roots in Sydney’s Hills District.

    Who are the dozens on men putting themselves forward? Many are former mayors and councillors running for parliament while the opportunity presents itself. There are a small but noteworthy coterie of men running on a specifically Muslim platform, some of whom are running with the support of the Muslim Votes Matter organisation.

    Of the few “teal” men, the most competitive by far is Alex Dyson, a third-time candidate in the western Victorian seat of Wannon, currently held by Dan Tehan, shadow minister for immigration and citizenship.

    A former Triple-J presenter and comedian with a “side-hustle” as an Uber driver, Dyson will hope to benefit from his positioning at the top of the ballot paper for Wannon.

    Crossbench contenders

    Most of the women who swept into parliament in 2022 are campaigning to retain their seats. Dai Le in Fowler, Sophie Scamps in Mackellar, Allegra Spender in Wentworth, Zoe Daniel in Goldstein, Monique Ryan in Kooyong and Kate Chaney in Curtin all fit that category. Kylea Tink, who won the division of North Sydney in 2022, was inadvertently knocked out of the race by the Australian Electoral Commission, which abolished her seat last year.

    Andrew Gee, Russell Broadbent and Ian Goodenough are all incumbent MPs running as independents in seats where they were previously elected as Coalition candidates. Tasmania’s Andrew Wilkie, a long-serving independent with first-hand experience of a federal hung parliament, is seeking his sixth successive victory.

    Bob Katter and the Centre Alliance’s Rebekah Sharkie also seeking re-election to the lower house, while in the Senate, crossbenchers such as David Pocock and Jacqui Lambie are all looking to retain their places. So is Coalition defector Gerard Rennick, who quit the Liberal National Party in Queensland over a preselection loss.

    Rennick’s is perhaps the tallest order of that bunch, but none of them can take anything for granted. Even Katter, with his half-century of parliamentary experience and huge local popularity, is almost 80 and is facing a large field of younger challengers, all of whom will appear above him on the ballot paper.

    Campaign blues?

    Plenty of people have been watching national opinion polls during this campaign. But the polls are not terribly insightful for seat-by-seat contests involving large numbers of independent contenders. Even experienced pollsters are saying it has “never been harder to get pre-election polling right”.

    Months out from the election, polls conducted on behalf of Climate 200 were showing possible wins for Heise in Cowper and Boele in Bradfield. Both could win. Heise has reportedly amassed a formidable team of 3,500 volunteers in support of her grassroots campaign.

    But the pressure and scrutiny of an election campaign can quickly put frontrunners under pressure. This is certainly true of Boele, whose campaign momentum stalled with a surprising scandal involving an inappropriate comment in a hair salon, as well as distancing herself from allegedly antisemitic posts on her social media posts in 2022, saying a former volunteer was responsible for them.

    Multi-cornered contests between defector MPs, the major parties and community independents will also make for interesting viewing on election night. Broadbent and Goodenough both seemed quietly confident about their prospects when asked by the Australian Financial Review last week. The same cannot be said for Calare’s Andrew Gee, who began the election with a “Facebook fail” and has since endured a stressful few weeks of bitter campaigning.

    When it comes to winning back the seats that independents won last time, Liberal feelings range from bullishness to bluster. Daniel faces a well-resourced campaign from her predecessor Tim Wilson in Goldstein and nothing is being spared in the contest against Chaney in Curtin.

    In Kooyong, Ryan’s campaign has been hampered by the occasional error, such as her husband’s removal of an opponent’s corflutes and an awkward exchange with Sky News reporter Laura Jayes. In an election dominated by the housing affordability crisis, voters are less likely to remember these moments than the revelations that Ryan’s Liberal opponent, Amelia Hamer, a self-identified renter, happens to own two investment properties.

    The biggest drama has been in the affluent Sydney seat of Wentworth, where Spender has weathered attacks about her political donations disclosures and approach to tackling antisemitism.

    An anonymous person circulated 47,000 leaflets through the electorate criticising Spender’s “weakness” on antisemitism, flagrantly breaching electoral laws that require campaign material to be authorised. The Australian Electoral Commission has identified the culprit (said to have “acted alone”), but has been less forthcoming about whether it intends to litigate the issue after the election.

    Making minority work

    It seems premature to start talking, as some pollsters have, about a Labor majority after May 3. It remains entirely possible crossbenchers may hold the balance of power, and in doing so, exert significant influence on the next government.

    In the third leaders’ debate, Prime Minister Anthony Albanese, normally pragmatic, refused to countenance sharing power with other parties or MPs. Opposition Leader Peter Dutton made the surprising admission he would willingly make agreements with independent MPs in order to win.

    He certainly wasn’t thinking of the “teals”, whom he so often berates as “Greens in disguise”. But there are others with whom he could easily work. Katter, Spender and Le are among Dutton’s preferred negotiating partners. Sharkie has already declared that in a hung parliament scenario, she would call Dutton first.

    There is no rulebook for making a hung parliament work. In the past, new political configurations and coalitions have been born from hung parliaments, including the forerunners of the Liberal-National coalition.

    Agreements can be limited to assurances of support on budget bills and confidence motions, or more expansive undertakings including policy commitments and institutional reform. In the event of a parliamentary impasse, crossbenchers can withdraw their support and allow a new minority government to be formed. The Australia Institute’s Frank Yuan recently pointed out seven changes of government have been triggered by the withdrawal of crossbench support. Indeed, during the second world war, two independent MPs effectively changed the government mid-term.

    Much depends on the relationships forged at the start of a hung parliament. In his memoir, former New England MP Tony Windsor recounts the seventeen days of negotiations that followed the 2010 election. One of the factors that led him, along with follow independent Rob Oakeshott, to support the Labor Party was the “professionalism” and “respect” its leaders showed them. Former Coalition leader Tony Abbott, by way of contrast, gave Windsor the impression he was unlikely to endure minority government long enough to honour any of his commitments.

    An especially aspirational crossbencher may even take on the role of Speaker. Wilkie and Sharkie have been recently touted as contenders for the role in a hung parliament scenario.

    Reform hangs in the balance

    Independents MPs would be likely to bring particular policy priorities to any minority government negotiation. Given the heated contests in independent electorates, truth in political advertising laws would probably be high on the agenda. Steggall has previously promoted reforms to Stop the Lies, but when the Albanese government chose not to progress its own version of this reform, independents signalled it would be high on their priority list in a hung parliament.

    Crossbenchers – in both houses – might also treat recent changes to Australia’s electoral laws as a bargaining chip. Those changes, agreed between Labor and the Coalition in secret, promised to get big money out of politics by imposing donation and spending caps on everyone but with special caveats for major parties. Haines has declared these are “in her sights” if a hung parliament arises.

    The menu of reform options gets wider from there. Spender has called for labour market and tax reforms that may not be palatable to all of her peers.

    In the Senate (where “every day is minority government”), Pocock has outlined his firm demands for greater royalties from resources rents and reforms to negative gearing and capital gains tax concessions. Energy and climate policy, as well as support for rural Australia, would likely figure in a larger negotiation.

    The crossbenchers would be hard-pressed to agree on everything, but there is strength and wisdom in numbers. Albanese and Dutton are both very experienced parliamentarians. Crossbenchers would likely need to put their heads together to exert maximum leverage.

    If there is a hung parliament after May 3, history shows us it can be put to good use. The 43rd parliament, in which the Gillard government was in minority, was one of the most productive in recent history. It passed 561 bills including landmark measures such as the Clean Energy Future package and its centrepiece, a carbon price. It also passed needs-based funding for Australian schools, the National Disability Insurance Scheme and plenty more.

    That seems a decent enough model for the next parliament to emulate. After all, as Harold Glowrey seemed to appreciate nearly a century ago, not everyone needs to be a cabinet minister to play their part in shaping the future.

    Joshua Black is a Postdoctoral Research Fellow at The Australia Institute.

    – ref. Independents may build on Australia’s history of hung parliaments, if they can survive the campaign blues – https://theconversation.com/independents-may-build-on-australias-history-of-hung-parliaments-if-they-can-survive-the-campaign-blues-255313

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: XRP News: XenDex Fills Up More Than 30% of Its Presale as Community Activity Grows Rapidly

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 27, 2025 (GLOBE NEWSWIRE) — The pace is unstoppable and XenDex is leading the charge. Just about three days into its presale, more than 30% of the $XDX token allocation has already been claimed, cementing XenDex’s position as one of the fastest-moving DeFi projects on the XRP Ledger.

    Crypto investors, whales, and XRP holders are flooding into the XenDex presale to secure their allocations early, as word spreads across the XRP community about the powerful suite of DeFi features XenDex brings to the ecosystem. Community engagement has surged, with thousands actively participating, sharing, and rallying behind what is now seen as the DeFi revolution on XRPL.

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/526c6f31-2947-4bd4-8c8d-00f18223ebec

    The MIL Network –

  • MIL-OSI USA: Reps. Cleaver, Davids Join Town Hall, Highlight Work for KC Region and Pushback Against Extreme Trump Policies

    Source: United States House of Representatives – Congressman Emanuel Cleaver II (5th District Missouri)

    (Kansas City, MO) – Tonight, U.S. Representatives Emanuel Cleaver II (D-MO-05) and Sharice Davids (D-KS-03) joined KCUR for a livestreamed town hall to discuss their efforts to deliver results for the Kansas City region and push back against the Trump Administration’s extreme policies, including cuts to Social Security, reckless tariffs driving up prices, and threats to reproductive health care.

    “As the President continues to demonstrate a dangerous level of recklessness on everything from basic governance to managing the economy, Missouri families are paying the price with higher costs, less reliable services, and the rapid decline of hard-earned retirement benefits,” said Congressman Cleaver. “As we heard this evening, rather than enabling the president’s extreme policies, Americans want Congress to provide a check on the Executive Branch and seek bipartisan solutions to the challenges facing our communities—which is precisely what I will continue to advocate in the People’s House.” 

    “Kansans are facing massive uncertainty because of the Trump Administration’s reckless policies. They deserve answers and leaders who will protect their freedoms, lower costs, and actually get things done,” said Congresswoman Davids. “That means standing firm against dangerous political games, while also working to find common ground where possible. I’m glad I had the opportunity to share the work I’m doing in Congress, listen to people’s concerns, and discuss solutions that will help move us forward.”

    The event, hosted by KCUR, included questions from local residents on topics ranging from federal firings and government accountability to border security and the economy. Both Members discussed recent legislative efforts and stressed the importance of uniting to fight the Trump Administration’s attempts to raise costs and dismantle essential programs in favor of tax giveaways for billionaires.

    Rep. Cleaver underscored his commitment to working across the aisle to deliver for Missouri’s Fifth Congressional District — while continuing to oppose extreme policies that threaten rights, freedoms, and the rule of law. More on his work to push back against the Trump Administration’s extreme agenda can be found here.

    Emanuel Cleaver, II is the U.S. Representative for Missouri’s Fifth Congressional District, which includes Kansas City, Independence, Lee’s Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.

    MIL OSI USA News –