NewzIntel.com

Category: Natural Disasters

  • MIL-OSI Security: Jefferson County men sentenced to federal prison for robbing neighborhood grocery store

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    BEAUMONT, Texas – Two Beaumont men have been sentenced to federal prison for violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Johnaton Rechard Hite, 22, pleaded guilty to Hobbs Act robbery and brandishing a firearm during a crime of violence and was sentenced to 108 months in federal prison by U.S. District Judge Marcia A. Crone on May 13, 2025.  Cody Lane Wilson, 28, pleaded guilty to Hobbs Act robbery and was sentenced to 30 months in federal prison by Judge Crone on May 13th.

    According to court documents, on April 11, 2024, local law enforcement officers responded to a report of an armed robbery at the Kidd Grocery Store, located at 8608 Kidd Road, in Beaumont. Upon arrival, the store clerk reported that a man entered the store armed with an AR-15 style rifle and threatened to shoot him if he did not open the safe. The subject took approximately $1,340 in cash and fled the store.  Deputies reviewed surveillance footage of the robbery and observed the robber was a black male wearing a woman’s brown or black wig, a white hoodie jacket, dark pants, sunglasses, one white shoe and one black shoe.

    While responding to the robbery call, deputies observed a 2004 Honda Accord leaving the grocery store and conducted a traffic stop. The driver of the vehicle was identified as Wilson. Wilson was detained and gave consent to search his vehicle where deputies located wigs, one black shoe, and one white shoe.  Wilson told deputies that he and Hite planned to rob the grocery store with Wilson as the getaway driver while Hite robbed the store. However, Wilson got scared and fled the scene leaving Hite behind.

    While deputies were conducting their investigation with Wilson, dispatch received another call from a concerned citizen near the grocery store reporting someone was knocking on their door.  Deputies responded to the location and located Hite hiding on the porch of the caller’s residence.  Next to where Hite was hiding, deputies found $1,340 in cash.

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

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Jefferson County Sheriff’s Office.  This case was prosecuted by Assistant U.S. Attorney Matthew Quinn.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Security News: Michigan Man Arrested and Charged with Attempting to Attack Military Base on Behalf of ISIS

    Source: United States Department of Justice 2

    A Melvindale man – and former member of the Michigan Army National Guard – was arrested today after he attempted to carry out a plan to conduct a mass-shooting at a U.S. military base in Warren, Michigan, on behalf of the Islamic State of Iraq and al-Sham (ISIS), a foreign terrorist organization.

    Ammar Abdulmajid-Mohamed Said, 19, is charged in a criminal complaint with attempting to provide material support to a foreign terrorist organization and distributing information related to a destructive device.

    “This defendant is charged with planning a deadly attack on a U.S. military base here at home for ISIS,” said Sue J. Bai, head of the Justice Department’s National Security Division. “Thanks to the tireless efforts of law enforcement, we foiled the attack before lives were lost. We will not hesitate to bring the full force of the Department to find and prosecute those who seek to harm our men and women in the military and to protect all Americans.”

    “ISIS is a brutal terrorist organization which seeks to kill Americans. Helping ISIS or any other terrorist organization prepare or carry out acts of violence is not only a reprehensible crime – it is a threat to our entire nation and way of life,” said U.S. Attorney Jerome F. Gorgon Jr. for the Eastern District of Michigan. “Our office will not tolerate such crimes or threats, and we will use the full weight of the law against anyone who engages in terrorism.”

    “The defendant allegedly tried to carry out an attack on a military facility in support of ISIS, which was disrupted thanks to the good work of the FBI and our partners,” said Assistant Director Donald M. Holstead of the FBI’s Counterterrorism Division. “The FBI is steadfast in our commitment to detect and stop terrorist plans aimed at the American homeland or at U.S. interests overseas.”

    “The arrest of this former soldier is a sobering reminder of the importance of our counterintelligence efforts to identify and disrupt those who would seek to harm our nation,” said Brig. Gen. Rhett R. Cox, the commanding general of Army Counterintelligence Command. “I commend the tireless work of our special agents and FBI partners who worked together to investigate and apprehend this individual. We will continue to collaborate with our partners to prevent similar incidents in the future. We urge all soldiers to remain vigilant and report any suspicious activity to their chain of command, as the safety and security of our Army and our nation depends on our collective efforts to prevent insider threats.”

    According to the complaint, Said informed two undercover law enforcement officers of a plan he had devised and formulated to conduct a mass-shooting at the U.S. Army’s Tank-Automotive & Armaments Command (TACOM) facility at the Detroit Arsenal in Warren, Michigan. In April 2025, the two undercover officers indicated they intended to carry out Said’s plan at the direction of ISIS. In response, Said provided material assistance to the attack plan, including providing armor-piercing ammunition and magazines for the attack, flying his drone over TACOM to conduct operational reconnaissance, training the undercover employees on firearms and the construction of Molotov cocktails for use during the attack, and planning numerous details of the attack including how to enter TACOM and which building to target.

    On May 13 – the scheduled day of the attack – Said was arrested after he traveled to an area near TACOM and launched his drone in support of the attack plan. He will make his initial court appearance today in the Eastern District of Michigan. The U.S. Attorney’s Office will be asking the court to hold Said in pretrial detention because of his danger to the community and the risk that he will flee.         

    Based on the charges in the complaint, Said faces a maximum penalty of 20 years in prison for each count if convicted.

    The FBI’s Joint Terrorism Task Force is investigating the case.

    Assistant U.S. Attorney Douglas Salzenstein for the Eastern District of Michigan and Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section are prosecuting the case.

    A complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Global: Social platform Stocktwits and other sources of ‘alternative data’ may be hurting financial analysts’ long-term forecasts

    Source: The Conversation – France – By Thierry Foucault, Professeur de Finance, HEC Paris Business School

    Since the beginning of the century, the number of satellites orbiting Earth has increased more than 800%, from less than 1,000 to more than 9,000. This profusion has had a number of strange and disturbing repercussions. One of them is that companies are selling data from satellite images of parking lots to financial analysts. Analysts then use this information to help gauge a store’s foot traffic, compare a retailer to competitors and estimate its revenue.

    This is just one example of the new information, or “alternative data”, that is now available to analysts to help them make their predictions about future stock performance. In the past, analysts would make predictions based on firms’ public financial statements.


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    According to our research, the plethora of new sources of data has improved short-term predictions but worsened long-term analysis, which could have profound consequences.

    Tweets, twits and credit card data

    In a paper on alternative data’s effect on financial forecasting, we counted more than 500 companies that sold alternative data in 2017, a number that ballooned from less than 50 in 1996. Today, the alternative data broker Datarade lists more than 3,000 alternative datasets for sale.

    In addition to satellite images, sources of new information include Google, credit card statistics and social media such as X or Stocktwits, a popular X-like platform where investors share ideas about the market. For instance, Stocktwits users share charts showing the evolution of the price of a given stock (e.g. Apple stock) and explanations of why the evolution predicts a price increase or decrease. Users also mention the launch of a new product by a firm and whether it makes them bullish or bearish about the firm’s stock.

    Using data from the Institutional Brokers’ Estimate System (I/B/E/S) and regression analyses, we measured the quality of 65 million equity analysts’ forecasts from 1983 to 2017 by comparing analysts’ predictions with the actual earnings per share of companies’ stock.

    We found, as others had, that the availability of more data explains why stock analysts have become progressively better at making short-term projections. We went further, however, by asking how this alternative data affected long-term projections. And we found that over the same period that saw a rise in accuracy of short-term projections, there was a drop in validity of long-term forecasts.

    More data, but limited attention

    Because of its nature, alternative data – information about firms in the moment – is useful mostly for short-term forecasts. Longer-term analysis – from one to five years into the future – is a much more important judgment.

    Previous papers have proved the common-sense proposition that analysts have a limited amount of attention. If analysts have a large portfolio of firms to cover, for example, their scattered concentration begins to yield diminishing returns.

    We wanted to know whether the increased accuracy of short-term forecasts and declining accuracy of long-term predictions – which we had observed in our analysis of the I/B/E/S data – was due to a concomitant proliferation of alternative sources for financial information.

    To investigate this proposition, we analyzed all discussions of stocks on Stocktwits that took place between 2009 and 2017. As might be expected, certain stocks like Apple, Google or Walmart generated much more discussion than those of small companies that aren’t even listed on the Nasdaq.

    We conjectured that analysts who followed stocks that were heavily discussed on the platform – and so, who were exposed to a lot of alternative data – would experience a larger decline in the quality of their long-term forecasts than analysts who followed stocks that were little discussed. And after controlling for factors such as firms’ size, years in business and sales growth, that’s exactly what we found.

    We inferred that because analysts had easy access to information for short-term analysis, they directed their energy there, which meant they had less attention for long-term forecasting.

    The broader consequences of poor long-term forecasting

    The consequences of this inundation of alternative data may be profound. When assessing a stock’s value, investors must take into account both short- and long-term forecasts. If the quality of long-term forecasts deteriorates, there is a good chance that stock prices will not accurately reflect a firm’s value.

    Moreover, a firm would like to see the value of its decisions reflected in the price of its stock. But if a firm’s long-term decisions are incorrectly taken into account by analysts, it might be less willing to make investments that will only pay off years away.

    In the mining industry, for instance, it takes time to build a new mine. It’s going to take maybe nine, 10 years for an investment to start producing cash flows. Companies might be less willing to make such investments if, say, their stocks may be undervalued because market participants have less accurate forecasts of these investments’ impacts on firms’ cash flows – the subject of another paper we are working on.

    The example of investment in carbon reduction is even more alarming. That kind of investment also tends to pay off in the long run, when global warming will be an even bigger issue. Firms may have less incentive to make the investment if the worth of that investment is not quickly reflected in their valuation.

    Practical applications

    The results of our research suggest that it might be wise for financial firms to separate teams that research short-term results and those that make long-term forecasts. This would alleviate the problem of one person or team being flooded with data relevant to short-term forecasting and then also expected to research long-term results. Our findings are also noteworthy for investors looking for bargains: though there are downsides to poor long-term forecasting, it could present an opportunity for those able to identify undervalued firms.

    Thierry Foucault a reçu des financements du European Research Council (ERC).

    – ref. Social platform Stocktwits and other sources of ‘alternative data’ may be hurting financial analysts’ long-term forecasts – https://theconversation.com/social-platform-stocktwits-and-other-sources-of-alternative-data-may-be-hurting-financial-analysts-long-term-forecasts-244102

    MIL OSI – Global Reports –

  • India, Austria reaffirm strong bilateral ties, discuss Ukraine conflict and regional security

    Source: Government of India

    Source: Government of India (4)

    External Affairs Minister Dr. S. Jaishankar and Austrian Foreign Minister Beate Meinl-Reisinger held a telephonic conversation on Tuesday, reaffirming their commitment to deepening India-Austria bilateral relations and addressing pressing global challenges.
     
    Dr. Jaishankar, in a post on X, said he appreciated the conversation with Minister Meinl-Reisinger and congratulated her on her recent appointment. The two leaders expressed mutual agreement on the need for zero tolerance towards terrorism and firmly rejected any form of nuclear blackmail.
     
    In a separate post on X, Minister Meinl-Reisinger described the exchange as a “very good phone call,” noting that both countries are committed to elevating their already strong partnership. She reiterated Austria’s condemnation of the recent terror attack in Pahalgam, Jammu and Kashmir, and welcomed the ceasefire between India and Pakistan, calling it a “vital step toward de-escalation.”
     
    The Austrian minister also emphasized the need for a collective global effort to end the war in Ukraine. “Now is the time for Russia to stop the killing and agree to the ceasefire,” she said, underscoring Austria’s continued call for peace.

  • MIL-OSI Security: Rioter Sentenced for Damaging U.S. Government Property During Protest at Union Station

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Defendant destroyed an American flag by setting it on fire in front of Union Station in the District as a crowd surrounded him chanting, “Burn that sh–.”

    WASHINGTON – Michael Snow Jr., 25, of Durham, North Carolina, was sentenced today in U.S. District Court to four months of probation, 40 hours of community service, and ordered to pay $525 in restitution for destruction of federal property. On July 24, 2024, Snow destroyed an American flag, which was property of the U.S. government, by setting it on fire in front of Union Station in the District as a crowd surrounded him chanting, “Burn that sh–.”

    The sentencing was announced by U.S. Attorney Edward R. Martin Jr., Acting Special Agent in Charge Courtland Rae of the FBI Washington Field Office Counterterrorism Division, and Chief Jessica M. E. Taylor of the U.S. Park Police (USPP).

    Snow pleaded guilty on Feb. 11 to destruction of government property (less than $1,000).

    According to court documents, on July 24, 2024, an organization was granted a permit to demonstrate in the area of Columbus Circle, located at Massachusetts Avenue. and E St. NE, directly in front of Union Station. From about 3 p.m. until 5 p.m., demonstrators gathered in Columbus Circle. They pulled down flags affixed to the flagpoles, burned the flags and other objects, sprayed graffiti on multiple statues and structures, and interfered with law enforcement trying to place the vandals under arrest.

    The flags, the statues and structures in Columbus Circle, are all property of the federal government. The National Park Service estimated the total cost to clean up and repair the site at $11,282.23.

    Open-source and surveillance video captured images of two individuals lowering an American flag affixed to the eastern flagpole in Columbus Circle. The flag fell to the ground still attached to its halyard. A man later identified as Snow grabbed the flag and carried it into the crowd of protesters.

    He threw the flag onto the ground, produced a lighter, and attempted to set the flag ablaze. Unsuccessful, he yelled: I need a better lighter! The crowd surrounding the man chanted, Burn that sh–!

    Someone handed Snow a bottle of charcoal lighter fluid. Snow doused the flag with the fluid, then, along with an unidentified individual from the crowd, used lighters to torch it.

    On July 25, 2024, a user on the social media platform X posted pictures of the incident. As a result, law enforcement located a driver’s license photograph of Snow.

    The case was investigated by the FBI Washington Field Office and the USPP’s Intelligence and Counterterrorism Unit, with assistance from the FBI Charlotte Field Office, Raleigh Resident Agency. It is being prosecuted by Assistant U.S. Attorneys Sarah Martin and Brendan Horan.

    Screen shot from a closed-circuit camera shows Snow (circled in yellow) as he grabbed the fallen American flag from the halyard.

    Screenshot from open-source video shows Snow (circled in yellow) and another individual (circled in blue) lighting the flag on fire.

    Screenshot from open-source footage depicts Snow (circled in yellow) on the flag pedestal while the other individual (circled in blue) parades around the burning American flag.

    ##

    MIL Security OSI –

  • MIL-OSI: First Busey Corporation Prices Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., May 14, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, announced the pricing of an underwritten public offering of 8,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock (the “Series B preferred stock”), with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share).

    When, as, and if declared by the board of directors of Busey, dividends will be payable on the Series B preferred stock from the date of issuance at a rate of 8.25% per annum, payable quarterly in arrears, on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2025. Busey may redeem the Series B preferred stock at its option at a redemption price equal to $25.00 per depositary share, as described in the prospectus supplement and accompanying prospectus relating to the offering.

    Net proceeds from the offering are expected to be used to redeem Busey’s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, and for general corporate purposes including to support balance sheet growth of Busey Bank.

    Busey intends to apply to list the depositary shares on the Nasdaq Global Select Market under the symbol “BUSEP.”

    Piper Sandler & Co., Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc. are serving as joint bookrunning managers for the offering, and Janney Montgomery Scott LLC is acting as the co-manager.

    The Company expects to close the offering, subject to customary conditions, on or about May 20, 2025.

    The Company filed a “shelf” registration statement (File No. 333-274620) (including a base prospectus (the “Base Prospectus”)) on September 21, 2023 and the related preliminary prospectus supplement on May 13, 2025 (the “Preliminary Prospectus Supplement”) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, Busey, any underwriter or any dealer participating in the offering will arrange to send you the Base Prospectus and the Preliminary Prospectus Supplement if you request it by emailing Piper Sandler & Co. at fsg-dcm@psc.com or calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.

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

    Corporate Profile
    As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    First Busey Corporation Contacts
    For Financials:  For Media:
    Scott Phillips, Interim CFO Amy L. Randolph, EVP & COO
    First Busey Corporation  First Busey Corporation
    (239) 689-7167 (217) 365-4049
    scott.phillips@busey.com amy.randolph@busey.com
       

    Forward-Looking Statements
    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst Bankshares, Inc., which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    The MIL Network –

  • MIL-OSI: Micropolis Begins Testing Phase in AI and Robotics Infrastructure for SEE Holding’s Sustainable City 2.0

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, May 14, 2025 (GLOBE NEWSWIRE) — Micropolis Holding Co. (“Micropolis” or the “Company”) (NYSE: MCRP), a pioneer in unmanned ground vehicles and AI-driven security solutions, today announced it has commenced the testing phase of its collaboration with SEE Holding Ltd at The Sustainable City 2.0 (TSC 2.0) to deploy Micropolis’s advanced robotics platforms, AI-powered surveillance systems, smart mobility applications, and edge computing nodes across the next generation of Sustainable City projects.

    The Sustainable City is SEE Holding’s globally recognized model of a next-generation city designed to harness intelligent systems to enhance performance, efficiency, and everyday lifestyle and to provide a framework for achieving net zero emissions by 2050.

    This is the latest step in the strategic collaboration between Micropolis and SEE Holding following the Memorandum of Understanding signed in April. The deployment will encompass integrated command systems for security operation, autonomous fleets and smart mobility applications, edge computing, and computer vision technologies.

    “Deploying our technologies throughout The Sustainable City 2.0 marks a significant milestone for our company,” said Fareed Aljawhari, CEO of Micropolis Holding Co. “This initial phase will demonstrate how our AI-driven solutions can seamlessly integrate with net-zero principles, enhancing safety, efficiency, and quality of life for residents.”

    A joint R&D program is also underway to advance Micropolis’s sustainable urban technologies, aimed at driving operational efficiency, resident experience, and environmental performance across SEE Holding’s global sustainable city projects.

    About Micropolis Holding Co.
    Micropolis is a UAE-based company specializing in the design, development, and manufacturing of unmanned ground vehicles (UGVs), AI systems, and smart infrastructure for urban, security, and industrial applications. The Company’s vertically integrated capabilities cover everything from mechatronics and embedded systems to AI software and high-level autonomy.

    For more information please visit www.micropolis.ai.

    About SEE Holding
    SEE Holding, is a UAE-based sustainably focused global holding group that designs, invests in, and builds sustainable infrastructures and cities through its three operational verticals: SEE Solutions, SEE Developers, and SEE Engineering.

    Driven by its purpose of spearheading a net zero emissions future and achieving the 2050 UN targets, SEE Holding develops inclusive and sustainable communities that prioritize education, sports, healthcare, and overall well-being as part of its commitment to social, environmental and economic impact. SEE Holding currently has projects in the UAE across Dubai, Abu Dhabi and Sharjah, as well as in Oman.

    For more information, please visit us on: https://seeholding.com

    Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Micropolis’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Investor Contact:
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    PH: (212) 896-1254
    Valter@KCSA.com

    Media Contact:
    Jessica Starman
    media@elev8newmedia.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ebe2e39-9f87-4709-bd4f-cae5804c2b03

    The MIL Network –

  • MIL-OSI: Alternative Ballistics Advances Less-Lethal Innovation Through V2 Global Partnership

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, May 14, 2025 (GLOBE NEWSWIRE) — Alternative Ballistics Corporation, an innovative safety technology company, is pleased to announce its engagement with V2 Global, a distinguished advisory consulting firm specializing in risk mitigation, business intelligence, public safety advisory, and security solutions.

    This partnership represents a pivotal advancement in Alternative Ballistics’ mission to broaden the reach and impact of its innovative, life-saving technology. As part of the collaboration, Don De Lucca—Partner at V2 Global and a former Chief of Police with more than 30 years of leadership in law enforcement and public safety—will work closely with the Alternative Ballistics team to help guide strategic growth and implementation.

    “We’re excited to partner with V2 Global and to welcome Don De Lucca’s leadership and expertise,” said Steve Luna, CEO of Alternative Ballistics. “His extensive experience in policing and public safety will be invaluable as we continue to scale our efforts and bring life-saving technologies to agencies both in the U.S. and abroad.”

    De Lucca also shared his enthusiasm for the partnership: “Alternative Ballistics has created a groundbreaking tool that enhances both officer and public safety. I’m honored to support their mission and help further the adoption of more responsible and effective force alternatives in modern policing.”

    This collaboration marks a key milestone in Alternative Ballistics’ commitment to advancing innovative, less-lethal solutions that bridge the crucial gap between preserving life and protecting officers.

    About Alternative Ballistics Corp.

    Alternative Ballistics Corporation (“ABC”) produces an innovative less-lethal product known as The Alternative® which features patented bullet capture technology. The product is used by law enforcement as a de-escalation tool in critical incidents when encountering a non-compliant subject in crisis, in possession of a weapon other than a firearm, who presents a threat to themselves, to officers, or to bystanders. A lightweight, easy-to-carry docking unit, The Alternative® efficiently attaches to a service weapon to convert a fired bullet into a kinetic impact round that, when deployed from a safe distance, travels downrange with non-penetrating energy, and temporarily incapacitates an individual with low risk of critical injury or death. Once deployed, the service weapon reverts to standard use. The Alternative® may also be available in the future in the commercial market as a self-defense tool for the purpose of protecting life and property. It is the only less-lethal product in either the law enforcement or commercial market that works with a service weapon or semi-automatic handgun for seamless protective cover and doesn’t require transition to a separate device, allowing the user to keep eyes and weapon on the threat at all times.

    About V2 Global

    V2 Global is a risk mitigation and relationship management consulting firm delivering Business Intelligence, Crisis Management & Strategic Advisory Services, Public Safety Advisory and Security Solutions. V2 specializes in identifying, remediating and monitoring risk across your enterprise. Clients are C-Suite executives, law firms and their clients, general counsels and high-profile individuals. V2 Global’s success is based on the ability to rapidly assemble a team anywhere on the globe to identify, resolve and mitigate business issues. Additional information can be found at their website https://www.v2-global.com/about-v2.

    Forward-Looking Statements

    This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. In evaluating these forward-looking statements, you should consider various factors, including: our ability to advance the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Company Contact:
    info@alternativeballistics.com
    www.alternativeballistics.com

    For Investor Inquiries, please contact:
    Hanover International, Inc.
    Kathy Cusumano, President
    ka@hanoverintlinc.com

    The MIL Network –

  • MIL-OSI Global: Territorial concessions will be central to any Ukraine peace deal, and to Russia’s long-term plan

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

    If the Ukrainian president, Volodymyr Zelensky, and his Russian counterpart, Vladimir Putin, meet in Istanbul on May 15, territory – and who controls it – will be high on their agenda.

    Putin offered to start direct talks between Russia and Ukraine at a press conference on May 11. Donald Trump pushed Zelensky to accept this offer in a social media post, saying that “Ukraine should agree to this, IMMEDIATELY.”

    The Ukrainian president, still buoyed by a meeting with the British, French, German and Polish leaders that called for an unconditional 30-day ceasefire, agreed shortly afterwards.

    Russia has said it wants to focus on the Istanbul communique of March 2022 and a subsequent draft agreement that was negotiated, but never adopted, by the two sides in April 2022.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    These 2022 negotiations focused on Ukraine becoming a permanently neutral state and on which nations would provide security guarantees for any deal. They also relegated discussions over Crimea to separate negotiations with a ten-to-15-year timeframe.

    Russia uses the phrase “the current situation on the ground” as thinly disguised code for territorial questions that have become more contentious over the past three years. This relates to Russian gains on the battlefield and the illegal annexation of four Ukrainian regions in September 2022 (in addition to Crimea, which Russia also illegally annexed in 2014).

    Russia’s position, as articulated recently by the country’s foreign minister, Sergey Lavrov, is that “the international recognition of Crimea, Sevastopol, the DPR, the LPR, the Kherson and Zaporozhye regions as part of Russia is … imperative”.

    This is clearly a non-starter for Ukraine, as repeatedly stated by Zelensky. There could, however, be some flexibility on accepting that some parts of sovereign Ukrainian territory are under temporary Russian control. This has been suggested by both Trump’s Ukraine envoy, Keith Kellogg, and Kyiv’s mayor, Vitali Klitschko.


    Institute for the Study of War.

    Black Sea’s strategic value

    The territories that Russia currently occupies, and claims, in Ukraine have varying strategic, economic and symbolic value for Moscow and Kyiv. The areas with the greatest strategic value include Crimea and the territories on the shores of the Azov Sea, which provide Russia with a land corridor to Crimea.

    The international recognition of Crimea as part of Russia, as apparently suggested under the terms of an agreement hashed out by Putin and Trump’s envoy Steve Witkoff, could expand the areas of the Black Sea that Russia can claim to legally control.

    This could then be used by the Kremlin as a launchpad for renewed attacks on Ukraine and to threaten Nato’s eastern maritime flank in Romania and Bulgaria. Any permanent recognition of Russia’s control of these territories is, therefore, unacceptable to Ukraine and its European partners.



    Read more:
    Russia-China ties on full display on Victory Day – but all is not as well as Putin is making out

    Donetsk and Luhansk are of lower strategic value, compared with Crimea and the Kherson and Zaporizhzhia regions. However, they do have economic value because of the substantial resources located there. These include some of the mineral and other resources that were the subject of a separate deal which the US and Ukraine concluded on April 30.

    They also include Europe’s largest nuclear power plant in Zaporizhzhia and a large labour force among their estimated population of between 4.5 million to 5.5 million people who will be critical to Ukraine’s post-war reconstruction.

    Beyond the strategic and economic value of the illegally occupied territories, the symbolism that both sides attach to their control is the most significant obstacle to any deal, given how irreconcilable Moscow’s and Kyiv’s positions are. For both sides, control of these territories, or loss thereof, is what defines victory or defeat in the war.

    Putin may be able to claim that some territorial gains in Ukraine since the start of the full-scale invasion in February 2022 are a victory for Russia. But even for him any compromise that would see Russia give up territory that it has conquered – often at exceptionally high cost – would be a risky gamble for the stability of his regime.

    Anything less than the complete restoration of the country’s territorial integrity in its 1991 borders would imply recognition of defeat in the war for Ukraine. This would critically threaten the stability of the Zelensky government, whose political programme rests on exactly the premise of a return to the 1991 borders.

    Long-term consequences

    As a result, the Ukrainian leadership has become hostage to its own information strategy, which has placed the “return of all territories” at the top of the criteria for victory. This is a goal widely shared among Ukrainians, according to a poll conducted by the Razumkov Center in March 2025. But it will be hard to achieve.



    Read more:
    US-Ukraine minerals deal looks better for Kyiv than expected – but Trump is an unpredictable partner

    Apart from the potential domestic fall-out from any territorial compromises that Ukraine may be forced to make, there is another reason why the territorial question has become so intractable.

    Beyond any strategic, economic and symbolic value that the occupied Ukrainian territories hold from the Kremlin’s perspective, control over territory has always been an instrument for Russia to pursue its broader geopolitical agenda of exercising influence over its neighbours – from Moldova, to Georgia, Armenia and Ukraine.

    It is also important to remember that Russia’s territorial claims in Ukraine have gradually expanded since 2014. Until September 2022, when it annexed the other four regions, Russia laid claim to Crimea only.

    There is no guarantee that any territorial concession from Kyiv now would put a permanent end to Moscow’s territorial expansionism. It is therefore worrying that Trump envoy Witkoff, in an interview with the Breitbart news website, reiterated the US view that the two sides need to find compromises on who controls which territories.

    Russia’s aggression against Ukraine was not a war over territory as such, but was part of Moscow’s agenda to restore the sphere of influence that it lost at the end of the cold war. This agenda is far from finished.

    The strategy of both Moscow and Washington to focus on territorial consequences may lead to a ceasefire. But it will not address the fundamental issue of how to deal with a vengeful and revisionist autocracy on Europe’s doorsteps.

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

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

    – ref. Territorial concessions will be central to any Ukraine peace deal, and to Russia’s long-term plan – https://theconversation.com/territorial-concessions-will-be-central-to-any-ukraine-peace-deal-and-to-russias-long-term-plan-256347

    MIL OSI – Global Reports –

  • MIL-OSI Banking: Hong Kong (China SAR) general insurance industry to reach $10.9 billion by 2029, forecasts GlobalData

    Source: GlobalData

    Hong Kong (China SAR) general insurance industry to reach $10.9 billion by 2029, forecasts GlobalData

    Posted in Insurance

    The general insurance industry in Hong Kong (China SAR) is projected to grow at a compound annual growth rate (CAGR) of 5.1% from HKD69.9 billion ($8.9 billion) in 2025 to HKD85.4 billion ($10.9 billion) by 2029, in terms of gross written premium (GWP), according to GlobalData, a leading data and analytics company.

    According to GlobalData’s Hong Kong (China SAR) Insurance Database, the general insurance market in Hong Kong (China SAR) is estimated to reach HKD69.9 billion ($8.9 billion) in 2025, reflecting an annual growth rate of 4.7%. This growth is attributed to the economic recovery, an aging population, increased demand for health insurance products, the occurrence of natural disasters due to climate change, and the increasing demand for liability insurance.

    Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: ” The growth of the general insurance industry in Hong Kong (China SAR) is supported by rising demand for personal accident and health insurance from local and non-local customers, including mainland Chinese residents, the unpredictability of climate events, and the increasing demand for cyber insurance.”

    Personal Accident and Health (PA&H) insurance is the largest line of business and is expected to account for 34.7% of the general insurance GWP in 2025. The rising demand for health and travel insurance products from non-local customers has driven the growth of PA&H. Such demand mainly comes from Mainland China, the Middle East, and Southeast Asia. Increased connectivity with the Greater Bay Area (GBA) and the issuance of policies in either Hong Kong dollars or US dollars have supported this growth.

    The Insurance Authority (IA) will issue educational materials in Arabic for Middle East clients by Q2 2025 to further support the growing non-local demand. Additionally, increased connectivity to the GBA has provided insurers with access to the affluent population in cities such as Shenzhen and Guangzhou. Easing of restrictions from the GBA on the sales and servicing of insurance products will boost premium growth during 2025-29.

    Property insurance is the second-largest line of business with an estimated 22.2% share of the general insurance GWP in 2025. Property insurance, which grew by 9.1% in 2024, is expected to register 7.5% growth in 2025.

    Sahoo adds: “The increasing incidents of natural disasters such as typhoons and floods have prompted insurers to reassess risk models and implement stricter underwriting policies. The Hong Kong Government’s investments in infrastructure projects are expected to further enhance the property insurance market as insurers adapt to climate risks and offer innovative solutions like parametric insurance.

    Liability insurance is the third-largest line of business, estimated to account for 22.1% of the general insurance GWP in 2025. This line of business is set to grow at a CAGR of 3.4% during 2025-29, driven by the demand for cyber insurance products spurred by rising digital threats. The digitalization efforts in the region will also play a crucial role in the growth of liability insurance in Hong Kong. Small and medium enterprises are increasingly investing in cyber insurance amid rising business risk and to adhere to data privacy laws.

    Other general insurance lines, such as motor, financial lines, and marine, aviation, and transit, are estimated to account for the remaining 21.6% share of the general insurance GWP in 2025.

    Sahoo concludes: “The growth of Hong Kong’s general insurance market will continue to depend on Mainland China. The country’s super-aging population will present both challenges and opportunities for the general insurance industry. Furthermore, the growing demand for property and cyber insurance will enhance market penetration in the coming years. However, the expected reciprocal tariff from the US will change the dynamics and is expected to emerge as a threat to insurers’ profitability.”

    MIL OSI Global Banks –

  • MIL-OSI United Nations: Secretary-General’s press encounter following the Ministerial Meeting on the Future of Peacekeeping

    Source: United Nations secretary general

    Minister Wadepuhl, Minister Pistorius,

    Ladies and gentlemen,

    I thank the Government of Germany for hosting impeccably this important meeting in Berlin.

    Germany is a pillar of the multilateral system…

    A strong and generous supporter of the United Nations…

    And an essential partner in our peacekeeping, peacebuilding and humanitarian assistance efforts — with almost 200 German peacekeepers now serving in our ranks.

    I am especially pleased to be here so soon after the new Government took office, and I look forward to building on our partnership in the time ahead.

    The commitment of the German government — and the German people themselves — is strongly reflected in this Ministerial meeting on the future of peacekeeping.

    As I said in my remarks, this year marks the 80th anniversary of the United Nations.

    And nothing symbolizes our organization’s commitment to peace more clearly than our Blue Helmets.

    UN Peacekeeping operations are a cornerstone of the United Nations.

    Each and every day, peacekeepers are hard at work in trouble spots around the world.

    Protecting civilians caught in the line of fire.

    Maintaining ceasefires.

    Keeping lifesaving humanitarian aid flowing.

    And building the foundations of peace in countries shattered by conflict.

    Many have paid the ultimate price over the years — 4,400 in all.

    Their memories, and their service in the cause of peace, will never be forgotten.

    Which is why the commitments being made here today and tomorrow are so important.

    I am heartened by the exceptional turn-out of Ministers from across the globe, representing the full range of peacekeeping partners.  

    Now more than ever we need the political support of UN Member States.

    The goal is not just to keep a lid on conflicts — but to build political support for lasting solutions that can build peace.

    Over these two days, we welcome Member States’ statements of support for peacekeeping — as well as their pledges of military and police capabilities, new partnerships and technological support.

    This meeting is also about something more fundamental:

    The future of peacekeeping itself.

    Let me be clear.

    Peacekeeping operations today are facing massive challenges, increasing the dangers that our brave peacekeepers already face.

    A record number of conflicts.

    Deepening division and mistrust.

    Terrorism and transnational crime.

    And the direct targeting of peacekeepers through drones, improvised explosive devices and even social media.

    We need to ask some tough questions about the mandates guiding these operations, and what the outcomes and solutions should look like.

    Every context is different.

    From our operations in Lebanon, the Central African Republic and South Sudan…

    To our partnerships with the African Union, made stronger with the Security Council’s resolution to support peace enforcement missions under the AU’s responsibility, supported by the UN, including through assessed contributions…
     
    We are working to adapt, to tailor and to support our missions to the needs and requirements of each context.

    Unfortunately, peacekeeping operations have been facing serious liquidity problems.
     
    It is absolutely essential that all Member States respect their financial obligations, paying their contributions in full and on time. 
     
    At the same time, we’re moving forward on an ambitious Review of Peace Operations — including peacekeeping — but also the peace enforcing missions that are becoming more and more neccessary has called for by Member States in September’s Pact for the Future.

    We’re examining how to make peace operations more efficient, cost-effective, flexible and resilient — including in contexts where there is no peace to keep.

    Today’s Ministerial is an important part of this work as we share ideas, and explore ways to strengthen this important function for the future.

    Peacekeepers — and the populations they protect — deserve nothing less.

    In their names, I want to express my thanks and appreciation to Germany and all the countries in attendance, for helping us ensure that peacekeeping is fully equipped for today’s realities and tomorrow’s challenges.

    MIL OSI United Nations News –

  • MIL-OSI China: China outlines measures to boost yields of grain and oil crops

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

    China aims to promote the increase in large-scale yields of grain and oil crops per unit, with specific measures outlined at an agriculture working conference held by the Ministry of Agriculture and Rural Affairs in Suihua, Heilongjiang province, said an online statement on Tuesday.

    The conference stressed the importance of implementing measures to achieve yield improvements, with a focus on the integration of good fields, quality seeds, efficient machinery and effective methods.

    Local authorities are urged to deepen the restoration and management of farmland ditches and channels, and to promote the adoption of efficient water-saving irrigation systems.

    It is also encouraged to adopt high-yielding, stable and stress-resistant crop varieties to expand seed coverage, as well as use high-performance planting machinery and efficient, low-loss harvesting equipment to enhance equipment compatibility. In addition, key technologies such as precise control of corn planting density, large-ridge and densely planting of soybeans, and side-deep fertilization of rice should be promoted, according to the statement.

    The conference underscored the significance of scientific support from experts and agricultural technicians, as well as the application of research outcomes to boost yields. It also warned about the potential challenges posed by the recent spring and summer planting seasons and flood season in ensuring production output.

    MIL OSI China News –

  • MIL-OSI Europe: AFRICA/DR CONGO – Testimony of the forgotten conflict in eastern DRC: The “100 days of liberated Goma”

    Source: Agenzia Fides – MIL OSI

    Wednesday, 14 May 2025 wars  

    Kinshasa (Agenzia Fides) – “Goma, capital of the North Kivu region, two million inhabitants. An occupied city, on its knees. Stretched along the shores of Lake Kivu, caressed by the heat of the Nyiragongo volcano, its beauty and the peace of some thirty years are turning into tears of fear and death.” These are the words that highlight the dramatic testimony sent to Fides from Goma, a city in the eastern Democratic Republic of Congo (DRC) that fell into the hands of the M23 rebels at the end of January. For security reasons, we are publishing it in full, omitting the author’s name: On January 28, after two days of intense fighting between the regular Congolese army, supported by the “Wazalendo” (patriotic militias), against the AFC (Congo River Alliance) and M23 (March 23, an invading rebel group supported by the Rwandan army), the city was once again declared “liberated.” A liberation that left a tragic toll of thousands of innocent civilians dead, many of them in their own homes, built with precarious materials, incapable of offering any shelter. Looting, rape, and abuse perpetrated by armed men from various factions have left deep scars. More than 100 days after the fighting, the wounds remain open, both on the body and in the collective memory of the population. Freedom of expression, human dignity, and the right to life and peace have been brutally violated. Today, the law of terror is imposed at gunpoint and with the blows of batons. The judicial system has collapsed. Instead of courts, detention centers have been set up that, in practice, function as places of torture. Prisons have been emptied—some 3,000 prisoners disappeared during the city’s capture—and trials, when they are held, are summary and improvised, even in the open air. The night has become a nightmare for the most vulnerable neighborhoods. Armed men break into homes to rob and sexually assault. These individuals include former prisoners, former military deserters, militia members, and others, operating anonymously under the cover of darkness. Sometimes, the attackers are captured by neighbors trying to defend the victims; their bodies often appear the next morning, abandoned or even burned. Fear, anger, and the absence of justice fuel a form of mob justice that is faceless and merciless. The search for alleged members of the FDLR (Democratic Forces for the Liberation of Rwanda), accused of participating in the 1994 genocide and now hiding in the neighborhoods of Goma, often serves as a pretext for personal vendettas or ethnic clashes, exacerbating already existing tensions. Arbitrary arrests and disappearances are part of a policy of repression aimed at silencing any dissenting voice. The economic situation is equally critical. The financial system is paralyzed: banks remain closed, preventing the payment of salaries, including those of teachers in affiliated schools. Commerce is at a standstill, and the international airport, vital to the city’s economic life, was bombed during the fighting and is out of service. The promises to keep alive hope for a better future—occupation propaganda comparing the supposedly more effective new “liberation” regime with the corrupt and ineffective old regime in Kinshasa—are numerous; but they fade with each passing day. Many young people, disillusioned with life or desperate with rage, volunteer to enlist in the army of the new masters and fight the regular army of the central government. Solution or illusion? Dying for the sake of dying: it’s worth a try. But the struggle for life has not been broken. The population helps each other in a thousand ways. The tens of thousands of displaced people, whose camps have been dismantled by the new authorities, have found refuge in the homes of friends, relatives, or people of good will. They share the same fears, the same suffering, but also the same hopes. The number of crosses increases, sometimes even invisible, because there is no trace left of the missing. But among the black lava rocks of the Nyiragongo volcano, scattered along the neighborhood roads, flowers are sprouting. With difficulty, because the earth is still soaked with blood. They are flowers with thin stems, but fragrant and colorful: red flowers, the color of the painful tears shed every day; green flowers, of hope and resistance, so that life does not die; flowers that symbolize a new society: the new society of Congo that is being born from the ashes of war. Yes, because life is like the sun: no matter how long and stormy the night, at dawn the sun reappears. (Agenzia Fides, 14/5/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Global: Challenges to high-performance computing threaten US innovation

    Source: The Conversation – USA – By Jack Dongarra, Emeritus Professor of Computer Science, University of Tennessee

    Oak Ridge National Laboratory’s Frontier supercomputer is one of the world’s fastest. Oak Ridge Leadership Computing Facility, CC BY

    High-performance computing, or HPC for short, might sound like something only scientists use in secret labs, but it’s actually one of the most important technologies in the world today. From predicting the weather to finding new medicines and even training artificial intelligence, high-performance computing systems help solve problems that are too hard or too big for regular computers.

    This technology has helped make huge discoveries in science and engineering over the past 40 years. But now, high-performance computing is at a turning point, and the choices the government, researchers and the technology industry make today could affect the future of innovation, national security and global leadership.

    High-performance computing systems are basically superpowerful computers made up of thousands or even millions of processors working together at the same time. They also use advanced memory and storage systems to move and save huge amounts of data quickly.

    With all this power, high-performance computing systems can run extremely detailed simulations and calculations. For example, they can simulate how a new drug interacts with the human body, or how a hurricane might move across the ocean. They’re also used in fields such as automotive design, energy production and space exploration.

    Lately, high-performance computing has become even more important because of artificial intelligence. AI models, especially the ones used for things such as voice recognition and self-driving cars, require enormous amounts of computing power to train. High-performance computing systems are well suited for this job. As a result, AI and high-performance computing are now working closely together, pushing each other forward.

    Lawrence Livermore National Laboratory’s supercomputer El Capitan is currently the world’s fastest.

    I’m a computer scientist with a long career working in high-performance computing. I’ve observed that high-performance computing systems are under more pressure than ever, with higher demands on the systems for speed, data and energy. At the same time, I see that high-performance computing faces some serious technical problems.

    Technical challenges

    One big challenge for high-performance computing is the gap between how fast processors are and how well memory systems can keep up with the processors’ output. Imagine having a superfast car but being stuck in traffic – it doesn’t help to have speed if the road can’t handle it. In the same way, high-performance computing processors often have to wait around because memory systems can’t send data quickly enough. This makes the whole system less efficient.

    Another problem is energy use. Today’s supercomputers use a huge amount of electricity, sometimes as much as a small town. That’s expensive and not very good for the environment. In the past, as computer parts got smaller, they also used less power. But that trend, called Dennard scaling, stopped in the mid-2000s. Now, making computers more powerful usually means they use more energy too. To fix this, researchers are looking for new ways to design both the hardware and the software of high-performance computing systems.

    There’s also a problem with the kinds of chips being made. The chip industry is mainly focused on AI, which works fine with lower-precision math like 16-bit or 8-bit numbers. But many scientific applications still need 64-bit precision to be accurate. The greater the bit count, the more digits to the right of the decimal point a chip can process, hence the greater precision. If chip companies stop making the parts that scientists need, then it could become harder to do important research.

    This report discusses how trends in semiconductor manufacturing and commercial priorities may diverge from the needs of the scientific computing community, and how a lack of tailored hardware could hinder progress in research.

    One solution might be to build custom chips for high-performance computing, but that’s expensive and complicated. Still, researchers are exploring new designs, including chiplets – small chips that can be combined like Lego bricks – to make high-precision processors more affordable.

    A global race

    Globally, many countries are investing heavily in high-performance computing. Europe has the EuroHPC program, which is building supercomputers in places such as Finland and Italy. Their goal is to reduce dependence on foreign technology and take the lead in areas such as climate modeling and personalized medicine. Japan built the Fugaku supercomputer, which supports both academic research and industrial work. China has also made major advances, using homegrown technology to build some of the world’s fastest computers. All of these countries’ governments understand that high-performance computing is key to their national security, economic strength and scientific leadership.

    The U.S.-China supercomputer rivalry explained.

    The United States, which has been a leader in high-performance computing for decades, recently completed the Department of Energy’s Exascale Computing Project. This project created computers that can perform a billion billion operations per second. That’s an incredible achievement. But even with that success, the U.S. still doesn’t have a clear, long-term plan for what comes next. Other countries are moving quickly, and without a national strategy, the U.S. risks falling behind.

    I believe that a U.S. national strategy should include funding new machines and training for people to use them. It would also include partnerships with universities, national labs and private companies. Most importantly, the plan would focus not just on hardware but also on the software and algorithms that make high-performance computing useful.

    Hopeful signs

    One exciting area for the future is quantum computing. This is a completely new way of doing computation based on the laws of physics at the atomic level. Quantum computers could someday solve problems that are impossible for regular computers. But they are still in the early stages and are likely to complement rather than replace traditional high-performance computing systems. That’s why it’s important to keep investing in both kinds of computing.

    The good news is that some steps have already been taken. The CHIPS and Science Act, passed in 2022, provides funding to expand chip manufacturing in the U.S. It also created an office to help turn scientific research into real-world products. The task force Vision for American Science and Technology, launched on Feb. 25, 2025, and led by American Association for the Advancement of Science CEO Sudip Parikh, aims to marshal nonprofits, academia and industry to help guide the government’s decisions. Private companies are also spending billions of dollars on data centers and AI infrastructure.

    All of these are positive signs, but they don’t fully solve the problem of how to support high-performance computing in the long run. In addition to short-term funding and infrastructure investments, this means:

    • Long-term federal investment in high-performance computing R&D, including advanced hardware, software and energy-efficient architectures.
    • Procurement and deployment of leadership-class computing systems at national labs and universities.
    • Workforce development, including training in parallel programming, numerical methods and AI-HPC integration.
    • Hardware road map alignment, ensuring commercial chip development remains compatible with the needs of scientific and engineering applications.
    • Sustainable funding models that prevent boom-and-bust cycles tied to one-off milestones or geopolitical urgency.
    • Public-private collaboration to bridge gaps between academic research, industry innovation and national security needs.

    High-performance computing is more than just fast computers. It’s the foundation of scientific discovery, economic growth and national security. With other countries pushing forward, the U.S. is under pressure to come up with a clear, coordinated plan. That means investing in new hardware, developing smarter software, training a skilled workforce and building partnerships between government, industry and academia. If the U.S. does that, the country can make sure high-performance computing continues to power innovation for decades to come.

    Jack Dongarra receives funding from the NSF and the DOE.

    – ref. Challenges to high-performance computing threaten US innovation – https://theconversation.com/challenges-to-high-performance-computing-threaten-us-innovation-255188

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump is making it easier to fire federal workers, but they have some legal protections – 3 essential reads

    Source: The Conversation – USA – By Amy Lieberman, Politics + Society Editor, The Conversation

    An estimated 2% of federal civil servants could soon find their jobs are no longer secure under the Trump administration. iStock/Getty Images Plus

    The Trump administration is moving ahead with policy changes that would make it easier to fire some federal workers.

    The Office of Personnel Management, or OPM, filed proposed regulations in the Federal Register on April 23, 2025, that would reclassify about 50,000 career civil servants as “at-will” employees.

    Trump’s first administration attempted similar changes, known as by some as Schedule F but those plans were not implemented.

    An estimated 2% of nearly all of the 3 million federal workers would then experience a shift in how the government classifies their jobs, renaming their classification “Schedule Policy/Career.”

    It is not entirely clear which workers will be reclassified, since the process is largely at Trump’s discretion.

    “This will allow agencies to quickly remove employees from critical positions who engage in misconduct, perform poorly, or undermine the democratic process by intentionally subverting Presidential directives,” the Office of Personnel Management proposal reads.

    Trump supports these changes and says they can help remove corrupt or unqualified workers. Critics maintain that the changes will allow the administration to fire federal employees the administration sees as not supporting its agenda.

    Trump is expected to sign another executive order in the next few weeks that would formally reclassify certain federal job positions as Schedule Policy/Career.

    Here are three stories from The Conversation’s archive about the rights of federal civil servants.

    Former U.S. Agency for International Development employees terminated by the Trump administration collect their belongings at USAID headquarters in February 2025.
    Chip Somodevilla/Gety Images

    1. When a president fired half of the civil service

    Before Trump was elected to a second term in November 2024, he promised he would fire as many as 50,000 civil servants and replace them with people loyal to him.

    Nearly 200 years before that, President Andrew Jackson took office in 1828 and promptly fired about half of the government’s civil service. He replaced these employees with political loyalists. This shift became known as the spoils system.

    “The result was not only an utterly incompetent administration, but widespread corruption,” write Sidney Shapiro, a professor of law at Wake Forest University, and Joseph P. Tomain, a professor of law at the University of Cincinnati.

    Samuel Swartwout, for example, was a Jackson former Army friend whom he selected to serve as collector of customs in New York. The job was well paid and prestigious, and “involved collecting taxes and fees on imported goods that arrived in the nation’s busiest port.”

    “But a congressional investigation showed that Swartwout had stolen a little more than US$1.2 million during his tenure, or about $40 million in today’s dollars,” Shapiro and Tomain write.

    Jackson also found that he could not legally influence hiring at all federal agencies, including the U.S. Post Office, and easily place his own high-level appointees there.

    Today, some federal workers, including U.S. Border Patrol agents, would be exempt from Trump’s reclassification plans.



    Read more:
    Donald Trump wants to reinstate a spoils system in federal government by hiring political loyalists regardless of competence

    An 1830 political cartoon by Thomas Nast about civil service reform shows five people bowing down at a statue of Andrew Jackson.
    Fotosearch/Getty Images

    2. Federal workers have protections against partisan attacks

    Federal workers have had federal legal protections for their hiring and firing in place since the 1880s. This has helped federal employees thwart moves by presidents like Jackson aiming to “control a lot of workers who would serve the president,” and not the American people, according to James L. Perry, a scholar of public affairs at Indiana University, Bloomington.

    The 1883 Pendleton Act ensures that “government workers are hired based on their skills and abilities, not their political views,” Perry says. Congress updated this law in 1978 with the Civil Service Reform Act, which provides additional “protections for workers against being fired for political reasons.”

    “Those rules cover about 99% of staff in the federal civil service. Currently, there are just about 4,000 political appointees,” Perry told Jeff Inglis, an editor at The Conversation U.S., in February 2025.

    Perry points out that the Trump administration’s proposed restructuring would also likely be unpopular among Americans. As many as 87% of Americans have said they want a merit-based, politically neutral civil services, according to Perry



    Read more:
    Trump’s moves to strip employment protections from federal workers threaten to make government function worse – not better

    .

    3. A precarious moral and ethical tightrope

    Leading into Trump’s second term, federal government workers were advised by colleagues to “stay calm and keep their heads down,” and draw minimal attention to their work. This includes not directly using terms like climate change and human rights, which they correctly thought the administration would target, according to Jaime L. Kucinskas, a sociologist at Hamilton College.

    There were some unknowns about how Trump’s second administration would act. But many civil servants also likely understood that “this pressure is real” under the new administration and could affect their day-to-day work, Kucinskas writes.

    Kucinskas interviewed 66 career civil servants from 2017 through 2020. A number of these workers told Kucinskas that working under the first Trump administration caused their mental health and morale to decline. The experience also worsened their productivity and innovation at work.

    “Among a sizable proportion of the people I spoke with, the pressures at work became too much; about a quarter of those I spoke with quit during the first Trump administration,” Kucinskas wrote in January 2025.

    Some civil servants chose to not speak openly about their work experiences with the first Trump administration, including mid-level civil service workers who watched as political appointees “fought over policy agendas levels above them,” according to Kucinskas. Other employees tried to simply keep their work moving, regardless of the politics at play.

    “Yet, even among those who felt most alone, I found they had many experiences in common with others who also felt isolated in trying to walk a precarious moral and ethical tightrope between their desire to faithfully serve the elected president – under chaotic leadership and insufficient and sometimes questionably legal guidance,” Kucinskas wrote, “and do quality work upholding the law and benefiting the nation and the American public



    Read more:
    Civil servants brace for a second Trump presidency

    .”

    This story is a roundup of articles from The Conversation’s archives.

    – ref. Trump is making it easier to fire federal workers, but they have some legal protections – 3 essential reads – https://theconversation.com/trump-is-making-it-easier-to-fire-federal-workers-but-they-have-some-legal-protections-3-essential-reads-256313

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Gaza: Minister for the Middle East statement, 14 May 2025

    Source: United Kingdom – Executive Government & Departments

    Oral statement to Parliament

    Gaza: Minister for the Middle East statement, 14 May 2025

    Minister for the Middle East Hamish Falconer made a statement to the House of Commons on Gaza.

    Mr Speaker,

    Yesterday, alongside partners, the UK convened a meeting of the UN Security Council in response to the intolerable civilian suffering and humanitarian need in Gaza.

    As I told this House yesterday, Israel’s denial of aid is appalling. 

    Tonnes of food are currently sitting rotting at the Gaza/Israel border, blocked from reaching people who are starving.

    Israeli Ministers have said Israel’s decision to block this aid is a “pressure lever”.

    This is cruel and it is indefensible.

    Overnight yet more Palestinians have been killed in Israeli strikes.

    This must end.

    The message yesterday was clear.

    The world wants Israel to stop and change course immediately.

    With our allies we are telling the Government of Israel:  lift the block on aid entering Gaza now. Enable the UN and all humanitarians to save lives, now. We need an immediate ceasefire, now.

    Humanitarian aid must never be used as a political tool or military tactic. And the UK will not support any aid mechanism that seeks to deliver political or military objectives or puts vulnerable civilians at risk.

    The International Court of Justice case on genocide is ongoing.

     Mr Speaker,

    We support the ICJ. We support its independence.

    The ICJ issued a set of provisional measures in this case and we support those measures.

    Israel has an obligation to implement them.

    It is the UK government’s long-standing position that any formal determination as to whether genocide has occurred is a matter for a competent court, and not for governments or non-judicial bodies.

    The UK is fully committed to upholding our responsibilities under domestic and international law.

    And we have at all times acted in a manner consistent with our legal obligations, including under the Genocide Convention.

    The devastation from this conflict must end.

    Our complete focus is on lifting Israeli restrictions on aid,

    On freeing the hostages held by Hamas,

    On protecting civilians,

    And on restoring the ceasefire.

    We will work urgently with our allies and partners on further pressure to make Israel change course.

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Enphase Energy Announces IQ Batteries Qualify for New York Battery Incentive Program

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced that homeowners in all of New York’s major investor-owned electric utility service territories who install Enphase IQ® Batteries can now qualify to enroll in the NYSERDA New York Battery Incentive Program. Qualifying homeowners can receive an upfront payment of up to $6,250 through the program.

    Homeowners in the Central Hudson, ConEd, NYSEG, National Grid, Orange and Rockland, and Rochester G&E service areas could receive the upfront incentive. Homeowners in the ConEd territory of New York City and Westchester County are eligible for an upfront incentive of $250/kWh, capped at $6,250 per site. For example, customers who install five IQ® Battery 5Ps could earn $6,250 upfront. Additionally, homeowners in all other utility territories are eligible for an upfront incentive of $200/kWh, capped at $5,000 per site. Homeowners who install five IQ Battery 5Ps can earn up to $5,000 upfront.

    “This incentive program significantly reduces the upfront cost of energy storage for our customers,” said Michael Catizone, president and co-founder at Long Island Power Solutions, an installer of Enphase products in New York. “The combination of the IQ Battery’s reliability with NYSERDA’s incentives creates a compelling value proposition for homeowners looking to gain energy independence.”

    “Our customers consistently praise the seamless integration between Enphase solar and battery products,” said Achilles Tzoulafis, owner of Infinity Energy, an installer of Enphase products in New York. “With this new incentive program, the advanced monitoring and control features of the IQ Battery are now more accessible to New York homeowners concerned about rising energy costs.”

    “With nearly a million homes losing power during major storms in 2024 alone, and unprecedented utility rate hikes across New York, homeowners urgently need reliable backup solutions,” said Steve Kasselman, president and CEO of Kasselman Solar, a Platinum level installer of Enphase products in New York. “At Kasselman Solar, we’ve deployed multiple generations of Enphase battery systems statewide — and the IQ Battery 5P is their smartest, most advanced, and dependable technology yet. NYSERDA’s new incentive makes this proven solution more affordable than ever, providing residents immediate energy independence, lasting savings, and peace of mind that the lights will stay on, no matter what.”

    “There are hundreds of active installers of Enphase products and tens of thousands of existing Enphase solar-only systems that could benefit from this program,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “This program can help accelerate the adoption of reliable home energy storage by supporting homeowner energy independence while potentially providing significant savings.”

    NYSERDA opened its registration portal for participating contractors on April 22, 2025, and will start receiving residential incentive applications on June 10, 2025. Enphase IQ Battery 5Ps and soon-to-be-released IQ® Battery 10Cs are expected to qualify for the program. For instructions on how to register and submit an incentive, installers can view the program manual. For more information about the New York Battery Incentive Program, please visit the NYSERDA website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power — and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; expectations regarding NYSERDA New York Battery Incentive Program; and timing and availability of qualifying under the various programs. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Security: Toppenish Man Pleads Guilty to Assault and Firearm Charges for Shooting at Law Enforcement

    Source: Office of United States Attorneys

    Yakima, Washington – Acting United States Attorney Richard R. Barker announced that Leland James Vijarro, age 26, of Toppenish, Washington, pled guilty in the U.S. District Court for the Eastern District of Washington to assault and firearm charges for shooting at federal officers.

    Based on court documents and information presented at the change-of-plea hearing, at around 9 p.m. on February 10, 2024, law enforcement in Toppenish, Washington, responded to reports that two vehicles were chasing one another.  According to these reports, the vehicles’ occupants were firing gunshots at one another

    When officers responded to the scene and stopped one of the vehicles involved, Vijarro, who was a passenger in the vehicle, got out and ran from the scene, armed with a .45 caliber pistol and ammunition. Vijarro then fled into a nearby home in attempt to hide from law enforcement. At this point, law enforcement set up a permitter around the home where Vijarro was apparently hiding.

    Just before 11p.m., Vijarro walked into the backyard of the home and fired three shots at law enforcement. Vijarro then stood on top a pallet in the backyard, took up a shooting stance while aiming at law enforcement, and fired two more shots. Two Yakima County Sheriff’s Office vehicles were hit by bullets fired by Vijarro.

    Vijarro eventually surrendered to law enforcement after breaking into a home next door and barricading himself inside. These events, including the shots fired at law enforcement, occurred on the Yakama Nation Indian Reservation. Mr. Vijarro is not an enrolled member of the Yakama Nation.

    At the change-of-plea hearing, Vijarro admitted that he intentionally fired at law enforcement officers, who had set up a perimeter around the home he had barricaded himself in.

    “Firing at law enforcement officers is an intolerable act of violence that puts lives at risk and undermines public safety,” stated Acting United States Attorney Rich Barker. Mr. Vijarro’s reckless and dangerous actions could have resulted in tragedy. I commend the officers involved for their professionalism and restraint.  The U.S. Attorney’s Office is committed to working closely with our federal, state, local, and Tribal partners to hold violent offenders accountable and protect our communities.”

    “During Police Week, we are especially reminded of how law enforcement place themselves daily in harm’s way to protect us. FBI Seattle and our partners are committed to combatting violent crime to keep our communities safe, including on tribal lands,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “From the vehicle chase to the hiding in houses, so many parts of this scenario were dangerous and could have resulted in far worse results than the damaged sheriff’s office vehicles. We are thankful no one was injured by Mr. Vijarro’s actions.”

    United States District Judge Mary K. Dimke accepted Vijarro’s plea and set sentencing for August 11, 2025. 

    This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Bree R. Black Horse.

    1:24-cr-02055-MKD

    MIL Security OSI –

  • MIL-OSI Security: Troy Man Pleads Guilty to Marijuana Trafficking and Money Laundering Conspiracies

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Isiah Ti-Quan Clements, aka “Zay,” age 38, of Troy, New York, pled guilty today to marijuana trafficking and money laundering.

    United States Attorney John A. Sarcone III; Bryan Miller, Special Agent in Charge of the New York Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Frank A. Tarentino III, Special Agent in Charge, U.S. Drug Enforcement Administration (DEA), New York Division; Troy Police Chief Daniel DeWolf; and Erin Keegan, Special Agent in Charge of the Buffalo Field Office of Homeland Security Investigations (HSI), made the announcement.

    United States Attorney John A. Sarcone III stated: “This prosecution of a sophisticated marijuana trafficking and money laundering organization was made possible by the close collaboration of federal, state and local law enforcement agencies on both coasts. Marijuana remains illegal under federal law and we continue to investigate and prosecute the criminal organizations profiting mightily from its illicit distribution.”

    Clements admitted to being a member of a marijuana and tetrahydrocannabinols (THC) trafficking organization that cultivated marijuana on a commercial scale in Fresno, California, and shipped thousands of kilograms of marijuana and THC from Fresno to locations throughout the United States, including the Capital Region of New York.  Clements also admitted to laundering marijuana and THC proceeds for the organization. 

    Clements admitted to receiving packages of marijuana shipped by Dwight A. Singletary, II, aka “Nutt” and “Mike Jones,” and McKenzie Merrialice Coles, aka “Kenzie,” from a shipping store in Fresno, Fast Pack & Ship, at his home and a restaurant in Troy.  Clements also arranged shipments of marijuana to his sister, LaFay Pearson, aka “Lala,” at her apartment in Troy, and coordinated the receipt of shipments of marijuana by his aunt, Consanga Harris, aka “Sondy,” at her home in Troy.  After the packages of marijuana were delivered to the defendant, Harris, and Pearson, they were picked up by or dropped off to David Singletary, aka “DB.” 

    Clements was notified of the shipments of marijuana by Coles and Dwight Singletary and was paid between $300 and $400 for each package of marijuana received.  Between June 2018 and May 2022, the defendant received and coordinated the receipt of approximately 1,102 kilograms (2,429 pounds) of marijuana. 

    Clements also laundered marijuana and THC proceeds for the organization, including by exchanging $110,200 in cash drug proceeds consisting of small bills for large bills at a bank and credit union in the Capital Region; purchasing over $127,000 in cashier’s checks with cash drug proceeds; flying from the Capital Region to Fresno with suitcases full of cash drug proceeds; depositing cash drug proceeds into business and other accounts held by Coles and Dwight Singletary; sending over $20,000 in money transfers purchased with cash drug proceeds from the Capital Region to Fresno and Modesto, California; and paying contractors working on properties in the Capital Region owned by Dwight Singletary and his company, DAS Empire, Inc., with cash drug proceeds. 

    Clements faces at least 10 years and up to life in prison on the two counts to which he pled guilty, conspiring to distribute marijuana and conspiring to commit money laundering; fines of up to $10.25 million; and a term of supervised release of between 5 years and life.  A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

    Clements was charged in an indictment with Dwight Singletary, David Singletary, Coles, Pearson, Harris, and 18 other people charging marijuana distribution and money laundering conspiracies, firearms offenses, and other crimes.  Dwight Singletary, David Singletary, and Coles have pled not guilty and are presumed innocent unless and until proven guilty.  The charges in the indictment are merely accusations as to them. 

    In addition to Clements, Person, and Harris, 15 other defendants – Rosemary Coles, Latrice Mumphrey, Lawrence Mumphrey, aka “L,” Sammy Olague, Victor Turner, Kristle Walker, Niara Banks, aka “Nie,” Ruby Ledesma, Lateek White, Onisha Smith, Jazell Shuler, Earnest Flood, aka “Pop,” James Tyrell Daniels, aka “Red” and “Ghost,” Alyssa June White, and Toquanda Ketchmore, aka “Quannie” – previously pled guilty. 

    The ATF, DEA, Troy Police Department and HSI are investigating the case. Assistant U.S. Attorneys Cyrus P.W. Rieck and Dustin C. Segovia are prosecuting the case.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    9% year-over-year revenue growth

    Affirms sequential quarterly revenue growth target throughout 2025

    MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

    First Quarter of 2025 Results Overview
    Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

    Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

    Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

    Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

    Corporate Credit Rating 
    On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

    Business Outlook
    Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor 
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    (Financial tables follow)

       
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      March 31,   December 31,  
      2025   2024  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 274,818   $ 271,894  
    Short-term deposits 906,446   946,351  
    Trade accounts receivable 219,496   211,932  
    Inventories 276,072   268,295  
    Other current assets 51,429   61,817  
    Total current assets 1,728,261   1,760,289  
    PROPERTY AND EQUIPMENT, NET 1,346,213   1,286,622  
    OTHER LONG-TERM ASSETS, NET 34,131   33,574  
    TOTAL ASSETS $ 3,108,605   $ 3,080,485  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 27,490   $ 48,376  
    Trade accounts payable 118,318   130,624  
    Deferred revenues and customers’ advances 17,233   21,655  
    Other current liabilities 86,421   84,409  
    Total current liabilities 249,462   285,064  
    LONG-TERM DEBT 134,835   132,437  
    OTHER LONG-TERM LIABILITIES 22,293   22,804  
    TOTAL LIABILITIES 406,590   440,305  
    TOTAL SHAREHOLDERS’ EQUITY 2,702,015   2,640,180  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,108,605   $ 3,080,485  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    REVENUES $ 358,170     $ 387,191     $ 327,238  
    COST OF REVENUES 284,999     300,338     254,632  
    GROSS PROFIT 73,171     86,853     72,606  
    OPERATING COSTS AND EXPENSES:                
    Research and development 20,172     20,622     19,951  
    Marketing, general and administrative 20,101     19,812     18,670  
      40,273     40,434     38,621  
                     
    OPERATING PROFIT 32,898     46,419     33,985  
    FINANCING AND OTHER INCOME, NET 10,598     8,315     3,984  
    PROFIT BEFORE INCOME TAX 43,496     54,734     37,969  
    INCOME TAX BENEFIT (EXPENSE), NET   (3,779 )     (2,149 )   5,078  
    NET PROFIT 39,717     52,585     43,047  
    Net loss attributable to non-controlling interest 425     2,553     1,587  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    BASIC EARNINGS PER SHARE $ 0.36     $ 0.49     $ 0.40  
    Weighted average number of shares 111,575     111,493     110,840  
    DILUTED EARNINGS PER SHARE $ 0.35     $ 0.49     $ 0.40  
    Weighted average number of shares 113,152     112,967     111,627  
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    Stock based compensation and amortization of acquired intangible assets 10,335     11,258     7,209  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 50,477     $ 66,396     $ 51,843  
    ADJUSTED EARNINGS PER SHARE:                
    Basic $ 0.45     $ 0.60     $ 0.47  
    Diluted $ 0.45     $ 0.59     $ 0.46  
                     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 271,894     $ 270,979     $ 260,664  
    Net cash provided by operating activities 93,922     100,816     110,038  
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Debt received (repaid), net   (26,874 )   2,795       (8,409 )
    Effect of Japanese Yen exchange rate change over cash balance 2,817       (4,972 )     (2,665 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net 44,470       (4,328 )     (1,113 )
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
                     
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three months ended
        March 31,     December 31,     March 31,
        2025     2024     2024
    CASH FLOWS – OPERATING ACTIVITIES                      
    Net profit for the period $ 39,717     $ 52,585     $ 43,047  
    Adjustments to reconcile net profit for the period                      
    to net cash provided by operating activities:                      
    Income and expense items not involving cash flows:                      
    Depreciation and amortization *   74,228       75,820       59,544  
    Other expense, net   558       12,439       5,993  
    Changes in assets and liabilities:                      
    Trade accounts receivable   (6,354 )     (19,034 )     (6,489 )
    Other current assets   5,622       (36,464 )     (13,454 )
    Inventories   (4,128 )     (3,356 )     (23,703 )
    Trade accounts payable   (11,114 )     18,320       32,559  
    Deferred revenues and customers’ advances   (4,432 )     (8,712 )     (1,931 )
    Other current liabilities   3,718       7,057       16,868  
    Other long-term liabilities   (3,893 )     2,161       (2,396 )
    Net cash provided by operating activities   93,922       100,816       110,038  
    CASH FLOWS – INVESTING ACTIVITIES                      
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net   44,470       (4,328 )     (1,113 )
    Net cash used in investing activities   (66,941 )     (97,724 )     (99,131 )
    CASH FLOWS – FINANCING ACTIVITIES                      
    Debt received (repaid), net   (26,874 )     2,795       (8,409 )
    Net cash provided by (used in) financing activities   (26,874 )     2,795       (8,409 )
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,817       (4,972 )     (2,665 )
                           
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,924       915       (167 )
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   271,894       270,979       260,664  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
     
    * Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
    for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    The MIL Network –

  • MIL-OSI China: Regular Press Briefing of the Ministry of National Defense on May 8th, 2025 2025-05-14 Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 8th, 2025.

    Source: People’s Republic of China – Ministry of National Defense 2

    On the afternoon of May 8th, 2025, Senior Colonel Zhang Xiaogang, Spokesperson for the Ministry of National Defense (MND), answered recent media queries concerning the military.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on May 8th, 2025.  (mod.gov.cn/Photo by Zhang Zhicheng)

    (The following English text is for reference. In case of any divergence of interpretation, the Chinese text shall prevail.)

    Zhang Xiaogang: I have two pieces of information to announce on the top.

    Firstly, in mid-to-late May, the Chinese and Cambodian militaries will hold the “Golden Dragon-2025” joint exercise in Cambodia. Focusing on joint counter-terrorism and humanitarian assistance and disaster relief (HADR) operations, the exercise will be conducted both on land and at sea, as well as in relevant air spaces. Cultural and sports exchanges, and vessel open day activities will also be conducted. This exercise will be the 7th of its kind between the Chinese and Cambodian militaries. It will facilitate practical cooperation between the two sides and contribute to the building of a China-Cambodia all-weather community with a shared future for the new era.

    Secondly, from May 13th to 14th, the Chinese Ministry of National Defense will host the 2025 Shanghai Cooperation Organization (SCO) Military Medicine Seminar in Xi’an. Under the theme of “Building an SCO Community with a Shared Future: Contributions from Military Medicine”, leaders of military health departments and medical experts from countries including Russia, Cambodia and Sri Lanka will attend the event. As the rotating presidency of the SCO this year, China will host multiple events including the SCO Defense Ministers’ Meeting and the Military Medicine Seminar, and actively contribute to building a closer SCO Community with a Shared Future.

    Journalist: It is reported that the “Eagles of Civilization-2025” joint air force training between China and Egypt has recently concluded. Could you please review this joint training and brief us on its features?

    Zhang Xiaogang: From April 17th to May 4th, the air forces of China and Egypt held the first “Eagles of Civilization-2025” joint training at an Egyptian air force base. The Chinese Air Force dispatched J-10C, KJ-500 and YY-20 aircraft to participate. This was the first time that China sent force packages to Africa for joint training, during which the two sides conducted drills on such subjects as air superiority operations, suppression of enemy air defenses (SEAD), battlefield search and rescue, and mixed grouping. Discussions and exchanges on training models, air combat tactics and aerial refueling were also held. This joint training marks a new starting point for the cooperation between the Chinese and Egyptian militaries. It enhanced the technical and tactical competence of the participating troops, and deepened friendship, mutual trust, and practical cooperation between the two militaries. It is also an effective test of the Chinese Air Force’s capabilities in long-range force projection, agile deployment and systemic operations.

    (Video by Yu Hongchun, Jia Chong and Li Kangxi)

    Journalist: NATO recently released its annual report, labeling China as a “systemic challenge” and claiming that the country is rapidly expanding its nuclear arsenal and that its policies pose a threat to the interests, security, and values of NATO member states. What’s your comment on that?

    Zhang Xiaogang: The relevant report by NATO reflects nothing but the Cold War mentality. The hype-up of the so-called “China threat” is in blatant disregard of the facts and simply barking up the wrong tree. China never seeks to challenge or threaten anyone. China’s nuclear policy is highly stable, consistent, and predictable. China unswervingly follows a nuclear strategy of self-defense, with its nuclear forces always kept at the minimum level required for national security.

    In contrast, NATO has been overreaching in recent years, expanding its remit, and interfering in the Asia-Pacific. These actions seriously undermine regional peace and stability. NATO possesses the world’s largest nuclear arsenal through its nuclear-sharing arrangements. Some member states are investing heavily in upgrading their strategic forces and there are plans to pursue nuclear submarine cooperation that would involve the large-scale transfer of weapon-grade nuclear material to non-nuclear-weapon states. Relevant practices constitute a grave violation of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), severely undermine the international nuclear non-proliferation system, and deal a huge blow to global strategic security and stability. We urge NATO to take a hard look at its own actions instead of making groundless accusations and shifting blame onto others.

    Journalist: It is reported that during the Philippine-U.S. “Balikatan” exercise, the Chinese aircraft carrier Shandong appeared in the waters north of the Philippines. Some analysts believe this might be a response to the Philippine-U.S. military exercise, or to the Philippine patrol vessel’s entering into the waters near Huangyan Dao. Furthermore, the Philippine Navy spokesperson claimed that the Philippine military and Taiwan troops are only one step away from holding joint exercises. What is your comment on this?

    Zhang Xiaogang: The Shandong aircraft carrier task group was conducting its annual training mission in relevant waters to further test and enhance the integrated combat capabilities of the carrier task group. This is in accordance with international law and common practice, and is not directed at any specific country or target.

    Certain individuals in the Philippines are colluding with external forces such as the U.S., to “stir up the sea” for selfish gains, undermining peace and stability in the South China Sea region. They even attempt to play with fire on the Taiwan question. We sternly warn the Philippine side to cease its infringements and provocations, and stop offending China’s core interest in any form. China will continue to take resolute and forceful measures to defend its territorial sovereignty and maritime rights and interests.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on May 8th, 2025.  (mod.gov.cn/Photo by Zhang Zhicheng)

    Journalist: According to reports, the US Secretary of Defense has directed the development of the 2025 National Defense Strategy (NDS), with a particular focus on strengthening deterrence against China in the Indo-Pacific region. Besides, the US military also plans to establish a large storage facility in Subic Bay, the Philippines before 2026, to store weapons, equipment, and logistical supplies. What’s your comment?

    Zhang Xiaogang: To maintain its hegemony and selfish gains, the US has repeatedly made an issue out of China in a vain attempt to turn the Asia-Pacific into a powder keg and reduce certain countries to pawns on the front line. Such actions seriously undermine the security and well-being of peoples across the region. Facts have repeatedly proved that being America’s enemy is dangerous, but being America’s friend can be fatal. We urge the countries concerned not to invite the wolf into the house or willingly become its pawns, and not to undermine the hard-won peace and stability in the Asia-Pacific.

    MIL OSI China News –

  • MIL-OSI: Red Cat Expands Maritime Domain Capabilities with Battle-Tested Unmanned Surface Vessels

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading provider of drone technology for military, government, and commercial operations, today announced the expansion of its multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.

    Meeting the Demands of Modern Conflict

    Red Cat’s entry into the maritime domain builds on existing inroads, including a partnership with Ocean Power Technologies to integrate its aerial drones with autonomous maritime platforms. Red Cat’s own line of kinetic-capable USVs marks a significant step forward. The decision is a direct response to rising geopolitical tensions and a shift in U.S. defense priorities toward re-asserting American maritime dominance globally. Red Cat is well positioned to deliver American-manufactured solutions that address these urgent operational needs of the U.S. and allied naval forces.

    “This is a pivotal moment for Red Cat as we evolve from an aerial-first drone company into a true multi-domain defense provider,” said Jeff Thompson, Red Cat CEO. “This expansion into maritime platforms opens significant opportunities in a fast-growing and urgently needed defense sector. As the U.S. and its allies confront rising maritime threats, particularly in the Indo-Pacific, there’s a clear demand for powerful, proven, and scalable USVs made in America. With these USVs, we’re helping to shape the future of autonomous warfare and strengthening the foundation of U.S. defense manufacturing.”

    Introducing Red Cat’s New Line of USVs

    Red Cat is bringing its line of USVs to market in partnership with a leading global manufacturer of USVs. The system is tested daily in actual combat and designed to operate either autonomously or in manned-unmanned teaming (MUM-T) configurations. The technology already has 10,000+ hours of operating time in live combat missions. Moving into production will accelerate Red Cat’s roadmap for USVs that integrate seamlessly with its existing family of ISR and unmanned aerial systems, supporting multi-domain and swarming operations.

    “This system has been used day in and day out in the current conflict, accumulating tens of thousands of hours in real combat operations and achieving dozens of successful kinetic engagements against enemy assets, more than any navy since World War II,” Thompson stated. “By partnering with a company that has extensive proven experience and is well beyond the proof-of-concept stage, we gain a substantial competitive advantage as we enter this market.”

    Red Cat is preparing to start production in Q3 of a seven-meter Expeditionary Multi-Role Craft developed to meet the demands of high-speed, long-range, kinetic maritime operations. It is built for larger payloads, extended endurance, and increased firepower. The version has enhanced range, payload capacity, and mission flexibility making it ideal for deep-strike missions, anti-ship warfare, and coastal interdiction in contested zones.

    Leaders in Ship Building and Marine Innovation

    Red Cat has assembled an elite team of master boatbuilders, drawing from industry leaders with centuries of collective experience. Renowned for pioneering advanced jet propulsion systems and crafting superior, American-made hulls, our team brings unmatched expertise to every vessel. Boatbuilding at scale demands profound knowledge and precision—qualities our proven professionals deliver with decades of hands-on experience, ensuring excellence in every detail.

    For more information about Red Cat’s mission and its line of Unmanned Surface Vessels visit www.redcat.red/USV.

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:

    E-mail: Investors@redcat.red

    NEWS MEDIA:

    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network –

  • Pakistan repatriates BSF constable Purnam Kumar Shaw detained since April 23

    Source: Government of India

    Source: Government of India (4)

    A Border Security Force (BSF) constable who had been in Pakistani custody since April 23 was returned to India on Wednesday. Constable Purnam Kumar Shaw had inadvertently crossed the International Border while on duty in Punjab’s Ferozepur sector and was subsequently detained by Pakistan Rangers.

    According to a BSF statement, Shaw was handed over to Indian authorities at the Attari-Wagah border at 10:30 am. “Constable Purnam Kumar Shaw had inadvertently entered Pakistani territory around 11:50 am on April 23 while on operational duty in the Ferozepur sector. He was detained by the Pakistan Rangers. Due to continuous efforts by BSF, including regular flag meetings and communication through established channels, his repatriation was made possible,” the statement said.

    The development follows a ceasefire agreement between India and Pakistan on May 10, days after India launched ‘Operation Sindoor’, targeting terror bases in Pakistan and Pakistan-occupied Kashmir.

    Earlier, on May 5, West Bengal Chief Minister Mamata Banerjee had expressed concern over the incident. “This is an extremely unfortunate situation. His name is Shaw. Our party’s Kalyan Banerjee is in touch with the family. We want him to be brought back at the earliest. We have clearly stated that our party stands with the government on matters of internal and external security. This is not an issue for political division,” she had said.

    Following Shaw’s detention, the BSF issued a strict advisory to its personnel, calling for heightened vigilance during patrols along the sensitive border.

    The BSF is tasked with guarding the 3,323-kilometre-long India-Pakistan border, which spans Jammu and Kashmir (including parts of the Line of Control), Punjab, Rajasthan, and Gujarat.

    (With inputs from ANI)

  • BEL’s Akashteer air defence system proves its mettle amid conflict

    Source: Government of India

    Source: Government of India (4)

    India’s AI-driven, fully automated ‘Akashteer’ air defence system, developed indigenously by Bharat Electronics Limited (BEL), has demonstrated exceptional performance during recent drone attacks from Pakistan, effectively neutralising aerial threats the moment they breached Indian airspace, the company said in a statement on Wednesday.
     
    According to BEL, the advanced platform successfully intercepted multiple threats, including drones, missiles, micro UAVs, and loitering munitions, establishing itself as a globally competitive and operationally ready defence asset.
     
    In an official statement on Wednesday, BEL lauded the system’s performance, noting that it had exceeded operational expectations and significantly bolstered India’s air defence capabilities during the ongoing conflict.
     
    “BEL is proud to announce that our in-house designed and manufactured air defence system, Akashteer, has proved its mettle on the battlefield. Ground-based defence systems integrated with Akashteer made it hell for Pakistan’s air adventures,” the Navratna Defence PSU said in a post on X.
     
    “The system performed beyond users’ expectations, providing robust air defence to India during the current conflict. Akashteer ensures a seamless and unified air situational picture accessible to even the lowest operational units of Army Air Defence, thereby enhancing situational awareness across the force,” it added.
     
    The Akashteer system was developed under a ₹1,982 crore contract signed in March 2023. It integrates surveillance assets, radar systems, and command units into a unified network, providing real-time situational awareness to the Indian Army’s air defence units.
     
    The system enables effective monitoring of low-level airspace over battle zones and ensures precise control over ground-based air defence weapon systems.
     
    Akashteer played a critical role during the recent conflict that followed India’s ‘Operation Sindoor’ on May 7, which targeted nine terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). The system successfully neutralised multiple drone and missile attacks launched by Pakistan.
     
    “Akashteer empowers frontline units by enabling dynamic engagement decisions and preventing friendly-fire incidents,” BEL added.
     
    The system also exemplifies India’s growing self-reliance in defence technology, aligning with the government’s ‘Atmanirbhar Bharat’ initiative.
     
    – ANI

  • MIL-OSI NGOs: MEDIA ADVISORY: JOINT PRESS BRIEFING ON GAZA’S ESCALATING HUMANITARIAN CRISIS

    Source: Oxfam –

     What

    Representatives from leading humanitarian organisations, including those who are in or just left the Gaza Strip, will brief the press on the impact of Israel’s total siege on Gaza – which has lasted now more than 70 days, and Israel’s plan to control and limit aid distribution moving forward.  

    Areas of focus:   

    • The catastrophic conditions for Palestinians in Gaza after 10 weeks of a full blockade of aid, water and medical supplies
    • The militarization of aid, including:
    • Israel’s plan to control and limit the distribution of aid, through the use of private organisations and security contractors
    • The impact of forcibly displacing hundreds of thousands of civilians into designated areas
    • Aid being withheld from people who are not registered and aid being limited to the bare minimum
    • Israel’s new rules for the registration of international NGOs amid a continued crackdown on civil society 

    When

    Wednesday, May 14, 2025 –  9am ET/2pm UK/3pm CET/4pm Gaza 

    Where

    Please register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_fsCVX0UHTY6xuBRaMsRCVA 

    After registering, you will receive a confirmation email containing information about joining the webinar. 

    Who:  

    Moderated by: Soraya Ali, Global Media Manager MEANEE, Save the Children 

    Speakers to include: 

    • Bushra Khalidi, Policy Lead, Oxfam
    • Mohammed Saleh, Director of Al-Awda Hospital in North Gaza
    • Mahmoud Isleem, General Coordinator/ Country Director, Médecins du Monde France
    • Yazdan El Amawi, Gaza Director, Anera
    • Salwa Al Tibi, Palestine/Gaza Country Director, MedGlobal
    • Amande Bazerolle, Gaza Coordinator, Médecins Sans Frontières France 

    Spokespeople’s Bios: 

    • Bushra Khalidi is the Palestinian Territory Policy Lead at Oxfam, specialising in protection, humanitarian access, and accountability. She influences decision-makers, engages with international institutions, and advocates for rights-based humanitarian action, ensuring Palestinian voices are represented. Bushra leads initiatives on ceasefire efforts, humanitarian space protection, and ending settlement trade.
    • Dr Mohammed Saleh is the current Director of Al-Awda Hospital near Jabaliya, North Gaza. When the former director, Dr. Ahmed Muhanna, was taken into custody by Israeli forces on 17 December 2023, Dr Saleh stepped in and led the hospital through the devastating four-month siege of Jabaliya of October 2024-January 2025 — the second siege faced by the hospital since the beginning of the escalation. Since his family had to flee to southern Gaza, he has had minimal contact with them, as he chose to stand by the hospital’s patients and staff.
    • Salwa Al-Tibi is Country Director for Palestine/Gaza at MedGlobal. Herself a refugee whose family has faced numerous displacements, she lives in Gaza City and specializes in community mental health. She has over 25 years of experience working with different NGOs and local organizations in Gaza, including previous senior positions at Save the Children, CARE international, and Catholic Relief Services.
    • Mahmoud Isleem is General Coordinator/ Country Director of Médecins du Monde France (MdM) in the occupied Palestinian territory. He has 20 years of humanitarian work experience in Palestine in both Gaza and the West Bank. As a Palestinian of the West Bank, he is currently based in Ramallah due to access restrictions to the Gaza Strip imposed by Israeli authorities on WB ID-holder humanitarians.
    • Amande Bazerolle is an emergency coordinator with Médecins Sans Frontières (MSF) France. After her first mission in Palestine in 2011, she has worked for MSF Asia programs, notably as a head of mission for Pakistan. Since September 2024 she has been overseeing MSF emergency response in Gaza. She has just spent four months in Gaza, coordinating the work of 900 Palestinian staff.
    • Yazdan El Amawi is the Gaza Director at Anera. He has over two decades of experience working across the humanitarian and development fields in Gaza and has managed many programs on livelihoods, health, water, sanitation, education, and emergency response. He holds an MBA from the University of Northern Virginia and a bachelor’s degree in Communications from Marquette University. 

    For more information and for interviews, please contact:

    Oxfam Media office | Media.OPTI@oxfam.org   

    Jacqui Crocoran | Oxfam Media Lead in Jerusalem, Occupied Palestinian TerritoryOxfam |  jacqui.corcoran@oxfam.org

    For real-time updates, follow us on X and Bluesky, and join our WhatsApp channel. 

    MIL OSI NGO –

  • MIL-OSI USA: BREAKING: Republicans Block Rep. Gomez Amendment to Tax Billionaires After Voting Down Limits on Millionaire Tax Breaks

    Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

    Gomez: “Raise your hand if you think billionaires shouldn’t get another tax break… I think we’re missing a few hands from the other side.”

    WASHINGTON, DC — In a House Ways and Means Committee markup today, Representative Jimmy Gomez (CA-34) introduced an amendment to create a new 39.5% tax bracket on annual income over $1 billion. The proposal came after House Republicans blocked a series of Democratic amendments aimed at limiting tax breaks for those earning $400,000, $10 million, and $100 million. Rep. Gomez’s amendment was also rejected. 

    “We just witnessed that the Republicans in this committee voted down amendments to stop tax breaks for those making $10 million. And we said, how about 100 million? We voted on […] $1 billion, and you still voted that down. So I don’t know what’s the limit for you guys?” said Rep. Gomez.

    Gomez directly challenged Republican members who, behind closed doors and in press interviews, claimed they were open to taxing the rich: “Raise your hand if you think billionaires shouldn’t get another tax break… I think we’re missing a few hands from the other side.”

    The amendment would have created a new tax bracket for ultra-high-income individuals: a 39.5% tax on income over $1 billion. Rep. Gomez concluded by saying, “There is no reason why the billionaire establishment pays a lower effective tax rate than a teacher or a firefighter or a nurse. …You want to make sure you’re not the Grand Oligarchy Party, well here’s your chance. I’m asking you to vote aye on an amendment that increases taxes on [billionaires].”

    Recent reporting from ProPublica revealed that the 25 richest Americans paid an average effective federal income tax rate of just 3.4% between 2014 and 2018—far lower than many working-class families. Though some Republican lawmakers have anonymously floated support for taxing billionaires, none voted for Gomez’s amendment when given the opportunity.

    For more updates from Congressman Gomez, follow @RepJimmyGomez on Instagram, Facebook, Threads, and X.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Waller, The Role of Economic Research in Central Banking

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1
    I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.
    Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.
    The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.
    Research at the Federal ReserveResearch is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.
    To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.
    When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.
    Academic ResearchAcademic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”—it focuses on intellectually interesting issues often before they become relevant for monetary policy.
    Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.
    Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.
    Directed ResearchThen there is directed research. Directed research is just that—an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting—an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.
    Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.
    Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.
    Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book—which is a survey of regional economic conditions done by the Reserve Banks—is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.
    History of Research at the Federal ReserveEconomic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.2 Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.3 This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.
    Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.4 Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.
    In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.
    But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.
    In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.5 Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.6 This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.
    In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.
    A critical finding of all this research was that private agents’ inflation expectations were forward looking—they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.
    A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.
    Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.7
    Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not—there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.8 In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.
    In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. The Federal Reserve Board and the Reserve Banks did have several Ph.D. economists on staff who engaged in pathbreaking research. For example, the Federal Reserve Bank of New York’s John H. Williams and Randolph Burgess and the Board’s E.A. Goldenweiser and Winfield Riefler produced numerous articles and treatises on financial markets, international monetary arrangements, and Federal Reserve policy. Return to text
    3. See Ben S. Bernanke (2013), “A Century of U.S. Central Banking: Goals, Frameworks and Accountability,” Journal of Economic Perspectives, vol. 27 (Fall), pp. 3–16. Return to text
    4. Much of the following material draws from Michael D. Bordo and Edward S. Prescott (2023), “Federal Reserve Structure and the Production of Monetary Policy Ideas,” Working Paper Series 23-29 (Cleveland: Federal Reserve Bank of Cleveland, November). Return to text
    5. See Edward Nelson (2005), “The Great Inflation of the Seventies: What Really Happened?” Advances in Macroeconomics, vol. 5 (1); and Christina D. Romer and David H. Romer (2013), “The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn’t Matter,” American Economic Review: Papers & Proceedings, vol. 103 (May), pp. 55–60. Return to text
    6. For a discussion of the part played by the Federal Reserve Bank of St. Louis in the development of monetarism, see chapter 13 in Edward Nelson (2020), Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2 (Chicago: University of Chicago Press). Return to text
    7. See Bernanke’s discussion of the comparison between the Great Depression of the 1930s and the Great Recession of 2007–09 in Ben S. Bernanke (2023), “Nobel Lecture: Banking, Credit, and Economic Fluctuations,” American Economic Review, vol. 113 (May), pp. 1143–69. Return to text
    8. For example, Alan Greenspan, a successful Wall Street economist and chairman of President Ford’s Council of Economic Advisers, had not published much in journals when he earned his Ph.D. in economics in 1977, at age 51, 10 years before he became Fed Chair. Return to text

    MIL OSI USA News –

  • MIL-OSI New Zealand: New public research organisation boards dominated by men – PSA

    Source: PSA

    In a week when the government has been under fire for its rollback of pay equity, the announcement today of two of the three new Public Research Organisations (PRO) Boards has raised concerns for their lack of diversity.
    A PSA assessment of the announcement by the Minister for Science, Innovation and Technology, Hon Dr Shane Reti, shows that the boards of the New Zealand Institute of Earth Sciences and the New Zealand Institute of Bioeconomy Science are collectively over 70 per cent male.
    These two institutes are replacing the soon-to-be merged entities AgResearch, Scion, Manaaki Whenua, Plant and Food, NIWA, and GNS. The Boards of these CRIs collectively have a roughly 50-50 gender split, with 20 men and 22 women across the six Boards.
    “It’s pretty outrageous that in 2025 that we are still seeing Boards – any Board, but particularly publicly funded research Boards – be made up of a majority of men,” Public Service Association Te Pūkenga Here Tikanga Mahi national secretary, Fleur Fitzsimons, said.
    “There are more men called Paul on the Earth Science Institute Board than there are women.”
    Of the 11 people named on the two Boards today, all had previously served as Crown Research Institute (CRI) directors, bar one exception.
    “It really just looks like a shuffle of the existing CRI board members, but the women got the sack,” Fitzsimons said.
    According to the 2018 census, women make up 48 per cent of roles within STEM (science, technology, engineering and mathematics), but only 30 per cent are in leadership positions.
    “These appointments are a real throwback to when the sciences were completely and utterly dominated by men.
    “The gains that women have made in science over the past few decades are in no way reflected here. How can we possibly expect women to join STEM professions when our public institutions don’t represent them or their interests?
    “The National government continues to show us its true colours this week. The message to women is pretty clear – we’re not interested in what you have to say and you’re not invited to the table.”
    The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

    MIL OSI New Zealand News –

  • MIL-OSI: CBL International Limited (NASDAQ: BANL) to Participate in the Lytham Partners Spring 2025 Investor Conference on May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, May 14, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced that Dr. Teck Lim Chia, Chairman and CEO, will participate in a  webcasted fireside chat and Ms. Venus Zhao, our IR and PR Director, will host one-on-one meetings with investors at the Lytham Partners Spring 2025 Investor Conference, taking place virtually on Thursday, May 29, 2025.

    Company Webcast

    The webcast presentation will take place at 12:30 pm on Thursday, May 29, 2025, Eastern Time. The webcast can be accessed by visiting the conference home page at https://lythampartners.com/spring2025/ or directly at https://app.webinar.net/bNM Pk09l74O. The webcast will also be available for replay following the event.

    1×1 Meetings

    Management will be participating in virtual one-on-one meetings throughout the event. To arrange a meeting with management, please contact Lytham Partners at 1×1@lythampartners.com or register for the event at https://lythampartners.com/spring2025invreg/.

    About the Banle Group

    CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

    For more information about our company, please visit our website at: https://www.banle-intl.com.

    CBL INTERNATIONAL LIMITED
    (Incorporated in Cayman Islands with limited liabilities)
       
    For more information, please contact:
    CBL International Limited
    Email: investors@banle-intl.com
       
    Strategic Financial Relations Limited
    Shelly Cheng Tel: (852) 2864 4857
    Iris Au Yeung Tel: (852) 2114 4913
    Email: sprg_cbl@sprg.com.hk

    The MIL Network –

  • MIL-OSI United Kingdom: Swindon Borough Council fails to meet RSH’s consumer standards

    Source: United Kingdom – Executive Government & Departments

    Press release

    Swindon Borough Council fails to meet RSH’s consumer standards

    The Regulator of Social Housing has today issued five new regulatory judgements.

    Swindon Borough Council has failed to meet the outcomes in the consumer standards and has been given a C3 grading from the Regulator of Social Housing, as part of a range of regulatory judgements published today. 

    An inspection was brought forward after the council made a self-referral over health and safety issues and its repairs service.  

    RSH’s inspection found that Swindon Borough Council: 

    • Was unable to report accurately on the presence of smoke and carbon monoxide detectors. 

    • Was unable to track or monitor faults from electrical safety checks. 

    • Has more than 800 overdue fire safety actions, the majority of which were overdue by more than a year.  

    • Was not actively tracking, monitoring, or reporting open damp and mould cases, though there was evidence that reports are followed up effectively. 

    • Was unable to demonstrate how tenants’ views have been considered in its decision making, with no evidence of actively encouraging participation from under-represented groups. 

    Swindon Borough Council has demonstrated that it understands the issues and is taking action towards rectifying the failures identified. 

    RSH is continuing to engage with the landlord to make sure the necessary improvements are made. 

    Separately, three housing associations – Housing 21, Torus62 and Sovereign Network – received C2/G1 gradings following inspections. This means that they meet the governance requirements but there are some weaknesses in their delivery of the outcomes of the consumer standards and improvement is needed. 

    All three housing associations meet the viability requirements with Housing 21 and Torus62 retaining V1 gradings, and Sovereign Network Group retaining its V2 grading.  

    While both V1 and V2 landlords meets the viability requirements and have the financial capacity to deal with a reasonable range of adverse scenarios, V2 landlords need to manage material risks to ensure continued compliance.  

    RSH also published interim G1/V1 gradings for Bromford Flagship, after Flagship Housing Group became a subsidiary of Bromford Housing Group in February this year.  

    Kate Dodsworth, Chief of Regulatory Engagement at RSH, said:  

    “We take health and safety very seriously and expect all landlords to make sure tenants are not at risk in their homes.  

    “We also want to see better data management from landlords, to demonstrate they understand their homes and tenants. Self-referrals are a good indicator that a landlord not only understands our requirements, but that they are taking accountability.  

    “Lastly, our scrutiny of housing associations’ governance and viability remains vital for delivering more and better homes for tenants.” 

    Notes to Editors 

    Provider Consumer grade Governance grade Viability grade Process
    Bromford Flagship Limited Not assessed yet G1 (Interim Grading) V1 (Interim Grading) Merger Activity
    Housing 21 C2 G1 V1 Inspection
    Torus62 Limited C2 G1 V1 Inspection
    Sovereign Network Group C2 G1 V2 Inspection
    Swindon Borough Council C3 – – Inspection

    1. RSH regulates housing associations and other private registered providers against its full set of standards. Councils are regulated against the consumer and rent standards only. 

    2. More information about RSH’s responsive engagement and programmed inspections is also available on its website.  is also available on its website.   

    3. RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.   

    4. RSH’s gradings are listed below. More information is available on its website.  Governance 

    Grading Description
    G1 Our judgement is that the landlord meets our governance requirements.
    G2 Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
    G3 Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
    G4 Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

    Viability 

    Grading Description
    V1 Our judgement is that the landlord meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
    V2 Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.
    V3 Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
    V4 Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

    Consumer 

    Grading Description
    C1 Our judgement is that overall the landlord is delivering the outcomes of the consumer standards. The landlord has demonstrated that it identifies when issues occur and puts plans in place to remedy and minimise recurrence.
    C2 Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.
    C3 Our judgement is that there are serious failings in the landlord delivering the outcomes of the consumer standards and significant improvement is needed.
    C4 Our judgement is that there are very serious failings in the landlord delivering the outcomes of the consumer standards. The landlord must make fundamental changes so that improved outcomes are delivered.
    1. For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –