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Category: Economy

  • MIL-OSI Global: Starmer’s plan to ‘build baby build’ risks more American-style car-dominated sprawl

    Source: The Conversation – UK – By James White, Professor of Planning and Urban Design, University of Glasgow

    The UK’s Labour government has promised to “take an axe to red tape” through “bold reforms to the planning system”. It hopes to kickstart economic growth by generating the “biggest building boom in a generation”.

    It seems that the aim to “build baby build”, in Prime Minister Keir Starmer’s words, trumps all else. However, this raises important questions about the government’s parallel ambition to reach net zero by 2050.

    As researchers of urban planning, we worry that plans to hand more power to developers will simply result in more low-density, car-dependent suburbs. These developments are cheap and efficient to build, which is why they underpin the profits of the larger housebuilders.

    But research has consistently demonstrated they are land hungry, poorly designed, unsustainable and damaging to nature.

    The UK instead needs a fundamental rethink of its approach to housing and development as part of the transition to a low carbon future. Any future urban growth must be achieved while simultaneously reducing the amount of land, energy and materials used.

    Redesigning existing towns and cities

    We recently launched a research project, Urban Retrofit, to explore how the UK’s towns and cities can be redesigned to support the transition to net zero. The good news is that we already know a lot about how to make places more environmentally sustainable.

    It is about renovating buildings to improve energy efficiency, like adding insulation and installing things like heat pumps. It includes building at higher densities, using brownfield land better, and adapting streets to encourage safer walking and cycling.

    We can make it easier to travel on public transport and seamlessly transfer between buses, trains and trams. And we can plant indigenous trees and plants to provide wildlife habitats and cool urban areas, and slow down rainwater to help prevent floods.

    Skyscrapers and renovated warehouses in Manchester.
    Alejandro M. Ferrer / shutterstock

    A retrofitting approach to urban development can also have wider benefits, such as bringing derelict buildings back into use or creating spaces to grow food. It is important that these efforts do not exacerbate existing inequalities, though.

    If higher density neighbourhoods are created in places with high house prices, for example, it will be essential to guarantee people can still afford to live in them. This will mean building more social housing.

    Some of the initiatives outlined in Labour’s planning reforms recognise the need to build more sustainably. These include support for some more affordable housing, and higher density development allowed “near transport hubs” and “central to local communities”. It also includes financial packages for local authorities seeking to “unlock housing on brownfield sites”.

    Low density and car-dependent

    The bad news is that there is little evidence that greener urban growth can be realised without further harming the environment. The necessary transformation certainly won’t happen without curbing the development industry’s appetite for the energy-inefficient, low-density and car-dependent neighbourhoods, retail parks and workplaces that already sprawl around the edges of urban areas.

    And that won’t be possible while politicians fall back on blaming an already under-resourced planning system, rather than tackling this deeper problem in our approach to development.

    Policy support for brownfield development is unlikely to convince housebuilders to take on these financially risky sites. This is especially true if, under Labour’s other proposals, local authorities will be required to grant developers planning permission on previously undeveloped land.

    The government is already redefining parts of the green belt as grey belt to make more land available for development. And much of that land will be in precisely those locations developers prefer, on the edges of settlements where costs are usually lower, profits are higher and sites are relatively similar and easier to develop.

    Building new homes here is easy and cheap – but worse for the environment.
    Nick Beer / shutterstock

    As the planning system is pushed to make ever more land available for development, Labour’s reforms will embolden the industry to continue seeking permission for unsustainable urban expansion.

    An array of landowners, developers, land agents, lawyers, consultants, builders and shareholders will likely make a lot of money. But more people will be locked into unsustainable lifestyles while time, resources and energy are focused away from the challenges of adapting our existing settlements.

    As our project is exploring, there is an urgent need to first retrofit within existing towns and cities, especially in suburban areas that were built for the automobile age.

    This will require much more positive ambitions for the planning system and big changes to the ways the development industry operates. It will also require a willingness to ask much more searching questions about the sustainability of going all out for growth.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    James White receives funding from the Economic and Social Research Council. He is Principal Investigator of Urban Retrofit (ES/Z50278/1) and Co-Investigator of the UK Collaborative Centre for Housing Evidence (ES/W012278/1).

    Andy Inch receives funding from the Economic and Social Research Council. He is Co-investigator on both Urban Retrofit (ES/Z502728/1) and another project called Planning for Nature (ES/Z503459/1)

    – ref. Starmer’s plan to ‘build baby build’ risks more American-style car-dominated sprawl – https://theconversation.com/starmers-plan-to-build-baby-build-risks-more-american-style-car-dominated-sprawl-251316

    MIL OSI – Global Reports –

  • MIL-OSI Global: UK businesses face a big tax hike. So what does it mean for workers and the economy?

    Source: The Conversation – UK – By Phil Tomlinson, Professor of Industrial Strategy, Co-Director Centre for Governance, Regulation and Industrial Strategy (CGR&IS), University of Bath

    The hospitality sector will be among the most seriously affected. cktravels.com/Shutterstock

    Employers in the UK are about to be hit with a hefty tax rise. From April 1 2025, their national insurance contributions are rising to 15% on salaries above £5,000, instead of 13.8% on salaries above £9,100.

    Unsurprisingly, business owners are not happy. Since the change was announced last autumn, many have complained about the effect it will have on their ability to invest and hire staff. Care homes, supermarkets and GP surgeries are among those who have voiced their concerns, and a recent survey found that 54% anticipate raising prices.

    Some industries will be affected more than others. The hospitality sector, for example, expects around £1 billion in additional costs (alongside an inflation-busting minimum wage increase, which also comes into play on April 1). Partly because of these changes, manufacturing confidence has already taken a hit, contributing to a decline in overall GDP since the start of the year.

    But Rachel Reeves, the UK’s chancellor, has not budged, arguing that she needs to raise £40 billion in tax revenue to fund infrastructure and public services, and to address what she calls a “black hole” in the public finances.

    She had previously condemned the Conservative government’s employer national insurance hike in 2022 as a “tax on jobs”. Yet a Labour party manifesto pledge not to raise personal income tax, employees’ national insurance or VAT, has effectively left her with few options.

    As a result, the burden has been placed firmly on businesses. But in the UK’s sluggish economy, any added cost pressures could push struggling firms into pay freezes and cutbacks.

    Others may seek ways to mitigate the national insurance rise through creative accounting, by offering salary sacrifice schemes (such as cycle-to-work or electric vehicle purchase programmes) instead of direct wage increases.

    Some firms will no doubt explore other cost-cutting measures, such as reducing office space by encouraging more remote work. Or they may shift towards gig economy models, where they employ workers as “subcontractors” rather than as salaried staff. Larger firms might even move jobs abroad.

    Productivity push?

    But there could be an upside to all of this. Despite being politically sensitive, there is an economic argument for raising employment costs as a way of driving innovation and productivity. And some enterprising businesses may respond to the financial pressure by investing in labour-saving technology.

    For years the UK has relied on a low-wage, loosely regulated labour market. This has allowed businesses to hire and fire with ease, but has also led to persistently low levels of investment and weak productivity growth.

    Put simply, UK workers are often using outdated tools and equipment, making them less productive compared with their international competitors. Over time, this depresses wages, lowers economic growth (and living standards) and limits funding (through tax raised) for public services.

    Raising employment costs may now incentivise businesses to invest in automation and efficiency-enhancing technologies. The feasibility of this shift depends on what economists call the “elasticity of substitution” – the ease with which labour can be replaced by technology while maintaining (or improving) output.

    And evidence suggests automation and AI can drive productivity improvements even in traditionally labour-intensive industries. For instance, in social care, AI may be used to create personalised treatment plans, while robots could provide patients with physical, social and cognitive support.

    So far, the UK care sector has been slow to adopt such technology, lagging behind the likes of Australia, the Netherlands and Japan.

    Robotic care.
    Stock-Asso/Shutterstock

    Similarly, in hospitality, there are opportunities to use AI for predictive ordering and automated waste management. This could help hotels and restaurants reduce food waste, streamline supply chains and improve their profitability. Some businesses are also exploring robotic concierge services and automated customer interactions.

    Incentives and stability

    To ensure businesses embrace these productivity-boosting innovations, government support is essential. A well-designed industrial strategy is still needed to position the UK at the forefront of the “industry 4.0” technological revolution.



    Read more:
    The UK’s new industrial strategy is welcome, but here’s what is missing

    And, critically, businesses also need confidence in the broader economic outlook. Yet with continuing geopolitical uncertainty, trade tensions and fears of a global recession, the future feels fragile.

    The government’s challenge lies in encouraging businesses to adopt a strategy which ensures that investment in innovation actually materialises, and the benefits emerge swiftly. If businesses fail to adapt, or if productivity gains take too long, then the national insurance hike could just result in higher costs without any boost to growth.

    Ultimately, success hinges on whether businesses view this tax rise as a burden to absorb or an incentive to modernise. In the coming months and years, the government will need to show it is willing to offer businesses more support – and improve their confidence levels – if there is to be a revival in investment and productivity.

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation, and from the Innovation and Research Caucus (IRC).

    David Bailey receives funding from the ESRC’s UK in a Changing Europe Programme.

    – ref. UK businesses face a big tax hike. So what does it mean for workers and the economy? – https://theconversation.com/uk-businesses-face-a-big-tax-hike-so-what-does-it-mean-for-workers-and-the-economy-252325

    MIL OSI – Global Reports –

  • MIL-OSI Security: Former Crofton Pastor Sentenced to Over Two Years in Federal Prison for Fraud and Tax Offenses

    Source: Office of United States Attorneys

    Paducah, KY – A Crofton, Kentucky, man was sentenced last week to 2 years and 3 months in prison for fraud and tax offenses.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky and Karen Wingerd, Special Agent in Charge, Cincinnati Field Office, IRS Criminal Investigation made the announcement.

    According to court documents, Marvin Upton, 58, was sentenced to 2 years and 3 months in prison, followed by 3 years of supervised release, for 3 counts of bank fraud and 3 counts of filing false tax returns. Until recently, Upton was the pastor at Crofton Pentecostal Church in Crofton, Kentucky. The bank fraud charges arose from Upton’s scheme during the years 2013 to 2016 to defraud one of his elderly parishioners who suffered from dementia. During that same time period Upton also submitted multiple false tax returns which omitted income from the fraud scheme.  

    There is no parole in the federal system.   

    Upton was also ordered to pay restitution in the amount of $500,000 to the victim’s estate and $222,037 in restitution to the IRS.

    The case was investigated by the Internal Revenue Service Criminal Investigation. 

    Assistant U.S. Attorneys Madison T. Sewell and Corinne E. Keel prosecuted the case.

    This case was investigated and prosecuted as part of the National Elder Justice Task Force and the Kentucky Elder Justice Task Force. The Department of Justice’s mission of its Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults. In response to the growing need and targeting areas of greatest concern, the Department of Justice stood up 10 task forces made up of 11 federal districts to combat a variety of elder abuse, including elder financial exploitation. Kentucky’s federal districts make up two of the 11 districts under the Initiative. Kentucky’s task force is comprised of investigators, prosecutors, and others at the local, state, and federal level with a common objective of protecting seniors across Kentucky.

    ###

    MIL Security OSI –

  • MIL-OSI Global: Debate over H-1B visas shines spotlight on US tech worker shortages

    Source: The Conversation – USA – By Moshe Y. Vardi, Professor of Computer Science, Rice University

    Babson College graduate students from India type on their computers in Wellesley, Mass., on June 30, 2016. AP Photo/Charles Krupa

    A heated debate has recently erupted between two groups of supporters of President Donald Trump. The dispute concerns the H-1B visa system, the program that allows U.S. employers to hire skilled foreign workers in specialty occupations – mostly in the tech industry.

    On the one hand, there are people like Donald Trump’s former strategist Steve Bannon, who has called the H-1B program a “total and complete scam.” On the other, there are tech tycoons like Elon Musk who think skilled foreign workers are crucial to the U.S. tech sector.

    The H-1B visa program is subject to an annual limit of new visas it can issue, which sits at 65,000 per fiscal year. There is also an additional annual quota of 20,000 H-1B visas for highly skilled international students who have a proven ability to succeed academically in the United States.

    The H-1B program is the primary vehicle for international graduate students at U.S. universities to stay and work in the United States after graduation. At Rice University, where I work, much of STEM research is carried out by international graduate students. The same goes for most American research-intensive universities.

    As a computer science professor – and an immigrant – who studies the interaction between computing and society, I believe the debate over H-1B overlooks some important questions: Why does the U.S. rely so heavily on foreign workers for the tech industry, and why is it not able to develop a homegrown tech workforce?

    The US as a global talent magnet

    The U.S. has been a magnet for global scientific talent since before World War II.

    Many of the scientists who helped develop the atomic bomb were European refugees. After World War II, U.S. policies such as the Fulbright Program expanded opportunities for international educational exchange.

    Attracting international students to the U.S. has had positive results.

    Among Americans who have won the Nobel Prize in chemistry, medicine or physics since 2000, 40% have been immigrants.

    In 2023, U.S.-born Louis Brus, left, shared the Nobel Prize in chemistry with U.S. immigrants Alexei Ekimov, born in the former USSR, and Moungi Bawendi, born in France.
    AP Photo

    Tech industry giants Apple, Amazon, Facebook and Google were all founded by first- or second-generation immigrants. Furthermore, immigrants have founded more than half of the nation’s billion-dollar startups since 2018.

    Stemming the inflow of students

    Restricting foreign graduate students’ path to U.S. employment, as some prominent Trump supporters have called for, could significantly reduce the number of international graduate students in U.S. universities.

    About 80% of graduate students in American computer science and engineering programs – roughly 18,000 students in 2023 – are international students.

    The loss of international doctoral students would significantly diminish the research capability of graduate programs in science and engineering. After all, doctoral students, supervised by principal investigators, carry out the bulk of research in science and engineering in U.S. universities.

    It must be emphasized that international students make a significant contribution to U.S. research output. For example, scientists born outside the U.S. played key roles in the development of the Pfizer and Moderna COVID-19 vaccines. So making the U.S. less attractive to international graduate students in science and engineering would hurt U.S. research competitiveness.

    Computing Ph.D. graduates are in high demand. The economy needs them, so the lack of an adequate domestic pipeline seems puzzling.

    Where have US students gone?

    So, why is there such a reliance on foreign students for U.S. science and engineering? And why hasn’t America created an adequate pipeline of U.S.-born students for its technical workforce?

    After discussions with many colleagues, I have found that there are simply not enough qualified domestic doctoral applicants to fill the needs of their doctoral programs.

    In 2023, for example, U.S. computer science doctoral programs admitted about 3,400 new students, 63% of whom were foreign.

    It seems as if the doctoral career track is simply not attractive enough to many U.S. undergrad computer science students. But why?

    The top annual salary in Silicon Valley for new computer science graduates can reach US$115,000. Bachelor’s degree holders in computing from Rice University have told me that until recently – before economic uncertainty shook the industry – they were getting starting annual salaries as high as $150,000 in Silicon Valley.

    Doctoral students in research universities, in contrast, do not receive a salary. Instead, they get a stipend. These vary slightly from school to school, but they typically pay less than $40,000 annually. The opportunity cost of pursuing a doctorate is, thus, up to $100,000 per year. And obtaining a doctorate typically takes six years.

    So, pursuing a doctorate is not an economically viable decision for many Americans. The reality is that a doctoral degree opens new career options to its holder, but most bachelor’s degree holders do not see beyond the economics. Yet academic computing research is crucial to the success of Silicon Valley.

    A 2016 analysis of the information technology sectors with a large economic impact shows that academic research plays an instrumental role in their development.

    Why so little?

    The U.S. is locked in a cold war with China focused mostly on technological dominance. So maintaining its research-and-development edge is in the national interest.

    Yet the U.S. has declined to make the requisite investment in research. For example, the National Science Foundation’s annual budget for computer and information science and engineering is around $1 billion. In contrast, annual research-and-development expenses for Alphabet, Google’s parent company, have been close to $50 billion for the past decade.

    Universities are paying doctoral students so little because they cannot afford to pay more.

    Alphabet CEO Sundar Pichai speaks at a Google I/O event in Mountain View, Calif., on May 14, 2024.
    AP Photo/Jeff Chiu

    But instead of acknowledging the existence of this problem and trying to address it, the U.S. has found a way to meet its academic research needs by recruiting and admitting international students. The steady stream of highly qualified international applicants has allowed the U.S. to ignore the inadequacy of the domestic doctoral pipeline.

    The current debate about the H-1B visa system provides the U.S. with an opportunity for introspection.

    Yet the news from Washington, D.C., about massive budget cuts coming to the National Science Foundation seems to suggest the federal government is about to take an acute problem and turn it into a crisis.

    Moshe Y. Vardi receives funding from the National Science Foundation and the US Office of Naval Research.

    – ref. Debate over H-1B visas shines spotlight on US tech worker shortages – https://theconversation.com/debate-over-h-1b-visas-shines-spotlight-on-us-tech-worker-shortages-248711

    MIL OSI – Global Reports –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on the Fourth and Final Reviews of Kosovo’s Stand-By Arrangement and Resilience and Sustainability Facility Arrangement

    Source: IMF – News in Russian

    IMF Reaches Staff-Level Agreement on the Fourth and Final Reviews of Kosovo’s Stand-By Arrangement and Resilience and Sustainability Facility Arrangement

    March 20, 2025

    End-of-mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The IMF staff and Kosovo authorities have reached staff-level agreement on the Fourth and final Reviews under the Stand-by Arrangement (SBA) and Resilience and Sustainability Facility (RSF) Arrangement. Completion of the Reviews will make available SDR 13.35 million (€16.34 million) under the SBA and SDR 7.74 million (€9.48 million) under the RSF. The agreement is subject to approval by the IMF Executive Board, with Board consideration expected in May. The authorities intend to continue treating the SBA as precautionary, not drawing on the resources.
    • Program performance has also been strong. The authorities met all quantitative performance criteria, indicative targets (ITs) and structural benchmarks for the Reviews. Reforms and implementation of the green agenda, supported by the SBA and the RSF, have progressed
    • Economic performance has remained strong with robust GDP growth and disinflation. Outlook is favorable but is subject to uncertainty, including from international geopolitical developments.

    Pristina, Kosovo – March 20, 2025:An IMF mission, led by David Amaglobeli, visited Pristina during March 12–21, to hold discussions on the Fourth Reviews of Kosovo’s Stand-By Arrangement (SBA) and Resilience and Sustainability Facility (RSF) Arrangement. At the conclusion of the mission, Mr. Amaglobeli issued the following statement:

    “The authorities have maintained strong performance under the SBA and RSF. All end-December quantitative and indicative targets (ITs) for the Fourth Reviews have been met, and all end-March ITs are on track to be met. The authorities have been advancing on structural reforms by strengthening liquidity forecasting capacity at the Ministry of Finance and embarking on a major reform to modernize financial sector supervision. The authorities have also implemented, with a short delay, the remaining RSF reform measure—launch of the wind power tender.”

    “The two-year IMF-supported programs have yielded significant results. Macroeconomic fundamentals have been strengthened by sustaining robust growth despite a challenging external environment, curbing inflation after the post-pandemic surge, and enhancing formal sector employment. Growth reached 4.4 percent in 2024 driven by private consumption and investment, which helped offset the effects of a widening trade deficit and slowing remittances. Growth is expected to remain at 4 percent in 2025. After two years of elevated pressures, inflation fell in 2024, averaging 1.6 percent, as food and transport inflation eased. The external current account deficit widened to 9 percent of GDP in 2024, up from 7.5 percent in 2023, reflecting increased imports driven by strong domestic demand.”

    “Prudent fiscal policy has helped keep deficits and debt low and fiscal buffers strong. Deficits were modest at 0.2 and 0.3 percent of GDP in 2023 and 2024, respectively; public debt fell below 17 percent of GDP in 2024—the lowest level since 2017. Treasury deposits at the CBK—a key buffer against shocks—increased to €575 million by end-2024. Successful fiscal reforms have bolstered revenue collection, with the tax-to-GDP ratio reaching 26½ percent of GDP in 2024—the highest ever. Transparency has improved, including for public enterprises and key institutions, such as tax administration. Public financial management (PFM) reforms have led to more effective execution of the public investment program. Additionally, reforms implemented under the RSF, the first in Europe, have facilitated efforts to double renewable energy generation capacity, improve energy efficiency and cut pollution.”

    Looking ahead, the authorities should continue implementing prudent fiscal policies anchored in a sound, rules-based framework to ensure sustainable fiscal outcomes, foster growth, advance social priorities, and enhance resilience. Continued revenue administration reforms will create much-needed fiscal space for increased social and capital investments, while PFM reforms will enhance the efficiency and impact of government spending. EU accession efforts will be key to mobilize additional financial resources to address Kosovo’s large developmental needs. Amid rising uncertainty, strong fiscal buffers and enhanced crisis preparedness remain essential to safeguard stability and resilience.”

    “The CBK has made impressive progress in advancing financial sector reforms. These aim at enhancing stability, resilience, and modernization to support activity. The CBK has successfully implemented important internal institutional reforms to boost effectiveness, efficiency, and transparency. The CBK is undergoing an IMF-led Central Bank Transparency Code (CBT) assessment and a governance audit by a peer central bank, underscoring its commitment to best practices. In addition, several major initiatives are underway to modernize the financial sector regulatory framework, aligning it more closely with EU standards. Central to this is the ongoing adoption of the Supervisory Review and Evaluation Process (SREP)—widely regarded as the most advanced and structured supervisory framework—to enhance risk-based bank supervision. The CBK is also developing and operationalizing a macroprudential policy framework and strengthening crisis preparedness, including through recently-extended ECB backstop (€100 million). Increased premiums from banks to the Deposit Insurance Fund provided additional safety cushion Significant strides were made to integrate with the Single Euro Payments Area (SEPA) and develop the regional TIPS Clone instant payments system. These initiatives will foster a faster, safer, and more cost-effective payments landscape, benefiting businesses and citizens while enhancing regional integration.”

    These reforms have supported rapid, healthy expansion of the financial sector. After growing by 17 percent in real terms in 2024, private sector credit peaked in 2024, exceeding 56 percent of GDP. Financial inclusion also improved, with bank or e-money account ownership and settlement via the Kosovo Interbank Payment System (KIPS) increasing. The newly launched Platform for Comparison of Financial Products and Services should help enhance financial literacy and transparency. Against this backdrop, the banking sector remains profitable and well-capitalized with low levels of NPLs. Maintaining this stability will require continued vigilance and proactive risk management.”

    “The mission met with Deputy Prime Minister Bislimi, Minister of Finance, Labor, and Transfers Murati, Minister of Economy Rizvanolli, Central Bank Governor Ismaili, and other senior officials, civil society, private sector and international partners. The mission thanks them and their technical staff for constructive discussions and cooperation during this mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/03/20/pr2571-kosovo-review-sba-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Belgium

    Source: IMF – News in Russian

    March 20, 2025

    Washington, DC: On March 18, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Belgium, and considered and endorsed the staff appraisal without a meeting.[1]

    The Belgian economy was resilient to a series of shocks, but growth has been slowing, and core inflation remains persistent. Labor productivity growth remained sluggish, and labor-cost competitiveness has declined. Successive shocks have increased structural fiscal deficits and public debt. Risks arising from deepening geoeconomic fragmentation and intensification of regional conflicts affecting energy, trade and financial spillovers could worsen the outlook. 

    Executive Board Assessment[2]

    In concluding the 2025 Article IV consultation with Belgium, Executive Directors endorsed staff’s appraisal, as follows:

    Notwithstanding its resilience, the Belgium economy faces significant challenges. In the short term, in an increasingly uncertain environment, policies need to see disinflation through while preserving growth and financial stability. From a longer perspective, policies need to rebuild buffers, reduce vulnerabilities associated with high and rising public debt, address spending pressures from aging and the green transition, foster higher growth, and improve the external position which, in 2024, was weaker than implied by medium-term fundamentals and desirable policies based on preliminary assessment. The policy agenda of the new government, which includes significant structural reforms and fiscal consolidation, is an opportunity to make headway. Steady and timely implementation of intended reforms will be key.

    Sustained and significant fiscal consolidation is needed. Considering the magnitude of the needed adjustment to bring the deficit durably below 3 percent of GDP and put debt solidly on a downward path, staff supports the government’s intention to pursue a seven-year adjustment under the EGF, which should be accompanied by credible and front-loaded growth-enhancing reforms. An annual reduction in the structural primary balance of about 0.6 ppt of GDP until 2031 will be necessary. The forthcoming MTFSP should be built on sufficiently conservative assumptions to lower the risk of deviating from the intended path of deficit reduction.

    The adjustment should rationalize current spending, make room for more public investment, and be supported by increased efficiency of spending. Rationalizing social benefits and the public wage bill is crucial to achieve savings. Public investment should be preserved, or ideally, increased to bolster potential growth and support green transition. Amid competing demands for resources and reduced fiscal space, improving the efficiency of spending, is critical, notably with respect to investment in infrastructure, healthcare, and education.

    Fiscal reforms are crucial to support the adjustment. Staff welcomes the government’s intention to reduce the tax burden on labor while introducing capital gain taxation and reducing tax expenditure. Considering the needed overall fiscal adjustment, tax reforms should not result in lower revenue. Similarly, staff welcomes the planned reforms aimed at raising the effective retirement age and reviewing eligibility to specific pension regimes. This is necessary to preserve the sustainability of the pension system despite aging. Staff also encourages the authorities to strengthen the overall fiscal framework, through a revitalized fiscal council and greater accountability of the federal and all federated entities in sharing the burden of fiscal adjustment.

    Overall systemic risks in the financial sector remain moderate and current capital buffer requirements and prudential limits on mortgage loans should be maintained. Recent progress in strengthening systemic risk assessment, supervision, the macroprudential framework, and crisis management and resolution preparedness is welcome. With a new government in place, pending measures that required legislative action should now proceed.

    Labor market and education reforms are essential to foster higher labor participation and better adequation of skills. The government’s intended reforms to widen the income gap between work and nonwork, limit the duration of unemployment benefits, and reduce the cost of hiring and dismissal go in the right direction. Fostering a labor market more inclusive of low-skilled workers, older workers, women, and individuals with an immigration background, or disabilities, notably through lifelong learning and reskilling and active labor-market policies, will enhance overall economic performance. Education reforms are also necessary to upskill the labor force. They should focus on aligning curricula with the skills companies need, better leveraging teachers’ time, and strengthening support to students in difficulty.

    Reforming the wage-setting mechanism will help increase labor-market efficiency and improve competitiveness. Automatic wage and social benefit indexation protected household purchasing power during the inflation shock but increased fiscal deficits and undermined competitiveness. Consideration should be given to abolishing automatic indexation and the 1996 wage law which, together, prevent an optimal allocation of labor and higher employment. At a minimum, the labor market would already benefit from technical reforms to the existing system.

    Further product market reforms and efforts with EU partners to deepen the single market and advance the capital market union will support firms’ productivity. Reforms should focus on reducing regulatory and administrative barriers and improving the insolvency regime. Removing remaining barriers to trade within the EU and harmonizing regulations and bankruptcy frameworks would give Belgian firms’ access to a larger customer base, improve competition, and provide buffers against risks from geo-fragmentation. Developing venture capital at the EU level would help widen Belgian firms’ options to finance their growth.

    Despite progress, much effort remains needed to achieve climate objectives. The planned expansion of the EU ETS should be complemented by carbon taxation and the phasing out of fossil fuel subsidies, while ensuring support for vulnerable population. The consolidation of federal and regional climate efforts into a coherent and cohesive national strategy is essential.

    Belgium: Selected Economic Indicators, 2022–30

     

     

     

    Projections

     

     

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    (Percent change, unless otherwise indicated)

    Real economy

    Real GDP 1/

    4.2

    1.3

    1.0

    1.1

    1.1

    1.3

    1.3

    1.3

    1.3

    Domestic demand

    4.2

    1.8

    1.0

    1.4

    1.5

    1.5

    1.5

    1.4

    1.5

    Private consumption

    3.6

    0.6

    1.8

    1.2

    1.2

    1.5

    1.3

    1.2

    1.1

    Public consumption

    3.3

    3.2

    3.2

    1.4

    1.9

    1.6

    1.7

    1.7

    1.7

    Gross fixed investment

    1.7

    3.5

    0.9

    0.6

    1.7

    1.5

    1.6

    1.7

    2.0

    Stockbuilding 2/

    1.1

    -0.1

    -1.0

    0.3

    0.0

    0.0

    0.0

    0.0

    0.0

    Foreign balance 2/

    0.1

    -0.5

    0.1

    -0.3

    -0.4

    -0.2

    -0.2

    -0.1

    -0.1

    Exports, goods and services

    5.8

    -7.1

    -4.0

    0.0

    2.6

    3.2

    3.2

    3.1

    3.1

    Imports, goods and services

    5.8

    -6.8

    -4.2

    0.4

    3.3

    3.6

    3.5

    3.3

    3.3

    Household saving ratio

    12.7

    14.1

    13.6

    13.7

    13.7

    13.7

    13.8

    14.0

    14.3

    Potential output growth

    2.0

    1.8

    1.6

    1.4

    1.3

    1.3

    1.3

    1.3

    1.3

    Potential output growth

    1.3

    1.2

    1.0

    1.3

    1.3

    1.3

    1.3

    1.4

    1.3

    per working age person

    Output gap (in percent)

    1.6

    1.0

    0.5

    0.2

    0.0

    0.0

    -0.1

    0.0

    0.0

    Employment

    Unemployment rate (in percent)

    5.6

    5.5

    5.8

    5.7

    5.7

    5.5

    5.6

    5.7

    5.8

    Employment growth

    1.9

    0.8

    0.3

    0.2

    0.3

    0.6

    0.3

    0.2

    0.4

    Prices

    Consumer prices (HICP)

    10.3

    2.3

    4.3

    3.5

    2.2

    2.0

    2.0

    1.9

    1.9

    Core CPI (HICP)

    4.0

    6.0

    3.4

    3.0

    2.6

    2.2

    2.1

    1.9

    1.9

    GDP deflator

    6.8

    4.5

    2.7

    2.5

    1.7

    1.5

    1.7

    1.6

    1.6

    (Percent of GDP; unless otherwise indicated)

    Public finance

    Revenue

    48.6

    49.1

    49.6

    49.5

    49.5

    49.5

    49.5

    49.6

    49.7

    Expenditure

    52.2

    53.3

    54.0

    54.3

    55.0

    55.3

    55.7

    56.3

    56.9

    General government balance

    -3.6

    -4.2

    -4.4

    -4.8

    -5.5

    -5.8

    -6.2

    -6.7

    -7.2

    Structural balance

    -4.3

    -4.4

    -4.5

    -4.8

    -5.5

    -5.8

    -6.1

    -6.8

    -7.2

    Structural balance (excl. Covid measures)

    -3.7

    -4.3

    -4.4

    -4.8

    -5.5

    -5.8

    -6.1

    -6.8

    -7.2

    Structural primary balance

    -2.7

    -2.4

    -2.2

    -2.5

    -3.0

    -3.0

    -3.2

    -3.5

    -3.7

    Primary balance

    -2.0

    -2.2

    -2.2

    -2.4

    -3.0

    -3.0

    -3.3

    -3.4

    -3.7

    General government debt

    102.6

    103.1

    104.1

    105.4

    108.6

    111.9

    115.2

    118.9

    123.0

    External Sector

    Goods and services balance

    -1.5

    -0.6

    -0.1

    0.0

    0.0

    0.0

    0.3

    0.5

    0.7

    Current account

    -1.3

    -0.7

    -0.3

    -0.3

    -0.3

    -0.3

    -0.1

    0.1

    0.2

    Exchange rates

    Euro per U.S. dollar, period average

    0.9

    0.9

    0.9

    …

    …

    …

    …

    …

    …

    NEER, ULC-styled (2005=100)

    96.3

    97.6

    97.8

    …

    …

    …

    …

    …

    …

    REER, ULC-based (2005=100)

    99.7

    103.8

    105.5

    …

    …

    …

    …

    …

    …

    Memorandum items

    Gross national savings (in percent of GDP)

    25.6

    24.6

    23.8

    23.9

    23.9

    23.9

    24.1

    24.3

    24.5

    Gross national investment

    26.9

    25.3

    24.1

    24.2

    24.3

    24.3

    24.2

    24.2

    24.3

     (in percent of GDP)

    Nominal GDP (in billions of euros)

    563.5

    596.3

    618.6

    640.9

    658.7

    677.3

    697.8

    718.4

    739.8

    Population (in millions)

    11.6

    11.7

    11.8

    11.8

    11.9

    11.9

    11.9

    12.0

    12.0

     Sources: Haver Analytics, Belgian authorities, and IMF staff projections.

    1/ Based on national accounts data available as of January 29, 2025.

    2/ Contribution to GDP growth.

    		  

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/03/19/pr25070-belgium-imf-executive-board-concludes-2025-article-iv-consultation-with-belgium

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: FCAC calls on banks to ensure their customers are fully benefiting from e-alerts

    Source: Government of Canada News (2)

    March 19, 2025 
    Ottawa, Ontario

    Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a thematic review conducted to find out how small and medium-sized banks (SMSBs) have implemented electronic alerts (e-alerts). 

    E-alerts enable consumers to make timely and informed decisions about their finances, including avoiding unnecessary fees. All Canadians who bank with federally regulated financial institutions, such as banks, have the right to receive e-alerts under Canada’s Financial Consumer Protection Framework (the Framework). These are sent out when their account balance or available credit falls below a certain threshold ($100 is the default, but consumers can customize the amount).

    Thematic reviews are an important part of FCAC’s risk-based approach to supervising banks’ compliance with consumer protection laws and regulations. Thematic reviews provide valuable insights into specific topics or themes, helping to assess compliance and identify risks. 

    In monitoring the implementation of the Framework, FCAC identified a higher risk of implementation issues with e-alerts among small and medium sized banks (SMSBs). For that reason, FCAC focused its thematic review on those financial institutions.

    While the SMSBs assessed in FCAC’s review took steps towards meeting this new requirement, there were several areas for improvement. For example, not all consumers were fully benefitting from e-alerts due to delays, incomplete information or missing contact details.

    Each of those SMSBs has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the requirements. 

    FCAC expects all federally regulated financial institutions, including Canada’s 6 largest banks, to review its report on e-alerts to assess their own compliance and to address any issues or deficiencies in a timely manner. 

    MIL OSI Canada News –

  • MIL-OSI: ClearGrid emerges from stealth with $10M to transform debt collection, starting with MENA

    Source: GlobeNewswire (MIL-OSI)

    Dubai, March 20, 2025 (GLOBE NEWSWIRE) — Debt collection in MENA is stuck in the past – a fragmented landscape of manual processes, aggressive tactics, and poor outcomes that costs lenders billions while punishing borrowers. As the region’s $500 billion consumer lending market surges and consumer protection regulations tighten, traditional collection methods cannot deliver the reliable capital flows needed to maintain harmony in financial ecosystems. Today, ClearGrid announces its launch from stealth with $10M in funding to build the first modern debt collection infrastructure for the digital age, turning what was once a liability into a competitive advantage that reinforces the financial foundation of the entire MENA region.

    The funding comes across two rounds, with the pre-seed round co-led by Raed Ventures and Beco Capital, and the seed round co-led by Nuwa Capital and Raed Ventures. Additional institutional investors include Aramco’s Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital. The round also attracted marquee angel investors*.

    ClearGrid team is on a mission to transform collections in MENA.

    The company was founded by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, who recognized that at its core, debt collection is fundamentally an information and coordination problem. After encountering these challenges firsthand in their careers, they set out to replace aggressive tactics with data-driven, compassionate solutions that work better for both sides of the equation – creating the equilibrium necessary for healthy economic growth.

    Co-Founder & CEO, Mohammad Al Zaben, said: “Collections should be an extension of good lending—not an afterthought. At ClearGrid, we’re reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers.”

    ClearGrid founders: Mohammad Khalili and Mohammad Al Zaben. 

    ClearGrid offers an AI-powered collections platform that automates every step of the recovery process – from borrower engagement to negotiations – helping lenders scale while providing a better borrower experience. By combining AI, self-service tools, and omni-channel outreach, ClearGrid reduces resolution times and increases recovery rates.

    Since its launch in 2024, ClearGrid has managed hundreds of millions in debt portfolios and secured partnerships with the largest fintech players in the Middle East and leading MENA banks. The company has signed over 10 major enterprise clients and built a robust pipeline for 2025, which includes expanding revenue in the UAE and entering the KSA market. Perhaps most impressive, ClearGrid has achieved profitability for its UAE operation within just a year of launch, though the company remains focused on scaling rather than profitability at this stage.

    ClearGrid platform: provides an overview of the complete debt recovery process.

    ClearGrid’s impact has been transformative. A major UAE bank doubled borrower engagement, leading to a 30% improvement in recovery rates. Leveraging ClearGrid’s AI-powered automation, a leading BNPL provider saw its early-stage debt resolution fully automated—with 95% of cases handled without human intervention—resulting in a doubling of performance and an outstanding 4.8/5 CSAT score. Beyond the numbers, borrowers who previously ignored traditional collection calls have started engaging when they feel their voice is heard and offered better options, like, principal waivers and flexible repayment plans. This improved borrower-lender dynamic builds economic confidence, reduces financial stress, and supports the stable credit markets that power economic development.

    Co-Founder & Chairman of ClearGrid KSA, Khalid Bin Bader Al Saud, said: “Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock. At ClearGrid, we’re redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth not distress. This is just the first step in building the infrastructure for the future of debt resolution.” 

    As digital lending accelerates across the MENA region, the need for efficient, technology-driven collections solutions grows. Lenders are seeking ways to improve borrower experiences and gain insights from data – a demand that ClearGrid is uniquely positioned to meet. While legacy collection agencies remain stuck in old models with manual outreach and poor borrower experiences, ClearGrid’s AI-driven approach is faster, smarter, and delivers a fundamentally better experience.

    Founding Partner at Raed Ventures, Omar Majdouie, said: “ClearGrid is tackling a critical pain point in the MENA debt collection industry with a truly innovative approach. Their AI-powered platform not only drives significant operational efficiencies for lenders but also fosters a more positive and sustainable relationship with borrowers. This balance is essential for the healthy growth of the region’s digital lending landscape, and we’re excited to support their mission to modernize collections and drive financial inclusion across the region.”

    Founding Partner at Nuwa Capital, Khaled Talhouni, said: “We invest in founders who see inefficiencies as opportunities for reinvention. Khalid, Mohammad, and Mohammed are doing exactly that with ClearGrid—turning debt resolution from a fragmented, outdated process into a unique commercial opportunity. By leveraging AI and automation, they are not just improving collections but fundamentally reshaping how lenders engage with borrowers, setting a new standard for the industry.”

    Looking ahead, ClearGrid’s vision extends far beyond its current offerings to tackle wider challenges in the lending life cycle. The company plans to build cutting-edge collections systems leveraging AI and machine learning, develop a comprehensive enterprise platform for early risk detection and credit orchestration, and unlock new revenue streams through alternative risk assessments, AI-powered debt counseling, and debt consolidation. This ambitious roadmap positions ClearGrid not just as a collections solution, but as the foundation for a more transparent, efficient financial system across MENA and beyond.

    *List of angels: Anu Hariharan (Avra), Jason Gardner (Marqeta), Bjorn Wagner (Parity Technologies), Amjad Masad (Replit), Vinay Menda (Blank Street), Justin Kan (Twitch), Mohammed Ballout (Kitopi), Sultan Olayan, Ahmed Alenazi (Barq), Ahmed Hamdan (Unifonic), and additional founders from the US and MENA. 

    Ends 

    Notes to the editor
    Media images can be found here. For further information please contact the ClearGrid press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257.

    About ClearGrid
    ClearGrid is a technology company dedicated to building modern collections infrastructure that empowers lenders and improves borrower outcomes. Leveraging AI and data-driven insights, ClearGrid offers end-to-end solutions that streamline debt resolution, reduce costs, and drive recovery rates for financial institutions. Founded in late 2023, the company operates from the UAE and is rapidly expanding across the MENA region. For more information please visit https://www.cleargrid.ai/

    Ends 

    Notes to the editor
    Media images can be found here. For further information please contact the ClearGrid press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257.

    About ClearGrid
    ClearGrid is a technology company dedicated to building modern collections infrastructure that empowers lenders and improves borrower outcomes. Leveraging AI and data-driven insights, ClearGrid offers end-to-end solutions that streamline debt resolution, reduce costs, and drive recovery rates for financial institutions. Founded in late 2023, the company operates from the UAE and is rapidly expanding across the MENA region.

    About Raed Ventures
    Raed Ventures is a Saudi-based venture capital firm that invests in early-stage startups across MENA. The firm partners with ambitious entrepreneurs to support their growth and create long-term value through strategic investments and market expertise.

    About Beco Capital
    Beco Capital is a leading venture capital firm in the MENA region, investing in technology companies that are transforming industries. With a focus on empowering entrepreneurs, Beco Capital has been a key backer of some of the region’s most successful startups.

    About Nuwa Capital
    Nuwa Capital is a forward-thinking venture capital firm that partners with founders redefining markets in the Middle East, North Africa, and beyond. The firm provides capital, strategic guidance, and a global network to help startups scale rapidly.

    The MIL Network –

  • MIL-OSI: EFIcyent Prepares to Redefine Digital Payments with Its Upcoming Biggest Launch

    Source: GlobeNewswire (MIL-OSI)

    MARKHAM, Ontario, March 20, 2025 (GLOBE NEWSWIRE) — As fintech innovations are transforming the industry, businesses are exploring smarter payment gateways to improve the accuracy and transaction speed.

    EFIcyent has been improving cross-border transactions since 2022, as a standalone in the fintech market with competitive rates, transparency and payment capabilities.

    The story begins with two longtime friends, the veterans of the fintech industry.

    CEO, BalaSubramanyam, has over two decades of experience in capital markets and fintech. He has always been obsessed with the financial industry and its impact on the business transformation, which paved his path to EFIcyent.

    CTO, Aravinth Ramesh, is a tech nerd with deep roots in technology and AI. He has spent years understanding and shaping these industries which made an impactful journey towards EFIcyent.

    Having worked across multiple fintech and tech-driven fields, they kept coming back to one thought: “Why isn’t there a truly simple and cost-effective way to handle global payments?”

    As a way to resolve the above question, EFIcyent was founded, a fintech solution built to solve the loopholes of cross-border payments, not just add another name to the industry.

    “We didn’t just build another payment system,” says Aravinth. “Our mission was to create a solution that transforms how businesses experience cross-border payments, making it as effortless as sending a message,” he added.

    Bala says, “For us, it was never about making profit first. We built a solution to solve the real problem in global transactions.”

    With their shared vision and determination, Aravinth and Bala, the fintech shifters, are rewriting the rules of global payments.

    And as the platform continues to grow, one thing is clear that they are not just making transactions easier, but they are also changing the way businesses think about global transactions altogether.

    Features Available:

    • The platform is simple and user-friendly, making it easy for anyone to use.
    • It charges a flat fee of $7 for business money transfers.
    • Payments are swiftly processed using local transfer methods.
    • Advanced security features ensure every transaction is safe and secure.

    With fresh funding from multiple sources lined up, EFIcyent isn’t just growing, rather it is evolving to shake up the digital payments space.

    The upcoming launch will be about upgrading the payment capabilities like accounts, funds management and reach expansion – making transactions smoother and simpler.

    For more information,

    Website: https://eficyent.com/  

    E-mail: support@eficyent.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb3670b-546f-4996-a917-d79c29ef68d2

    The MIL Network –

  • MIL-OSI: Prestige Wealth Inc. announces that its subsidiary InnoSphere recently launched an AI-powered financial news intelligence agent, integrating AI agents to enhance the precision of market information delivery

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 20, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a wealth management and asset management services provider based in Hong Kong, today announced that its subsidiary, InnoSphere Tech Inc. (“InnoSphere”), recently launched an AI-powered financial news intelligence agent, integrating AI agents to enable precise market information delivery.

    InnoSphere’s AI financial news intelligence agent integrates AI agents to enhance the precision of its news delivery and its market sentiment analysis capabilities. This intelligence agent combines InnoSphere’s advanced natural language processing technology with real-time market monitoring, enabling the extraction of high-value information from global financial media and social platforms. Through the AI agent, InnoSphere’s AI financial news intelligence agent offers personalized news push, intelligent summarization, sentiment analysis, and market impact forecasting, assisting financial enterprises clients in efficiently obtaining critical information.

    InnoSphere Tech Inc. is a wholly owned AI fintech subsidiary of Prestige Wealth Inc. By seamlessly incorporating top-tier large language models such as ChatGPT and LLaMA3, alongside real-time market data and a proprietary financial knowledge base, InnoSphere aims to develop the next generation of AI-powered fintech systems.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    The MIL Network –

  • MIL-OSI: ASUS to Unveil First-Ever Zenbook Ceraluminum Signature Edition at Milan Design Week 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 20, 2025 (GLOBE NEWSWIRE) — ASUS today announced plans to unveil four Signature Edition Zenbook S models globally at the “Design You Can Feel” exhibition during Milan Design Week 2025. This exclusive release transforms the Zenbook S into a narrative of nature’s splendor through four Ceraluminum™-crafted, nature-inspired finishes, each a tribute to Earth’s dynamic landscapes. At the same time, it reinforces the Zenbook S legacy of combining high-performance technology with refined, functional aesthetics.

    Ceraluminum™- Inspired by Nature, Engineered for a Sustainable Future

    At the core of this collection is ASUS’ patented Ceraluminum™ technology—a revolutionary material that redefines durability and sustainability. Used in both the Zenbook S series and Zenbook A14, Ceraluminum™ combines the lightness of aluminum with the resilience of ceramic. The process involves ceramizing aluminum, resulting in a lighter material with fracture toughness three times higher than anodized aluminum. By eliminating conventional chemical processes, Ceraluminum™ is 100% environmentally responsible. This breakthrough delivers an exceptional aesthetic that celebrates nature’s diversity and underscores ASUS’ commitment to eco-friendly innovation.

    The Make of Ceraluminum™ | ASUS Zenbook 

    Zenbook S– Where Art Meets Advanced Engineering 

    The Signature Edition series is rooted in the heritage of the iconic Zenbook S line, combining high-performance technology with refined, functional design. Built with the robust internals of the Zenbook S Copilot+ PC, it features state-of-the-art CNC milling, an ultra-slim chassis, a dedicated Windows Copilot key, and an immersive ASUS Lumina OLED display. Powered by the latest AI-enabled Intel® Core™ Ultra processor, it ensures swift performance, reliable multitasking, and enhanced efficiency—all in an ultra-quiet, cool operating environment.

    Ceraluminum™ Signature Edition elevates the legacy of the Zenbook S by transforming premium technology into a sensory-rich experience resonating with untapped nature’s wonder.

    ASUS Zenbook Design Why and How 

    An Immersive Journey into Design and Innovation 

    The “Design You Can Feel” exhibition in Milan invites visitors to embark on an immersive journey where technology, craftsmanship, and nature converge. Alongside interactive installations by Studio INI, attendees can experience firsthand the tactile beauty of Ceraluminum™ and the refined elegance of the Signature Edition Zenbook S. This dynamic showcase reinforces ASUS’ commitment to crafting products that resonate emotionally, perform flawlessly, and set new standards for sustainable innovation.

    Design You Can Feel

    Galleria Meravigli

    Via Gaetano Negri 6, 20123 Milano, Italy

    April 8 to 13, 2025

    10:00AM to 6:00PM daily

    For more information about the exhibition in Milan Design Week 2025:

    ASUS Zenbook series “Design You Can Feel”

    NOTES TO EDITORS

    More on ASUS at the Milan Design Week: https://www.asus.com/ca-en/content/zenbook/

    ASUS Zenbook: https://www.asus.com/ca-en/laptops/for-home/zenbook/

    ASUS ProArt: https://www.asus.com/ca-en/proart/

    ASUS Vivobook: https://www.asus.com/ca-en/laptops/for-home/vivobook/

    ASUS LinkedIn: https://www.linkedin.com/company/asus/posts/

    ASUS Pressroom: http://press.asus.com

    ASUS Canada Facebook: https://www.facebook.com/asuscanada/

    ASUS Canada Instagram: https://www.instagram.com/asus_ca

    ASUS Canada YouTube: https://ca.asus.click/youtube

    ASUS Global X (Twitter): https://www.x.com/asus

    About ASUS

    ASUS is a global technology leader that provides the world’s most innovative and intuitive devices, components, and solutions to deliver incredible experiences that enhance the lives of people everywhere. With its team of 5,000 in-house R&D experts, the company is world-renowned for continuously reimagining today’s technologies. Consistently ranked as one of Fortune’s World’s Most Admired Companies, ASUS is also committed to sustaining an incredible future. The goal is to create a net zero enterprise that helps drive the shift towards a circular economy, with a responsible supply chain creating shared value for every one of us.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/642d63f7-478b-4c04-8892-7372a635bfdc

    The MIL Network –

  • MIL-OSI: Global Drone Services Market Size Predicted to Surpass Around $555 Billion By 2034

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone services worldwide market has been growing substantially in recent years and is projected to continue into the several years to come. According to a report from Precedence Research, the global drone services market size accounted for USD 24.56 billion in 2024, grew to USD 33.55 billion in 2025 and is predicted to surpass around USD 555.58 billion by 2034, representing a healthy CAGR of 36.60% between 2024 and 2034. The North America drone services market size is calculated at USD 8.84 billion in 2024 and is expected to grow at a fastest CAGR of 36.78% during the forecast year. The report said: “North America held the highest share of the global drone services market in terms of value. This is due to major service providers’ presence and early adoption of high-end drone technologies. Furthermore, the region’s market is driven by increased demand for aerial photography in the real estate and construction sectors. The US is a significant market for drone services in North America, accounting for a large share of the region’s market.   Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Large drone service providers exist in APAC countries such as China and Japan. Limited regulation on commercial drone use and price drop drive market demand. Furthermore, the rise is attributed to increased government and OEM investments in drone services propelling the market. The rising demand for industry-specific solutions and the increasing demand for time-efficient delivery are driving the growth of the drone service market… Along with this, the growing initiative from governments and regulatory bodies to develop drones propels the market forward.”   Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), EHang Holdings Limited (NASDAQ: EH), AgEagle Aerial Systems Inc. (NYSE: UAVS), Unusual Machines (NYSE: UMAC), ParaZero Technologies Ltd. (NASDAQ: PRZO).

    Precedence Research continued: “Due to the widespread availability of low-cost drones, photography has become well-known for applications requiring high-resolution cameras. Aerial photography offers new perspectives on innovative city projects, large township projects, and multi-story building projects. Mini drones are also becoming popular for wedding photography and videography. Furthermore, the real estate and infrastructure industries also see increased demand for drones. Drones are used for various commercial purposes, including agriculture, transportation, mapping, aerial photography, and videography. Drones increase productivity and improve farming methods. The growing demand for precision farming propels the agricultural industry and expands the drone services market. Precision farming has the potential to increase crop productivity.”

    ZenaTech (NASDAQ:ZENA) Signs Seventh LOI to Acquire a Land Survey Company in Southeast Region Contributing to Drone as a Service Strategy – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has signed an LOI (Letter of Intent) to acquire a seventh land survey engineering company located in Florida, marking the fourth LOI in the Southeast Region. The company has closed one acquisition in this region to date so upon completion, this would be the second closed acquisition in the Southeast Region. Having two locations in this region will serve as a launchpad to further regional development and ZenaTech’s national DaaS business model bringing the speed and precision of AI drone solutions in a convenient subscription or pay-per-use business model to commercial and government customers.

    “Florida is strategic to our Drone as a Service strategy as it offers year-round flying conditions, a favorable innovation environment including consistent state-wide regulations, and existing government drone use for public safety, disaster response, and transportation monitoring. With growing commercial sector interest in agriculture, real estate, construction, and industrial inspection applications, we see multiple growth paths to help customers use drones to drive extraordinary efficiencies,” said CEO Shaun Passley, Ph.D.

    ZenaTech’s Drones as a Service or DaaS model is similar to Software as a Service (SaaS), but instead of providing software solutions over the Internet, the company will offer ZenaDrone solutions and services on a subscription or pay-per-use basis. Customers can conveniently access drones for manual or time-consuming tasks achieving more insight and precision, such as for surveying, inspections, security and law enforcement, or precision agriculture applications, without having to buy, operate, or maintain the drones themselves.

    The DaaS business model offers customers such as government agencies, real estate developers, construction firms, farmers or energy companies reduced upfront costs as there is no need to purchase expensive drones, as well as convenience, as there is no need to manage maintenance and operation. The model also offers scalability to use more often or less often based on business needs and enables access to advanced drone technology sensors or attachments like spraying, without the need for specialized training.

    Accurate land surveys are essential for the planning, designing, and executing roads, bridges, and building projects for cities, commercial, and residential projects, and are required for legal purposes. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using more traditional photogrammetry methods.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industry include:

    EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “We are thrilled to have concluded 2024 with a series of achievements that have propelled us closer to the widespread commercial adoption of eVTOLs. As a pioneer in the UAM industry, we achieved our highest-ever quarterly and annual eVTOL deliveries, driving revenues to record-high levels and delivering our first year of non-GAAP profitability. This underscores the accelerating adoption of our pilotless eVTOL solutions. We worked on our production capacity expansion, deepened ecosystem partnerships for infrastructure and talents, and advanced our footprint in Asia, Europe and South America. Looking ahead to 2025, our focus remains on driving innovation, expanding our operational network, and scaling production to meet increasing demands and unlock the full potential of UAM. We are confident in our ability to lead the transformation of aerial transportation and deliver long-term value to our stakeholders.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS), a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently announced the recent completion of a successful four-day proof-of-concept demonstration with France’s Directorate General for Maritime Affairs, Fisheries, and Aquaculture (DGAMPA) testing eBee VISION’s advanced capabilities.

    AgEagle CEO Bill Irby commented, “This successful demonstration underscores the potential of the eBee VISION for enhancing maritime security and environmental protection efforts. Multiple flights were carried out in diverse conditions, both day and night. Our eBee VISION demonstrated outstanding performance, operating within a 20 km range and temperatures as low as 5°C, as well as landing smoothly on sand. Throughout the trials, various observation scenarios were tested for maritime control and surveillance, all of which were completed with positive results. This success not only highlights the robust performance of our technology but also validates the potential for growth across various markets.”

    Unusual Machines (NYSE: UMAC), a leading provider of NDAA-compliant drone components, recently announced that its Fat Shark Aura FPV Camera has been added to the U.S. Defense Department’s Defense Innovation Unit’s (DIU) Blue UAS Framework. It is the only camera on the Blue UAS list purpose-built for first person view (“FPV”) applications, providing a high-performance, NDAA-compliant option for defense and government users.  

    This approval marks another step forward in Unusual Machines’ mission to supply NDAA-compliant FPV components for both commercial and defense applications. The Fat Shark Aura FPV Camera joins the Rotor Riot Brave F7 Flight Controller and Brave 55A ESC, both of which have already been approved under the Blue UAS Framework.

    ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced that is has received its first order from the strategic partnership that the company recently announced that it entered into with ABOT, one of France’s largest drone distributors of advanced drone solutions for various industries. This partnership, announced earlier this month, was established as part of the company’s effort to expand the availability of its cutting-edge SafeAirTM parachute recovery systems in the French market. Under this new collaboration, ABOT will become an official reseller of ParaZero’s SafeAir products in France, with the two companies jointly launching a new brand, ABOT-PZ SafeAir, to align with local market preferences.

    ParaZero’s SafeAir system is a state-of-the-art drone safety solution designed to enable safe and legal drone operations in urban and high-risk environments. The system features an autonomous parachute deployment mechanism, real-time monitoring and advanced failure detection, ensuring a controlled descent in the event of an emergency. SafeAir provides a critical safety layer for commercial drone operations, supporting compliance with global aviation regulations.

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    The MIL Network –

  • MIL-OSI: Top 1% Originator Moves from JPMorgan Chase to Rate

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., March 20, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, is pleased to welcome Chad Cherrington, a Top 1% mortgage originator, to its growing team. After nearly 15 years at JPMorgan Chase, Chad made the move to Rate to leverage the company’s cutting-edge technology and extensive product offerings.

    “I made the move to Rate to leverage Rate’s amazing technology—it’s a game changer for my clients and me,” said Chad Cherrington. With over 20 years in the mortgage industry, Chad has built a reputation for delivering outstanding service to borrowers and real estate partners, and his transition to Rate further strengthens the company’s market presence in Arizona.

    “Chad’s been a top-producing loan officer in Arizona for over 20 years, having helped thousands of homeowners,” said Victor Ciardelli, CEO of Rate. “We’re excited to have him join Rate and bring his expertise to our team.”

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Media Contact
    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8019c9d9-c3eb-4b08-8396-44a7420eb4f8

    The MIL Network –

  • MIL-OSI: Flourish to Acquire Sora Finance, Creating First Comprehensive Deposits and Lending Platform for RIAs

    Source: GlobeNewswire (MIL-OSI)

    New York, March 20, 2025 (GLOBE NEWSWIRE) — Flourish, a platform that helps registered investment advisors (RIAs) grow by evolving from holistic advice to holistic implementation, today announced that it has entered into a definitive agreement to acquire Sora Finance (Sora), an AI-driven liability optimization platform for advisors. The acquisition creates one of the industry’s first comprehensive platforms addressing both asset and liability management for RIAs, empowering independent advisors to bring cash and lending services to their clients.

    Sora works with over 750 financial advisors, helping advisors visualize, analyze, and optimize their clients’ loans across mortgages, HELOCs, student loans, credit cards, and more. Leveraging AI-based insights and real-time rates from nationwide lenders, the platform alerts advisors when clients have an opportunity to save money or improve loan performance.

    Sora will continue to operate as a standalone business, providing full support for existing advisors and clients, until Flourish fully integrates Sora’s technology and capabilities, expected in early 2026.

    “This acquisition represents a pivotal moment in the evolution of wealth management and the future of the Flourish platform, furthering our mission of helping advisors fully implement every part of their clients’ financial plans. By combining Flourish’s leading cash management solution in Flourish Cash with Sora’s lending expertise and technology, we’re creating a uniquely comprehensive platform that empowers advisors to bring services traditionally associated with banks directly to their clients,” said Flourish CEO Max Lane. “For the first time, advisors can now aggregate both sides of the balance sheet to analyze cashflows, optimize existing liabilities, and opportunistically leverage credit at competitive rates via a delightful experience that ‘just works.’ Providing both cash management and lending capabilities strengthens client retention, grows and retains assets, and ultimately transforms the advisor role from investment manager to a truly holistic financial wellness advocate.”

    The acquisition addresses several key challenges for advisors:

    • Client and asset retention: Property purchases represent one of the primary reasons clients withdraw assets from advisory management. Sora’s AI-driven mortgage optimization capabilities help advisors retain more assets by identifying the ideal loans and refinancing opportunities.
    • Holistic service: High-net-worth clients increasingly demand comprehensive financial advice that addresses both assets and liabilities.
    • Next-Gen appeal: Liability management services particularly resonate with younger clients, positioning advisors to better serve next-generation wealth.

    “We founded Sora with a vision of helping people optimize their liabilities, which have now reached $18T in household debt across America. We are incredibly excited to bring Sora’s deep expertise in lending and mortgages to Flourish advisors and their clients, and in the process, help transform wealth management as a whole. By integrating Sora’s specialized liability management offering, the more than 900 RIAs already leveraging Flourish for their clients can create even more meaningful value and ‘wow’ moments for their clients,” said Sora Co-Founder and Co-CEO, Rohit Agarwal. 

    “Clients expect comprehensive banking services from their advisors and that means support across the balance sheet. We are excited to bring lending services to more advisors and, in the process, retain assets that might otherwise leave their management during major life events like property purchases,” said Sora Co-Founder and Co-CEO, Siddhartha Oza.

    Over 900 RIAs managing over $1.6 trillion in combined assets trust Flourish to help them fully execute financial plans and bring more assets into their orbit. As a platform that helps RIAs grow by evolving from holistic advice to holistic implementation, Flourish also allows advisors to feature their firm’s branding as well as providing client-friendly marketing materials, premium support, the ability to charge advisor service fees, and more

    ABOUT FLOURISH
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $7 billion in assets under custody and is used by more than 900 wealth management firms representing more than $1.6 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

    ABOUT SORA 
    Sora Finance is an AI-driven debt optimization platform helping financial advisors manage and improve their clients’ liabilities. The platform automatically analyzes client debt across mortgages, HELOCs, student loans, and credit cards, providing unmatched visibility and proactively alerting advisors when clients can save money. For more information, visit www.sorafinance.com.

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. © 2025 Flourish. All rights reserved.

    A Flourish Cash account is a brokerage account offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party Program Banks that have agreed to accept deposits from customers of Flourish Financial LLC. The accounts at Program Banks will pay a variable rate of interest. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    Home lending products offered by SoraFinance, Inc. SoraFinance, Inc. is a licensed mortgage broker. NMLS #2355841. 1007 General Kennedy Avenue, Suite 3 San Francisco, CA 94129. Not available in all states. 

    The MIL Network –

  • MIL-OSI: Carronade Says Dramatic Change Needed at Cannae Holdings to Halt Persistent Underperformance and Egregious Governance Practices

    Source: GlobeNewswire (MIL-OSI)

    Nominates Four Director Candidates with Expertise, Independence and Accountability Required to Unlock Shareholder Value

    Believes Proposed Initiatives Could Result in Share Price Upside of at Least 50%

    DARIEN, Conn., March 20, 2025 (GLOBE NEWSWIRE) — Carronade Capital Management, LP (together with its affiliates, “Carronade Capital”, “our” or “we”), which beneficially owns approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) and is one of the Company’s top five shareholders, today announced it has issued the below letter to Cannae’s Board of Directors (the “Board”) and nominated four independent director candidates for the four Board seats up for election at the Company’s 2025 Annual Meeting of Shareholders.

    Carronade Capital believes Cannae’s total shareholder return and corporate governance can be meaningfully improved, and significant opportunities exist to unlock substantial value for all shareholders. We believe Cannae can halt persistent underperformance and restore shareholder confidence by improving capital allocation and unlocking portfolio value through spin outs or buybacks, reducing overhead costs and aligning management incentives, and establishing corporate governance and accountability. If decisive action is taken, we believe that Cannae equity could have a share price upside of at least 50% as a result of activities initiated by year end.

    Carronade’s four highly qualified nominees are as follows:

    Mona Aboelnaga

    • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
    • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.

    Benjamin Duster

    • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
    • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.

    Dennis Prieto

    • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
    • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.

    Cherie Schaible

    • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
    • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    The full text of the letter is below:

    March 20, 2025

    Cannae Holdings, Inc.
    1701 Village Center Circle
    Las Vegas, Nevada 89134
    Attn: Board of Directors

    Dear Members of the Board of Directors,

    Entities managed by Carronade Capital Management, LP (together with its affiliates, “Carronade Capital” or “We” or “Us” or “Our”) beneficially own approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (“Cannae” or the “Company” or “You” or “Your”), making us one of your top five investors. We believe Cannae’s total shareholder return (“TSR”) and corporate governance can be meaningfully improved, and significant opportunities exist within the control of both management and the Board of Directors (the “Board”) to unlock substantial value for all shareholders. We are reiterating these previously communicated views to you, and the broader market, to ensure the entire Board is made aware of our discussions to date and to highlight this potential value creation opportunity in the hope of building a consensus for the best path forward.

    Our letter today outlines why we believe the status quo at Cannae is untenable and why dramatic change is required to halt persistent underperformance and egregious governance practices for the benefit of all stakeholders. We believe there are numerous ways to drive value creation, and, by extension, shareholder returns, including by reducing costs and aligning incentives, improving capital allocation, unlocking the value of the parts of the portfolio, and establishing corporate governance and accountability by reconstituting the Board with truly independent directors. If Cannae takes decisive action to properly implement these achievable steps and rebuild investor confidence, we believe that the equity could have share price upside of at least 50% as a result of activities initiated by year-end.

    The Status Quo is Untenable

    In our view, there is an urgent need for changes in strategy and governance based on Cannae’s substantial long-term relative TSR underperformance, persistent discount to intrinsic value, shareholder frustration with corporate strategy, and a pattern of governance deficiencies that we believe have significantly hindered the Company’s ability to create shareholder value. Our concerns are underscored by the high degree of interconnectedness amongst the current directors and Cannae’s classified Board structure which, among other governance concerns, have resulted in repeated adverse voting recommendations from leading proxy advisory firms. We were further shocked by the Board’s egregious actions earlier this week, while we were engaged in active settlement discussions, to accelerate equity vesting for directors if they fail to be re-elected by shareholders and to require the repurchase of half of CEO and Chairman Bill Foley’s shares at a significant premium to market prices. This is on top of his already rich compensation package if he invokes his right to resign because a single director is elected without his consent. That a Board of Directors deemed these actions consistent with their fiduciary duties and in the best interest of shareholders demonstrates a complete lack of independence and an abdication of their duty. We believe such an offensive combination of entrenchment techniques and unfair enrichment are beyond the pale and make it crystal clear that immediate change is necessary in the boardroom.

    Management’s stated strategy consists of “improving the performance and valuation of our portfolio companies, making new investments primarily in private companies that will grow NAV, and returning capital to shareholders.”1 Put plainly, management’s plan is not working. Cannae has a valuable collection of assets, but buybacks to date have failed to close the discount due to market concerns around overall strategy and perceived misalignment of interests between management and shareholders. Shareholders have consistently shared concerns that they do not want Cannae to sell public shares to invest in small private positions with no disclosure – such actions we believe would only compound the current problems and Cannae’s persistent value discount. Despite a handful of successful investments in the past, the current portfolio of private investments is consistently marked at cost and the remaining investments in public equities have destroyed approximately $900 million of value.2 Market feedback that we have gathered to date suggests a near unanimous view that numerous shareholders prefer a return of their capital as opposed to management’s stated goal of selling down public positions to invest more in private equity.

    “Since Ceridian, they have made a bunch of bad capital allocation decisions…We would rather them distribute value than re-invest. They haven’t earned the right to keep that capital.”
    – Top 10 Shareholder, Nov. 2024
     

    Furthermore, a lack of strategic cohesion amongst investments and limited portfolio company disclosure weigh on investor confidence. There has been no clear investment narrative for shareholders to rally behind, as we consistently hear Cannae described simply as the Bill Foley co-investment vehicle. Additionally, we believe the persistent marking of private investments at cost without balance sheet information and absence of third-party valuations, or enough disclosure for investors to determine performance, are significant contributors to the wide NAV discount. As one analyst queried on the Company’s third quarter 2024 earnings call:

    “If you had your wish how many positions would you have? How large would they be and I just think I kind of look at some of the parts… It’s just kind of all over the place you have things that are worth less than $1 per share and I just don’t see the focus here.”
    – Oppenheimer Q&A on Q3 2024 Earnings Call
     

    As a result of these perceptions in the market, Cannae trades at a much steeper discount to NAV than its disclosed proxy peers and closed end fund peers. The discount widened persistently after the IPO of Dun & Bradstreet in 2019 and the sell down of Dayforce from 2020 through 2023, implying the market lacks confidence in the current leadership’s ability to execute a viable strategy for value creation going forward. Over the past three years, Cannae equity has traded at an average discount to its NAV per share of -40%, which places it in the bottom tenth of US investment firms with assets over $500 million.3 Approximately 90% of Cannae’s market cap is covered by public holdings net of debt, and the market is valuing the remaining nearly $900 million of private NAV at an 85% discount. A well-managed company with a strong asset base should not be trading at such a deep discount. We believe this misalignment points to a failure in capital allocation, strategic planning, and governance oversight.

    Shareholders ‘vote with their feet’, and the most objective indication that fundamental change is required is relative TSR underperformance compared to peers over the long term. Even when viewed on an absolute basis, Cannae shareholders have suffered a negative total return since Cannae became an independent public company despite the backdrop of one of the strongest bull markets in history. Despite the readily identifiable value in the Company’s portfolio, Cannae’s stock has significantly underperformed most relevant benchmarks.4Consistent underperformance is the market telling Cannae, “The status quo is unacceptable.”

    Dramatic Change is Required Immediately

    As discussed previously with Mr. Foley and Mr. Caswell, we believe Cannae can resolve these issues through decisive action in the near term. We believe that Cannae must pursue the following initiatives without delay:

    1. Reduce overhead costs and align management incentives – A history of burdensome fees and non-performance linked compensation paid out to management are out of step with the overall performance of Cannae’s portfolio, are impacting the discount which the market places on the NAV, and need to be streamlined to reflect best-in-class approach. We believe the Company should implement a corporate overhead cost reduction program and convert the termination fee payable to its manager, Trasimene Capital Management, into performance-based, vesting stock compensation.
    2. Improve capital allocation, unlock portfolio value, and provide a clear investment narrative – Management’s current strategy is vague and undifferentiated, and shareholder feedback is that management has lost its mandate from shareholders to allocate capital in this way. We believe a commitment from management and the Board to return shareholder capital tied up in Dun & Bradstreet, Alight and Paysafe shares either via spin outs or substantial buybacks would force a collapse of the discount placed on those assets and result in a re-rating of the remaining portfolio. We appreciate that management has conceded in its last earnings call that a significant return of capital is a priority; however, we believe that Cannae should commit definitively to returning a substantial majority of this capital on an accelerated timeline. Management could then reallocate its time from monitoring small stakes in large public companies where their ability to “improve the performance and valuation” is limited to focusing on improving disclosure and valuation of the remaining private assets.
    3. Establish governance oversight – We believe that market confidence in this new plan would be best supported by new fit-for-purpose directors that will be a voice for shareholders on the Board. To that end, we delivered a formal notice in December nominating a slate of four highly qualified and independent director candidates for election to the Board at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). In addition to the four new directors, we believe the Board should refresh leadership of the Affiliate Transaction Committee and the Nomination and Governance Committee chosen from the four new candidates, and the Board should also create a new committee for Value Maximization tasked with the formulation and oversight of successful execution of a plan designed to improve shareholder returns. The need for immediate and significant governance reform is underscored by Cannae’s entrenchment and unfair enrichment actions earlier this week.

    Our intent at the time of nomination was, and continues to be, to engage constructively with the Board with the goal of reaching a consensual solution for the benefit of all stakeholders. However, it appears that the current Board fails to recognize the urgency of the situation. We are therefore prepared to take all necessary steps to ensure that shareholders have the opportunity to vote for directors who they believe have the skill sets and experience necessary to drive value creation and ensure accountability in the boardroom.

    Management’s Lack of Willingness to Meaningfully Engage

    We have sought to engage with management and the Board for several months to convey our views with respect to corporate strategy and governance with the aim of closing the NAV discount and improving relative share price performance. As discussed in our original private letter to the Board dated December 19, 2024, we submitted our nomination notice as required under the Company’s Bylaws despite the nomination deadline of December 27, 2024, nearly six months ahead of the anticipated Annual Meeting date. We did so in order to preserve our rights as shareholders to elect directors at the Annual Meeting, but with the hope that it would serve as a starting point for further positive discussions. Unfortunately, we now believe our sincere efforts to engage constructively have not been meaningfully reciprocated in good faith.

    While the Company confirmed receipt of our December letter and nomination notice, it was more than thirty days before we received any further communication. Given the Company’s significant governance failings and chronic underperformance, we have offered to travel to meet in-person with relevant Board members, but Cannae has yet to permit us to speak with any non-management directors. Perhaps as a result, the Board has failed to appreciate the market’s call for urgent, meaningful governance changes. Then on March 17, 2025, we were astounded to learn via a Company 8-K that the Board, in an apparent move to entrench and enrich leadership, determined to further compensate themselves and Mr. Foley at the expense of shareholders. We believe this offensive action trounces shareholder rights and the Board’s fiduciary duties and further disenfranchises the Company’s true owners. It also makes clear to us that Cannae has not been engaging in good faith dialogue despite our persistent and sincere efforts, which necessitated the need to release this letter with the goal of reaching the entire Board and building a market consensus on the best path forward for the Company.

    Carronade Has Nominated Four Highly Qualified Director Candidates

    The fundamental role of a Board in its fiduciary duty to shareholders is to be an advocate in providing oversight of management and corporate strategy. Shareholders deserve a board that is proactive, transparent, and fully committed to driving long-term value. As evidenced by their backgrounds below, we believe our candidates will bring the expertise, independence and accountability required to correct the chronic underperformance of Cannae and champion its strategic transformation.

    • Mona Aboelnaga
      • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
      • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.
    • Benjamin Duster
      • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
      • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.
    • Dennis Prieto
      • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
      • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.
    • Cherie Schaible
      • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
      • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    Conclusion

    We remain committed, engaged investors in Cannae due to our conviction in the significant opportunity for value creation that will flow from implementing achievable actions to unlock value, outlining a clear corporate strategy, establishing governance and restoring investor confidence. We repeat our request to meet in-person with the Board, including non-management directors, to discuss these proposals in more detail and explore a consensual solution that is in the best interests of all shareholders. If meaningful changes are not enacted, we are prepared to take our case to shareholders so that they have the opportunity to vote for directors who they believe will best prioritize their interests and ensure accountability in the boardroom.

    Sincerely,

    Dan Gropper
    Managing Partner

    Andy Taylor
    Partner and Head of Research

    About Carronade Capital
    Carronade Capital is a multi-strategy investment firm based in Connecticut with over $2.2 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital was founded in 2019 by industry veteran Dan Gropper and is based in Darien, Connecticut. The Funds managed by Carronade Capital were launched on July 1, 2020, and the firm employs 15 team members. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Elliott Management Corporation, Fortress Investment Group and Aurelius Capital Management, LP.

    Media Contact:
    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    Investor Contact:
    Andy Taylor / Win Rollins
    Carronade Capital Management, LP
    (203) 485-0880
    ir@carronade.com

    Disclaimers

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Cannae Holdings, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should independently evaluate the proxy materials and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analyses provided herein is intended to assist the reader in evaluating the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are estimates and, unless required by law, are subject to revision without notice.

    Certain of the funds(s) and/or account(s) managed by Carronade (“Accounts”) currently beneficially own shares of the Company. Carronade in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade, concentration of positions in the portfolios managed by Carronade, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Certain Information Concerning the Participants

    Carronade Capital Management, LP, together with the other participants named herein (collectively, “Carronade Capital”), intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of Carronade Capital’s highly-qualified director nominees at the 2025 annual meeting of stockholders of Cannae Holdings, Inc., a Nevada corporation (the “Company”).

    CARRONADE CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

    The participants in the proxy solicitation are anticipated to be Carronade Capital Master, LP (“Carronade”), Carronade Capital, Carronade Capital GP, LLC (“Carronade GP”), Carronade Capital Management GP, LLC (“Carronade Management GP”), Dan Gropper, Mona Aboelnaga, Benjamin C. Duster, IV, Dennis A. Prieto and Chérie L. Schaible.

    As of the date hereof, Carronade beneficially owns directly 2,627,877 shares of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”). Carronade GP, as the general partner of Carronade, may be deemed the beneficial owner of the 2,627,877 shares of Common Stock owned by Carronade. As of the date hereof, 262,770 shares of Common Stock were held in a certain account managed by Carronade Capital (the “Managed Account”). Carronade Capital, as the investment manager of Carronade, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. Carronade Management GP, as the general partner of Carronade Capital, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As the Managing Member of Carronade Management GP, Mr. Gropper may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As of the date hereof, Ms. Aboelnaga directly beneficially owns 800 shares of Common Stock. As of the date hereof, Mr. Duster directly beneficially owns 1,338.329 shares of Common Stock. As of the date hereof, Mr. Prieto directly beneficially owns 820 shares of Common Stock. As of the date hereof, Ms. Schaible directly beneficially owns 1,360 shares of Common Stock.

    ____________________________

    Note: All analyses performed as of 3/17/2025.
    1 Ryan Caswell on Q3 2024 Earnings Call.
    2 Current GAV plus realized sales compared to original cost basis of DNB, ALIT, PSFE, and SST.
    3 Company published NAV reports.
    4 TSR per Bloomberg as of 3/17/2025. Average cumulative shareholder return. TSR Proxy Peers include APO, FSK, GBDC, PSEC, CODI, NMFC. Closed End Fund Peers include UTG, STEW, KYN, CET, GAM, IGR, EOI, MEGI, PEO.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77496dfe-1ffc-44b7-94dd-bbd69816468b

    The MIL Network –

  • MIL-OSI: FBI Veteran Joseph Bonavolonta Joins Wrap with 27 Years of Experience, Former SAC of Boston Field Office

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the appointment of Joseph R. Bonavolonta as Domestic Head of Managed Services of the Company, bringing over 27 years of experience from the Federal Bureau of Investigation (“FBI”) to the Company’s management team.

    Mr. Bonavolonta, who culminated his distinguished FBI career as Special Agent in Charge (SAC) of the Boston Field Office, led one of the agency’s largest divisions, overseeing high-profile criminal and national security investigations. His leadership extended to managing Joint Terrorism Task Forces, Safe Streets Gang and Violent Crime Task Forces, and directing the New England Region’s Domestic Director of National Intelligence (DDNI) Program.

    In his new role, Mr. Bonavolonta is expected to assist the Company in driving growth while further deepening Wrap’s global law enforcement network. His extensive expertise in national security, compliance and risk management, combined with Wrap’s growing investigative technology partners, will enhance the Company’s mission to provide innovative, non-lethal solutions for public safety worldwide.

    Prior to joining Wrap, Mr. Bonavolonta served as Managing Partner at a global security firm, where he provided strategic security solutions for multinational corporations, critical institutions, and high-net-worth individuals. His deep knowledge of technologies used in risk and vulnerability assessments, insider threats, cybersecurity and physical security strategies makes him an invaluable asset to Wrap’s growing Managed Services Branch.

    “We are committed to bringing together elite-level talent and cutting-edge technology to solve the most pressing security challenges of today and the future,” said Bill McMurry, Chief Executive Officer of Managed Services at WRAP. “Joseph Bonavolonta’s unmatched expertise will be instrumental in strengthening our Managed Services Branch, reinforcing our role in supporting those who protect us and expanding our capabilities across both public and private sectors.”

    Mr. Bonavolonta’s distinguished FBI career also includes leadership roles such as:

    • Deputy Assistant Director of the Counterintelligence Division, overseeing domestic and international operations;
    • Head of the Boston Field Office’s Cyber and Counterintelligence Branch, tackling nation-state driven espionage and cybersecurity threats; and
    • Supervisor of the Complex Financial Crimes Program in the Newark Field Office.

    His investigative achievements include spearheading international organized crime initiatives in coordination with the Italian National Police, and the dismantling of major criminal networks, including the Bonanno La Cosa Nostra (LCN) Family. His work earned him numerous accolades, including the Attorney General’s Director’s Award for Superior Performance, the Law Enforcement Distinguished Community Service Award, and the National Intelligence Meritorious Unit Citation.

    His deep connections within the New England law enforcement community and across federal and international security networks will help solidify Wrap’s relationships globally, strengthening the Company’s impact in law enforcement, security and risk mitigation.

    Expanding Expertise with W1 Global and James DeStefano

    Mr. Bonavolonta’s addition is expected to further strengthen Wrap’s global security, technology and investigative expertise, complementing the experience brought in through Wrap’s recent W1 Global, LLC acquisition. He joins James DeStefano, a retired FBI executive and former head of the FBI New York Field Office’s Crisis Management Program, who has spent years conducting risk and vulnerability assessments for corporate clients.

    Their combined experience is expected to enhance Wrap’s ability to deliver comprehensive technology security solutions to law enforcement agencies, commercial clients and high-net-worth individuals worldwide.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/183801f3-4937-4aff-b91a-901b9599b322

    The MIL Network –

  • MIL-OSI United Kingdom: Environment Agency and Oxford City Council act on Government calls to unlock growth

    Source: City of Oxford

    The Environment Agency and Oxford City Council have acted on Government calls to unlock growth.

    • Partnership unlocks 18,000 new homes whilst ensuring high standards of environmental protection
    • A new solution to development follows Government calls to unlock growth
    • Environment Agency won’t seek a planning condition and Oxford City Council can now determine planning applications with benefit of increased confidence in, and oversight of, waste water treatment scheme

    A partnership between the Environment Agency and Oxford City Council has secured the infrastructure needed to allow the development of around 18,000 new homes in and around Oxford, delivering change in the area in line with the Government’s ambition to unlock growth.

    The move follows Government calls for growth-boosting measures and the delivery of homes and investment for local communities. It could form the blueprint to unlock a number of projects around the country where the right wastewater infrastructure is needed before development can go ahead.

    The EA had previously challenged planning applications for new housing over concerns about sewage treatment capacity which posed a risk to water quality if developments had gone ahead as planned.

    Following a rigorous process to find a solution to unlock the new homes, the EA, Oxford City Council and Thames Water have now agreed a scheme which can provide the capacity needed at the Sewage Treatment Works to allow for the occupation of development from 2027, in line with local plans.

    Technical experts at the EA have ensured that Thames Water has now presented a clear, fully costed and funded programme of work, providing the confidence and certainty that water quality will be protected and communities in the area will have the water services they need, while allowing projected growth to come forward.

    The EA will shortly be writing to Oxford City Council and other affected Local Planning Authorities with their revised advice.

    “After a rigorous process, we have secured the water services and environmental protections which communities in Oxford need to thrive in their new homes. Oxford City Council now have everything they need to decide if the development goes ahead.

    “The Environment Agency believes that protecting the environment and sustainable development can go hand in hand, now and into the future. This kind of powerful partnership working is exactly what’s needed to unlock homes and jobs whilst protecting nature.”

    Philip Duffy, Chief Executive at the Environment Agency

    “I am delighted that the joint working between Oxford City Council and the EA has got us to this point. This is a great example of collaborative working to help solve a major issue for the city and the surrounding area.

    “We look forward to receiving the EA’s letter, so we can determine our next steps as Local Planning Authority and work at pace to unlock the growth and new homes currently stalled across the city.”

    Councillor Susan Brown, Leader Oxford City Council

    “This Government is determined to go further and faster to kickstart economic growth through our Plan for Change and put more money in people’s pockets. This work to unlock housing and commercial development in Oxford is just the kind of action that will unleash the potential of the Oxford-Cambridge Growth Corridor and grow our economy.”

    Chancellor of the Exchequer, Rachel Reeves

    Notes to Editors

    • Ahead of a full upgrade in 2031, Thames Water will introduce an interim scheme in 2027 to provide wastewater capacity. The scheme has been reviewed and modelled by the Environment Agency, who will use their regulatory grip, working alongside Defra and Oxford City Council to ensure that Thames Water deliver against the agreed timeline.
    • Oxford City Council, as lead planning authority, will now make the final planning decision to determine if the proposed development goes ahead.

    MIL OSI United Kingdom –

  • MIL-OSI Canada: The Government of Canada is investing more than $9.3 million to support Francophone minority communities

    Source: Government of Canada News (2)

    March 20, 2025—Ottawa—Francophone immigration plays a crucial role in growing the Canadian economy, in promoting the vitality of Francophone minority communities and in meeting labour needs across the country.

    On this International Francophonie Day, the Honourable Rachel Bendayan, Minister of Immigration, Refugees and Citizenship, announced $9.3 million of funding for 12 new projects aimed at supporting the economic development and demographic growth of Francophone minority communities.

    Reporting to the Centre for Innovation in Francophone Immigration, these projects are financed through the Francophone Immigration Support Program. They aim to promote Francophone minority communities, the recruitment and selection of French-speaking applicants, as well as the support of these applicants towards permanent residence.

    Some of these projects also contribute to the collection and analysis of evidence to establish concrete actions to reduce the barriers to Francophone immigration.

    To learn more about the projects, visit the Centre for Innovation in Francophone Immigration web page.

    As part of the 2025–2027 Immigration Levels Plan, we will continue to increase our targets for French-speaking permanent residents outside Quebec, bringing them to 8.5% in 2025, 9.5% in 2026, and 10% in 2027. We are proud that, in 2024, we exceeded our ambitious target of 1.21%, reaching 7.21% of admissions of French-speaking permanent residents outside Quebec. The higher targets demonstrate the government’s ongoing commitment to supporting Francophone immigration.

    MIL OSI Canada News –

  • MIL-OSI: Military and Defense Drone Industry Witnessing Exponential Growth as Improved Technology and Products Hit the Market

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A recent report from Straits Research said that the global military drone market size was valued at USD $21.81 billion in 2024 and is expected to grow from USD $24.25 billion in 2025 to reach USD $56.69 billion by 2033, growing at a CAGR of 11.20% during the forecast period (2025-2033).  The report said: “A military drone, also known as an unmanned aerial vehicle (UAV), is a type of aircraft that operates without a human pilot on board. These drones are equipped with advanced technologies for surveillance, reconnaissance, intelligence gathering, and, in some cases, targeted strikes. Military drones are used extensively in modern warfare for a variety of roles, including combat, surveillance, logistical support, and search-and-rescue missions.  The global market is experiencing rapid growth, driven by technological advancements and increasing global demand for enhanced surveillance, intelligence, and reconnaissance capabilities. As nations recognize the strategic advantages of unmanned aerial systems (UAS) in military operations, drones are increasingly deployed in both combat and non-combat roles.”  Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), RTX Corporation (NYSE: RTX), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Northrop Grumman Corporation (NYSE: NOC), Lockheed Martin (NYSE: LMT).

    Straits Research continued: “Despite the promising growth, there are significant challenges facing the global market, including complex regulatory issues and ethical concerns surrounding the use of autonomous weapons. However, innovations in artificial intelligence (AI), miniaturization, and battery life are expected to open new growth opportunities, enabling more advanced, efficient, and versatile drone capabilities in the near future.  The integration of emerging technologies into military drones presents a significant growth opportunity for the market. Technologies such as artificial intelligence (AI), machine learning, autonomous navigation systems, and advanced sensors are revolutionizing the capabilities of military drones. AI-driven systems, for instance, can enable drones to analyze vast amounts of real-time data, enhancing decision-making and targeting accuracy. Autonomous navigation allows drones to operate with minimal human intervention, improving operational efficiency and reducing the risk to personnel… Moreover, the integration of 5G technology will enable drones to transmit high-definition video feeds in real-time, improving situational awareness for military personnel on the ground. These advancements are transforming military drones into more effective, versatile tools, driving demand across defense sectors globally.”

    Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) Announces Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors – Draganfly Inc. (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

    Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

    “Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

    Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

    “Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

    Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.  CONTINUED… Read this full press release and more news for Draganfly at:  https://draganfly.com/news/

    Other recent developments in the defense/military industries of note include:

    Collins Aerospace, an RTX Corporation (NYSE: RTX) business, recently said it is preparing the first shipments of its Airshow™ HD entertainment system integrated into Venue™ smart monitors, providing an all-in-one, standalone in-flight entertainment (IFE) solution for business aviation.

    For the first time, business jet customers flying everything from light jets to super midsize and heavy aircraft will have access to Collins’ Airshow HD interactive moving maps, streaming entertainment and brilliant 4Kresolutions in a singular hardware solution, without needing to upgrade to a full Venue cabin management system.

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company specializing in defense, national security, and global markets, recently announced the groundbreaking of Kratos’ Hypersonic System Indiana Payload Integration Facility (IPIF) in Crane, Indiana. This state-of-the-art 68,000-square-foot office, laboratory, integration and test complex will support critical hypersonic vehicle and payload activities and systems for the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ commitment to advancing hypersonic system payload integration and test capabilities and expanding crucial infrastructure needed to accelerate the time to Mach 5+ flight testing.

    Eric DeMarco, President and CEO of Kratos, said: “The Kratos Hypersonic System Indiana Payload Integration Facility represents a strategic investment in our Nation’s hypersonic infrastructure, workforce and capabilities. Kratos is committed to achieving, if not exceeding, the MACH-TB program’s primary goals, which include, increasing the cadence of flight tests and to mature and qualify advanced hypersonic technologies. Kratos’ IPIF will provide a vital commercial launch vehicle environmental test and assembly capability to supplement existing DoD and NASA facilities.”

    Frequency Electronics, Inc., a leading provider of precision timing and frequency control products, recently announced that Northrop Grumman Corporation (NYSE: NOC) has recognized Frequency Electronics Inc. (FEIM) as one of its top supplier partners during the company’s Supplier Excellence Awards.

    Ken Brown, vice president, enterprise global supply chain, Northrop Grumman, said, “Frequency Electronics has supported Northrop Grumman in delivering technologies that enhance national security for the U.S. and our allies. The high-quality performance, dedication and partnership of our supplier teams drive operational excellence to ensure warfighters have next generation advantages in advanced weapons, aircraft, missile defense and space.”

    Recognized for Strategic Excellence, Frequency Electronics is instrumental in supporting Northrop Grumman with delivering innovative and cost-effective military and security solutions to give its customers the advantage in a complex world.

    Lockheed Martin (NYSE: LMT) recently announced that the global F-35 fleet has surpassed 1 million flight hours, further proof of the program’s size and strength in ensuring America’s warfighter and those of our allies maintain air dominance around the world.

    “Reaching 1 million flight hours is a monumental achievement for the F-35 program. It highlights the unwavering dedication of our pilots, maintainers, industry partners and our international partners and foreign military sales customers,” said Lt. Gen. Michael Schmidt, Program Executive Officer for the F-35 Lightning II Joint Program Office. “This milestone is not just a testament to the F-35’s unmatched capability, but also to the resilience and commitment of everyone involved in this program. As we continue to expand the fleet and advance the F-35’s capabilities, we are ensuring the warfighters of today and tomorrow have the most advanced, reliable, and effective tool to protect our nations.”

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    The MIL Network –

  • MIL-OSI Global: Trump’s phone call with Putin fails to deliver a full ceasefire – here’s what could happen next

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    After more than two hours on the phone on Tuesday, March 17, the US president, Donald Trump, and his Russian counterpart, Vladimir Putin, agreed only to confidence-building measures, not a ceasefire between Ukraine and Russia. The two leaders came away from the call having agreed on a limited prisoner exchange, a suspension of attacks on energy infrastructure, and the creation of working groups to explore further steps towards a ceasefire and ultimately a peace agreement, a proposal which Ukraine’s president, Volodymyr Zelensky has since agreed to in his call with the US president.

    A less charitable way of looking at the outcome of the second call between the two presidents since Trump returned to the White House would be that the ball is now back in America’s court. Putin made it crystal clear to Trump that he is not (yet) in the mood for any compromise.

    This is hardly surprising given recent events.

    The US has pressured Ukraine mercilessly into accepting a proposal for a 30-day ceasefire, which Trump hoped Russia would also agree to. But apart from a vague statement by Trump that he might consider sanctions against Russia, he has so far seemed unwilling to contemplate putting any meaningful equivalent pressure on Putin.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    On the ground, Russia has gained the upper hand in the Kursk region where Ukrainian troops have ceded most of the territory they captured after a surprise offensive last summer. Once Putin’s forces, assisted by thousands of North Korean soldiers, have succeeded in driving the Ukrainians out of Russia, Kyiv will have lost its most valuable bargaining chip in negotiations with Moscow.

    Meanwhile, Russia has also made further gains on the frontlines inside Ukraine especially in parts of Kherson and Zaporizhzhia. These are two of the four regions (the other two are Donetsk and Luhansk) that Putin has claimed for Russia in their entirety since sham referendums in September 2022, despite not yet having full control of them.

    If Russia were to capture yet more Ukrainian territory, Putin would probably find it even easier to convince Trump that his demands are reasonable. The fact that Trump already hinted at a “dividing of assets”, including the nuclear power plant at Zaporizhzhia – Europe’s largest before its forced shutdown in September 2022 – is a worrying indication of how far the Russian president has already pushed the envelope.

    Ukraine war: territory occupied by Russia as at March 18 2025.
    Institute for the Study of War

    But a deal solely between Russia and the US is not going to work. In that sense, time is not only on Putin’s side but also on Zelensky’s.

    The Russian readout of the call between the two presidents claimed that they had discussed “the complete cessation of foreign military assistance and the provision of intelligence information to Kyiv” as a key condition for moving forward – something that Trump subsequently denied in an interview with Fox. This means that, for now, Kyiv is likely to continue to receive US aid.

    Europe at the ready

    Perhaps more importantly in the long term, Europe is also doubling down on support for Ukraine. While Trump and Putin were discussing a carve-up of Ukraine over the phone, the president of the European Commission, Ursula von der Leyen, left no doubt on where the EU stands.

    In a speech at the Royal Danish Military Academy foreshadowing the publication of the commission’s Readiness 2030 white paper on bolstering European defences, she recommitted to developing European “capabilities to have credible deterrence” against a hostile Russia.

    A few hours later, the German parliament passed a multi-billion Euro package that loosens the country’s tight borrowing rules to enable massive investments in defence. This follows announcements of increased defence elsewhere on the continent, including in the UK, Poland, and by the EU itself.

    Meanwhile, the UK and France are leading efforts to assemble a coalition of the willing to help Ukraine. Representatives of the 30-member group gathered in London on March 15 for further talks.

    Afterwards, the UK prime minister, Keir Starmer, released a statement saying that Ukraine’s western partners “will keep increasing the pressure on Russia, keep the military aid flowing to Ukraine and keep tightening the restrictions on Russia’s economy”.

    Undoubtedly, these measures would be more effective if they had Washington’s full buy-in – but they send a strong signal to both the Kremlin and the White House that Ukraine is not alone in its fight against Russia’s continuing aggression.

    Putin’s options

    Putin, meanwhile, may have time on his side in the short term – but he should take note of this. Russian manpower and firepower may dwarf that of Ukraine, but it would be no match for a Ukraine backed by such a coalition of the willing.

    Putin’s apparent plan to drag Trump into the minutiae of negotiating a comprehensive deal may eventually backfire in more ways than one. For a start, really detailed discussions will test the US president’s notoriously short attention span.

    But this will also buy time for Ukraine and its supporters to strengthen Kyiv’s position in future negotiations. And it will continue to strain – but not immediately break – Russia’s economy.

    For now, Trump’s efforts to end the war in Ukraine have stalled. He is attempting to broker a complex ceasefire deal that involves separate agreements with Kyiv and Moscow, pressure on Nato allies, and an attempt to drive a wedge between Russia and China. It’s not clear how this will succeed or indeed where it will end.

    The only certainty is that they are not bringing a just and stable peace for Ukraine any closer.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

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

    – ref. Trump’s phone call with Putin fails to deliver a full ceasefire – here’s what could happen next – https://theconversation.com/trumps-phone-call-with-putin-fails-to-deliver-a-full-ceasefire-heres-what-could-happen-next-252417

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump administration seeks to starve libraries and museums of funding by shuttering this little-known agency

    Source: The Conversation – USA – By Devon Akmon, Director of the MSU Museum and CoLab Studio, Michigan State University

    ExplorationWorks, a children’s museum in Helena, Mont., received $151,946 in 2024 from the IMLS to expand its early childhood programs. Lisa Wareham

    On March 14, 2025, the Trump administration issued an executive order that called for the dismantling of seven federal agencies “to the maximum extent consistent with applicable law.” They ranged from the United States Agency for Global Media, which oversees Voice of America, to the Minority Business Development Agency.

    The Institute of Museum and Library Services was also on the list. Congress created the IMLS in 1996 through the Museum and Library Services Act. The law merged the Institute of Museum Services, which was established in 1976, with the Library Programs Office of the Department of Education.

    By combining these two departments, Congress sought to create an overarching agency that could more cohesively and strategically support American museums and libraries. The agency’s mission, programs and funding have been reaffirmed through subsequent legislation, such as the Museum and Library Services Act of 2003.

    The Conversation U.S. interviewed Devon Akmon, who is the director of the MSU Museum at Michigan State University. He explained how the agency supports the nation’s cultural institutions and local communities – and what could be lost if the agency were dissolved.

    What does the Institute of Museum and Library Services do?

    The agency provides financial support to a wide array of cultural and educational institutions, including art, science and history museums, zoos, aquariums, botanical gardens and historic sites. Libraries of all types – public, academic, school and research – also benefit from the agency’s funding.

    Through grants, research and policy initiatives, the IMLS helps these institutions better serve their communities.

    Anne-Imelda Radice, right, former director of the Institute of Museum and Library Services, inspects Denver city records and neighborhood histories in 2008. The volumes were digitized to make them more accessible to the public.
    Brian Brainerd/The Denver Post via Getty Images

    In the 2019 fiscal year, for example, the IMLS awarded funds to libraries in Nebraska to support economic development in 30 rural communities. The project created rotating “innovation studios” in local libraries and provided residents with tools, instructional materials and programming to foster entrepreneurship and creativity. More recently, IMLS awarded a grant to the Hands On Children’s Museum to develop a toolkit that museums across the country can use to support families with relatives who are in prison.

    For libraries, the IMLS might fund technology upgrades, such as virtual reality learning stations, AI-assisted research aids or digitization of rare books. The agency also pays for community programs that take place in libraries, from early childhood reading initiatives to workshops that help people land jobs.

    How has the Institute of Museum and Library Services supported your work at the MSU Museum?

    IMLS grants have played a vital role in enabling the MSU Museum to preserve, enhance and expand access to its collections.

    For example, we’ve used IMLS grants to develop high-quality audio aids for museum visitors who are blind or have poor vision. Recent funding has supported the digitization of over 2,000 vertebrate specimens, including rare and endangered species.

    Beyond financial support, the MSU Museum benefits from IMLS policy papers, professional training opportunities and resources developed through the National Leadership Grants for Museums program. Our staff members also contribute to national campaigns spearheaded by the IMLS, such as its Strategies for Countering Antisemitism & Hate initiative.

    Through these efforts, the IMLS, alongside the American Alliance of Museums, operate as cornerstones of learning and innovation within the museum field.

    Looking beyond Michigan State, what might be lost with its shuttering?

    The IMLS is more than a grantmaking entity – it is the only federal agency dedicated to sustaining the entire museum and library ecosystem in the United States.

    Its funding has sustained museums, advanced digital preservation, expanded accessibility for low-income communities and fueled innovation in educational programming. In 2024 alone, the agency distributed US$266.7 million through grants, research initiatives and policy development. For example, ExplorationWorks, a children’s museum in Helena, Montana, received $151,946 in 2024 from the IMLS to expand its early childhood programs that serve low-income and rural families.

    Without this support, many institutions will struggle to hire and retain qualified staff, leading to fewer exhibitions, stalled research and reduced educational outreach.

    The consequences would be particularly severe for small museums and rural museums, which lack the fundraising capacity of larger urban institutions. They’re often the only sources of cultural and historical education in their regions, and their loss would create cultural voids that cannot easily be filled.

    Trump’s executive order dictated that the Institute of Museum and Library Services and other agencies be eliminated “to the maximum extent consistent with applicable law.” What is the applicable law in this case?

    I’m not a lawyer. But my understanding is that the “applicable law” in this case primarily refers to the Museum and Library Services Act, which, as I noted earlier, was created in 1996 and has been reauthorized multiple times since then.

    Since the IMLS was created through this congressional legislation, it cannot simply be eliminated by an executive order. Congress would need to pass a law to repeal or defund it.

    President George W. Bush signs into law the Museum and Library Services Act on Sept. 25, 2003.
    Tina Hager/White House via Getty Images

    Additionally, the Antideficiency Act prohibits federal agencies from operating without appropriated funding. If Congress were to defund the IMLS rather than repeal its authorizing statute, the agency would be forced to cease operations due to a lack of money, even if the legal framework for its existence remained intact.

    Is there anything else you’d like to add?

    Museums are among the most trusted institutions in the country. They are rare bipartisan beacons of credibility in an era of deep division.

    A 2021 American Alliance of Museums report found that 97% of Americans view museums as valuable educational assets, while 89% consider them trustworthy sources of information. A 2022 American Library Association survey revealed that 89% of voters and 92% of parents believe local public libraries have an important role to play in communities.

    More than just cultural repositories, museums and libraries bring together citizens and offer learning opportunities for everyday people. By presenting science and history through engaging, evidence-based storytelling, museums help bridge ideological divides and encourage informed discourse. People of all political stripes rely on libraries for free internet access, job searches and literacy programs.

    The Institute of Museum and Library Services is central to this work. The agency provides leadership, while funding programs and research that help museums and libraries expand their offerings to reach all Americans.

    Stripping this support would threaten the sustainability of these institutions and weaken their ability to serve as pillars of education, civic engagement and truth. I see it as a disinvestment in an informed, connected and resilient society.

    Devon Akmon receives funding from the Institute of Museum and Library Services. He also serves as the vice chair and secretary of the board of directors for the American Alliance of Museums.

    – ref. Trump administration seeks to starve libraries and museums of funding by shuttering this little-known agency – https://theconversation.com/trump-administration-seeks-to-starve-libraries-and-museums-of-funding-by-shuttering-this-little-known-agency-252455

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Dmitry Patrushev: Among the priority tasks of Roshydromet is deepening integration with other departments

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    March 20, 2025

    Dmitry Patrushev spoke at a meeting of the Roshydromet board “On the activities of Roshydromet in 2024 and tasks for 2025.”

    Deputy Prime Minister Dmitry Patrushev spoke at a meeting of the Roshydromet board “On the activities of Roshydromet in 2024 and tasks for 2025”. The Deputy Prime Minister emphasized that many areas depend on the timeliness and accuracy of Roshydromet information, so it is necessary to constantly build up competencies, improving the quality of forecasting.

    “Over the years of its work, Roshydromet has built a multifunctional structure that combines human, scientific and technological potential. As a result, today the federal service is among the top five in the world. Such recognition from the professional community is very significant. You are truly implementing unique projects that have no analogues. Among your priority tasks for 2025 and for the future should be deepening integration with other departments and taking into account their needs when forming forecasts. The ability to quickly respond to adverse natural phenomena – including floods, fires, abnormal precipitation or drought – is a matter of ensuring the safety of the population and the stable functioning of the economy,” said Dmitry Patrushev.

    Speaking about the development of the Strategy for Activities in the Field of Hydrometeorology for the Period up to 2036, the Deputy Prime Minister recommended involving experts from the maximum number of industries interested in forecasts.

    In addition, according to the Deputy Prime Minister, digitalization provides opportunities for the development of interdepartmental dialogue. Roshydromet operates more than 85 software products, and a single platform of industry services is also being created.

    Dmitry Patrushev emphasized the importance of continuing the modernization of the state monitoring network. The relevant measures were previously included in the national project “Ecology”, and individual areas are included in the new national project “Ecological Well-being”.

    “The improvement of your observation methods should be based as much as possible on your own scientific and practical base. Roshydromet is quite active in this area. In particular, the ice-resistant self-propelled platform “North Pole” was built at the Admiralty Shipyards using federal funds. This is one of the unique projects that has no analogues in the world. In 2024, the first drifting Arctic polar expedition was completed on its basis, and now the platform is on its second expedition. It will provide an opportunity to obtain additional data on territories that have never been surveyed by Russian scientists before,” the Deputy Prime Minister said.

    In 2025, specialists from the Russian Antarctic expedition have already completely moved to the new wintering complex of the Vostok station in Antarctica. The station is equipped with the most modern equipment, thanks to which polar explorers can work comfortably, fully providing scientific research in Antarctica. In October last year, the vessel Ivan Frolov was laid down. It should become the world’s largest scientific expedition vessel for Antarctica.

    In 2024, six meteorological satellites were launched, bringing the total to 20. In 2025, preparations are planned for flight tests of several more spacecraft.

    Roshydromet, as part of the implementation of the order of the President of Russia, has created a state system of instrumental monitoring of permafrost. Thanks to this, it has become possible for the first time to monitor its dynamics.

    Dmitry Patrushev particularly noted that, on the instructions of the President of Russia, 24 billion rubles will be allocated to increase the salaries of Roshydromet employees in the coming years, and a separate “road map” is being developed to create a system of high-quality personnel training on the instructions of the Government. Its implementation will lead to an increase in enrollment in specialized educational institutions and will help the industry to train real professionals.

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

    MIL OSI Russia News –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces $50 Million Available Through 2025 Affordable Housing Program General Fund

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, March 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will allocate $50 million through its 2025 Affordable Housing Program (AHP) General Fund, which opens for applications on April 21, 2025. Developers and housing organizations partner with a FHLBank Atlanta member financial institution to apply for grant funding to support affordable housing projects that involve the purchase, construction and rehabilitation of owner-occupied, rental, or transitional housing.

    This year, FHLBank Atlanta is increasing the maximum subsidy amount per project to $1.25 million, up from $1 million in 2024, given the current market environment of higher construction costs and home prices.  

    “Each year we offer the AHP General Fund to provide much needed support for the development of affordable housing, and we are pleased to work with our members to distribute grants to worthwhile projects across our district,” said FHLBank Atlanta President and CEO Kirk Malmberg. “Importantly, our funds assist both for-profit and non-profit developers and community organizations to increase single family and multifamily affordable housing inventory.”

    AHP General Fund applications will be accepted through May 22, 2025. A one-time registration is required by May 9, 2025 for all first-time AHP project sponsors. Visit the FHLBank Atlanta website for information on registration as well as webinars detailing the application process, scoring and financial guidelines.

    “The General Fund plays a vital role in addressing housing challenges by funding a range of projects from new construction to adaptive reuse and expansion initiatives,” said FHLBank Atlanta Director of Community Investment Services Tomeka Strickland. “We look forward to another successful year of collaboration with our members and community partners to drive meaningful, lasting change in the housing sector.”

    Developers or community organizations seeking to identify an FHLBank Atlanta member financial institution can visit the Bank’s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3 or ahpprog@fhlbatl.com.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.  

    For more information, visit www.fhlbatl.com.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Adds Two Additional Senior Nuclear Engineers to its Technical Team

    Source: GlobeNewswire (MIL-OSI)

    NANO Nuclear Continues to Attract Top Tier talent to Propel the Development of its Innovative Microreactor Technologies

    New York, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced the additions of James Leybourn and Simon Boddington as Senior Nuclear Engineers. Both Mr. Leybourn and Mr. Boddington are based in the U.K. and recently joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks, led by Professors Ian Farnan and Eugene Shwageraus.

    The additions of Mr. Leybourn and Mr. Boddington build upon the recently announced appointment of Andrew Steer, Ph.D. as NANO Nuclear’s Head of Regulatory Engagement. Their addition to the team brings extensive knowledge in molten salt reactor physics, deep understanding of nuclear safety cases, advanced reactor engineering and innovative fuel system design, all of which will be essential for the ongoing development of NANO Nuclear’s proprietary ‘ZEUS’ and ‘ODIN’ microreactors, as well as the KRONOS MMRTMEnergy System and the LOKI MMRTM.

    Mr. Leybourn is a Chartered Physicist with over 12 years’ experience of Physics and Engineering within the U.K. nuclear industry. He has a proven track record of leading diverse projects, including thermal hydraulics, engineering design and safety case preparation. Prior to joining Cambridge AtomWorks, Mr. Leybourn played a key role in leading the development of a risk-informed work program and introducing systems engineering practices, including fuel route development, at MoltexFLEX, a British nuclear energy company developing advanced small modular molten salt reactors. He is a fuel route expert, having spent much of his career supporting the fuel route of the U.K. Advanced Gas-Cooled Reactor (AGR) fleet. He also led significant projects supporting the AGR defueling programs and has provided support to the Rolls-Royce small modular reactor project.

    Mr. Boddington is a reactor physicist with over 10 years of industry experience covering pressurized water reactors as well as thermal and fast spectrum molten salt reactor designs. Much of his experience is focused on reactor physics and he has assembled, managed and technically led the physics team that designed and delivered the molten salt MolexFLEX and SSR-W reactor concepts, with a focus on maintaining economic design objectives. He has extensive experience in applying analytical and stochastic reactor physics methods to develop core designs, including validation and verification. He graduated with an MPhys from the University of Southampton in 2014, then, completed the nuclear graduate’s scheme, before joining the Core Physics Group at Rolls-Royce.

    “NANO Nuclear continues to expand its technical teams with top professionals and innovators with diverse reactor engineering expertise that we will need to propel our programs forward. These hires also reflect our commitment to becoming a global leader in advanced nuclear energy solutions,” said Professor Ian Farnan, Lead of Nuclear Fuel Cycle, Radiation and Materials of NANO Nuclear. “With expertise spanning molten salt reactor physics, fuel handling, and high-temperature thermal-hydraulics, James and Simon will significantly strengthen NANO Nuclear’s ability to develop, demonstrate, gain regulatory approval, and, eventually commercialize and deploy its next-generation microreactors.”

    Figure 1 – NANO Nuclear Energy Inc. Appoints James Leybourn and Simon Boddington as Senior Nuclear Engineers.

    “The talent we’ve attracted speaks volumes about the progress we’re making,” said Professor Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear. “NANO Nuclear’s success in recruiting top engineering minds with such outstanding credentials and experience from world-class companies underscores our leadership in next-generation nuclear energy development.”

    “It is essential for us to strengthen our technical capabilities as we enter the next phase of development for our portfolio of energy systems,” said James Walker, Chief Executive Officer of NANO Nuclear. “Bringing Mr. Leybourn and Mr. Boddington on board demonstrates NANO Nuclear’s ambitions of being an innovative and global leader in the industry. Their extensive experience will be invaluable, and I welcome them to NANO Nuclear.”

    About NANO Nuclear Energy, Inc.

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

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission in collaboration with University of Illinois Urbana-Champaign, “ZEUS”, a portable solid core battery reactor, “ODIN”, a portable low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

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

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

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

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

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

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    Cautionary Note Regarding Forward Looking Statements

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

    Attachment

    The MIL Network –

  • MIL-OSI: Poet Ships Advanced Optical Engine Samples to Three Global Technology Customers for AI Applications

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 20, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, today announced it has fulfilled orders from three global customers for samples of its advanced optical transmit engines.

    The Company announced that it has shipped final design samples of its POET Infinity transmit product line for 400G and 800G applications to three major technology leaders. The products include 400G FR4, 800G 2xFR4 and 800G DR8 transmit formats, all assembled at our high volume production facility in Malaysia. The FR4 optical engines incorporate the multiplexer and can be paired with POET receiver engines for a highly integrated pluggable transceiver. POET’s customers have designed and are building pluggable transceivers using a two-chip solution, i.e., one transmit chip and one receive chip for 400G and three-chip solution for 800G. The receive optical engines have already been qualified and the availability of the transmit engine samples will allow the shipment of completed modules to end customers for qualification, with production orders expected in the second half of 2025.

    “Each of our customers has expressed intense enthusiasm for the results they have seen from POET’s integrated, chip-level solutions,” said Raju Kankipati, Chief Revenue Officer of POET. “The sampling of the transmit engines is the final piece that allows our customers to complete their modules and get them qualified. We are increasingly a vendor of record for these enterprises and that is how we know we are on the right track for wider adoption and greater commercial success,” said Kankipati.

    POET has previously worked with each customer on integrating the transmit and receive optical engines into their final module products. The demand for 400G and 800G modules remains strong. The demand for these three module types (400G FR4, 800G 2xFR4 and 800G DR8) is forecasted by LightCounting, a market research firm, to be about 20 million units per year for next 5 years.

    Dr. Suresh Venkatesan, POET’s Chairman & CEO added: “POET’s advantages of cost, reliability and power efficiency have gained the trust of industry leaders who look to our optical interposer-based product portfolio for solutions that can power AI development and improve optical networking.”

    IR Consultant Engagement
    The Company also announced that it is increasing its commitment to a broad-based investor relations program with a one-month trial engagement with IR Agency, LLC. During this period, IR Agency will assist POET in communicating information about the Company to relevant stakeholders and financial audiences. IR Agency will receive compensation of US$250,000 for the services rendered through the contract term.

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.


    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, the performance of the samples provided to customers, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure of the samples to meet industry specs, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

  • MIL-OSI: Safe Harbor Financial Names Mike Regan as Head of Investor Relations and Data Science

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., March 20, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, is proud to announce that Michael (Mike) Regan has joined the team as Head of Investor Relations and Data Science.

    In this role, Mike will help investors gain a deeper understanding of the Company’s growth initiatives, while also spearheading the development of innovative, differentiated new products leveraging Safe Harbor’s extensive databases. He earned an MBA from MIT Sloan, where he was the TA for a class on creating and quantitatively analyzing new institutional investment strategies, and a Bachelor of Science in Business Administration majoring in Finance from Georgetown University. His career spans research roles at Credit Suisse, Deutsche Bank, hedge funds Roubaix Capital and Hawkshaw Capital, as well as product innovation at Liberty Mutual. Since 2019, Mike has focused on the legal cannabis sector, most recently as Founder and Director of Research at Excelsior Equities, an investment bank and broker-dealer that provided research, custody, and trading of cannabis equities.

    “We are thrilled to welcome Mike Regan to Safe Harbor as Head of Investor Relations and Data Science,” said Terry Mendez, CEO of Safe Harbor. “Mike’s exceptional track record in investment analysis, product innovation, and his thorough understanding of the legal cannabis sector make him uniquely qualified to advance our growth initiatives. His expertise will be instrumental in developing new solutions for our growth strategies Safe Harbor Protects, Safe Harbor Lends, Safe Harbor Connects, and Safe Harbor Enables programs, ensuring we continue to lead and grow in this evolving industry.”

    “I am excited to join Safe Harbor and contribute to its mission of driving innovation and growth to better serve operators in the legal cannabis sector and beyond,” said Mike Regan. “I see tremendous potential to create meaningful value for our shareholders and clients, and to develop solutions that will shape the future of this industry.”

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Mike Regan, Head of Safe Harbor Investor Relations
    ir@SHFinancial.org
    (720) 826-6282

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: VERB to Host Fourth Quarter and Full Year 2024 Earnings Call on Tuesday, March, 25, 2025, at 1:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS and LOS ALAMITOS, Calif., March 20, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (NASDAQ: VERB) (“VERB” or the “Company”), the company behind MARKET.live, the livestream social shopping platform, telehealth platforms VANITYPrescribed.com and GoodGirlRx.com, and GO FUND YOURSELF.show, the TV show disrupting crowdfunding, today announced that VERB CEO Rory J. Cutaia will host a conference call to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024 on Tuesday, March 25, 2025, at 1:00 p.m. Eastern time (10:00 a.m. Pacific time). Financial results will be issued in a press release prior to the call.

    VERB Q4 and FY 2024 Earnings Call
    Date: Tuesday, March 25, 2025
    Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)

    To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.

    Meeting Link: https://callme.viavid.com/viavid/?callme=true&passcode=13728166&h=true&info=company&r=true&B=6
    Toll Free: 1-877-407-4018
    Toll/International: 1-201-689-8471

    A telephonic replay of the conference call will be available after 04:00 p.m. Eastern time on the same day through Tuesday, April 08, 2025 at 11:59 PM ET.
    Toll Free:1-844-512-2921
    Toll/International: 1-412-317-6671
    Replay Pin Number: 13752553
    Replay Expiry: April 8th at 11:59 PM ET

    ABOUT VERB

    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company operates three business units, each of which leverages its social commerce technology and video marketing expertise. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of e-commerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap, scan or click on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. VANITYPrescribed.com and GoodGirlRx.com are telehealth portals, intended to redefine telehealth by offering a seamless, digital-first experience that empowers individuals to take control of their healthcare needs. They were designed and developed to disrupt the traditional healthcare model by providing tailored healthcare solutions at affordable, fixed prices — without hidden fees, membership costs, or inflated pharmaceutical markups. GoodGirlRx.com, a partnership with Savannah Chrisley, a well-known lifestyle personality and advocate for health and wellness, offers customers access to convenient, no-hassle telehealth services and pharmaceuticals, including the new weight-loss drugs, with fixed pricing regardless of dosage, breaking away from the industry’s traditional model of excessive pricing and pharmaceutical gatekeeping.

    The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California.

    For more information, please visit: www.verb.tech.

    Follow VERB AND MARKET.live here: 

    FORWARD-LOOKING STATEMENTS

    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations Contact:
    investors@verb.tech

    The MIL Network –

  • MIL-OSI: High Wire Networks Secures New Bundle Contract, Showcasing the Power of Integrated Cybersecurity Solutions

    Source: GlobeNewswire (MIL-OSI)

    BATAVIA, Ill., March 20, 2025 (GLOBE NEWSWIRE) — High Wire Networks, Inc. (OTCQB: HWNI) has finalized a new bundled services contract with an MSP partner, demonstrating the growing momentum behind its integrated approach to cybersecurity.

    High Wire – Overwatch’s newly launched managed cybersecurity service bundles — CORE, PROACTIVE, and COMPLETE — are purpose-built to provide partners and their customers with flexible, scalable protection tailored to growing security threats and aligned with strategic business objectives.

    The signed contract, valued at more than $275,000 over 24 months, includes the CORE bundle, which delivers essential coverage for critical threat vectors, including network, email, endpoint, and phishing protection. This foundational package is ideal for organizations seeking strong baseline defenses with simplified deployment and ongoing support.

    “Our bundle offerings are designed to help partners deliver greater value, faster time-to-protection, and long-term security maturity to their customers,” said Mark Dallmeier, Chief Revenue Officer at Overwatch. “Our partners gain a true competitive edge by moving beyond transactional service delivery and embracing an integrated, consultative approach. Bundles like CORE don’t just protect — they empower. They provide an unfair advantage in the marketplace by reducing complexity, driving operational efficiency, and improving security posture from day one.”

    The partner CEO based in New Jersey emphasized the real-world benefits of the bundled approach, saying, “The new bundled offerings from Overwatch allow us to simplify cybersecurity solutions for our clients, eliminating the friction of multiple proposals, approvals, and lengthy decision-making processes. With fixed costs and license counts, we can confidently offer proof-of-concept trials without restrictions, ensuring clients experience the full value of a comprehensive security approach.

    The CORE bundle delivers protection across key attack surfaces—endpoints, network traffic, email, and even end-user security awareness training—providing layered defense against modern threats. Relying on endpoint protection, or any single offering, alone is like installing a state-of-the-art security system but leaving the front door unlocked. Overwatch’s integrated approach enables us to provide truly effective, proactive security for our clients,” he continued.

    “Since introducing the CORE bundle, our clients’ response has been overwhelmingly positive. They recognize the growing risks and immediately see the value in the alerting and reporting capabilities we can now provide. Clients also report a drastic reduction—if not total elimination—of malicious email threats, reinforcing the power of this comprehensive security strategy,” he concluded.

    Overwatch is committed to giving partners and their customers an unfair advantage by providing the tools, scalability, and support needed to outperform in a rapidly changing threat environment. By continuing to invest in solutions that make cybersecurity more accessible, profitable, and impactful, High Wire – Overwatch empowers its partners to deliver next-generation security across their client base — transforming the economics of managed cybersecurity and driving stronger outcomes at scale.

    About High Wire Networks

    High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through over 200 channel partners, it delivers trusted managed services for more than 1,100 managed security customers worldwide. End customers include Fortune 500 companies and many of the nation’s largest government agencies. Its U.S.-based 24/7 Network Operations Center and Security Operations Center is in Chicago, Illinois.

    High Wire was ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024. It was also named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT-managed service providers for 2023 and 2024.

    Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.

    Forward-Looking Statements

    The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

    Media Contact:
    Lori Aleman
    Director of Marketing
    O: 630-635-8477 | C: 602-920-0902
    lori.aleman@highwirenetworks.com

    The MIL Network –

  • MIL-OSI: NordProtect becomes a stand-alone service and includes online fraud coverage

    Source: GlobeNewswire (MIL-OSI)

    NordVPN’s identity theft protection solution, NordProtect, is now available as a stand-alone service and offers protection against a broader range of cyber incidents.

    LONDON, March 20, 2025 (GLOBE NEWSWIRE) — NordProtect, an identity theft protection service created by NordVPN, is now available to users in the United States as a stand-alone product. This will allow users to benefit from identity theft protection without purchasing a NordVPN Prime plan, as they have until now.

    In addition, NordProtect now includes online fraud coverage, which provides support for victims of a variety of online scams or fraud. This coverage compensates users for financial losses incurred through various online scams and criminal activities, such as romance scams, marketplace fraud, QR code scams, fraudulent credit card charges, and many other prevalent tactics used to swindle money today.

    “Criminals are constantly finding new ways to extort money from people, and our mission is to provide relevant and reliable tools to protect internet users. Online fraud is rapidly growing, with numerous variations leading to significant financial losses. To address this, we’ve expanded our existing services, which now include better monitoring of personally identifiable information as well as reimbursement for certain online fraud incidents, ensuring our customers receive support when they need it most,” says Tomas Sinicki, managing director of NordProtect.

    NordProtect customers may be eligible for a reimbursement of up to $10,000, excluding investment scams. After the latest improvements, NordProtect customers now enjoy a comprehensive range of ID monitoring services and are insured from a number of ID theft, cyber extortion and online fraud incidents

    With identity recovery and restoration, victims of identity theft can be reimbursed up to $1M for expenses incurred in restoring their identity, such as legal costs or lost wages. NordProtect connects victims with an identity restoration case manager to help them recover from identity theft. NordProtect’s cyber extortion protection offers $50,000 to cover expert assistance and payments in response to cyber threats to delete or release victims’ information or restrict access to their data or smart devices.

    Secure credit monitoring ensures that customers receive an individual monthly credit score and are notified about any suspicious credit activity. 24/7 dark web monitoring alerts if information associated with a customer’s email address, phone numbers, SSNs, or other identity assets have been leaked.

    Currently, NordProtect is available only to users in the United States. For customers in the United Kingdom, Netherlands, France, Sweden, Germany, and Italy, NordVPN offers cyber insurance benefits as part of its service bundles. These benefits include scam loss recovery and online shopping fraud recovery.

    About NordProtect

    NordProtect is a comprehensive identity theft protection service designed to keep users’ identity safe. With features like 24/7 dark web monitoring, credit activity tracking and security alerts, users can stay informed about potential threats and take action to protect themselves right away. Additionally, NordProtect helps users to get financial help and expert support if they fall victim to identity theft, cyber extortion or online fraud. For more information: www.nordprotect.com

    More information: egidijus@nordsec.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Karnataka Co-operative Bank Ltd., Muddebihal, Karnataka

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Karnataka Co-operative Bank Ltd., Muddebihal, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23 even after the issuance of cautionary letter.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2427

    MIL OSI Economics –