Category: Machine Learning

MIL-OSI New Zealand: Tech and innovation boost for Marlborough

Source: New Zealand Government

A major boost to regional innovation opens in Blenheim today, supported by a $578,000 grant from the Government’s Regional Strategic Partnership Fund (RSPF), Associate Regional Development Minister Mark Patterson says.
“The completion of Te Au Pūngao – Tech & Innovation Hub is a key regional development milestone which will provide opportunities for start-ups and existing agri-businesses, tech innovators, researchers, investors, and support agencies – they will have a place to connect and collaborate in shared workspaces, and hold start-up events, networking sessions, seminars and workshops” Mr Patterson says.
The 500 sq metre hub in central Blenheim received $635,000 in co-funding from the Marlborough District Council. The facilities include co-working space of up to 28 hot desks, meeting rooms, video conferencing facilities and a prototyping room.
“Marlborough is home to some of New Zealand’s most innovative minds and pioneering sectors, especially in viticulture and aquaculture,” Mr Patterson says.
“As these industries transform to adopt AI, robotics and advanced technologies, the region is attracting more agritech and marine tech innovators who work in these spaces.
“The hub is crucial in supporting these sectors by providing a space where local businesses can develop solutions and realise the ever-evolving opportunities that Marlborough and New Zealand’s agribusiness sector has to offer.
“I see strong alignment between the Government’s ‘Going for Growth’ economic plan and Te Au Pūngao – Tech & Innovation Hub, particularly through investment in the innovation, science and technology space. I look forward to seeing this new regional asset delivering high value innovation, economic growth, and well-paid jobs to Marlborough,” Mr Patterson says.

MIL OSI New Zealand News –

March 4, 2025

MIL-OSI: James River Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

	Three Months Ended December 31,						Three Months Ended December 31,
*($ in thousands, except for share data)*		2024		per diluted share				2023		per diluted share
Net (loss) income from continuing operations available to common shareholders	$	(92,669	)	$	(2.25	)	$	17,431		$	0.46
Net loss from discontinued operations¹		(1,372	)	$	(0.03	)		(170,211	)	$	(3.89	)
Net loss available to common shareholders		(94,041	)	$	(2.28	)		(152,780	)	$	(3.43	)
Adjusted net operating (loss) income²		(40,803	)	$	(0.99	)		12,442		$	0.33

Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss² was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

Highlights for 2024 included:

During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

Fourth Quarter 2024 Operating Results

Gross written premium of $358.3 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	280,287	$	275,171	2	%
Specialty Admitted Insurance		78,005		114,134	(32	)%
	$	358,292	$	389,305	(8	)%

Net written premium of $114.0 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	99,684	$	146,628	(32	)%
Specialty Admitted Insurance		14,307		25,573	(44	)%
	$	113,991	$	172,201	(34	)%

Net earned premium of $105.6 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	87,275	$	153,926	(43	)%
Specialty Admitted Insurance		18,311		28,027	(35	)%
	$	105,586	$	181,953	(42	)%

Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

E&S Segment Fourth Quarter Highlights:
- The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
- Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
Specialty Admitted Insurance Segment Fourth Quarter Highlights:
- Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024			2023
Excess and Surplus Lines	$	(8,943	)	$	(25,005	)
Specialty Admitted Insurance		—			(38	)
	$	(8,943	)	$	(25,043	)

The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
Gross fee income was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Specialty Admitted Insurance	$	4,828	$	5,874	(18)%

The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

Investment Results

Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

The Company’s net investment income consisted of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Private Investments		1,334		3,199	(58)%
All Other Investments		20,628		22,389	(8)%
Total Net Investment Income	$	21,962	$	25,588	(14)%

The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

Capital Management

The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

Amendment of Series A Preferred Shares

As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

Tangible Equity

Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity³ of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

Board of Directors

The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

Conference Call

James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

For more information contact:

Zachary Shytle
Senior Analyst, Investments and Investor Relations
980-249-6848
InvestorRelations@james-river-group.com

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited)
*($ in thousands, except for share data)*	December 31, 2024		December 31, 2023
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale, at fair value	$	1,189,733	$	1,324,476
Equity securities, at fair value		86,479		119,945
Bank loan participations, at fair value		142,410		156,169
Short-term investments		97,074		72,137
Other invested assets		36,700		33,134
Total invested assets		1,552,396		1,705,861

Cash and cash equivalents		362,345		274,298
Restricted cash equivalents (a)		28,705		72,449
Accrued investment income		10,534		12,106
Premiums receivable and agents’ balances, net		243,882		249,490
Reinsurance recoverable on unpaid losses, net		1,996,913		1,358,474
Reinsurance recoverable on paid losses		101,210		157,991
Deferred policy acquisition costs		30,175		31,497
Goodwill and intangible assets		214,281		214,644
Other assets		466,635		457,047
Assets of discontinued operations held-for-sale		0		783,393
Total assets	$	5,007,076	$	5,317,250

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$	3,084,406	$	2,606,107
Unearned premiums		572,034		587,899
Funds held (a)		25,157		65,235
Deferred reinsurance gain		57,970		20,733
Senior debt		200,800		222,300
Junior subordinated debt		104,055		104,055
Accrued expenses		53,178		56,722
Other liabilities		315,446		333,183
Liabilities of discontinued operations held-for-sale		0		641,497
Total liabilities		4,413,046		4,637,731

Series A redeemable preferred shares		133,115		144,898
Total shareholders’ equity		460,915		534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	5,007,076	$	5,317,250

Tangible equity (b)	$	437,719	$	485,608
Tangible equity per share (b)	$	7.40	$	11.13
Tangible common equity per share (b)	$	6.67	$	9.05
Shareholders’ equity per share	$	10.10	$	14.20
Common shares outstanding		45,644,318		37,641,563

(a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
(b) See “Reconciliation of Non-GAAP Measures”

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Income Statement Data (Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands, except for share data)*		2024			2023			2024			2023
REVENUES
Gross written premiums	$	358,292		$	389,305		$	1,431,772		$	1,508,660
Net written premiums		113,991			172,201			580,854			693,901

Net earned premiums		105,586			181,953			600,196			708,005
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized gains (losses) on investments		(2,803	)		7,954			3,625			10,441
Other income		1,968			2,609			10,716			9,517
Total revenues		126,713			218,104			707,626			812,009
EXPENSES
Losses and loss adjustment expenses (a)		144,560			133,162			554,374			500,157
Other operating expenses		47,068			45,734			193,198			193,656
Other expenses		1,563			2,325			6,145			3,792
Interest expense		5,709			6,561			24,666			24,627
Intangible asset amortization and impairment		91			91			363			2,863
Total expenses		198,991			187,873			778,746			725,095
(Loss) income from continuing operations before income taxes		(72,278	)		30,231			(71,120	)		86,914
Income tax (benefit) expense on continuing operations		(8,883	)		10,175			(7,634	)		25,705
Net (loss) income from continuing operations		(63,395	)		20,056			(63,486	)		61,209
Net loss from discontinued operations		(1,372	)		(170,211	)		(17,634	)		(168,893	)
NET LOSS	$	(64,767	)	$	(150,155	)	$	(81,120	)	$	(107,684	)
Dividends on Series A preferred shares		(29,274	)		(2,625	)		(37,149	)		(10,500	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(94,041	)	$	(152,780	)	$	(118,269	)	$	(118,184	)
ADJUSTED NET OPERATING (LOSS) INCOME (b)	$	(40,803	)	$	12,442		$	(41,503	)	$	50,317

(LOSS) INCOME PER COMMON SHARE
Basic
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.35
Discontinued operations	$	(0.03	)	$	(4.52	)	$	(0.46	)	$	(4.49	)
	$	(2.28	)	$	(4.06	)	$	(3.06	)	$	(3.14	)
Diluted (c)
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.34
Discontinued operations	$	(0.03	)	$	(3.89	)	$	(0.46	)	$	(4.47	)
	$	(2.28	)	$	(3.43	)	$	(3.06	)	$	(3.13	)

ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE
Basic	$	(0.99	)	$	0.33		$	(1.07	)	$	1.34
Diluted (d)	$	(0.99	)	$	0.33		$	(1.07	)	$	1.33

Weighted-average common shares outstanding:
Basic		41,237,480			37,656,268			38,685,003			37,618,660
Diluted		41,237,480			43,744,208			38,685,003			37,810,440
Cash dividends declared per common share	$	0.01		$	0.05		$	0.16		$	0.20

Ratios:
Loss ratio		111.4	%		73.9	%		86.2	%		69.9	%
Expense ratio (e)		43.7	%		24.2	%		31.4	%		26.6	%
Combined ratio		155.1	%		98.1	%		117.6	%		96.5	%
Accident year loss ratio (f)		65.6	%		58.8	%		66.2	%		64.0	%



(a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
(b) See “Reconciliation of Non-GAAP Measures”.
(c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
(d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
(e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
(f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

James River Group Holdings, Ltd. and Subsidiaries Segment Results
EXCESS AND SURPLUS LINES
	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	280,287		$	275,171		1.9	%	$	1,017,029		$	1,007,351		1.0	%
Net written premiums	$	99,684		$	146,628		(32.0	)%	$	508,445		$	589,551		(13.8	)%

Net earned premiums	$	87,275		$	153,926		(43.3	)%	$	512,237		$	609,566		(16.0	)%
Losses and loss adjustment expenses excluding retroactive reinsurance		(103,327	)		(112,680	)	(8.3	)%		(448,714	)		(420,044	)	6.8	%
Underwriting expenses		(36,166	)		(32,348	)	11.8	%		(140,978	)		(135,175	)	4.3	%
Underwriting (loss) profit (a)	$	(52,218	)	$	8,898		—		$	(77,455	)	$	54,347		—

Ratios:
Loss ratio		118.4	%		73.2	%				87.6	%		68.9	%
Expense ratio		41.4	%		21.0	%				27.5	%		22.2	%
Combined ratio		159.8	%		94.2	%				115.1	%		91.1	%
Accident year loss ratio (b)		64.1	%		55.5	%				64.3	%		61.9	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

SPECIALTY ADMITTED INSURANCE

	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	78,005		$	114,134		(31.7	)%	$	414,743		$	501,309		(17.3	)%
Net written premiums	$	14,307		$	25,573		(44.1	)%	$	72,409		$	104,350		(30.6	)%

Net earned premiums	$	18,311		$	28,027		(34.7	)%	$	87,959		$	98,439		(10.6	)%
Losses and loss adjustment expenses		(14,264	)		(21,752	)	(34.4	)%		(68,423	)		(75,122	)	(8.9	)%
Underwriting expenses		(3,186	)		(4,080	)	(21.9	)%		(12,663	)		(19,240	)	(34.2	)%
Underwriting profit (a), (b)	$	861		$	2,195		(60.8	)%	$	6,873		$	4,077		68.6	%

Ratios:
Loss ratio		77.9	%		77.6	%				77.8	%		76.3	%
Expense ratio		17.4	%		14.6	%				14.4	%		19.6	%
Combined ratio		95.3	%		92.2	%				92.2	%		95.9	%
Accident year loss ratio		77.9	%		77.5	%				78.5	%		77.3	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Underwriting Performance Ratios

The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
Excess and Surplus Lines:
Loss Ratio	118.4	%	73.2	%	87.6	%	68.9	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Loss Ratio including impact of retroactive reinsurance	149.3	%	72.4	%	94.9	%	69.7	%

Combined Ratio	159.8	%	94.2	%	115.1	%	91.1	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Combined Ratio including impact of retroactive reinsurance	190.7	%	93.4	%	122.4	%	91.9	%

Consolidated:
Loss Ratio	111.4	%	73.9	%	86.2	%	69.9	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Loss Ratio including impact of retroactive reinsurance	136.9	%	73.2	%	92.4	%	70.6	%

Combined Ratio	155.1	%	98.1	%	117.6	%	96.5	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Combined Ratio including impact of retroactive reinsurance	180.6	%	97.4	%	123.8	%	97.2	%

RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit

The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands)*		2024			2023			2024			2023
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(52,218	)	$	8,898		$	(77,455	)	$	54,347
Specialty Admitted Insurance		861			2,195			6,873			4,077
Total underwriting (loss) profit of operating segments		(51,357	)		11,093			(70,582	)		58,424
Other operating expenses of the Corporate and Other segment		(6,790	)		(7,628	)		(34,972	)		(33,940	)
Underwriting (loss) profit (a)		(58,147	)		3,465			(105,554	)		24,484
Losses and loss adjustment expenses – retroactive reinsurance		(26,969	)		1,270			(37,237	)		(4,991	)
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized (losses) gains on investments		(2,803	)		7,954			3,625			10,441
Other income (expense)		(521	)		(1,394	)		(14	)		424
Interest expense		(5,709	)		(6,561	)		(24,666	)		(24,627	)
Amortization of intangible assets		(91	)		(91	)		(363	)		(363	)
Impairment of IRWC trademark intangible asset		—			—			—			(2,500	)
(Loss) income from continuing operations before taxes	$	(72,278	)	$	30,231		$	(71,120	)	$	86,914

(a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Adjusted Net Operating Income

We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

	Three Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(102,924	)	$	(94,041	)	$	(142,605	)	$	(152,780	)
Loss from discontinued operations		1,372			1,372			170,211			170,211
Losses and loss adjustment expenses – retroactive reinsurance		26,969			21,306			(1,270	)		(1,003	)
Net realized and unrealized investment losses (gains)		2,803			2,214			(7,954	)		(6,284	)
Other expenses		1,563			1,340			2,321			2,298
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(43,211	)	$	(40,803	)	$	20,703		$	12,442

	Twelve Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(125,903	)	$	(118,269	)	$	(92,479	)	$	(118,184	)
Loss from discontinued operations		17,634			17,634			168,893			168,893
Losses and loss adjustment expenses – retroactive reinsurance		37,237			29,418			4,991			3,943
Net realized and unrealized investment gains		(3,625	)		(2,865	)		(10,441	)		(8,248	)
Other expenses		6,145			5,573			1,588			1,938
Impairment of IRWC trademark intangible asset		—			—			2,500			1,975
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(41,506	)	$	(41,503	)	$	75,052		$	50,317

Tangible Equity (per Share) and Tangible Common Equity (per Share)

We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

	December 31, 2024		September 30, 2024		December 31, 2023		September 30, 2023
*($ in thousands, except for share data)*
Shareholders’ equity	$	460,915	$	530,347	$	534,621	$	562,544
Plus: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Plus: Deferred reinsurance gain (a)		57,970		31,001		20,733		37,653
Less: Goodwill and intangible assets		214,281		214,372		214,644		214,735
Tangible equity	$	437,719	$	491,874	$	485,608	$	530,360
Less: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Tangible common equity	$	304,604	$	346,976	$	340,710	$	385,462

Common shares outstanding		45,644,318		37,829,475		37,641,563		37,619,749
Common shares from assumed conversion of Series A preferred shares		13,521,635		6,848,763		5,971,184		5,640,158
Common shares outstanding after assumed conversion of Series A preferred shares		59,165,953		44,678,238		43,612,747		43,259,907

Equity per share:
Shareholders’ equity	$	10.10	$	14.02	$	14.20	$	14.95
Tangible equity	$	7.40	$	11.01	$	11.13	$	12.26
Tangible common equity	$	6.67	$	9.17	$	9.05	$	10.25

(a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

¹ The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
² Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

³ Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

The MIL Network –

March 4, 2025

MIL-OSI USA: Another Historic Investment Secured Under President Trump

US Senate News:

Source: The White House
Today, President Donald J. Trump joined Taiwan Semiconductor Manufacturing Company (TSMC) CEO C.C. Wei to announce a historic $100 billion investment by TSMC in its Arizona-based semiconductor chips manufacturing operation — the largest foreign direct investment in U.S. history.
President Trump: “This $100 billion in new investment will go into building five cutting-edge fabrication facilities in the great state that we just discussed, Arizona, and will create thousands of jobs — many thousands of jobs, and they’re high-paying jobs. In total, today’s announcement brings Taiwan Semiconductor’s investment to about $165 billion.”
TSMC CEO C.C. Wei: “It’s going to create thousands of high-paying jobs … We are going to produce many chips to support AI’s progress and to support the smartphone’s progress. I want to thank President Trump again for his support.”
Secretary of Commerce Howard Lutnick: “President Trump has made it a fundamental objective to bring semiconductor chip manufacturing home to America … You’re seeing the power of Donald Trump’s presidency because TSMC, the greatest manufacturer of chips in the world, is coming to America with a $100 billion investment.”
Since taking office, President Trump has secured nearly $2 trillion in U.S.-based investment — and the best is yet to come.

MIL OSI USA News –

March 4, 2025

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

Source: IMF – News in Russian

March 3, 2025

Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.^[2]

Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

Executive Board Assessment

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

Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

Selected Economic and Financial Indicators, 2020–30

Nominal GDP (2023): US$399.7 billion			Population (2023): 33.4 million
GDP per capita (2023, current prices): US$11,967			Poverty rate (2019, national poverty line): 0.2 percent
Unemployment rate (2023, period average): 3.4 percent			Adult literacy rate (2019): 95.0 percent

Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).


					Proj.
	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					1/

Real GDP (percent change)	-5.5	3.3	8.9	3.6	5.0	4.7	4.4	4.0	4.0	4.0	4.0
Total domestic demand	-4.8	3.8	9.5	4.7	6.1	4.7	4.0	3.6	3.6	3.6	3.4
Private consumption	-3.9	1.8	11.3	4.7	5.3	4.5	3.9	3.4	3.9	3.8	3.7
Public consumption	4.1	5.8	5.1	3.3	4.3	3.5	2.7	2.4	2.3	2.3	2.3
Private investment	-11.9	2.8	7.2	4.6	12.0	6.0	5.1	4.0	4.0	4.0	4.0
Public gross fixed capital formation	-21.2	-11.0	5.3	8.6	11.2	4.0	2.8	2.3	2.1	2.0	2.1
Net exports (contribution to growth, percentage points)	-1.0	-0.3	-0.1	-0.9	-0.8	0.2	0.5	0.6	0.5	0.6	0.7

Output gap (in percent)	-4.0	-1.1	2.5	1.3	1.1	0.7	0.4	0.0	0.0	0.0	0.0

Saving and investment (in percent of GDP)
Gross domestic investment	19.7	22.1	23.6	22.5	22.5	22.5	22.6	22.6	22.5	22.5	22.5
Gross national saving	23.8	26.0	26.8	24.0	24.5	24.7	25.0	25.3	25.4	25.5	25.5

Fiscal sector (in percent of GDP) 2/
Federal government overall balance	-6.2	-6.4	-5.5	-5.0	-4.3	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
Revenue	15.9	15.1	16.4	17.3	16.5	16.2	15.4	15.1	14.8	14.6	14.4
Expenditure and net lending	22.0	21.5	22.0	22.3	20.8	20.0	19.2	18.9	18.6	18.4	18.2
Federal government non-oil primary balance	-7.5	-6.7	-7.8	-6.6	-4.9	-4.1	-3.7	-3.4	-3.0	-2.8	-2.6
Consolidated public sector overall balance 3/	-7.3	-8.3	-6.0	-5.9	-8.4	-6.7	-6.8	-6.9	-6.8	-6.9	-6.9
General government debt 3/	67.7	69.2	65.5	69.7	69.6	68.9	68.7	69.1	69.3	69.6	69.8
Of which: federal government debt	62.0	63.3	60.2	64.3	64.4	63.7	63.5	63.8	64.1	64.3	64.5


Inflation and unemployment (in percent)
CPI inflation, annual average	-1.2	2.5	3.4	2.5	1.8	2.6	2.3	2.0	2.0	2.0	2.0
CPI inflation, end of period	-1.4	3.2	3.8	1.5	1.7	3.8	2.0	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), annual average	1.1	0.7	3.0	3.0	1.8	2.4	2.2	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), end of period	0.7	1.1	4.1	1.9	1.6	3.8	2.0	2.0	2.0	2.0	2.0
Unemployment rate	4.5	4.6	3.9	3.4	3.2	3.2	3.2	3.2	3.2	3.2	3.2


Macrofinancial variables (end of period)
Broad money (percentage change) 4/	4.9	5.6	4.0	5.8	7.1	7.6	6.7	5.9	5.9	5.9	5.9
Credit to private sector (percentage change) 4/	4.0	3.8	3.0	5.2	6.2	6.1	6.0	5.9	5.9	5.9	5.9
Credit-to-GDP ratio (in percent) 5/ 6/	144.8	137.7	122.4	126.7	125.7	123.9	123.1	123.1	123.1	123.1	123.1
Overnight policy rate (in percent)	1.75	1.75	2.75	3.00	…	…	…	…	…	…	…
Three-month interbank rate (in percent)	1.9	2.0	3.6	3.7	…	…	…	…	…	…	…
Nonfinancial corporate sector debt (in percent of GDP) 7/	109.7	109.0	97.5	101.2	…	…	…	…	…	…	…
Nonfinancial corporate sector debt issuance (in percent of GDP)	2.3	2.6	2.4	2.5	…	…	…	…	…	…	…
Household debt (in percent of GDP) 7/	93.1	88.9	80.9	84.2	…	…	…	…	…	…	…
Household financial assets (in percent of GDP) 7/	204.5	191.9	167.3	174.3	…	…	…	…	…	…	…
House prices (percentage change)	1.2	1.9	3.9	3.8	…	…	…	…	…	…	…


Exchange rates (period average)
Malaysian ringgit/U.S. dollar	4.19	4.14	4.40	4.56	…	…	…	…	…	…	…
Real effective exchange rate (percentage change)	-3.5	-1.3	-1.4	-2.5	…	…	…	…	…	…	…


Balance of payments (in billions of U.S. dollars) 5/
Current account balance	14.1	14.5	13.0	6.2	8.7	10.2	12.0	14.3	16.1	17.6	19.4
(In percent of GDP)	4.2	3.9	3.2	1.5	2.0	2.2	2.4	2.7	2.9	3.0	3.1
Goods balance	32.7	42.9	42.6	29.9	26.3	29.3	31.8	33.9	36.5	39.2	43.7
Services balance	-11.2	-15.8	-13.2	-9.5	-4.4	-4.1	-3.1	-1.7	-1.3	-1.0	-1.5
Income balance	-7.4	-12.5	-16.3	-14.2	-13.2	-14.9	-16.7	-17.9	-19.2	-20.6	-22.8
Capital and financial account balance	-18.5	3.8	1.8	-3.4	-6.0	0.2	-3.0	-5.0	-6.2	-7.1	-8.2
Of which: Direct investment	0.7	7.5	2.9	0.0	-1.3	2.0	2.1	2.2	2.4	2.5	2.6
Errors and omissions	-0.1	-7.3	-2.7	-7.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Overall balance	-4.6	11.0	12.1	-4.5	2.7	10.4	9.0	9.3	9.9	10.6	11.2

Gross official reserves (US$ billions) 5/	107.6	116.9	114.7	113.5	116.2	126.6	135.6	144.9	154.8	165.4	176.6
(In months of following year’s imports of goods and nonfactor services)	5.5	4.9	5.4	4.6	4.4	4.6	4.7	4.8	4.9	4.9	5.0
(In percent of short-term debt by original maturity)	117.6	120.8	104.9	100.3	99.4	98.3	97.2	97.0	97.3	97.9	98.9
(In percent of short-term debt by remaining maturity)	91.9	93.5	84.6	80.7	78.7	79.4	79.0	79.2	79.7	80.5	81.5
Total external debt (in billions of U.S. dollars) 5/	238.8	258.7	259.6	270.6	284.6	305.1	324.4	342.8	361.1	379.2	397.2
(In percent of GDP)	70.8	69.3	63.8	67.8	65.1	65.3	65.1	64.9	64.4	63.8	63.0
Of which: short-term (in percent of total, original maturity)	38.3	37.4	42.1	41.8	41.1	42.2	43.0	43.6	44.1	44.6	44.9
short-term (in percent of total, remaining maturity)	49.1	48.3	52.2	51.9	51.9	52.3	52.9	53.4	53.8	54.2	54.5
Debt service ratio 5/
(In percent of exports of goods and services) 8/	13.6	10.5	9.7	11.8	12.1	12.1	10.1	9.8	9.7	9.6	9.5
(In percent of exports of goods and nonfactor services)	14.4	11.4	10.3	12.7	12.9	12.9	10.7	10.4	10.3	10.2	10.0


Memorandum items:
Nominal GDP (in billions of ringgit)	1,418	1,549	1,794	1,823	1,952	2,099	2,241	2,373	2,512	2,660	2,817


Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted. 2/ Cash basis. 3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies. 4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap. 5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency. 6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter. 7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100). 8/ Includes receipts under the primary income account.

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

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

March 4, 2025

MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

“We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

“Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

“In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

Quarterly Financial Highlights ($ in millions, unaudited)

	4Q23	1Q24	2Q24	3Q24	4Q24
GAAP Operating Revenues, Net	$73.2	$73.6	$80.1	$92.5	$100.9
% Change vs. prior year period	23%	25%	31%	41%	38%
Non-GAAP Variable Profit*	$45.9	$49.9	$51.8	$64.2	$72.6
% Change vs. prior year period	80%	47%	57%	72%	58%
Non-GAAP Variable Profit Margin*	63%	68%	65%	69%	72%
GAAP Net Income	$0.2	$34.2	$6.4	$0.5	$16.8
Adjusted Net Income*	$6.6	$8.1	$13.7	$21.1	$29.6
Adjusted EBITDA*	$10.0	$13.2	$15.2	$24.7	$33.4

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
Dave Debit Card spend increased 24% to $457 million
For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

Annual Financial Highlights ($ in millions, unaudited)

	FY 2023	FY 2024
GAAP Operating Revenues, Net	$259.1	$347.1
% Change vs. prior year	26%	34%
Non-GAAP Variable Profit*	$150.1	$238.5
% Change vs. prior year	74%	59%
Non-GAAP Variable Profit Margin*	58%	69%
GAAP Net (Loss) Income	($48.5)	$57.9
Adjusted Net (Loss) Income*	($22.1)	$72.5
Adjusted EBITDA (Loss)*	($10.1)	$86.5

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

Liquidity Summary

The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

2025 Financial Guidance ($ in millions)

	FY 2025
GAAP Operating Revenues, Net	$415 – $435
Year-Over-Year Growth	20% – 25%
Adjusted EBITDA*	$110 – $120
Year-Over-Year Growth	27% – 39%

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

Conference Call

Dave management will host a conference call on Tuesday, March 4^th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, March 4^th, 2025
Time: 8:30 a.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Non-GAAP Financial Information

This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
DAVE@elevate-ir.com

Media Contact

Dan Ury
press@dave.com

DAVE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Operating revenues:
Service based revenue, net	$	90.8		$	65.4		$	311.4		$	232.2
Transaction based revenue, net		10.1			7.8			35.7			26.9
Total operating revenues, net		100.9			73.2			347.1			259.1
Operating expenses:
Provision for credit losses		16.6			14.5			54.6			58.4
Processing and servicing costs		6.3			7.5			30.4			28.9
Advertising and marketing		12.6			10.0			44.9			48.4
Compensation and benefits		27.2			23.5			107.0			94.9
Other operating expenses		17.2			15.8			75.5			70.7
Total operating expenses		79.9			71.3			312.4			301.3
Other (income) expenses:
Interest expense, net		1.3			1.8			5.0			6.5
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Total other (income) expense, net		3.5			1.6			(25.7	)		6.2
Net income (loss) before provision for income taxes		17.5			0.3			60.4			(48.4	)
Provision for income taxes		0.7			0.1			2.5			0.1
Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)

Net income (loss) per share:
Basic	$	1.31		$	0.01		$	4.62		$	(4.07	)
Diluted	$	1.16		$	0.01		$	4.19		$	(4.07	)


RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
(in millions)
(unaudited)


	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Operating expenses	$	79.9		$	71.3		$	312.4		$	301.3
Non-variable operating expenses		(51.6	)		(44.0	)		(203.8	)		(192.3	)
Non-GAAP variable operating expenses	$	28.3		$	27.3		$	108.6		$	109.0


CALCULATION OF NON-GAAP VARIABLE PROFIT
(in millions)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

GAAP operating revenues, net	$	100.9		$	73.2		$	347.1		$	259.1
Non-GAAP variable operating expenses		(28.3	)		(27.3	)		(108.6	)		(109.0	)
Non-GAAP variable profit	$	72.6		$	45.9		$	238.5		$	150.1
Non-GAAP variable profit margin		72	%		63	%		69	%		58	%


DAVE INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
(in millions)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)
Interest expense, net		1.3			1.8			5.0			6.5
Provision for income taxes		0.7			0.1			2.5			0.1
Depreciation and amortization		2.3			1.5			7.5			5.4
Stock-based compensation		10.1			6.6			37.3			26.7
Legal settlement and litigation accrual		—			—			7.0			—
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Adjusted EBITDA (loss)	$	33.4		$	10.0		$	86.5		$	(10.1	)


DAVE INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
(in millions, except per share data)
(unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
		2024			2023			2024			2023

Net income (loss)	$	16.8		$	0.2		$	57.9		$	(48.5	)
Stock-based compensation		10.1			6.6			37.3			26.7
Gain on extinguishment of convertible debt		—			—			(33.4	)		—
Legal settlement and litigation accrual		—			—			7.0			—
Changes in fair value of earnout liabilities		0.9			—			1.0			—
Changes in fair value of public and private warrant liabilities		1.3			(0.2	)		1.7			(0.3	)
Income tax expense related to gain on extinguishment of convertible debt		0.5			—			1.0			—
Adjusted net income (loss)	$	29.6		$	6.6		$	72.5		$	(22.1	)

Adjusted net income (loss) per share:
Basic	$	2.31		$	0.55		$	5.79		$	(1.85	)
Diluted	$	2.04		$	0.54		$	5.24		$	(1.85	)


DAVE INC.
LIQUIDITY AND CAPITAL RESOURCES
(in millions)
(unaudited)

	December 31,			December 31,
		2024			2023

Cash, cash equivalents and restricted cash	$	51.4		$	43.1
Marketable securities		0.1			1.0
Investments		40.5			113.2
Working capital		247.2			251.3
Total stockholders’ equity		183.1			87.1

The MIL Network –

March 4, 2025

MIL-OSI: Fifth Era Acquisition Corp I Completes $230,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Each Unit Includes One Class A Ordinary Share and
One Share Right to Receive 1/10th of a Class A Ordinary Share

New York, NY, March 03, 2025 (GLOBE NEWSWIRE) — Fifth Era Acquisition Corp. I (the “Company”) announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a price of $10.00 per unit, resulting in gross proceeds of $230,000,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) on February 28, 2025 under the ticker symbol “FERAU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. An amount equal to $10.00 per unit was deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “FERA” and “FERAR,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus on technology enabled businesses in a diverse range of areas including internet, enterprise technology, software, including artificial intelligence, fintech and blockchain.

The Company’s management team is led by Mitchell Mechigian, its Chief Executive Officer and Director, Alison Davis, its managing director, Chris Linn, its Chief Financial Officer, and Matthew Le Merle, its Managing Director and Chairman of the Board of Directors (the “Board”). In addition, the Board includes Colin Wiel, Gary Cookhorn, and Rebecca Macieira-Kaufmann.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on February 27, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Fifth Era Acquisition Corp I
Mitchell Mechigian
spac@fifthera.com

The MIL Network –

March 4, 2025
MIL-OSI: Astera Labs Appoints Dr. Craig Barratt to Board of Directors

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for AI and cloud infrastructure, today announced the appointment of Dr. Craig Barratt to its Board of Directors. Dr. Barratt is a seasoned technology industry veteran with decades of experience as an impactful leader and board member at networking, semiconductor, and medical device companies.

“Craig’s proven track record of scaling high-growth technology companies and driving breakthrough innovations at industry leaders like Atheros, Google, and Qualcomm makes him an invaluable addition to Astera Labs’ Board of Directors,” said Jitendra Mohan, CEO and Co-founder, Astera Labs. “His strategic insight and deep technical expertise will provide critical guidance as we continue to expand our leadership in connectivity solutions for AI and cloud infrastructure.”

Dr. Barratt served as President, CEO, and a Director of Atheros Communications, Inc., a fabless semiconductor company and Silicon Valley success story that developed wireless and wired communication technologies. During his tenure, he led the company through an IPO until its acquisition by Qualcomm, when he then took up the position of President at Qualcomm Atheros, the networking and connectivity subsidiary of Qualcomm.

Dr. Barratt is also the former Senior Vice President and General Manager of the Connectivity Group at Intel Corporation, since its acquisition of Barefoot Networks, Inc., where he led the computer networking company as President and CEO. Prior to Barefoot Networks, he held several roles at Google, Inc., including Senior Vice President, Access and Energy.

Dr. Barratt currently chairs the board of Intuitive Surgical, Inc. (Nasdaq: ISRG) – a medical device technology market leader – and previously served on the board of IonQ Inc. He holds doctorate and Master of Science degrees in electrical engineering from Stanford University, as well as undergraduate degrees in electrical engineering and in pure mathematics and physics from the University of Sydney.

“Craig is a highly accomplished leader with deep expertise in scaling innovative technology companies and shaping transformative products in the semiconductor and networking industries,” said Manuel Alba, Chairman of the Board, Astera Labs. “His extensive board and executive experience, combined with his strategic vision, will be instrumental in helping to steer Astera Labs as we continue our rapid growth and innovation in AI connectivity.”

“Astera Labs is at the forefront of enabling the next generation of AI and cloud infrastructure with its unmatched execution in addressing the industry’s most critical connectivity bottlenecks,” said Dr. Craig Barratt. “I am excited to join the Board and collaborate with the team to support the company’s strong momentum and strengthen its industry leadership.”

About Astera Labs
Astera Labs is a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure. Our Intelligent Connectivity Platform integrates PCIe^®, CXL^®, and Ethernet semiconductor-based solutions and the COSMOS software suite of system management and optimization tools to deliver a software-defined architecture that is both scalable and customizable. Inspired by trusted relationships with hyperscalers and the data center ecosystem, we are an innovation leader delivering products that are flexible and interoperable. Discover how we are transforming modern data-driven applications at www.asteralabs.com.

© Astera Labs, Inc. Astera Labs, and its stylized logo, are trademarks of Astera Labs, Inc. or its affiliates. Other names and brands may be claimed as the property of others.

CONTACT: Joe Balich
Joe.balich@asteralabs.com

INVESTOR CONTACT: Leslie Green
ir@asteralabs.com

The MIL Network –

March 4, 2025

MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Quarterly Distribution of $0.18 per Share – Fund to Change Distribution Frequency

Source: GlobeNewswire (MIL-OSI)

CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund” or “MCN”) has declared its regular quarterly distribution of $0.18 per share on the Fund’s common shares, payable on April 1, 2025, to shareholders of record as of March 17, 2025, as noted below. The amount of the distribution represents no change from the previous quarter’s distribution amount of $0.18 per common share.

In addition, the Fund announced that it will change its distribution frequency from quarterly to monthly. The first monthly declaration will be made on April 1, 2025, and the first monthly distribution will be made on May 1, 2025. Kimberly Flynn, President of XA Investments, said, “MCN has a long history of making consistent periodic payments to shareholders. We believe the change to monthly distributions will enable investors to better manage their cashflow needs.”

The following dates apply to the declaration:


Ex-Dividend Date		March 17, 2025

Record Date		March 17, 2025

Payable Date		April 1, 2025

Amount		$0.18 per common share

Change from Previous Quarter		No change

Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

* * *

The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, based on a consideration of number of factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

* * *

The Fund’s objective is to achieve a high level of current income and gains, with a secondary objective of capital appreciation. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

About XA Investments

XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

About XMS Capital Partners
XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

About Madison Investments
Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28 billion in assets under management as of December 31, 2024, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.
Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

* * *

XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.


NOT FDIC INSURED		NO BANK GUARANTEE		MAY LOSE VALUE

* * *

Media Contact:

Kimberly Flynn, President
XA Investments LLC
Phone: 888-903-3358
Email: KFlynn@XAInvestments.com
www.xainvestments.com

The MIL Network –

March 4, 2025

MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

Source: International Monetary Fund

March 3, 2025

Executive Board Assessment

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

Selected Economic and Financial Indicators, 2020–30

Nominal GDP (2023): US$399.7 billion			Population (2023): 33.4 million
GDP per capita (2023, current prices): US$11,967			Poverty rate (2019, national poverty line): 0.2 percent
Unemployment rate (2023, period average): 3.4 percent			Adult literacy rate (2019): 95.0 percent

Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).


					Proj.
	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					1/

Real GDP (percent change)	-5.5	3.3	8.9	3.6	5.0	4.7	4.4	4.0	4.0	4.0	4.0
Total domestic demand	-4.8	3.8	9.5	4.7	6.1	4.7	4.0	3.6	3.6	3.6	3.4
Private consumption	-3.9	1.8	11.3	4.7	5.3	4.5	3.9	3.4	3.9	3.8	3.7
Public consumption	4.1	5.8	5.1	3.3	4.3	3.5	2.7	2.4	2.3	2.3	2.3
Private investment	-11.9	2.8	7.2	4.6	12.0	6.0	5.1	4.0	4.0	4.0	4.0
Public gross fixed capital formation	-21.2	-11.0	5.3	8.6	11.2	4.0	2.8	2.3	2.1	2.0	2.1
Net exports (contribution to growth, percentage points)	-1.0	-0.3	-0.1	-0.9	-0.8	0.2	0.5	0.6	0.5	0.6	0.7

Output gap (in percent)	-4.0	-1.1	2.5	1.3	1.1	0.7	0.4	0.0	0.0	0.0	0.0

Saving and investment (in percent of GDP)
Gross domestic investment	19.7	22.1	23.6	22.5	22.5	22.5	22.6	22.6	22.5	22.5	22.5
Gross national saving	23.8	26.0	26.8	24.0	24.5	24.7	25.0	25.3	25.4	25.5	25.5

Fiscal sector (in percent of GDP) 2/
Federal government overall balance	-6.2	-6.4	-5.5	-5.0	-4.3	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
Revenue	15.9	15.1	16.4	17.3	16.5	16.2	15.4	15.1	14.8	14.6	14.4
Expenditure and net lending	22.0	21.5	22.0	22.3	20.8	20.0	19.2	18.9	18.6	18.4	18.2
Federal government non-oil primary balance	-7.5	-6.7	-7.8	-6.6	-4.9	-4.1	-3.7	-3.4	-3.0	-2.8	-2.6
Consolidated public sector overall balance 3/	-7.3	-8.3	-6.0	-5.9	-8.4	-6.7	-6.8	-6.9	-6.8	-6.9	-6.9
General government debt 3/	67.7	69.2	65.5	69.7	69.6	68.9	68.7	69.1	69.3	69.6	69.8
Of which: federal government debt	62.0	63.3	60.2	64.3	64.4	63.7	63.5	63.8	64.1	64.3	64.5


Inflation and unemployment (in percent)
CPI inflation, annual average	-1.2	2.5	3.4	2.5	1.8	2.6	2.3	2.0	2.0	2.0	2.0
CPI inflation, end of period	-1.4	3.2	3.8	1.5	1.7	3.8	2.0	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), annual average	1.1	0.7	3.0	3.0	1.8	2.4	2.2	2.0	2.0	2.0	2.0
CPI inflation (excluding food and energy), end of period	0.7	1.1	4.1	1.9	1.6	3.8	2.0	2.0	2.0	2.0	2.0
Unemployment rate	4.5	4.6	3.9	3.4	3.2	3.2	3.2	3.2	3.2	3.2	3.2


Macrofinancial variables (end of period)
Broad money (percentage change) 4/	4.9	5.6	4.0	5.8	7.1	7.6	6.7	5.9	5.9	5.9	5.9
Credit to private sector (percentage change) 4/	4.0	3.8	3.0	5.2	6.2	6.1	6.0	5.9	5.9	5.9	5.9
Credit-to-GDP ratio (in percent) 5/ 6/	144.8	137.7	122.4	126.7	125.7	123.9	123.1	123.1	123.1	123.1	123.1
Overnight policy rate (in percent)	1.75	1.75	2.75	3.00	…	…	…	…	…	…	…
Three-month interbank rate (in percent)	1.9	2.0	3.6	3.7	…	…	…	…	…	…	…
Nonfinancial corporate sector debt (in percent of GDP) 7/	109.7	109.0	97.5	101.2	…	…	…	…	…	…	…
Nonfinancial corporate sector debt issuance (in percent of GDP)	2.3	2.6	2.4	2.5	…	…	…	…	…	…	…
Household debt (in percent of GDP) 7/	93.1	88.9	80.9	84.2	…	…	…	…	…	…	…
Household financial assets (in percent of GDP) 7/	204.5	191.9	167.3	174.3	…	…	…	…	…	…	…
House prices (percentage change)	1.2	1.9	3.9	3.8	…	…	…	…	…	…	…


Exchange rates (period average)
Malaysian ringgit/U.S. dollar	4.19	4.14	4.40	4.56	…	…	…	…	…	…	…
Real effective exchange rate (percentage change)	-3.5	-1.3	-1.4	-2.5	…	…	…	…	…	…	…


Balance of payments (in billions of U.S. dollars) 5/
Current account balance	14.1	14.5	13.0	6.2	8.7	10.2	12.0	14.3	16.1	17.6	19.4
(In percent of GDP)	4.2	3.9	3.2	1.5	2.0	2.2	2.4	2.7	2.9	3.0	3.1
Goods balance	32.7	42.9	42.6	29.9	26.3	29.3	31.8	33.9	36.5	39.2	43.7
Services balance	-11.2	-15.8	-13.2	-9.5	-4.4	-4.1	-3.1	-1.7	-1.3	-1.0	-1.5
Income balance	-7.4	-12.5	-16.3	-14.2	-13.2	-14.9	-16.7	-17.9	-19.2	-20.6	-22.8
Capital and financial account balance	-18.5	3.8	1.8	-3.4	-6.0	0.2	-3.0	-5.0	-6.2	-7.1	-8.2
Of which: Direct investment	0.7	7.5	2.9	0.0	-1.3	2.0	2.1	2.2	2.4	2.5	2.6
Errors and omissions	-0.1	-7.3	-2.7	-7.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Overall balance	-4.6	11.0	12.1	-4.5	2.7	10.4	9.0	9.3	9.9	10.6	11.2

Gross official reserves (US$ billions) 5/	107.6	116.9	114.7	113.5	116.2	126.6	135.6	144.9	154.8	165.4	176.6
(In months of following year’s imports of goods and nonfactor services)	5.5	4.9	5.4	4.6	4.4	4.6	4.7	4.8	4.9	4.9	5.0
(In percent of short-term debt by original maturity)	117.6	120.8	104.9	100.3	99.4	98.3	97.2	97.0	97.3	97.9	98.9
(In percent of short-term debt by remaining maturity)	91.9	93.5	84.6	80.7	78.7	79.4	79.0	79.2	79.7	80.5	81.5
Total external debt (in billions of U.S. dollars) 5/	238.8	258.7	259.6	270.6	284.6	305.1	324.4	342.8	361.1	379.2	397.2
(In percent of GDP)	70.8	69.3	63.8	67.8	65.1	65.3	65.1	64.9	64.4	63.8	63.0
Of which: short-term (in percent of total, original maturity)	38.3	37.4	42.1	41.8	41.1	42.2	43.0	43.6	44.1	44.6	44.9
short-term (in percent of total, remaining maturity)	49.1	48.3	52.2	51.9	51.9	52.3	52.9	53.4	53.8	54.2	54.5
Debt service ratio 5/
(In percent of exports of goods and services) 8/	13.6	10.5	9.7	11.8	12.1	12.1	10.1	9.8	9.7	9.6	9.5
(In percent of exports of goods and nonfactor services)	14.4	11.4	10.3	12.7	12.9	12.9	10.7	10.4	10.3	10.2	10.0


Memorandum items:
Nominal GDP (in billions of ringgit)	1,418	1,549	1,794	1,823	1,952	2,099	2,241	2,373	2,512	2,660	2,817


Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted. 2/ Cash basis. 3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies. 4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap. 5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency. 6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter. 7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100). 8/ Includes receipts under the primary income account.

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

MIL OSI Economics –

March 4, 2025

MIL-OSI USA: Schatz Statement on USAID

US Senate News:

Source: United States Senator for Hawaii Brian Schatz
Published: 03.03.2025

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), lead Democrat on the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs, released the following statement on reports that the U.S. Agency for International Development’s (USAID) Acting Assistant Administrator for Global Health was put on leave after authoring an internal memo detailing the failures at USAID to provide critical humanitarian aid.
“These new details confirm our worst fears: the illegal and systematic dismantling of USAID will cause real suffering and deaths that are entirely preventable. Instead of addressing the issues outlined by Acting Assistant Administrator for Global Health Nicholas Enrich, the State Department has silenced and sidelined him. It’s completely inappropriate and wrong. Congress and the American people deserve real action from the State Department to actually provide the assistance Congress has directed and answers on why obstacles were created at USAID to prevent that aid from flowing.”

MIL OSI USA News –

March 4, 2025
MIL-OSI Global: Out-of-balance bacteria is linked to multiple sclerosis − the ratio can predict severity of disease

Source: The Conversation – USA – By Ashutosh Mangalam, Associate Professor of Pathology, University of Iowa

The myelin sheaths insulating neurons are damaged in multiple sclerosis. Steve Gschmeissner/Science Photo Library/Brand X Pictures via Getty Images

Multiple sclerosis is a disease that results when the immune system mistakenly attacks the brain and spinal cord. It affects nearly one million people in the U.S. and over 2.8 million worldwide. While genetics play a role in the risk of developing multiple sclerosis, environmental factors such as diet, infectious disease and gut health are major contributors.

The environment plays a key role in determining who develops multiple sclerosis, and this is evident from twin studies. Among identical twins who share 100% of their genes, one twin has a roughly 25% chance of developing MS if the other twin has the disease. For fraternal twins who share 50% of their genes, this rate drops to around 2%.

Scientists have long suspected that gut bacteria may influence a person’s risk of developing multiple sclerosis. But studies so far have had inconsistent findings.

To address these inconsistencies, my colleagues and I used what researchers call a bedside-to-bench-to-bedside approach: starting with samples from patients with multiple sclerosis, conducting lab experiments on these samples, then confirming our findings in patients.

In our newly published research, we found that the ratio of two bacteria in the gut can predict multiple sclerosis severity in patients, highlighting the importance of the microbiome and gut health in this disease.

Akkermansia is commonly found in the human gut microbiome.
Zhang et al/Microbial Biotechnology, CC BY-SA

Bedside to bench

First, we analyzed the chemical and bacterial gut composition of patients with multiple sclerosis, confirming that they had gut inflammation and different types of gut bacteria compared with people without multiple sclerosis.

Specifically, we showed that a group of bacteria called Blautia was more common in multiple sclerosis patients, while Prevotella, a bacterial species consistently linked to a healthy gut, was found in lower amounts.

In a separate experiment in mice, we observed that the balance between two gut bacteria, Bifidobacterium and Akkermansia, was critical in distinguishing mice with or without multiple sclerosis-like disease. Mice with multiple sclerosis-like symptoms had increased levels of Akkermansia and decreased levels of Bifidobacterium in their stool or gut lining.

Bench to bedside

To explore this further, we treated mice with antibiotics to remove all their gut bacteria. Then, we gave either Blautia, which was higher in multiple sclerosis patients; Prevotella, which was more common in healthy patients; or a control bacteria, Phocaeicola, which is found in patients with and without multiple sclerosis. We found that mice with Blautia developed more gut inflammation and worse multiple sclerosis-like symptoms.

Even before symptoms appeared, these mice had low levels of Bifidobacterium and high levels of Akkermansia. This suggested that an imbalance between these two bacteria might not just be a sign of disease, but could actually predict how severe it will be.

We then examined whether this same imbalance appeared in people. We measured the ratio of Bifidobacterium adolescentis and Akkermansia muciniphila in samples from multiple sclerosis patients in Iowa and participants in a study spanning the U.S., Latin America and Europe.

Our findings were consistent: Patients with multiple sclerosis had a lower ratio of Bifidobacterium to Akkermansia. This imbalance was not only linked to having multiple sclerosis but also with worse disability, making it a stronger predictor of disease severity than any single type of bacteria alone.

Bifidobacterium both produces and consumes mucin, a glycoprotein that protects the gut lining.
Paola Mattarelli and Monica Modesto/Katz Lab via Flickr, CC BY-NC

How ‘good’ bacteria can become harmful

One of the most interesting findings from our study was that normally beneficial bacteria can turn harmful in multiple sclerosis. Akkermansia is usually considered a helpful bacterium, but it became problematic in patients with multiple sclerosis.

A previous study in mice showed a similar pattern: Mice with severe disease had a lower Bifidobacterium-to-Akkermansia ratio. In that study, mice fed a diet rich in phytoestrogens – chemicals structurally similar to human estrogen that need to be broken down by bacteria for beneficial health effects – developed milder disease than those on a diet without phytoestrogens. Previously we have shown that people with multiple sclerosis lack gut bacteria that can metabolize phytoestrogen.

Although the precise mechanisms behind the link between the Bifidobacterium-to- Akkermansia ratio and multiple sclerosis is unknown, researchers have a theory. Both types of bacteria consume mucin, a substance that protects the gut lining. However, Bifidobacterium both eats and produces mucin, while Akkermansia only consumes it. When Bifidobacterium levels drop, such as during inflammation, Akkermansia overconsumes mucin and weakens the gut lining. This process can trigger more inflammation and potentially contribute to the progression of multiple sclerosis.

Our finding that the Bifidobacterium-to-Akkermansia ratio may be a key marker for multiple sclerosis severity could help improve diagnosis and treatment. It also highlights how losing beneficial gut bacteria can allow other gut bacteria to become harmful, though it is unclear whether changing levels of certain microbes can affect multiple sclerosis.

While more research can help clarify the link between the gut microbiome and multiple sclerosis, these findings offer a promising new direction for understanding and treating this disease.

Ashutosh Mangalam received funding from the NIH/NIAID, VA, and the University of Iowa. He holds a patent licensed to Evelo Biosciences by Mayo Clinic on a technology using Prevotella histicola to treat autoimmune diseases. No funds or products from this patent were used in this study.

– ref. Out-of-balance bacteria is linked to multiple sclerosis − the ratio can predict severity of disease – https://theconversation.com/out-of-balance-bacteria-is-linked-to-multiple-sclerosis-the-ratio-can-predict-severity-of-disease-251020

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI USA: FEMA Mitigation Experts Offer Rebuilding Advice in Manatee and Sarasota Counties

Source: US Federal Emergency Management Agency 2

FEMA Mitigation Experts Offer Rebuilding Advice in Manatee and Sarasota Counties

TALLAHASSEE, Fla.– As Floridians rebuild, survivors of Hurricanes Milton, Helene and Debby can get free advice on how to rebuild stronger and safer against storms. FEMA mitigation specialists will be available to answer questions and offer free home improvement tips and proven methods to prevent and lessen damage from future disasters.This information is geared for do-it-yourself work and general contractors.FEMA specialists will be available from March 3 through March 15 from 7:30 a.m. to 5:00 p.m. ET, Monday – Friday and on Saturday from 7:30 a.m. to 1:00 p.m. ET, at the following locations:Manatee County: Home Depot, 5820 E. State Road 64, Bradenton, FL 34208Sarasota County: Home Depot, 4111 Cattleman Road, Sarasota, FL 34233 Mitigation is an effort to reduce the loss of life and property damage by lessening the impact of a disaster through construction and remodeling best practices.An insurance specialist will be present to answer National Flood Insurance Program (NFIP) questions. Disaster Survivor Assistance teams will be on hand to provide updates on FEMA applications and answer questions.Stay in Touch with FEMAIt is important to let FEMA know about any changes to your contact information. You may update contact information or check on the status of your application by:Visiting DisasterAssistance.govCalling FEMA directly at 800-621-3362Using the FEMA appFor the latest information about Hurricane Milton recovery, visit fema.gov/disaster/4834. For Hurricane Helene recovery information, visit fema.gov/disaster/4828. For Hurricane Debby, visit fema.gov/disaster/4806. Follow FEMA on X at x.com/femaregion4or on Facebook at facebook.com/fema.
sixto.valentin…
Mon, 03/03/2025 – 12:45

MIL OSI USA News –

March 4, 2025
MIL-OSI Economics: Thales to equip U.S. Air Force F16 with Helmet Mounted Display
Source: Thales Group

Headline: Thales to equip U.S. Air Force F16 with Helmet Mounted Display

03 Mar 2025

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- Thales subsidiary, Thales Defense & Security, Inc. (TDSI), has been awarded a contract for Scorpion Helmet Mounted Display (HMD) retrofit kits to support U.S. Air Force (USAF) F-16 HMD modernization.
- The Scorpion HMD kits provide a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a common Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve F-16s.
- Thales Visionix, a division of Thales Defense & Security, Inc. (TDSI), a world leader in the development and integration of advanced optics, motion tracking and symbology for fixed and rotary wing HMDs, will manage the contract.
Thales subsidiary, Thales Defense & Security, Inc. (TDSI), has been awarded a contract by the U.S. Air Force for Scorpion Helmet Mounted Display (HMD) retrofit kits to enhance U.S. Air Force (USAF) F-16 pilot visualization and situational awareness. The award supports modernization of HMDs for active duty F-16 block 40 and 50 aircraft by Thales Visionix, a division of Thales Defense & Security, Inc. (TDSI).

This contact, issued by the USAF utilizing the NATO Support and Procurement Agency (NSPA), is the first of several anticipated delivery orders to modernize the USAF fleet of F-16s with more interoperable technology. The contract arrangement also allows a procurement option for any F-16 NATO partner to modernize with Scorpion kit capability. Initial kits are anticipated to be delivered to the USAF in early 2025.

The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a standardized Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve F-16s. Scorpion provides a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. Tracking accuracy is also markedly improved, as Scorpion is baselined with Visionix’s precision HObIT (Hybrid Optically based Inertial Tracker) tracker. The HObIT system provides precise tracking through a fusion of inertial-optical technology.

“Modernization efforts around helmet-mounted displays for aircraft are essential to pilots, as they provide critical real-time information directly in their line of sight, enhancing situational awareness, decision-making, and operational efficiency, while reducing the need to divert attention from the aircraft’s instruments and environment,” said Jim Geraghty, Vice President of Visionix, Thales. “Already supporting F-16 Air National Guard pilots with superior awareness and tracking capability, Scorpion kits will now enhance holistic USAF air dominance.”

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.

It develops products and solutions that help make the world safer, greener and more inclusive.

The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

About Thales in the USA

In the United States, Thales has conducted significant research and development, manufacturing, and service capabilities for more than 130 years.

Today, Thales has 37 locations around the U.S., employing nearly 5,000 people. Working closely with U.S. customers and local partners, Thales is able to meet the most complex requirements for every operating environment.
MIL OSI Economics –
March 4, 2025
MIL-OSI Economics: EDGE and Thales strengthen strategic cooperation with MoU for advanced radio and IFF solutions

Source: Thales Group

Headline: EDGE and Thales strengthen strategic cooperation with MoU for advanced radio and IFF solutions

03 Mar 2025

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On the occasion of IDEX-NAVDEX 2025, EARTH, an entity within EDGE, an advanced technology group headquartered in Abu Dhabi, and Thales, a global high technology and defence leader, have signed a Memorandum of Understanding (MoU) to strengthen their collaboration in radio communications, Identification Friend or Foe (IFF) solutions, and associated services. This agreement will support the UAE’s ambition to enhance the operational capabilities of its armed forces, particularly in equipping UAVs with advanced military communication technologies.

EARTH is a world-class provider of engineering, systems integration, and procurement services to defence, national security and public safety clients in the UAE and internationally. Thanks to its expertise, EARTH has been elected by the UAE Air Force Air Defence as the system integrator to equip various airborne platforms with Thales radios and IFF.

As part of this cooperation, Thales will provide military radios and advanced IFF transponders to EARTH, as system integrator on UAVs. The IFF solution, a miniature and lightweight transponder, is specifically designed for UAVs, helicopters, and transport platforms. It offers future-proof capabilities, including the potential integration of GPS and detect & avoid features, further strengthening mission-critical situational awareness.

This agreement reflects Thales’s strategic ambitions in the UAE, reinforcing its long-standing presence as a trusted partner in defence, aerospace, digital, and cybersecurity. With 1,700 employees in the region, including 550 in the UAE, Thales has been developing sovereign solutions, investing in local talent, and fostering industrial partnerships to support the country’s national vision.

EDGE Group’s strategic collaboration with Thales reflects our unwavering commitment to equipping the UAE’s armed forces with the world’s most reliable military communication technologies. By integrating Thales’ cutting-edge radios and IFF solutions into airborne platforms, we are enhancing mission-critical capabilities while reinforcing local expertise and innovation in our defence systems integration,” said Hazzaa Al Alabdouli, CEO of EARTH.

“Our partnership with EARTH is a testament to our commitment to developing cutting-edge defence technologies and strengthening the UAE’s defence ecosystem. By localising expertise and co-developing advanced solutions, Thales is committed to helping build a more resilient and self-sufficient defence industry,” said Christophe Salomon, Executive Vice-President, Thales Secure Communications & Information Systems.

Present in the UAE for more than five decades, Thales has played a key role in equipping land, sea, air, and space platforms with innovative electronic systems, including radars, sensors, sonars, communication systems, and digital solutions.

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace, and Cyber & Digital.

It develops products and solutions that help make the world safer, greener and more inclusive.

The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

About EDGE

Launched in November 2019, the UAE’s EDGE is one of the world’s leading advanced technology groups, established to develop agile, bold and disruptive solutions for defence and beyond, and to be a catalyst for change and transformation. It is dedicated to bringing breakthrough innovations, products, and services to market with greater speed and efficiency, to position the UAE as a leading global hub for future industries, and to creating clear paths within the sector for the next generation of highly skilled talent to thrive.

With a focus on the adoption of 4IR technologies, EDGE is driving the development of sovereign capabilities for global export and for the preservation of national security, working with front-line operators, international partners, and adopting advanced technologies such as autonomous capabilities, cyber-physical systems, advanced propulsion systems, robotics and smart materials. EDGE converges R&D, emerging technologies, digital transformation, and commercial market innovations with military capabilities to develop disruptive solutions tailored to the specific requirements of its customers. Headquartered in Abu Dhabi, capital of the UAE, EDGE consolidates more than 35 entities into six core clusters: Platforms & Systems, Missiles & Weapons, Space & Cyber Technologies, Trading & Mission Support, Technology & Innovation, and Homeland Security.

For more information, visit edgegroup.ae

MIL OSI Economics –

March 4, 2025

MIL-OSI Asia-Pac: India’s Wildlife Conservation Milestones

Source: Government of India

India’s Wildlife Conservation Milestones

Policies, Achievements and Global Commitments

Posted On: 03 MAR 2025 6:47PM by PIB Delhi

“Today, on World Wildlife Day, let’s reiterate our commitment to protect and preserve the incredible biodiversity of our planet. Every species plays a vital role—let’s safeguard their future for generations to come! We also take pride in India’s contributions towards preserving and protecting wildlife.”

Shri Narendra Modi, Prime Minister of India[1]

Introduction

Every year on March 3rd, the world celebrates United Nations World Wildlife Day (WWD) to honour the vital role of wild animals and plants in our lives and the planet’s health. This day is a reminder of the need to protect and preserve biodiversity for future generations. The theme for WWD 2025 is “Wildlife Conservation Finance: Investing in People and Planet.” [2]

[3]

Prime Minister Shri Narendra Modi visited Gir National Park in Gujarat today to chair the 7th meeting of the National Board for Wildlife. The Board reviewed the Government’s key wildlife conservation efforts, including the expansion of protected areas and flagship programs like Project Tiger, Project Elephant, and Project Snow Leopard. Discussions also covered initiatives for the conservation of dolphins and Asiatic lions, along with the establishment of the International Big Cats Alliance.[4]

[5]Prime Minister Shri Narendra Modi at Gir National Park

India is one of the most biodiverse countries in the world, even though it covers only 2.4% of the Earth’s land. It is home to 7-8% of all known species, including over 45,000 types of plants and 91,000 types of animals. The country’s varied landscapes and climate have created different ecosystems like forests, wetlands, grasslands, deserts, and coastal and marine habitats. These ecosystems support rich biodiversity and benefit people in many ways. India also has 4 of the world’s 34 major biodiversity hotspots—the Himalayas, the Western Ghats, the Northeast region, and the Nicobar Islands—making it an important region for global conservation.[6]

The Government of India, primarily through the Ministry of Environment, Forest and Climate Change (MoEFCC), has instituted a comprehensive framework of policies, legislative measures, and initiatives aimed at conserving and protecting this natural heritage.

Budgetary Allocations[7]

In the Union Budget 2025-26, the Ministry of Environment, Forests, and Climate Change has been allocated ₹3,412.82 crores, which is 9% higher than the 2024-25 revised estimates of Rs. 3125.96 crores.

₹3,276.82 crore (96%) is for revenue expenditure, which has increased by 8%.
₹136 crore (4%) is for capital expenditure, which has risen by 46% from 93.25 crore from 2024-25 revised estimates.

For 2025-26, the central government has allocated ₹450 crore for the Integrated Development of Wildlife Habitats under its centrally sponsored scheme. Additionally, ₹290 crore (64% of the total allocation) has been earmarked for Project Tiger and Elephant, reflecting an 18% increase from the 2024-25 revised estimates.[8]

National Wildlife Database Cell

The National Wildlife Database Centre of Wildlife Institute of India (WII) has been developing a National Wildlife Information System (NWIS) on the Protected Areas of the country. As of 27^th November, 2023 India has a network of 1014 Protected Areas including 106 National Parks, 573 Wildlife Sanctuaries, 115 Conservation Reserves and 220 Community Reserves covering a total of 1,75,169.42 km² of geographical area of the country which is approximately 5.32%. [9]

Category	Number
National Parks	106
Wildlife Sanctuaries	573
Conservation Reserves	115
Community Reserves	220
Total	1014

The National Wildlife Database Centre (NWDC) is providing information on the conservation status of animal species, biogeographic regions, administrative units, habitat types and the network of protected areas in India, in a variety of formats and also providing an extensive bibliographic support for wildlife research.

1. Legislative and Policy Framework

National Wildlife Action Plan (2017-2031): This strategic plan emphasizes landscape-level conservation, community involvement, and the integration of climate change considerations into wildlife management.[10]
National Human-Wildlife Conflict Mitigation Strategy and Action Plan: The National Human-Wildlife Conflict Mitigation Strategy and Action Plan (2021-26) (HWC-NAP) aims to systematically reduce human-wildlife conflict (HWC) while ensuring wildlife conservation, ecosystem protection, and sustainable development. Developed through a four-year consultative process under the Indo-German Project on HWC Mitigation, it integrates scientific, policy, and community-driven approaches to balance human well-being with wildlife protection. [11]

2. Species-Specific Conservation Initiatives – Success Stories

2.1 Project Dolphin: Key Developments and Conservation Efforts[12]

Launched on 15th August 2020, Project Dolphin aims to conserve both marine and riverine dolphins, along with associated cetaceans, through habitat protection, scientific research, and community awareness. In 2022-23, ₹241.73 lakhs and in 2023-24, ₹248.18 lakhs were allocated under the CSS: Development of Wildlife Habitats for conservation activities. Key dolphin hotspots have been identified in Assam, Rajasthan, Madhya Pradesh, Punjab, and Lakshadweep, with focused efforts on species protection, habitat improvement, monitoring, patrolling, and awareness programs. A Comprehensive Action Plan (2022-2047) has been finalized and shared with relevant Ministries for execution.

Policy & Governance Enhancements

The Wild Life (Protection) Act, 1972 was amended in December 2022, empowering the Indian Coast Guard with enforcement powers and recognizing Gangetic & Indus River Dolphins as distinct species under Schedule I.
The Project Dolphin Steering Committee was reconstituted, with the first committee meeting held on 6th September 2023, where the first edition of the Project Dolphin Newsletter was launched.
States have been urged to align with International Whaling Commission regulations, appointing Dolphin and Whaling Commissioners for conservation efforts.

Scientific Research & International Engagement

Population estimation of riverine dolphins has been completed, with the report under finalization.
A meeting on Irrawaddy dolphins was conducted in Odisha with the Minister of Environment, Forest & Climate Change in attendance.
India participated in discussions on the Global Declaration for River Dolphins (23-24 October 2023, Bogotá, Colombia), reinforcing its commitment to global dolphin conservation.
Chambal River Conservation Zone: A 200 km stretch in Madhya Pradesh, Rajasthan, and Uttar Pradesh has been recommended for designation as a Dolphin Conservation Zone for targeted protection efforts.

India’s First-Ever Ganges River Dolphin Tagging: A Historic Conservation Milestone[13]

On 18th December 2024, India achieved a groundbreaking milestone by successfully satellite-tagging the first-ever Ganges River Dolphin (Platanista gangetica) in Assam under Project Dolphin. Led by the Wildlife Institute of India (WII) in collaboration with the Assam Forest Department and Aaranyak, and funded by the National CAMPA Authority (MoEFCC), this initiative marks a global first in dolphin conservation.

With 90% of the global population found in India, knowledge gaps on their movement and ecology have hindered conservation efforts.
This initiative will study their habitat use, migration patterns, and environmental stressors, aiding better conservation strategies.

Technology & Future Steps

Advanced lightweight satellite tags compatible with Argos satellite systems enable tracking despite dolphins’ minimal surfacing time.
Plans are underway to expand tagging across other states, creating a comprehensive conservation roadmap.

2.2 50 Years of Project Tiger: [14]

Project Tiger, initiated in 1973, has been India’s flagship conservation initiative, successfully completing 50 years in 2023. Focused on tiger conservation through dedicated reserves and strict protection measures, it has played a crucial role in reviving tiger populations. Marking this milestone, the Prime Minister inaugurated a commemorative event in Mysuru, Karnataka, on April 9, 2023. As per the 5th cycle of All India Tiger Estimation 2022, India now hosts over 70% of the world’s wild tiger population, reaffirming its leadership in global tiger conservation.

Statistic	Value
India’s Share of Global Wild Tigers	Over 70%
Minimum Tiger Population	3,167
Estimated Upper Limit	3,925
Average Population	3,682
Annual Growth Rate	6.1%

India has reaffirmed its position as a global leader in tiger conservation, with the tiger population rising to 3,682 (range 3,167-3,925) as per the All India Tiger Estimation 2022, marking a steady increase from 2,967 in 2018 and 2,226 in 2014. The population is growing at 6.1% per annum in consistently sampled areas.[15]

To commemorate 50 years of Project Tiger, the Prime Minister released key reports, including the ‘Amrit Kaal Ka Vision for Tiger Conservation’, the 5th cycle of Management Effectiveness Evaluation (MEE) of Tiger Reserves, and the official summary of All India Tiger Estimation 2022. A commemorative coin was also issued.

Major Conservation Efforts

Tiger Reserve Expansion & Management

India now has 54 tiger reserves, covering over 78,000 sq. km (2.30% of the country’s geographical area), with Rani Durgavati Tiger Reserve (Madhya Pradesh) being the latest addition.
MEE 2022 assessed 51 reserves, ranking 12 as ‘Excellent’, 21 as ‘Very Good’, 13 as ‘Good’, and 5 as ‘Fair’.

Reintroduction of Tigers in Extinct Areas

Tigers have been reintroduced in Rajaji (Uttarakhand), Madhav (Madhya Pradesh), Mukundra Hills (Rajasthan), and Ramgarh Vishdhari (Rajasthan) Tiger Reserves, with plans for Buxa Tiger Reserve next.

Global Conservation Recognition & Collaboration

23 Indian tiger reserves are now CA|TS-accredited, ensuring global best practices in conservation, with six new reserves receiving accreditation this year.
Pench and Satpura Tiger Reserves received the prestigious Tx2 Award for doubling their tiger populations.
India signed MoUs with Cambodia for tiger reintroduction and held bilateral discussions with Bangladesh for transboundary conservation in the Sundarbans.

2.3 International Big Cat Alliance (IBCA) Becomes a Treaty-Based Organization[16]

The International Big Cat Alliance (IBCA) officially became a treaty-based intergovernmental organization on January 23, 2025, with Nicaragua, Eswatini, India, Somalia, and Liberia ratifying the agreement. With 27 countries onboard, IBCA aims to drive global big cat conservation through cross-border collaboration.

About IBCA

Launched by PM Narendra Modi on April 9, 2023, during the 50 Years of Project Tiger event.
Union Cabinet approved its establishment in February 2024, with headquarters in India.
Founded by the National Tiger Conservation Authority (NTCA) under MoEFCC on March 12, 2024.
Focuses on the conservation of seven big cat species: Tiger, Lion, Leopard, Snow Leopard, Cheetah, Jaguar, and Puma.

Key Objectives & Impact

Enhances global collaboration among governments, conservationists, and NGOs.
Establishes a central fund and technical hub for research and conservation efforts.
Strengthens habitat protection, anti-poaching strategies, and wildlife law enforcement.
Combats illegal wildlife trade and promotes sustainable conservation practices.
Integrates climate change mitigation into conservation strategies.

With IBCA’s legal status now formalized, it marks a historic milestone in global big cat conservation, fostering stronger international cooperation to protect these apex predators and their ecosystems.

In collaboration with Kaziranga National Park and Tiger Reserve, the IBCA organized an executive course on capacity building for wildlife and conservation practitioners, bringing together officials from 27 countries, underscoring the shared global commitment to wildlife conservation and sustainable development. [17]

2.4 Project Cheetah

Project Cheetah is a landmark wildlife conservation initiative launched on September 17, 2022 aimed at reintroducing cheetahs to India after their extinction in the late 1940s and early 1950s. As the world’s first intercontinental large wild carnivore translocation project, it operates under the umbrella of Project Tiger and aligns with the Cheetah Action Plan to restore and conserve the species. Efforts are underway to expand suitable habitats, ensuring long-term survival and ecological balance in India’s grassland ecosystems.

Key Achievements:

Transcontinental Relocation: In September 2022, eight cheetahs from Namibia were translocated to Kuno National Park, followed by twelve cheetahs from South Africa in February 2023. [18]
Successful Adaptation: The majority of these cheetahs have adapted well to their new environment, exhibiting natural behaviours such as hunting, territory establishment, and mating. Notably, a female cheetah gave birth to cubs on Indian soil after 75 years, with one surviving cub reported to be six months old and showing normal growth patterns as of September 2023.[19] On 3^rd January, 2024 three cubs were born to Namibian Cheetah Aasha at the Kuno National Park.[20]
Community Engagement: The project has actively involved local communities, providing direct and indirect employment opportunities. Over 350 ‘Cheetah Mitras’ (Cheetah Friends) from surrounding villages have been engaged to educate the public on cheetah behaviour and human-wildlife conflict mitigation, fostering peaceful coexistence. [21]

2.5 Project Elephant:

India, home to over 60% of the global Asian elephant population, has undertaken significant measures to protect and conserve these majestic animals. Project Elephant, launched by the Government of India, is a flagship initiative aimed at ensuring the long-term survival of elephants in their natural habitats. This program focuses on habitat preservation, human-elephant conflict mitigation, and the welfare of captive elephants, reflecting India’s deep-rooted cultural and ecological commitment to elephant conservation. [22]

Key Achievements and Initiatives

Growing Elephant Population: India’s wild elephant population has increased from 26,786 (2018 census) to 29,964 in 2022, reinforcing the country’s successful conservation efforts.[23]

Year	Elephant Population in India
2018	26,786
2022	29,964

2. Expanding Protected Areas: India has 33 Elephant Reserves across 14 states, covering a vast 80,777 km², ensuring elephants have safe migratory corridors and protected habitats.[24]

3.Integrated Wildlife Protection: Elephant Reserves are often overlapping with Tiger Reserves, Wildlife Sanctuaries, and Reserved Forests, ensuring comprehensive protection under multiple forest and wildlife laws.[25]

4. Financial Investment in Conservation: Under the 15th Finance Commission cycle, the Government has approved a total outlay of ₹2,602.98 crores for wildlife conservation, with ₹236.58 crores specifically allocated for Project Elephant to strengthen conservation measures and reduce human-elephant conflicts.[26]

2.6 Conservation of the Asiatic Lion in India

The Asiatic lion (Panthera leo persica), once teetering on the brink of extinction, has witnessed a remarkable resurgence in India, primarily within Gir National Park and its surrounding landscapes in Gujarat. This conservation success is attributed to dedicated efforts by the Government of India, the Gujarat State Government, and local communities.

Key Initiatives

Project Lion:[27]
Launched as a flagship initiative, Project Lion focuses on:
- Landscape ecology-based conservation, ensuring sustainable lion habitats.
- Habitat restoration and securing additional areas for lions.
- Community participation, creating livelihood opportunities for local residents.
- Disease management, establishing India as a global hub for big cat health research and treatment.

Significance and Achievements

1. Population Recovery:[28]
Through rigorous conservation efforts, the Asiatic lion population has shown a consistent upward trend:

2010: 411 lions
2015: 523 lions
2020: 674 lions

Increased Conservation Funding:[29]
The Gujarat Government has steadily increased its financial commitment to lion conservation, ₹155.53 crore in 2023-24.
International Recognition:[30]
Due to India’s conservation initiatives, the International Union for Conservation of Nature (IUCN) reclassified the Asiatic lion from “Critically Endangered” to ‘Endangered’ in 2008, acknowledging the success of India’s efforts.

2.7 Conserving the One-Horned Rhinoceros in India

The Government of India has implemented several strategic initiatives to conserve and protect the one-horned rhinoceros (Rhinoceros unicornis), leading to significant achievements in their population recovery and habitat preservation,

Key Conservation Initiatives:

National Conservation Strategy for the Indian One-Horned Rhinoceros (2019): Launched by the Ministry of Environment, Forest and Climate Change in 2019, this strategy aims to repopulate rhinoceros populations in areas where they previously existed by augmenting existing conservation efforts through scientific and administrative measures. [31]
Indian Rhino Vision (IRV) 2020: This program focuses on increasing the rhino population and expanding their distribution by translocating individuals to suitable habitats, thereby enhancing genetic diversity and reducing the risk of localized threats. [32]

Impact and Achievements:

Population Growth: As of 2022, Kaziranga National Park, a UNESCO World Heritage Site, is home to 2,613 greater one-horned rhinoceroses, reflecting effective conservation efforts.[33]
Global Significance: Assam’s rhino population accounts for approximately 68% of the world’s greater one-horned rhinoceroses, underscoring the state’s pivotal role in global conservation.[34]
Community Engagement: Initiatives such as World Rhino Day celebrations in Kaziranga National Park involve local communities and raise public awareness about rhino conservation, fostering a collective sense of responsibility towards protecting this iconic species. [35]

3. Habitat and Ecosystem Conservation

Digitization of Flora, Fauna and herbarium records: In 2024, the Botanical Survey of India (BSI) and Zoological Survey of India (ZSI) has carried out the digitization of 16500 specimens with 45000 images of the Type and Non-Type of Indian Faunal specimens. ZSI has completed faunal documentation from 27 States and Union Territories as well as all of the 10 Biogeographic Zones across the country. Data of 6124 springs in 11 IHR States and 1 UT (J&K) has been geo-tagged spatially online on the HIMAL Geo portal.[36]
Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI): Launched on World Environment Day 2024, MISHTI focuses on the restoration of mangroves to bolster coastal sustainability. Approximately 22,561 hectares of degraded mangroves have been restored across 13 states and union territories. [37]
National Mission for Green India (GIM): As part of the National Action Plan on Climate Change, GIM was launched in February, 2014 aiming to protect, restore, and enhance India’s forest cover, thereby contributing to climate change mitigation and adaptation.[38]
Integrated Development of Wildlife Habitats (IDWH): This centrally sponsored scheme provides financial and technical assistance to state and union territory governments for wildlife conservation activities. The scheme encompasses the development of wildlife habitats, Project Tiger, and Project Elephant, with a total outlay of ₹2,602.98 crores for the 15th Finance Commission cycle.[39]

4. Research and Monitoring

Advanced Research Facilities: In December 2024, the MoEFCC inaugurated a Next Generation DNA Sequencing facility at the Wildlife Institute of India in Dehradun. This facility enhances research capabilities in wildlife genetics, aiding in the development of effective conservation strategies.[40]

5. Community Involvement and Awareness

‘Ek Ped Maa Ke Naam’ Campaign: Launched on World Environment Day 2024, this initiative encourages individuals to plant trees in honour of their mothers and Mother Earth. By December 2024, over 102 crore trees had been planted under this campaign, with a target of 140 crore trees by March 2025.[41]
World Wildlife Day Celebrations: The 2024 World Wildlife Day, themed “Connecting People and Planet: Exploring Digital Innovation in Wildlife Conservation,” was celebrated at Okhla Bird Sanctuary. The event featured eco-trails, poster-making competitions, and interactive sessions to raise awareness about wildlife conservation.[42]

6. Conservation of Marine Species

National Marine Turtle Action Plan: Released by the MoEFCC, this plan focuses on the conservation of marine turtles and their habitats along the Indian coastline.[43]
Coastal Regulation Zone (CRZ) Notification, 2019: This regulation emphasizes the conservation of ecologically sensitive areas such as mangroves, coral reefs, and turtle nesting grounds, ensuring their protection from unregulated developmental activities.[44]

7. Combating Wildlife Crime

Wildlife Crime Control Bureau (WCCB): Established to combat organized wildlife crime, the WCCB coordinates enforcement actions, gathers intelligence, and assists in international efforts to curb illegal wildlife trade. Between 2019 and 2023, the WCCB conducted 166 joint operations in the North Eastern Region, leading to the arrest of 375 wildlife offenders.[45]

Key Announcements by the Government of India on World Wildlife Day 2025[46]

Release of India’s first-ever riverine dolphin estimation report, covering 28 rivers across eight states. Encouragement of local community participation in dolphin conservation.

Foundation stone laid for the National Referral Centre for Wildlife at Junagadh to enhance coordination in wildlife health management.

Establishment of a Centre of Excellence at the Wildlife Institute of India (WII) – SACON, Coimbatore to tackle human-wildlife conflict.
Deployment of Rapid Response Teams with advanced tracking technology, surveillance systems, and AI-driven intrusion detection.
Collaboration between Forest Survey of India, Dehradun, and BISAG-N to enhance forest fire prediction, detection, prevention, and control using space technology.

Integration of Artificial Intelligence (AI) and Machine Learning (ML) for wildlife conservation and conflict mitigation.

New sites identified for cheetah reintroduction, including Gandhisagar Sanctuary (Madhya Pradesh) and Banni Grasslands (Gujarat).
Announcement of a Tiger Conservation Scheme focused on protecting tigers and co-predators outside traditional tiger reserves.
Launch of a dedicated Project on Gharials to address their dwindling population.
Announcement of a National Great Indian Bustard Conservation Action Plan to upscale conservation efforts.

Documentation and research on India’s traditional forest and wildlife conservation practices using AI.

Expansion of India’s engagement with the United Nations Convention on the Conservation of Migratory Species of Wild Animals (CMS) for enhanced international cooperation.

Conclusion

India’s unwavering commitment to wildlife conservation, under the leadership of Prime Minister Shri Narendra Modi, is reflected in a series of transformative initiatives that blend tradition with cutting-edge technology. From strengthening flagship programs like Project Tiger and Project Elephant to pioneering new conservation efforts for species such as the gharial and the Great Indian Bustard, the Government has adopted a holistic and science-driven approach. The integration of artificial intelligence, geospatial mapping, and community-led conservation underscores India’s global leadership in biodiversity preservation. The remarkable resurgence of endangered species, strengthened legal frameworks, and a strategic integration of technology underscore the Government of India’s proactive approach to environmental stewardship. Moreover, India’s collaboration with international organizations, multilateral bodies, and conservation partners has reinforced its leadership in addressing global biodiversity challenges. By fostering cross-border cooperation, leveraging scientific innovation, and ensuring community participation, India continues to drive a holistic and inclusive conservation agenda. As we mark World Wildlife Day 2025, the nation reaffirms its resolve to protect and restore ecosystems, ensuring a sustainable and resilient future for generations to come.

References

Kindly find the pdf file

***

Santosh Kumar / Sheetal Angral / Vatsla Srivastava

(Release ID: 2107821) Visitor Counter : 30

MIL OSI Asia Pacific News –

March 4, 2025

MIL-OSI Asia-Pac: Hydrogen based fuel cells for uninterrupted power supply to telecom towers

Source: Government of India

Posted On: 03 MAR 2025 5:33PM by PIB Delhi

An innovative hydrogen fuel cell-based backup power solution for telecom towers, developed using a plug-and-play model can support national renewable energy goals while ensuring seamless connectivity for millions and promoting clean energy in the telecom sector.

India has more than a million telecom towers, with tens of thousands in remote areas, where maintaining 24/7 operations is challenging due to limited grid access. Traditionally, diesel generators have been used as backup power sources, but they are expensive and contribute significantly to carbon emissions.

A PEM (Proton Exchange Membrane) fuel cell is an efficient and clean energy solution for powering telecom towers, particularly as a backup during grid outages. These fuel cells provide reliable electricity with quick start-up times and operate at relatively low temperatures, making them a viable alternative to diesel generators.

PEM fuel cells (PEMFC) generate electricity with only water vapour as a by-product, offering an environmentally friendly solution with high power density in a compact size. They run on hydrogen fuel, which can be stored and transported for refuelling, and require significantly less maintenance than traditional backup power sources. The working principle involves an electrochemical reaction where hydrogen gas is fed into the anode, oxidized to release protons, which then travel through a polymer membrane to the cathode, where they react with oxygen to produce electricity and water.

In accordance with the global environmental demand, the Department of Telecommunications and the Telecom Regulatory Authority of India (TRAI) actively promote greener energy solutions. TRAI’s 2012 directive mandates that at least 50% of rural telecom towers and 33% of urban towers transition to hybrid renewable energy sources. Integrating PEMFC with telecom towers aligns with this vision, offering a sustainable and efficient alternative to traditional backup systems.

The Centre for Fuel Cell Technology (CFCT) at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous institute of Department of Science and Technology has developed an innovative fuel cell-based solution. A key feature of this project is the adoption of a plug-and-play model, ensuring easy handling and transport while eliminating security concerns, making the solution practical and adaptable for widespread deployment.

In a first-of-its-kind demonstration, ARCI showcased a mobile PEMFC-based backup power solution for telecom towers using a plug-and-play model.

Unlike fixed installations, this setup allows the power generation unit to be shared among multiple towers, providing backup power where needed. This would considerably facilitate telecom towers to utilize shared back up power and be transported to locations where diesel generator setups are difficult to reach or maintain.

The demonstration was conducted at a telecom tower of a reputed service provider in the Pune Municipal Corporation limits, with Resicorre Technologies, Nashik, as the industrial partner. Resicorre Technologies Private Limited envisions green solution for the Indian society both in vehicular as well as stationary power backup sectors. The current demonstration is part of the sponsored project under the Advanced Hydrogen and Fuel Cell Call – 2021 by the Department of Science and Technology, India. The aim of the project was to establish a reliable fuel cell-based backup power solution that ensures a steady hydrogen supply and power resilience during outages.

With India’s expanding digital infrastructure and growing focus on sustainability, fuel cell technology offers a promising solution for cleaner and more reliable telecom operations. This breakthrough is a game-changer in the telecom sector.

The successful deployment and demonstration of PEM Fuel Cells for the power supply to telecom tower shall promote the usage of clean energy for India’s telecom sector, ensuring uninterrupted service while significantly reducing carbon footprints.

Figure: (Left) Telecom tower powered by mobile PEM Fuel Cell unit with the inset showing the current rating drawn from Fuel Cell at the Base Transceiver Station. (Right): The Fuel cell system along with the demonstration team.

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NKR/PSM

(Release ID: 2107798) Visitor Counter : 21

MIL OSI Asia Pacific News –

March 4, 2025
MIL-OSI Asia-Pac: Dr. Jitendra Singh addressed the celebrations of India’s National Science Day at the Indian Embassy at Tokyo in Japan

Source: Government of India

Dr. Jitendra Singh addressed the celebrations of India’s National Science Day at the Indian Embassy at Tokyo in Japan

Dr. Singh dedicates year 2025-26 as the India-Japan Year of Science, Technology, and Innovation Exchange

Dr. Jitendra Singh traces the remarkable progress made since 2014 under the leadership of Prime Minister Narendra Modi, marking the beginning of a new chapter in Indo-Japan cooperation

Celebrating 40 Years of Indo-Japan Science & Technology Cooperation

A Landmark Shift in India-Japan Cooperation Under PM Modi’s Leadership: S&T Minister Dr. Singh

India’s Space Program: A Global Leader in Cost-Effective Innovation

Posted On: 03 MAR 2025 5:27PM by PIB Delhi

In a landmark initiative, Union Minister Dr. Jitendra Singh addressed the celebrations of India’s National Science Day at the Indian Embassy at Tokyo in Japan.

Tracing the four decades of successful science and technology (S&T) collaboration between India and Japan, Dr. Jitendra Singh, Minister of State for Science and Technology, dedicated the year 2025-26 as the India-Japan Year of Science, Technology, and Innovation Exchange.

Dr. Jitendra Singh traced the remarkable progress made since 2014 under the leadership of Prime Minister Narendra Modi, marking the beginning of a new chapter in Indo-Japan cooperation. He highlighted the significant achievements since 2015, such as the selection of around 7,000 Indian science students by the Department of Science and Technology for the Sakura Science Program, which allowed them to visit Japan and gain exposure to cutting-edge scientific research.

This event marks a significant milestone in the ongoing S&T partnership between the two nations and sets the stage for further deepening collaboration in critical areas such as Artificial Intelligence (AI), Machine Learning, Quantum Technology, and Space.

Gracing the NSD celebrations virtually, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said “The Inter-Governmental Agreement between India and Japan has laid the foundation for numerous initiatives over the years, and this year marks a momentous 40 years of impactful partnership,” emphasizing that the Indo-Japan S&T cooperation has been one of the most robust and enduring aspects of India’s international S&T engagements.

Building on the strong foundation of this bilateral cooperation, Dr. Jitendra Singh announced that the 11th meeting of the Indo-Japan Joint S&T Committee is expected to be held in June 2025. The meeting will review ongoing collaborations and channel new initiatives to explore the full potential of S&T synergies between the two nations.

Highlighting the long-standing association, Dr. Singh pointed out that the Japan Society for the Promotion of Science (JSPS) has been instrumental in supporting more than 300 joint projects since 1993, with thousands of scientists from both countries engaging in exchange visits. Additionally, the partnership has facilitated numerous seminars, workshops, and collaborative initiatives in emerging fields like AI and Machine Learning.

“Together with Japan’s Science and Technology Agency (JST), we are pioneering joint programs focused on the future of technology. The collaboration between our two countries in these fields is key to addressing the global challenges of tomorrow,” Dr. Singh remarked.

Dr. Singh revealed that the future of India-Japan cooperation will see an increase in the exchange of students and researchers, with a particular focus on long-term stays, joint supervision, and internships in Japan. Special emphasis will be placed on nurturing talented women scientists. In a bid to further strengthen bilateral ties, the Department of Science and Technology (DST) has also invited Japanese science students for exposure visits to India. Last year, ten students and their two supervisors visited India as part of this initiative.

Celebrating India’s remarkable transformation over the past decade, Dr. Jitendra Singh shared that India has significantly improved its global position across various innovation benchmarks. India now ranks 3rd globally in research publications, PhDs, and start-ups, and is 9th in the quality of research publications. The nation has also risen to 3rd in terms of unicorns and 39th in the Global Innovation Index, a significant leap from its position of 80th in 2014.

Dr. Jitendra Singh also took pride in India’s space achievements, particularly highlighting the success of the Chandrayaan-3 mission, which marked the first soft landing on the south pole of the Moon. He noted that this achievement is not only a monumental success for India but for the entire world. “India’s space program is now among the strongest, most ambitious, and cost-effective in the world. Our 2017 achievement of launching 104 satellites in a single mission by ISRO is a world record,” he remarked.

Reaffirming the theme “Empowering Indian Youth for Global Leadership in Science & Innovation for Viksit Bharat,” Dr. Jitendra Singh highlighted India’s unwavering commitment to creating a level playing field for women and young scientists, ensuring their active participation in the nation’s scientific and technological journey. He emphasized the importance of a multi-stakeholder approach, involving academia, research and development institutions, and entrepreneurs, to foster an inclusive ecosystem where talent from all corners of society can thrive.

In his address, Dr. Singh also touched upon India’s growing role in pioneering innovations in AI, quantum technology, cybersecurity, biotechnology, and vaccine production. He noted that India’s space sector is now open to private sector investments, unlocking new opportunities for collaboration with global players, including Japan.

In a bold move, Dr. Singh referred to the recent Union Budget announcement, which opened up the nuclear energy sector to non-government entities. He described this as an unprecedented step that will allow the creation of BharatSmall modular reactors (SMRs) in India, marking a new era in the country’s energy landscape.

Concluding his remarks, Dr. Jitendra Singh expressed his vision for a future of deepened scientific and technological engagement between India and Japan. With a focus on mutual benefits and shared growth, the next decade promises to bring even greater achievements in science, technology, and innovation, positioning both nations at the forefront of global progress.

*****

NKR/PSM

(Release ID: 2107794) Visitor Counter : 15

MIL OSI Asia Pacific News –

March 4, 2025
MIL-OSI Asia-Pac: India’s R&D Spending More Than Double in Last Decade, from Rs 60,196 cr in 2013-14 to ₹1.27 Lakh Crore: Dr. Jitendra Singh

Source: Government of India

India’s R&D Spending More Than Double in Last Decade, from Rs 60,196 cr in 2013-14 to ₹1.27 Lakh Crore: Dr. Jitendra Singh

Homegrown Innovations in AI, Biotechnology, and Quantum Computing to Shape India’s Economic Future: Dr. Jitendra Singh

DISHA Program to Propel India’s Knowledge Economy, Strengthening Atmanirbhar Bharat, says the Minister

AI-Driven Healthcare to Revolutionize Accessibility, But Human Expertise Remains Indispensable: Dr. Jitendra Singh

Young Innovators to Lead India’s Tech Transformation Towards Global Leadership by 2047, Affirms the Minister

Posted On: 03 MAR 2025 5:24PM by PIB Delhi

“India R&D spending (GERD) is double in last one decade during the government headed by Prime Minister Narendra Modi, from Rs 60,196 cr in 2013-14 to ₹1,27,381 cr and is shaping the future economy of India which will be defined by homegrown innovations in artificial intelligence, biotechnology, and quantum computing,” Dr. Jitendra Singh said, underscoring the role of government-backed initiatives in catalyzing scientific advancements.

Speaking at the DISHA event at India Habitat Centre here, the Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions highlighted the government’s multi-pronged strategy to position India as a global leader in deep-tech innovation and commercialization.

Dr. Jitendra Singh reiterated that India is making significant strides in fostering an intellectual property (IP)-driven innovation ecosystem, with academia, industry, and startups playing a pivotal role. He noted that the government’s emphasis on research and development (R&D) funding has led to India’s Gross Expenditure on Research and Development (GERD) more than doubling in the last decade, from Rs 60,196 cr in 2013-14 to ₹1,27,381 cr. “The government is not only investing in research but also ensuring that these innovations are seamlessly transitioned from labs to industries, strengthening the foundation of Atmanirbhar Bharat,” he added.

The DISHA Program, an initiative aimed at Developing Innovations, Successful Harnessing, and Adoption, is a step towards building a knowledge-based economy where research-driven solutions transform industries. The program is designed to support faculty members and students working on disruptive technologies across disciplines, ensuring that India remains at the forefront of global innovation.

Dr. Jitendra Singh emphasized that initiatives like DISHA align with the Anusandhan National Research Foundation (ANRF), which seeks to create a unified research ecosystem bridging science, humanities, and social sciences. This integrated approach will empower Indian researchers to engage in cross-sectoral collaborations, pushing the boundaries of discovery and implementation.

One of the key highlights of Dr. Jitendra Singh’s address was India’s policy shift in allowing private sector participation in strategic fields such as space technology and nuclear research. “What was once solely the domain of government institutions is now open to private enterprises, enabling faster technological advancements, higher efficiency, and global competitiveness,” he stated.

The space sector, in particular, has witnessed a surge in innovation, with startups actively contributing to satellite development, launch services, and space-based applications. The government’s decision to open up the nuclear energy sector to private players is another transformative step aimed at leveraging indigenous expertise to drive energy security and sustainability.

Highlighting the transformative impact of artificial intelligence in healthcare, Dr. Jitendra Singh pointed out the success of AI-driven mobile telemedicine units in providing healthcare access to remote areas. “AI-powered diagnostics and telemedicine solutions are already redefining patient care, making high-quality healthcare services accessible and affordable for all,” he noted.

However, he stressed the importance of maintaining a balance between AI and human expertise. “The role of AI is to complement human intelligence, not replace it. A hybrid approach will ensure that technology enhances, rather than diminishes, the role of skilled professionals in healthcare and other critical fields,” he added.

With India set to complete 100 years of independence in 2047, Dr. Jitendra Singh urged young innovators to take the lead in shaping the country’s technological future. “The responsibility of building a technologically advanced India lies with the next generation. What we invest in today will determine our standing in the global economy decades from now,” he said.

As the government continues to invest in deep-tech research, skill development, and industry-academia collaboration, programs like DISHA will play a crucial role in making India an innovation powerhouse. The Minister’s address reinforced the vision of an India that is not just a consumer of technology but a leading creator and exporter of cutting-edge solutions to the world.

*****

NKR/PSM

(Release ID: 2107792) Visitor Counter : 10

MIL OSI Asia Pacific News –

March 4, 2025
MIL-OSI Asia-Pac: WAVES Bazaar: The Ultimate Business Collaboration Hub for Media & Entertainment
Source: Government of India (2)

Posted On: 03 MAR 2025 4:56PM by PIB Mumbai

Mumbai : 3 March 2025

The media and entertainment industry is witnessing an unprecedented digital transformation, and at the heart of this evolution is the WAVES Bazaar—a revolutionary online marketplace designed to connect professionals, businesses, and creators across the global entertainment ecosystem. With its mission to foster seamless collaboration, WAVES Bazaar serves as the ultimate business hub for the Media & Entertainment industry, enabling professionals to expand their reach, discover new opportunities and engage in high-value partnerships.

Launch of WAVES Bazaar

WAVES Bazaar was officially launched on January 27, 2025, at the National Media Centre, New Delhi, by Shri Ashwini Vaishnaw, Union Minister of Information & Broadcasting, Railways and Electronics & Information Technology, and Shri Gajendra Singh Shekhawat, Union Minister of Culture & Tourism. The launch event was graced by the presence of Shri Sanjay Jaju, Secretary, Ministry of Information and Broadcasting; Shri Arunish Chawla, Secretary, Ministry of Culture; renowned Indian filmmaker Shri Shekhar Kapur; and Shri Gaurav Dwivedi, CEO, Prasar Bharati.

What is WAVES Bazaar?

WAVES Bazaar is a one-of-a-kind e-marketplace that brings together stakeholders from across the Media & Entertainment spectrum—including film, television, animation, gaming, advertising, XR, music, sound design, radio, and more. The platform acts as a bridge between buyers and sellers, ensuring that industry professionals can easily showcase their expertise, connect with potential clients, and secure meaningful collaborations.

Whether you’re a filmmaker searching for a production partner, an advertiser seeking the right platform, a game developer looking for investors, or an artist wanting to showcase your work to global audiences, WAVES Bazaar provides a dynamic space for industry professionals to network, collaborate and grow their businesses.

Key Features & Benefits of WAVES Bazaar
- Comprehensive Industry Integration – A unified space for film, television, music, gaming, animation, advertising, and emerging tech sectors like XR, AR, and VR.
- Global Reach & Visibility – Expand your business beyond borders and connect with international stakeholders in the entertainment industry.
- Seamless Networking & Collaboration – Meet, interact, and collaborate with like-minded professionals, service providers, buyers, and investors.
- Streamlined Buyer-Seller Transactions – A structured, easy-to-use platform that enables smooth business interactions between service providers and potential clients.
- Diverse Listing Opportunities – Sellers can showcase their offerings in categories such as film production services, VFX, advertising, sound design, music production, gaming, animation, and more.
- Access to Exclusive Industry Events & Marketplaces – Get access to industry-specific events, investor meet-ups, and exclusive marketplaces under the WAVES platform.
Verticals of WAVES Bazaar

WAVES Bazaar is structured into multiple verticals, each tailored to cater to a specific segment of the media and entertainment industry. These include:

1. WAVES Bazaar: The Global e-Marketplace for Advertising Services

A dedicated space for advertisers, marketers, and media buyers to explore and acquire advertising solutions. From print to digital to out-of-home (OOH) advertising, this vertical connects brands with the right media partners to maximize their campaign reach.

2. WAVES Bazaar: The Ultimate Marketplace for Live Events

Bringing together event organizers, vendors, and service providers in the live entertainment sector. Whether it’s music festivals, conferences, or corporate events, this vertical helps professionals find collaborators for seamless execution.

3. WAVES Bazaar: The Global Marketplace for Animation & VFX Services

A hub for animation studios, visual effects artists, and post-production houses to showcase their expertise. Filmmakers, game developers, and brands can find the right talent for their animation and VFX needs.

4. WAVES Bazaar: The Global Marketplace for XR, VR & AR Services

Designed for extended reality (XR) professionals, this segment connects innovators in virtual reality (VR), augmented reality (AR), and mixed reality (MR) with businesses looking to enhance their content through immersive experiences.

5. WAVES Bazaar: The Global Marketplace for Films

A one-stop destination for filmmakers, distributors, and investors. This vertical provides opportunities to showcase, acquire, and collaborate on film projects, bridging the gap between creators and financiers.

6. WAVES Bazaar: The Grand Marketplace for Game Makers

For gaming developers, studios, and publishers, this space facilitates connections with investors, voice artists, composers, and marketing experts to help bring interactive entertainment to the next level.

7. WAVES Bazaar: The Global Marketplace for Radio & Podcast

A dedicated space for radio stations, podcasters, and audio content creators to list their services, find sponsors, and collaborate on projects within the ever-growing digital audio landscape.

8. WAVES Bazaar: The Global Marketplace for Comics & E-Books

Authors, illustrators, and publishers can connect with distributors and content platforms to bring their stories to global audiences. This vertical ensures the creative industry thrives in both digital and physical formats.

9. WAVES Bazaar: The Global Marketplace for Web-Series

OTT platforms, independent creators, and digital studios can discover new talent, pitch projects, and collaborate on episodic content for streaming audiences worldwide.

10. WAVES Bazaar: The Global Marketplace for Music & Sound

A dedicated ecosystem for music composers, sound designers, and production houses to engage with filmmakers, advertisers, and gaming companies looking for original compositions and audio solutions.

Who Should Join WAVES Bazaar?

WAVES Bazaar is open to all professionals in the media, entertainment, and creative sectors, including but not limited to:

For Sellers:
- Film Producers & Studios – List your film projects and connect with distributors, investors, and sales agents.
- Animation & VFX Studios – Showcase your expertise to filmmakers and gaming developers.
- Gaming & XR Developers – Find investors, partners, and clients for your game projects.
- Music & Sound Professionals – Promote your composition, scoring, and sound design services.
- Advertising & Marketing Agencies – Connect with brands and businesses looking for media campaigns.
- Radio & Podcast Creators – Gain exposure and monetization opportunities.
- Writers & E-Book Publishers – Reach out to production houses, platforms, and content buyers.
For Buyers:
- Film production houses and OTT platforms looking for content acquisitions
- Media agencies and brands searching for advertising partners
- Game developers seeking animation and sound services
- Event organizers in need of promotional collaborations
- Public sector organizations looking for creative content solutions
How WAVES Bazaar Works
- Visit the WAVES Bazaar Website – Navigate to wavesbazaar.com and explore the platform.
- Sign Up & Create Your Profile – Register as a buyer, seller, or investor to access the full range of opportunities.
- List Your Services or Project Needs – Showcase your work or explore available listings tailored to your business interests.
- Connect & Collaborate – Network with industry professionals, schedule meetings, and initiate successful collaborations.
- Grow Your Business – Expand your market, find new revenue streams and establish long-term partnerships.
Why WAVES Bazaar is a Game-Changer for the Industry

In a rapidly evolving digital landscape, WAVES Bazaar is revolutionizing the way entertainment professionals connect and do business. By eliminating geographical barriers and offering a structured, category-specific marketplace, the platform ensures that industry players find the right partners faster, negotiate better deals, and maximize their business potential.

Join WAVES Bazaar today and unlock endless opportunities in the global entertainment industry!

Register now at: wavesbazaar.com

Follow us on social media for updates and industry insights.

About WAVES 2025

The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR) and Extended Reality (XR).

Have questions? Find answers here

Come, Sail with us! Register for WAVES now (Coming soon!)

WAVES 2025/ Sayyid Rabeehashmi/ Nikita Joshi/ Preeti Malandkar

Follow us on social media: @PIBMumbai /PIBMumbai /pibmumbai pibmumbai[at]gmail[dot]com /PIBMumbai /pibmumbai

(Release ID: 2107781) Visitor Counter : 34

MIL OSI Asia Pacific News –
March 4, 2025
MIL-OSI Asia-Pac: PM chairs the 7th meeting of National Board for Wildlife on 3rd March in Gir

Source: Government of India

PM chairs the 7th meeting of National Board for Wildlife on 3rd March in Gir

PM releases the first-ever riverine dolphin estimation report in the country, which estimated a total of 6,327 dolphins

PM lays the foundation stone of National Referral Centre for Wildlife at Junagadh

PM announces 16th Asiatic Lion Population Estimation to be conducted in 2025 and establishment of Centre of Excellence to deal with Human-wildlife conflict at SACON, Coimbatore

PM announces that Cheetah introduction will be expanded to Gandhisagar Sanctuary in Madhya Pradesh and Banni Grasslands in Gujarat

Strengthening wildlife conservation efforts, PM announces a new Project for Gharials and a National Great Indian Bustard Conservation Action Plan

PM stresses on the usage of remote sensing & geospatial mapping and AI & Machine Learning to combat issues like forest fires and human-animal conflicts

PM underscores importance of ease of travelling and connectivity for wildlife tourism

PM asks the Wildlife Board and Environment Ministry to gather the traditional knowledge and manuscripts of various regions of India with respect to conservation and management of forests and wildlife

Gir is a good success story of Lion and Leopard conservation, we should document this traditional knowledge with the help of AI for use at other National Parks and Sanctuaries: PM

Posted On: 03 MAR 2025 4:48PM by PIB Delhi

Prime Minister Shri Narendra Modi visited Gir National Park in Gujarat earlier today, where he chaired the 7th meeting of the National Board for Wildlife.

The National Board for Wildlife reviewed various initiatives undertaken by the Government in wildlife conservation, highlighting achievements in the creation of new protected areas and species-specific flagship programs such as Project Tiger, Project Elephant, Project Snow Leopard, among others. The Board also discussed conservation efforts for dolphins and Asiatic lions, and the establishment of the International Big Cats Alliance.

During the meeting, Prime Minister released the report of the first-ever riverine dolphin estimation conducted in the country, which estimated a total of 6,327 dolphins. This pioneering effort involved surveying 28 rivers across eight states, with 3150 mandays dedicated to covering over 8,500 kilometers. Uttar Pradesh recorded the highest numbers, followed by Bihar, West Bengal, and Assam.

Prime Minister emphasised the importance of awareness on dolphin conservation by involvement of local population and villagers in the areas. He also advised organising exposure visits of school children in dolphin habitat areas.

Prime Minister also laid the foundation stone of the National Referral Centre for Wildlife at Junagadh, which will function as the hub for coordination and governance of various aspects related to wildlife health and disease management.

Population estimation of Asiatic Lions is carried out once every five years. The last such exercise was carried out in 2020. Prime Minister announced the initiation of the 16th cycle of lion estimation to be conducted in 2025.

Considering that the Asiatic Lions have now made Barda Wildlife Sanctuary their home through natural dispersal, Prime Minister announced that lion conservation in Barda will be supported through prey augmentation and other habitat improvement efforts. Underscoring the importance of eco-tourism as a means for development and conservation of wildlife habitats, he emphasised that there should be ease of travelling and connectivity for wildlife tourism.

For effective management of human-wildlife conflict, Prime Minister made an announcement for establishing a Centre of excellence at Wildlife Institute of India- Campus in SACON (Salim Ali Centre for Ornithology and Natural History), Coimbatore. The centre will also support the states and UTs in equipping Rapid Response Teams with advanced technology, gadgets for tracking, forewarning; prescribe surveillance and Intrusion Detection Systems in human-wildlife conflict hotspots; and build capacity of field practitioners and community to execute conflict mitigation measures.

Prime Minister stressed on the usage of remote sensing & geospatial mapping and Artificial Intelligence & Machine Learning to combat issues like forest fires and human-animal conflicts. He suggested engagement of the Wildlife Institute of India with the Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) to address the challenge of human-wildlife conflict.

To enhance the monitoring and management of forest fires, particularly in highly sensitive protected areas, focusing on prediction, detection, prevention, and control, the Prime Minister advised for a collaboration between the Forest Survey of India, Dehradun, and BISAG-N through use of space technology.

Prime Minister also announced that the Cheetah introduction will be expanded to other areas including the Gandhisagar Sanctuary in Madhya Pradesh and Banni Grasslands in Gujarat.

Prime Minister announced a scheme focused on the conservation of tigers outside tiger reserves. The initiative aims to address human-tiger and other co-predator conflicts in areas outside these reserves by ensuring co-existence with local communities.

Recognising the dwindling population of gharials and a view of ensuring the conservation of Gharials, Prime Minister also announced the initiation of a new Project on Gharials for their conservation.

Prime Minister commended the efforts undertaken towards conservation of Great Indian Bustard. Considering the need to upscale the conservation efforts, he announced a National Great Indian Bustard Conservation Action Plan.

During the review meeting, Prime Minister asked the Board and Environment Ministry to gather traditional knowledge and manuscripts of various regions of India with respect to conservation and management of forests and wildlife for research and development. Prime Minister chalked out a roadmap for wildlife conservation strategy and future actions for the Ministry and also asked to constitute various task forces to work on Indian Sloth Bear, Ghariyaal and Great Indian Bustard conservation and development.

Prime Minister noted that Gir is a good success story of Lion and Leopard conservation. He said that this traditional knowledge should be documented with the help of AI for use at other National Parks and Sanctuaries.

Prime Minister also suggested for enhanced cooperation in Co-ordination unit under the United Nations Convention on the Conservation of Migratory Species of Wild Animals (CMS).

Prime Minister commended the active participation of local communities in conservation, especially through the establishment of Community Reserves. Over the past decade, India has witnessed more than six fold increase in the number of community reserves. He also emphasized the importance of utilizing advanced technologies, including Artificial Intelligence in wildlife conservation.

Prime Minister also advised on research and documentation of medicinal plants in forest areas which can play a crucial role in animal health management. He also mentioned the possibilities of promoting use of plant based medicine systems for animal health management on a global scale.

After the meeting, Prime Minister also flagged off motorcycles for enhanced mobility of frontline forest staff. He also interacted with field level functionaries at Gir which included frontline staff, eco guides and trackers.

***

MJPS/SR

(Release ID: 2107778) Visitor Counter : 45

MIL OSI Asia Pacific News –

March 4, 2025
MIL-OSI Europe: Answer to a written question – E-002709/2024(ASW)
Source: European Parliament

The Commission is committed to ensuing effective implementation of the transparency obligations in the Artificial Intelligence (AI) Act[1].

According to Article 53(1)(d) AI Act, providers of general-purpose AI models must make publicly available a sufficiently detailed summary about the content used to train their models, according to a template provided by the EU AI Office.

The Commission has started working on this template based on the objectives and the requirements defined in the AI Act. Recital 107 AI Act requires the template to be simple, effective, and allow the providers to provide the required summary in a narrative form.

It also emphasises the need for the summary to be generally comprehensive in its scope rather than technically detailed. The summary should facilitate parties with legitimate interests, including rightholders, to exercise and enforce their rights under EU law, while taking into due account the need to protect trade secrets and confidential business information.

Trade secrets are critical determinants for the competitiveness of EU providers of general-purpose AI models and should be considered when determining the granularity of the information. At the same time, the summary should provide sufficient details and meaningful public transparency to achieve its objectives.

To further inform the work on the template, the Commission has launched a consultation[2] and collected contributions from a diverse range of stakeholders.

Based on this input, the EU AI Office is now preparing a proposal for the template with first ideas presented to the participants in the Code of Practice process[3].

This inclusive process will allow the AI Office to finalise the template and take into account stakeholders’ input before its adoption.
- [1] Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending Regulations (EC) No 300/2008, (EU) No 167/2013, (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1139 and (EU) 2019/2144 and Directives 2014/90/EU, (EU) 2016/797 and (EU) 2020/1828 (Artificial Intelligence Act) (Text with EEA relevance), PE/24/2024/REV/1, OJ L, 2024/1689, 12.7.2024.
- [2] https://digital-strategy.ec.europa.eu/en/news/commission-launches-consultation-code-practice-general-purpose-artificial-intelligence
- [3] https://digital-strategy.ec.europa.eu/en/policies/ai-code-practice
MIL OSI Europe News –
March 4, 2025
MIL-OSI Europe: Answer to a written question – Training AI: will the EU allow major US platforms to draw on our personal data? – E-002743/2024(ASW)
Source: European Parliament
The use of personal data, including in the context of Artificial Intelligence (AI) training, by online platforms established in the EU is regulated by the General Data Protection Regulation (GDPR)[1]. This includes the possible transfer of personal data to a third country outside of the European Economic Area.

Without prejudice to its powers as guardian of the Treaties, the monitoring and enforcement of the GDPR falls primarily under the competence of national data protection authorities (DPAs) and courts.

DPAs have launched several investigations into platforms’ uses of personal data to train AI models[2] and the European Data Protection Board has recently issued an opinion on the use of personal data for the development and deployment of AI models in line with the GDPR[3].

General purpose AI (GPAI) models generate content based on the input data it has been trained on. Article 4 of Directive (EU) 2019/790[4] introduced an exception for text and data mining (TDM), which provides a relevant framework for the use of protected content for AI training.

Article 4(3) allows rightsholders to reserve their rights, thereby preventing their works or subject matter from being used under the exception.

In such cases, GPAI models’ providers wishing to use such content to train their models must obtain authorisation from rightsholders to carry out TDM.

Moreover, according to Article 53(1)(c) of the AI Act[5], GPAI models’ providers placed in the EU market must put in place a policy to comply with EU copyright law, in particular with the rights reservation expressed under Article 4(3) of Directive (EU) 2019/790, irrespective of where the training of such models occurs.

This measure will facilitate the enforcement of copyright and related rights in the EU.

[1] Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation); OJ L 119, 04/05/2016, p. 1-88.

[2] https://www.dataprotection.ie/en/news-media/press-releases/data-protection-commission-launches-inquiry-google-ai-model and https://www.edpb.europa.eu/system/files/2024-05/edpb_20240523_report_chatgpt_taskforce_en.pdf

[3] https://www.edpb.europa.eu/news/news/2024/edpb-opinion-ai-models-gdpr-principles-support-responsible-ai_en

[4] Directive (EU) 2019/790 of the European Parliament and of the Council of 17 April 2019 on copyright and related rights in the Digital Single Market and amending Directives 96/9/EC and 2001/29/EC, OJ L 130, 17.5.2019, p. 92-125.

[5] Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending Regulations (EC) No 300/2008, (EU) No 167/2013, (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1139 and (EU) 2019/2144 and Directives 2014/90/EU, (EU) 2016/797 and (EU) 2020/1828, OJ L, 2024/1689, 12.7.2024.
Last updated: 3 March 2025
MIL OSI Europe News –
March 4, 2025
MIL-Evening Report: Donald Trump is picking fights with leaders around the world. What exactly is his foreign policy approach?

Source: The Conversation (Au and NZ) – By Brendon O’Connor, Professor in U.S. Politics and U.S. Foreign Relations, United States Studies Centre,, University of Sydney

Since returning to the US presidency, Donald Trump has outdone himself, gaining global media headlines and attention with outrageous statements and dramatic decisions.

The most consequential decision so far has been the freezing of many US aid and development programs. The freeze had an immediate impact. Even with some waivers now in place, it is likely that starving people in Ethiopia will not get the famine relief desperately needed; food is rotting in African harbours as constitutional battles over executive power are waged in Washington.

In Africa alone, the US has also been funding lifesaving malaria prevention efforts and HIV/AIDS drug programs. Elon Musk’s so-called Department of Government Efficiency has cruelly disrupted those.

There are numerous examples of other reckless policy decisions. In terms of long term consequences, arguably the worst decision Trump has made is pulling the United States out of the Paris Agreement on climate change. He also wound back a slew of Biden administration policies while erasing the term “climate change” from various government websites.

Trump has attempted to bully Mexico and Canada with threats of a 25% tax on all imports from those two trading partners. He has also imposed a 10% tariff on all Chinese imports coming into the US.

Then there are Trump’s statements on Ukraine, Gaza and Panama. Last weekend, his treatment of Ukrainian President Volodymyr Zelensky in the White House meeting caused widespread dismay around the world, as Trump doubled down on his promotion of Putin’s talking points and Russian government interests.

So what’s Trump’s game plan?

With Trump, it is tempting to claim he is a chaos merchant with no plan or method to his madness. According to this view, when he is challenged or criticised, he will escalate the threats and increase the insults.

Therefore, conventional wisdom has it that the best way to deal with Trump is to flatter and humour him, then wait for his attention to be distracted by another prize. This understanding of Trump has been developed by international relations scholar Daniel Drezner into the “toddler-in-chief” thesis.

Psychological understandings of Trump are useful to a point, but it is worth remembering presidencies are run by vast administrations of people, departments and agencies, and not just one person. Moreover, an institution as large as the US Defense Department – with its two million employees and military bases in at least 80 countries around the world – has a near permanent mindset of its own. This, in turn, tends to make presidents as seemingly different as Obama and Trump custodians of many similar military policies and postures.

The way I have initially examined Trump in my own research is to see him as a hardline conservative nationalist who believes projecting US power with tough talk and reminding other nations of American military might is the best approach to world politics.

Previous Republican presidents, most notably George W. Bush and Ronald Reagan, adopted this so-called “cowboy” approach. It’s a posture that rejects the idea that the US is the leader of a liberal international order (a leadership role promoted by their Democratic party opponents).

My starting point for analysis sees continuities between Reagan, Bush and Trump, and highlights their arrogance and ignorance when it comes to dealing with the rest of the world.

Similar, but different

However, there are some things about Trump that are clearly different and distinct. Before his second term, the most unusual aspect of Trump’s foreign policy approach was the volume and range of his scattergun rhetoric towards other leaders and nations. For example, he threatened North Korea with “fire and fury and, frankly, power, the likes of which this world has never seen before”, but later told a rally of supporters that, “We fell in love. No, really. He wrote me beautiful letters.”

As for academic perspectives that might help us better understand what kind of politician Trump is and what his next moves might be, the obvious label is “crudely transactional”. His attitude to most minor and middle powers seems to be “what have you done for me lately?” or “why does America owe your nation anything?”.

When it comes to Russia, and potentially China, there has been speculation Trump is adopting a geopolitical approach with parallels to the “great game” of the 19th century. The “great game” is another way of saying imperialism, and this is a largely underused way of describing American foreign policy in general and the second Trump administration in particular.

Then there is the question of whether the (other) “f-word” is a useful way to understand Trump and Trumpism: are his rhetoric and his domestic and international policies fascist? They are definitely ultra-nationalist and racist, which are two key components of fascism; Trumpism revolves around a charismatic leader that has enough in common with fascist Italy and Nazi Germany to make opponents of Trump justifiably nervous. But does Trumpism have the other key element of fascism: mob or state violence that is at times directed at scapegoated enemies?

There is certainly an embrace of revenge and cruelty by Trump in general, which is being carried out in practice by Musk’s DOGE project. However, whether it is useful to call the second Trump administration fascist, or just fascistic for now, is a complex question within scholarly circles.

Five weeks into the second Trump administration, and many of the most destructive ideas that were laid out last year in the unofficial campaign manifesto Project 2025 are being put into place. It has been a long-term dream of many hardline conservatives to gut America’s foreign aid and development programs, which is now happening at a frightening pace.

What lies ahead that turns rhetoric into reality is hard to entirely predict, but many of Trump’s utterances this year have clearly been imperialistic and fascistic. Trump does not have to ignore the constitution or be a textbook fascist to be a terribly dangerous president. Being an authoritarian, which he has no qualms about embracing, is worrying enough.

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

– ref. Donald Trump is picking fights with leaders around the world. What exactly is his foreign policy approach? – https://theconversation.com/donald-trump-is-picking-fights-with-leaders-around-the-world-what-exactly-is-his-foreign-policy-approach-251238

MIL OSI Analysis – EveningReport.nz –

March 4, 2025
MIL-Evening Report: Misinformation on refugees and migrants is rife during elections. We found 6 ways it spreads – and how to stop it
Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney

Gorodenkoff/Shutterstock

Misinformation is a significant threat to our society. It undermines public discussion, erodes social cohesion, leads to bad policy and weakens democracy.

Misinformation on refugee and migrant issues is particularly pervasive – especially in the lead up to elections, as bad-faith actors try to promote fear, distrust and simplistic solutions.

And sometimes, misinformation is specifically targeted at migrant communities themselves, sowing division in an effort to influence elections.

So, what’s the best way to counter misinformation about refugees and migrants? And given the risk that publicly addressing lies and rumours can sometimes end up spreading them, when is misinformation best ignored?

A new report by the Kaldor Centre for International Refugee Law and the Behavioural Insights Team (a behavioural science research company) uses science to answer these questions.

Behavioural science explains why and how misinformation works. Understanding some of that science can empower all of us to stop its spread.

Misinformation increases during elections

The recent US presidential race provides a stark example of how misinformation on refugees and migrants soars during elections.

During one presidential debate, Donald Trump falsely claimed migrants in Ohio were “eating the pets”. Though entirely untrue, this baseless claim spread rapidly across social media.

Australia is not immune to such deception. While refugees and migrants make significant positive economic, social and cultural contributions to their host societies, politicians across the spectrum have falsely blamed them for issues ranging from rising house prices to crime.

This is not new. Back in the 2001 election campaign, government ministers made false claims that people seeking asylum had thrown their children overboard from a boat. These are widely regarded as having contributed to turning around the fortunes of the Howard government, which was then trailing in the polls.

Instead of addressing challenges with real solutions, these strategies scapegoat refugees and migrants, and ignore their immense positive contributions.

Misinformation leads to a more divided and polarised society. So, how does it spread?

6 ways misinformation spreads

Online platforms create the perfect breeding ground for misinformation to spread.

The rise of AI-generated misinformation – such as highly convincing deepfake images and videos – only exacerbates the problem.

Combating misinformation begins with understanding the psychological factors that drive its spread and influence.

Our new report identifies six key behavioural science principles that explain how misinformation takes hold:

1. Hot states: Heightened emotions, such as fear, outrage or anxiety, make people more reactive and less critical of misleading claims.

2. The messenger effect: People judge a message’s truth based on who shares it, often trusting friends and family over experts.

3. The mere-exposure effect: Seeing misinformation multiple times makes it seem more true, making people more likely to share it.

4. Confirmation bias: People are more likely to believe false information that aligns with their values and reject facts that challenge them.

5. Cognitive load: When overwhelmed by information, people are less likely to question what they see, making them more vulnerable to falsehoods.

6. Continued influence effect: Misinformation has a lasting effect on our attitudes and decisions, even after it has been corrected.

Building on these principles and an extensive review of research literature, we developed an evidence-based framework for countering misinformation about refugees and migrants.

It provides a step-by-step guide on what to do when faced with falsehoods, starting with recognising whether the misinformation is anticipated or already circulating.

Think before you like or share.
fizkes/Shutterstock

When misinformation is anticipated

When you expect a particular false claim, but it’s not yet out there, then prebunk. Alert people to manipulation tactics before they become widespread.

This helps people recognise and resist misinformation before it takes hold.

When misinformation is already circulating

If false claims are already out there, first ask three questions before acting:
1. is the claim prominent (visible and gaining traction)?
2. is it persuasive (able to change people’s minds)?
3. is it proximate (relevant to your audience and cause)?
If the answer to any of these questions is no, then reframe the agenda. Instead of amplifying falsehoods, shift your resources to sharing stories that reinforce accurate information and resonate with your audience’s values.

If misinformation is indeed prominent, persuasive and proximate, debunk it.

Use the fact, myth, fallacy, fact – or “fact sandwich” – method. Make the correction clear, credible and effective by stating the truth, then presenting the myth, explaining its flaws, and reinforcing the correct fact.

Here’s an example that leads with a fact, warns about the myth, explains the fallacy and then ends with a fact:

When Australia’s borders were closed during COVID, migration was at its lowest in a century — yet house prices still went up. The idea that cutting migration will magically solve the housing crisis doesn’t hold up against the evidence.

But some political actors are blaming migrants, as if they’re the main reason housing has become unaffordable.

In fact, this oversimplifies the problem. The housing crisis has been a long time in the making, and it’s now this severe because of past policy choices piling up.

There are many drivers of Australia’s housing crisis, including a lack of housing, rising construction costs, and tax breaks that distort the market. Migration is only a small piece of the puzzle.

How to engage audiences

The report also details seven strategies that drive reach and impact. These include publicly communicating in a way that’s:
- consistent
- repeated
- coordinated with other groups with similar goals
- appeals to your audience’s values and emotions, and
- uses humour.
One part of a broader approach

These strategies can be used by anyone seeking to push back against misinformation in our public debate, not just about refugees and migrants.

However, communication approaches are only one lever.

To turn the tide on misinformation, society needs systemic solutions. These include media literacy education and regulatory reform of online platforms.

As we approach Australia’s next federal election, addressing misinformation about refugees and migrants is more crucial than ever to protect refugees and migrants from harm, strengthen our democratic processes, and foster a more inclusive society.

Daniel Ghezelbash receives funding from the Australian Research Council, the NSW government and the Robert Bosch Foundation. He is a board member of Refugee Advice and Casework Services, Wallumatta Legal, and the Access to Justice and Technology Network. He is also a Special Counsel at the National Justice Project.

Saul Wodak is affiliated with the Behavioural Insights Team.

– ref. Misinformation on refugees and migrants is rife during elections. We found 6 ways it spreads – and how to stop it – https://theconversation.com/misinformation-on-refugees-and-migrants-is-rife-during-elections-we-found-6-ways-it-spreads-and-how-to-stop-it-251035
MIL OSI Analysis – EveningReport.nz –
March 4, 2025
MIL-Evening Report: Digital Luddites are rising. They want to democratise tech, not destroy it

Source: The Conversation (Au and NZ) – By Raffaele F Ciriello, Senior Lecturer in Business Information Systems, University of Sydney

Have you ever been called a Luddite? We have – usually as an insult, rooted in a popular misconception that Luddites are anti-progress fanatics.

Nothing could be further from the truth. The original 19th century Luddites weren’t against technology. Rather, they resisted its oppressive use.

Their rebellion was violently suppressed. But their core critique lives on: technology should benefit all of humanity, not a privileged few.

Today, as Silicon Valley billionaires and United States president Donald Trump turbocharge corporate control of public digital infrastructure, this critique rings truer than ever.

In response, we are a seeing a growing surge of attempts to wrest back control of technology for democratic ends. This is a kind of “digital Luddism” which echoes past struggles against high-tech injustice.

The original Luddites

The Luddites were 19th century English textile workers who destroyed machinery threatening their craft and livelihoods. Historians call their tactics “collective bargaining by riot”. They were fighting against technologies that centralised power and stripped workers of dignity.

Luddite resistance was part of broader struggles for labour rights and socioeconomic justice.

For example, in 18th century France, silk weavers similarly revolted against mechanisation that devalued their craft.

Earlier, England’s Diggers and Levellers resisted the privatisation of communal lands. This foreshadowed today’s battles over corporate control of digital infrastructure.

The Luddites faced severe punishment, including imprisonment and even execution. Despite this, their legacy endures. Today, dismissing critics of Big Tech as “Luddites” repeats the mistake of conflating resistance to exploitation with fear of progress.

The Luddite resistance in the 19th century was part of broader struggles for labour rights and socioeconomic justice.
Working Class Movement Library catalogue

In the most extreme scenario, unchecked corporate power allied with monstrous government polices can lead to atrocities. In Nazi Germany, for example, Dehomag, a former subsidiary of computer giant IBM, provided data systems to the Nazis to track victims. Chemical company IG Farben also supplied Zyklon B gas for extermination camps. Many other companies profited from forced labour and funded the regime. This shows how complicity can make oppression more efficient.

Today, digital technologies are deepening inequality, eroding democracy, undermining privacy, and concentrating power.

Digital technologies are also fuelling surveillance capitalism, the displacement of human workers by AI algorithms and the growth of monopolistic platforms.

Platforms and AI systems governed by “broligarchs” such as Elon Musk and Mark Zuckerberg are also shaping politics, culture, and beliefs globally.

Digital Luddism, also known as neo-Luddism, tackles these issues through three strategies: resistance, removal and replacement.

Resistance: blocking harmful systems

Technology is not inevitable — it’s a choice. Sustained collective action can counter corporate dominance and align tech with democratic values.

In 2018, more than 3,000 Google workers protested the company’s military AI contract, forcing it to adopt ethical guidelines. However, in February this year, Google expanded defence deals, showing how resistance must be sustained.

Three years later, Facebook whistleblower Frances Haugen exposed the harmful algorithms at the heart of the social media platform.

Then, in 2024, Amazon and Google staff also staged walkouts over a US$1.2 billion AI contract linked to Israeli military operations.

Creative industries are also fighting back. For example, in 2023 screenwriters and actors in Hollywood protested against AI replacing their roles. Similarly, Australia’s “right to disconnect” law reflects Luddite principles of reclaiming autonomy.

Non-profit organisations such as the Algorithmic Justice League and the Electronic Frontier Foundation empower digital rights advocates to take back control over digital spaces by exposing AI bias and through legal litigation.

Digital Luddism doesn’t reject innovation. It demands technology serve stakeholders, not shareholders.

Removal: dismantling entrenched power

Some systems are beyond reform, requiring direct intervention. Removal involves political action and legal regulation. It also involves public pressure to break monopolies or impose penalties on unethical corporations.

For example, the TraffickingHub petition has garnered more than two million signatories to hold adult website PornHub accountable for unethical or unlawful content. This has led financial institutions, such as Visa and Mastercard, to cut ties to the website. For more than 20 years, hacker collective Anonymous has carried out cyber-attacks on authoritarian regimes, extremists and corporations.

Digital Luddites can also lend a hand to the long arm of the law.

The European Union’s 2023 Digital Markets Act broke Apple’s app store monopoly. This sparked a surge in small EU developers.

Big Tech has also repeatedly faced huge fines and antitrust lawsuits. However, breaking up or nationalising these corporations remains rhetoric for now.

Replacement: building ethical alternatives

Proprietary corporate systems have long been challenged by free, open-source alternatives.

But digital Luddism isn’t just about using different tools. It’s about systemic change towards sustainable, transparent and user-controlled infrastructure.

After Elon Musk’s Twitter takeover, decentralised alternatives that let users control content flourished. For example, Bluesky grew from 1 million to more than 27 million users in one year.

The Australian government is also responding to a broader public demand for platform independence. For example, it has introduced policies aimed at enhancing people’s data rights. Its Digital Transformation Agency is also advocating for improved open data standards.

Open-source AI projects such as China’s DeepSeek and HuggingFace’s Deep Research now rival corporate models, proving open tech is a force to reckon with.

The original Luddites smashed machines. But the global nature of today’s digital infrastructure makes physical sabotage impractical. That’s why digital Luddism isn’t about smashing screens. Instead, it’s about smashing oppressive systems.

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

– ref. Digital Luddites are rising. They want to democratise tech, not destroy it – https://theconversation.com/digital-luddites-are-rising-they-want-to-democratise-tech-not-destroy-it-251155

MIL OSI Analysis – EveningReport.nz –

March 4, 2025
MIL-OSI Global: AI could supercharge human collective intelligence in everything from disaster relief to medical research

Source: The Conversation – UK – By Hao Cui, Research Fellow in AI-Enhanced Collective Intelligence, Trinity College Dublin

Top tech team: surgeons operating with help frm artificial intelligence. Have a nice day Photo

Imagine a large city recovering from a devastating hurricane. Roads are flooded, the power is down, and local authorities are overwhelmed. Emergency responders are doing their best, but the chaos is massive.

AI-controlled drones survey the damage from above, while intelligent systems process satellite images and data from sensors on the ground and air to identify which neighbourhoods are most vulnerable.

Meanwhile, AI-equipped robots are deployed to deliver food, water and medical supplies into areas that human responders can’t reach. Emergency teams, guided and coordinated by AI and the insights it produces, are able to prioritise their efforts, sending rescue squads where they’re needed most.

This is no longer the realm of science fiction. In a recent paper published in the journal Patterns, we argue that it’s an emerging and inevitable reality.

Collective intelligence is the shared intelligence of a group or groups of people working together. Different groups of people with diverse skills, such as firefighters and drone operators, for instance, work together to generate better ideas and solutions. AI can enhance this human collective intelligence, and transform how we approach large-scale crises. It’s a form of what’s called hybrid collective intelligence.

Instead of simply relying on human intuition or traditional tools, experts can use AI to process vast amounts of data, identify patterns and make predictions. By enhancing human decision-making, AI systems offer faster and more accurate insights – whether in medical research, disaster response, or environmental protection.

AI can do this, by for example, processing large datasets and uncovering insights that would take much longer for humans to identify. AI can also get involved in physical tasks. In manufacturing, AI-powered robots can automate assembly lines, helping improve efficiency and reduce downtime.

Equally crucial is information exchange, where AI enhances the flow of information, helping human teams coordinate more effectively and make data-driven decisions faster. Finally, AI can act as social catalysts to facilitate more effective collaboration within human teams or even help build hybrid teams of humans and machines working alongside one another.

AI-driven improvements to all these different aspects can make the entire, interconnected system more adaptive and intelligent.

We’re already seeing the impact of AI-enhanced collective intelligence. In disaster response, AI systems already analyse satellite imagery and sensor data, generating risk assessments that help human responders to prioritise rescue efforts and allocate resources efficiently.

In healthcare, AI already helps doctors make faster and more accurate diagnoses by analysing large patient datasets. Medical teams refine AI recommendations with their expertise, ensuring the best possible treatment plans. Robots equipped with AI can assist surgeons in performing delicate tasks, allowing for greater precision.

In media, AI curates and verifies news from global sources, assisting journalists in fact-checking and uncovering misinformation. This collaboration can strengthen the accuracy and reliability of information in an era of digital media. However, AI can also drive the dissemination of fake news and disinformation. These include deep fake videos of, for example, politicians, which have the potential to affect elections.

In the public sector, AI-powered policy simulations help governments anticipate the impacts of regulations. Crowd-sourced citizen feedback, combined with AI analysis, can give a sense of the public mood.

Environmental protection is another area benefiting from AI-enhanced collective intelligence. AI systems can analyse patterns data on pollution, deforestation, and wildlife movements, guiding human efforts to address environmental challenges more effectively.

As we can see, AI-enhanced collective intelligence is already here, transforming how we approach some of the world’s toughest problems. The key is to recognise that AI is a collaborator, not a competitor. When we combine human creativity, intuition, and ethics with AI’s data processing power, the possibilities for what we can be achieved are substantial.

As we look towards the future, AI’s potential becomes even more exciting. From addressing global health challenges like pandemic prevention to developing solutions to the climate crisis, AI will be at the forefront of tackling issues once thought insurmountable. But this potential comes with responsibility.

It’s up to us to guide how this collaboration evolves, ensuring that AI is used responsibly and ethically in ways that enhance human capabilities rather than diminish them. We must engage in shaping policies and frameworks that promote transparency, fairness and inclusivity through a new sociology of humans and machines.

Collaboration across industries, governments, and communities will be crucial to unlocking AI’s full potential. Together, we can build a future where AI not only augments human intelligence but also helps solve the challenges of tomorrow, creating a more equitable, sustainable, and prosperous world for all.

Hao Cui receives funding from the Research Ireland.

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

– ref. AI could supercharge human collective intelligence in everything from disaster relief to medical research – https://theconversation.com/ai-could-supercharge-human-collective-intelligence-in-everything-from-disaster-relief-to-medical-research-249437

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Economics: Disrupting a global cybercrime network abusing generative AI

Source: Microsoft

Headline: Disrupting a global cybercrime network abusing generative AI

In an amended complaint to recent civil litigation, Microsoft is naming the primary developers of malicious tools designed to bypass the guardrails of generative AI services, including Microsoft’s Azure OpenAI Service. We are pursuing this legal action now against identified defendants to stop their conduct, to continue to dismantle their illicit operation, and to deter others intent on weaponizing our AI technology.

The individuals named are: (1) Arian Yadegarnia aka “Fiz” of Iran, (2) Alan Krysiak aka “Drago” of United Kingdom, (3) Ricky Yuen aka “cg-dot” of Hong Kong, China, and (4) Phát Phùng Tấn aka “Asakuri” of Vietnam. These actors are at the center of a global cybercrime network Microsoft tracks as Storm-2139. Members of Storm-2139 exploited exposed customer credentials scraped from public sources to unlawfully access accounts with certain generative AI services. They then altered the capabilities of these services and resold access to other malicious actors, providing detailed instructions on how to generate harmful and illicit content, including non-consensual intimate images of celebrities and other sexually explicit content.

This activity is prohibited under the terms of use for our generative AI services and required deliberate efforts to bypass our safeguards. We are not naming specific celebrities to keep their identities private and have excluded synthetic imagery and prompts from our filings to prevent the further circulation of harmful content.

Storm-2139: A global network of creators, providers and end users.

In December 2024, Microsoft’s Digital Crimes Unit (DCU) filed a lawsuit in the Eastern District of Virginia alleging various causes of action against 10 unidentified “John Does” participating in activities that violate U.S. law and Microsoft’s Acceptable Use Policy and Code of Conduct. Through this initial filing, we were able to gather more information about the operations of the criminal enterprise.

Storm-2139 is organized into three main categories: creators, providers, and users. Creators developed the illicit tools that enabled the abuse of AI generated services. Providers then modified and supplied these tools to end users often with varying tiers of service and payment. Finally, users then used these tools to generate violating synthetic content, often centered around celebrities and sexual imagery.

Below is a visual representation of Storm-2139, which displays internet aliases uncovered as part of our investigation as well as the countries in which we believe the associated personas are located.

Storm-2139’s organizational structure.

Screenshot of “Fiz’s” LinkedIn profile

Through its ongoing investigation, Microsoft has identified several of the above-listed personas, including, but not limited to, the four named defendants. While we have identified two actors located in the United States—specifically, in Illinois and Florida—those identities remain undisclosed to avoid interfering with potential criminal investigations. Microsoft is preparing criminal referrals to United States and foreign law enforcement representatives.

Cybercriminals react to Microsoft’s website seizure and court filing.

As part of our initial filing, the Court issued a temporary restraining order and preliminary injunction enabling Microsoft to seize a website instrumental to the criminal operation, effectively disrupting the group’s ability to operationalize their services. The seizure of this website and subsequent unsealing of the legal filings in January generated an immediate reaction from actors, in some cases causing group members to turn on and point fingers at one another. We observed chatter about the lawsuit on the group’s monitored communication channels, speculating on the identities of the “John Does” and potential consequences.

Screenshot of online chatter discussing “Fiz’s” real name.

In these channels, certain members also “doxed” Microsoft’s counsel of record, posting their names, personal information, and in some instances photographs. Doxing can result in real-world harm, ranging from identity theft to harassment.

Screenshot from post on online channels providing information about the case lawyers.

As a result, Microsoft’s counsel received a variety of emails, including several from suspected members of Storm-2139 attempting to cast blame on other members of the operation.

Screenshots of emails received by counsel of record.

This reaction underscores the impact of Microsoft’s legal actions and demonstrates how these measures can effectively disrupt a cybercriminal network by seizing infrastructure and create a powerful deterrent impact among its members.

Continuing our commitment to combatting the abuse of generative AI.

We take the misuse of AI very seriously, recognizing the serious and lasting impacts of abusive imagery for victims. Microsoft remains committed to protecting users by embedding robust AI guardrails and safeguarding our services from illegal and harmful content. Last year, we committed to continuing to innovate on new ways to keep users safe by outlining a comprehensive approach to combat abusive AI-generated content. We published a whitepaper with recommendations for U.S. policymakers on modernizing criminal law to equip law enforcement with the tools necessary to bring bad actors to justice. We also provided an update on our approach to intimate image abuse, detailing the steps we take to protect our services from such harm, whether synthetic or otherwise.

As we’ve said before, no disruption is complete in one day. Going after malicious actors requires persistence and ongoing vigilance. By unmasking these individuals and shining a light on their malicious activities, Microsoft aims to set a precedent in the fight against AI technology misuse.

Tags: AI, cybercrime, Digital Crimes Unit, Microsoft Azure OpenAI Service, Microsoft Digital Crimes Unit, Responsible AI

MIL OSI Economics –

March 4, 2025
MIL-OSI United Nations: Nuclear energy watchdog chief raises ‘serious’ safety concerns over sites in Ukraine and Iran

Source: United Nations MIL OSI b

3 March 2025 Peace and Security

In his latest address to the International Atomic Energy Agency (IAEA) Board of Governors on Monday, Director General Rafael Mariano Grossi warned of the escalating nuclear safety risks in Ukraine as the conflict grinds on.

Reaffirming the UN-backed IAEA’s commitment to monitoring facilities such as the Khmelnitsky, Rivne and South Ukraine Nuclear Power Plants (NPPs), he described how facilities were performing under extreme conditions.

“The electrical grid’s ability to provide a reliable off-site power supply to Ukrainian NPPs was reduced by damage sustained following military attacks in November and December 2024,” Mr. Grossi stated, underscoring the ongoing strain on national energy infrastructure, in the face of Russia’s ongoing invasion.

© IAEA

A team of IAEA experts visits Zaporizhzhya Nuclear Power Plant in Ukraine in June 2024.

Direct attacks on staff

Direct attacks have complicated the agency’s work. The Director General described a drone strike that severely damaged an IAEA vehicle during a routine rotation.

“Staff survived this unacceptable attack unharmed, but the rear of the vehicle was destroyed,” he said, noting the continuous risks faced by staff working in these volatile conditions.

Particularly concerning is the situation at the Zaporizhzhya Nuclear Power Plant (ZNPP), where six reactor units remain in cold shutdown. The facility’s off-site power supply continues to be vulnerable.

Mr. Grossi highlighted a recent incident in which ZNPP relied on a single off-site power line after losing its remaining backup, further underscoring the fragility of the plant.

Meanwhile, an attack on the Chernobyl site nearly three weeks ago, which caused significant damage to the protective structure of the 1986 reactor, was also addressed.

While no radioactive release occurred, Mr. Grossi stressed that the attack “underlines the persistent risk to nuclear safety during this military conflict.”

© IAEA

Fire on the New Safe Confinement (NSC) at the Chornobyl Nuclear Power Plant site following a drone attack on 14 February 2025.

Support for safety efforts

Despite the challenges, Mr. Grossi reaffirmed the IAEA’s ongoing support for Ukraine.

Since November 2024, the Agency has delivered 31 shipments of nuclear safety, security and medical equipment, totalling over €15.6 million in value.

“We are grateful to all 30 donor states and the European Union for their extrabudgetary contributions,” Mr. Grossi added, urging continued support for the comprehensive assistance programme.

Concerns over Iran’s nuclear programme

Mr. Grossi also reported fresh concerns over Iran’s nuclear programme, especially its stockpile of uranium enriched to 60 per cent.

Iran remains the only non-nuclear weapon State enriching uranium to this level, raising significant concerns over potential weapons development.

“Iran says it has declared all nuclear material, activities and locations required under its NPT Safeguards Agreement. However, this statement is inconsistent with the Agency’s findings of uranium particles of anthropogenic origin at undeclared locations in Iran,” Mr. Grossi explained.

The Director General emphasised the need for greater transparency, stressing that unresolved safeguards issues must be addressed for Iran’s nuclear activities to be deemed peaceful.

He called on Iran to urgently implement the Joint Statement of March 2023 and engage in serious dialogue aimed at resolving outstanding issues.

Global safety initiatives

Mr. Grossi also outlined the IAEA’s broader initiatives, including his recent visit to Japan’s Fukushima Daiichi Nuclear Power Station, where he oversaw the collection of water samples related to the ongoing release of ALPS-treated contaminated water – in the wake of the major 2011 meltdown.

“The IAEA has maintained its independent monitoring and analysis efforts, confirming that tritium concentrations in the discharged batches remain far below operational limits,” he noted.

Looking ahead, the Director General highlighted key upcoming initiatives, such as the launch of the Atomic Technology Licensed for Applications at Sea (ATLAS) and the IAEA’s first International Symposium on Artificial Intelligence and Nuclear Energy, which will take place in December 2025.

A growing role in energy solutions

With the global demand for energy rising, Mr. Grossi pointed to the growing role of nuclear power in addressing energy needs.

“In the IAEA’s high case scenario, global nuclear electricity generating capacity is seen increasing two and a half times by 2050,” he said.

However, the Director General stressed that such growth must be accompanied by public support and a continued commitment to safety.

MIL OSI United Nations News –

March 4, 2025
MIL-OSI USA: In Recognition of National Consumer Protection Week, Attorney General Bonta Releases California’s Top 10 Consumer Complaints

Source: US State of California

OAKLAND — In recognition of National Consumer Protection Week, California Attorney General Rob Bonta today released 2024’s Top 10 Consumer Complaints and highlighted ongoing efforts to protect California consumers. The list released today includes the top consumer complaint categories the California Department of Justice (DOJ) has received in the last calendar year. Attorney General Bonta urges Californians to report misconduct or violations of state consumer protection laws to DOJ at oag.ca.gov/report. Complaints submitted by the public provide DOJ and sister agencies with important information about potential misconduct to help determine whether to investigate a business or individual.

“California is a pillar of strong state consumer protection laws and an outspoken advocate for robust federal protections,” said Attorney General Bonta. “This National Consumer Protection Week, I urge Californians to help us further this work. If you see misconduct or are the victim of a scam, my office wants to know about it: I encourage consumers to immediately file a complaint online at oag.ca.gov/report. Whether protecting our kids online, stopping egregious bank fees, or cracking down on illegal price gouging, as the People’s Attorney, I am committed to going to the mat for California consumers.”

Top 10 Consumer Complaint Categories from 2024:

1. Social Media Platforms
2. Online Retailers
3. Banks
4. Contractors
5. Landlord/Tenant Issues
6. Online Scams
7. Debt Collection
8. Credit Reporting
9. Telephonic Scams
10. Brick and Mortar Retail Sales

Fighting to Keep More Money in the Pockets of Californians:

Attorney General Bonta took on bad actors and archaic policies that hurt Californians pocketbooks. Last year, DOJ announced a $700 million multistate settlement with Johnson & Johnson for failing to disclose if asbestos was present in its talc products; secured a settlement with ticket reseller StubHub, Inc. for failing to pay timely refunds to Californians for canceled events during the COVID-19 pandemic; and sponsored successful legislation to protect Californians’ financial future by banning the inclusion of medical debt on credit reports.

Last month, Attorney General Bonta supported lawsuits challenging the Trump Administration’s efforts to dismantle the Consumer Financial Protection Bureau (CFPB). Since its creation, the CFPB has actively worked to make the lives of everyday people better and has returned over $20 billion to Americans nationwide. The shuttering of the CFPB would cause catastrophic harm to consumer protections, leaving no federal oversight over large banks, and saddling state agencies with the sole responsibility to protect consumers from conduct regulated by the CFPB.

Putting Social Media Companies on Notice:

In response to a dramatic uptick of consumer complaints, last March, Attorney General Bonta sent a letter to Meta expressing deep concern regarding the increase in account takeovers and lockouts on Facebook and Instagram and the inadequacy of the company’s response to prevent and address consumer harm from these takeovers. The letter asked Meta to take immediate action to increase mitigation tactics and respond to users whose accounts have been taken over.

Sticking up for Students:

In the last year, Attorney General Bonta continued to protect students by securing a decision that upheld a judgment against Ashford University for giving students false or misleading information about career outcomes, cost and financial aid, and transfer credits, as well as a $4.5 million settlement with University of Phoenix for aggressive and unlawful military student recruitment tactics.

Protecting Children Online:

Attorney General Bonta continued to take action to create a safer internet for children and teens. In October 2024, DOJ filed a lawsuit against TikTok for harming young users and deceiving the public about the social media platform’s dangers; and secured a decision in his lawsuit against Meta that largely denies Meta’s attempt to evade responsibility for their role in the children’s mental health crisis. DOJ proudly supported legislation that would put consumers in control of their relationship with social media, like SB 976 (Skinner), recently enacted legislation which interrupts the ability of social media companies to use addictive design features, and AB 56 (Bauer-Kahan), newly proposed legislation that would require warning labels on social media platforms.

Advancing Your Data Privacy Rights:

In January, Attorney General Bonta reminded Californians of their right to stop or “opt-out” of the sale and sharing of their personal information under the California law, and encouraged consumers to consider familiarizing themselves with the Global Privacy Control (GPC), an easy-to-use browser setting or extension that allows consumers to take back control of their personal data.

Last year, Attorney General Bonta announced a settlement with DoorDash for violating California privacy laws by selling its customers’ personal information; and worked with local partners to secure a settlement with a video game developer for illegally collecting and sharing children’s data.

Scram, Scams!

Attorney General Bonta continued educating and warning consumers about financially harmful and widespread AI-generated scams, toll booth scams, romance scams, and package delivery text-based scams; and continued the fight against annoying and illegal robocalls, which are often a vehicle for scams.

Setting the Record Straight on AI:

In January, Attorney General Bonta issued two legal advisories, reminding consumers of their rights, and advising businesses and healthcare entities who develop, sell, or use artificial intelligence (AI) about their obligations under California law. Many consumers and patients are not aware of when and how AI systems are used in their lives or by institutions that they rely on.

Businesses use AI systems to evaluate consumers’ credit risk and guide loan decisions, screen tenants for rentals, and target consumers with ads and offers, as such, must comply with California consumer protection laws.

Tackling Price Gouging During a Natural Disaster:

In the wake of Los Angeles Fires, Californians should be coming together to help our neighbors, not attempting to profit off their pain. DOJ takes its duty to protect the public from price gouging, rental bidding, and unsolicited property offers by predatory buyers extremely seriously. In addition to sending over 700 warning letters to hotels and landlords, DOJ has several active investigations into price gouging and has announced price gouging charges against three Los Angeles real estate agents and a landlord (January 22, January 28, and February 18). These investigations are often the result of review of complaints received by DOJ.

DOJ established the Disaster Relief Task Force to work closely with federal, state, and local law enforcement and regulatory partners; last month, DOJ collaborated with, Los Angeles City Attorney Hydee Feldstein Soto on misdemeanor price gouging charges against a homeowner and real estate agent who allegedly engaged in price gouging in violation of the law.

For more tips and information on consumer protection, please visit https://oag.ca.gov/consumers.

MIL OSI USA News –

March 4, 2025
MIL-Evening Report: A website is not enough: businesses that use digital tools without a strategic plan will struggle in a tough economy

Source: The Conversation (Au and NZ) – By Rod McNaughton, Professor of Entrepreneurship, University of Auckland, Waipapa Taumata Rau

Mr.paripat niyantang/Shutterstock

Small businesses across Australia and New Zealand are facing one of their toughest periods in decades.

A flat economy and shifting consumer behaviour have put pressure on already thin operating margins. A 2024 survey by business finance company ScotPac found 29% of Australian small businesses say they could face insolvency if they lose a major client.

Accounting organisation CPA Australia’s latest small business survey shows only 48% of New Zealand’s small businesses grew in 2023. This is significantly down from 60% in 2022. There have also been a record number of business liquidations in both New Zealand and Australia.

Yet some small and medium-sized businesses are thriving. Part of the reason for this is because they have embraced the concept of “digital leadership”.

This is the ability to strategically integrate digital technologies – such as artificial intelligence, cloud computing, data analytics and automation – into a business’s operations, decision-making and long-term vision.

Digital leaders use emerging technologies to improve efficiency, redesign business models, scale operations and reach new customers in ways that wouldn’t be possible otherwise.

Our review of the research on digital leadership, recently published in Digital Leadership and Contemporary Entrepreneurship, found that firms treating digital leadership as a core business strategy, rather than just using technology for isolated tasks, are the ones that successfully scale, grow and future-proof their organisations.

Without this change in mindset, firms risk stagnation and missed opportunities. That difference is critical in an economic environment where small margins separate thriving businesses from struggling ones.

Why some small businesses fall behind

It’s easy to assume small businesses lag in digital adoption because of costs or technical complexity. However, most of the studies we reviewed suggest the real issue is hesitancy at the leadership level.

Some business owners are risk-averse and take a “wait and see” approach. Others believe their current solutions are sufficient even when new technology could improve efficiency.

A 2021 survey commissioned by cloud accounting software company Xero, found fear of change, overconfidence in existing processes and decision paralysis are among the biggest barriers preventing small businesses from embracing digital solutions.

Even businesses that already use digital tools – for example, to manage their social media – often fail to go further and integrate technology into core operations such as supply chain management and automation.

Embracing digital leadership

The lesson is that simply adopting digital tools without a strategic plan doesn’t lead to growth. True digital leadership requires businesses to rethink how they operate, compete and scale.

The firms making the most of digital transformation embed technology in their core strategy. They use data-driven decision-making to refine products, forecast demand and identify new opportunities.

They streamline operations by automating routine tasks, such as using AI-powered invoicing, chatbots for customer inquiries and predictive analytics for inventory management. This frees up time for strategic initiatives such as product development and market expansion.

At the same time, they invest in training employees to effectively use and adapt to new technologies. Perhaps most importantly, they take an experimental approach – testing, learning and adapting in real time.

Learning to thrive in digital economy

Businesses that have successfully grown through digital leadership illustrate this approach in action.

Set up in 2016, New Zealand-based investing company Sharesies fundamentally changed how everyday people access financial markets.

Traditional investment firms required large deposits and complex paperwork, excluding many potential investors. Sharesies took a different approach. The company designed a mobile-first platform where users could start with as little as $5. The company now has more than 650,000 users and NZ$3 billion in investments.

In Australia, The Very Good Bra, a sustainable bra company, used digital leadership to create a global, sustainable fashion brand without traditional retail infrastructure.

Founder Stephanie Devine developed a direct-to-consumer model through e-commerce, bypassing wholesalers and physical stores. She utilised digital tools such as social media platforms for community engagement, online surveys to collaborate with customers to design products, and data analytics software for demand forecasting, ensuring every product had a market before it was manufactured.

Both companies succeeded by leveraging digital technologies to disrupt traditional business models. Sharesies democratised investing by making it accessible to individuals with minimal capital, while The Very Good Bra utilised e-commerce and customer collaboration to create sustainable fashion products.

Their digital-first approaches enabled them to identify and fill market gaps effectively.

To thrive in the tougher economic climate, businesses need to think beyond software tools. The question is no longer whether to go digital, but how fast a business can rethink their work for the digital future.

Guy Bate is affiliated with The Education Technology Association of New Zealand (EdTechNZ). He serves as Chair of their AI in Education Technology Stewardship Group.

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

– ref. A website is not enough: businesses that use digital tools without a strategic plan will struggle in a tough economy – https://theconversation.com/a-website-is-not-enough-businesses-that-use-digital-tools-without-a-strategic-plan-will-struggle-in-a-tough-economy-250633

MIL OSI Analysis – EveningReport.nz –

March 4, 2025

Category: Machine Learning

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