Category: Germany

  • MIL-Evening Report: The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities

    Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne

    Scene from Apocalypse Now (1979) Prime Video

    The Vietnam War (1955–1975) was more than just a chapter in the Cold War.

    For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt to found a nation-state independent of both capitalist and communist influences.

    In the 50 years since the war ended, the stories we’ve heard about it have struggled to convey these many different views. Cinema – in Hollywood and in Vietnam – offers some insight into this struggle, which we continue to face today.

    A war by any other name

    The war is known by many names, and each one highlights the different objectives of the forces involved.

    For the United States, “The Vietnam War” was one battleground against the Soviet Union during the Cold War. To prevent communism from spreading, the US sent resources to establish the Republic of Vietnam (known informally as South Vietnam) as its proxy. It had already used this strategy with West Germany and South Korea.

    The Communist Party of Vietnam thought of US involvement as a form of colonialism.

    By calling the conflict “the sacred resistance against the US to salvage the country” (Cuộc Kháng Chiến Chống Mỹ, Cứu Nước), or “the American war” (Chiến Tranh Mỹ) for short, the communist party encouraged the perception of the war as a stepping stone towards Vietnam’s full independence following Chinese imperialism (circa 111 BCE–939 CE), French colonialism (1862–1954) and Japanese occupation (1940-45).

    The communist objective was to “liberate” South Vietnam from the US and its puppet administration, and reunify the country. This is why, in Vietnam, April 30 is called “Reunification Day” or “Independence Day”, to commemorate the communists’ victory in capturing Saigon.

    However, former citizens of South Vietnam call April 30 the “Day of National Mourning” (Ngày Quốc Hận), as it marks the Republic’s defeat and the beginning of decades of political persecution and refugee displacement. Although the South Vietnamese were pluralistic in their political beliefs, they were united in their anti-communism.

    For them, the conflict was “the Civil War” (Nội Chiến), fought between communists and anti-communists over the future of Vietnam. After the Republic fell, many grieved (and still do) the vision of what South Vietnam could have become.

    Apocalypse then

    While the US eventually lost control over South Vietnam, it continued to influence how Vietnam was thought of in the West through Hollywood.

    Francis Ford Coppola’s Apocalypse Now is loosely based on Joseph Conrad’s classic novel, Heart of Darkness.
    Shutterstock

    In the 1970-80s, Vietnam War films such as Francis Ford Coppola’s Apocalypse Now (1979), Stanley Kubrick’s Full Metal Jacket (1987) and Oliver Stone’s Platoon (1987) established these directors as household names.

    The films focus on US soldiers’ psyche and discontent with incompetent leadership, pushing the Vietnamese people and their struggles for independence into the background. They frame the war as something done to American society, rather than something the US orchestrated.

    This victimhood fostered what became known as “the Vietnam syndrome” – an unofficial condition in American mindset characterised by feelings of woundedness and a loss of trust in the capability of the US.

    In Vietnam, early communist-controlled cinema in the north depicted the Vietnamese as an oppressed people who must band together to defeat Western corruption. Wartime films such as Along the Same River (1959) and 17th Parallel, Days and Nights (1972) leaned into melodramatic love stories to allegorise the divided Vietnam as separated lovers who must be reunited.

    As directors in the north slowly gained some freedom from the communist party, films increasingly dealt with the war’s immense impact and questioned the party’s ability to bring about the classless society it had promised. The Girl on the River (1987) and Living in Fear (2005) are two good examples.

    Living in Fear (Sống trong sợ hãi) trailer.

    Meanwhile, filmmakers in the south were independents who occasionally collaborated with the state or military, as seen with the classic 1971 film Faceless Lover (also known as Warrior, Who Are You?).

    South Vietnamese people saw film as a medium to negotiate their fledgling national identity. For them, it was important to establish and safekeep an identity that was distinct from the “foreign ally” (the US) and the “domestic foe” (the communists).

    This is why films from the south often portrayed love triangles, where the hero must choose between the vessels of modern Vietnamese femininity and Western excess. Some examples include Afternoon Sun (1972) and Late Night’s Dew (1972).

    Apocalypse now

    New perspectives on the war are emerging as historically marginalised groups gain footing in Western media. And some of these challenge early portrayals.

    Spike Lee’s Da 5 Bloods (2020) was the first major production to show the war through Black American veterans’ eyes. Hollywood neglected to do this, despite the over-representation of Black soldiers in conscription, combat and casualties during wartime.

    Although Da 5 Bloods still fails to account for the Vietnamese’s fight for self-determination, it acknowledges Black Americans’ and the Vietnamese people’s mutual suffering under white supremacy.

    One independent feature from a son of refugees, Journey from the Fall (2006), conveys the resentment many exiled South Vietnamese people feel towards the communist party. It also explores the trauma of leaving Vietnam by boat and resettlement in the US.

    Most recently, the 2024 TV series The Sympathizer, adapted from Viet Thanh Nguyen’s novel, moved the needle by probing at complex issues such as wartime loyalty, complicity and authenticity.

    Communist narratives persist

    In Vietnam today, the scale of communist party-funded movies has grown immensely, with many films resembling Hollywood blockbusters. But the messages have become more conservative.

    Films such as The Scent of Burning Grass (2012) and The Legend Makers (2013) continue to support the communist party narrative by omitting South Vietnam’s anti-communist objective. They also undermine women’s contributions to the war efforts, whereas earlier films put women at the centre of community organisation.

    A new generation of filmmakers is challenging these narratives through collaboration with international production companies and distributors. Features such as Viet and Nam (2024) experiment with film form to show the true costs of war, including the widening wealth disparity in Vietnam, and the lengths many would go to close this gap.

    Viet and Nam trailer.

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

    ref. The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities – https://theconversation.com/the-vietnam-war-ended-50-years-ago-today-yet-films-about-the-conflict-still-struggle-to-capture-its-complexities-253837

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: 2025 Q1 Revenue Report

    Source: GlobeNewswire (MIL-OSI)

    • 2025 Q1 revenue of €232.4 million, down -12.3%
      • Continued implementation of selectivity strategy with priority given to margins, primarily in telecoms in France and Spain
      • High comparison basis: +3.8% in Q1 2024 compared to -5.8% for the full year 2024
    • Growth drivers remain well-oriented
      • Energy up +19.1% (+30.1% in France), representing 18% of the Group’s Q1 revenue
      • Strong momentum in Germany, where the Group has a solid presence, with growth of +20.7% in Q1
    • Ongoing measures to improve performance in the Other Countries segment
      • Growth resumes in Italy: +14.6%, with gradually improving economic conditions
      • Restructuring of Connectivity activities in Spain, with strategic refocusing on Energy and Technology
    In millions of euros (unaudited) Q1 2025 Q1 2024 % change
    Revenue 232.4 265.0         -12.3%
    Benelux 88.7 100.7         -12.0%
    France 76.3 97.9         -22.0%
    Germany 21.9 18.2 +20.7%
    Other Countries 45.5 48.3         -5.8%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In a mixed market environment, we remain firmly committed to our strategy, maintaining a clear focus on margins and cash generation over revenue growth. In France in particular, faced with a fiber deployment market that has reached maturity, we are maintaining a highly selective approach and continuing to refocus on energy services, which now account for 30% of our revenue. In the Benelux, where the market is undergoing reorganization, our telecom business has stabilized compared to the fourth quarter of 2024, and we anticipate a return to growth during the second half of the year. In Germany, we continue to deliver profitable growth in a structured manner, and the investment plan recently announced by the local government reinforces our confidence in the market’s long-term potential. Lastly, in Other Countries, we are progressing with the performance improvement measures announced at our Capital Markets Day, particularly in Spain, where we are undertaking a deep transformation of our operations. We remain confident in the relevance of our multi-technical and multi-local model, the strength of our growth drivers, and our ability to achieve our 2026 targets.”

    Consolidated Revenue

    Solutions30’s Q1 2025 consolidated revenue amounted to €232.4 million, down -12.3% year-on-year against a particularly high comparison basis, as Q1 2024 marked the strongest quarterly growth of 2024, at +3.8%. The comparison basis will be significantly more favorable over the balance of the year, as the last three quarters of 2024 recorded declines of -4.3% in Q2, -10.1% in Q3, and -11.4% in Q4.        

    Revenue change in Q1 includes an organic contraction of -12.8%, the impact of recent acquisitions for +0.2%, and a favorable currency effect of +0.3%.

    Revenue from Connectivity activities amounted to €164.2 million, down -20.0%, in a context of increased selectivity in the Group’s most mature markets, notably France and Spain. Revenue from Energy activities amounted to €41.3 million, up +19.1%, driven by very favorable market trends, particularly in photovoltaic systems in France. Revenue from Technology activities amounted to €26.9 million, up +7.3%, with increased volumes of IT support services.

    Benelux

    The Benelux posted Q1 revenue of €88.7 million, representing 38% of total revenue, down -12.0%. This includes an organic contraction of -12.5%, and the impact from the acquisition of Xperal for +0.5%. Connectivity posted revenue of €67.9 million, down -14% compared to Q1 2024, which did not yet reflect the delays caused, from Q2 onwards, by negotiations between Belgian telecom service providers aimed at streamlining their investments. However, revenue stabilized compared with Q4 2024 (€67.3 million). In the home connect segment, the adaptation of operational processes following Proximus acquiring 100% of Fiberklaar is nearing completion, positioning the business to return to normal at some point in the second half of the year.

    Revenue from Energy activities decreased by -16% to €14.1 million. The first phase of smart meter deployment in Flanders is nearing completion, with tenders for the second phase expected to be launched later this year. At the same time, the gradual ramp-up of the contract with Fluvius for the modernization of the low-voltage electricity grid has begun.

    Technology activities posted revenue of €6.7 million in Q1 2025, up significantly by +26%.

    France

    In France, Q1 revenue amounted to €76.3 million, or 33% of the total, down -22% on a purely organic basis. Revenue from Connectivity fell sharply by -43% to €36.8 million, reflecting the impact of selectivity measures implemented from Q2 2024 onwards. In the context of a structural slowdown in the fiber deployment market, the Group has significantly reduced its exposure to certain contracts that no longer met its profitability standards. While this led to a sharp revenue decline from Q2 onwards, it resulted in an improvement in margins over the full year 2024.

    Energy activities continue to make strong progress, with growth of +30% in Q1 and revenue of €22.8 million, now representing 30% of the total. The good momentum in photovoltaics continues, despite the usually unfavorable seasonal effect in winter. Growth is also being supported by services to electricity and gas distribution networks, where Solutions30 is successfully diversifying its activities.

    In Technology, the momentum in IT support services continues, driven by contract extensions. Revenue amounted to €16.7 million, up +7%.

    Germany

    In Germany, Q1 revenue amounted to €21.9 million, or 9% of the total, up +20.7% on a purely organic basis. Connectivity, which accounts for 95% of the total, posted growth of +22%, driven by fiber deployment activities, which continue to ramp up, while coaxial network services remain solid.

    Although still at an early stage, representing around 5% of revenue, Energy activities offer strong growth potential. Germany is Europe’s leading market for photovoltaics, currently accounting for the bulk of Solutions30’s revenue from Energy activities, while the energy storage and rail signaling infrastructure markets offer particularly attractive growth prospects.

    For both Connectivity and Energy, the investment plan recently announced by the local government reinforces the long-term growth potential of the German market, which is set to play an increasingly important role in Solutions30’s business portfolio.

    Other Countries

    In other countries, the Group posted Q1 revenue of €45.5 million, or 20% of the total, down -5.8%. This includes a -7.2% organic contraction, reflecting the selectivity strategy implemented in Spain and the United Kingdom in 2024. The currency effect was positive at +1.4%, driven by the appreciation of the Polish zloty and the British pound against the euro during the period.

    In Poland, growth remained solid at +11.4%, taking Q1 revenue to €16.2 million. The Polish telecoms market continues to benefit from favorable trends, and Solutions30 is delivering profitable growth there.

    Italy returned to growth, posting a +14.6% increase in Q1, with revenue of €14.9 million. The situation with the Group’s main Italian telecoms customer has now been resolved.

    In Spain, revenue amounted to €7.3 million, down -37.2%. The Group has accelerated the restructuring of its Connectivity business, faced with a mature fiber market, while continuing to refocus on its Energy and Technology businesses, that are supported by favorable underlying trends.

    Finally, in the United Kingdom, revenue totaled €7.1 million, down -22.3% against a high comparison basis (+10% in Q1 2024), as selectivity measures aimed at improving margins in the mobile telecommunications business were not implemented until Q2 2024.

    Appendix

    Breakdown of Q1 revenue by segment:

    In millions of euros (unaudited) Q1 2025 Q1 2024 % change

    Benelux

    88.7 100.7         -12.0%
    Connectivity                                  67.9 78.7 -13.8%
    Energy                                  14.1 16.7 -15.8%
    Technology                                    6.7      5.3 +25,7%
           
    France 76.3 97.9         -22.0%
    Connectivity                                  36.8 64.7 -43.2%
    Energy                                  22.8 17.5 +30,1%
    Technology                                  16.7 15.6 +7,1%
           
    Germany 21.9 18.2 +20.7%
           
    Other Countries 45.5 48.3         -5.8%
    Poland                                  16.2 14.6 +11,4%
    Italy                                 14.9 13.0 +14,6%
    Spain 7.3 11.6 -37.2%
    United Kingdom 7.1 9.2 -22.3%
    Group revenue 232.4 265.0         -12.3%

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    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
    Visit our website to learn more: www.solutions30.com.

    Contact

    Individual Shareholders:
    Tel: +33 1 86 86 00 63 – actionnaires@solutions30.com

    Analysts/Investors:
    investor.relations@solutions30.com

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    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

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    The MIL Network

  • MIL-OSI Global: What interviews with ordinary Germans living under the Nazis can teach us about our current politics

    Source: The Conversation – UK – By Melissa Butcher, Professor Emeritus, Social and Cultural Geography, Royal Holloway University of London

    “Nazi” and “fascist” are words being used a lot these days; thrown about as descriptions of contemporary populist leaders or to mark out disagreement with someone. Comparisons with 1930s Germany don’t always suit the complexity of the moment we live in, but there are resonances. The choices people are having to make in the face of authoritarianism is among them.

    Darkness Over Germany, originally published in 1943, is a collection of conversations with people having to make difficult choices as the Nazi party gradually takes control of their country. The author, Amy Buller, lived and studied in Germany between 1912 and 1914, maintaining personal and professional networks there throughout her life.

    Concerned by what she saw happening in the 1930s, she established an Anglo-German discussion group. She took academics from the UK to Germany to try to understand the country’s slide into dictatorship.


    Democracy in decline? The risk and rise of authoritarianism

    Democracy is under pressure around the world in 2025. But is this part of a larger historical cycle or does it signal a deeper, more fundamental shift? Join us for a free event in central London on May 8 to discuss these important questions. Come for a panel discussion and stay for food, drinks and conversation.

    Get tickets here


    The conversations, with teachers, priests, military officers, tradesmen, civil servants, students and lawyers, point to some of the underlying economic and emotional drivers of authoritarianism. People speak of grievances related to humiliation and poverty. This is coupled with a desire for a leader who will make the pain of these things disappear.

    Hitler promised to make Germany great again, for which some expressed gratitude, including a skilled tradesman who had spent four years in the trenches of the first world war: “I would ask you not to sneer at an honest attempt to meet a terrible situation and I might add that I am profoundly grateful to the Führer for this idea, which has saved my own sons from the destruction of unemployment.”

    As Buller remarked in a lecture in 1942: “When men are drowning they will not be very particular about the type of rope that picks them up”.

    Amy Buller’s Darkness over Germany.
    Wikipedia

    Faced with fascism, ordinary Germans had to make difficult choices, described as “agony” by a teacher in Darkness Over Germany. At times, there is no good choice available. There were those who decided it was impossible to stay and chose exile. Some became less visible, keeping their heads down and letting it blow over, fatalistically choosing to do nothing because they felt there was nothing to be done.

    There was a choice to stay but openly defy the authorities, possibly resulting in detention or worse. But also a choice to stay, pay lip service to the regime, and try to undermine it where possible, to prevent regime-aligned people taking up another place. There was also the option to join the regime.

    All these decisions reflect how an individual may imagine the future, with despair for some but for others, a mercurial hope – that a new order will take away the humiliations of the past and bring economic prosperity. Or that the current moment is just an aberration and that this too will pass.

    As a young German officer noted: “I would put up with almost anything if in my lifetime this feeling of defeat could be removed from the German army. I know much is bad in what the Nazis do, but it will not last. It is the sort of thing that happens in revolutions.”

    These descriptions of personal responses to the rise of fascism in 1930s Germany echo what I heard in my research talking to voters across the US leading up to Donald Trump’s re-election. There is economic and social rupture as a result of globalisation, financial crises, the legacies of racism, secularism and an exponentially expanding digital life.

    Emotional drivers emerge, expressed as grievance, shame and humiliation. There is a sense of “losing our country” to an enemy, while precarity and crises are accessed daily in doom-laden echo chambers.

    People try to imagine a future out of this state of perma-crises, one in which they will feel better. There are compromises and trade-offs that have to be made, at times with the added stress of having to make choices on behalf of others, such as children. These are painful struggles that require, at times, holding disparate ideas simultaneously.

    In Darkness Over Germany, Buller showed it was possible for some to “hate the Nazis and love England” while still fighting for Germany, if doing so restored pride and economic security. Likewise in the US today, it is possible to find Trump abhorrent but still vote for him, as some of my interviewees did.

    The slide into authoritarianism isn’t “madness” or “evil”. It rests on millions of individual choices made every day by ordinary people: it is the banal, as philosopher Hannah Arendt pointed out in her work on violence and totalitarianism. It is also exhausting and sometimes dangerous for those living under the strain of compromise, as Buller’s empathetic conversations show.

    Darkness Over Germany is a reminder why such conversations are necessary. Not to condone or to cooperate with authoritarianism, as some recent ill-advised attempts for rapprochement between politicians, media personalities and Maga have shown in the US, but to understand the difficult choices that have to be made at times in order to provide people with alternatives.

    This article is part of a series on democracy and the risk of totalitarianism. Join us to find out more about this topic at a free event in London on May 8. Meet the author and Conversation editors, with food and drink included. Get tickets here.

    Melissa Butcher has received funding from UKRI and the ERC. She is a member of the Green Party.

    ref. What interviews with ordinary Germans living under the Nazis can teach us about our current politics – https://theconversation.com/what-interviews-with-ordinary-germans-living-under-the-nazis-can-teach-us-about-our-current-politics-255401

    MIL OSI – Global Reports

  • MIL-OSI Global: From diet to drugs: what really works for long-term weight loss

    Source: The Conversation – UK – By Reiner Jumpertz-von Schwartzenberg, Professorship for Clinical Metabolism and Obesity Research, University Hospital and Medical Faculty, University of Tübingen

    voronaman/Shutterstock

    More than 2.5 billion adults worldwide are currently overweight or obese, according to estimates from the World Health Organization. This staggering number highlights a growing global health crisis. Obesity isn’t just about weight – it’s a powerful risk factor for a range of serious diseases, including type 2 diabetes, kidney disease, heart attacks, and strokes. As awareness grows, more people are asking a critical question: how can I lose weight and stay healthy in the long run?

    Obesity is a complex condition with many contributing factors. It’s not simply a result of eating too much or exercising too little. For many people, emotional and psychological stress plays a major role. Work-related pressure, financial concerns, family issues, or social anxiety can all lead to emotional eating. Others may develop obesity as a result of depression, which often disrupts both eating patterns and motivation for physical activity.

    In addition, modern lifestyles can make it easier than ever to gain weight. Many of us spend long hours sitting – at desks, in cars, or on the couch – and highly processed, calorie-dense foods are readily available and heavily marketed. This combination of behavioural, psychological, social and environmental factors creates a situation where weight gain becomes increasingly difficult to avoid and even harder to reverse.




    Read more:
    Beyond blame: The role of malfunctioning fat tissue in the disease of obesity


    Because obesity has many causes, it also requires a multifaceted solution. The most effective treatments follow a multimodal approach, where healthcare professionals – psychologists, nutritionists, and physicians – work together to support people on their weight loss journey. This team-based approach not only addresses diet and exercise but also tackles underlying emotional and mental health challenges.

    This strategy is especially effective for people with prediabetes, a condition where blood sugar levels are elevated but not yet in the diabetic range. Research has shown that lifestyle changes guided by a multidisciplinary team can significantly reduce the risk of developing full-blown diabetes

    While losing 5–7% of body weight is a good target for reducing health risks, recent research from our team in Tübingen, Germany, shows that combining weight loss with blood sugar control is even more effective. Data from a different study indicates that focusing on both aspects goes along with fewer complications from diabetes, such as kidney damage and issues affecting small blood vessels.

    Visceral fat

    Why is this combination so powerful? It turns out that people who manage to both lose weight and lower their blood sugar levels tend to reduce visceral fat – the type of fat stored around internal organs in the abdomen.




    Read more:
    Belly fat linked to higher risk of premature death, regardless of your weight


    Visceral fat is particularly dangerous because it triggers inflammation in the body, which in turn can reduce the effectiveness of insulin, the hormone that regulates blood sugar.

    Fortunately, certain lifestyle changes specifically help reduce visceral fat. For instance, regular physical activity – especially aerobic exercise – and diets rich in polyunsaturated fatty acids (found in nuts, seeds, fish and plant oils) have been shown to be especially effective. Among various eating plans, the Mediterranean diet, which emphasises whole grains, healthy fats, vegetables and lean proteins, is particularly effective.

    Combining regular exercise with a Mediterranean-style diet is not only good for weight loss but also for long-term cardiovascular and metabolic health. However, maintaining these habits over time remains a challenge for many.

    Research shows that a significant portion of those who lose weight will regain it within a few years. As weight returns, so too do associated health risks like diabetes, high blood pressure and high cholesterol. This cycle of weight loss and regain can be frustrating and emotionally taxing, leading many to seek other options for more sustainable results.

    Medication and surgery

    In recent years, GLP-1 receptor agonists – a class of medications originally developed to treat diabetes – have shown promise in promoting weight loss. These drugs mimic the hormone GLP-1 (glucagon-like peptide-1), which is released by the gut after eating. It helps regulate appetite by promoting feelings of fullness and also encourages the release of insulin, lowering blood sugar.

    However, GLP-1-based medications are increasingly used for cosmetic weight loss, raising ethical and safety concerns. While these drugs can be effective, their long-term impact on people without obesity is still poorly understood. Side effects can include nausea, vomiting and more serious issues, so their use should always be guided by a medical professional.

    One major limitation of GLP-1 medications is that the benefits typically wear off after stopping the medication, resulting in rapid weight regain. So, long-term or even permanent use may be required to maintain health benefits.

    For people with severe obesity, particularly those with serious health complications like type 2 diabetes or heart disease, bariatric surgery can be life-changing. Surgical procedures such as gastric bypass or sleeve gastrectomy reduce the size of the stomach and, in some cases, alter gut hormone signalling. The result is significant, sustained weight loss and a reduced risk of obesity-related diseases, including a significant reduction in the risk of heart disease and premature death. Bariatric surgery isn’t for everyone, but when appropriate, it remains one of the most effective interventions available.

    Researchers are now developing new medications that combine the effects of multiple gut hormones to enhance weight loss. Some of these drugs may achieve results comparable to bariatric surgery, but most are still being tested in clinical trials.

    Winning combination

    For people beginning their weight loss journey, a combination of physical activity and a healthy diet – such as the Mediterranean diet – is still the best place to start. These changes, if sustained, can lead to long-term improvements in weight, blood sugar and overall health.

    For those with elevated blood sugar, targeting visceral fat through combined lifestyle changes and blood sugar management is especially important. And for people who struggle with obesity and related health conditions, medical therapies and surgical options offer powerful tools to support lasting change.

    Ultimately, the key to lasting weight loss and improved health lies in understanding that there is no one-size-fits-all solution. It’s about finding the right combination of support, strategy and science that works for each person.

    Reiner Jumpertz-von Schwartzenberg works for the Institute for Diabetes Research and Metabolic Diseases of the Helmholtz Center Munich at the University of Tübignen, Germany . He receives funding from the German Center for Diabetes Research (DZD), the German Diabetes Society, the Helmholtz Association and the CMFI Cluster of Excellence in Tübingen. He is receiving funds from collaborating in clinical studies with Astra Zeneca, Lilly and Boehringer which all go to the University Clinic Tübingen.

    ref. From diet to drugs: what really works for long-term weight loss – https://theconversation.com/from-diet-to-drugs-what-really-works-for-long-term-weight-loss-254551

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Aberdeen pupils to showcase their musical talents in Regensburg

    Source: Scotland – City of Aberdeen

    Pupils and staff representing Aberdeen City Music Service are set to perform in Regensburg this summer to mark the 70th anniversary of the twinning of the two cities.

    Members of the Council’s Education and Children’s Services Committee today (29 April) approved the pupils visit to Regensburg, as it will allow them to showcase their musical talents and enjoy the wider cultural experience. It will also further boost the twinning partnership between the two cities.

    The six musical pupils and two members of staff will perform alongside local young musicians and dancers from Regensburg at a special Scottish-Bavarian music event on the evening of Thursday 19 June.

    The official twinning celebrations will continue through to Sunday 22 June and will also see the group perform at the Bürgerfest – the biggest street festival in Regensburg.

    Councillor Martin Greig, the Convener of Education and Children’s Services Committee, said: “This music visit is an excellent opportunity to celebrate the seventieth anniversary of our city’s twinning arrangement with Regensburg. This is an important partnership link. Our talented pupils will be able to share the joy and goodwill of music making with our friends in Germany. I am delighted that the young people involved can enrich their cultural experiences and bring best wishes from Aberdeen.”

    Councillor Jessica Mennie, Vice-Convener of Education and Children’s Services Committee, said: “We are thankful to the Mayor of Regensburg for her wonderful invitation to our young people.  Aberdeen has been twinned with Regensburg for 70 years, which is why it will be lovely to see our pupils being part of the festivities in Bavaria to mark such an important partnership.”

    The group’s participation in the celebrations followed an invitation from the Mayor of Regensburg Gertrud Maltz-Schwarzfischer.

    The pupils will share photographs and video clips of their trip on social media.

    The Committee members also heard that the Music Service is gearing up for Aberdeen Big Sing 2025 next month, and is working with the Education and Language departments in Clement-Ferrand, a French city which is twinned with Aberdeen.

    These reciprocal partnerships enrich pupil learning and allow them to use their language skills.  The proposed trip to Regensburg will help further develop this work with officers from Clement-Ferrand, who will also be in attendance in Regensburg.

    The travel to Regensburg is estimated at £2,500 and will be met via the approved Music Service budget for 2025/26. Hostel accommodation for the six pupils and two Music Service staff has been gifted by the Mayor of Regensburg’s office.  

    MIL OSI United Kingdom

  • MIL-OSI USA: 100 DAYS OF INVESTMENT: $5+ Trillion in New Investment Fuels America’s Future

    US Senate News:

    Source: The White House
    President Donald J. Trump has secured over $5 trillion in new U.S.-based investments in his first 100 days, which will create more than 451,000 new jobs as he sets the stage for a new era of American prosperity. From advanced manufacturing to cutting-edge artificial intelligence infrastructure, these historic investments — spurred by President Trump’s unwavering commitment to revitalizing American industry — will reinforce the U.S. as the global leader in innovation and economic growth.
    The announcements keep coming. In recent days:
    IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
    Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
    Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new, high-paying, advanced manufacturing jobs.
    Merck & Co. announced a $1 billion investment to build a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs — part of the company’s commitment to invest more than $9 billion over the next four years.
    “Since the advent of the 2017 Tax Cuts and Jobs Act, Merck has allocated more than $12 billion to enhance our domestic manufacturing and research capabilities, with additional planned investments of more than $9 billion over the next four years.”

    Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
    The company credited President Trump’s landmark 2017 tax cuts for enabling its rapid expansion: “Pro-growth policies like the @POTUS @WhiteHouse 2017 Tax Cuts and Jobs Act helped make investments like this possible. Since enactment, Amgen has invested ~$5B in capital expenditures. This amounts to an additional downstream output to the U.S. economy of approximately $12B.”

    The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
    Here is the non-exhaustive list of investments secured in President Trump’s second term:
    Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    Apple announced a $500 billion investment in U.S. manufacturing and training.
    NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
    IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
    Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
    Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs.
    Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
    United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
    Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
    Hyundaiannounced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
    Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.

    United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
    Merck & Co. announced it will invest a total of $9 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility — including in a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs.
    Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
    Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
    NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
    Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new high-paying advanced manufacturing jobs for a total of 1,500 new jobs.
    Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs — adding to the company’s earlier announcement that it will invest $500 million to expand its Idaho manufacturing plant.
    GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
    Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
    GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
    AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
    London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
    Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
    Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new, high-paying jobs.
    Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
    Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
    Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
    AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
    Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
    Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
    Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
    NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
    LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
    ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
    That doesn’t even include the U.S. investments pledged by foreign countries:
    United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
    Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
    Japan announced a $1 trillion investment in the U.S.
    Taiwan announced a pledge to boost its U.S.-based investment.

    MIL OSI USA News

  • MIL-OSI: DePoly to launch 500-tonne-per-year showcase plant to give yesterday’s plastics a new purpose, as it secures $23M

    Source: GlobeNewswire (MIL-OSI)

    Zurich, April 29, 2025 (GLOBE NEWSWIRE) — Every year, millions of tons of PET and polyester waste end up in landfills or are incinerated, yet sustainable recycling solutions remain limited. Today, DePoly – the leading sustainable PET-to-raw-material recycling company – announces the upcoming launch of a 500-tonne-per-year showcase plant in Monthey, Switzerland this summer, representing a critical step in the company’s journey from laboratory breakthrough to industrial-scale implementation.

    The facility will demonstrate DePoly’s proprietary process that converts PET and polyester waste into virgin-quality raw materials without fossil fuels. Imagine a world where discarded items – from polyester shirts to water bottles – are not wasted anymore but resources transformed back into the building blocks for new products. After all, revolutionizing an industry isn’t just about creating new technology – it’s about proving it works at scale.

    DePoly co-founders (L to R) Christopher Ireland, Samantha Anderson and Bardiya Valizadeh.

    DePoly’s technology has already demonstrated its commercial impact through collaborations with some of the world’s leading companies—not only in fashion, like Odlo, but also in cosmetics and the broader consumer goods industry, including innovators such as PTI. Through these partnerships, DePoly has validated the quality of its recycled monomers by transforming PET waste into new bottles, high-performance textile fibers, and cosmetic packaging. This proves that DePoly’s recycled materials can meet, and even exceed, the highest standards of purity and performance across a wide range of industries.

    By delivering oil-equivalent monomers, DePoly’s technology sets a new benchmark for circularity, offering a genuine alternative to virgin materials. “The upcoming showcase plant validates our roadmap to creating a truly circular plastics market. Following our pilot and showcase plant, our next goal is to scale our operations to industrial size with a first of a kind commercial plant based on our technology,” said Samantha Anderson, Co-founder & CEO of DePoly.

    DePoly is ramping up with world-class innovators, bold thinkers and cutting-edge know-how—taking their pilot victory to industrial scale demands nothing less than unstoppable ambition.The company is planning to build a commercial plant in 2027 that will process significantly larger volumes of PET and polyester waste – a major leap in redefining recycling and advancing the circular economy, as DePoly strives to become the global leader in sustainable, circular plastics.

    Shredded PET samples.

    To further accelerate this expansion, DePoly has secured a total of $23 million in seed funding with MassMutual Ventures joining a second closing of its round. The expanded investor base positions DePoly as one of the biggest recycling technology companies in Europe, with more than $30 million raised across two rounds and grants. MassMutual Ventures joins existing investors, including Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital, and Syensqo.

    “DePoly’s proven technology is a game changer addressing a crucial industrial and societal challenge. This raise and the showcase plant opening are advancing DePoly’s position as a leader in plastics recycling,” said Alix Brunet, Europe Lead at MassMutual Ventures.

    David Hanf, who joined DePoly in 2024 as CFO, brings extensive experience from European scale-ups including Smava and Thermondo—Germany’s largest B2C heat service company. Both an entrepreneur and an executive, he adds: “We are convinced our technology is one of the fastest to scale and will allow us to compete with virgin pricing at scale, a key factor for success. We are happy to have expanded our investor base to the US with MassMutual Ventures as we want to build a global champion.”

    By transforming discarded plastics into high-quality raw materials, DePoly reduces reliance on fossil resources, minimizes waste, and paves the way for a circular materials industry. Recognized as a Technology Pioneer by the World Economic Forum and a winner of the 2024 Top 100 Swiss Startup Award, DePoly proves that sustainable innovation is not only possible – it’s happening now.

    Ends

    Media images can be found here

    About DePoly
    DePoly is a cleantech company transforming polyester and PET waste into valuable raw materials. Using patented technology, DePoly breaks down plastic and textile waste into the building blocks for new, high-quality PET and polyester—reducing waste, cutting reliance on fossil fuels, and advancing circularity across multiple industries. DePoly was named a 2024 Technology Pioneer by the World Economic Forum and won the Top 100 Swiss Startup Award in 2024. Learn more at www.depoly.co.

    About MassMutual Ventures 
    MassMutual Ventures (MMV) is a multistage global venture capital firm investing in climate technology, financial technology, enterprise SaaS, healthtech and cybersecurity companies. With teams based in London, Singapore, and Boston, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections, and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com/

    The MIL Network

  • MIL-Evening Report: 50 years after the ‘fall’ of Saigon – from triumph to Trump

    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate.

    After over a century of brutal colonial oppression by the French, the Japanese, and the Americans and their various minions, the people of Vietnam won victory in one of the great liberation struggles of history.

    It became a source of inspiration and of hope for millions of people oppressed by imperial powers in Central & South America, Asia, Africa, the Middle East and Eastern Europe.

    Civil war – a war among several
    The civil war in Vietnam, coterminous with the war against the Western powers, pitted communists and anti-communists in a long and pitiless struggle.

    Within that were various strands — North versus South, southern communists and nationalists against pro-Western forces, and so on. As various political economists have pointed out, all wars are in some way class wars too — pitting the elites against ordinary people.

    As has happened repeatedly throughout history, once one or more great power becomes involved in a civil war it is subsumed within that colonial war. The South’s President Ngô Đình Diệm, for example, was assassinated on orders of the Americans.

    By 1969, US aid accounted for 80 percent of South Vietnam’s government budget; they effectively owned the South and literally called the shots.

    Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough U.S. goods! Image: www.solidarity.co.nz

    US punishes its victims
    This month, 50 years after the Vietnamese achieved independence from their colonial overlords, US President Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough US goods!

    As economist Joseph Stiglitz pointed out, they don’t yet have enough aggregate demand for the kind of goods the US produces. That might have something to do with the decades it has taken to rebuild their lives and economy from the Armageddon inflicted on them by the US, Australia, New Zealand and other unindicted war criminals.

    Straight after they fled, the US declared themselves the victims of the Vietnamese and imposed punitive sanctions on liberated Vietnam for decades — punishing their victims.

    Under Gerald Ford (1974–1977), Jimmy Carter (1977–1981), Ronald Reagan (1981–1989), George H.W. Bush (1989–1993) right up to Bill Clinton (1993–2001), the US enforced the Trading with the Enemy Act (TWEA) of 1917.

    The US froze the assets of Vietnam at the very time it was trying to recover from the wholesale devastation of the country.

    Tens of millions of much-needed dollars were captured in US banks, enforced by the International Emergency Economic Powers Act (IEEPA). The US also took advantage of its muscle to veto IMF and World Bank loans to Vietnam.

    Countries like Australia and New Zealand, to their eternal shame, took part in both the war, the war crimes, and imposing sanctions and other punitive measures subsequently.

    The ‘Boat People’ refugee crisis
    While millions celebrated the victory in 1975, millions of others were fearful. The period of national unification and economic recovery was painful, typically repressive — when one militarised regime replaces another.

    This triggered flight: firstly among urban elites — military officers, government workers, and professionals who were most closely-linked to the US-run regime.

    You can blame the Commies for the ensuing refugee crisis but by strangling the Vietnamese economy, refusing to return Vietnamese assets held in the US, imposing an effective blockade on the economy via sanctions, the US deepened the crisis, which saw over two million flee the country between 1975 and the 1980s.

    More than 250,000 desperate people died at sea.

    Đổi Mới: the move to a socialist-market economy
    In 1986, to energise the economy, the government moved away from a command economy and launched the đổi mới reforms which created a hybrid socialist-market economy.

    They had taken a leaf out of the Chinese playbook, which under the leadership of Deng Xiaoping (1978 –1989), had moved towards a market economy through its “Reform and Opening Up” policies.  Vietnam saw the “economic miracle” of its near neighbour and its leaders sought something similar.

    Vietnam’s economy boomed and GDP grew from $18.1 billion in 1984 to $469 billion by 2024, with a per capita GDP at purchasing power parity (PPP) of $15,470 (up from about $300 per capita in the 1970s).

    After a sluggish start, literacy rates soared to 96.1 percent by 2023, and life expectancy reached 73.7 years, only a few short of the USA.  GDP growth is around 7 percent, according to the OECD.

    An unequal society
    Persistent inequality suggests the socialist vision has partially faded. A rural-urban divide and a rich-poor divide underlines ongoing injustices around quality of life and access to services but Vietnam’s Gini coefficient — a measure of income inequality — puts it only slightly more “unequal” as a society than New Zealand or Germany.

    Corruption is also an issue in the country.

    Press controls and political repression
    As in China, political power resides with the Party. Freedom of expression — highlighted by press repression — is severely limited in Vietnam and nothing to celebrate.

    Reporters Without Borders (RSF) rates Vietnam as 174th out of 180 countries for press freedom and regularly excoriates its strongmen as press “predators”.  In its country profile, RSF says of Vietnam: “Independent reporters and bloggers are often jailed, making Vietnam the world’s third largest jailer of journalists”.

    Vietnam is forging its own destiny
    What is well worth celebrating, however, is that Vietnam successfully got the imperial powers off its back and out of its country. It is well-placed to play an increasingly prosperous and positive role in the emerging multipolar world.

    It is part of the World Trade Organisation (WTO), and the ASEAN network, and borders China, giving Vietnam the opportunity to weather any storms coming from the continent of America.

    Vietnam today is united and free and millions of ordinary people have achieved security, health, education and prosperity vastly better than their parents and grandparents’ generations were able to.

    In the end the honour and glory go to the Vietnamese people.

    Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. Image: www.solidarity.co.nz

    I’ll give the last word to Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. He was rebuffed by the super-power which had a different agenda.

    On September 2, 1945, Ho Chi Minh proclaimed the independent Democratic Republic of Vietnam in Hanoi’s Ba Dinh square:

    “‘All men are created equal. They are endowed by their Creator with certain inalienable rights, among them are Life, Liberty, and the pursuit of Happiness.’

    “This immortal statement was made in the Declaration of Independence of the United States of America in 1776. In a broader sense, this means: All the peoples on the earth are equal from birth, all the peoples have a right to live, to be happy and free.

    “… A people who have courageously opposed French domination for more than eight years, a people who have fought side by side with the Allies against the Fascists during these last years, such a people must be free and independent.

    “For these reasons, we, members of the Provisional Government of the Democratic Republic of Vietnam, solemnly declare to the world that Vietnam has the right to be a free and independent country — and in fact is so already. The entire Vietnamese people are determined to mobilise all their physical and mental strength, to sacrifice their lives and property in order to safeguard their independence and liberty.”

    And, my god, they did.

    To conclude, a short poem attributed to Ho Chi Minh:

    “After the rain, good weather.

    “In the wink of an eye,

    the universe throws off its muddy clothes.”

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    Article by AsiaPacificReport.nz

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: cBrain aims to create and lead two new global solution niches

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no. 05/2025

    cBrain aims to create and lead two new global solution niches

    Copenhagen, April 29, 2025

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain (NASDAQ: CBRAIN) has announced to adjust its growth strategy during the first half of 2025 to capitalize on these market changes.

    Consequently, the growth strategy is extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    Solid development in Denmark and internationally

    cBrain has entered the year as planned with continued development in Denmark and international markets.

    In January, cBrain announced an agreement to deliver the F2 Digital platform for the new Danish Ministry of Resilience and Preparedness. The F2 solution was configured for the ministerial work, ready-to-go-live, in 3 weeks.

    In March cBrain announced the successful delivery of the F2 Digital platform for the Danish Energy Agency. F2 has been configured as a grant management solution to support the heat pump subsidy program. At launch the agency said the new solution exceeded all expectations, with almost 70% of all applications being processed fully automatically, and the first 930 citizen applications approved within only minutes of launching the subsidy program.

    In Germany, cBrain continues deploying F2 with the agency that administrates public pensions. Several thousand users have gone live during the first months of the year, and cBrain has won a new tender extending the scope of work.

    In Romania, cBrain’s partner has won a public tender to deliver a new national platform for administrating citizen pensions. F2 is now being configured as the case management and processing kernel, supporting close to 100 different administrative processes and integrating with multiple other systems. cBrain sees the project as a milestone both technically and strategically, demonstrating the power of the F2 Service Builder and the early success of the F2-for-Partner strategy.

    Taking leadership within Paperless Ministry and Environmental Permitting

    The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Working in close collaboration with Danish government for 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform.

    Today, almost all Danish ministries, and more than 75 Danish authorities in total, use F2 as their digital platform. Internationally, cBrain has delivered F2 to government organizations across five continents. With Denmark ranked number one in the United Nations E-Government Survey for the past eight years, this offers cBrain a strong first-mover advantage and a solid reference position.

    Leveraging the F2 software platform, cBrain is executing an ambitious international growth plan with the aim of becoming a global leader in the fast emerging market for Commercial Off-The-Shelf (COTS) software built for government.

    With the 2024 Annual Report, cBrain stated that the transition from custom-built IT solutions to standardized platforms seems to emerge faster than anticipated. This assumption seems to be continuously validated throughout the spring. An increasing number of competitors are repositioning themselves as COTS suppliers, and the White House issued an executive order in April directing the administration to prioritize the procurement of commercial off-the-shelf solutions rather than procuring custom products and developing systems.

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain has announced an adjustment to its growth strategy during the first half of 2025 to capitalize on these market changes.

    The core of cBrain’s growth strategy is built on serving large government clients, securing steady, sustainable growth through long-term software subscriptions, and accelerating international growth through the F2-for-Partners concept.

    The growth strategy is now being extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    The F2 Paperless Ministry Solution

    cBrain has built a strong home market position in Denmark. This position has been achieved by taking leadership as the supplier of the F2 Paperless Ministry solution, which today is the digital platform for almost all Danish ministries.

    In the autumn 2024 the Danish government announced 3 new ministries, and in January cBrain announced that all 3 new ministries have now chosen F2 as their digital platform. The F2 ministry solution was installed and configured, ready to go live within only 3 weeks. The new ministerial projects demonstrate the power of Commercial Off-The-Shelf (COTS) for government solutions and consolidate cBrains unique position in the Danish market.

    Building from the paperless ministry leadership position, cBrain has successfully been able to expand outside the ministerial solution niche into the broad Danish government market. Today serving more than 75 Danish government organizations with a large catalog of citizen-facing solutions, from tax solutions and auditing to grants management, inspections, licensing, and family affairs.

    A key pillar of the expanded growth strategy is to replicate the Danish success by establishing bridgeheads in new international markets, based on a focused, vertical go-to-market approach centered around the Paperless Ministry offering. The ultimate goal is to achieve global niche leadership, thereby securing a strong foundation for future growth.

    cBrain is currently testing and validating the new strategic Paperless Ministry initiative, with market initiatives in Europe and Africa.

    In Europe, cBrain is still working to establish contacts with ministries in selected countries. In Africa, the initial market activities have led to a pilot project, where the Danish Paperless Ministry solution was configured and made ready to go live for a Kenyan ministry in just 10 weeks.

    cBrain is now developing a go-to-market plan for the African region, working closely with Danish embassies in Africa and aligning with the UNDP Digital Offer for Africa strategy. This builds on the partnership with UNDP announced in November 2024. cBrain sees the African Paperless Ministry solution, leveraging Danish government experience, as a unique tool to help African governments achieve fast digital transformation.

    Environmental Permitting

    As a second pillar of its expanded growth strategy, and in parallel with the Paperless Ministry initiative, cBrain has launched an ambitious initiative to position the F2 Environmental Permitting solution as a strategic niche offering, aiming to take a leading international market position.

    The importance of environmental assessment and permitting is growing worldwide. Government review and permitting processes are required for many infrastructure projects, including roads, bridges, mines, factories, and power plants. In April 2025, the White House issued an executive order stating that executive departments and agencies shall make maximum use of technology in environmental review and permitting processes for infrastructure projects of all kinds.

    In close collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed an F2 based Environmental Permitting solution that eliminates the use of paper-based applications and accelerates case processing time and quality.

    In July 2024, the White House Council on Environmental Quality (CEQ) issued a report to Congress that assesses and recommends technologies to improve environmental reviews and permitting processes. In this report, the cBrain F2 Platform is highlighted as a successful process and AI tool for environmental permitting.

    cBrain therefore views environmental permitting as a potential niche entry point into the U.S. market, at both the federal and state levels, supporting its decision to invest in this area as the second pillar of its expanded growth strategy.

    cBrain maintains its financial guidance for 2025

    cBrain has provided financial guidance for the year, with an expected revenue growth of 10-15% and EBT (Earnings Before Tax) of 18-23%. cBrain maintains its financial guidance for 2025.

    The allocation of leadership and delivery resources to support the new niche initiatives may temporarily slow current activities. However, the expanded growth strategy is expected to drive new business and accelerate overall growth over time. Depending on the pace of success, executing the expanded growth strategy therefore introduces uncertainty to the 2025 revenue outlook, both on the upside and downside.

    In the 2025 budget cBrain has allocated extra one-time costs to market expansion of approximately 4 million Euro to support the revised strategy. These costs are fully included in the financial outlook for 2025 but are conditional on the validation to ensure disciplined growth.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network

  • MIL-OSI: Vodafone Business and Fortinet Expand Global Partnership to Secure Hybrid Work

    Source: GlobeNewswire (MIL-OSI)

    • Vodafone Business expands its converged networking and cybersecurity services powered by the Fortinet Unified SASE solution to new global markets.
    • Vodafone Business has been also designated “Fortinet Global Partner” due to its expertise in designing, deploying, and managing secure connected enterprise solutions globally.

    LONDON and SUNNYVALE, Calif., April 29, 2025 (GLOBE NEWSWIRE) —

    News Summary

    Vodafone Business and Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced an expanded global partnership, extending the reach of their converged networking and cybersecurity services to additional countries across Europe and Asia, as well as the United States. Together, the two companies are helping businesses deliver on the connectivity needs of today’s hybrid workforce and confront the growing volume and sophistication of cyberthreats by converging networking and security into a single, seamless service.

    Large and medium-sized enterprises in Germany and in other European markets as well as multinational businesses served through Vodafone Business International can now benefit from Vodafone Business Secure Networking Services.

    These services integrate Fortinet’s industry-leading software-defined wide area network (SD-WAN) and FortiSASE cloud-based security solutions to help organizations secure their networks. They provide employees with the same secure, reliable access to their work applications regardless of their location all with a single view across network health visibility, performance dashboards, and customizable reports. With connectivity across 192 countries, Vodafone Business offers the scale and reach needed to support secure digital transformation worldwide.

    Today’s announcement, with Vodafone Business attaining the “Fortinet Global Partner” status, underscores both companies’ commitment to supporting regional and international organizations across their IT and operational technology (OT) environments. The value proposition also helps enterprises in meeting cybersecurity compliance standards and requirements.

    This milestone comes amid a surge in cybersecurity incidences, including malware, data breaches, and social engineering, which rose significantly in the European Union in the first half of 2024, according to the European Union Agency for Cybersecurity (ENISA).

    Marika Auramo, CEO of Vodafone Business, said: “Cybersecurity is an increasing concern for our customers both in-country and cross-border. The breadth and depth of our global partnership with Fortinet means we can provide customers with the benefits of new digital connectivity to more places whilst ensuring that their digital assets, employees, partners and users are protected.”

    Joe Sarno, Executive Vice President, International Sales, Fortinet added: “As organizations digitize and scale across borders, secure connectivity is no longer optional—it’s essential. Our expanded partnership with Vodafone enables us to deliver unified SASE solutions that combine advanced security with exceptional performance so enterprises can confidently connect users, devices, and apps anywhere in the world.”

    Under the Vodafone Business and Fortinet partnership, businesses can purchase integrated services tailored to their needs and supported by Vodafone Business cybersecurity and managed network service experts. Customers can choose from four management options, including 24×7, co-managed network and security, various service-level guarantees, and professional services, including service discovery, design, implementation, and training.

    By combining their global reach and deep security expertise, Vodafone Business and Fortinet empower companies to detect and respond to threats swiftly, reducing risk while protecting operations and customer trust.

    Notes to Editors
    Vodafone Business and Fortinet will work together to further enhance sovereign compliant network operations center (NOC) and secure operations center (SOC) services. Vodafone Business recently opened a cybersecurity center in Düsseldorf, Germany, which will be home to more than 100 cybersecurity experts to help protect enterprise customers of all sizes from online threats.

    Increased automation and AI networking experiences as part of Vodafone Business Network-as-a-Service (NaaS) Platform is another area of focus for Vodafone Business and Fortinet. NaaS meets customer digital transformation needs by bringing together Vodafone’s software-based connectivity products and services, including SD-WAN, SASE/SSE, and Wireless and Fixed Internet Transport Services. It gives customers, or Vodafone Business managed services teams on their behalf, greater flexibility to buy, configure, and manage services to meet their specific dynamic business and AI application demands.

    Vodafone Business Secure Networking offers organizations several future-proofed managed solutions connecting their users, devices, and machinery. They are:    

    • Vodafone Business Secure Firewall with Fortinet delivers a comprehensive managed security service to set up, operate, run, manage, and maintain customer firewalls in a highly secure manner.
    • Vodafone Business Secure SD-WAN with Fortinet, which is ideal for organizations that need to ensure that their operations meet security and compliance regulation, and who need a secure, reliable, and agile network as they embrace the advantages of moving workloads to the cloud. 
    • Vodafone Business FortiSASE is aimed at customers looking to adopt flexible, robust, and secure hybrid work.

    More information around the partnership and Vodafone Business’ offerings can be found here

    Contact details

    About Vodafone Group
    everyone.connected

    Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers in 15 countries, partner with mobile networks in over 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 83 million customers across seven countries – managing more transactions than any other provider.

    Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

    For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. 

    The MIL Network

  • MIL-OSI: Primech AI Secures Foothold in Europe’s Rapidly Growing €10+ Billion Service Robotics Market Through Strategic Partnership with TCOrobotics GmbH

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd. (“Primech AI” or the “Company”), a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), today announced its strategic entry into the European market through a Memorandum of Understanding (MOU) with TCOrobotics GmbH, establishing a distribution framework for its innovative HYTRON, AI-powered autonomous bathroom cleaning robots across Germany, Austria, and Switzerland (DACH region).

    The two-year agreement positions Primech AI to capitalize on Europe’s booming service robotics market, currently valued at over €10 billion annually and projected to reach €20-30 billion by 2030. With European service robot suppliers representing approximately 44% of global providers, this partnership gives Primech AI access to one of the world’s most sophisticated robotics ecosystems.

    “Europe represents an exceptional growth opportunity for Primech AI, with the EU service robotics market experiencing double-digit annual growth driven by labor shortages, technological advances, and increasing acceptance of automation solutions,” said Charles Ng, Co-Founder and Chief Operating Officer of Primech AI. “Our partnership with TCOrobotics gives us an immediate market presence in the DACH region, which is at the forefront of adopting innovative cleaning technologies and boasts some of the world’s leading robotics companies.”

    The European market is particularly receptive to autonomous cleaning solutions, with specialized cleaning robots seeing increased deployment following the COVID-19 pandemic. The region’s high labor costs, aging workforce, and strict hygiene standards in commercial facilities create ideal conditions for Primech AI’s HYTRON robots, which offer cost-effective, consistent cleaning performance.

    Under the terms of the MOU, TCOrobotics, based in Vaihingen an der Enz, Germany, will oversee all aspects of regional distribution, including installation processes, maintenance, technical support, and customer training. The Company will work closely with Primech AI to ensure consistent quality standards and effective implementation of HYTRON robots at customer facilities.

    “We’re seeing tremendous demand for advanced cleaning automation across the DACH region,” said Aleksandar Birmanac, CEO of TCOrobotics GmbH. “Primech AI’s HYTRON robots represent a perfect solution for facilities managers looking to address labor shortages while improving cleaning consistency and operational efficiency. We anticipate strong adoption across a variety of commercial settings.”
    This European expansion represents a significant milestone in Primech AI’s global growth strategy and offers substantial potential for revenue growth in a market expected to double in value by 2030. The Company’s entry into Europe also benefits from the EU’s supportive policy environment for robotics innovation while meeting the region’s stringent regulatory requirements.

    According to the International Federation of Robotics, Primech AI’s expansion comes at a time when specialized professional service robots for cleaning saw 12% year-over-year growth globally in 2022. The DACH region specifically has seen accelerated adoption of cleaning robots in commercial settings following the pandemic, with businesses increasingly viewing robot deployment as both a practical necessity and a marketing advantage that signals cleanliness and technological sophistication to customers.

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.    

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. 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. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. 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 that such expectations will be correct. 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.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network

  • MIL-OSI: QuestionPro and PerformancePoint LLC Partner to Drive Business Transformation with Data-Driven Cultures, Leadership, and Engagement

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services, is joining forces with PerformancePoint LLC, a premier consulting firm specializing in culture, leadership and engagement, to revolutionize the way organizations turn insights into action.

    This partnership goes beyond traditional employee engagement surveys and culture assessments—it provides real-time, actionable intelligence that fuels meaningful transformation. By integrating QuestionPro’s advanced employee experience and data management platform with PerformancePoint’s deep expertise in leadership and culture consulting, businesses gain a powerful, end-to-end solution to drive long-term success.

    What makes this partnership different?

    • Beyond Data, Towards Action: Most engagement surveys stop at data collection. This collaboration ensures that insights are not just gathered but translated into sustainable cultural change.
    • Real-Time Decision-Making: Organizations can access live dashboards and predictive analytics to make proactive decisions that improve employee and customer experiences.
    • A Science-Backed, Human-Centered Approach: Combining novel technology with hands-on consulting means companies don’t just react to problems—they prevent them.
    • True Culture Transformation: Instead of surface-level fixes, businesses get a proven methodology to build resilient, high-performing teams.

    “For companies committed to creating and sustaining high–performance cultures, our collaboration with PerformancePoint provides new tools,” said Arti Bedi Pullins, President at QuestionPro. “This partnership ensures organizations don’t just track engagement—they create workplaces where employees thrive and customers stay loyal.”

    “At PerformancePoint, we know that culture isn’t just a buzzword—it’s the backbone of successful businesses,” said Brad Federman, CEO of PerformancePoint LLC. “With QuestionPro’s technology and our consulting expertise, we help companies unlock the full potential of their people, transforming engagement into a competitive advantage.”

    This partnership is designed for organizations that want to maximize ROI on employee engagement and leadership development, reduce costly turnover, and build cultures that sustain business success in an ever-changing world.

    About QuestionPro
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

    About PerformancePoint LLC
    PerformancePoint LLC is a top-tier consulting firm specializing in employee and customer experience. With expertise in culture transformation, leadership development, and engagement strategies, PerformancePoint helps organizations create environments where employees and businesses thrive.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06a2f5fe-b0f1-4e33-a5e3-5965a4690110

    The MIL Network

  • MIL-OSI: SUTNTIB AB Tewox audited consolidated and separate annual financial statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Vilnius, Lithuania, April 29, 2025 (GLOBE NEWSWIRE) —

    AB Tewox (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group’s annual management report for 2024.

    Financial results

    The objective of the Company is to earn a return to shareholders through investments in individual income-generating real estate objects – either under development or already developed – intended for retail or other (commercial and/or residential) purposes in the Baltic Sea Region countries – Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland and Germany. The main financial indicators for the period were:

    • As at 31 December 2024, the Company’s total assets were EUR 75,648 thousand, total equity was EUR 43,448 thousand, and total liabilities were EUR 32,200 thousand.
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 69,908 thousand, which compared to 31 December 2023, grew by EUR 4,029 thousand (or 6.21 %).
    • From January to December 2024, The Company earned EUR 3.344 thousand in total comprehensive income.

    Key events of 2024:

    • In 2024, the Company, through its managed subsidiaries, acquired investment property with a total acquisition value of approximately EUR 23.9 million:
      • Commercial building, located at 83 Dariaus ir Girėno g., Jurbarkas, Lietuva;
      • Commercial building, located at 2 Chrobrego, Radom, Lenkija;
      • Commercial building, located at 211 Zgierska, Łódź, Lenkija;
      • Land plot, located at 46 Artojų g., Kaunas, Lietuva.
    • In 2024 the Company issued private bonds with nominal value of EUR 9.974 million and redeemed private bonds with a nominal value of EUR 26.570 million.
    • On 13 August 2024, the Group’s prospectus for a public bond offering of EUR 35 million was approved. During 2024, the Company issued bonds with a nominal value of EUR 23.774 million.

    Key events after the end of the financial year:

    • On January 19, 2025, the third tranche of the public bond issuance was completed, during which the Company issued bonds with a total nominal value of EUR 11.226 million.
    • At the end of January 2025, the Company executed an early redemption of bonds in accordance with applicable early redemption terms, redeeming private bonds with a nominal value of EUR 7.474 million.
    • In March 2025, the Company, through its subsidiary, has completed a transaction for the acquisition of two Lidl store buildings in Panevėžys and Jurbarkas, for which it received EUR 6.7 million in financing from a credit institution.

    Shareholder’s meeting

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power not to approve the annual financial statements and the right to request new financial statements to be prepared. 

    The shareholders of the Company will vote on approving the Group’s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits, it is proposed to allocate profits as follows:

    Article Amount, EUR
    Retained earnings (loss) – at the beginning of financial year (4,339,664)
    Change in accounting policy 2,979,859
    Retained earnings (loss) – at the beginning of financial year after the change in accounting policy (1,360,105)
    Comprehensive income (loss) for the reporting period – net profit for the current year 3,344,405
    Interim dividends paid in 2024 (400,000)
    Profit transfer to the legal reserve
    Retained earnings (loss) – at the end of financial year 1,584,300
    Profit distribution:  
    Profit transfer to the legal reserve (167,220)
    Profit transfer to other reserves
    Profit to be paid as dividends (1,274,534)
    Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods 142,546

    Additional agenda items of the shareholders’ meeting – the amendment of the Company’s Articles of Association, the establishment of the Audit Committee, the and approval of its guidelines.

    Contact person for further information:

    Paulius Nevinskas

    Manager of the Investment Company

    paulius.nevinskas@lordslb.lt

    https://lordslb.lt/tewox_bonds/

    Attachments

    The MIL Network

  • MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

    Source: US State of Connecticut

    From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

    College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

    Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

    School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

    Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

    School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

    Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

    School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

    Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

    Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

    Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

    College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

    Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

    School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

    Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

     

    College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

    Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

    Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

    Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

    College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

    Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

    School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

    JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

    College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

    School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

    Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

    The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

    Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

     

    UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

    Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

    The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

    Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

    Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

    Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

    For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

    Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

    School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

    The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

    MIL OSI USA News

  • MIL-OSI Banking: Outlaw cybergang attacking targets worldwide

    Source: Securelist – Kaspersky

    Headline: Outlaw cybergang attacking targets worldwide

    Introduction

    In a recent incident response case in Brazil, we dealt with a relatively simple, yet very effective threat focused on Linux environments. Outlaw (also known as “Dota”) is a Perl-based crypto mining botnet that typically takes advantage of weak or default SSH credentials for its operations. Previous research ([1], [2]) described Outlaw samples obtained from honeypots. In this article, we provide details from a real incident contained by Kaspersky, as well as publicly available telemetry data about the countries and territories most frequently targeted by the threat actor. Finally, we provide TTPs and best practices that security practitioners can adopt to protect their infrastructures against this type of threat.

    Analysis

    We started the analysis by gathering relevant evidence from a compromised Linux system. We identified an odd authorized SSH key for a user called suporte (in a Portuguese-speaking environment, this is an account typically used for administrative tasks in the operating system). Such accounts are often configured to have the same username as the password, which is a bad practice, making it easy for the attackers to exploit them. The authorized key belonged to a remote Linux machine user called mdrfckr, a string found in Dota campaigns, which raised our suspicion.

    Suspicious authorized key

    After the initial SSH compromise, the threat actor downloads the first-stage script, tddwrt7s.sh, using utilities like wget or curl. This artifact is responsible for downloading the dota.tar.gz file from the attackers’ server. Below is the sequence of commands performed by the attacker to obtain and decompress this file, which is rather typical of them. It is interesting to note that the adversary uses both of the previously mentioned utilities to try to download the artifact, since the system may not have one or another.

    Chain of commands used by the attackers to download and decompress dota.tar.gz

    After the decompression, a hidden directory, named “.configrc5”, was created in the user’s home directory with the following structure:

    .configrc5 directory structure

    Interestingly enough, one of the first execution steps is checking if other known miners are present on the machine using the script a/init0. If any miners are found, the script tries to kill and block their execution. One reason for this is to avoid possible overuse of the RAM and CPU on the target machine.

    Routine for killing and blocking known miners

    The script also monitors running processes, identifies any that use 40% or more CPU by executing the command ps axf o “pid %cpu”, and for each such process, checks its command line (/proc/$procid/cmdline) for keywords like “kswapd0”, “tsm”, “rsync”, “tor”, “httpd”, “blitz”, or “mass” using the grep command. If none of these keywords are found ( grep doesn’t return zero), the process is forcefully killed with the kill 9 command; otherwise, the script prints “don’t kill”, effectively whitelisting Outlaw’s known or expected high-CPU processes, so it doesn’t accidentally kill them.

    Processes checks performed by the threat

    After the process checks and killing are done, the b/run file is executed, which is responsible for maintaining persistence on the infected machine and executing next-stage malware from its code. For persistence purposes, the attackers used the following command to wipe the existing SSH setup, create a clean .ssh folder, add a new public key for SSH access, and lock down permissions.

    The next-stage malware is a Base64-encoded string inside the b/run script that, once decoded, reveals another level of obfuscation: this time an obfuscated Perl script. Interestingly, the attackers left a comment generated by the obfuscator (perlobfuscator.com) in place.

    Obfuscated Perl script

    We were able to easily deobfuscate the code using an open-source script available on the same website as used by the attackers (https://perlobfuscator.com/decode-stunnix-5.17.1.pl), which led us to the original source code containing a few words in Portuguese.

    Deobfuscated Perl script

    This Perl script is an IRC-based botnet client that acts as a backdoor on a compromised system. Upon execution, it disguises itself as an rsync process, creates a copy of itself in the background, and ignores termination signals. By default, it connects to a hardcoded IRC server over port 443 using randomly generated nicknames, joining predefined channels to await commands from designated administrators. The bot supports a range of malicious features including command execution, DDoS attacks, port scans, file download, and upload via HTTP. This provides the attackers with a wide range of capabilities to command and control the botnet.

    XMRig miner

    Another file from the hidden directory, a/kswapd0, is an ELF packed using UPX, as shown in the image below. We were able to easily unpack the binary for analysis.

    kswapd0 identification and unpacking

    By querying the hash on threat intelligence portals and by statically analyzing the sample, it became clear that this binary is a malicious modified version of XMRig (6.19.0), a cryptocurrency miner.

    XMRig version

    We also found a configuration file embedded in the binary. This file contains the attacker’s mining information. In our scenario, the configuration was set up to mine Monero using the CPU only, with both OpenCL and CUDA (for GPU mining) disabled. The miner runs in the background, configured for high CPU usage. It also connects to multiple mining pools, including one accessible via Tor, which explains the presence of Tor files inside the .configrc5/a directory. The image below shows an excerpt from this configuration file.

    XMRig custom configuration

    Victims

    Through telemetry data collected from public feeds, we have identified victims of the Outlaw gang mainly in the United States, but also in Germany, Italy, Thailand, Singapore, Taiwan, Canada and Brazil, as shown in the chart below.

    Countries and territories where Outlaw is most activedownload)

    The following chart shows the distribution of recent victims. We can see that the group was idle from December 2024 through February 2025, then a spike in the number of victims was observed in March 2025.

    Number of Outlaw victims by month, September 2024–March 2025 (download)

    Recommendations

    Since Outlaw exploits weak or default SSH passwords, we recommend that system administrators adopt a proactive approach to hardening their servers. This can be achieved through custom server configurations and by keeping services up to date. Even simple practices, such as using key-based authentication, can be highly effective. However, the /etc/ssh/sshd_config file allows for the use of several additional parameters to improve security. Some general configurations include:

    • Port : changes the default SSH port to reduce exposure to automated scans.
    • Protocol 2: enforces the use of the more secure protocol version.
    • PermitRootLogin no: disables direct login as the root user.
    • MaxAuthTries : limits the number of authentication attempts per session.
    • LoginGraceTime : defines the amount of time allowed to complete the login process (in seconds unless specified otherwise).
    • PasswordAuthentication no: disables password-based login.
    • PermitEmptyPasswords no: prevents login with empty passwords.
    • X11Forwarding no: disables X11 forwarding (used for running graphical applications remotely).
    • PermitUserEnvironment no: prevents users from passing environment variables.
    • Banner /etc/ssh/custom_banner: customizes the system login banner.

    Consider disabling unused authentication protocols:

    • ChallengeResponseAuthentication no
    • KerberosAuthentication no
    • GSSAPIAuthentication no

    Disable tunneling options to prevent misuse of the SSH tunnel feature:

    • AllowAgentForwarding no
    • AllowTcpForwarding no
    • PermitTunnel no

    You can limit SSH access to specific IPs or networks using the AllowUsers directive:

    • AllowUsers *@10.10.10.217
    • AllowUsers *@192.168.0.0/24

    Enable public key authentication with:

    • PubkeyAuthentication yes

    Set parameters to automatically disconnect idle sessions:

    • ClientAliveInterval
    • ClientAliveCountMax

    The following configuration file serves as a template for hardening the SSH service:

    While outside sshd_config, pairing your config with tools like Fail2Ban or firewalld rate limiting adds another solid layer of protection against brute force.

    Conclusion

    By focusing on weak or default SSH credentials, Outlaw keeps improving and broadening its Linux-focused toolkit. The group uses a range of evasion strategies, such as concealing files and folders or obfuscated programs, and uses compromised SSH keys to keep access for as long as possible. The IRC-based botnet client facilitates a wide range of harmful operations, such as command execution, flooding, and scanning, while the deployment of customized XMRig miners can divert processing resources to cryptocurrency mining. By hardening SSH configurations (for instance, turning off password authentication), keeping an eye out for questionable processes, and limiting SSH access to trustworthy users and networks, system administrators can greatly lessen this hazard.

    Tactics, techniques and procedures

    Below are the Outlaw TTPs identified from our malware analysis.

    Tactic Technique ID
    Execution Command and Scripting Interpreter: Unix Shell T1059.004
    Persistence Scheduled Task/Job: Cron T1053.003
    Persistence Account Manipulation: SSH Authorized Keys T1098.004
    Defense Evasion Obfuscated Files or Information T1027
    Defense Evasion Indicator Removal: File Deletion T1070.004
    Defense Evasion File and Directory Permissions Modification T1222
    Defense Evasion Hide Artifacts: Hidden Files and Directories T1564.001
    Defense Evasion Obfuscated Files or Information: Software Packing T1027.002
    Credential Access Brute Force T1110
    Discovery System Information Discovery T1082
    Discovery Process Discovery T1057
    Discovery Account Discovery T1087
    Discovery System Owner/User Discovery T1033
    Discovery System Network Connections Discovery T1049
    Lateral Movement Remote Services: SSH T1021.004
    Collection Data from Local System T1005
    Command and Control Application Layer Protocol T1071
    Command and Control Ingress Tool Transfer T1105
    Exfiltration Exfiltration Over Alternative Protocol T1048
    Impact Resource Hijacking T1496
    Impact Service Stop T1489

    Indicators of Compromise

    MIL OSI Global Banks

  • MIL-OSI Economics: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

    Frankfurt am Main, 29 April 2025

    I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]

    Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

    This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

    First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

    The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

    Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

    The emerging reality of fragmentation

    Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

    Fragmentation of the real economy

    Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]

    The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]

    However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

    The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

    Financial fragmentation

    The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

    In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]

    But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]

    The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]

    Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

    Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

    The looming consequences of fragmentation

    Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

    Medium-term impacts

    The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

    Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]

    The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]

    The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

    In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

    Long-term structural changes

    The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

    The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]

    However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

    But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]

    The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]

    Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

    The central bank’s role in a fragmented world

    So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

    First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

    Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]

    Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]

    And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]

    In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

    Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]

    Conclusion

    Let me conclude.

    As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

    Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

    Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

    MIL OSI Economics

  • MIL-OSI Russia: “Passing on the Memory of the Feat”: HSE Hosts Conference in Honor of the 80th Anniversary of Victory

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Higher School of Economics

    On April 25, the International Student Military-Patriotic Conference was held at the HSE Cultural Center “The Great Victory is 80 years old”. Russian and foreign students, students Lyceum of the National Research University Higher School of Economics and partner schools, teachers and university administrators. The key role in the preparation of the conference was played by Military Training Center of the National Research University Higher School of Economics under the leadership of Hero of Russia Colonel Vladimir Korgutov.

    In the hall of the first floor of the Center of Culture, there was an exhibition called “Weapons of Victory”. Students dressed in military uniforms from the Great Patriotic War demonstrated rare rifles, machine guns, grenades, helmets, and even a cavalry saber to guests.

    Levitan’s voice was heard from the speakers, announcing the signing of the act of unconditional surrender of Germany on May 8, 1945. And in the halls of the second and third floors, students danced to the song “Our Cossacks are Riding, Riding Through Berlin.” There was an exhibition of student paintings on military themes, as well as an exhibition “Coal of Victory” – images of the heroes of the SVO.

    At one of the stands, anyone could receive a collection of the best competition works by HSE students for the 80th anniversary of the Victory.

    There was no indifference

    The conference in the Great Hall began with the carrying out of the banners and the performance of the Russian Federation Anthem. Then the participants were addressed by the Vice-Rector of the National Research University Higher School of Economics Sergey Rozhkov.

    He called the conference “a significant event in the life of our team,” emphasizing that it was preceded by meticulous work. The commission reviewed more than 200 student studies devoted to various pages of the Great Patriotic War, and the authors of the best of them were invited to speak.

    “As the chairman of the commission, I responsibly declare that there was no indifference in these works. They are imbued with a sense of patriotism, personal pride for their relatives and friends who forged the Great Victory on the fronts of the Great Patriotic War, on the labor fronts in the rear, and everyone made their contribution to the common cause,” noted Sergei Rozhkov.

    The vice-rector emphasized that 80 years separate us from 1945, but we must not forget the price we paid for the victory. “When a person stops remembering, he stops living. And we must pass on the memory of the feat that our ancestors accomplished from generation to generation so that we could study and work in peace,” he said.

    After this, a minute of silence was declared.

    The Truth About War

    The introductory report was given by the HSE full professor, Major General Adam Nizhalovsky.

    He recalled that, according to official data, losses in World War II amounted to 55 million people, of which 27 million were losses of the Soviet Union, that is, 14% of its population. “Think about this figure! Every seventh Soviet person died, and these are the best people of our country,” the general noted.

    The report touched upon such topics as the beginning of the Great Patriotic War, the participation of European armies in it, the atrocities of the fascists, the fate of prisoners of war, and the circumstances of Germany’s capitulation. In the West, it is believed that Germany capitulated to the Allied forces on May 7 in Reims, although the USSR did not recognize this, and the signing of the real act of capitulation took place on May 8 in Karlshorst with the participation of Marshal Zhukov.

    “Thus, even before the end of the war, Western countries began to falsify its results. Having begun attacks on the USSR in May 1945, they intensified them in the following years and erased the truth about that war from the consciousness of their citizens, belittling the role of the Soviet Union in the victory over fascism,” Adam Niżalowski emphasized.

    In conclusion of his report, he recalled that today only a few creators of victory remain in the veteran ranks and due to their age it is difficult for them to defend what they fought for in the soldier ranks. Now this task and sacred duty falls on us – the heirs of the Great Victory.

    Pain and pride

    Eight student papers, selected based on the results of the competition, were presented at the conference.

    In a report dedicated to the Brest Fortress, the student Faculty of Creative Industries From the Republic of Belarus, Kristina Alekseeva focused on little-known facts: that the fortress was stormed by the Austrians, that it was defended by representatives of more than 30 nationalities, that the inscriptions scratched on the walls of the casemates and the buried banners were found years later, that it was in Brest that the first burial place for Wehrmacht soldiers was created.

    Students of the Military Training Center Evgeny Dolgov and Ivan Singay presented the results of a study on military training in universities during the Great Patriotic War.

    Such training began already in 1941, most students managed to apply the knowledge they had acquired in practice and maintain contact with universities. Over a thousand MSU graduates were awarded, seven of them became Heroes of the Soviet Union. And, for example, among the graduates of the Moscow Institute of Transport Engineers there were partisans who blew up enemy trains.

    Family history

    Student Higher School of Business Kirill Pivovarov spoke about eight heroes of the Great Patriotic War – members of his family.

    Among them is his great-great-uncle Nikolai Shabrov, who volunteered for the front, was seriously wounded, recovered and was again called up to the army, commanded a platoon of the 8th Guards Panfilov Division, was personally acquainted with Marshal Zhukov, who gave him his accordion. And Kirill’s great-great-grandfather Sergei Kraskov fought in the unit commanded by his son Viktor, and they served together until the end of the war.

    Student Faculty of Social Sciences Olga Avdeevich from the Republic of Belarus said that her great-great-uncle Mikhail Avdeevich became the secretary of an underground Komsomol organization in a village in Western Belarus at the beginning of the war. In 1943, he was taken into slavery to Germany, and after the liberation of East Prussia, he was drafted into the Red Army and took part in battles, was wounded, and his subsequent fate is unknown.

    “My father and I are looking for Grandpa Misha, and according to one version, he died of his wounds and was buried in Poland. But the search for the burial site has now been suspended, since Poland, an unfriendly country, does not respond to our requests,” Olga explained.

    Friendly countries

    The conference was attended by Chinese and Mongolian students. Xiao Yanbo, student Faculty of Humanities from China, gave a report on the topic “The Great Victory in the Fates of the Peoples of China,” telling about some events of the Sino-Japanese War of 1937–1945.

    “If the Bryansk forests are a symbol of the Soviet people’s resistance to fascism, then the fields and hills of Shandong, a region in eastern China, are a symbol of the Chinese people’s resilience in the face of Japanese invaders. Our countries fought together against fascism and militarism, and the actions of Chinese partisans in many ways echo the feat of their Soviet brothers,” the Chinese student noted.

    One of the conclusions of his research is that the victory of the USSR in the Great Patriotic War and the decisive actions of the Red Army to defeat Japan made it possible to liberate the lands of China, opening a new page in Soviet-Chinese relations.

    A student of the creative industries department, Batjargal Ganbalor from Mongolia, told how her country, despite limited resources, helped the Soviet Union during the war. They sent food, clothing, horses (every fifth horse in the Red Army was Mongolian) to the front, paid for the construction of tanks and planes – the amount of aid was equivalent to three years of the country’s budget.

    An activist of the Mongolian Club of the National Research University Higher School of Economics, Tugsmandal Sergelen, spoke about her ancestors, one of whom fought against the Nazis in the ranks of the Red Army, was wounded, awarded an order and returned home, and the other, being of advanced age and possessing great authority in his country, personally donated 39 horses and almost 20 kg of silver to the needs of the front.

    “I am filled with gratitude to my ancestors for their contribution to the victory. The peoples of Mongolia and the USSR have the right to celebrate this victory together,” the girl concluded.

    Made your choice

    The leitmotif of the conference was the thesis about the continuity of generations that stood up to defend the Motherland during the Great Patriotic War and now, during the Central Military District.

    Anton Yukhnevsky, a graduate of the Military Training Center last year, told how HSE students continue the tradition of helping the front today. A month after the start of the SVO, the “White Raven” movement was created at the university. Its participants organize humanitarian actions and visiting missions in the SVO zone and in areas adjacent to the combat contact line, and hold sports and educational events at the university.

    “You and I could have distanced ourselves from this, studied, had fun and spent time carefree,” Anton addressed the students. “But we made our choice long before the start of the SVO, back in childhood, thanks to our upbringing, and I am sure that it was the only right one.”

    Social Sciences student Anton Nudny read his poem dedicated to a soldier who defended the Motherland in the 1940s and his grandson who followed his example 80 years later: “…And the years flew by like a moment, / and again Kharkov, again battle and smoke, / and the current soldier is of a different generation, / but his spirit is still the same – he is invincible.”

    Betting on talent

    The conference reports alternated with concert numbers. The hit of the day was the song “Faith in Victory”, written by the instructor of the military intelligence cycle, Colonel Evgeny Mityukov, and performed by him together with the students. Another discovery was the compositions of the vocal and instrumental ensemble created at the Military Training Center a month ago.

    As explained by the head of the Military Training Center, Hero of Russia Colonel Vladimir Korgutov, the organizers decided not to invite fashionable presenters and professional musical groups, relying on the talents of teachers and students.

    In closing the conference, he thanked its participants and organizers, congratulated all those present on Victory Day, and reported that the Military Training Center, which has already graduated more than 7,000 officers, sergeants, and reserve soldiers, continues to train true defenders of the Fatherland.

    Patriots become

    According to Vice-Rector Elena Odoevskaya, to achieve the goals set in the strategic documents of the HSE, it is necessary to have fortitude, to be able to overcome difficulties and move forward, and the conference once again showed that HSE students have these qualities. They also demonstrated unique creative abilities. “I am delighted with the vocal and instrumental ensemble,” added Elena Odoevskaya.

    “Patriots are not born – they become them, including thanks to correctly presented and emotionally colored information. The conference was filled with such information about the Great Patriotic War, about the contribution of our people to the victory, and its better perception was facilitated by the concert program. Many facts and conclusions that were voiced here should be known to every schoolchild and student,” noted Vice-Rector Vyacheslav Bashev.

    “The main impression from the conference is a feeling of pride for the younger generation. It is worthy of the memory of its ancestors,” concluded Sergei Rozhkov.

    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 Europe: ECB Consumer Expectations Survey results – March 2025

    Source: European Central Bank

    29 April 2025

    Compared with February 2025:

    • median consumer perceptions of inflation over the previous 12 months remained unchanged, as did expectations for inflation five years ahead (reported for the first time this month), while median inflation expectations for both the next 12 months and three years ahead increased;
    • expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months were unchanged (remaining somewhat negative), while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead remained unchanged.

    Inflation

    The median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% in March. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months increased by 0.3 percentage points to 2.9%, the highest level since April 2024, while expectations for three years ahead edged up by 0.1 percentage points to 2.5%, the highest level since March 2024. Expectations for inflation five years ahead, which are being reported for the first time this month, were unchanged for the fourth consecutive month at 2.1%. For more information on this new measure of inflation expectations, please see the box entitled “Consumers’ long-term inflation expectations: an overview” in the Economic Bulletin, Issue 3, ECB, 2025. Inflation expectations at the one-year, three-year and five-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged in March at its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and short-horizon expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months remained unchanged at 1.0%. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in February. Expected nominal spending growth over the next 12 months decreased to 3.4% in March, from 3.5% in February and 3.6% in January. This decrease was observed across most income groups. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were stable in March, standing at -1.2%. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in February. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable over the previous four months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.1% over the next 12 months, which was slightly higher than in February. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.3% and 2.8% respectively), although the difference between them narrowed in recent months. Expectations for mortgage interest rates 12 months ahead remained unchanged from February at 4.4%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (4.0%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, while the net percentage of those expecting a tightening over the next 12 months declined. (Housing and credit access results)

    The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

    The release of the Consumer Expectations Survey (CES) results for April is scheduled for 28 May 2025.

    For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

    Notes

    MIL OSI Europe News

  • MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

    Frankfurt am Main, 29 April 2025

    I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]

    Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

    This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

    First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

    The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

    Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

    The emerging reality of fragmentation

    Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

    Fragmentation of the real economy

    Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]

    The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]

    However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

    The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

    Financial fragmentation

    The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

    In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]

    But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]

    The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]

    Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

    Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

    The looming consequences of fragmentation

    Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

    Medium-term impacts

    The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

    Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]

    The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]

    The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

    In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

    Long-term structural changes

    The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

    The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]

    However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

    But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]

    The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]

    Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

    The central bank’s role in a fragmented world

    So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

    First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

    Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]

    Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]

    And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]

    In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

    Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]

    Conclusion

    Let me conclude.

    As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

    Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

    Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

    MIL OSI Europe News

  • MIL-OSI: Forbion leads €18M Series A Financing in Textile Recycling Technology company EEDEN

    Source: GlobeNewswire (MIL-OSI)

    NAARDEN, The Netherlands, April 29, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe announces it has led the €18 million Series A financing round through its BioEconomy fund of German tech startup EEDEN GmbH, a company which has developed a groundbreaking textile recycling technology. Also joining as new investors are Henkel Ventures, and NRW.Venture, the Venture Fund of NRW.BANK, North Rhine-Westphalia´s development bank. All existing investors reinvested in the round, including the venture capital investors TechVision Fund (TVF), High-Tech Gründerfonds (HTGF) and D11Z.Ventures. The funding will enable EEDEN to build its demonstration plant in Münster, optimize large-scale processing, and establish commercial projects with key players in the textile industry.

    Ongoing challenges including rising costs, scarcity of resources, material volatility, and growing regulatory hurdles continue to strain the textile industry. To remain competitive, brands and manufacturers are increasingly looking for textile materials that combine high performance, scalability, and circularity at price parity. EEDEN addresses this need with its breakthrough in chemical recycling technology that recovers pure cellulose and PET building blocks (monomers) from cotton-polyester blends. Their products can be used to produce virgin-quality lyocell, viscose, and polyester fibers thereby offering a resource-efficient alternative to conventional fibers and unlocking new circular value chains.

    Alex Hoffmann, General Partner at Forbion noted, “EEDEN has developed a pioneering solution that can make large-scale textile recycling not only technologically feasible, but also commercially viable in the near future. We see tremendous potential in their approach and are excited to support the team as they bring this breakthrough technology to industrial scale.”

    Steffen Gerlach, CEO & Co-Founder of EEDEN explained, “Over the past few years, we have developed a proven solution that has the potential to meet the industry’s long-term need for cost-efficient and high-performing circular materials. We are proud that our new and existing investors believe in our approach and share our vision. With their support, we are ready to scale our technology and turn textile waste into materials the industry truly needs.”

    With increasing textile waste comes increased regulation. As of January 2025, EU member states are required to implement separate collection systems for used textiles. EEDEN’s technology provides a pragmatic solution that is capable of processing complex blended materials.

    The new EEDEN demonstration facility in Münster, Germany follows the successful technology validation of its pilot plant with industrial partners. This €18 million Series A financing will enable the company to optimize large-scale processing and establish commercial projects with key players in the textile industry.

    About EEDEN
    EEDEN is a tech company based in Münster, Germany, pioneering the chemical recycling of cotton-polyester textiles. Founded in 2019, EEDEN has developed a breakthrough technology that efficiently separates and recovers cellulose and PET monomers, which fiber producers transform into virgin-quality lyocell, viscose, and polyester fibers – enabling the transition toward a fully circular textile industry. Find out more at eeden.world

    About Forbion BioEconomy Fund I
    BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support.

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    The MIL Network

  • MIL-OSI Global: What Liberal Mark Carney’s election win in Canada means for Europe

    Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

    Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

    This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

    As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

    From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

    What does Carney’s victory mean specifically for the Canada-EU relationship?

    Trade as a strategic anchor

    Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

    Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

    European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

    As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

    Climate and energy: A balanced agenda

    Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

    While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

    This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

    Both Carney and the EU view the investment in new technologies as the path forward.

    As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

    Transatlantic defence co-operation

    Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.




    Read more:
    What does Donald Trump’s NATO posturing mean for Canada?


    This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

    Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

    But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.




    Read more:
    Foreign interference threats in Canada’s federal election are both old and new


    In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

    Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

    Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

    Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. What Liberal Mark Carney’s election win in Canada means for Europe – https://theconversation.com/what-liberal-mark-carneys-election-win-in-canada-means-for-europe-254775

    MIL OSI – Global Reports

  • MIL-OSI: BAWAG Group publishes Q1 2025 results: Net profit € 201 million and RoTCE 25.8%

    Source: GlobeNewswire (MIL-OSI)

    Today, BAWAG Group released its results for the first quarter 2025, reporting a net profit of € 201 million, earnings per share of € 2.54, and a RoTCE of 25.8%. Pre-provision profits were at € 336 million and the cost-income ratio at 37%. The first quarter 2025 represents the starting point as a larger group. After the closing of our most recent acquisition, Barclays Consumer Bank Europe, on February 1, 2025, the first quarter results include a full quarter of Knab and two months of Barclays Consumer Bank Europe.

    The CET1 ratio was at 13.8%, in line with the pro-forma capital ratio at year-end 2024. This already considers the deduction of € 111 million dividend accrual for Q1 2025 as well as the self-funded acquisition of Barclays Consumer Bank Europe. On April 4, 2025, the Annual General Meeting approved the dividend for the financial year 2024 of € 5.50 per share, which was paid out on April 11, 2025. The NPL ratio was at 0.7% at the end of the first quarter, reflecting our consistently strong asset quality.        

    BAWAG Group also reconfirms the outlook for the financial year 2025 as well as its mid-term targets as presented on the investor day on March 4, 2025.

    Anas Abuzaakouk, CEO, commented: “We delivered net profit of € 201 million, EPS of € 2.54, and a return on tangible common equity of 26% during the first quarter. The recent market volatility from the short-term impacts of changing tariffs and more long-term impacts on global trade will take some time to be fully understood. However, we have a solid foundation, a fortress balance sheet, and a leadership team that has worked together for over a decade navigating changing currents as we aim to be a source of strength for our customers and the communities we serve.”

    The earnings presentation is available on https://www.bawaggroup.com.

    Delivering strong results in the first quarter 2025 as a larger group

    in € million Q1 ’25 Q1 ‘24 Change vs prior
    year (in %)
    Q4 ’24 Change vs prior quarter (in %)
    Core revenues 534.8 392.8 36 449.6 19
    Net interest income 445.8 317.1 41 368.4 21
    Net commission income 89.0 75.7 18 81.2 10
    Operating income 533.8 383.8 39 461.7 16
    Operating expenses (197.6) (126.2) 57 (164.8) 20
    Pre-provision profit 336.2 257.6 31 296.9 13
    Regulatory charges (9.6) (5.2) 85 (4.3) >100
    Risk costs (59.2) (29.9) 98 1.4
    Profit before tax 268.0 222.8 20 296.1 (9)
    Net profit 201.0 166.9 20 240.0 (16)
               
    RoTCE 25.8% 23.7% 2.1pts 31.6% (5.8)pts
    CIR 37% 32.9% 4.1pts 35.7% 1.3pts
    Earnings per share (€) 2.54 2.11 20 3.03 (16)
    Liquidity Coverage Ratio (LCR) 213% 217% (4)pts 249% (36)pts

    Earnings presentation
    BAWAG Group will host the earnings call with our CEO Anas Abuzaakouk and CFO Enver Sirucic at 10 a.m. CEST on 29 April 2025. The webcast details are available on our website under Financial Results | BAWAG Group.

    About BAWAG Group
    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Ireland, the United Kingdom, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward-looking statement
    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Communications & Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network

  • MIL-OSI: Planisware – Q1 2025 revenue

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 revenue: € 47.5 million; +16.0%

    • Revenue up +14.3% in constant currencies, in line with FY planned trajectory
    • Strong commercial dynamic despite still elongated sales cycles
    • Growing pipeline fueled by high demand for advanced solutions providing visibility and agility
    • 2025 objectives confirmed:
      • Mid-to-high teens revenue growth in constant currencies
      • c. 35% adjusted EBITDA margin1
      • Cash Conversion Rate*of c. 80%

    Paris, France, April 29, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its Q1 2025 revenue. Up by +16.0% in current currencies Revenue amounted to € 47.5 million, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +14.3% (€+5.9 million), in line with the planned trajectory to achieve a mid-to-high teens revenue growth in 2025. Recurring revenue amounted to € 43.9 million (92% of total revenue) and was up by +16.2% in constant currencies.

    Loïc Sautour, CEO of Planisware, commented: “Although we are not directly impacted by tariffs, we are still observing elongated customers’ decision-making process. So we continue to leverage the close connection with our existing customers, but also to initiate commercial relationships with new clients. This approach enabled Planisware to deliver a robust revenue growth in Q1 2025, in line with the planned trajectory for the year.

    Facing a significant level of macroeconomic uncertainties, our clients and prospects express greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in this challenging environment.

    In this context, we confirm our mid-to-high teens revenue growth objective for the year while staying vigilant to potential further deterioration in the global economy, particularly in the short term. We also remain disciplined on resources allocation to maintain a strong profitability and best-in-class cash conversion rate while ensuring we keep investing in our long-term growth.

    Q1 2025 revenue by revenue stream

    In € million Q1 2025 Q1 2024 Variation
    YoY
    Variation
    in cc*
    Recurring revenue 43.9 37.2 +18.0% +16.2%
    SaaS & Hosting 22.7 18.9 +20.4% +18.5%
    Evolutive support 13.2 10.8 +21.8% +20.0%
    Subscription support 3.0 2.8 +6.7% +4.1%
    Maintenance 4.9 4.6 +6.4% +5.2%
    Non-recurring revenue 3.6 3.8 -3.3% -4.4%
    Perpetual licenses 0.8 1.1 -24.1% -25.4%
    Implementation & others non-recurring 2.8 2.7 +5.5% +4.4%
    Total revenue 47.5 40.9 +16.0% +14.3%

    * Revenue evolution in constant currencies, i.e. at Q1 2024 average exchange rates

    Reaching € 47.5 million in Q1 2025, revenue was up by +16.0% in current currencies and +14.3% in constant currencies. The exchange rates effect was almost fully related to the appreciation of the US dollar versus the euro. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q1 2024 average exchange rates to Q1 2025 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 92% of Q1 2025 total revenue, up by c. 150 basis points versus 91% in Q1 2024, recurring revenue reached € 43.9 million, up by +16.2%.

    Revenue growth was led by +17.8% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.5% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.7%.

    Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

    Non-recurring revenue

    Non-recurring revenue was down by -4.4% in Q1 2025, with a contrasted trend of Perpetual licenses down by -25.4% and Implementation up by +4.4%.

    Implementation activity was high in Q1 2025 with the start of several large SaaS contracts signed end of 2024, leading to +4.4% revenue growth. On the other hand, the Group sold several Perpetual licenses extensions and upgrades to customers with specific on-premises needs but posted a revenue decline by €-0.3 million compared to Q1 2024 which represented a particularly high comparative basis.

    Commercial dynamic

    In Q1 2025, despite sales cycles remaining longer than a year before, clients and prospects expressed greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in the current uncertain environment. Planisware continued to support its existing customers in adapting and reorganizing themselves to a rapidly changing environment, while maintaining or enhancing their operational efficiency. As a result, key clients such as Philips or Boston Scientific expanded their usage of Planisware’s solutions and support practices. This was particularly the case in the automotive industry with clients such as Fox Factory in the US in PD&I, Continental in Germany, as well as Forvia in France.

    The relevance of Planisware’s multi-specialist approach has been demonstrated in many sectors, from retail in Australia with Coles or the pharmaceutical industry in Japan with Takeda, to automotive in the USA and Sweden with Dana and HADV Group, which now uses Orchestra to manage its product development portfolio.

    2025 objectives confirmed

    Taking into account its strong commercial pipeline and acknowledging a high level of uncertainties that may drive further elongation of sales cycles and delays in the start of new contracts, Planisware confirms its 2025 objectives:

    • Mid-to-high teens revenue growth in constant currencies
    • c. 35% adjusted EBITDA margin*
    • Cash Conversion Rate* of c. 80%

    Appendices

    Investors & Analysts conference call

    Planisware’s management team will host an international conference call on April 29, 2025 at 8:00am CET to details Q1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • June 19, 2025:                 Annual General Meeting of shareholders
    • July 31, 2025:                 H1 2025 results publication
    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, and “cash conversion rate”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Attachment

    The MIL Network

  • MIL-OSI Global: What Liberal Mark Carney’s projected election win in Canada means for Europe

    Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

    Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

    This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

    As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

    From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

    What does Carney’s victory mean specifically for the Canada-EU relationship?

    Trade as a strategic anchor

    Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

    Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

    European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

    As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

    Climate and energy: A balanced agenda

    Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

    While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

    This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

    Both Carney and the EU view the investment in new technologies as the path forward.

    As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

    Transatlantic defence co-operation

    Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.




    Read more:
    What does Donald Trump’s NATO posturing mean for Canada?


    This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

    Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

    But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.




    Read more:
    Foreign interference threats in Canada’s federal election are both old and new


    In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

    Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

    Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

    Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. What Liberal Mark Carney’s projected election win in Canada means for Europe – https://theconversation.com/what-liberal-mark-carneys-projected-election-win-in-canada-means-for-europe-254775

    MIL OSI – Global Reports

  • MIL-OSI Global: What Liberal Mark Carney’s Canadian projected election win means for Europe

    Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

    Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

    This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

    As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

    From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

    What does Carney’s victory mean specifically for the Canada-EU relationship?

    Trade as a strategic anchor

    Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

    Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

    European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

    As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

    Climate and energy: A balanced agenda

    Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

    While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

    This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

    Both Carney and the EU view the investment in new technologies as the path forward.

    As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

    Transatlantic defence co-operation

    Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.




    Read more:
    What does Donald Trump’s NATO posturing mean for Canada?


    This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

    Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

    But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.




    Read more:
    Foreign interference threats in Canada’s federal election are both old and new


    In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

    Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

    Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

    Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. What Liberal Mark Carney’s Canadian projected election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-projected-election-win-means-for-europe-254775

    MIL OSI – Global Reports

  • MIL-OSI Global: What Liberal Mark Carney’s Canadian election win means for Europe

    Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

    Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

    This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

    As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

    From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

    What does Carney’s victory mean specifically for the Canada-EU relationship?

    Trade as a strategic anchor

    Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

    Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

    European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

    As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

    Climate and energy: A balanced agenda

    Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

    While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

    This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

    Both Carney and the EU view the investment in new technologies as the path forward.

    As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

    Transatlantic defence co-operation

    Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.




    Read more:
    What does Donald Trump’s NATO posturing mean for Canada?


    This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

    Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

    But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.




    Read more:
    Foreign interference threats in Canada’s federal election are both old and new


    In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

    Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

    Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

    Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. What Liberal Mark Carney’s Canadian election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-election-win-means-for-europe-254775

    MIL OSI – Global Reports

  • MIL-OSI Global: What Canada’s election of Mark Carney’s Liberals means for Europe

    Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

    Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

    This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

    As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

    From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

    What does Carney’s victory mean specifically for the Canada-EU relationship?

    Trade as a strategic anchor

    Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

    Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

    European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

    As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

    Climate and energy: A balanced agenda

    Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

    While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

    This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

    Both Carney and the EU view the investment in new technologies as the path forward.

    As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

    Transatlantic defence co-operation

    Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.




    Read more:
    What does Donald Trump’s NATO posturing mean for Canada?


    This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

    Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

    But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.




    Read more:
    Foreign interference threats in Canada’s federal election are both old and new


    In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

    Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

    Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

    Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. What Canada’s election of Mark Carney’s Liberals means for Europe – https://theconversation.com/what-canadas-election-of-mark-carneys-liberals-means-for-europe-254775

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: UK researchers access more quantum and space Horizon funding

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    UK researchers access more quantum and space Horizon funding

    EU Commissioner visits London as UK researchers and businesses get access to more Horizon Europe funding calls for quantum and space research

    • Minister for EU Relations today welcomes EU Commissioner Maroš Šefčovič ahead of his first official visit to the United Kingdom.
    • Visit comes as UK researchers and businesses benefit from wider access to Horizon Europe funding calls for quantum and space research, which will help drive sector and economic growth and deliver our Plan for Change.
    • New backing from the world’s largest programme of research collaboration, worth c.£80 billion, builds on high-potential tech areas like AI, telecoms and high-performance computing

    Minister for EU Relations, Nick Thomas-Symonds, today welcomes EU Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, Maroš Šefčovič, ahead of his first official visit to the United Kingdom under this government (Tuesday, 29 April 2025).

    Commissioner Šefčovič’s visit follows the recent engagement with European Commission President Ursula Von Der Leyen last week, providing a significant opportunity to review the progress of ongoing discussions between the UK and the European Union. This engagement is a key step in the lead-up to the UK-EU Summit scheduled for next month.

    This visit comes as UK scientists, researchers and businesses working on the latest innovations in quantum and space technologies have now been given access to more Horizon Europe funding, under the new 2025 Horizon Europe Work Programme published last week (Friday 25 April).

    Access to Horizon Europe funding, and the opportunities for international collaboration that Horizon presents, will be an important boost to these two sectors which are at the cutting edge of new opportunities for economic growth, helping to drive the Government’s Plan for Change.

    These are technologies that will be instrumental to the future of the economy: quantum computing alone is projected to deliver $5-10 billion of benefits globally over the next 3-5 years, while since 2015 the UK has attracted more private investment in space than any other country outside of the United States.

    During his visit in the UK, the European Commissioner for Trade and Economic Security, alongside the Minister for the Cabinet Office, Nick Thomas-Symonds, will meet professors at Imperial College London who have benefited from Horizon funding for their projects.

    Minister Nick Thomas-Symonds will co-chair the Withdrawal Agreement Joint Committee with Commissioner Šefčovič, who is also scheduled to meet with the Secretaries of State for the Foreign, Commonwealth and Development Office, the Department for Business and Trade, and the Northern Ireland Office. 

    Paymaster General and Minister for the Cabinet Office (Minister for the Constitution and European Union Relations), Rt Hon Nick Thomas-Symonds MP, said:

    In just under a month, the United Kingdom will host the UK-EU Summit here in London. Today provides an opportunity to take stock of negotiations and the progress made. We are fully aligned in our ambitions to build a safer, more secure, and prosperous future for people across the UK and Europe.

    We will always act in the national interest as we work towards a strong and durable strategic partnership with our European partners, unlocking new opportunities for British citizens and businesses.

    UK Science Minister Lord Vallance said:

    Thanks to this welcome news, the opportunities for British researchers and businesses working in quantum, space, and beyond are only set to grow.

    They now have greater access to one of the world’s foremost vehicles for R&D funding, and an even bigger chance to build the international ties which we know are critical to advancing knowledge, tackling the world’s biggest challenges, and delivering the economic growth that is at the heart of this Government’s Plan for Change.

    I want innovators up and down the UK to seize the moment that stands before them. Horizon’s doors are open to you, and we have support available to help you. Now is the time to bid for funding, build consortia, and take your work to the next level.

    The UK gained access to the vast majority (95%+) of Horizon funding calls, when we associated to the programme in 2024, with some very limited exceptions on some emerging technologies.

    Today’s breakthrough comes after a period of constructive collaboration between UK and EU teams and means that more British experts working on space and quantum can now confidently bid for a share of the c.£80 billion that is available through Horizon overall.

    They can also build consortia with research partners across Europe, and beyond in Canada, Switzerland, and more. This includes complete access to all Horizon Europe quantum funding calls.

    Horizon also offers a huge opportunity to businesses and researchers focusing on other cutting-edge technologies, like AI, telecoms, and high-performance computing, including through access to cutting-edge computing resources through EuroHPC. Recent UK-EU engagement has ensured that the UK retains open access to all calls in these areas.

    The Horizon Europe programme is an innovation powerhouse –spending over €380 billion on R&D in 20231 – and fostering deep and high-quality links between the continent’s brightest minds, and the UK’s, will be critical if we are to seize the promise for science and tech innovations to support the Government’s Missions to grow the economy, fix the NHS and improve health outcomes and deliver clean energy under the Plan for Change. Innovative and high-potential sectors like space and quantum will be instrumental to rebuilding the foundations of the economy, and kickstarting growth.

    Greater access to Horizon is a win for the UK, given the growing importance of space and quantum to the economy and society. The UK space sector already employs 52,000 people and generates an of £18.9 billion each year.

    Meanwhile new innovations in quantum – harnessing the unique properties of subatomic particles to process information and solve problems – are already unlocking breakthroughs in healthcare, logistics, financial services and more. On top of this, experts working in fields like AI, high performance computing, and future telecoms continue to enjoy valuable Horizon access, as well as a vast number of other sectors including food and agritech, digital, industry and more.

    British researchers having access to more Horizon science funding calls also further emphasises the value of the UK’s participation in the EU’s Copernicus Earth Observation programme.

    Furthermore, the UK and EU have a strong shared commitment to developing assured and independent European access to space: work which forms a key part of the UK’s own ambitions for space launch. With plans for the first launches from SaxaVord in the Shetland Islands later this year, the UK is a leading international partner and cooperator in Europe’s space ambitions and it is encouraging that British researchers will be able to access calls that help to further Europe’s ambition.

    There is no time to lose for businesses, researchers, and scientists working in quantum, space and beyond to take advantage of this news, because new Horizon funding calls open in the coming weeks. New space and industry calls open from Thursday 22 May, and digital calls open from Tuesday 10 June.

    Notes to editors

    Since 2024, the government has provided extensive assistance to our R&D communities to maximise their chances of applying and succeeding in Horizon Europe. In addition to concrete funding initiatives, such as Pump Priming,  we recently piloted brokerage visits to Italy, Germany and Spain for UK innovators and researchers looking to build Horizon consortia. Last month, more than 500 of the UK’s leading researchers, businesspeople and scientists gathered at London’s Oval for a Showcase event sharing insight on opportunities available through Horizon. Further information, including practical support on how to apply, is available on the Horizon Hub website. UK Research and Innovation (UKRI) also host regular events that help guide businesses and researchers through the opportunities on offer and the application process. We will continue to review the needs of the UK R&D community in order to offer support and facilitate access to Horizon Europe opportunities.

    Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal.

    More information on how to submit applications are available on the European Commission’s website. The pre-publication of the Horizon Europe 2025 Work Programme can be found here.

    DSIT media enquiries

    Email press@dsit.gov.uk

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    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Youth Mobility Scheme for Uruguayan and British citizens: 2025

    Source: United Kingdom – Executive Government & Departments

    World news story

    Youth Mobility Scheme for Uruguayan and British citizens: 2025

    The Youth Mobility Scheme allows 500 visas, both for Uruguayan and British nationals, to live, study, work and travel in the UK and Uruguay respectively.

    In 2025, 500 British and 500 Uruguayan nationals aged 18 to 30 years old will be able to experience life and culture in each other’s country for up to 2 years, as established in the agreement that came into effect in both countries on 31 January 2024.

    Uruguayan citizens who would like to travel to the UK under this scheme need to apply for a Youth Mobility Scheme (YMS) visa. British citizens who would like to travel to Uruguay should apply for a Working Holiday temporary residency.

    The scheme desires to foster close relations between British and Uruguayan nationals, intending to promote and facilitate access to opportunities that enable youth to gain a better understanding of the other participant’s culture, society, and languages through travel, work, and life experience abroad.

    This is the first YMS between the UK and a South American Country. The agreement was signed in August 2023 at the Uruguayan Ministry of Foreign Affairs, during the visit of FCDO Minister for the Americas and Caribbean David Rutley MP to Uruguay.

    UK has YMS agreements in place with Andorra, Australia, Canada, Republic of Korea, Hong Kong, Iceland, Japan, Monaco, New Zealand, San Marino, Taiwan and Uruguay.

    Uruguay has Working Holiday programmes with Australia, France, Germany, Japan, Netherlands, New Zealand, Sweden, and United Kingdom.

    Find below information about the scheme and how to apply, for British and Uruguayan nationals.

    Information for British nationals

    British citizens interested in applying for a Working Holiday temporary residency must attend the Uruguayan Consulate in London and submit the following documents:

    • valid passport in good condition, with an expiry date at least one year in the future
    • a medical certificate from the country of residence where it states that you do not have medical conditions that would make it impossible for you to reside in Uruguay
    • evidence of a Police Certificate from the country of origin and from any country that you have lived in for the past 5 years. This should be apostilled or legalised, whichever is appropriate. In the UK you can apply for this at: http://www.gov.uk/copy-of-police-records. The six must have been issued within the 6 months prior to the filing of the application
    • documents that demonstrate that they have sufficient financial resources to meet their needs (such as salary payslips, bank statements, pensions, etc.) issued within 30 days of the application date
    • declaration of the intended time they will remain in Uruguay, which will be up to 2 years
    • apostille or legalised birth certificate (whichever is the case, if the person was born outside the UK) and translated (by a certified Uruguayan translator, by Consul or by consular intervention, depending on the case) will be required in Uruguay in order to obtain the Uruguayan National Identity card

    Once the documentation is submitted, the Consulate will inform the Ministry of Foreign Affairs’ International Migration Direction, which will notify the National Migration Office. A decision will be made within a maximum of 15 working days.

    If the application is successful, the Consulate will let you will know. You will then need to enter Uruguay within 180 days from the notification day. If you need a visa, the Consulate will issue a tourist visa without consulting with the National Migration Office, referring to the temporary residency granted.

    Once you are in Uruguay, you will need to go in person to the National Migration Office and the National Civil Identification Office to apply for the National Identity card and pay the required fees. If youneed more information, please contact the Uruguayan Consulate or Uruguayan Embassy: cdlondres@mrree.gub.uy or urureinounido@mree.gub.uy, or call: +44 (0)207 584 4200

    Information for Uruguayan nationals:

    • applications to the Youth Mobility Scheme are online. You can apply from any country in the world, except from the UK
    • you can apply if you are a Uruguayan National aged 18-30 years old and hold a Uruguayan passport
    • you can spend up to 2 years in the UK, with multiple entries
    • you can work but it is not compulsory. You can travel, study short courses or volunteer
    • you do not need any language, job or skill requirements
    • you must apply for a visa and pay the Immigration Health Surcharge
    • you need to demonstrate you have the equivalent to £2,530 in a bank account for at least the past 28 days before applying
    • you need to get a Criminal Record Certificate. Please request it for Consulate- Ministry of Foreign Affairs, not the British Embassy
    • you cannot apply if you have any dependants living with you or who are financially dependent on you at the time of application
    • you must not have not previously taken part in the scheme

    Applicants will usually get a decision on their visa within 3 weeks.

    For more information, please go to Youth Mobility Scheme visa: Overview – GOV.UK or contact: public.enquiries@homeoffice.gov.uk.

    Updates to this page

    Published 28 April 2025

    MIL OSI United Kingdom

  • MIL-Evening Report: How ICE is becoming a secret police force under the Trump administration

    Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University

    Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence.

    In contrast to the regular police and armed forces, secret police primarily use preemptive repression to thwart threats to the government.

    In Nazi Germany, for example, Gestapo informants penetrated all levels of society, producing an atmosphere of distrust among those against Adolf Hitler. In Uganda, Idi Amin’s State Research Bureau employed sophisticated spying equipment and intercepted mail at the post office to root out supposed saboteurs.

    In Syria, Bashar al-Assad relied on the General Intelligence Directorate to oversee a network of torture centres. And in Venezuela, Nicolás Maduro has used the Bolivarian National Intelligence Service (Sebin) to spy on opponents overseas, often running operations out of diplomatic missions.

    Since US President Donald Trump took power in January, Immigration and Customs Enforcement (ICE) has become a far more visible and fearsome force on American streets.

    Though ICE is ostensibly still bound by constitutional limits, the way it has been operating bears the hallmarks of a secret police force in the making.

    As an expert on authoritarian regimes, I’ve studied historical and contemporary secret police forces extensively across Africa, Asia and Europe. They typically meet five criteria:

    • they’re a police force targeting political opponents and dissidents

    • they’re not controlled by other security agencies and answer directly to the dictator

    • the identity of their members and their operations are secret

    • they specialise in political intelligence and surveillance operations

    • they carry out arbitrary searches, arrests, interrogations, indefinite detentions, disappearances and torture.

    How close is ICE to becoming a secret police force? Let’s consider each of these criteria.

    Targeting dissidents

    ICE has used the pretext of combating antisemitism to target dissidents. A branch of the agency previously used to target drug smugglers and human traffickers has reportedly been directed to scan social media for posts sympathetic to Hamas.

    On March 8, ICE arrested the prominent pro-Palestinian activist Mahmoud Khalil, a legal resident. It was a similar story for Rumeysa Ozturk, a university student grabbed off the street on March 25 by ICE agents.

    Trump has cited the Immigration and Nationality Act of 1952 as the legal pretext for ICE’s actions in these cases and others. The law allows the US government to deport anyone whose presence has “adverse foreign policy consequences” for the country.

    Because Khalil and others are being targeted for their activism, legal scholars say the government appears to be “retaliating” against constitutionally protected free speech it disagrees with.

    Directly controlled by a dictator

    While ICE does not report directly to Trump, the agency is controlled by people who have shown intense loyalty to him.

    ICE is part of the Department of Homeland Security, which is overseen by stalwart Trump ally Kristi Noem. She is supported by Tom Homan, a former ICE director who Trump appointed as his “border czar” in November 2024.

    Despite a court order barring the deportations of alleged Venezuelan gang members to a prison in El Salvador, Homan has remained defiant:

    We are not stopping. I don’t care what the judges think.

    The pertinent question now is whether Noem or Homan would refuse to follow a dictate from Trump in the face of a direct court order.

    Opaque operations

    ICE agents are increasingly operating in secret. The individuals who took Ozturk off the street in a widely shared video claimed to be police officers, even though they were in plain clothes and face marks.

    Similarly, ICE agents in plain clothes detained two men during a raid on a courthouse in Charlottesville, Virginia, on April 22. When two bystanders asked to see a warrant, they were ordered not to “impede” the agents’ lawful duties. ICE later said the two women would be prosecuted.

    Also last week, ICE agents attempted to arrest a man at a Wisconsin courthouse without a warrant. After a judge intervened, she was arrested herself by the FBI and charged with two felonies.

    This shroud of opacity has been accompanied by an end to local agency liaison meetings aimed at helping people seek answers to ICE’s actions.

    Surveillance capabilities

    ICE is organised into two distinct law enforcement components, giving it both political intelligence gathering and surveillance capabilities.

    Its Homeland Security Investigations arm includes an intelligence division, while its Enforcement and Removal Operations arm uses third-party companies such as Geo Group, Giant Oak, and Palantir to conduct mass surveillance.

    Most worryingly, ICE is trying to procure greater intelligence and surveillance capabilities by soliciting pitches from private companies to monitor threats across the internet.

    According to a procurement document, contractors would be directed to focus on the backgrounds of social media users and use facial recognition capabilities to gather information on people. Criticisms of ICE itself would be monitored, too.

    Unlawful policing

    There has been a stream of reports exposing how ICE is conducting arbitrary searches, arrests, interrogations, and indefinite detentions.

    Some of the most egregious reported examples include:

    Since Trump’s inauguration, at least three people have died in ICE detention facilities, the latest in a string of fatalities in recent years.

    Prolonged solitary confinement is reportedly widespread. UN experts say this can amount to torture.

    Potentially expanded scope

    Overall, the evidence shows ICE meets most of the criteria for being a secret police force. It has yet to target political opponents, which I define narrowly as members of the Democratic Party. And it is not directly controlled by Trump, although the current structure provides him with plausible deniability.

    While the agency is far from resembling history’s most feared secret police forces, there have so far been few constraints on how it operates.

    The worst may be yet to come. A budget bill making its way through Congress would provide ICE with up to US$175 billion (A$274 billion) in funding over the next decade. (Its current annual budget is US$9 billion, or A$14 billion.) This would supercharge its use of surveillance, imprisonment and physical violence.

    When combined with a potential shift towards targeting US citizens for dissent and disobedience, ICE is fast becoming a key piece in the repressive apparatus of American authoritarianism.

    Lee Morgenbesser 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. How ICE is becoming a secret police force under the Trump administration – https://theconversation.com/how-ice-is-becoming-a-secret-police-force-under-the-trump-administration-255019

    MIL OSI AnalysisEveningReport.nz