Category: Intelligence

MIL-OSI USA: Iranian national and wife federally indicted after wife threatens to shoot ICE officers in Tempe as a result of an ICE Arizona investigation

Source: US Immigration and Customs Enforcement

PHOENIX, Ariz. — A federal grand jury returned an indictment June 24 against Iranian national, Mehrzad Asadi Eidivand, 40, of Tempe, Arizona for alien in possession of a firearm, and against his wife, Linet Vartanniavartanians, 37, a U.S. citizen from Tempe, Arizona, for threatening to assault a federal officer. U.S. Immigration and Customs Enforcement and the FBI are conducting the investigation in this case.

Documents filed in the case allege that ICE Enforcement and Removal Operations officers went to Eidivand and Vartanniavartanians’ Tempe residence on Saturday, June 21, to administratively arrest Eidivand for failing to comply with a 2013 removal order. Eidivand had challenged the removal order on several occasions, but the Board of Immigration Appeals denied those motions repeatedly. Despite the court order to return to his home country, Eidivand remained in the U.S. over a decade.

When ICE ERO officers arrived at the couple’s residence, they announced themselves and were answered by Vartanniavartanians, who refused to open the door and told the officers to return with a warrant. Shortly thereafter, Tempe Police officers arrived on the scene and told ICE ERO that Vartanniavartanians had called the police and threatened to shoot the federal officers. She claimed that she had a loaded gun and that she would shoot anyone who tried to come inside the house. She also threatened to go outside and shoot ICE officers in the head. When the police dispatcher spoke with Eidivand, he confirmed that there were guns in the home.

The following day, June 22, special agents with ICE Homeland Security Investigations and officers from ICE ERO executed a federal search warrant on the residence. Inside the home, agents found a loaded firearm on the kitchen counter and a second loaded firearm on a nightstand. Both Vartanniavartanians and Eidivand were arrested at the scene and taken into custody without further incident.

A conviction for alien in possession of a firearm carries a maximum penalty of 15 years in prison, a maximum fine of $250,000, or both. A conviction for threatening to assault a federal officer carries a maximum sentence of 10 years in prison, a maximum fine of $250,000, or both.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

An indictment is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

Assistant U.S. Attorney Addison Owen, District of Arizona, Phoenix, is handling the prosecution.

MIL OSI USA News –

July 1, 2025
MIL-OSI: Aimfinity Investment Corp. I Announces New Monthly Extension for Business Combination

Source: GlobeNewswire (MIL-OSI)

Wilmington, DE, June 30, 2025 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “AIMA”) (Nasdaq: AIMTF), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from June 28, 2025 to July 28, 2025, on JUne 28, 2025, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $55,823.8, or for $0.05 per Class A ordinary share held by public shareholders (the “Monthly Extension Payment”).

Pursuant to the Company’s fourth amended & restated memorandum and articles of association (“Current Charter”), effectively January 9, 2025, the Company may extend on a monthly basis from January 28, 2025 until October 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the sixth of nine monthly extensions sought under the Current Charter of the Company.

About Aimfinity Investment Corp. I

Aimfinity Investment Corp. I is a special purpose acquisition company (SPAC) focused on merging with high-growth potential businesses and facilitating their entry into the capital markets.

Additional Information and Where to Find It

As previously disclosed, on October 13, 2023, AIMA entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between AIMA, Docter, Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of AIMA (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which AIMA is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s shareholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. The proxy statement/prospectus and other relevant materials for the proposed business combination have been mailed to shareholders of AIMA as of the record date of February 25, 2025, established for voting on the proposed business combination. Such shareholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about the proposed transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the proposed transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the proposed business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii) risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

A further list and description of risks and uncertainties can be found in the prospectus filed with the Securities and Exchange Commission (the “SEC”) on April 26, 2022 relating to AIMA’s initial public offering (File No. 333-263874), the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2024, filed with the SEC on April 15, 2025, and in the final prospectus/proxy statement filed with the SEC on March 6, 2025 relating to the proposed transactions (File No. 333-284658) (the “Final Prospectus”), and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and AIMA, Docter, and their subsidiaries or affiliates undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Additional Information and Where to Find It

In connection with the proposed transactions described herein, Purchaser filed the Final Prospectus with the SEC on March 6, 2025. The proxy statement and a proxy card has been mailed to AIMA’s shareholders of record as of February 25, 2025. Shareholders of AIMA will also be able to obtain a copy of the Final Prospectus without charge from AIMA. The Final Prospectus may also be obtained without charge at the SEC’s website at www.sec.gov. INVESTORS AND SECURITY HOLDERS OF AIMA ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTIONS THAT AIMA WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AIMA, DOCTER AND THE PROPOSED TRANSACTIONS.

Participants in the Solicitation

AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transactions described herein. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination is set forth in the Final Prospectus.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

I-Fa Chang
425-365-2933
ivan@inkstonecapital.com

The MIL Network –

July 1, 2025
MIL-OSI: Bitcoin Solaris Presale Gains Strong Momentum Ahead of Upcoming Launch
Source: GlobeNewswire (MIL-OSI)

TALLINN, Estonia, June 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Solaris (BTC-S) has announced a major milestone in its ongoing token presale, officially surpassing $5.8 million in early commitments from over 12,800 participants worldwide. With less than five weeks remaining before launch, interest in the dual-layer blockchain has accelerated, positioning BTC-S as one of the year’s most closely watched crypto presales.

Designed to address long-standing limitations in scalability, speed, and accessibility, Bitcoin Solaris combines a Proof-of-Work base layer with a Delegated Proof-of-Stake (DPoS) execution layer, enabling over 10,000 transactions per second (TPS), sub-2-second finality, and dramatically lower energy consumption. According to the project team, Bitcoin Solaris operates with 99.95% less energy usage than traditional mining-based blockchains.

Why Everyone Is Now Talking About BTC-S

From influencer videos to Telegram channels, the buzz around Bitcoin Solaris is not just hype. It is driven by fundamentals and real innovation. Even major voices in the space are weighing in.

A detailed review by Crypto Vlog breaks down why this project stands out from the sea of recycled layer-1s and copycat tokens. From smart contract flexibility to cross-chain compatibility, BTC-S is getting attention for being bold and original.

Early Bitcoin Changed Lives, BTC-S Is the Second Chance

Presale Momentum: Fastest Rise in the Market?

Investors are rushing in. And for good reason. The Bitcoin Solaris presale is being called one of the shortest and most explosive in crypto history.
- Over $5.8 million raised so far
- More than 12,800 users onboarded
- Less than 5 weeks left before launch
- Presale in Phase 10 at $10 per token
- Launch price confirmed at $20, with a 6% bonus for new buyers
That means a 150 percent return is practically baked in for early investors. For receiving your BTC-S tokens securely on launch day, Trust Wallet and Metamask are the preferred options.

And this isn’t just FOMO. BTC-S has passed major due diligence. It’s already audited by Cyberscope and Freshcoins. Community discussions are alive on Telegram and X, where crypto veterans and curious newcomers alike are lining up for early access.

A Future Built on Speed, Security, and Smart Contracts

Bitcoin Solaris was engineered to solve what Bitcoin cannot. High fees, slow confirmation times, and limited programmability are outdated in the Web3 world. BTC-S fixes that with:
- 10,000+ TPS performance using dual consensus
- Validator rotation every few seconds for better security
- Rust-based smart contracts that support full DeFi functionality
- Fast 2-second finality, making it viable for real-time payments
- 99.95 percent energy reduction, opening the door to ESG-compliant investments
And all of this will soon be in the palm of your hand. Mining BTC-S will be possible through the upcoming Solaris Nova app, which turns your phone into a revenue stream. Curious about earnings? Use the profit calculator to see daily estimates based on your phone type.

What’s Next: Roadmap Highlights

While the presale hype is real, Bitcoin Solaris is building for the long game. According to the public roadmap, the next milestones include:
- Full mainnet launch in Q3 2026
- Solaris Nova app release with AI optimizations
- Developer toolkit rollout and cross-chain DApp support
- Enterprise adoption through Fortune 500 partnerships
- Future-ready infrastructure, including quantum-resistant security
This isn’t a roadmap filled with vague promises. Every phase is tied to deliverables, integrations, and real-world applications. BTC-S is setting up a full ecosystem that doesn’t just aim for the moon; it builds the launchpad first.

Conclusion: One of the Smartest Bets of the Year?

Let’s be clear. Bitcoin Solaris is not just another altcoin. It’s a second chance at generational wealth, powered by scalable tech, early incentives, and unmatched mobile mining accessibility. As BTC-S gears up for launch, the only question left is who acted early enough to catch the 150 percent wave before it’s gone.

For More Information:
Website: https://www.bitcoinsolaris.com
Telegram: https://t.me/Bitcoinsolaris
X (Twitter): https://x.com/BitcoinSolaris

Media Contact:
Xander Levine
press@bitcoinsolaris.com
Press Kit: Available upon request

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

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Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c3eb2552-a314-4ad2-a0b7-328e8ea1ceeb

https://www.globenewswire.com/NewsRoom/AttachmentNg/37be60b9-cb2b-4f66-8bd2-34dbeba9679a

https://www.globenewswire.com/NewsRoom/AttachmentNg/a03cde94-4e1f-4a16-8a6a-00339d049d98

https://www.globenewswire.com/NewsRoom/AttachmentNg/271c05a4-779d-407f-ba31-c19da9482bf5

The MIL Network –
June 30, 2025
MIL-OSI United Nations: Secretary-General’s remarks at the opening of the 4th Financing for Development Conference [trilingual, as delivered; scroll down for all-English and all-Spanish]

Source: United Nations secretary general

Majestades,

Excelencias, señoras y señores:

Agradezco al Gobierno y al pueblo de España por su cálida acogida en Sevilla para esta importante conferencia.

Durante décadas, la misión del desarrollo sostenible ha unido a países grandes y pequeños, desarrollados y en desarrollo.

Juntos, hemos logrado avances.

Reduciendo la pobreza y el hambre en el mundo.

Salvando vidas con sistemas sanitarios más sólidos.

Llevando más niños a la escuela.

Ampliando las oportunidades para mujeres y niñas.

Y fortaleciendo las redes de seguridad social.

Pero hoy, el desarrollo y su gran impulsor – la cooperación internacional –enfrentan fortísimos vientos en contra.

Vivimos en un mundo donde la confianza se está desmoronando y el multilateralismo está bajo tensión.

Un mundo con una economía en desaceleración, tensiones comerciales crecientes y presupuestos de ayuda diezmados.

Un mundo sacudido por desigualdades, caos climático y conflictos devastadores.

El vínculo entre paz y desarrollo es evidente.

Nueve de los diez países con los Indicadores de Desarrollo Humano más bajos se encuentran actualmente en situación de conflicto.

Excelencias,

La financiación es el motor del desarrollo.

Y, ahora mismo, ese motor se está ahogando.

Mientras nos reunimos, la Agenda 2030 para el Desarrollo Sostenible – nuestra promesa global de transformar nuestro mundo para lograr un futuro mejor y más justo – está en peligro.

Dos tercios de las metas de los Objetivos de Desarrollo Sostenible están rezagadas.

Alcanzarlos requiere una inversión de más de 4 billones de dólares al año.

Pero no se trata sólo de una crisis de cifras.

Es una crisis de personas.

De familias que pasan hambre.

De niños que no reciben vacunas.

De niñas obligadas a abandonar la escuela.

Estamos aquí en Sevilla para cambiar el rumbo.

Para reparar y poner en marcha el motor del desarrollo y acelerar la inversión a la escala y velocidad necesarias.

Y restaurar equidad y justicia – para todas y todos.

Excellencies,

The Sevilla Commitment is a global promise to fix how the world supports countries as they climb the development ladder.

I see three areas of action.

First — we must get resources flowing. Fast.

Countries must lead by mobilizing domestic resources and investing in areas of greatest impact: schools, health care, social protection, decent work, and renewable energy.

Unlocking these investments requires strengthening tax systems, and tackling illicit financial flows and tax evasion.

And helping developing countries dedicate a greater share of their tax revenues to the systems people need.

The Sevilla Commitment’s call on developed countries to double their aid dedicated to domestic resource mobilization to support this.

Multilateral and national development banks must unite to finance major investments.

This includes tripling the lending capacity of Multilateral Development Banks — and rechanneling Special Drawing Rights that can unlock lending capacity and help developing countries boost investment.

We also need innovative funding solutions to unlock private capital.

Solutions that mitigate currency risks;

That combine public and private finance more effectively, and ensure the risks and rewards of development projects are shared by both the public and the private sectors;

And that ensure financial regulations assess risk appropriately and support investments in frontier markets.

Second — we must fix the global debt system which is unsustainable, unfair and unaffordable.

With annual debt service at $1.4 trillion, countries need — and deserve — a system that lowers borrowing costs, enables fair and timely debt-restructuring, and prevents debt crises in the first place.

The Sevilla Commitment lays the groundwork:

With other aspects, by also creating a single debt registry for transparency, and promoting responsible lending and borrowing;

By lowering the cost of capital through debt swaps and debt management support;

And through debt service pauses in times of emergency.

And third — we must increase the participation of developing countries in the institutions of the global financial architecture. The present major shareholders have a role to play recognizing the importance of correcting injustices and adapting to a changing world.

A new borrowers forum will give voice to borrowers for fairer debt resolution and to foster transparency, shared learning and coordinated debt action.

And we need a fairer global tax system shaped by all, not just by a few.

Excellences, Mesdames et Messieurs,

Cette conférence n’est pas une affaire de charité.

Il s’agit de rétablir la justice – et de permettre à chacun de vivre dans la dignité.

Cette conférence n’est pas une affaire d’argent.

Il s’agit d’investir dans l’avenir que nous voulons construire – ensemble.

Merci – à toutes et à tous – de participer à cet effort essentiel et ambitieux.

****

DECLARACIONES DEL SECRETARIO GENERAL
CON OCASIÓN DE LA INAUGURACIÓN DE LA CUARTA CONFERENCIA SOBRE LA FINANCIACIÓN PARA EL DESARROLLO

Majestades,

Excelencias, señoras y señores:

Agradezco al Gobierno y al pueblo de España por su cálida acogida en Sevilla para esta importante conferencia.

Durante décadas, la misión del desarrollo sostenible ha unido a países grandes y pequeños, desarrollados y en desarrollo.

Juntos, hemos logrado avances.

Reduciendo la pobreza y el hambre en el mundo.

Salvando vidas con sistemas sanitarios más sólidos.

Llevando más niños a la escuela.

Ampliando las oportunidades para mujeres y niñas.

Y fortaleciendo las redes de seguridad social.

Pero hoy, el desarrollo y su gran impulsor – la cooperación internacional –enfrentan fortísimos vientos en contra.

Vivimos en un mundo donde la confianza se está desmoronando y el multilateralismo está bajo tensión.

Un mundo con una economía en desaceleración, tensiones comerciales crecientes y presupuestos de ayuda diezmados.

Un mundo sacudido por desigualdades, caos climático y conflictos devastadores.

El vínculo entre paz y desarrollo es evidente.

Nueve de los diez países con los Indicadores de Desarrollo Humano más bajos se encuentran actualmente en situación de conflicto.

Excelencias,

La financiación es el motor del desarrollo.

Y, ahora mismo, ese motor se está ahogando.

Mientras nos reunimos, la Agenda 2030 para el Desarrollo Sostenible – nuestra promesa global de transformar nuestro mundo para lograr un futuro mejor y más justo – está en peligro.

Dos tercios de las metas de los Objetivos de Desarrollo Sostenible están rezagadas.

Alcanzarlos requiere una inversión de más de 4 billones de dólares al año.

Pero no se trata sólo de una crisis de cifras.

Es una crisis de personas.

De familias que pasan hambre.

De niños que no reciben vacunas.

De niñas obligadas a abandonar la escuela.

Estamos aquí en Sevilla para cambiar el rumbo.

Para reparar y poner en marcha el motor del desarrollo y acelerar la inversión a la escala y velocidad necesarias.

Y restaurar equidad y justicia – para todas y todos.

Excelencias:

El documento del Compromiso de Sevilla es una clara promesa global de reparar la forma en que el mundo apoya a los países que suben la escalera del desarrollo.

Veo tres esferas de acción.

En primer lugar, tenemos que hacer fluir los recursos. Rápido.

Los países deben dirigir el proceso movilizando recursos nacionales e invirtiendo en las esferas de mayor impacto: escuelas, atención sanitaria, protección social, trabajo decente y energía renovable.

Para favorecer estas inversiones es necesario reforzar los sistemas tributarios y combatir los flujos financieros ilícitos y la evasión fiscal.

Y ayudar a los países en desarrollo a que puedan dedicar una mayor parte de sus ingresos tributarios a los sistemas que necesitan las personas.

El llamamiento del Compromiso de Sevilla a los países desarrollados para que dupliquen la ayuda dedicada a la movilización de recursos nacionales para servir de apoyo.

Los bancos multilaterales y nacionales de desarrollo deben unirse para financiar grandes inversiones.

Para ello, hay que triplicar la capacidad de préstamo de los bancos multilaterales de desarrollo y reorientar los derechos especiales de giro para aumentar la capacidad de préstamo y ayudar a los países en desarrollo a impulsar la inversión.

También necesitamos soluciones de financiación innovadora para facilitar el capital privado:

Que mitiguen los riesgos cambiarios;

Que combinen más eficazmente la financiación pública y privada, y garanticen que los riesgos y las recompensas de los proyectos de desarrollo sean compartidos por el sector público y el sector privado;

Y que garanticen que la reglamentación financiera evalúa los riesgos adecuadamente y apoya las inversiones en mercados frontera.

En segundo lugar, debemos reparar el sistema mundial de la deuda, que es insostenible, injusto e inasequible.

Con un servicio de la deuda que asciende a 1,4 billones de dólares al año, los países necesitan — y merecen — un sistema que abarate el costo del endeudamiento, facilite la reestructuración justa y oportuna de la deuda, y prevenga las crisis de deuda en primer lugar.

El Compromiso de Sevilla sienta las bases:

Con otros factores, creando también un registro único de la deuda en aras de la transparencia, y promoviendo prácticas responsables de préstamo y endeudamiento;

Reduciendo el costo del capital mediante canjes de deuda y el apoyo a la gestión de la deuda;

Y suspendiendo el servicio de la deuda en épocas de emergencia.

Y en tercer lugar debemos incrementar la participación de los países en desarrollo en las instituciones de la arquitectura financiera global. Los principales accionistas tienen un papel que desempeñar al reconocer la importancia de corregir las injusticias y adaptarse a un mundo cambiante.

Las partes principales deben apoyar reformas que les den una voz más potente.

Un foro de prestatarios puede fomentar el aprendizaje común y la acción coordinada en materia de deuda.

Un nuevo foro de prestatarios dará voz a los prestatarios para una resolución de la deuda más justa y puede fomentar el aprendizaje compartido y la acción coordinada en materia de deuda.

Y necesitamos un sistema tributario mundial más justo, conformado por todos, no solo por unos pocos.

Excelencias, señoras y señores:

Esta conferencia no trata de caridad.

Trata de restablecer la justicia y permitir que todos vivan con dignidad.

Esta conferencia no trata de dinero.

Trata de invertir en el futuro que queremos construir, juntos.

Gracias a todos por participar en este importante y ambicioso esfuerzo.

******

THE SECRETARY-GENERAL
REMARKS AT THE OPENING OF THE 4TH FINANCING FOR DEVELOPMENT CONFERENCE

Your Majesties,

Excellencies, ladies and gentlemen,

I thank the Government and people of Spain for welcoming us to Sevilla for this important conference.

For decades, the mission of sustainable development has united countries large and small, developed and developing.

Together, we achieved progress.

Reducing global poverty and hunger.

Saving lives with stronger health care systems.

Getting more children into school.

Expanding opportunities for women and girls.

And strengthening social safety nets.

But today, development and its great enabler — international cooperation — are facing massive headwinds.

We are living in a world where trust is fraying and multilateralism is strained.

A world with a slowing economy, rising trade tensions, and decimated aid budgets.

A world shaken by inequalities, climate chaos and raging conflicts.

The link between peace and development is clear.

Nine of the ten countries with the lowest Human Development Indicators are currently in a state of conflict.

Excellencies,

Financing is the engine of development.

And right now, this engine is sputtering.

As we meet, the 2030 Agenda for Sustainable Development — our global promise to transform our world for a better, fairer future — is in danger.

Two-thirds of the Sustainable Development Goals targets are lagging.

Achieving them requires an investment of more than $4 trillion a year.

But this is not just a crisis of numbers.

It’s a crisis of people.

Of families going hungry.

Of children going unvaccinated.

Of girls forced to drop out of school.

We are here in Sevilla to change course.

To repair and rev up the engine of development to accelerate investment at the scale and speed required.

And to restore a measure of fairness and justice for all.

Excellencies,

The Sevilla Commitment document is a global promise to fix how the world supports countries as they climb the development ladder.

I see three areas of action.

First — we must get resources flowing. Fast.

Countries must lead by mobilizing domestic resources and investing in areas of greatest impact: schools, health care, social protection, decent work, and renewable energy.

Unlocking these investments requires strengthening tax systems, and tackling illicit financial flows and tax evasion.

And helping developing countries dedicate a greater share of their tax revenues to the systems people need.

The Sevilla Commitment’s call on developed countries to double their aid dedicated to domestic resource mobilization to support this.

Multilateral and national development banks must unite to finance major investments.

This includes tripling the lending capacity of Multilateral Development Banks — and rechanneling Special Drawing Rights that can unlock lending capacity and help developing countries boost investment.

We also need innovative funding solutions to unlock private capital.

Solutions that mitigate currency risks;

That combine public and private finance more effectively, and ensure the risks and rewards of development projects are shared by both the public and private sectors;

And that ensure financial regulations assess risk appropriately and support investments in frontier markets.

Second — we must fix the global debt system which is unsustainable, unfair and unaffordable.

With annual debt service at $1.4 trillion, countries need — and deserve — a system that lowers borrowing costs, enables fair and timely debt-restructuring, and prevents debt crises in the first place.

The Sevilla Commitment lays the groundwork:

With other aspects, by also creating a single debt registry for transparency, and promoting responsible lending and borrowing;

By lowering the cost of capital through debt swaps and debt management support;

And through debt service pauses in times of emergency.

And third — we must increase the participation of developing countries in the institutions of the global financial architecture. The present major shareholders have a role to play recognizing the importance of correcting injustices and adapting to a changing world.

A new borrowers forum will give voice to borrowers for fairer debt resolution and can foster transparency, shared learning and coordinated debt action.

And we need a fairer global tax system shaped by all, not just a few.

Excellencies, ladies and gentlemen,

This conference is not about charity.

It’s about restoring justice and lives of dignity.

This conference is not about money.

It’s about investing in the future we want to build, together.

Thank you all for being part of this important and ambitious effort.

MIL OSI United Nations News –

June 30, 2025
MIL-OSI Submissions: Presidents of both parties have launched military action without Congress declaring war − Trump’s bombing of Iran is just the latest

Source: The Conversation – USA – By Sarah Burns, Associate Professor of Political Science, Rochester Institute of Technology

President Donald Trump is seen on a monitor in the White House press briefing room on June 21, 2025, after the U.S. military strike on three sites in Iran. AP Photo/Alex Brandon

In the wake of the U.S. strikes on Iranian nuclear facilities on June 22, 2025, many congressional Democrats and a few Republicans have objected to President Donald Trump’s failure to seek congressional approval before conducting military operations.

They note that Article 1 of the U.S. Constitution gives Congress the power to declare war and say that section required Trump to seek prior authorization for military action.

The Trump administration disagrees. “This is not a war against Iran,” Secretary of State Marco Rubio told Fox News host Maria Bartiromo, implying that the action did not require approval by Congress. That’s the same view held by most modern presidents and their lawyers in the Office of Legal Counsel: Article 2 of the Constitution allows the president to use the military in certain situations without prior approval from Congress.

By this reading of the text, presidents, as commander in chief, claim the power to unilaterally order the military to initiate small-scale operations for a short duration. Members of Congress may object to that claim, but they have done little to limit presidents’ unilateralism. What little they have done has not been effective.

As I’ve demonstrated in my research, even though the 1973 War Powers Resolution attempted to constrain presidential power after the disasters of the Vietnam War, it contains many loopholes that presidents have exploited to act unilaterally. For example, it allows presidents to engage in military operations without congressional approval for up to 90 days. And more recent congressional resolutions have broadened executive control even further.

President Franklin D. Roosevelt signs the U.S. declaration of war against Japan on Dec. 8, 1941.
U.S. National Archives

A long tradition of executive authority

Presidents can even overcome the loopholes in the War Powers Resolution if the operation lasts longer than 90 days. In 2011, a State Department lawyer argued that airstrikes in Libya could continue beyond the War Powers Resolution’s 90-day time limit because there were no ground troops involved. By that logic, any future president could carry out an indefinite bombing campaign with no congressional oversight.

While every president has bristled at congressional restraints on their actions, presidents since Franklin D. Roosevelt have successfully circumvented them by citing vague concerns like “national security,” “regional security” or the need to “prevent a humanitarian disaster” when launching military operations. While members of Congress always take issue with these actions, they never hold presidents accountable by passing legislation restraining him.

President Trump’s decision to bomb Iranian nuclear sites without consulting Congress falls in line with precedent from both Democratic and Republican leaders for decades.

Much like his predecessors, Trump did not, and likely will not, provide Congress with more concrete information about the legality of his actions. Nor are congressional lawmakers effectively holding him accountable.

The push-and-pull between Congress and the president over military operations dates back to the 1941 Pearl Harbor attack, which led Congress to declare war on Japan. Before then, Congress had prevented the U.S. from joining World War II by enforcing an arms embargo and refusing to help the Allies prior to the attack on Hawaii. But afterward, Congress began allowing the president to take more control over the military.

During the Cold War, rather than returning to a balanced debate between the branches, Congress continued to relinquish those powers.

Congress never authorized the war in Korea; Harry Truman used a U.N. Security Council resolution as legal justification. Congress’ vote explicitly opposing the invasion of Cambodia didn’t stop Richard Nixon from doing it anyway. Even after the Cold War, Bill Clinton regularly acted unilaterally to address humanitarian crises or the continued threat from leaders like Saddam Hussein. He sent the military to Somalia, Haiti, Bosnia and Kosovo, among other places.

After 9/11, Congress quickly gave up more of its power. A week after those attacks, Congress passed a sweeping Authorization for Use of Military Force, giving the president permission to “use all necessary and appropriate force against those nations, organizations, or persons he determines planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001.”

In a follow-up 2002 authorization, Congress went even further, allowing the president to “use the Armed Forces … as he determines to be necessary and appropriate in order to defend national security … against the continuing threat posed by Iraq.” This approach provides few, if any, congressional checks on the control of military affairs exercised by the president.

In the two decades since those authorizations, four presidents have used them to justify all manner of military action, from targeted killings of terrorists to the years long fight against the Islamic State group.

Congress regularly discusses terminating those authorizations, but has yet to do so. If Congress did, the loopholes in the original War Powers Resolution would still exist.

While President Biden claimed he supported the repeal of the authorizations, and supported more congressional oversight of military actions, Trump has made no such claims. Instead, he has claimed even more sweeping authority to act without any permission from Congress.

As recently as 2024, Biden used the 2002 authorization as a legal rationale for the targeted killing of Iranian-backed militiamen in Iraq, a strike condemned by Iraqi leaders.

Those actions may have ruffled congressional feathers, but they were in keeping with a long U.S. tradition of targeting members of terrorist groups and protecting members of the military serving in a conflict zone.

Demonstrators outside the U.S. Capitol in January 2020 call on Congress to limit the president’s powers to use the military.
AP Photo/Jose Luis Magana

Threats of war

During his first presidential term in 2020, Trump ordered a lethal drone strike against a respected member of the Iranian government, Major General Qassim Soleimani, the head of Iran’s equivalent of the CIA, without consulting Congress or publicly providing proof of why the attack was necessary, even to this day.

Tensions – and fears of war – spiked but then slowly faded when Iran responded with missile attacks on two U.S. bases in Iraq.

Now, the U.S. attacks on Iranian nuclear sites have revived both fears of war and renewed questions about the president’s authority to unilaterally engage in military action. Presidents since the 1970s, however, have effectively managed to dodge definitive answers to those questions – demonstrating both the power inherent in their position and the unwillingness among members of the legislative branch to reclaim their coequal status.

This article is an updated version of a story published on Jan. 24, 2024.

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

– ref. Presidents of both parties have launched military action without Congress declaring war − Trump’s bombing of Iran is just the latest – https://theconversation.com/presidents-of-both-parties-have-launched-military-action-without-congress-declaring-war-trumps-bombing-of-iran-is-just-the-latest-259636

MIL OSI –

June 30, 2025
MIL-OSI: Digitalist Group Oyj – Managers’ Transactions

Source: GlobeNewswire (MIL-OSI)

Digitalist Group Oyj – Managers’ Transactions 30 June 2025 at 11:45

Digitalist Group Oyj – Managers’ Transactions
____________________________________________
Person subject to the notification requirement
Name: Turret Oy Ab
Position: Closely associated person
(X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer
Name: Paul Ehrnrooth
Position: Member of the Board
(2):Person Discharging Managerial Responsibilities In Issuer
Name: Peter Eriksson
Position: Member of the Board
Issuer: Digitalist Group Oyj
LEI: 743700AL68PUX6JMS644
Notification type: INITIAL NOTIFICATION
Reference number: 113657/5/4
____________________________________________
Transaction date: 2025-06-30
Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)
Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT
Name of the instrument: Digitalist Group Oyj:n Vaihtovelkakirjalaina 2025/1
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 237942126 Unit price: 0 N/A
Aggregated transactions (1):
Volume: 237942126 Volume weighted average price: 0 N/A

The MIL Network –

June 30, 2025

MIL-OSI: Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

Source: GlobeNewswire (MIL-OSI)

Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

Strategic milestones were reached, opening up the prospect of a commercial and economic ramp-up in the current financial year

Vitry-le-François, France – June 30, 2025, 08:00am (CEST)

2024-2025, a year of milestones demonstrating Haffner Energy‘s technological maturity: commissioning of the Marolles showcase site and green hydrogen production kick-off; signature of a first contract essential to the development of a hydrogen, electricity, and biochar production unit at the Corbat Group site in Glovelier, Switzerland; new strategic partnerships with recognized international players, particularly in the SAF industry;
Launch of a capital increase¹ that resulted, after the close of the fiscal year, in a €7M fundraising with widening of the free float to almost 25%;
Net cash available of €559k at 03/31/2025 and a significantly reduced cash-burn rate, thanks to the ramp-up of the cash preservation plan initiated in November 2023;
EBITDA* improved significantly to -€10,011k, driven by revenue returning to positive at €378k and cost reductions, and a net loss of -€12,311k for the year ended 03/31/2025;
A consolidated 2025-2026 commercial outlook (total pipeline of €1.55Bn and €388M weighted pipeline² at the end of March 2025) and a confirmed EBITDA-breakeven target at 03/31/2026.

HAFFNER ENERGY (ISIN code: FR0014007ND6 – Ticker: ALHAF), just published its consolidated annual results at 03/31/2025, as approved on 06/27/2025 by the Board of Directors. On this occasion, the Company provided an update on its progress and outlook.

Philippe HAFFNER, Co-founder and CEO of Haffner Energy said:

“The 2024-2025 financial year is in continuity with the path we embarked on back in the second half of 2023. After launching new offers to expand our addressable market beyond hydrogen and achieving a significant increase in our project portfolio, we continue to roll out our roadmap. This year, we have carried out structuring projects that bring us closer to our objective of profitable growth: first, we have set up an industrial-scale showcase site in Marolles presenting all our technologies, whether in operation or still in development – seemingly the first site in the world to produce green hydrogen from solid biomass; this decisive element for the conversion of our project pipeline into contracts has already enabled us to sign a first contract for the installation of a hydrogen, electricity, and biochar production unit in Switzerland. To support our development, we have also continued to strengthen our network of partnerships with leading players, such as LanzaJet, LanzaTech, Atoba, and Luxaviation for the SAF market.

In terms of financial results, although the conversion of our project pipeline into contracts had not yet materialized at 03/31/2025 and we remain in a loss-making position, we have recorded an improvement in our EBITDA thanks to the cost-cutting efforts undertaken to preserve our cash. With the first significant contracts expected to be signed, the 2025-2026 financial year should enable us to achieve our target of breakeven EBITDA by March 31, 2026.

The capital increase launched at the end of the financial year, to which the family holding company Haffner Participation contributed €950k, resulted in a €7M fundraising in early April 2025. It will enable us to support the Company’s development. The success of this operation is due in particular to the commitment of most of our historical shareholders and to the arrival of new investors. We would like to thank them for their confidence in our project and our prospects, despite the recent turbulence on the Haffner Energy stock market.”

I. 2024-2025: ADVANCES ILLUSTRATE HAFFNER ENERGY’S TECHNOLOGICAL MATURITY

During the FY 2024-2025, Haffner Energy took crucial steps to accelerate its commercial and industrial development, with the creation of the Marolles showcase site and the signing of major partnership agreements, particularly in the SAF industry.

Operational commissioning of the Marolles hydrogen and renewable gas production, testing and training center: a strategic priority for the year

During the period, the attention of the Haffner Energy team was particularly focused on the installation and commissioning of a showcase site for the Company’s technologies and expertise in the Vitry-Marolles business park (Marne County), near its headquarters. Started in late 2023, the development of this production, testing and training center unfolded in several stages: after archaeological excavations, site preparation and equipment assembly, the center entered the renewable gas (syngas) production phase on June 18, 2024 (cf. 06/20/2024 press release). Equipped with new-generation equipment and intended to operate continuously 8,000 hours per year, this site was inaugurated on November 22, 2024, during Industry Week (cf. 11/22/2024 press release and press kit).

After obtaining regulatory approvals and installing additional equipment, the team dedicated to this project reached a strategic milestone for Haffner Energy’s industrial and commercial development with, in February 2025, the commissioning of mobility-grade green hydrogen production (cf. 02/26/2025 press releases). Green hydrogen produced as part of the activities on the Marolles site – 120 tonnes/year – is to be commercialized. Haffner Energy already signed an offtake Memorandum of Understanding on December 16, 2024, with a French operator specializing in hydrogen removal and resale in order to decarbonize mobility and industry.

This site now allows the Company’s customers and prospects to test the range of possibilities offered by Haffner Energy technologies at full-scale and with their own biomass: production of “super green” gas and hydrogen, co-production of electricity, production and/or gasification of biocarbon and/or biochar. This site is also intended to train their teams in operating and maintaining the equipment.

This project, which has resulted in the world’s first known site producing hydrogen from solid biomass residues, was made possible thanks to the support and commitment of the French public authorities through various local and national entities. It has thus benefited from more than €1.5M in public funding³, demonstrating the trust placed in Haffner Energy to contribute to the green reindustrialization strategy led by the French government.

While the success of this structuring project attests to Haffner Energy’s technological and industrial maturity, it will also demonstrate the economic and ecological relevance of its technologies. Indeed, compared to alternative technologies, water electrolysis in particular, the “super green” hydrogen produced by Haffner Energy through its thermolysis technology is especially competitive due to the low cost of the primary energy used (biomass), combined with excellent energy efficiency (+ 75% for installations > 20MW). In addition, this hydrogen is carbon negative when co-produced biochar is used to sequester biogenic carbon.

This showcase site is therefore a decisive tool to realize the Company’s commercial potential. In the short term, it will allow several contracts awaiting signature to move forward, as evidenced by the recent signing of a first contract for the construction of a hydrogen, electricity, and biochar production unit from forestry residues on the Corbat Group site in Glovelier, Switzerland, for H₂bois SA. This unit, which is expected to be commissioned in July 2026, represents a total order value for Haffner Energy that is likely to reach €8.3M including options (cf. 03/12/2025 press release).

2024-2025: new strategic partnerships with leading players

The growing maturity of Haffner Energy’s technologies in their various applications has enabled the Company to amplify the process of building strategic partnerships already underway and to gain the trust of leading players. During this past year, new agreements have mainly occurred in the SAF industry, the Company’s priority segment given its market potential.

Haffner Energy established a first partnership with the American company LanzaJet in June 2024 in the context of its SAF production plant project, Paris-Vatry SAF (cf. 06/06/2024 press release). A global leader in ATJ (Alcohol-to-Jet) technology, LanzaJet is a remarkably advanced player in the industry with more than 90 SAF projects in its portfolio. It was named in 2024 by Time Magazine as one of the “100 Most Influential Companies”. Its investors include the Aéroport de Paris (ADP) group, British Airways, Airbus, Southwest Airlines and Microsoft, among others.

A key agreement was also signed in September 2024 with IðunnH2, the green hydrogen and sustainable e-fuel project developer in charge of Iceland’s largest e-SAF production plant project (65,000-tonne capacity). Located near Keflavík International Airport, the site is to be commissioned in 2028, using biogenic carbon from on-site biocarbon gasification with Haffner Energy’s patented technology. This solution was chosen by IðunnH2 for its ability to significantly reduce costs and increase productivity in the e-SAF production process. Indeed, in Iceland, the limited volumes of local biomass mean low access to biogenic carbon, an essential component of SAF. Haffner Energy’s supplies of solid biocarbon, gasified on-site by its Gasiliner®, will provide a competitive and flexible alternative to the usual option of biogenic CO₂, a gas that is expensive to capture, transport and store. (cf. 09/02/2024 press release).

Keen to amplify the scope of their first partnership, Haffner Energy and LanzaJet announced another partnership agreement in January 2025 (cf. 01/28/2025 press release), accompanied by LanzaTech, the developer of a differentiating solution for transforming syngas into ethanol and a LanzaJet shareholder. The Nasdaq-listed company is a recognized leader in commercial carbon management solutions.

The objective of the tripartite agreement is to explore joint projects for the conversion of biomass residues into sustainable aviation fuel across the entire SAF production value chain by combining the technologies of the three companies. It also involves exploring a variety of opportunities, including the development of industrial facilities, fuel purchase agreements, and joint technology licenses, as well as financial support and/or investment in specific SAF projects.

Haffner Energy also entered into a partnership agreement with ATOBA Energy in February 2025 (cf. 02/20/2025 press release), a SAF aggregator whose purpose is to solve the financial dilemma between airlines and producers by allowing different players to benefit from long-term SAF contracts at optimized prices, in particular through off-takes from diversified producers and technologies. This partnership should facilitate the financing of Haffner Energy’s SAF projects by removing the barriers of this value chain, as production plant projects struggle with signing the necessary contracts to guarantee investment returns. The identification of Haffner Energy by ATOBA Energy as a strategic player in the SAF ecosystem is another testament to the competitiveness of its technological solutions.

Lastly, after the end of the fiscal year, Haffner Energy announced a partnership agreement with global business aviation leader Luxaviation to accelerate the production and promotion of SAF. Luxaviation is to take an active role in SAF Zero (cf. 06/18/2024 press release), an initiative launched by Haffner Energy in September 2024 (cf. 09/12/2024 press release).

In addition, Haffner Energy has pursued its partnership approach aimed at diversifying its sustainable biomass supply sources. In France, a new agreement was signed in August 2024 with Bambbco, leader in the development of the bamboo industry in France (cf. 09/24/2024 press release). The partnership aims to improve the energy use of biomass, particularly on marginal lands and semi-desert areas, by creating local ecosystems for SAF projects. In a similar fashion, Haffner Energy had signed a partnership early 2024 with the US company Hexas, specialized in the production of raw plant-based materials from its regenerative crop: XanoGrass™ (cf. 03/13/2024 press release).

II. SUCCESSFULLY RAISING THE FUNDS NEEDED TO FINANCE THE COMPANY’S GROWTH

Shortly before FY 2024-2025 ended, Haffner Energy launched a capital increase through the issue of shares with share subscription warrants (ABSA), while maintaining shareholders’ preferential subscription rights (DPS).

This operation’s final completion, materialized by the settlement-delivery of the shares on April 4, 2025, i.e. just after the close of the fiscal year, enabled the company to raise €7M and expand its free float, which now stands at almost 25% of the capital.

As announced in June 2024, and within the framework of the authorizations granted by the Annual General Meeting of September 12, 2024, Haffner Energy raised funds to accelerate the Company’s development. Following a decision by the Board of Directors at its meeting of March 12, 2025, this took the form of a €7M capital increase through the issue of ABSAs with shareholders’ preferential subscription rights (DPS).

A two-stage transaction: €7M through the issue of ABSAs, potentially doubled if the warrants are exercised within 18 months.

As a reminder, the operation had the following characteristics:

– Transaction eligible for the IR-PME, PEA and PEA-PME, FIP-FCPI and Article 150-0 B ter schemes
– Allocation of preferential subscription rights (DPS): on the basis of 1 preferential subscription right for 1 share held on 03/14/2025
– Negotiability of DPS from 03/17/2025 to 03/26/2025 inclusive
– Subscription ratio: 9 ABSA for 23 Existing Shares
– Subscription price per ABSA: €0.40, i.e. a 59% discount to the closing price on 03/12/2025, the day before the transaction was announced (€0.98).
– ABSA subscription period from 03/19/2025 to 03/28/2025 inclusive
– Final completion of the issue recorded on 04/04/2025, for an amount of €6,995,497.60, of which €1,748,874.40 par value and €5,246,623.20 issue premium, bringing the Company’s share capital to €6,218,220.10.
– Settlement-delivery of the ABSA: 04/04/2025
– Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025
– Terms and conditions of exercise of the warrants attached to the ABSAs (on the basis of 1 warrant per New Share): as from 04/04/2026 for a period of 6 months, 3 warrants entitling the holder to subscribe to one New Share at a price of €1.20. Exercise of all the warrants would ultimately represent a potential capital increase of €6,995,498 gross.

This operation benefited from the renewed support of historical shareholders (Haffner Participation, VICAT, EUREFI) and new investors, who had committed to participate in the transaction up to €5.5M.

It was carried out with the assistance of Gilbert Dupont, as global coordinator and bookrunner, and CIC Market Solutions as custodian.

Post-transaction, a modified capital structure and a near-doubling of the free float

The gross capital increase recorded by the Board of Directors at its meeting on April 1, 2025 amounted to €6,995,497.60, including €1,748,874.40 nominal value and €5,246,623.60 share premium, and resulted in the issuance of 17,488,744 ABSAs at a subscription price of €0.40 per share, including €0.10 nominal value and €0.30 issue premium (cf. press releases of 2/04/2025 and 4/04/2025).

Following the issuance of ABSA, Haffner Energy’s share capital was increased to €6,218,220.10 divided into 62,182,201 ordinary shares with a nominal value of €0.10.

The operation led to a change in the breakdown of capital and voting rights. In particular, the capital increase led to a significant increase in the free float (from 12.83% to 24.75%), which should ultimately prove positive for the share’s attractiveness.

Table: Impact of the ABSA issue on the breakdown of share capital and Differential Voting Rights

	Before Capital Increase				After Capital Increase
	Number of shares	% of Capital	Number of DVR	% of exercisable DVRs	Number of shares	% of Capital	Number of DVR	% of exercisable DVRs
Haffner Participation	17 824 000	39,88%	35 648 000	45,15%	20 199 000	32,48%	38 023 000	39,42%
Eurefi	5 741 600	12,85%	11 483 200	14,54%	8 311 600	13,37%	14 053 200	14,57%
*Sous total Concert*	*23 565 600*	*52,73%*	*47 131 200*	*59,69%*	*28 510 600*	*45,85%*	*52 076 200*	*53,99%*
Vicat	1 175 000	2,63%	1 175 000	1,49%	3 675 000	5,91%	3 675 000	3,81%
Eren Industries	1 000 000	2,24%	2 000 000	2,53%	1 391 302	2,24%	2 391 302	2,48%
Kouros	11 826 112	26,46%	21 920 542	27,76%	11 826 112	19,02%	21 920 542	22,73%
HRS	1 000 000	2,24%	1 000 000	1,27%	1 000 000	1,61%	1 000 000	1,04%
Flottant	5 736 238	12,83%	5 736 238	7,26%	15 388 680	24,75%	15 388 680	15,95%
Self-holding	390 507	0,87%	–	0,00%	390 507	0,63%	–	0,00%
TOTAL	44 693 457	100%	78 962 980	100%	62 182 201	100%	96 451 724	100%

For the record, a shareholder who did not take part in the operation and previously held 1% of the capital saw a dilutive effect of 0.72% applied to his position.

After the operation, stock price in turmoil

Mechanically, and all other things being equal, Haffner Energy’s share price should have fallen by around 28%, in line with the dilutive effect. However, following the capital increase, the share experienced unexpectedly high trading volumes, due first and foremost to massive and disorderly selling, leading to a drop in the share price to a low of €0.25 on 04/18/2025. Since then, the stock price has begun to rise again (to €0.35 on 06/23/2025). Trade is still occurring in very high volumes, without Haffner Energy having any specific information on their origin.

III. CONSOLIDATED FINANCIAL RESULTS OF LOW SIGNIFICANCE, MARKED BY EFFORTS TO IMPROVE EBITDA AND PRESERVE CASH

The consolidated financial statements presented below, for which audit procedures are in progress, were approved by the Board of Directors at its 06/27/2025 meeting. The scope of consolidation and accounting methods used at March 31, 2025, are unchanged from the previous year: Haffner Energy’s consolidated financial statements have been prepared in accordance with IFRS; the only consolidated subsidiary is Jacquier.

In terms of consolidated financial results, FY 2024-2025 displays a similar profile to the previous one, albeit with a few changes.

In thousands of euros	03.31.25 (12 months)	03.31.24 (12 months)
Net sales Other income	378 79	-157 69
EBITDA	-10,011	-12,791
Operating result	-12,275	-10,263
Net income	-12,311	-9,935
Shareholders’ equity	14,300	26,768
Cash available	559⁴	11,042

At 03/31/025, consolidated revenue remained amounted to €378k. It mainly comprised sales of boiler-making equipment by Jacquier and various services and studies by Haffner Energy.

As a reminder, consolidated revenue was negative for FY 2023-2024 (-157 k€) due to the impact of the termination of the R-Hynoca contract in December 2023⁵ (cf. 14/12/2023 press release).

Confirmed EBIDTA improvement thanks to cost-cutting measures

Extending the trend of the first half of the year, EBITDA⁶continued to improve to -€10,011k, under the combined effect of the decrease in purchases consumed (-15%), personnel costs (-17%) and external expenses (-23%), resulting from the full impact of the cash preservation plan initiated in November 2023.

Operating result nevertheless deteriorated (-€12,275k at 03/31/2025, down €2,012k compared to 03/31/2024). This change is mainly due to the reversal of provisions for losses on completion from the previous year in the amount of €5,787k.

As of 03/31/2025, consolidated net income stood at -€12,311k, registering a larger loss than last year (-€9,935k at 03/31/2024).

After appropriation of net income, shareholders’ equity amounted to €14,300k, excluding the impact of the capital increase which will be taken into account in FY 2025-2026 due to its completion after the closing date.

Haffner Energy’s other assets and liabilities are as follows:

On the assets side, non-current assets (€11,250k, or +€309k) were almost stable, mainly composed of intangible assets representing the Company’s intellectual property (€8,105k as of 03/31/2025 compared to €7,843k as of 03/31/2024). Current assets, on the other hand, contracted significantly to €22,456k (-€12,321k), mainly due to:

the consumption of a significant portion of cash (€559k as of 03/31/2025 compared to €11,042k as of 03/31/2024).
the decrease in other current assets (advances paid to suppliers for €2,464k and Research Tax Credit for €941k).

Conversely, inventories and outstandings increased, reaching €13,432k at the end of the financial year (+€3,287k) mainly due to the installation of the Marolles site.

On the liabilities side, shareholders’ equity amounted to €14,300k at 03/31/2025 (a decrease of €12,468k) mainly due to the allocation of the year’s profit to reserves. It should be noted that the capital increase is not taken into account as of 03/31/2025.
Non-current liabilities decreased slightly (-€268k at 03/31/2025 to €5,833k). This change takes into account the €500k RDI loan received from Bpifrance in March 2025.
Current liabilities, meanwhile, increased +€725k to €13,574k at 31/03/2025. This change is mainly due to the net increase in provisions ongoing litigations (+€882k to €1,116k at 31/03/2025).

It should be noted that, as the proceedings with Sara and Carbonloop are still in progress, the balance sheet position of previous years has been maintained. In addition, a provision has been booked in respect of employee-related litigation.

Net cash position necessitates fundraising despite reduced cash-burn rate

As of 03/31/2025, net cash and cash equivalents amounted to €559k.

As a reminder, the main measures of the cash preservation plan initiated since November 2023 and implemented during the year have focused on:

Overheads in addition to reinforced budget management and expense control measures, the company reduced fees, cancelled non-essential service or subcontracting contracts whose tasks could be handled internally, changed payroll managers, renegotiated the commercial terms of other contracts, and limited travel and related expenses to essentials.
- Payroll: in addition to the freeze on recruitment and replacements, as well as the absence of a general salary increase over FY 2023-24 and FY 2024-2025, Haffner Energy implemented a targeted redundancy plan in the summer of 2024, resulting in the loss of nine (9) positions. Subsequent to the balance sheet date, a redundancy plan for economic reasons was launched at SAS Jacquier. This redundancy plan resulted in the departure of three (3) employees from the workforce on 06/16/2025.
- Leased surface areas: these have been reduced in both Nantes and Paris, thanks to the relocation of the Paris offices in January 2025 and the termination of the lease on the 1st floor of the Nantes offices.
- Postponement of non-priority investments, such as the deployment of a new ERP system (€1.3M).
- Renegotiations with strategic partners and service providers to review certain delivery schedules and invoice payment deadlines (€3M)
- Deferrals of payments illustrating the commitment of all internal stakeholders to the company, such as the deferral of the payment of the individual portion of employees’ target-based bonuses and the payment of directors’ fees; lastly, we note the waiver by the two executives and founding investors, Philippe and Marc Haffner, of the variable portion of their remuneration for FY 2023-2024, as well as the temporary two-stage reduction of part of their fixed remuneration for FY 2023-2024 and FY 2024-2025. These amounts have been provisioned in the financial statements.

Thanks to the implementation of these cost-saving measures, the average monthly cash-burn rate was significantly reduced during the year, gradually falling from €1.4M at the end of 2023 to €1M at the end of 2024, to about €0.6M per month in Q1 2025 (calendar year), excluding income and non-recurring expenses.

In order to ensure that the Company would have the necessary resources to pursue its development until the expected ramp-up in revenue, and as announced as early as June 2024, Haffner Energy therefore initiated the above-mentioned capital increase during the year (see page 4).

Having carried out a review of its liquidity risk, the Company considers that it will have sufficient cash to finance its activities until at least 03/31/2026.

This cash outlook takes into account:

– The €7M capital increase finally subscribed on April 4, 2025, after the closing of FY 2024-2025;

– The receipt, in March 2025, of a €500k innovation grant from Bpifrance (RDI loan) for the hydrogen production, testing and training center project in Marolles (Marl’Hy);

– Cost reductions undertaken by the Company (see page 8) that cap the average monthly cash burn-rate, excluding non-recurring income and expenses, at around €600k (compared with €1M at the end of 2024).

In the 1st half of the year, this is subject to the successful completion of the endurance test at the Marolles site and the signature of the resulting contracts, as well as to the obtaining, during the year, of additional financing linked to the equipment at the Marolles site.

IV. PROJECTS AND PROSPECTS: FOUR NEW OPERATIONAL PRIORITIES

For the current financial year, the Haffner Energy team, boosted by the confidence and support from its business partners, shareholders and institutional ecosystem, has set four new operational priorities: accelerating the conversion of its pipeline, moving forward with the implementation of targeted strategic projects, continuing to structure its action, and simplifying its governance.

Accelerating pipeline conversion

At the end of FY 2024-2025, Haffner Energy had an estimated total sales pipeline of €1.55Bn compared to €1.4Bn at 03/31/2024, confirming a high level of commercial activity due to the various initiatives undertaken since mid-2023: launch of a high-capacity offer for the renewable gas market (syngas) and a SAF offer; business development in the United States through the creation of a subsidiary; increased presence in various US trade fairs dedicated to renewable energies and hydrogen⁷.

On the occasion of its capital increase, and in order to offer a clearer and more representative view of its business and prospects, the Company decided to adopt a communication based on a weighted sales pipeline** instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline

At the end of March 2025, Haffner Energy’s weighted sales pipeline stood at €388M.

Two contracts for hydrogen production equipment had been identified as likely to be signed following the start of hydrogen production at the Marolles site in February 2025 (cf. 02/26/2025 press release).

The first of these is the H₂bois project, for which Haffner Energy signed an initial contract on 03/12/2025, which is essential for the creation of this unit to produce hydrogen, electricity, and biochar from biomass at the Swiss Corbat group’s site (cf. 03/12/2025 press release). With delivery of the site scheduled for July 2026, orders for Haffner Energy are expected to be staggered between now and the end of FY 2025-2026.

The second regards REFORMERS’ Renewable Energy Valley project in Alkmaar in the Netherlands. The latter was awarded the 2025 World Hydrogen Award, “Clean Project” category, May 22, 2025, in Rotterdam, thanks to the choice of HYNOCA® as the green hydrogen production technology included in the project.

Advancing the implementation of a number of targeted strategic projects: R&D, Marolles, and commercial partnerships

While growing the market for existing solutions is the priority for the current financial year, Haffner Energy has continued and will continue to invest time in Research & Development in order to offer its customers new or optimized solutions. The performance of its biomass thermolysis technology is indeed the source of the recognition enjoyed by the Group. In particular, before the end of FY 2024-2025, the Company was awarded the “Innovative Company” label by Bpifrance. This recognition enabled the company to welcome an FCPI fund to its capital.

In April 2025, the Group presented a new line of production units, Hynoca® Flex 500 IG, capable of producing 12 tonnes per day of marketable green hydrogen for less than €3/kg without subsidies, and of generating profitable renewable electricity at peak times (cf. 24/04/2025 press release). Competitive with grey hydrogen and fossil fuels thanks to its energy efficiency of over 80%, this new solution offers all the flexibility of hydrogen and electricity cogeneration, enabling producers’ sites to manage random hydrogen demand and benefit from continuous operation without having to lock themselves into rigid off-take contracts.

The current year’s priorities also include optimizing equipment at the strategic Marolles site, and in particular finalizing the installation of the Gasiliner® (cf. 11/22/2024 press release).

The Haffner Energy team has also been working to advance the strategic Paris-Vatry SAF project. During FY 2024-2025, the Company finalized the creation of SPV (Special Project Vehicle) PARIS VATRY SAF SAS. In addition, Luxembourg-based Luxaviation, a global business aviation leader, confirmed its interest in playing an active role in spin-off SAF Zero at the International Paris Air Show this month. Luxaviation’s participation could take the form of financing the initial development of SAF activities, supporting strategy and global visibility, as well as off-take agreements in SAF Zero projects such as Paris-Vatry SAF (cf. 06/18/2025 press release).

Finally, the FactorHy project of a first plant to assemble renewable gas and hydrogen production modules is still underway. Preliminary studies have been completed and detailed studies for the building permit application are continuing.

Continuing to structure its action

Having completed the creation of Haffner Energy Inc., an unconsolidated US subsidiary, in May 2024, Haffner Energy will continue to work on structuring its action and future developments with a view, in particular, to making effective progress in the SAF market. For current FY, the Company intends to launch SAF Zero, a spin-off designed to maximize its potential in this booming market (cf. 12/09/2024 press release and 18/06/2025 press releases).

Simplifying its governance

In addition, Haffner Energy has decided to simplify its corporate governance to enhance efficiency.

At its meeting on 05/09/2025, the Board of Directors decided to propose the following to the 06/23/2025 Combined General Meeting of Shareholders:

a reduction in the number of Board members, with the early termination of the terms of office of Kouros France and Kouros SA, who also undertook to reduce their shareholding following the capital increase in which they did not wish to participate;
a partial renewal of the Board’s membership, to allow the entry of a new director representing the Luxembourg company Eren Industries, one of Haffner Energy’s industrial shareholders. A partner of Haffner Energy’s since the Company’s IPO, this recognized player in the energy transition is dedicated to technological innovation in the service of the natural resource economy. Eren Industries develops and invests in infrastructure projects, particularly in low-carbon energy production (hydrogen, biogas, biomethane, etc.), some of which could be projects of interest to Haffner Energy, and will provide the Board with all its sector expertise.
An update of the statutes simplifying the majority rules applicable to certain Board decisions, in line with common practice.

All the resolutions were adopted at the June 23, 2025 General Shareholders’ Meeting.

It should be noted that the Board of Directors has decided to reduce the attendance fees of independent directors as from the next financial year. Non-independent directors will not be remunerated.

In addition, Mrs Bich Van Ngo and Mrs Sophie Dutordoir, independent directors, resigned from the Board at the close of the Annual General Meeting on 06/23/2025.

Mr. Olivier Piron (Société E-Venture Management and Investment srl) was co-opted to the Board of Directors as an independent director at the close of the Board meeting of 06/27/2025.

As a result, Haffner Energy’s Board of Directors is now composed of six (6) members, up from eight (8) previously:

Mr. Philippe Haffner, Chairman and CEO of Haffner Energy
Mr. Marc Haffner, Deputy Chief Executive Officer of Haffner Energy
Mrs. Francesca Ecsery, independent
Société E-Venture Management and Investment srl, with Mr. Olivier Piron as permanent representative
Europe and Growth, with Mr. Xavier Dethier as permanent representative
Eren Industries SA, with Mr. David Corchia as permanent representative

Next events

Shareholder webinar : July 1, 2025 – register here

Annual General Meeting : September 10, 2025

More detailed financial information on the annual accounts at 03/31/2025 is available on the website www.haffner-energy.com.

About Haffner Energy

Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO₂ and biochar. A company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Mnémonique : ALHAF).

Investor relations

investisseurs@haffner-energy.com

Media relations

Laure BOURDON
laure.bourdon@haffner-energy.com
+33 (0) 7 87 96 35 15

Glossary:

The Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle.

* Pipeline designates a business opportunity when at least one of the following situations occurs:
– a preliminary feasibility study for the installation of equipment is, or has been, carried out; or
– a budget offer, or a preliminary business plan for the project, or a complete commercial offer including specifications, has been sent to the customer and Haffner Energy is awaiting its response; or
– a letter of intent has been sent to Haffner Energy by the customer; or
– Haffner Energy has received an invitation to participate and is part of a tender process.

** The weighted pipeline is determined by applying a probability of success to the potential sales of each project included in the total pipeline. Thus, given a total pipeline of projects worth €1.55Bn at March 31, 2025, the weighted pipeline at March 31, 2025 stood at €388M, with “hydrogen projects” now accounting for only 18% of the weighted pipeline.

1 Subscription period for the Capital Increase closed on 03/29/2025, Settlement-Delivery on 04/04/2025.
2 In order to offer a clearer and more representative view of its business and prospects, the Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline.

3 Including an Innovation-Research and Development Loan (PIRD) in the amount of €500k granted by Bpifrance and received in early March 2025.
4 Cash and cash equivalents at 03/31/2025 do not include the €7M fundraising, which was completed after closing on 04/04/2025
5 The termination of the R-Hynoca contract was accompanied by a memorandum of understanding under which Haffner Energy will have to make two residual payments (€1M before 12/31/2025 and €0.85M before 12/31/2026).
6 EBITDA corresponds to operating income before depreciation and amortization, impairment net of reversals of fixed assets and current assets, and before operating provisions net of reversals.
7 Since January 2025, Haffner Energy has participated in Hyvolution Paris 2025, Bio360 Expo 2025 in Nantes, World Electrolysis Congress 2025 in Cologne, World Hydrogen Summit 2025 in Rotterdam, for example.

Attachment

PR_Annual results 2024-2025_Haffner Energy SA VF EN v2

The MIL Network –

June 30, 2025

MIL-OSI USA: SPC Severe Thunderstorm Watch 477 Status Reports

Source: US National Oceanic and Atmospheric Administration

Watch 477 Status Reports

STATUS REPORT #4 ON WW 477

VALID 300130Z – 300200Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 35 NW DBQ TO
15 WSW LNR TO 25 NW MKE.

WW 477 WILL BE ALLOWED TO EXPIRE AT 300200Z.

..THOMPSON..06/30/25

ATTN…WFO…ARX…GRB…MKX…

&&

STATUS REPORT FOR WS 477

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

WIC025-043-045-049-065-300200-

WI
. WISCONSIN COUNTIES INCLUDED ARE

DANE GRANT GREEN
IOWA LAFAYETTE
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #3 ON WW 477

VALID 292155Z – 292240Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 35 S LSE TO
35 WSW OSH TO 25 NE MTW.

..THOMPSON..06/29/25

ATTN…WFO…ARX…GRB…MKX…

&&

STATUS REPORT FOR WS 477

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

WIC015-021-023-025-027-039-043-045-047-049-065-071-103-111-
292240-

WI
. WISCONSIN COUNTIES INCLUDED ARE

CALUMET COLUMBIA CRAWFORD
DANE DODGE FOND DU LAC
GRANT GREEN GREEN LAKE
IOWA LAFAYETTE MANITOWOC
RICHLAND SAUK
$$

LMZ543-292240-

CW

. ADJACENT COASTAL WATERS INCLUDED ARE

TWO RIVERS TO SHEBOYGAN WI

$$
THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #2 ON WW 477

VALID 292025Z – 292140Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 20 NNE VOK
TO 30 S ESC.

FOR ADDITIONAL INFORMATION SEE MESOSCALE DISCUSSION 1512.

..MARSH..06/29/25

ATTN…WFO…ARX…GRB…MKX…

&&

STATUS REPORT FOR WS 477

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

WIC001-009-015-021-023-025-027-029-039-043-045-047-049-057-061-
065-071-077-081-083-087-097-103-111-115-123-135-137-139-
292140-

WI
. WISCONSIN COUNTIES INCLUDED ARE

ADAMS BROWN CALUMET
COLUMBIA CRAWFORD DANE
DODGE DOOR FOND DU LAC
GRANT GREEN GREEN LAKE
IOWA JUNEAU KEWAUNEE
LAFAYETTE MANITOWOC MARQUETTE
MONROE OCONTO OUTAGAMIE
PORTAGE RICHLAND SAUK
SHAWANO VERNON WAUPACA
WAUSHARA WINNEBAGO
$$

LMZ521-522-541-542-543-292140-

CW

. ADJACENT COASTAL WATERS INCLUDED ARE

GREEN BAY SOUTH OF LINE FROM CEDAR RIVER TO ROCK ISLAND PASSAGE
AND NORTH OF A LINE FROM OCONTO WI TO LITTLE STURGEON BAY WI

GREEN BAY SOUTH OF LINE FROM OCONTO WI TO LITTLE STURGEON BAY WI

ROCK ISLAND PASSAGE TO STURGEON BAY WI

STURGEON BAY TO TWO RIVERS WI

TWO RIVERS TO SHEBOYGAN WI

$$
THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #1 ON WW 477

VALID 291945Z – 292040Z

THE SEVERE WEATHER THREAT CONTINUES ACROSS THE ENTIRE WATCH AREA.

..GRAMS..06/29/25

ATTN…WFO…ARX…GRB…MKX…

&&

STATUS REPORT FOR WS 477

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

WIC001-009-015-021-023-025-027-029-039-043-045-047-049-057-061-
065-071-075-077-078-081-083-087-097-103-111-115-123-135-137-139-
292040-

WI
. WISCONSIN COUNTIES INCLUDED ARE

ADAMS BROWN CALUMET
COLUMBIA CRAWFORD DANE
DODGE DOOR FOND DU LAC
GRANT GREEN GREEN LAKE
IOWA JUNEAU KEWAUNEE
LAFAYETTE MANITOWOC MARINETTE
MARQUETTE MENOMINEE MONROE
OCONTO OUTAGAMIE PORTAGE
RICHLAND SAUK SHAWANO
VERNON WAUPACA WAUSHARA
WINNEBAGO
$$

LMZ521-522-541-542-543-292040-

CW

. ADJACENT COASTAL WATERS INCLUDED ARE

GREEN BAY SOUTH OF LINE FROM CEDAR RIVER TO ROCK ISLAND PASSAGE
AND NORTH OF A LINE FROM OCONTO WI TO LITTLE STURGEON BAY WI

GREEN BAY SOUTH OF LINE FROM OCONTO WI TO LITTLE STURGEON BAY WI

ROCK ISLAND PASSAGE TO STURGEON BAY WI

STURGEON BAY TO TWO RIVERS WI

TWO RIVERS TO SHEBOYGAN WI

$$
THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

Top/Watch Issuance Text for Watch 477/All Current Watches/Forecast Products/Home

MIL OSI USA News –

June 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 478 Status Reports

Source: US National Oceanic and Atmospheric Administration

Watch 478 Status Reports

STATUS REPORT #4 ON WW 478

VALID 300150Z – 300240Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 55 NNW BVO
TO 20 S CNU TO GMJ.

FOR ADDITIONAL INFORMATION SEE MESOSCALE DISCUSSION 1517

..THOMPSON..06/30/25

ATTN…WFO…ICT…SGF…TSA…

&&

STATUS REPORT FOR WS 478

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

KSC015-019-035-049-099-125-173-191-205-300240-

KS
. KANSAS COUNTIES INCLUDED ARE

BUTLER CHAUTAUQUA COWLEY
ELK LABETTE MONTGOMERY
SEDGWICK SUMNER WILSON
$$

OKC035-037-041-097-105-113-115-117-131-143-145-147-300240-

OK
. OKLAHOMA COUNTIES INCLUDED ARE

CRAIG CREEK DELAWARE
MAYES NOWATA OSAGE
OTTAWA PAWNEE ROGERS
TULSA WAGONER WASHINGTON
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #3 ON WW 478

VALID 300005Z – 300140Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 30 S EMP TO
25 SE GMJ.

..THOMPSON..06/30/25

ATTN…WFO…ICT…SGF…TSA…

&&

STATUS REPORT FOR WS 478

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

KSC019-049-099-125-205-300140-

KS
. KANSAS COUNTIES INCLUDED ARE

CHAUTAUQUA ELK LABETTE
MONTGOMERY WILSON
$$

OKC035-105-115-300140-

OK
. OKLAHOMA COUNTIES INCLUDED ARE

CRAIG NOWATA OTTAWA
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #2 ON WW 478

VALID 292210Z – 292340Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 25 N CNU TO
15 NNW JLN TO 20 ENE SGF.

..THOMPSON..06/29/25

ATTN…WFO…ICT…SGF…TSA…

&&

STATUS REPORT FOR WS 478

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

KSC019-021-037-049-099-125-133-205-207-292340-

KS
. KANSAS COUNTIES INCLUDED ARE

CHAUTAUQUA CHEROKEE CRAWFORD
ELK LABETTE MONTGOMERY
NEOSHO WILSON WOODSON
$$

MOC009-043-077-097-109-119-145-209-213-292340-

MO
. MISSOURI COUNTIES INCLUDED ARE

BARRY CHRISTIAN GREENE
JASPER LAWRENCE MCDONALD
NEWTON STONE TANEY
$$

OKC035-105-115-292340-

OK
. OKLAHOMA COUNTIES INCLUDED ARE

CRAIG NOWATA OTTAWA
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #1 ON WW 478

VALID 292030Z – 292140Z

THE SEVERE WEATHER THREAT CONTINUES ACROSS THE ENTIRE WATCH AREA.

FOR ADDITIONAL INFORMATION SEE FORTHCOMING MESOSCALE DISCUSSION
1513.
..GRAMS..06/29/25

ATTN…WFO…ICT…SGF…TSA…

&&

STATUS REPORT FOR WS 478

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

KSC001-011-019-021-037-049-099-125-133-205-207-292140-

KS
. KANSAS COUNTIES INCLUDED ARE

ALLEN BOURBON CHAUTAUQUA
CHEROKEE CRAWFORD ELK
LABETTE MONTGOMERY NEOSHO
WILSON WOODSON
$$

MOC009-011-039-043-057-077-085-097-109-119-145-167-185-209-213-
217-292140-

MO
. MISSOURI COUNTIES INCLUDED ARE

BARRY BARTON CEDAR
CHRISTIAN DADE GREENE
HICKORY JASPER LAWRENCE
MCDONALD NEWTON POLK
ST. CLAIR STONE TANEY
VERNON
$$

OKC035-105-115-292140-

OK
. OKLAHOMA COUNTIES INCLUDED ARE

CRAIG NOWATA OTTAWA
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

Top/Watch Issuance Text for Watch 478/All Current Watches/Forecast Products/Home

MIL OSI USA News –

June 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 479 Status Reports

Source: US National Oceanic and Atmospheric Administration

Watch 479 Status Reports

STATUS REPORT #4 ON WW 479

VALID 300140Z – 300240Z

SEVERE WEATHER THREAT CONTINUES RIGHT OF A LINE FROM 25 SE DGW TO
25 E CDR.

..SPC..06/30/25

ATTN…WFO…BOU…CYS…LBF…UNR…

&&

STATUS REPORT FOR WS 479

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

COC001-005-013-014-031-039-069-073-075-087-095-115-121-123-
300240-

CO
. COLORADO COUNTIES INCLUDED ARE

ADAMS ARAPAHOE BOULDER
BROOMFIELD DENVER ELBERT
LARIMER LINCOLN LOGAN
MORGAN PHILLIPS SEDGWICK
WASHINGTON WELD
$$

NEC005-007-013-031-033-045-049-069-075-091-105-117-123-157-161-
165-300240-

NE
. NEBRASKA COUNTIES INCLUDED ARE

ARTHUR BANNER BOX BUTTE
CHERRY CHEYENNE DAWES
DEUEL GARDEN GRANT
HOOKER KIMBALL MCPHERSON
MORRILL SCOTTS BLUFF SHERIDAN
SIOUX
$$

SDC007-300240-

SD
. SOUTH DAKOTA COUNTIES INCLUDED ARE

BENNETT
$$

WYC015-021-031-300240-

WY
. WYOMING COUNTIES INCLUDED ARE

GOSHEN LARAMIE PLATTE
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #3 ON WW 479

VALID 300005Z – 300140Z

THE SEVERE WEATHER THREAT CONTINUES ACROSS THE ENTIRE WATCH AREA.

..SPC..06/30/25

ATTN…WFO…BOU…CYS…LBF…UNR…

&&

STATUS REPORT FOR WS 479

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

COC001-005-013-014-031-039-069-073-075-087-095-115-121-123-
300140-

CO
. COLORADO COUNTIES INCLUDED ARE

ADAMS ARAPAHOE BOULDER
BROOMFIELD DENVER ELBERT
LARIMER LINCOLN LOGAN
MORGAN PHILLIPS SEDGWICK
WASHINGTON WELD
$$

NEC007-013-033-045-049-069-105-123-157-161-165-300140-

NE
. NEBRASKA COUNTIES INCLUDED ARE

BANNER BOX BUTTE CHEYENNE
DAWES DEUEL GARDEN
KIMBALL MORRILL SCOTTS BLUFF
SHERIDAN SIOUX
$$

SDC007-033-047-071-081-093-102-103-300140-

SD
. SOUTH DAKOTA COUNTIES INCLUDED ARE

BENNETT CUSTER FALL RIVER
JACKSON LAWRENCE MEADE
OGLALA LAKOTA PENNINGTON
$$

WYC011-015-021-027-031-045-300140-

WY
. WYOMING COUNTIES INCLUDED ARE

CROOK GOSHEN LARAMIE
NIOBRARA PLATTE WESTON
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #2 ON WW 479

VALID 292240Z – 292340Z

THE SEVERE WEATHER THREAT CONTINUES ACROSS THE ENTIRE WATCH AREA.

..SPC..06/29/25

ATTN…WFO…BOU…CYS…LBF…UNR…

&&

STATUS REPORT FOR WS 479

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

COC001-005-013-014-031-039-069-073-075-087-095-115-121-123-
292340-

CO
. COLORADO COUNTIES INCLUDED ARE

ADAMS ARAPAHOE BOULDER
BROOMFIELD DENVER ELBERT
LARIMER LINCOLN LOGAN
MORGAN PHILLIPS SEDGWICK
WASHINGTON WELD
$$

NEC007-013-033-045-049-069-105-123-157-161-165-292340-

NE
. NEBRASKA COUNTIES INCLUDED ARE

BANNER BOX BUTTE CHEYENNE
DAWES DEUEL GARDEN
KIMBALL MORRILL SCOTTS BLUFF
SHERIDAN SIOUX
$$

SDC007-033-047-071-081-093-102-103-292340-

SD
. SOUTH DAKOTA COUNTIES INCLUDED ARE

BENNETT CUSTER FALL RIVER
JACKSON LAWRENCE MEADE
OGLALA LAKOTA PENNINGTON
$$

WYC011-015-021-027-031-045-292340-

WY
. WYOMING COUNTIES INCLUDED ARE

CROOK GOSHEN LARAMIE
NIOBRARA PLATTE WESTON
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

STATUS REPORT #1 ON WW 479

VALID 292030Z – 292140Z

THE SEVERE WEATHER THREAT CONTINUES ACROSS THE ENTIRE WATCH AREA.

..GRAMS..06/29/25

ATTN…WFO…BOU…CYS…LBF…UNR…

&&

STATUS REPORT FOR WS 479

SEVERE WEATHER THREAT CONTINUES FOR THE FOLLOWING AREAS

COC001-005-013-014-031-039-069-073-075-087-095-115-121-123-
292140-

CO
. COLORADO COUNTIES INCLUDED ARE

ADAMS ARAPAHOE BOULDER
BROOMFIELD DENVER ELBERT
LARIMER LINCOLN LOGAN
MORGAN PHILLIPS SEDGWICK
WASHINGTON WELD
$$

NEC007-013-033-045-049-069-105-123-157-161-165-292140-

NE
. NEBRASKA COUNTIES INCLUDED ARE

BANNER BOX BUTTE CHEYENNE
DAWES DEUEL GARDEN
KIMBALL MORRILL SCOTTS BLUFF
SHERIDAN SIOUX
$$

SDC007-033-047-071-081-093-102-103-292140-

SD
. SOUTH DAKOTA COUNTIES INCLUDED ARE

BENNETT CUSTER FALL RIVER
JACKSON LAWRENCE MEADE
OGLALA LAKOTA PENNINGTON
$$

WYC011-015-021-027-031-045-292140-

WY
. WYOMING COUNTIES INCLUDED ARE

CROOK GOSHEN LARAMIE
NIOBRARA PLATTE WESTON
$$

THE WATCH STATUS MESSAGE IS FOR GUIDANCE PURPOSES ONLY. PLEASE
REFER TO WATCH COUNTY NOTIFICATION STATEMENTS FOR OFFICIAL
INFORMATION ON COUNTIES…INDEPENDENT CITIES AND MARINE ZONES
CLEARED FROM SEVERE THUNDERSTORM AND TORNADO WATCHES.
$$

Top/Watch Issuance Text for Watch 479/All Current Watches/Forecast Products/Home

MIL OSI USA News –

June 30, 2025
MIL-OSI USA: McCaul Hosts Ceremony in Bastrop to Dedicate Post Office in Sergeant Major Billy D. Waugh’s Honor

Source: United States House of Representatives – Congressman Michael McCaul (10th District of Texas)

McCaul’s bill to dedicate the post office in honor of Sergeant Waugh became law in 2024

Bastrop, Texas – Today, U.S. Congressman Michael McCaul (R-Texas) honored a U.S. Army veteran and American military hero, Sergeant Major Billy D. Waugh, at a ceremony to officially dedicate the facility of the United States Postal Service located at 1106 Main Street in Bastrop as the “Sergeant Major Billy D. Waugh Post Office.” McCaul hosted the event in conjunction with the family of Sergeant Waugh and the United States Postal Service.

“A member of the Greatest Generation, Sergeant Major Billy D. Waugh was a true American hero who dedicated himself to a life of courage, patriotism, and self-sacrifice,” said Rep. McCaul. “I’m amazed and inspired by the longevity of his service, which included time in the Special Forces — where he gained eight purple hearts — the Central Intelligence Agency, and even the United States Postal Service. Throughout his impressive career, he never lost his sense of duty, his patriotism, or his enduring love of freedom. I am proud to officially dedicate the Bastrop Post Office in his honor so all Texans can remember his incredible life of service and pay homage to this great American Hero.”

McCaul delivers remarks at ceremony

McCaul with Sergeant Waugh’s family members

Background:

During the 118th Congress, Rep. McCaul introduced a bill to designate the United States Postal Service located at 1106 Main Street in Bastrop, Texas, as the “Sergeant Major Billy D Waugh Post Office,” which passed Congress unanimously late last year.

Sergeant Major Billy D. Waugh was born December 1929 and raised in Bastrop, Texas. He served his country as an Army paratrooper and Special Forces soldier from 1948 to 1972, including seven years in combat during the Korean and Vietnam wars. He also was part of the first high-altitude, low-opening (HALO) combat parachute assault in military history.

For his service, Mr. Waugh received dozens of awards and medals, including eight Purple Hearts for his combat wounds — placing him third on the list of most Purple Hearts ever received. After retirement, he joined the United States Postal Service. Then, he once again served his country as a paramilitary operations officer in the Central Intelligence Agency, where he successfully pursued terrorists including Carlos the Jackal and Osama Bin Laden.

He eventually returned to his hometown of Bastrop and passed away in April 2023 at the age of 93.

###

MIL OSI USA News –

June 30, 2025
MIL-OSI Economics: Sustaining trust and stability

Source: Bank for International Settlements

Good morning, ladies and gentlemen.

Thank you for joining us at this pivotal moment for the global economy. As we gather here today, we find ourselves at a crossroads – one shaped by challenges that are both immediate and structural. At the same time, we also have opportunities to reshape and improve our monetary and financial systems.

Just a few months ago, the near-term outlook for the global economy was favourable. After the Covid-19 pandemic and a struggle to restore price stability, a soft landing was finally in sight.

But, as history has shown us time and again, stability can be elusive. In early April, larger-than-expected tariffs were announced by the US administration. This fraying of long-established economic ties came on top of other policy ruminations in the United States that stoked concerns about policy direction and stability.

These events jolted the global economy. Asset prices swung wildly. Growth forecasts were cut.

The global economy entered a new era of heightened uncertainty and unpredictability.

Yet, with the benefit of hindsight, it is clear that the global economy faced serious challenges even before these tumultuous events. Productivity growth has been persistently weak in many economies. Fiscal positions are fragile. Financial vulnerabilities have built up, often in opaque ways. These challenges are compounded by the threat to prosperity from active conflicts on multiple continents.

So, where do we go from here? How do we navigate these turbulent waters?

Trust and policy

Let me begin by emphasising a principle that lies at the heart of successful public policy: trust.

Trust in public institutions, in central banks and in the very foundation of our economic systems – money itself. Today, as we face new uncertainties, this trust remains essential. It is the bedrock upon which economic stability is built.

Trust cannot stop at monetary policy and the door of the central bank. It must extend to every aspect of public policy. People must trust that policymakers and elected officials will act to advance legitimate objectives and will do so effectively. They must trust that the foundations of our economic systems are sound. And they must trust that innovation will be used to benefit society, not merely disrupt it.

This year’s Annual Economic Report reflects on these important themes. It reviews the state of the global economy, examines the key policy challenges and takes a closer look at two critical issues: how financial conditions are determined in today’s evolving global financial system and how the future monetary and financial system will be designed.

From soft landing to turbulence and uncertainty

In early 2025, the global economy appeared to be on track for a soft landing. Inflation was either on target or converging to central bank targets. Labour markets had largely normalised. The global economy was expanding at a respectable pace. And the mood in financial markets was growing more upbeat. To be sure, challenges were on the horizon for policymakers. But it seemed, for a moment, that the worst was behind us.

The outlook has since darkened. The announcement of broad-based US tariffs sent shockwaves through markets. Trade policy changes have been accompanied by the prospect of an ambitious fiscal expansion, questioning of central bank independence, discussions about penalising foreign holders of US securities and challenges to the legal system, among others. The repeated cycle of announcements, adjustments and reversals has fostered an atmosphere of uncertainty and unpredictability.

The market reaction was telling. Volatility soared. The US dollar depreciated even as government bond yields rose – an extraordinary, troubling combination. These unusual dynamics led to speculation in some quarters about the US dollar’s long-standing safe haven status.

Some of the more extreme policy changes that triggered market reaction seem to have been walked back. This has prompted a recovery in markets. But there is still very little clarity about the eventual scope of trade and other key policies amid the daily flow of ruminations.

Reverberations will make their way through the global economy, amplifying existing vulnerabilities. The full impact will take time to show.

Tariffs remain at levels not seen in decades and will exert pressure on both output and inflation.

In the meantime, elevated uncertainty may already be taking a toll. Firms are reporting delays in their hiring and investment decisions.

Past bouts of uncertainty have typically been followed by weaker economic activity and, in particular, business investment. Consistent with this, growth forecasts have been revised downward. Confidence indicators point to deteriorating economic activity.

Structural vulnerabilities in a shifting world

The recent turbulence has exposed and amplified long-standing vulnerabilities in the global economy. These include structurally low economic growth, unsustainable fiscal positions amid historically high public debt and the growing footprint of less regulated non-bank financial institutions (NBFIs). In combination, these developments make economies less flexible and less resilient. Policy is less able to respond when needed. And markets are more fragile and more likely to propagate risk.

Rising trade fragmentation is particularly concerning. Globalisation has been a vital force in sustaining income growth. It has also facilitated technological diffusion through foreign direct investment, especially among emerging market economies. But growth in global trade slowed considerably after the Great Financial Crisis. The recent imposition of tariffs could intensify this trend.

Tariffs are often justified as tools to address trade imbalances or protect domestic industries. Past experience tells us that they will not achieve these goals. Instead, they risk reducing economic growth further and exacerbating inflationary pressures. They will also make aggregate supply less flexible and economies more inflation-prone.

The global economy is becoming less resilient to shocks. Population ageing, climate change, geopolitical tensions and a less elastic supply side all contribute to a more volatile environment. Inflation expectations, already scarred by the pandemic, might be less firmly anchored. Households and firms, having been surprised by the persistence of inflation in recent years, might now be more sensitive to price changes.

To address these challenges, structural reforms are essential to make aggregate supply more nimble. Policymakers must focus on three key areas: bolstering labour and product market flexibility, reducing barriers to trade and enhancing public investment. These reforms will not only strengthen economic resilience but also lay the groundwork for sustainable, long-term growth.

The burden of debt

High levels of public debt are a significant vulnerability that governments can no longer ignore. Since the Great Financial Crisis, public debt has reached levels near or exceeding peacetime highs in many countries. While high debt can be sustainable when growth is robust and interest rates low, today’s conditions are far less supportive.

Rising interest payments, driven by higher rates and refinancing needs, are putting pressure on fiscal accounts and increasing fiscal sustainability risks. Already, there are signs of weakening investor appetite for government bonds and rising intermediation challenges. The absorption of debt issuance, particularly at longer tenors, has proved difficult on occasion. High debt may increase political pressures on central banks to keep interest rates lower than warranted by developments in inflation and output.

High debt makes the financial system more vulnerable. Repricing of government debt can lead to losses for banks and NFBIs, tightening financial conditions and dampening economic activity.

To minimise these risks, maintaining a credible and sustainable fiscal policy framework is critical. For some countries, this will require fiscal consolidation. For all, it will mean improving the “quality” of fiscal policy to make it growth-friendly.

Fiscal authorities need to build capacity to confront future shocks. This will allow them to support the economy when required, and it will ease the pressure on monetary policy to be a source of sustained growth.

The evolving financial landscape

The global financial system has undergone profound changes in recent years.

Two structural changes, in particular, stand out. The first is the shift in underlying claims from those on private sector borrowers to claims on the government. The second structural change is the shift in the source of funding from banks to NBFIs.

The increasingly central role of NBFIs introduces new risks and challenges, including for banks. While NBFIs have brought innovation and diversity to financial markets, they are also more opaque and less regulated than traditional banks.

The growth of private credit markets, for example, raises questions about credit quality and resilience in the face of economic downturns. A growing share of the long-term credit to small or medium-sized and highly indebted companies is now provided by private credit funds. While this has brought a range of benefits, we need to recognise the risks. The resilience of this young sector to a sizeable downturn in the credit cycle remains largely untested.

Similarly, the greater role of alternative asset managers and hedge funds in key financial markets has raised the likelihood that financial instability could be amplified by liquidity stresses. NBFIs have facilitated the funding of governments, but often with financial engineering that can be fragile. Their complex leveraged positions are vulnerable to adverse shocks, as we have seen in recent years and will likely see again. This deterioration in market function has increased the likelihood of financial stress episodes triggering central bank intervention. Stablecoins, while still small, are also gradually emerging as another potential source of liquidity risk.

Banks interact with the NBFI ecosystem through several channels. For example, banks provide liquidity to private credit funds through subscription lines, offer credit lines to hedge funds and collaborate in the securitisation of leveraged loans. Meanwhile, banks’ intermediation in repo and foreign exchange swap markets facilitates the growing footprint of internationally active NBFIs.

We know that even safe, liquid claims can be at the centre of a stress event, with potential spillovers that tighten financial conditions for the real economy. These risks to the safety and soundness of the banking system need to be carefully monitored.

Together, these developments have heightened the sensitivity of financial conditions to global risk factors. Emerging market economies have long experienced the spillovers of financial conditions from advanced economies. As Hyun will discuss shortly, major advanced economies increasingly figure in the transmission of financial conditions, both as the originators and as the recipients.

To address the risks presented by a larger NBFI sector, regulators must adopt a holistic approach. Banking and non-banking activities that pose similar risks should be subject to similarly stringent regulatory standards. Regulatory measures could entail a mix of activity-based and entity-based regulatory controls. This will help prevent the build-up of systemic risks and minimise competitive distortions among different providers of financial services.

Central bank priorities

Let me now turn to central bank priorities.

As they face these new challenges, central banks can draw on the valuable lessons learned in recent years. The pandemic era has reminded us that inflationary pressures can arise from multiple sources, not just strong demand. Structural shifts and supply side rigidities mean that economic shocks may now have a larger and more lasting impact on inflation. The recent inflation surge has left scars on inflation expectations, making the role of independent central banks as trusted anchors of price stability more important than ever.

Trade tensions exemplify the challenges central banks face. For some economies, recent developments will resemble a stagflationary shock. As such, they present a difficult trade-off for monetary policy. Central banks must carefully balance supporting growth and employment with preventing temporary price increases from turning into persistent inflation. Households, in particular, may show less tolerance for price increases and real wage declines following the sharp rise in living costs after the pandemic. If evidence of de-anchoring emerges, central banks must respond quickly and forcefully to inflationary shocks. The uncertainty surrounding the timing, magnitude and future trajectory of tariffs further complicates this task.

Countries that have not imposed tariffs or retaliatory measures are likely to face something more akin to an adverse demand shock. As a result, the disinflationary effects in these economies, including from lower prices for goods, are likely to dominate. Economies in this group, particularly those where inflation is low, may therefore have greater room to continue supporting growth with monetary easing.

For all central banks, three key lessons from the experience of recent years stand out. First, while inflation targeting should be symmetric, central banks should pay particular attention to preventing large inflation surges. Second, agility is key. Central banks must prioritise flexible tools, use balance sheets cautiously and rely on macroprudential measures to bolster financial system resilience. Third, humility is vital. Unexpected developments will happen. The use of alternative scenarios could help communicate the extent of uncertainty economies face. Scenarios do add complexity, but they can help clarify the central bank’s reaction function, thus helping households and businesses to navigate uncertainty and aligning their expectations.

By staying true to their mandates and adapting to evolving circumstances, central banks can continue to anchor expectations and foster stability in an unpredictable world. This is the path to maintaining trust and contributing to sustainable economic growth.

Building a monetary and financial system for the future

Finally, let me turn to the future of the financial system. Digital innovation offers many promises. For one, technologies such as artificial intelligence should be part of the solution for monitoring financial market risks such as those arising from the growing heft of NBFIs. More importantly, digital innovation offers immense potential to transform the monetary and financial system. Technologies like tokenisation and programmable payments hold the promise of faster, more secure and more efficient transactions.

Innovation must be guided by trust. Central banks have a critical role to play in ensuring that the foundations of the monetary system remain sound. This includes building on top of the two-tier system with central bank and commercial bank money at its core, providing regulatory frameworks, fostering public-private partnerships and articulating a clear vision for the future.

By contrast, alternatives built on privately issued currencies, including stablecoins, fall short when set against the three key tests that money must fulfil to serve society. The first is the singleness of money, which is the acceptance of money at par with no questions asked. The second is elasticity, the ability to flexibly meet the demand for money. The third is the integrity of the monetary system against illicit activity.

At the BIS, we have been working to shine light on developments in technology that may be harnessed by central banks. Major innovations like the entry of big tech into finance, central bank digital currencies and artificial intelligence are challenging and reshaping the financial system. Through the Annual Economic Report, we have worked – for each of the past eight years – to support the central banking community in understanding how to harness these innovations while preserving trust in money. This year’s chapter is in line with these efforts. We envision a next-generation monetary and financial system centred around a trilogy of tokenised central bank reserves, commercial bank money and government bonds. This system can set the stage for further innovation. It could enable seamless, automated transactions, reducing frictions and unlocking new possibilities for commerce and finance globally.

Conclusion

The challenges we face are formidable, but they are not insurmountable. By addressing structural vulnerabilities, maintaining trust in our institutions and embracing innovation, policymakers can help build a more resilient and inclusive global economy.

Let us grasp this moment to lay the foundations for a better future – one that is defined not by uncertainty and fragmentation, but by stability, cooperation and shared prosperity. In times of great uncertainty, central banks can play a vital role as a stabilising force delivering on their mandates with the public interest and stability at the heart of policy decisions. This will foster trust and ensure the success of the policy response, for the benefit of all.

Thank you.

MIL OSI Economics –

June 29, 2025
Trump slams Israel’s prosecutors over Netanyahu corruption trial

Source: Government of India

Source: Government of India (4)

President Donald Trump on Saturday lashed out at prosecutors in Israel over the corruption trial that Israeli Prime Minister Benjamin Netanyahu has faced, saying Washington, having given billions of dollars worth of aid to Israel, was not going to “stand for this”.

Netanyahu was indicted in 2019 in Israel on charges of bribery, fraud and breach of trust – all of which he denies. The trial began in 2020 and involves three criminal cases.

“It is INSANITY doing what the out-of-control prosecutors are doing to Bibi Netanyahu,” Trump said in a Truth Social post, adding that the judicial process was going to interfere with Netanyahu’s ability to conduct talks with Palestinian militants Hamas, and Iran.

Trump’s second post over the course of a few days defending Netanyahu and calling for the cancellation of the trial went a step further to tie Israel’s legal action to U.S. aid.

“The United States of America spends Billions of Dollar [sic] a year, far more than on any other Nation, protecting and supporting Israel. We are not going to stand for this,” Trump said.

Netanyahu “right now” was in the process of negotiating a deal with Hamas, Trump said, without giving further details. On Friday, the Republican president told reporters that he believes a ceasefire is close.

Hamas has said it is willing to free remaining hostages in Gaza under any deal to end the war, while Israel says it can only end if Hamas is disarmed and dismantled. Hamas refuses to lay down its arms.

Interest in resolving the Gaza conflict has heightened in the wake of the U.S. and Israeli bombing of Iran’s nuclear facilities. A ceasefire to the 12-day Israel-Iran conflict went into effect early this week.

(Reuters)

June 29, 2025
Trump slams Israel’s prosecutors over Netanyahu corruption trial

Source: Government of India

Source: Government of India (4)

President Donald Trump on Saturday lashed out at prosecutors in Israel over the corruption trial that Israeli Prime Minister Benjamin Netanyahu has faced, saying Washington, having given billions of dollars worth of aid to Israel, was not going to “stand for this”.

Netanyahu was indicted in 2019 in Israel on charges of bribery, fraud and breach of trust – all of which he denies. The trial began in 2020 and involves three criminal cases.

“It is INSANITY doing what the out-of-control prosecutors are doing to Bibi Netanyahu,” Trump said in a Truth Social post, adding that the judicial process was going to interfere with Netanyahu’s ability to conduct talks with Palestinian militants Hamas, and Iran.

Trump’s second post over the course of a few days defending Netanyahu and calling for the cancellation of the trial went a step further to tie Israel’s legal action to U.S. aid.

“The United States of America spends Billions of Dollar [sic] a year, far more than on any other Nation, protecting and supporting Israel. We are not going to stand for this,” Trump said.

Netanyahu “right now” was in the process of negotiating a deal with Hamas, Trump said, without giving further details. On Friday, the Republican president told reporters that he believes a ceasefire is close.

Hamas has said it is willing to free remaining hostages in Gaza under any deal to end the war, while Israel says it can only end if Hamas is disarmed and dismantled. Hamas refuses to lay down its arms.

Interest in resolving the Gaza conflict has heightened in the wake of the U.S. and Israeli bombing of Iran’s nuclear facilities. A ceasefire to the 12-day Israel-Iran conflict went into effect early this week.

(Reuters)

June 29, 2025
MIL-Evening Report: A return to Nature.

Headline: A return to Nature. – 36th Parallel Assessments

Thomas Hobbes wrote his seminal work Leviathan in 1651. In it he describes the world system as it was then as being in “a state of nature,” something that some have interpreted as anarchy. However, anarchy has order and purpose. It is not chaos. In fact, if we think of Adam Smith’s “invisible hand of the market” we get something similar to what anarchy is in practice: the aggregate of individual acts of self-interest can lead to the optimisation of value and outcomes at the collective level. Anarchy clears; chaos does not.

For Hobbes, the state of nature was chaos. Absent a “Sovereign” (i.e. a government) that could impose order on global and domestic societies, humans were destined to lead lives the were “solitary, poor, nasty, brutish and short.” This has translated into notions of “might makes right,” “survival of the fittest,” “to the victor goes the spoils” and other axioms of so-called power politics. The most elaborate of these, international relations realism, is a school of thought that is based on the belief that because the international system has no superseding Sovereign in the form of world government with comprehensive enforcement powers, and because there are no universally shared values and mores throughout the globe community that ideologically bind cultures, groups and individuals, global society exists as a state of nature where, even if there are attempts to manage the relationships between States (and other actors) via rules, norms, institutions and the like, the bottom line is that States (and other actors) have interests, not friends.

Interests are pursued in a context of power differentials. Alliances are temporary and based on the convergence of mutual interests. Values are not universal and so are inconsequential. International exchange is transactional, not altruistic. Actors with greater resources at their disposal (human, natural, intellectual) prevail over those that have less. In case of resource parity between States or other actors, balances of power become systems regulators, but these are fluid and contingent, not permanent. Geography matters in that regard, which is why geopolitics (the relationship of power to geography) is the core of international relations.

It is worth remembering this when evaluating contemporary international relations. It has been well established by now that the liberal international order of the post WW2 era has largely been dismantled in the context of increasing multipolarity in inter-State relations and the rise of the Global South within the emerging order. As I have written before, the long transition and systemic realignment in international affairs has led to norm erosion, rules violations, multinational institutional and international organizational decay or irrelevance and the rise of conflict (be it in trade, diplomacy or armed force) as the new systems regulator.

These developments have accentuated over the last decade and now have a catalyst for a full move into a new global moment–but not into a multipolar or multiplex constellation arrangement in which rising and established powers move between multilateral blocs depending on the issues involved. Instead, the move appears to be one towards a modern Hobbesian state of nature, with the precipitant being the MAGA administration of Donald Trump and its foreign policy approach.

We must be clear that it is not Trump who is the architect of this move. As mentioned in pervious posts, he is an empty vessel consumed by his own self-worth. That makes him a useful tool of far smarter people than he, people who work in the shadow of relative anonymity and who cut their teeth in rightwing think tanks and policy centres. In their view the liberal internationalist order placed too many constraints on the exercise of US power while at the same time requiring the US to over-extend itself as the “world’s policeman” and international aid donor . Bound by international conventions on the one hand and besieged by foreign rent-seekers and adversaries on the other, the US was increasingly bent under the weight of overlapped demands in which existential national interests were subsumed to a plethora of frivolous diversions (such as human rights and democracy promotion).

For these strategists, the solution to the dilemma was not to be found in any new multipolar (or even technopolar) constellation but in a dismantling of the entire edifice of international order, something that was based on an architecture of rules, institutions and norms nearly 500 years in the making. Many have mentioned Trump’s apparent mercantilist inclinations and his admiration for former US president William McKinley’s tariff policies in the late 1890s. Although that may be true, the Trump/MAGA agenda is far broader in scope than trade. In fact, the US had its greatest period of (neo-imperial) expansion during McKinley’s tenure as president (1897-1901), winning the Spanish-American War and annexing Hawai’i, Puerto Rico, Guam, American Samoa and the Philippines, so Trump’s admiration for him may well be based on notions of territorial expansionism as well.

Whatever Trump’s views of McKinley, the basic idea under-riding his foreign policy team’s approach is that in a world where the exercise of power is the ultimate arbiter of a State’s international status, the US remains the greatest Power of them all. It does not matter if the PRC or Russia challenge the US or if other emerging powers join the competition. Without the hobbling effect of its liberal obligations the US can and will dominate them all. This involves trade but also the exercise of raw (neo) imperialist ambitions in places like Greenland, the Panama Canal and even Canada. It involves sidelining the UN, NATO, EU and other international organisations where the US had to share equal votes with lesser powers who flaunted the respect and tribute that should naturally be given in recognition of the US’s superior power base.

There appears to be a belief in this approach that the US can be a new hegemon–but not Sovereign–in a unipolar world, even more so than during the post-USSR-pre 9/11 interregnum. In a new state of nature it can sit at the core of the international system, orbited by constellations of lesser Great Powers like the PRC, Russia, the EU, perhaps India, who in turn would be circled by lesser powers of various stripes. The US will not seek to police the world or waste time and resources on well-meaning but ultimately futile soft power exercises like those involving foreign aid and humanitarian assistance. Its power projection will be sharp on all dimensions, be it trade, diplomacy or in military-security affairs. It will use leverage, intimidation and varying degrees of coercion as well as persuasion (and perhaps even bribery) as diplomatic tools. It will engage the world primarily in bilateral fashion, eschewing multilateralism for others to pursue according to their own interests and power capabilities. That may suit them, but for the US multilateralism is just another obsolescent vestige of the liberal internationalist past.

Source: Northrop-Grumman.

A possible (and partial) explanation for the change in the US foreign policy approach may be the learning effect in the US of Russia’s invasion of Ukraine and Israel’s scorched earth campaign in Gaza. Trump and his advisors may have learned that impunity has its own rewards, that no country or group of countries other than the US (if it has the will) can effectively confront a state determined to pursue its interests regardless of international law, the laws of war or institutional censorship (say, by the UN or International Criminal Court), or any other type of countervailing power. The Russians and Israelis have gotten away with their behaviour because, all rhetoric and hand-wringing aside, there is no actor or group of actors who have the will or capability to stop them. For Trump strategists, these lesser powers are pursuing their interests regardless of diplomatic niceties and international conventions, and they are prevailing precisely because of that. Other than providing military assistance to Ukraine, no one has lifted a serious finger against the Russians other than the Ukrainians themselves, and even fewer have seriously moved to confront Israel’s now evident ethnic cleansing campaign in part because the US has backed Israel unequivocally. The exercise of power in each case occurred in a norm enforcement vacuum in spite of the plethora of agencies and institutions designed to prevent such egregious violations of international standards.

Put another way: if Israel and Russia can get away with their disproportionate and indiscriminate aggression, imagine what the US can do.

If we go on to include the PRC’s successful aggressive military “diplomacy” in East/SE Asia, the use of targeted assassinations, hacking, disinformation and covert direct influence campaigns overseas by various States and assorted other unpunished violations of international conventions, then it is entirely plausible that Trump’s foreign policy brain trust sees the moment as ripe for finally breaking the shackles of liberal internationalism. Also recall that many in Trump’s inner circle subscribe to chaos or disruption theory, in which a norms-breaking “disruptor” like Trump seizes the opportunities presented by the breakdown of the status quo ante.

Before the US could hollow out liberal internationalism abroad and replace it with a modern international state of nature it had to crush liberalism at home. Using Executive Orders as a bludgeon and with a complaint Republican-dominated Congress and Republican-adjacent federal courts. the Trump administration has openly exercised increasingly authoritarian control powers with the intention of subjugating US civil society to its will. Be it in its deportation policies, rollbacks of civil rights protections, attacks on higher education, diminishing of federal government capacity and services (except in the security field), venomous scapegoating of opponents and vulnerable groups, the Trump/MAGA domestic agenda not only seeks to turn the US into a illiberal or “hard” democracy (what Spanish language scholars call a “democradura” as a play on words mixing the terms democracia and dura (hard)). It also serves notice that the US under Trump/MAGA is willing to do whatever is necessary to re-impose its supremacy in world affairs, even if it means hurting its own in order to prove the point. By its actions at home Trump’s administration demonstrates capability, intent and steadfast resolve as it establishes a reputation for ruthless pursuit of its policy agenda. Foreign interlocutors will have to take note of this and adjust accordingly. Hence, for Trump’s advisors, authoritarianism at home is the first step towards undisputed supremacy abroad.

The Trump embrace of international state of nature differs from Hobbes because it does not see the need for a superseding global governance network but instead believes that the US can dominate the world without the encumbrances of power-sharing with lesser players. In this view hegemony means domination, no more or less. It implies no attempt at playing the role of a Sovereign imposing order on a disorderly and recalcitrant community of Nation-States and non-State actors that do not share common values, much less interests.

This is the core of the current US foreign policy approach. It is not about reorganising the international order within the extant frameworks as given. It is about removing those frameworks entirely and replacing them with an America First, go it alone agenda where the US, by virtue of its unrivalled power differential relative to all other States and global actors, can maximise its self-interest in largely unconstrained fashion. Some vestiges of the old international order may remain, but they will be marginalised and crippled the longer the US project is in force.

What does not seem to be happening in Trump’s foreign policy circle are three things. First, recognition that other States and international actors may band together against the US move to unipolarity in a new state of nature and that for all its talk the US may not be able to impose unipolar dominance over them. Second, understanding that States like the PRC, Russia and other Great Powers and communities (like the EU) may resist the US move and challenge it before it can consolidate the new international status quo. Third, foreseeing that the technology titans who today are influential in the Trump administration may decide to transfer there loyalties elsewhere, especially if Trump’s ego starts becoming a hindrance to their (economic and digital) power bases. The fusion of private technology control and US State power may not be as compatible over time as presently appears to be the case, something that may not occur with States such as the PRC, India or Japan that have different corporate cultures and political structures. As the current investment in the Middle Eastern oligarchies shows, the fusion of State and private techno power may be easier to accomplish in those contexts rather than the US.

In any event, whether it be a short-term interlude or a longue durée feature of international life, a modern state of nature is now our new global reality.

Analysis syndicated by 36th Parallel Assessments –

MIL OSI Analysis – EveningReport.nz –

June 29, 2025
MIL-OSI: BexBack Launches Limited-Time $50 Welcome Bonus and 100% Deposit Match for New Crypto Futures Traders
Source: GlobeNewswire (MIL-OSI)

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The MIL Network –
June 29, 2025
MIL-OSI Analysis: Iran emerged weakened and vulnerable after war with Israel − and that could mean trouble for country’s ethnic minorities

Source: The Conversation – Global Perspectives – By Shukriya Bradost, Ph.D. Student of Planning, Governance and Globalization, Virginia Tech

Iranians celebrate the ceasefire in downtown Tehran, but many blame their own leaders for the escalation. Morteza Nikoubazl/NurPhoto via Getty Images

The 12-day confrontation between Iran and Israel in June 2025 may not have escalated into a full-scale regional war, but it marks a potentially critical turning point in Iran’s internal political landscape.

Though the Islamic Republic has entered into direct conflict with a foreign adversary before, it has never done so while so militarily weakened, internally fractured and increasingly alienated from its own population.

And unlike the Iran-Iraq war of the 1980s, when national unity coalesced around the defense of Iranian sovereignty, this time the government appeared to fight without significant public support. While accurate polling from within Iran is hard to come by, the lack of pro-government rallies, the low approval numbers for the government ahead of the war and the government’s subsequent crackdown since tell their own stories.

As a researcher of different ethnic groups within the country, I know that many Iranians – especially those from historically marginalized communities – viewed the conflict with Israel not as a defense of the nation but as a reckless consequence of the government’s ideological adventurism and regional proxy campaigns. It puts the Islamic Republic in its most vulnerable position since its establishment after the Iranian Revolution in 1979.

Hard and soft power diminished

It is worth taking a snapshot of just how diminished the Iranian government is following the recent series of blows.

Its soft power – once built on revolutionary legitimacy, Shiite ideological influence and anti-Western propaganda – has eroded dramatically.

For decades, the Islamic Republic relied on a powerful narrative: that it was the only government bold enough to confront the United States and Israel, defend Muslim causes globally and serve as the spiritual leader of the Islamic world. This image, projected through state media, proxy militias and religious rhetoric, helped the government justify its foreign interventions and massive military spending, particularly on nuclear development and regional militias.

But that narrative no longer resonates the way it once did. The leaders of Iran can no longer claim to inspire unity at home or fear abroad. Even among Shiite populations in Lebanon, Iraq and Yemen, support during the Israel-Iran confrontation was muted. Inside Iran, meanwhile, propaganda portraying Israel as the existential enemy has lost its grip, especially among the youth, who increasingly identify with human rights movements rather than government slogans.

It is also clear that Iran’s hard power is getting weaker. The loss of senior commanders and the destruction of important military infrastructure have shown that the government’s intelligence and security systems are severely compromised.

Even before Israel’s attack, a number of reports showed that Iran’s military was in its weakest state in decades. The real surprise in the recent war came not from the scale of the damage by Israeli and U.S. bombs but from how deeply Israel had penetrated the upper echelons of the Iranian military and intelligence sectors. The recent conflict amounted to a security as well as a military failure.

Externally defeated, internally adrift

As its power across the region appears diminished, so too is the Iranian government’s grip loosening internally. A 2024 survey by Iran’s Ministry of Culture revealed “discontent” among the population, with over 90% of Iranians “dissatisfied” with the country’s current position. Elections in November 2024 saw a turnout of under 40%, further underscoring Iranians’ discontent with the political process.

And reporting from inside Iran suggests many Iranians blame government policies for the war with Israel. “I place the blame on this country’s decision-makers,” one resident of Rasht told Reuters, “their policies have brought war and destruction upon us.”

The government has responded with a tactic it has used before: repression. According to government-aligned media, over 700 people were arrested during and immediately after the conflict, accused of collaborating with the Mossad, the Israeli intelligence agency.

As in past crackdowns, ethnic minority regions – particularly Kurdish areas – have been targeted.

One day after the ceasefire with Israel, the government executed three Kurdish cross-border laborers who rely on smuggling goods to survive in Iran’s underdeveloped Kurdish provinces.

These executions, which were done without a trial or legal counsel, fit a pattern of how the government uses ethnic scapegoating to stay in power. And it echoes a historic pattern: When the government feels threatened, it strikes the Kurds first.

A historical pattern of repression

Kurds are estimated to number 10-12 million in Iran, composing roughly 12% to 15% of the country’s total population – making them the third-largest ethnic group after Persians and Azeris. Iran also includes significant Baluch and Arab minorities.

When the Islamic Republic was established in 1979, many ethnic groups supported the revolution. They hoped for a more inclusive and democratic Iran than what preceded it – the brutal autocracy of the shah that had frequently targeted minorities.

Those hopes were quickly dashed. By rejecting pluralism and promoting a unifying ideology centered on Shiite Islam and Persian identity, Ayatollah Ruhollah Khomeini marginalized non-Persian and non-Shiite groups.

Other ethnic groups were viewed with suspicion, while Shiite Azerbaijanis were mainly co-opted into the system.

Khomeini declared jihad against Kurdish resistance groups, labeling them infidels, separatists and agents of Israel and the United States.

Armed with advanced weaponry inherited from the last Pahlavi shah, the government launched a military campaign in Kurdistan province. Many Kurdish villages and towns were destroyed, and approximately 50,000 Iranian Kurds were killed between 1979 and 1988.

The region was turned into a militarized zone – a status that continues today.

Campaign against Kurds

After the Iran-Iraq war ended in August 1988, the government – economically strained and militarily weakened – feared a domestic uprising.

But instead of embracing political reform, it responded with one of the most brutal crackdowns in Iran’s history. Khomeini issued a fatwa, or religious edict, ordering the execution of political prisoners, including large numbers of Kurdish dissidents.

Between late July and September 1988, thousands of political prisoners were executed – many without trial or any legal process. At least 5,000 people were killed and buried in unmarked mass graves, according to Amnesty International.

Khomeini labeled them “mohareb,” or “warriors against God,” and criticized the Revolutionary Courts for not sentencing them to death sooner. This mass execution campaign signaled the government’s resolve to eliminate all dissent, regardless of legal precedent or human rights norms.

In the years that followed, the government systematically assassinated prominent Kurdish leaders and other opposition leaders, both in Iran and overseas.

This targeted elimination of Kurdish leadership, combined with the mass executions of political prisoners, was a deliberate strategy to decapitate any organized opposition before it could challenge the government’s survival.

A new crisis, the same strategy

The Islamic Republic appears to be using the same playbook now, but under far more fragile conditions.

Given the precarious state of the government, it is fair to ask why there are not more protests now, especially in ethnic minority regions. For many, the answer is fear over what happens next.

Many Kurds have learned from previous uprisings – particularly the 2022 “Women, Life, Freedom” movement – that when they lead protests, they face the harshest crackdown. Over 56% of those killed and persecuted in the subsequent crackdown were Kurds.

Meanwhile, the overall opposition remains fractured and leaderless, both along ethnic lines and in terms of goals. The main opposition groups have traditionally been reluctant to acknowledge ethnic rights, let alone include them in any vision for a future Iran. Rather, they insist on “territorial integrity” as a precondition for any dialogue, echoing the Islamic Republic’s rhetoric.

This is a key legacy of the Islamic Republic: Its propaganda has not only shaped domestic opinion but also influenced the opposition, dividing Iranians at home and abroad. And it has long mobilized the dominant ethnic group against minorities, especially Kurds, by portraying them as internal enemies.

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

– ref. Iran emerged weakened and vulnerable after war with Israel − and that could mean trouble for country’s ethnic minorities – https://theconversation.com/iran-emerged-weakened-and-vulnerable-after-war-with-israel-and-that-could-mean-trouble-for-countrys-ethnic-minorities-259753

MIL OSI Analysis –

June 29, 2025
MIL-OSI USA: Murphy: This is an Opportunity for Us to Stand Up for Our Responsibility as a Co-Equal Branch in Setting Foreign Policy

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy
[embedded content]
WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Friday spoke on the Senate floor ahead of a vote to enforce the War Powers Act, prohibiting the use of military force against Iran without authorization by Congress or an imminent threat to the United States.
“Our Founding Fathers didn’t get everything right. They didn’t see ahead of time that this chamber would be divided in two, Republicans on one side, Democrats on the other side, but they knew, having watched the course of human history, that executives in their day, mostly all monarchs and kings, had all sorts of reason to drag their nation into war. Power often came from war. The funding that could be raised for war, the loyalty commanded by war, the glory that occasionally came to the leader, the ruler, through war and through conquest,” Murphy said.
He continued: “And so this part of the Constitution with more wisdom in it than any other part of the Constitution, according to James Madison, is this section of our founding document that says it is not up to the ruler. It is not up to the executive branch. It is up to the branch of government most connected to the people to decide whether we go to war, to require that there be a debate, a conversation that involves everyone in this nation, that requires, that necessitates a collective decision as to whether to put the brave soldiers of this country and the collective security of the nation at risk.”
On last weekend’s strikes on Iran, Murphy said: “[I]n the case of the hostilities against Iran that the President began last weekend, there was no imminent threat against the United States. There was no army marching on this nation. There was no nuclear bomb that even existed that could be dropped on the United States or our soldiers in the region. And so, it was required, it is required, under the Constitution that the president come to Congress if the president doesn’t need to come to Congress to attack another nation preemptively, preventatively, absent an imminent threat, then that provision of the Constitution is dead letter, period, stop.”
Murphy concluded: “Senator Kaine’s resolution is so important because that’s the debate that we should be having. That’s the argument that we should be having in public. That debate over the wisdom of dropping bombs in a far-off land that could put our troops at risk, that could drag us into a war. That’s not a debate that the Founding Fathers thought that should take place behind closed doors, at the Department of Defense, at the CIA, in the White House. That’s actually the debate that they thought that this body should have, the United States Senate, that the House of Representatives should have, and that’s the chance that we have today to bring that debate out of the shadows, out of the secret to the place where the Founding Fathers thought it should exist. And that’s why I urge my colleagues to support Senator Kaine’s resolution.”
A full transcript of Murphy’s comments is available below.
“Mr. President, in a 1793 letter to William Cabell Reeves, James Madison said this. He said, ‘In no part of the Constitution is more wisdom to be found than in the clause which confides the question of war or peace to the legislature and not to the executive department.’
“A few years later, in another letter, this time to Thomas Jefferson as part of their famous correspondence, Madison expounded on that very simple superlative, naming the War Powers clause in the Constitution as the most important. He said, ‘The Constitution supposes what the history of all governments demonstrates. That the executive is the branch of power most interested in war and most prone to it. It has accordingly, with studied care, vested the question of war in the legislature.’
“Our Founding Fathers didn’t get everything right. They didn’t see ahead of time that this chamber would be divided in two, Republicans on one side, Democrats on the other side, but they knew, having watched the course of human history, that executives in their day, mostly all monarchs and kings, had all sorts of reason to drag their nation into war. Power often came from war. The funding that could be raised for war, the loyalty commanded by war, the glory that occasionally came to the leader, the ruler, through war and through conquest.
“There was great risk in war, but there was also great reward in war, and there was far too much of it in the era in which our Constitution was being formed. The purpose of the founders was to give the American people a voice in government, a revolutionary idea at the time, but it was also to order our government in a way that war would become less likely, would become less frequent. They imagined a world, this new America, in which peace would be the rule, not war, as it was at the time for the citizens of Europe who lived under the rule of kings, prone to war, incentivized to war as James Madison wrote to Thomas Jefferson.
“And so this part of the Constitution with more wisdom in it than any other part of the Constitution, according to James Madison, is this section of our founding document that says it is not up to the ruler. It is not up to the executive branch. It is up to the branch of government most connected to the people to decide whether we go to war, to require that there be a debate, a conversation that involves everyone in this nation, that requires, that necessitates a collective decision as to whether to put the brave soldiers of this country and the collective security of the nation at risk.
“And so, we are here today because we still find wisdom in that clause of the Constitution. We still see great risk in moving into a world which we are quickly moving to, in which that clause that James Madison named as the supreme clause of the Constitution is dead letter, is dead letter. And that is the risk, because there are very few wars that are so planned so far in advance that there is time to come and have a month-long debate. Wars happen quickly, and they necessitate quick action according to the Constitution.
“Yes, we have always accepted that there has to be an exception, but a limited exception, to that supreme clause in the Constitution. If there is an imminent attack against the United States, of course, of course, the people of the United States want the ability of the President United States to respond to that imminent attack. But in the absence of an imminent attack, there is no exception. There is no ability to go around Congress.
“And in the case of the hostilities against Iran that the President began last weekend, there was no imminent threat against the United States. There was no army marching on this nation. There was no nuclear bomb that even existed that could be dropped on the United States or our soldiers in the region. And so, it was required, it is required, under the Constitution that the president come to Congress if the President doesn’t need to come to Congress to attack another nation preemptively, preventatively, absent an imminent threat, then that provision of the Constitution is dead letter, period, stop.
“And the most important piece of this document, according to our most revered Founding Father, is no longer operational. And if we lurch into a world in which any executive can send us to war without the participation of the American people, then we are in a world that our Founding Fathers could never have imagined.
“So, I’m very glad to be on the floor today as a big fan of the wisdom of our founders to support Senator Kaine’s resolution, and I appreciate his consistency in bringing this question before us. I don’t want to live in a world in which the greatest question that this country could envision, whether or not we send our brave men and women to fight on our behalf, is not a question that doesn’t involve the collective conversation of this body and of the people of this nation.
“So, I think it’s an important resolution to debate here, and I hope my colleagues will support. It doesn’t really have to do with whether you think there is wisdom in this action or not, whether you think the President was right or wrong. This is an opportunity for us to stand up for our responsibility under the Constitution to be a co-equal branch in setting foreign policy.
“I have my thoughts on the wisdom of this action. I’ve stated that I think it’s very dangerous when the President of the United States deliberately misleads the country about the efficacy of our military operations overseas or the threats presented to this country. It’s unforgivable any time a president doesn’t tell the truth, but it is especially unforgivable when the President doesn’t tell the truth about national security intelligence.
“I know my colleagues here come to different conclusions, but if the reporting is correct that Iran, even after these strikes, still has centrifuges and still has enriched uranium and still has scientists who know how to put those things together, then it just is not true that the program has been obliterated. That is a program that can be reconstituted in a relatively short amount of time, because, of course, knowledge is not able to be destroyed by bombs. The only way that you are going to make this country and this world safe from Iran’s nuclear weapons ambitions, and they have them, is diplomacy.
“I hope that diplomacy got easier because of these strikes, but I don’t think they did. I don’t think diplomacy got closer because of these strikes, and whatever follow-on strikes may come as President Trump is currently threatening. And so, if diplomacy is the only path, if you can’t bomb out of existence knowledge, then I don’t think this is a very good week for American national security.
“But I come to a different conclusion than many of my Republican colleagues do, even some of my Democratic colleagues, but Senator Kaine’s resolution is so important because that’s the debate that we should be having. That’s the argument that we should be having in public. That debate over the wisdom of dropping bombs in a far-off land that could put our troops at risk, that could drag us into a war. That’s not a debate that the Founding Fathers thought that should take place behind closed doors, at the Department of Defense, at the CIA, in the White House.
“That’s actually the debate that they thought that this body should have, the United States Senate, that the House of Representatives should have, and that’s the chance that we have today to bring that debate out of the shadows, out of the secret to the place where the Founding Fathers thought it should exist. And that’s why I urge my colleagues to support Senator Kaine’s resolution. I yield the floor.”

MIL OSI USA News –

June 28, 2025
MIL-OSI USA: Murkowski Releases Statement on War Powers Resolution Vote

US Senate News:

Source: United States Senator for Alaska Lisa Murkowski
06.27.25
Washington, DC – U.S. Senator Lisa Murkowski (R-AK) issued the following statement after her vote on Senate Joint Resolution 59.
“Yesterday, Congress received a detailed briefing on last weekend’s strikes on Iran’s nuclear facilities from CIA Director John Ratcliffe, Secretary of State and National Security Advisor Marco Rubio, Secretary of Defense Pete Hegseth, and Joint Chiefs Chairman General Dan Caine. They made it clear that these actions were a limited, time-sensitive response to what was judged, based on intelligence, to be an imminent threat to regional stability and U.S. personnel, as required under the War Powers Resolution of 1973.
“We received confirmation that these strikes were solely focused on disabling Iran’s nuclear capabilities. While damage estimates are still forthcoming, it is believed that the strikes were largely successful in that effort. The use of force was narrowly targeted in scope and duration.
“I am satisfied that the President’s actions were justified and within his scope of authority under Article II, Section 2 of the U.S. Constitution, which is why I voted against this War Powers Resolution. I hope this vote sends a clear message that the world will not allow Iran to become a nuclear-armed nation and provides the President with the necessary flexibility to negotiate a long and lasting peace in the region.
“If a larger offensive military operation is ever deemed necessary in the future, only Congress holds authority under the U.S. Constitution to declare war. I’m hopeful that the fragile ceasefire between Iran and Israel, negotiated by President Trump, will hold and keep America and our allies safe.
“I want to again commend the professionalism and skill of the U.S. military in executing these strikes. Their actions were truly extraordinary and showcased to the international community what U.S. deterrence looks like.”

MIL OSI USA News –

June 28, 2025
MIL-OSI USA: Q&A: Senate Beefs Up Law Enforcement Tools to Protect Americans

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
Q: What border security measures did you lead in the Senate budget bill?
A: As chair of the Senate Judiciary Committee, I included significant upgrades for border security in the Senate’s budget bill that address the disastrous open border policies of the Biden-Harris administration. During the previous administration, more than 10 million illegal immigrants from countries around the world poured across our nation’s southern border, including violent criminals and potential terrorists. The Department of Justice Office of the Inspector General earlier this month confirmed the Biden-Harris administration failed to properly vet all Afghan evacuees, encountering at least 55 individuals with hits on the terrorist screening database. Last fall, the FBI arrested an Afghan national for plotting a terror attack on U.S. soil after gaining entry on a Special Immigrant Visa (SIV). Following Operation Midnight Hammer on June 22 that struck three of Iran’s nuclear sites, tensions between Iran and the United States underscore the real and present danger of an open border policy. Just consider, of more than 1,500 Iranian nationals who were encountered at the southern border crossing illegally into the U.S. during the previous administration, nearly half were released into the country. The potential for Iranian sleeper cells on the ground here in the United States is a reckless consequence of the Biden-Harris open border policies. The Trump administration is coordinating among federal agencies to address this risk.
As the Senate hammered out the details for the One Big Beautiful Bill Act, I led historic investments in the nation’s immigration system to support law enforcement and give frontline immigration enforcement officials the tools they need to secure the border. Specifically, the legislation would boost funding for immigration agencies; reimburse states who pitched in to protect the U.S. border during the Biden-Harris administration; expand resources for law enforcement officers who put their lives on the line to protect public safety; and bring fiscal accountability into the immigration system by raising fees to offset enforcement costs.
Q: How did open border policies impact the safety of law enforcement personnel?
A: Plain and simple, the foolish border policies under the Biden White House unleashed an unmanageable mess at the southern border. The border crisis overwhelmed law enforcement and immigration officials and empowered dangerous Mexican drug cartels to ramp up their human smuggling and drug trafficking networks. In June, I convened a Senate Judiciary Committee hearing to shed light on law enforcement’s ongoing work to combat cartels and regain a foothold at the border to protect American lives and restore U.S. sovereignty. Officials from the Drug Enforcement Administration, Federal Bureau of Investigation, and Homeland Security Investigations testified about their experiences enforcing the law and investigating crimes at the border, including being surveilled and targeted by the drug cartels. Our bill includes more resources for the Department of Justice to combat the flow of deadly drugs like fentanyl that have devastated too many families.
As a strong supporter of the men and women who serve on the thin blue line, I pushed to boost funding for the Byrne JAG and Community Policing Services (COPS) to support boots-on-the-ground efforts to combat violent crime in local communities. My oversight work has exposed critical gaps in the Bureau of Prisons. After hearing from law enforcement, I worked to boost funding to address staff shortages and capital improvements to upgrade deteriorating detention facilities. The bill also beefs up recruitment and training tools for the U.S. Secret Service in the wake of two assassination attempts against President Trump. The Senate bill responds to the mandate of the last election. The electorate voted for the America First agenda, and that includes reclaiming our sovereignty and rule of law at our borders to keep Americans safe.

MIL OSI USA News –

June 28, 2025
MIL-OSI USA: Bean Statement: Caring for Our Veterans, Rebuilding Our Military, and Investing in Our National Security
Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

WASHINGTON—U.S. Congressman Aaron Bean (FL-04) issued the following statement regarding the House passage of H.R. 3944, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2026.

Upon House passage, Congressman Bean said: “As the son of a WWII veteran, I understand that veterans’ benefits are not entitlements—they’re earned. Our veterans should never be stuck in the bureaucratic process or ever think twice about getting the care they need. I was proud to help pass this bill, which fully funds our veterans’ benefits and healthcare, makes significant investments in mental health services, and strengthens the quality of life for our troops and their loved ones through additional housing and childcare resources. The bill also fortifies our southern border with robust investments in critical security infrastructure because safeguarding our nation begins by securing our borders.”

KEY BACKGROUND

Champions our veterans by:
- Fully funding veterans’ health care programs.
- Fully funding veterans’ benefits and VA programs.
- Supporting President Trump’s efforts to combat veteran homelessness by investing in the new Bridging Rental Assistance for Veteran Empowerment program.
- Maintaining funding levels for research, mental health programs, and other programs relied upon by veterans.
Supports the Trump Administration and the mandate of the American people by:
- Protecting the 2nd Amendment rights of veterans, preventing the VA from sending information to the FBI about veterans without a judge’s consent.
- Following through with President Trump’s Executive Orders to prohibit funds for DEI, gender-affirming care, and protecting Hyde-like language at the VA.
- Prohibiting the VA from processing medical care claims for illegal aliens.
Bolsters U.S. national security and border protections by:
- Providing robust funding for military construction, enabling continued investment in the Indo-Pacific region and infrastructure necessary to support United States advanced weapons systems.
- Maintaining the prohibitions on the closure of Naval Station Guantanamo Bay, Cuba, and the use of military construction funds to build facilities for detainees on U.S. soil.
- Prohibiting the VA from purchasing resources directly or indirectly from the People’s Republic of China.
The measure passed by a vote of 218 to 206.

###

MIL OSI USA News –
June 28, 2025
MIL-OSI USA: Budd Joins Cotton, Colleagues in Introducing Bill To Reform, Improve, and Streamline ODNI
US Senate News:
Source: United States Senator Ted Budd (R-North Carolina)

Washington, D.C. — U.S. Senator Ted Budd (R-N.C.), a member of the Senate Select Committee on Intelligence, joined Senator Tom Cotton (R-Arkansas), Chairman of the Senate Select Committee on Intelligence, in introducing the Intelligence Community Efficiency and Effectiveness Act, legislation that would realign resources to intelligence missions, eliminate duplicative efforts and inefficient, non-functioning bureaucracies across the intelligence community (IC) and return the Office of the Director of National Intelligence (ODNI) to its original size, scope, and mission.

“The ODNI was established to unify America’s intelligence community, enhancing coordination among agencies efficiently and collectively focusing on the threats to our nation. Over the years, the ODNI has become a bloated bureaucracy, contrary to the vision laid out for this vital agency. I’m proud to join Senator Cotton and our colleagues in introducing needed reforms to stop ODNI from stumbling over bureaucratic red tape and return the agency to its original, lean form—one solely focused on our nation’s security, said Senator Budd.”

“Created after the September 11th attacks, ODNI was intended to be a lean organization to align America’s intelligence resources and authorities, not the overstaffed and bureaucratic behemoth that it is today, where coordinators coordinate with other coordinators. These reforms will be vital to keeping our country safe from the wide range of threats that we continue to face,” said Senator Cotton.

Senators Jim Risch (R-Idaho), Mike Rounds (R-South Dakota), and James Lankford (R-Oklahoma) are also cosponsoring the legislation.

Text of the Intelligence Community Efficiency and Effectiveness Act may be found here.

The Intelligence Community Efficiency and Effectiveness Act would:
- Cap ODNI full-time staff at 650.
- Eliminate certain reporting requirements and the transfer of personnel authorities.
- Modify the National Intelligence Council’s duties and terminate the National Intelligence Managers’ positions.
- Terminate the National Counterintelligence and Security Center (NCSC) at ODNI and transfer its responsibilities to the FBI.
- Redesignate the National Counterterrorism Center as the National Counterterrorism and Counternarcotics Center and limit its mission to foreign intelligence authorities.
- Terminate the National Counterproliferation and Biosecurity Center (NCBC) at ODNI, transfer NCBC’s responsibilities to the CIA, and redesignate it as the National Counterproliferation Center.
- Repeal various positions (including the Director of the NCSC, the Director of the NCBC, and the Intelligence Community Chief Data Officer) and seven units, centers, councils, offices, and programs (including obsolete bureaucratic entities that have failed to function, such as the Joint Intelligence Community Council).
- Prohibit National Intelligence Program funds from being used to outsource IC analytic efforts to organizations that take funds from foreign governments.
- Require the DNI to wind down and terminate the National Intelligence University within 180 days.
- Prohibit the use of National Intelligence Program funds to implement any diversity, equity, or inclusion practice in the intelligence community.
MIL OSI USA News –
June 28, 2025
MIL-OSI Security: New York Resident Pleads Guilty to Sexual Exploitation of a Minor

Source: US FBI

ERIE, Pa. – A resident of Auburn, New York, pleaded guilty in federal court to a charge of violating federal law relating to the sexual exploitation of children, Acting United States Attorney Troy Rivetti announced today.

Kyle Thomas Samsel, 35, pleaded guilty to one count before United States District Judge Susan Paradise Baxter.

In connection with the guilty plea, the Court was advised that, in October 2020, Samsel traveled across several states for the purpose of engaging in criminal sexual activity with a minor.

Judge Baxter scheduled sentencing for November 13, 2025. The law provides for a maximum total sentence of up to 30 years in prison, a fine of up to $250,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Christian A. Trabold is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation, Pennsylvania State Police, City of Cleveland (Ohio) Division of Police, and Webster (New York) Police Department conducted the investigation that led to the prosecution of Samsel.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

June 28, 2025

MIL-OSI Security: Former Antioch Police Officer Sentenced to Seven Years in Prison for Civil Rights Violation, Falsification of Records, and Wire Fraud Offenses

Source: US FBI

OAKLAND – Former Antioch police officer Morteza Amiri was sentenced today to 84 months in federal prison for violating the civil rights of an individual through excessive force, falsifying records related to that violation, and participating in a scheme to obtain pay raises from the Antioch Police Department for a university degree he paid someone else to obtain. The sentence was handed down by Senior U.S. District Judge Jeffrey S. White, who presided over two trials that resulted in Amiri’s convictions for these crimes.

In August 2024, following a four-day trial, a jury found Amiri, 34, guilty of one count of wire fraud and one count of conspiracy to commit wire fraud in connection with the fraudulently-obtained degree scheme. Thereafter, in March 2025, following eight-day trial, a jury found Amiri guilty of one count of deprivation of rights under color of law and one count of falsification of records in connection with a July 2019 arrest. Amiri was remanded to the custody of the U.S. Marshals on March 18, 2025, and has remained in federal custody since then.

“Amiri misused his police dog to inflict unnecessary and excessive force against a victim and cheated his way into a pay raise. These crimes are appalling in themselves, but even more so that they were committed by a police officer. With this sentence, Amiri is now being held to account for his multiple betrayals of the public trust,” said United States Attorney Craig H. Missakian.

“Amiri betrayed the public’s trust, abused his authority, and violated the civil rights of a person he was sworn to protect. His actions undermine the integrity of law enforcement and erode public confidence. Today’s sentence sends a clear message: no badge is a shield from accountability. The FBI remains steadfast in its mission to protect the civil rights of all people and to hold those who abuse their power accountable under the law,” said FBI Special Agent in Charge Sanjay Virmani.

Amiri was previously employed as a police officer with the Antioch Police Department. According to court documents and evidence presented at the trial in March 2025, Amiri, a K-9 handler, deployed his K-9 to bite even when it was not necessary. On July 24, 2019, Amiri pulled over and stopped a bicyclist identified as A.A., who, according to Amiri, did not have his bicycle light on. Amiri approached A.A., punched and took the victim to the ground, and then called for his K-9 to bite the victim. As a result, A.A. sustained injuries. At the time, Amiri was accompanied by a police officer with a neighboring agency as a ride-along, and that officer assisted with the deployment of the K-9. Afterwards, Amiri shared pictures of the victim’s wounds with other Antioch police officers. One officer responded, “Yeah buddy good boy,” referring to the K-9, and “Lol you bit [A.A.].” In response to a question from another officer about what cut the dog’s face, Amiri responded, “that’s a piece of the suspect’s flesh lol.”

Amiri later wrote to the officer who accompanied him on the ride-along, “you got to see [the K-9] in action lol,” and stated that detectives got the victim “a 45 day violation and we are gonna leave it at that so i don’t go to court for the bite. Easy,” referring to the victim going into custody for a parole/probation violation. Amiri then falsified a police report of the incident, stating that one of the reasons he deployed his K-9 was because he was alone, when instead the ride-along police officer was with him at the time and had helped Amiri deploy the K-9.

Separately, the evidence presented at the trial in August 2024 showed that the City of Antioch and City of Pittsburg’s Police Departments offered reimbursements toward higher education tuition and expenses, along with pay raises and other financial incentives upon completion of a degree. Instead of completing higher education coursework on their own, Amiri and his co-conspirators hired someone to complete entire courses on their behalf at an online university to secure a bachelor’s degree in criminal justice. Amiri and his co-conspirators then represented they had taken those courses and earned the degrees from the university when requesting reimbursements and/or financial incentives from their police department employers. They were in turn paid additional financial incentives, calculated as percentages of their salaries, while they remained employed by their police departments.

In addition to the prison term, Judge White also sentenced Amiri to three years of supervised release and ordered Amiri to pay restitution in the amount of $3,180 to victim A.A. and $10,526 to the City of Antioch.

The case is being prosecuted by the National Security & Special Prosecutions Section and the Oakland Branch of the United States Attorney’s Office. This prosecution is the result of an investigation by the FBI and the Contra Costa County District Attorney’s Office.

* * *

These charges against Amiri were brought as part of an investigation into the Antioch and Pittsburgh police departments that resulted in multiple charges against 10 current and former officers and employees of these two police departments for various crimes ranging from the use of excessive force to fraud. The status of these cases, all of which are before Senior U.S. District Judge Jeffrey S. White, is below:

Case Name and Number	Statute(s)	Defendant (Bold: multiple case numbers)	Status
Fraud 23-cr-00264	18 U.S.C. §§ 1349 (Conspiracy to Commit Wire Fraud; 1343 (Wire Fraud)	Patrick Berhan	Sentenced to 30 months custody, 2 years supervised release concurrent with 24-cr-157 on 9/5/24
		Morteza Amiri	Sentenced to 84 months custody, 3 years supervised release concurrent with 23-cr-269 on 6/24/25
		Amanda Theodosy a/k/a Nash	Sentenced to 3 months custody, 3 years supervised release 11/15/24
		Samantha Peterson	Sentenced to time served, 3 years supervised release 4/24/24
		Ernesto Mejia-Orozco	Sentenced to 3 months custody, 3 years supervised release on 9/19/24
		Brauli Jalapa Rodriguez	Sentenced to 3 months custody, 3 years supervised release on 10/25/24
Obstruction 23-cr-00267	18 U.S.C. §§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations); 1512(c)(2) (Obstruction of Official Proceedings); 242 (Deprivation of Rights Under Color of Law)	Timothy Manly Williams	Pleaded guilty 11/28/23, status conference 8/19/25
Anabolic Steroid Distribution 23-cr-00268	21 U.S.C. §§ 846 (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids), 841(a)(1), and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids)	Daniel Harris	Pleaded guilty 9/17/24, status conference 8/19/25
Anabolic Steroid Distribution 23-cr-00268	21 U.S.C. §§ 846, 841(a)(1), and (b)(1)(E)(i) (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids); 18 U.S.C.§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations)	Devon Wenger	Convicted at trial 4/30/25, sentencing pending
Civil Rights 23-cr-00269	18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law); § 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations)	Morteza Amiri	Sentenced to 84 months custody, 3 years supervised release concurrent with 23-cr-264 on 6/24/25
	18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law)	Eric Rombough	Pleaded guilty 1/14/25, status conference 8/19/25
	18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law)	Devon Wenger	Trial 8/4/25
Anabolic Steroid Distribution 24-cr-00157	21 U.S.C. §§ 841(a)(1) and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids)	Patrick Berhan	Sentenced to 30 months custody, 2 years supervised release concurrent with 23-cr-264 on 9/5/24
Bank Fraud 24-cr-00502	18 U.S.C. § 1344(1), (2) (Bank fraud)	Daniel Harris	Pleaded guilty 9/17/24, status conference 8/19/25

MIL Security OSI –

June 28, 2025

MIL-OSI Security: St. Louis County Woman Admits Aiding $1 Million Romance Fraud

Source: US FBI

ST. LOUIS – A woman on Thursday admitted aiding an online Nigerian fraud conspiracy that cost victims an estimated $1 million.

Shirley Waller, 43, of St. Louis County, Missouri, also admitted committing two other frauds. Waller pleaded guilty to one count of wire fraud and one count of conspiracy to commit mail fraud, wire fraud and use of an assumed name to commit mail fraud.

Waller admitted aiding scammers who tricked their victims out of what the government estimates is $1,068,834. Investigators were initially alerted by a 71-year-old St. Louis County woman who mailed $35,000 to Waller’s home as part of a romance scam. The shipment of cash was tracked on its journey 164 times in less than 24 hours by several IP addresses in Nigeria. Investigators then determined that more than 70 Express Mail packages had been delivered to Waller’s home during a 60-day period ending Nov. 1, 2023. In a court-approved search of Waller’s home on Jan. 12, 2024, the U.S. Postal Inspection Service found two guns and a series of Express Mail packages sent to variations of Waller’s name. The packages of cash had been sent by older adults targeted in online fraud schemes. Waller would then forward a portion of the money to Nigeria via cryptocurrency transactions and other electronic means. Postal authorities seized parcels containing $41,650 that were being delivered to Waller’s home and packages containing $17,500 in her safe.

Waller admitted fraudulently applying for a Paycheck Protection Program loan of $19,235 on April 10, 2021, by falsely claiming she ran a business in Michigan. She received the loan but used the money to travel to Ghana, Germany and Jamaica. Waller also submitted another fraudulent loan application for a St. Louis resale shop, concealing the existence of the first loan and falsifying her business income. She did not receive that loan.

Waller also admitted fraudulently obtaining a $196,000 mortgage loan by lying about her marital status, income and job and by submitting counterfeit tax documents and bank statements.

Waller is scheduled to be sentenced on September 29. Each count carries a potential penalty of up to 20 years in prison, a $250,000 fine, or both prison and a fine. In March, she was sentenced to 15 months in prison after she pleaded guilty to one count of being a felon in possession of a firearm.

The U.S. Postal Inspection Service, the Town and Country Police Department and the FBI investigated the case. Assistant U.S. Attorney Tracy Berry is prosecuting the case.

MIL Security OSI –

June 28, 2025
MIL-OSI Security: Ten Accused of RICO Conspiracy Involving Car Thefts, Shootings, and Violent Crime

Source: US FBI

ST. LOUIS – The Eastern District of Missouri, in partnership with the Justice Department’s Violent Crime and Racketeering Section, has indicted ten people for their role in a racketeering conspiracy to steal dozens of cars from dealers throughout eastern Missouri and southern Illinois.

The group dubbed themselves “the Strikers” and targeted high-end cars, such as Dodge SRT Scat models, Dodge Hellcats and Trackhawks, BMWs, Audis and Mercedes-Benzes, a superseding indictment says. Between roughly the summer of 2023 and the spring of 2024, the Strikers targeted dealerships as far afield as Cape Girardeau, Missouri and Springfield, Illinois.

In all, the Strikers burglarized about 20 dealerships and stole approximately 50 cars worth about $3 million, detention motions say. The Strikers also stole license plates and key fobs and caused other losses, including extensive property damage. Using social media, the Strikers often sold the cars for $500 to $10,000, a fraction of their actual value.

The Strikers also used the stolen cars to commit other crimes, the superseding indictment says. The indictment alleges that at least two Strikers shot at a hotel employee who pursued the group after a series of early morning car break-ins at a downtown St. Louis hotel in November of 2023. The indictment further alleges that two Strikers, Montez Moore and Duane Benson, robbed and carjacked a lottery game technician at gunpoint outside a Cool Valley, Missouri gas station in January of 2024. As alleged, the Strikers used one of the stolen cars to break into vehicles in St. Louis, Florissant, Webster Groves and Des Peres in early January of 2024.

“Thanks to the Justice Department’s Violent Crime Initiative, we were able to expand an existing indictment to hold more members of the Strikers responsible for a litany of violent crimes,” said Acting U.S. Attorney Matthew T. Drake. “As we said when we announced St. Louis’ inclusion in the VCI last year, we are targeting and dismantling the criminal organizations that are disproportionately driving violent crime in St. Louis.”

“As alleged, the Strikers stole approximately 50 vehicles and caused nearly $3 million in loss while engaging in violent and dangerous mayhem across Missouri and Illinois,” said Matthew Galeotti, Head of the Justice Department’s Criminal Division. “This lawless behavior will not be tolerated. The Department of Justice is committed to working with our federal, state, and local partners to ensure the public’s safety.”

“This case demonstrates the power of the RICO statute to dismantle interstate criminal enterprises and reflects the FBI’s unwavering commitment to pursuing those who use violence and intimidation to profit from crime,” said FBI Criminal Investigative Division Assistant Director Jose A. Perez.

“The repercussions of vehicle theft extend well beyond property loss. In the St. Louis area, stolen vehicles are routinely employed by criminals to commit violent offenses and avoid identification,” explained Special Agent in Charge Chris Crocker of the FBI St. Louis Division. “Investigating these theft rings allows the FBI’s Violent Crimes Task Force to effectively prevent further violent crimes.”

Montez Moore, now 20, of Florissant, Duane Benson, 20, of St. Louis, and Aniya Sheperd, 20, of St. Louis County, were originally indicted in 2024. Seven others were added last week in a superseding indictment: Brandon Irons, 19, Allen Brown, 23, Markaveon Jackson, 19, Raynell Moore, 22, Lavatrice McCully-Collins, 24, Peontay Roddy, 21, and Noah Hornburg, 23. They now face crimes including racketeering (RICO) conspiracy, carjacking, robbery and various firearm charges.

Charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

The FBI and police departments throughout the area investigated the case, including the St. Louis County Police Department and the St. Louis Metropolitan Police Department. Assistant U.S. Attorney Nino Przulj and Trial Attorney Jared A. Hernandez of the Justice Department’s Violent Crime and Racketeering Section are prosecuting the case.

This case is part of the Criminal Division’s Violent Crime Initiative in St. Louis, conducted in partnership with the U.S. Attorney’s Office in the Eastern District of Missouri and local, state, and federal law enforcement. The joint effort addresses violent crime by employing, where appropriate, federal laws to prosecute gang members and their associates in St. Louis.

MIL Security OSI –

June 28, 2025
MIL-OSI: Ninepoint Partners Announces Final June 2025 Cash Distribution for Ninepoint Cash Management Fund – ETF Series

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the final June 2025 cash distribution for the Ninepoint Cash Management Fund – ETF Series. The record date for the distribution is June 30, 2025. This distribution is payable on July 8, 2025.

The per-unit final June 2025 distribution is detailed below:

Ninepoint ETF Series Ticker Cash Distribution per
unit Notional Distribution
per unit CUSIP

Ninepoint Cash
Management Fund NSAV $0.12456 $0.00000 65443X105

About Ninepoint Partners

Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Sales Inquiries:

Ninepoint Partners LP
Neil Ross
416-945-6227
nross@ninepoint.com

The MIL Network –

June 28, 2025
MIL-OSI Security: Former Santa Cruz County Treasurer Sentenced to 10 Years in Prison for Stealing Over $38 Million in County Funds

Source: US FBI

TUCSON, Ariz. – Elizabeth Gutfahr, 63 of Rio Rico, Arizona, was sentenced on June 23, 2025, by United States District Judge Rosemary C. Márquez to 120 months in prison, followed by three years of supervised release. Gutfahr previously pleaded guilty to Embezzlement by a Public Official, Money Laundering, and Tax Evasion. Gutfahr was also ordered to pay approximately $51.8 million in restitution to Santa Cruz County and the United States Treasury.

“The people of Santa Cruz County and all Arizonans have a right to expect their elected leaders to serve with integrity and in the best interest of their constituents,” said U.S. Attorney Timothy Courchaine. “Ms. Gutfahr stole more than money from the people of her county, she betrayed the confidence of the voters who elected her. This sentence shows that abuse of public trust will be punished.”

“Ms. Gutfahr will now be held accountable for using her official position for huge financial gain at the expense of the residents of Santa Cruz County,” said FBI Phoenix Special Agent in Charge Heith Janke. “Each act of greed and dishonor negatively affected fundamental aspects of the county’s operations. The FBI continues to investigate public corruption cases, and we remain committed to identifying and pursuing those who violate the public’s trust.”

“Ms. Gutfahr violated her sworn duty by enriching herself with the public money she was entrusted to protect,” said Special Agent in Charge Carissa Messick of the IRS Criminal Investigation Phoenix Field Office. “Taxpayers deserve to know that their elected leaders are working in the community’s best interest — not just their own. IRS-CI remains committed to rooting out corruption at every level.”

According to court documents, Gutfahr, who served as Santa Cruz County Treasurer from 2012 through 2024, embezzled and laundered approximately $38.7 million by wiring public funds from Santa Cruz County’s account to accounts in the names of fake companies she had created that performed no legitimate business. Gutfahr then used the money to purchase real estate, to renovate her family ranch, to pay expenses for her cattle business, and to buy at least 20 vehicles.

Gutfahr’s 10-year scheme involved approximately 187 wire transfers, which she was able to complete by undermining the two-step approval process required for transfers. Gutfahr used the token of a subordinate Santa Cruz County employee so that she could both initiate and approve the wire transfers. To cover up the scheme, Gutfahr falsified accounting records, cash reconciliation records, and reports of the County’s investment accounts, thereby hiding the millions of dollars that she had stolen from Santa Cruz County. Gutfahr also failed to report any of the stolen funds as income for tax purposes.

The FBI and IRS-CI conducted the investigation in this case. Assistant U.S. Attorney Jane L. Westby for the District of Arizona and Senior Litigation Counsel Nicholas W. Cannon of the Criminal Division’s Public Integrity Section handled the prosecution.

CASE NUMBER: 24-CR-08132-TUC-RM
RELEASE NUMBER: 2025-098_Gutfahr

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

MIL Security OSI –

June 28, 2025
MIL-OSI Security: FBI Announces Reward in Search for Fugitive Miguel Angel Aguilar Ojeda

Source: US FBI

Today, the FBI announced a reward of up to $25,000 for information leading to the location and arrest of Miguel Angel Aguilar Ojeda, who is wanted for allegedly killing his wife on October 27, 2024, in Philadelphia, Pennsylvania.

On October 30, 2024, the Commonwealth of Pennsylvania, County of Philadelphia, issued an arrest warrant for Ojeda after he was charged with murder, possessing instruments of crime, abuse of corpse, and tampering with evidence.

On November 21, 2024, a federal arrest warrant was issued for Ojeda in the U.S. District Court, Eastern District of Pennsylvania, Philadelphia, Pennsylvania, after he was charged with unlawful flight to avoid prosecution.

Ojeda has tattoos on both of his wrists, including the name “Miguelito” in black script with a yellow crown on his right wrist. He has ties to Camden, New Jersey; Philadelphia, Pennsylvania; and Mexico.

Ojeda should be considered armed and dangerous.

If you have any information concerning this person, please contact your local FBI office or the nearest American Embassy or Consulate. Tips can also be submitted online at tips.fbi.gov.

MIL Security OSI –

June 28, 2025
MIL-OSI Security: Federal Inmate Sentenced to an Additional Five Years for Fatal Stabbing of Fellow Inmate

Source: US FBI

TERRE HAUTE— Otha Don Watkins III, 43, of Cairo, Illinois has been sentenced to five years in federal prison after pleading guilty to involuntary manslaughter and possessing contraband in prison.

According to court documents, in April of 2023, Otha Watkins was an inmate at the Federal Correctional Complex in Terre Haute, Indiana, serving a 23-year sentence for aiding and abetting armed bank robbery, possession of a stolen firearm, and conspiracy to commit robbery. While in prison, Watkins obtained a piece of metal, sharpened to a point on one end and wrapped with white cloth on the other. This object, commonly known as a “prison shank” is classified as prohibited because it is a weapon or designed or intended to be used as a weapon.

On April 14, 2023, Watkins was assigned to Unit D-2 of the USP. Inmate Carlos Shelton (“Shelton”) was assigned to the same unit. That day, Watkins and Shelton met on a tier in the unit and began fighting, both armed with improvised shanks. During the course of the fight, Watkins fatally stabbed Shelton in the chest, damaging arteries associated with the heart and lungs. The stab wound led to a massive hemothorax. Shelton died on April 14, 2023.

“Given Otha Watkins’ history of violent offenses, culminating in the brutal attack he carried out in the Terre Haute prison, it’s evident that he should never be allowed to live outside federal custody again,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “I commend the FBI and our federal prosecutor for their tireless efforts to ensure this defendant faces justice. I hope that the conclusion of this case provides some sense of closure and peace to Mr. Shelton’s family.”

“Today’s sentencing marks the conclusion of a senseless act of violence that took place within the walls of our correctional institution,” said a Bureau of Prisons Spokesperson. “Otha Watkins demonstrated an utter disregard for human life and the rule of law. The court’s decision affirms that such actions carry severe consequences, and it sends a clear and resounding message: acts of violence in federal prison will be met with the full weight of the law.”

“This brutal killing is a reminder that violence can occur anywhere, even within the confines of the most secure environments,” said FBI Indianapolis Special Agent in Charge Timothy J. O’Malley. “The FBI and our partners are committed to protecting all individuals, regardless of their incarceration status, and we will continue to work to ensure those who commit violent acts while incarcerated, are held fully accountable.”

The FBI and Bureau of Prisons investigated this case. The sentence was imposed by U.S. District Court Judge James R. Sweeney II.

Acting U.S. Attorney Childress thanked Assistant U.S. Jayson W. McGrath, who prosecuted this case.

###

MIL Security OSI –

June 28, 2025

Ninepoint ETF Series	Ticker	Cash Distribution per unit		Notional Distribution per unit		CUSIP
Ninepoint Cash Management Fund	NSAV	$0.12456		$0.00000		65443X105

Category: Intelligence

A long tradition of executive authority

Threats of war

McCaul’s bill to dedicate the post office in honor of Sergeant Waugh became law in 2024

Trust and policy

From soft landing to turbulence and uncertainty

Structural vulnerabilities in a shifting world

The burden of debt

The evolving financial landscape

Central bank priorities

Building a monetary and financial system for the future

Conclusion

Hard and soft power diminished

Externally defeated, internally adrift

A historical pattern of repression

Campaign against Kurds

A new crisis, the same strategy