Category: Pandemic

MIL-OSI Europe: Briefing – EU policy foresight: Anticipating and shaping the EU’s future – 30-06-2025

Source: European Parliament

Foresight is increasingly used to explore future EU policies. Foresight methodology combines an evidence-based approach – including literature review, surveys and trend analysis – with the imagination of possible futures, usually based on expert views and scenarios. The application of foresight to long-term decision-making is usually referred to as strategic foresight. Used in a policy context as ‘policy foresight’, it is mostly used in agenda setting, strategic planning or to support policy design. Scenarios can be exploratory or normative, aiming at fixed policy outcomes. Because foresight seeks to improve policymaking by anticipating future developments, policy considerations are often part of foresight reports, sometimes followed by strategies. All EU institutions engage in foresight, and so do several Member States. Since 2019, foresight has been part of the portfolio of one or more members of the European Commission. The Commission publishes annual foresight reports, while its Joint Research Centre conducts more in-depth foresight projects. The European Parliament’s Policy Foresight Unit and its predecessors have been conducting foresight since 2015. Since 2022, the Council of the EU publishes an annual ‘Forward Look’, while other EU institutions apply foresight to topics that fall into their remit. Nine EU institutions and bodies cooperate in the European Strategy and Policy Analysis System (ESPAS), which holds an annual foresight conference and publishes a Global Trends Report every five years. Recent trend analyses from EU institutions, such as the Global Trends Report, point to challenges for the EU’s resilience through social fragmentation, a lack of technological sovereignty and innovation, economic dependencies, environmental risks and geopolitical rivalry. Forward-looking publications search for answers to the ‘poly-crisis’ in which the EU has found itself since the COVID 19 pandemic. Common objectives of current EU policy foresight, as expressed in reports and strategies, include reducing the EU’s external dependencies, increasing the EU’s resilience and enhancing its capacity to act. Achieving (open) strategic autonomy – sometimes referred to as ‘sovereignty’ – runs as a red thread through many EU policy foresight reports.

MIL OSI Europe News –

July 1, 2025
MIL-OSI Economics: W&T Announces Positive Court Finding Regarding Remaining Surety Provider Claims
Source: W & T Offshore Inc

Headline: W&T Announces Positive Court Finding Regarding Remaining Surety Provider Claims

HOUSTON, June 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that U.S. Magistrate Judge Dena Palermo recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over $100 million dollars. The Court found, in relevant part, the sureties failed to demonstrate they would suffer irreparable harm if their cash collateral demands were not granted.

Key highlights relating to the ruling include:
- Sureties’ motion for preliminary injunction, which would have required W&T to immediately post collateral, was categorically recommended to be denied;
- Sureties failed to carry a clear burden of proof to establish irreparable harm necessary to obtain a preliminary injunction;
- Ruling results in all current collateral requests by sureties being effectively nullified;
- The Company will not be required to post collateral (if at all) until a determination on the merits of the pending lawsuit with the remaining surety providers;
- The previously-announced settlement agreement, together with this favorable Court ruling, represent significant positive outcomes for W&T.
Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer stated, “We are very pleased with the Magistrate Judge’s recommendation that the Sureties’ preliminary injunction motions be denied. This vindicates W&T’s decision to aggressively defend against unlawful predatory business practices. W&T looks forward to a day when independent operators can once again operate in the Gulf of America unhampered by collusion and unlawful pressures exerted by sureties’ unfettered market power. We could not be more pleased with the Court’s decision preventing unnecessary and unjustified collateral demands by abusive surety providers.”

Mr. Krohn added, “surety providers have, for far too long, abused the ability to demand collateral. The Magistrate Judge’s recommendation, assuming it is upheld by the District Court, helps put an end to these blackmail business practices. Never again should any oil and gas producer have to cave to unjustified collateral demands. It admittedly takes courage and calculated risk to resist collective ultimatums from surety providers, but we hope the Court’s decision inspires others to follow suit in standing up to bullying tactics. The sureties’ collusive behavior has caused W&T’s (and other independent operators’) stockholders incalculable harm and it is about time that sureties are held accountable.”

W&T Offshore’s legal team is led by its General Counsel, George J. Hittner, as well as Deputy General Counsels, Steven Lackey and Ted Imperato. W&T’s trial team is led by Yasser A. Madriz, the Managing Partner of the Houston Office of McGuireWoods, LLP along with members of the firm’s Commercial Litigation Section, Jason Huebinger, Megan Lewis, and Miles Indest.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the potential outcome of the litigation, the impact of the litigation on the Company or the industry more broadly, and the Company’s future operations are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

CONTACT: Al Petrie Sameer Parasnis

Investor Relations Coordinator Executive VP and CFO

investorrelations@wtoffshore.com sparasnis@wtoffshore.com

713-297-8024 713-513-8654

Source: W&T Offshore, Inc.

Released June 30, 2025
MIL OSI Economics –
June 30, 2025
MIL-OSI Economics: W&T Announces Positive Court Finding Regarding Remaining Surety Provider Claims
Source: W & T Offshore Inc

Headline: W&T Announces Positive Court Finding Regarding Remaining Surety Provider Claims

HOUSTON, June 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that U.S. Magistrate Judge Dena Palermo recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over $100 million dollars. The Court found, in relevant part, the sureties failed to demonstrate they would suffer irreparable harm if their cash collateral demands were not granted.

Key highlights relating to the ruling include:
- Sureties’ motion for preliminary injunction, which would have required W&T to immediately post collateral, was categorically recommended to be denied;
- Sureties failed to carry a clear burden of proof to establish irreparable harm necessary to obtain a preliminary injunction;
- Ruling results in all current collateral requests by sureties being effectively nullified;
- The Company will not be required to post collateral (if at all) until a determination on the merits of the pending lawsuit with the remaining surety providers;
- The previously-announced settlement agreement, together with this favorable Court ruling, represent significant positive outcomes for W&T.
Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer stated, “We are very pleased with the Magistrate Judge’s recommendation that the Sureties’ preliminary injunction motions be denied. This vindicates W&T’s decision to aggressively defend against unlawful predatory business practices. W&T looks forward to a day when independent operators can once again operate in the Gulf of America unhampered by collusion and unlawful pressures exerted by sureties’ unfettered market power. We could not be more pleased with the Court’s decision preventing unnecessary and unjustified collateral demands by abusive surety providers.”

Mr. Krohn added, “surety providers have, for far too long, abused the ability to demand collateral. The Magistrate Judge’s recommendation, assuming it is upheld by the District Court, helps put an end to these blackmail business practices. Never again should any oil and gas producer have to cave to unjustified collateral demands. It admittedly takes courage and calculated risk to resist collective ultimatums from surety providers, but we hope the Court’s decision inspires others to follow suit in standing up to bullying tactics. The sureties’ collusive behavior has caused W&T’s (and other independent operators’) stockholders incalculable harm and it is about time that sureties are held accountable.”

W&T Offshore’s legal team is led by its General Counsel, George J. Hittner, as well as Deputy General Counsels, Steven Lackey and Ted Imperato. W&T’s trial team is led by Yasser A. Madriz, the Managing Partner of the Houston Office of McGuireWoods, LLP along with members of the firm’s Commercial Litigation Section, Jason Huebinger, Megan Lewis, and Miles Indest.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the potential outcome of the litigation, the impact of the litigation on the Company or the industry more broadly, and the Company’s future operations are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

CONTACT: Al Petrie Sameer Parasnis

Investor Relations Coordinator Executive VP and CFO

investorrelations@wtoffshore.com sparasnis@wtoffshore.com

713-297-8024 713-513-8654

Source: W&T Offshore, Inc.

Released June 30, 2025
MIL OSI Economics –
June 30, 2025
MIL-OSI: Lantronix Enters Into Cooperation Agreement With Investor Group Led by Chain of Lakes Investment Fund LLC

Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX) (the “Company”), a global leader in compute and connectivity IoT solutions enabling Edge AI intelligence, today announced that it has entered into a cooperation agreement with Lantronix stockholders Chain of Lakes Investment Fund LLC (“Chain of Lakes”), Haluk L. Bayraktar and Emre Aciksoz. Under the terms of the agreement, James (Jim) C. Auker will be appointed to the Lantronix Board of Directors (the “Board”) and will be nominated for election at the Company’s 2025 Annual Meeting of Stockholders. The date of the Annual Meeting has not yet been announced.

“Lantronix is committed to maximizing value for all Lantronix shareholders,” said Saleel Awsare, CEO and president of Lantronix. “We appreciate the constructive discussions with Chain of Lakes and are pleased to welcome Jim Auker to our Board. His perspective and experience will be valuable as we continue to execute on our strategic priorities.”

“We value the collaborative approach taken by Saleel and the Lantronix Board to reach a positive outcome for the benefit of all Lantronix shareholders,” said Tim O’Connell, chief investment officer of Chain of Lakes. “We believe Jim Auker will be a strong addition to the Board and are confident his contributions will help guide Lantronix in its efforts to explore opportunities to enhance shareholder value.”

Pursuant to their agreement with the Company, Chain of Lakes, Mr. Bayraktar and Mr. Aciksoz have agreed to customary standstill and voting commitments, among other provisions. The full agreement and required information in connection with the election of Mr. Auker to the Board will be filed with the U.S. Securities and Exchange Commission.

About Lantronix

Lantronix Inc. is a global leader in compute and connectivity IoT solutions that target high-growth industries, including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to achieve success in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

Forward-Looking Statements

This news release contains forward-looking statements, including statements concerning management’s expectations about the future benefits of our entry into the cooperation agreement and the election of Mr. Auker to our Board. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand; the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, filed with the SEC on May 9, 2025, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

Important Additional Information Regarding Proxy Solicitation

We intend to file a proxy statement and proxy card with the SEC in connection with the solicitation of proxies for our 2025 Annual Meeting of Stockholders (the “Proxy Statement” and such meeting, the “2025 Annual Meeting”). The Company, our directors and certain of our executive officers are participants in the solicitation. Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant documents to be filed with the SEC.

Additional information regarding the participants and their respective interests in the Company by security holdings or otherwise is set forth under the captions “Corporate Governance and Board Matters,” “Executive Compensation” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in our proxy statement for the 2024 Annual Meeting of Stockholders, filed with the SEC on Sept.30, 2024 (the “2024 Proxy Statement”) and available at sec.gov/Archives/edgar/data/1114925/000114036124042340/ny20032265x1_def14a.htm.

To the extent holdings of such participants in our securities have changed since the amounts described in the 2024 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of our Board of Directors for election at the 2025 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents, including the definitive Proxy Statement (and any amendments or supplements thereto) and other documents filed by us with the SEC, are available for no charge at the SEC’s website at http://www.sec.gov and at our investor relations website at https://www.lantronix.com/investor-relations/sec-filings.

© 2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960

Lantronix Analyst and Investor Contact:
investors@lantronix.com

The MIL Network –

June 30, 2025
MIL-OSI Europe: Written question – Lack of effectiveness and transparency in Recovery and Resilience Facility investments in Greece – E-002518/2025
Source: European Parliament
Question for written answer E-002518/2025
to the Commission
Rule 144
Nikolaos Anadiotis (NI)

Greece was among the first four Member States to submit national recovery plans in April 2021,[1] securing through the Recovery and Resilience Facility – a critical tool for rebuilding its economy after the pandemic – resources totalling EUR 35.95 billion,[2] a significant financing opportunity for its economic transformation. However, serious concerns have been raised regarding the way in which the resources are allocated, their accessibility, and the overall transparency of the process.[3]

According to analysts and independent bodies, a large part of the financing is directed to already strong businesses through banking tools with strict credit criteria, resulting in the exclusion of many small and medium-sized enterprises and social initiatives, especially on the periphery. There have been delays in the necessary reforms, proposals for the downgrading of projects and a lack of social consultation and accountability, as the process of evaluating and approving projects is carried out with limited publicity and without civil society playing an active role.

In view of the above, the Commission is asked:

1.What problems have been identified in the course of implementing the Greek recovery plan and what recommendations have been made?

2.Are there any indications of lack of transparency or exclusion of potential beneficiaries (such as SMEs, local authorities)?

3.What measures are being taken to strengthen civil society participation and democratic accountability in the management of European funds in Greece?

Submitted: 23.6.2025

[1] https://greece20.gov.gr/to-plires-sxedio/

[2] https://greece20.gov.gr/me-mia-matia/

[3] https://www.ot.gr/2025/06/02/tameio-anakampsis/tameio-anakampsis-se-anammena-karvouna-i-eyropi-ti-perimenei-i-ellada/.
Last updated: 30 June 2025
MIL OSI Europe News –
June 30, 2025
President Murmu urges focus on ‘One Health’, animal welfare at IVRI convocation

Source: Government of India

Source: Government of India (4)

President Droupadi Murmu on Monday highlighted the growing significance of the ‘One Health’ approach while addressing the convocation ceremony at the Indian Veterinary Research Institute (IVRI) in Bareilly. She called for greater emphasis on animal welfare, sustainable practices, and the role of veterinary science in safeguarding public health.

“Our culture, rooted in the idea of Ishavasyam Idam Sarvam, teaches us to see the divine in every living being,” Murmu said, adding that the Indian tradition of gods and sages communicating with animals reflects this belief.

Highlighting concerns over biodiversity loss, the president said, “Many species have either become extinct or are on the verge of extinction. Their conservation is crucial not just for nature but for the health of the Earth.” Referring to the COVID-19 pandemic, she warned that an unchecked consumption-driven model could have devastating effects on both the environment and public health.

Murmu also emphasised that the ‘One Health’ paradigm—which links human, animal, and environmental health—is gaining traction globally. “Institutes like IVRI can play a key role in preventing and controlling zoonotic diseases,” she said.

The president further underlined the transformative potential of technology in veterinary science. From genome editing and embryo transfer to AI and big data analytics, she said such tools can revolutionise animal care in India. Murmu encouraged the development of indigenous, low-cost treatments and nutritional solutions for animals, and the reduction of medicines with harmful side effects.

Praising students for dedicating themselves to the care of animals, she advised them to remain guided by the welfare of the voiceless in moments of doubt. “Think of those innocent beings—you will find your path,” Murmu said.

Calling on young professionals to become entrepreneurs in animal science, the president said such initiatives could not only support livelihoods but also contribute to the national economy.

Murmu also lauded IVRI’s role in advancing veterinary research and education, and expressed hope that its graduates would lead the way in building a compassionate, science-driven future.

June 30, 2025
MIL-OSI Analysis: Killer dolls and Brexit zombies – what to watch and do this week

Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

Part of the appeal of the 2023 horror flick, M3gan, was that its titular antagonist managed to be two of the scariest villains of the genre in one – a killer robot, and a child’s doll come to life.

After nine-year-old Cady (Violet McGraw) tragically lost her parents, her roboticist aunt Gemma (Allison Williams of Get Out fame) brought M3gan home to help her niece with the traumatic transition. M3gan was to be Cady’s teacher, playmate and above all, protector. In classic horror style, she soon embarked on a murderous rampage in the name of “protecting” her ward.

The film was an instant cult hit, dubbed a “camp classic” thanks to M3gan’s TikTok dance moves and determination to destroy the nuclear family.

In M3gan 2, in cinemas from today, the filmmakers have leaned into that campiness even more. But, as horror expert Adam Daniel explains that doesn’t completely neutralise the terror. Instead, it reformulates it, offering a cathartic release that makes the subject matter more digestible.

Read more:
From HAL 9000 to M3GAN: what film’s evil robots tell us about contemporary tech fears

The trailer for M3gan 2.0.

If you’re looking for more traditional jump scares, 28 Years Later has you covered. Danny Boyle has returned to the franchise with this instant-classic of the zombie genre, which muses on both post-Brexit Britain and our collective experiences of the COVID pandemic. In this film, Europe has contained a “rage virus” to Britain. There are French boats on quarantine patrols, Swedish soldiers mocking remaining mainlanders and St George’s flags burning.

For COVID storytelling expert Lucyl Harrison: “The film ushers in a new age of ‘Vi-Fi’” (that’s virus fiction) “without succumbing to pulpy pandemic storytelling”. Ralph Fiennes offers a typically strong performance as the “mad” Dr Kelson, the only person determined to commemorate the virus’s ever-mounting dead.

Read more:
The spectacular frenzy of 28 Years Later offers a new breed of pandemic storytelling

The trailer for 28 Years Later.

I confess, I’m a bit of a baby when it comes to horror. So, I’ll need to follow up any zombie fare with something a little more comforting. My choice for this week is The Ballad of Wallis Island, which romcom giant Richard Curtis has dubbed “one of the great British films of all time”.

It takes place on the fictional Wallis Island, home to millionaire Charles (Tim Key), an almost obsessive fan of former folk-rock duo played by Tom Basden and Carey Mulligan. Invited to the island to play a private gig, they must face their musical and romantic past, all under the gaze of an ecstatic Charles.

The film was made in just 18 days on a tight budget in a typical Welsh summer – a doctor was on hand to stop the actors getting hypothermia when they filmed in the sea. It reminded our reviewer of another British comedy classic, Victoria Wood’s sitcom Dinnerladies, with its breadcrumb trail of slipped in details that provide laughter in the moment but which return to make the audience think twice.

Read more:
The Ballad of Wallis Island is a masterpiece of the extraordinary made ordinary

The trailer for The Ballad of Wallis Island.

When Poor Things won the Golden Globe for best picture last year, director Yorgos Lanthimos thanked everybody, from the cast and crew to his hero Bruce Springsteen. But one person who didn’t get a mention was Alasdair Gray, the Scottish artist and writer who wrote the novel the film was based on.

Now Gray is rightly being celebrated at Glasgow’s Kelvingrove Art Gallery and Museum. The unseen paintings in the new show Alasdair Gray: Works from the Morag McAlpine Bequest come from a donation of works he made after the death of his wife in 2014.

Highlights of the show include his original artwork for his novel Poor Things and the streetscape Gray called “my best big oil painting”, depicting Cowcaddens in Glasgow.

Read more:
Alasdair Gray: unseen artworks offer insight into a profoundly creative and original artist

Pride month is coming to an end, but you can enjoy the movies in our Hidden Gems of Queer Cinema series year round. These articles highlight brilliant films that should be more widely known and firmly part of the canon of queer cinema. I’d particularly recommend Saving Face (2004), complicated romcom that tenderly depicts the experiences of queer Asian people.

Read more:
Hidden gems of LGBTQ+ cinema: Saving Face is a complicated romcom that tenderly depicts the experiences of queer Asians

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

– ref. Killer dolls and Brexit zombies – what to watch and do this week – https://theconversation.com/killer-dolls-and-brexit-zombies-what-to-watch-and-do-this-week-259923

MIL OSI Analysis –

June 30, 2025
MIL-OSI Analysis: Killer dolls and Brexit zombies – what to watch and do this week

Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

Part of the appeal of the 2023 horror flick, M3gan, was that its titular antagonist managed to be two of the scariest villains of the genre in one – a killer robot, and a child’s doll come to life.

After nine-year-old Cady (Violet McGraw) tragically lost her parents, her roboticist aunt Gemma (Allison Williams of Get Out fame) brought M3gan home to help her niece with the traumatic transition. M3gan was to be Cady’s teacher, playmate and above all, protector. In classic horror style, she soon embarked on a murderous rampage in the name of “protecting” her ward.

The film was an instant cult hit, dubbed a “camp classic” thanks to M3gan’s TikTok dance moves and determination to destroy the nuclear family.

In M3gan 2, in cinemas from today, the filmmakers have leaned into that campiness even more. But, as horror expert Adam Daniel explains that doesn’t completely neutralise the terror. Instead, it reformulates it, offering a cathartic release that makes the subject matter more digestible.

Read more:
From HAL 9000 to M3GAN: what film’s evil robots tell us about contemporary tech fears

The trailer for M3gan 2.0.

If you’re looking for more traditional jump scares, 28 Years Later has you covered. Danny Boyle has returned to the franchise with this instant-classic of the zombie genre, which muses on both post-Brexit Britain and our collective experiences of the COVID pandemic. In this film, Europe has contained a “rage virus” to Britain. There are French boats on quarantine patrols, Swedish soldiers mocking remaining mainlanders and St George’s flags burning.

For COVID storytelling expert Lucyl Harrison: “The film ushers in a new age of ‘Vi-Fi’” (that’s virus fiction) “without succumbing to pulpy pandemic storytelling”. Ralph Fiennes offers a typically strong performance as the “mad” Dr Kelson, the only person determined to commemorate the virus’s ever-mounting dead.

Read more:
The spectacular frenzy of 28 Years Later offers a new breed of pandemic storytelling

The trailer for 28 Years Later.

I confess, I’m a bit of a baby when it comes to horror. So, I’ll need to follow up any zombie fare with something a little more comforting. My choice for this week is The Ballad of Wallis Island, which romcom giant Richard Curtis has dubbed “one of the great British films of all time”.

It takes place on the fictional Wallis Island, home to millionaire Charles (Tim Key), an almost obsessive fan of former folk-rock duo played by Tom Basden and Carey Mulligan. Invited to the island to play a private gig, they must face their musical and romantic past, all under the gaze of an ecstatic Charles.

The film was made in just 18 days on a tight budget in a typical Welsh summer – a doctor was on hand to stop the actors getting hypothermia when they filmed in the sea. It reminded our reviewer of another British comedy classic, Victoria Wood’s sitcom Dinnerladies, with its breadcrumb trail of slipped in details that provide laughter in the moment but which return to make the audience think twice.

Read more:
The Ballad of Wallis Island is a masterpiece of the extraordinary made ordinary

The trailer for The Ballad of Wallis Island.

When Poor Things won the Golden Globe for best picture last year, director Yorgos Lanthimos thanked everybody, from the cast and crew to his hero Bruce Springsteen. But one person who didn’t get a mention was Alasdair Gray, the Scottish artist and writer who wrote the novel the film was based on.

Now Gray is rightly being celebrated at Glasgow’s Kelvingrove Art Gallery and Museum. The unseen paintings in the new show Alasdair Gray: Works from the Morag McAlpine Bequest come from a donation of works he made after the death of his wife in 2014.

Highlights of the show include his original artwork for his novel Poor Things and the streetscape Gray called “my best big oil painting”, depicting Cowcaddens in Glasgow.

Read more:
Alasdair Gray: unseen artworks offer insight into a profoundly creative and original artist

Pride month is coming to an end, but you can enjoy the movies in our Hidden Gems of Queer Cinema series year round. These articles highlight brilliant films that should be more widely known and firmly part of the canon of queer cinema. I’d particularly recommend Saving Face (2004), complicated romcom that tenderly depicts the experiences of queer Asian people.

Read more:
Hidden gems of LGBTQ+ cinema: Saving Face is a complicated romcom that tenderly depicts the experiences of queer Asians

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

– ref. Killer dolls and Brexit zombies – what to watch and do this week – https://theconversation.com/killer-dolls-and-brexit-zombies-what-to-watch-and-do-this-week-259923

MIL OSI Analysis –

June 30, 2025
MIL-OSI Submissions: When you lose your health insurance, you may also lose your primary doctor – and that hurts your health

Source: The Conversation – USA – By Jane Tavares, Senior Research Fellow and Lecturer of Gerontology, UMass Boston

Seeing the same doctor on a regular basis is good for your health. Morsa Images/DigitalVision via Getty Images

When you lose your health insurance or switch to a plan that skimps on preventive care, something critical breaks.

The connection to your primary care provider, usually a doctor, gets severed. You stop getting routine checkups. Warning signs get missed. Medical problems that could have been caught early become emergencies. And because emergencies are both dangerous and expensive, your health gets worse while your medical bills climb.

As gerontology researchers who study health and financial well-being in later life, we’ve analyzed how someone’s ties to the health care system strengthen or unravel depending on whether they have insurance coverage. What we’ve found is simple: Staying connected to a trusted doctor keeps you healthier and saves the system money. Breaking that link does just the opposite.

And that’s exactly what has us worried right now. Members of Congress are debating whether to make major cuts to Medicaid and other social safety net programs. If the Senate passes its own version of the tax-and-spending package that the House approved in May 2025, millions of Americans will soon face exactly this kind of disruption – with big consequences for their health and well-being.

How people end up uninsured

Someone can lose their health insurance for a number of reasons. For many Americans, coverage is tied to employment. Being fired, retiring before you turn 65 and become eligible to enroll in the Medicare program, or even getting a new job can mean losing insurance. Others wind up uninsured due to a different array of changes: moving to a different state, getting divorced or aging out of a parent’s plan after their 26th birthday.

And those who buy their own coverage may find that they can no longer afford the premiums. In 2024, average premiums on the individual market exceeded more than US$600 per month for many adults, even with subsidies.

Government-sponsored insurance programs can also leave you vulnerable to this predicament. The Senate is currently considering its own version of a tax-and-spending bill the House of Representatives passed in May that would make cuts and changes to Medicaid. If the provisions in the House bill are enacted, millions of Americans who get health insurance through Medicaid – a health insurance program jointly run by the federal government and the states that is mainly for people who have low incomes or disabilities – would lose their coverage, according to the nonpartisan Congressional Budget Office.

Medicaid was established in the 1960s, explains a scholar of the program’s history.

Consequences of becoming uninsured

Health insurance is more than a way to pay medical bills; it’s a doorway into the health care system itself. It connects people to health care providers who come to know their medical history, their medications and their personal circumstances.

When that door closes, the effects are immediate. Uninsured people are much less likely to have a usual source of care – typically a doctor or another primary care provider or clinic you know and trust. That relationship acts as a foundation for managing chronic conditions, staying current with preventive screenings and getting guidance when new symptoms arise.

Researchers have found that adults who go uninsured for even six months become significantly more likely to postpone care or forgo it altogether to save money. In practical terms, this means they’re less likely to be examined by someone who knows their medical history and can spot red flags early.

The Affordable Care Act, the landmark health care law enacted during the Obama administration, made the number of Americans without insurance plummet. The share of people without insurance fell from 16% in 2010 to 7.7% in 2023.

The people who got insurance coverage, particularly those who were middle age, saw big improvements in their health.

Researching the results

In research that looked at data collected from 2014 to 2020, we followed what happened to 12,000 adults who were 50 or older and lived across the nation.

Our research team analyzed how their experiences changed when they lost, and sometimes later regained, a regular source of care during those six years.

Many of the participants in this study had multiple chronic conditions like diabetes, hypertension and heart disease.

The results were striking.

Those who didn’t see the same provider on a regular basis were far less likely to feel heard or respected by health care professionals. They had fewer medical appointments, filled fewer prescriptions and were less likely to follow through with recommended treatments.

Their health also deteriorated considerably over the six years. Their blood pressure and blood sugar levels rose, and they had more elevated indicators of kidney impairment compared with their counterparts who had regular care providers.

The longer they went without consistent health care, the worse these clinical markers became.

Warning signs

Preventive care is one of the best tools that both patients and their health care providers have to head off major health problems. This care includes screenings like cholesterol and blood pressure checks, mammograms, PAP smears and prostate exams, as well as routine vaccinations. But most people only get preventive care when they stay engaged with the health care system.

And that’s far more likely when you have stable and comprehensive health insurance coverage.

Our research team also examined what happened to preventive care based on whether the participants had a regular doctor. We found that those who kept seeing the same providers were almost three times more likely to get basic preventive services than those who did not.

Over time, these missed preventive care opportunities can add up to a big problem. They can turn what could have been a manageable issue into an emergency room visit or a long, expensive hospital stay.

For example, imagine a man in his 50s who no longer gets cholesterol screenings after losing insurance coverage. Over several years, his undiagnosed high cholesterol leads to a heart attack that could have been prevented with early medication. Or a woman who skips mammograms because of out-of-pocket costs, only to face a late-stage cancer diagnosis that might have been caught years earlier.

Waiting too long to deal with a health condition can mean you make a trip to the emergency room, increasing the cost of care for you and others.
FS Productions/Tetra images via Getty Images

Shifting the costs

Patients whose conditions take too long to be diagnosed aren’t the only ones who pay the price.

We also studied how stable care relationships affect health care spending. To do this, we linked Medicare claims cost data to our original study and tracked the medical costs of the same adults age 50 and older from 2014 to 2020. One of our key findings is that people with regular care providers were 38% less likely to incur above-average health care costs.

These savings aren’t just for patients – they ripple through the entire health care system. Primary care stability lowers costs for both public and private health insurers and, ultimately, for taxpayers.

But when people lose their health care coverage, those savings disappear.

Emergency rooms see more uninsured patients seeking care that could have been handled earlier and more cheaply in a clinic or doctor’s office. While hospitals are legally required to provide emergency care regardless of a patient’s ability to pay, much of the resulting cost goes unreimbursed.

Hospitals foot the bill for about two-thirds of those losses. They pass the other third along to private insurance companies through higher hospital fees. Those insurers, in turn, raise their customers’ premiums. Larger taxpayer subsidies can then be required to keep hospitals open.

Seeing Medicaid as a lifeline

For the nearly 80 million Americans enrolled in Medicaid, the program provides more than coverage.

It contributes to the health care stability our research shows is critical for good health. Medicaid makes it possible for many Americans with serious medical conditions to have a regular doctor, get routine preventive services and have someone to turn to when symptoms arise – even when they have low incomes. It helps prevent health care from becoming purely crisis-driven.

As Congress considers cutting Medicaid funding by hundreds of billions of dollars, we believe that lawmakers should realize that scaling back coverage would break the fragile links between millions of patients and the providers who know them best.

Jane Tavares receives funding from the SCAN Foundation, the RRF Foundation for Aging, and Milbank Memorial Fund .

Marc Cohen receives funding from the SCAN Foundation, the RRF Foundation for Aging and Milbank Memorial Fund .

– ref. When you lose your health insurance, you may also lose your primary doctor – and that hurts your health – https://theconversation.com/when-you-lose-your-health-insurance-you-may-also-lose-your-primary-doctor-and-that-hurts-your-health-258380

MIL OSI –

June 30, 2025
MIL-OSI Submissions: RFK Jr’s shakeup of vaccine advisory committee raises worries about scientific integrity of health recommendations

Source: The Conversation – USA – By Santosh Kumar Gautam, Associate Professor of Development and Global Health Economics, University of Notre Dame

The Advisory Committee on Immunization Practices played a key role in the rollout of COVID-19 vaccines. Frederic J. Brown / AFP via Getty Images

On June 11, 2025, Health Secretary Robert F. Kennedy Jr. announced a slate of eight new members to serve on the Advisory Committee on Immunization Practices, which advises the Centers for Disease Control and Prevention on national vaccine policy.

The announcement, made on the social media platform X, comes two days after Kennedy removed all 17 of the serving committee members. Kennedy called their replacements “a bold step in restoring public trust” rooted in “radical transparency and gold standard science.”

However, public health experts decried the removals, pointing to Kennedy’s promise not to change the committee and warning that the move politicizes its work and undermines its scientific integrity. Health experts have also noted that multiple new committee members appointed on June 11 have voiced anti-vaccine views that are not evidence-based.

The Conversation U.S. asked Santosh Kumar Gautam, an expert in global health policy at the University of Notre Dame, to explain how the vaccine committee’s guidance has shaped vaccine recommendations for the public, and what the changes might mean for peoples’ ability to access vaccines in the future.

What is the Advisory Committee on Immunization Practices?

The Advisory Committee on Immunization Practices, or ACIP, is a panel of experts appointed to advise the CDC on how to use vaccines to protect the health of people in the U.S. The committee’s job is to review multiple strands of scientific evidence to recommend which vaccines should be used, who should get them and when they should be given. Its guidance affects vaccine schedules for both children and adults, insurance coverage and public health policy across the country.

The committee was formed in 1964 to establish national vaccine policy as federal immunization programs began to expand. It can have up to 19 voting members, who are appointed by the secretary of Health and Human Services. Members are experts in areas such as medicine, public health and immunology. Member usually serve overlapping four-year terms to ensure continuity. All 17 previous members were appointed at different times during the Biden administration. Removing all members of the committee at once is unprecedented.

The group also includes nonvoting members from government health agencies, including the Food and Drug Administration and the National Institutes of Health. There are also representatives from more than 30 medical and public health organizations, such as the American Academy of Pediatrics and the American College of Physicians.

These nonvoting members share useful information and real-world experience such as practical issues in administering vaccines in hospitals, management of vaccine side effects and insights into adverse events. Their input helps the committee make recommendations that reflect both science and practical needs.

The committee meets three times a year to review new data on vaccine safety and effectiveness. Its next meeting is scheduled for June 25-27 and is expected to include discussions on COVID-19 and HPV vaccines, with recommendation votes planned for COVID-19 boosters, human papilloma virus and influenza vaccines. The meeting is open to the public and will be telecast live online.

What is the committee’s role in vaccine policy?

The committee makes its recommendations to the CDC by reviewing scientific evidence about a vaccine’s safety and efficacy, as well as practical issues, such as how easy a vaccine is to use, how it affects different groups, its side-effects and how it fits into the health system. The recommendations don’t just consider whether a vaccine works, but how it can be most effectively deployed to protect the American public from disease outbreaks.

The new lineup of the vaccine advisory committee may lead to changes in children’s vaccine schedules.
SementsovaLesia/iStock via Getty Images Plus

The committee looks at data from clinical trials and other research to examine the most recent data on a vaccine’s safety, efficacy and use in everyday settings. When new vaccines come out or a change occurs in the way a disease spreads or behaves, the committee often revises its advice. It also responds to public health emergencies such as recent measles outbreaks in the U.S.

The committee has made many updates over time. It changed flu shot guidance when new strains appeared. It lowered the recommended age for the HPV vaccine based on new research. And it adjusted vaccine plans for meningitis to better protect people at higher risk.

What was the committee’s role during the COVID-19 pandemic?

The committee played a vital role in evaluating vaccine safety and effectiveness and authorizing the use of vaccines for different age groups by reviewing clinical trial data, from Pfizer-BioNTech, Moderna, Johnson & Johnson and other vaccine manufacturers.

The committee also developed step-by-step guidelines for who should get vaccinated first, based on how likely people were to catch the virus, their risk of serious disease, the type of work they did and whether they came from a population that was historically underserved or at higher risk. It also issued tailored guidance for pregnant and breastfeeding women, immunocompromised people and children and adolescents as more trial data became available.

These recommendations shaped vaccine rollout strategies at both national and state levels, guided insurance coverage and influenced COVID-19 vaccination policies in other countries around the world.

Public health experts have expressed concern that Robert F. Kennedy Jr.’s decision to replace all 17 members of the vaccine advisory committee will erode its ability to provide evidence-based guidance.

Who are the new members that Kennedy appointed?

Although Kennedy promised more transparency, he handpicked the advisory committee’s new members without revealing how they were selected. Historically, the body’s members are selected after an extensive vetting process that can take two years.

The newly appointed members have expertise in psychiatry, neuroscience, epidemiology, biostatistics and operations management. However, several have been linked to vaccine-related misinformation, particularly relating to COVID-19 vaccines, raising concerns about the scientific neutrality of the committee moving forward.

For example, Retsef Levi, a professor of operations management at MIT Sloan School of Management, has publicly called for suspension of COVID-19 mRNA vaccines, claiming they cause serious harm and death in young people – a statement not supported by evidence.

Another member, physician and biochemist Robert Malone, made scientifically inaccurate statements about the dangers of mRNA COVID-19 vaccines during the pandemic.

A third member, epidemiologist and biostatistician Martin Kulldorff helped write the Great Barrington Declaration, which opposed lockdowns and argued that people at low risk of severe illness or death should be allowed to contract COVID-19 to build natural immunity – a stance that was heavily debated among health experts.

What happens now?

The committee’s new makeup and Kennedy’s decades-long anti-vaccine stance threaten to erode the integrity of scientific decision-making and commitment to ethical standards in vaccine recommendations.

Kennedy’s overhaul of the Advisory Committee on Immunization Practices will likely affect how insurers, doctors and the public make decisions about vaccines – and vaccine policy generally. For example, the advisory committee’s decisions directly affect which vaccines are covered by health insurance. If a vaccine is not recommended by the committee, many insurance plans, including those under the Affordable Care Act, are not required to cover it. This means families could face out-of-pocket costs, making it harder for children to access routine immunizations.

The advisory committee also plays a key role in shaping the U.S. childhood vaccine schedule. Given Kennedy’s long-held skepticism about childhood vaccines — including those for measles and polio — some public health experts worry that the newly appointed members could push to revisit or revise vaccine recommendations, especially for newer and more debated vaccines like those for COVID-19 or HPV.

States usually base their school entry vaccine requirements on the committee’s guidelines, and insurers often use them to determine which vaccines are covered. As a result, shifts in policy to childhood vaccinations could influence both school vaccination mandates and access to vaccines for millions of children.

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

– ref. RFK Jr’s shakeup of vaccine advisory committee raises worries about scientific integrity of health recommendations – https://theconversation.com/rfk-jrs-shakeup-of-vaccine-advisory-committee-raises-worries-about-scientific-integrity-of-health-recommendations-258674

MIL OSI –

June 30, 2025
MIL-Evening Report: Fiji’s Dr Prasad unveils $4.8b budget as deficit widens

By Kaya Selby, RNZ Pacific journalist

The Fiji government is spending big on this year’s budget.

The country’s Deputy Prime Minister and Minister for Finance, Biman Prasad, unveiled a FJ$4.8 billion (about NZ$3.5 billion) spending package, complete with cost of living measures and fiscal stimulus, to the Fijian Parliament on Friday.

This is about F$280 million more than last year, with the deficit widening to around $886 million.

Dr Prasad told Parliament that his government had guided the country to a better economic position than where he found it.

“When we came into office we were in a precarious economic crossroad . . . our first priority was to restore macroeconomic stability, rebuild trust in policymaking institutions, and chart a path towards sustainable and inclusive growth.”

The 2025/2026 budget consisted of a spending increase across almost every area, with education, the largest area of spending, up $69 million to $847 million overall.

The health sector received $611.6 million, the Fijian Roads Authority $388 million, and the Police force $240.3 million, all increases.

A package of cost of living measures costing the government $800 million has also been announced. This includes a value-added tax (VAT) cut from 15 percent to 12.5 percent on goods and services.

Various import duties, which firms pay for goods from overseas, have been cut, such as chicken pieces and parts (from 42 to 15 percent) and frozen fish (from 15 to 0 percent).

A subsidy to reduce bus fares by 10 percent was announced, alongside a 3 percent increase in salaries for civil servants, both beginning in August.

Drastic international conditions
In a news conference, Dr Prasad said that responding to difficult global economic shocks was the primary rationale behind the budget.

“This is probably one of the most uncertain global economic environments that we have gone through. There has been no resolution on the tariffs by the United States and the number of countries, big or small,” he said.

“We have never had this kind of interest in Fiji from overseas investors or diaspora, and we are doing a lot more work to get our diaspora to come back.”

When asked why the VAT was cut, reducing government revenue and widening the deficit, Dr Prasad said there was a need to encourage consumer spending.

“If the Middle East crisis deepens and oil prices go up, the first thing that will be affected will be the supply chain . . . prices could go up, people could be affected more.”

On building resilience from global shocks, Dr Prasad said the budget would reduce Fiji’s reliance on tourism, remittances, and international supply chains, by building domestic industry.

“It kills two birds in one [stone]. It addresses any big shock we might get . . . plus it also helps the people who would be affected.”

In their Pacific Economic Update, the World Bank projected economic growth of 2.6 percent in 2025, after a slump from 7.5 percent in 2023 to 3.8 percent in 2024.

Senior World Bank economist Ekaterine Vashakmadze told RNZ that Fiji was an interesting case.

“Fiji is one of the countries that suffered the sharpest shock [post-covid] . . . because tourism stopped.”

“On the other hand, Fiji was one of the first countries in the Pacific to recover fully in terms of the output to pre-pandemic level.”

Deficit too high — opposition
Opposition members have hit out at the government over the scale of the spend, and whether it would translate into outcomes.

Opposition MP Alvick Maharaj, in a statement to local media outlet Duavata News, referred to the larger deficit as “deeply troubling”.

“The current trajectory is concerning, and the government must change its fiscal strategy to one that is truly sustainable.”

“The way the budget is being presented, it’s like the government is trying to show that in one year Fiji will become a developed country.”

MP Ketal Lal on social media called the budget “a desperate cloak for scandal” designed to appeal to voters ahead of elections in 2026.

“This is what happens when a government governs by pressure instead of principle. The people have been crying out for years. The Opposition has consistently raised concerns about the crushing cost of living but they only act when it becomes politically necessary. And even then, it’s never enough.”

He also pointed out, regarding the 3 percent increase in civil servants salaries, that someone earning $30,000 a year would only see a pay increase of $900 per year.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

June 30, 2025
MIL-Evening Report: Fiji’s Dr Prasad unveils $4.8b budget as deficit widens

By Kaya Selby, RNZ Pacific journalist

The Fiji government is spending big on this year’s budget.

The country’s Deputy Prime Minister and Minister for Finance, Biman Prasad, unveiled a FJ$4.8 billion (about NZ$3.5 billion) spending package, complete with cost of living measures and fiscal stimulus, to the Fijian Parliament on Friday.

This is about F$280 million more than last year, with the deficit widening to around $886 million.

Dr Prasad told Parliament that his government had guided the country to a better economic position than where he found it.

“When we came into office we were in a precarious economic crossroad . . . our first priority was to restore macroeconomic stability, rebuild trust in policymaking institutions, and chart a path towards sustainable and inclusive growth.”

The 2025/2026 budget consisted of a spending increase across almost every area, with education, the largest area of spending, up $69 million to $847 million overall.

The health sector received $611.6 million, the Fijian Roads Authority $388 million, and the Police force $240.3 million, all increases.

A package of cost of living measures costing the government $800 million has also been announced. This includes a value-added tax (VAT) cut from 15 percent to 12.5 percent on goods and services.

Various import duties, which firms pay for goods from overseas, have been cut, such as chicken pieces and parts (from 42 to 15 percent) and frozen fish (from 15 to 0 percent).

A subsidy to reduce bus fares by 10 percent was announced, alongside a 3 percent increase in salaries for civil servants, both beginning in August.

Drastic international conditions
In a news conference, Dr Prasad said that responding to difficult global economic shocks was the primary rationale behind the budget.

“This is probably one of the most uncertain global economic environments that we have gone through. There has been no resolution on the tariffs by the United States and the number of countries, big or small,” he said.

“We have never had this kind of interest in Fiji from overseas investors or diaspora, and we are doing a lot more work to get our diaspora to come back.”

When asked why the VAT was cut, reducing government revenue and widening the deficit, Dr Prasad said there was a need to encourage consumer spending.

“If the Middle East crisis deepens and oil prices go up, the first thing that will be affected will be the supply chain . . . prices could go up, people could be affected more.”

On building resilience from global shocks, Dr Prasad said the budget would reduce Fiji’s reliance on tourism, remittances, and international supply chains, by building domestic industry.

“It kills two birds in one [stone]. It addresses any big shock we might get . . . plus it also helps the people who would be affected.”

In their Pacific Economic Update, the World Bank projected economic growth of 2.6 percent in 2025, after a slump from 7.5 percent in 2023 to 3.8 percent in 2024.

Senior World Bank economist Ekaterine Vashakmadze told RNZ that Fiji was an interesting case.

“Fiji is one of the countries that suffered the sharpest shock [post-covid] . . . because tourism stopped.”

“On the other hand, Fiji was one of the first countries in the Pacific to recover fully in terms of the output to pre-pandemic level.”

Deficit too high — opposition
Opposition members have hit out at the government over the scale of the spend, and whether it would translate into outcomes.

Opposition MP Alvick Maharaj, in a statement to local media outlet Duavata News, referred to the larger deficit as “deeply troubling”.

“The current trajectory is concerning, and the government must change its fiscal strategy to one that is truly sustainable.”

“The way the budget is being presented, it’s like the government is trying to show that in one year Fiji will become a developed country.”

MP Ketal Lal on social media called the budget “a desperate cloak for scandal” designed to appeal to voters ahead of elections in 2026.

“This is what happens when a government governs by pressure instead of principle. The people have been crying out for years. The Opposition has consistently raised concerns about the crushing cost of living but they only act when it becomes politically necessary. And even then, it’s never enough.”

He also pointed out, regarding the 3 percent increase in civil servants salaries, that someone earning $30,000 a year would only see a pay increase of $900 per year.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

June 30, 2025
MIL-OSI New Zealand: DOC’s Jobs for Nature legacy
Source: NZ Department of Conservation

Date: 30 June 2025

Sia says, “Jobs for Nature projects have had a positive impact on the environment, restoring over 6000 ha of wetland, which has improved wildlife habitat, water quality and flood control capability, and have worked toward restoring six priority waterways, such as the Rangitata and Whanganui Rivers, among many other amazing results for our land, water, and species.”

“As the Department’s work with Jobs for Nature comes to an end this month, the programme has been successful for the thousands who’ve gained valuable experience and achieved great things for nature.”

Launched to turbo-boost nature-based employment through COVID-19, the $1.2 billion multi-agency programme employed people whose livelihoods were impacted through the pandemic, enabling them to stay local and support their families and communities.

This support also benefitted regional economies reliant on tourism. In South Westland for example, the Jobs for Nature programme redeployed tourism workers from 40 businesses, keeping essential skills vital for economic recovery in the community.

Sia says, “We estimate Jobs for Nature projects will return more than $1.97 billion in environmental, social and economic benefits over 30 years.

“Jobs for Nature has stood up a new generation of conservationists who have upskilled and trained in critical ranger skills including pest control, planting, and landscape restoration.”

When surveyed, 91 project partners identified as being whānau, hapū or iwi, and a further 63 said they have strong engagement with whānau, hapū or iwi.

“Jobs for Nature supported Māori to work in their communities, contribute directly to improving the health of the whenua.”

While government funding ends on 30 June 2025, there is an ongoing legacy, with just over 20 percent of projects (46) intending to develop businesses and continue their mahi.

“We’ve seen tangible benefits for iwi, communities and nature. It’s demonstrated that when we take action for nature, it can bounce back,” Sia says.

Background information

Jobs for Nature (JFN) was a $1.2 billion programme set up in response to COVID-19 to create both nature-based employment opportunities and enduring environmental benefits.

It ran from July 2020 to June 2025 and was administered by five government agencies. The Department of Conservation Te Papa Atawhai (DOC) allocated $485.3 million over 225 projects across Aotearoa New Zealand.

Over five years, since 2020, the programme has improved biodiversity, increased environmental protection and supported better access to nature for future generations:
- 8.4 million hours of conservation work was enabled, including more than 2.3 million hectares of pest control (animal and plant) and 5 million plantings.
- Targeted support was provided for threatened species and ecosystems, including the Threatened – Nationally Critical kākāriki karaka/orange-fronted parakeet.
- Restoration of six priority freshwater waterways was accelerated to protect and improve their biodiversity.
- Over 6,000 hectares of wetland was restored, improving wildlife habitat, water quality, flood control and more.
- Over 1,000 cultural heritage and recreational sites were maintained and improved, retaining our connection to nature and identity.
- Local resilience to climate change impacts was increased.
The programme also enabled iwi, hapū and whānau to realise their aspirations for the environment:
- 90 Māori collective entities received funding totalling nearly $135 million, allowing them to have a greater influence in local decision making and delivery.
- When surveyed, 91 project partners identified as being whānau, hapū or iwi, and a further 63 said they have strong engagement with whānau, hapū or iwi.
- 93 projects included work on Māori land, improving the whenua for the future.
*Data as at March, 2025.

Contact

For media enquiries contact:

Email: media@doc.govt.nz

MIL OSI New Zealand News –
June 30, 2025
MIL-OSI Australia: AI chatbots could spread ‘fake news’ with serious health consequences

Source:

30 June 2025

Trust your doctor, not a chatbot. That’s the stark lesson from a world-first study that demonstrates why we shouldn’t be taking health advice generated by artificial intelligence (AI).

Chatbots can easily be programmed to deliver false medical and health information, according to an international team of researchers who have exposed some concerning weaknesses in machine learning systems.

Researchers from the University of South Australia, Flinders University, Harvard Medical School, University College London, and the Warsaw University of Technology have combined their expertise to show just how easy it is to exploit AI systems.

In the study, published today in the Annals of Internal Medicine, researchers evaluated the five foundational and most advanced AI systems developed by OpenAI, Google, Anthropic, Meta and X Corp to determine whether they could be programmed to operate as health disinformation chatbots.

Using instructions available only to developers, the researchers programmed each AI system – designed to operate as chatbots when embedded in web pages – to produce incorrect responses to health queries and include fabricated references from highly reputable sources to sound more authoritative and credible.

The ‘chatbots’ were then asked a series of health-related questions.

According to UniSA researcher, Dr Natansh Modi, the results were disconcerting.

“In total, 88% of all responses were false,” Dr Modi says, “and yet they were presented with scientific terminology, a formal tone and fabricated references that made the information appear legitimate.

“The disinformation included claims about vaccines causing autism, cancer-curing diets, HIV being airborne and 5G causing infertility.”

Out of the five chatbots that were evaluated, four generated disinformation in 100% of their responses, while the fifth generated disinformation in 40% of its responses, showing some degree of robustness.

As part of the study, Dr Modi and his team also explored the OpenAI GPT Store, a publicly accessible platform that allows users to easily create and share customised ChatGPT apps, to assess the ease with which the public could create disinformation tools.

“We successfully created a disinformation chatbot prototype using the platform and we also identified existing public tools on the store that were actively producing health disinformation.

“Our study is the first to systematically demonstrate that leading AI systems can be converted into disinformation chatbots using developers’ tools, but also tools available to the public.”

Dr Modi says that these findings reveal a significant and previously under-explored risk in the health sector.

“Artificial intelligence is now deeply embedded in the way health information is accessed and delivered,” he says.

“Millions of people are turning to AI tools for guidance on health-related questions.

“If these systems can be manipulated to covertly produce false or misleading advice then they can create a powerful new avenue for disinformation that is harder to detect, harder to regulate and more persuasive than anything seen before.

“This is not a future risk. It is already possible, and it is already happening.”

While the study has revealed deficiencies in these AI systems, Dr Modi says that the findings highlight a path forward, but it will require buy-in and collaboration from a range of stakeholders.

“Some models showed partial resistance,” he says, “which proves the point that effective safeguards are technically achievable.

“However, the current protections are inconsistent and insufficient. Developers, regulators and public health stakeholders must act decisively, and they must act now.

“Without immediate action, these systems could be exploited by malicious actors to manipulate public health discourse at scale, particularly during crises such as pandemics or vaccine campaigns.”

The research article, ‘Assessing the System-Instruction Vulnerabilities of Large Language Models to Malicious Conversion into Health Disinformation Chatbots’ is published in the Annals of Internal Medicine, the world’s most cited internal medicine journal. DOI:10.7326/ANNALS-24-03933

…………………………………………………………………………………………………………………………

Contact for interview: Dr Natansh Modi E: Natansh.Modi@unisa.edu.au

Media contact: Candy Gibson M: +61 E: candy.gibson@unisa.edu.au

MIL OSI News –

June 30, 2025
MIL-OSI United Kingdom: Further details on welfare reforms published ahead of Second Reading
Source: United Kingdom – Executive Government & Departments

Press release

Further details on welfare reforms published ahead of Second Reading

New details on the Government’s welfare reforms will be published today (Monday 30 June 2025) ahead of Second Reading of the Universal Credit and Personal Independence Payment Bill on Tuesday.
Terms of reference for the first comprehensive review of the Personal Independence Payment (PIP) assessment in a decade to be published today.

Comes alongside draft regulations for the new Right to Try Guarantee – enshrining protections in law for disabled people and people with health conditions who want to try work.

Reforms to deliver greater certainty, independence, and dignity for disabled people, while ensuring the system is fair, sustainable, and fit for the future as part of the Plan for Change.

New details on the government’s welfare reforms will be published today (Monday 30 June 2025) ahead of Second Reading of the Universal Credit (UC) and PIP Bill on Tuesday.

The terms of reference for the first ever comprehensive review of the PIP assessment in over a decade will be published today. The review – led by Minister for Social Security and Disability Sir Stephen Timms – will ensure the system is fair, supportive and reflects the realities of modern life.

It will be co-produced with disabled people, the organisations that represent them, and MPs with the core objective of delivering better experiences and better outcomes for disabled people and people with health conditions.

The review aims to respond to the changing picture of population health over the last decade including the rising prevalence of long-term health conditions and disability in the working-age population.

Monthly PIP awards have more than doubled since the pandemic, rising from 13,000 to 34,000 – a rate of around 1,000 new claims per day, or the population of Leicester every year. Much of this increase is driven by mental health conditions with awards for anxiety and depression having tripled from 2,500 per month in 2019 to 8,200 in 2023.

To better help those with mental ill health, the government has recruited more than 6,700 extra mental health workers since July while rolling out more access to occupational health services and developing digital resources, so employers better support their staff’s mental wellbeing.

Many people have also reported poor experiences with the assessment process. The current system often fails to reflect the real-world impact of disability on daily life and is no longer fit for purpose – making reform urgent and essential.

Alongside the review, draft regulations for the new Right to Try Guarantee will be laid in Parliament. This will, for the first time, enshrine in law the right for people receiving health and disability benefits to try work without fear of reassessment. This includes disabled people and people with health conditions – such as those recovering from illness – who want to return to work now their health has improved.

This responds directly to concerns raised by disabled people and people with health conditions – 37% of whom say they want to work but are held back by fear of losing their benefits according to a DWP survey.

Fixing the broken welfare system this government inherited is central to breaking down barriers to opportunity and driving up living standards – delivering on the government’s Plan for Change. The government’s reforms will ensure disabled people have the support they need to live independently, with dignity, and will unlock opportunities to get into work without facing the prospect of losing the help they need.

Work and Pensions Secretary Liz Kendall said:

We must build a welfare system that provides security for those who cannot work and the right support for those who can. Too often, disabled people feel trapped – worried that if they try to work, they could lose the support they depend on.

That is why we are taking action to remove those barriers, support disabled people to live with dignity and independence, and open routes into employment for those who want to pursue it.

This is about delivering a fairer, more compassionate system as part of our Plan for Change which supports people to thrive, whatever their circumstances.

The Government will also set out details today of the changes they intend to make to the Bill as part of the government’s welfare reforms. The Government has listened to MPs who support the principle of reform but are worried about the pace of change for those already supported by the social security system.

That’s why ministers have confirmed that as part of the Bill:

All existing PIP recipients will remain on the current system and the proposed changes to eligibility as part of the bill will only apply to new claims from November 2026.

200,000 individuals in the Severe Conditions Criteria group – individuals with the most severe, lifelong conditions who are unlikely to recover – will not be called for a UC reassessment.

All existing recipients of the UC health element and new customers with 12 months or less to live or who meet the Severe Conditions Criteria will see their standard allowance combined with their Limited Capability for Work Related Activity (LCWRA) rise at least in line with inflation every year from 2026/27 to 2029/30.

Nearly 4 million households will receive an income boost with the main rate of UC set to increase above inflation every year for the next four years – estimated to be worth £725 by 2029/30 for a single household aged 25 or over. This is around £250 higher than an inflation only increases.

The Bill will also rebalance UC rates by reducing the health element for new UC claims to the equivalent of £50 per week from April 2026, fixing a system which incentivises people to define themselves as incapable of work by paying health element recipients more than double the standard amount.

These reforms will be also underpinned by a significant investment in employment support. Funding will be brought forward to accelerate tailored employment, health and skills support to help disabled people and those with health conditions get into work as part of our Pathways to Work guarantee.

£300 million will be brought forward over the next three years, increasing total employment support by £2.2 billion over four years – upholding our commitment to spend £1 billion per year by the end of the decade.

This investment will accelerate the pace of new planned investment in employment support programmes, building on and learning from successes such as the Connect to Work programme, which already provides disabled people and people with health conditions with one-to-one support at the point when they feel ready to work.

And for people whose health challenges make it difficult to find or stay in work, our initiative in partnership with the NHS, WorkWell, will offer personalised support to help individuals manage their health while preparing for or returning to employment. This will build on progress already made to get 384,000 people into work since this government entered office and will come alongside fundamental reforms to patient support as part of the landmark 10 Year Health Plan.

Health professionals will be on hand to connect people with services like physiotherapy, mental health support, and more. They will also be supported by a dedicated employment adviser who understands their specific health needs and guide them every step of the way.

For too long, meaningful reform to our welfare system has been ducked and delayed – stunting productivity, slowing down growth and ultimately holding British people and our country back. The government is taking decisive action and the difficult decisions needed to restore trust and faith in the system, providing opportunities for those who can work, and security for those who cannot.

Further information

The UC and PIP Bill is scheduled for Second Reading in the House of Commons Parliament on Tuesday 1 July 2025.

The UC and PIP Bill legislates for:

A new additional eligibility requirement for the daily living component of PIP so that from November 2026 new claimants must score a minimum of 4 points must be scored on at least one daily living activity to be eligible for the daily living component.

Rebalancing of UC health and standard elementsincluding reducing the health top-up for new claims to £50 per week from April 2026.

Ensure that all existing recipients of the UC health element – and any new claimant meeting the Severe Conditions Criteria and/or that has their claims considered under the Special Rules for End of Life (SREL) – will receive the higher UC health payment after April 2026.

Increasing the UC standard allowance above inflation for the next four years – worth an estimated £725 by 2029/30 for a single adult aged 25 or over.

Exemptions from reassessment for those with the most severe, lifelong conditions.

The Government has also confirmed that it will amend the Bill at Commons Committee stage to:

Provide protection for existing PIP claimants—ensuring they remain on the current system and are unaffected by new eligibility rules.

For all existing recipients of the UC health element – and any new claimant meeting the Severe Conditions Criteria and/or that has their claims considered under the Special Rules for End of Life (SREL) – the LCWRA rate for this group will now be uprated each year this Parliament to ensure their combined rate of the Universal Credit standard allowance and LCWRA is protected in real terms.

The Bill currently includes a 13-week transitional period for the PIP changes, but this will be superseded by long-term protections for existing claimants.

The Terms of reference for the PIP review, draft regulations for the Right to Try Guarantee, the draft amendment to the Bill which will enact the change to PIP, and analysis of poverty impacts will be published later today.

The DWP work aspirations survey can be found here: Work aspirations and support needs of health and disability customers: Interim findings – GOV.UK; PDF, 1.2MB

Latest data published last week shows almost one-in-four adults in England have common mental health conditions – and that adults with problem debt and those out of work are far more likely to experience mental health conditions.

To better help those with mental ill health, the government is boosting access to support, with more than 6,700 extra mental health workers since July, marking a significant milestone towards its goal of 8,500 by the end of this Parliament.

It has also started rolling out more access to occupational health services and developing digital resources so employers can better support their staff’s mental wellbeing as part of its drive to get people back to health and back to work.

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Published 30 June 2025
MIL OSI United Kingdom –
June 30, 2025
MIL-OSI Global: Why centuries-old astrology and tarot cards still appeal to us

Source: The Conversation – Canada – By Hanna Tervanotko, Associate professor, Religious Studies, McMaster University

The Sola Busca tarot deck from Italy, circa 15th century. (Artist unknown), CC BY

More than 30 per cent of Americans believe in some sort of esoteric knowledge and regularly consult astrology, tarot readers or fortune tellers, according to a recent report by the Pew Research Centre.

Even though the survey says these Americans are doing so “just for fun” and claim they rely on the information gained by divination “only a little,” the persistence — and apparent rise — of these practices suggests something deeper is at play.

Tarot card: The High Priestess (Waite–Smith deck), c. 1909.
(Pamela Colman Smith), CC BY

People have always turned to divinatory methods to search for unanswered questions and to gain additional knowledge that could help them to prepare for the future, especially in times of uncertainty. For example, searches for “tarot cards” increased by more than 30 per cent during the pandemic.

I study ancient divination, but to better understand how diviners work, I have observed contemporary diviners at work and talked with them about their practices. They say their clients request tarot consultations more frequently than they did in the past.

What is divination?

Anthropologists define “divination” methods as “practice(s) that seeks to foresee or foretell future events or discover hidden knowledge usually by the interpretation of omen or by the aid of supernatural powers.”

Divination methods, including tarot and astrology, offer a way to ask questions when other systems fail to provide answers. These questions can be highly personal and difficult to address in a formal religious setting. The divinatory answers allow people to feel they’ve gained insight, which in turn gives a perception of control over an uncertain future.

Apart from astrology and tarot, some of the best known divination methods include: the interpreting of dreams, reading coffee cups or tea leaves, observing animals and nature, reading palms and other body features such as nose shape and eye placement.

When a diviner uses things, such as cards, tea leaves, dice or shells, the connecting thread to many of these methods is that people cannot control the signs they produce. For example, divination consultants typically mix the tarot card deck to make sure the result are randomized. People should not manipulate the results.

Divination as alternative ways of knowing

Pew Centre data reveals that young people, women and LGBTQ Americans are among the most likely to consult divinatory methods. Religious studies professor Marcelitte Failla has also written about contemporary Black women who have reclaimed the tarot deck to creatively address their spiritual needs.

Many people turn to religion when they face the unknown in their lives. They address their insecurities in worship, asking for divine help.

But there have always been people who did not have access to organized religion. Divinatory practices can be especially appealing to those who have been excluded from traditional religion and had to come up with alternative ways to address uncertainties.

They perhaps lived in remote areas and could not attend worship sites such as temples. Or possibly, they were excluded from organized religion for identity reasons. For example, women regularly stayed home to care for children and sick. Sometimes, they were denied access because of their bodily “impurities,” menstruation or recent childbirth.

LGBTQ+ individuals were also denied access. In the U.S., discrimination against LGBTQ+ individuals remains one of the leading reasons for leaving traditional religious institutions. In Canada, the churches’ discriminatory treatment of different sexual minorities has been one of the top reasons people dissolve membership.

Divination in times of uncertainty

In an age marked by ongoing anxiety, political instability and waning trust in institutions, centuries-old divination rituals offer alternative ways for folks to seek entertainment but also to gain a sense of insight, agency and connection. What may seem like harmless fun can also serve as a serious response to a chaotic world. Divinatory practices can provide both spiritual exploration and emotional validation.

It’s understandable that a new situation, like the COVID-19 pandemic, triggered anxiety and uncertainty for people.

People continue to experience more anxiety than they did before the pandemic. Some of the main concerns include world politics, job security and personal finances.

As we try to make sense of the new, confusing and constantly changing situations, many create different theories, some questionable. Some people turn to alternative approaches like divination to make sense of the world.

Tarot: Thinking through emotions

People are checking out tarot readings on online platforms. And many social media accounts feature tarot.

Besides increasing political insecurity, another reason for the increased interest in tarot may be the visual aspect. Increased interest in the decorated cards may be a reflection of our highly visual culture. Interest in the cards with images may reflect interest in other images we watch. They are like photos with messages.

The fascination with tarot may also speak about a need to control the consultation as a diviner and their client see exactly the same thing. The images in the cards are also symbolic, and they can be interpreted in different ways.

That means rather than providing a straightforward answer to a question, the cards are tools that can help think through one’s emotions and feelings.

Tarot is not a religion. The object that is consulted is paper is not an image of the divine or a symbol of transcendence. This lack of alignment with any particular religion allows different people to consult tarot as a spiritual practice.

In principle, the cards can be consulted anywhere without particular preparations. The only material one needs is a deck of cards. The accessible materiality may be adding to their popularity.

Playful aspects of divination

Many divinatory methods include a playful aspect. For instance, the objects used for the lot oracle — pebbles, stones, four-sided knucklebones or dice — are the same ones people used for playing board games.

Ancient images show people consulting the objects or playing, suggesting the boundaries of some of the divinatory methods were always fluid.

As randomizing is an important element of divinatory consultation, the new insights various methods produce can be both surprising and entertaining.

Hanna Tervanotko receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. Why centuries-old astrology and tarot cards still appeal to us – https://theconversation.com/why-centuries-old-astrology-and-tarot-cards-still-appeal-to-us-258993

MIL OSI – Global Reports –

June 30, 2025
MIL-OSI Global: Why centuries-old astrology and tarot cards still appeal to us

Source: The Conversation – Canada – By Hanna Tervanotko, Associate professor, Religious Studies, McMaster University

The Sola Busca tarot deck from Italy, circa 15th century. (Artist unknown), CC BY

More than 30 per cent of Americans believe in some sort of esoteric knowledge and regularly consult astrology, tarot readers or fortune tellers, according to a recent report by the Pew Research Centre.

Even though the survey says these Americans are doing so “just for fun” and claim they rely on the information gained by divination “only a little,” the persistence — and apparent rise — of these practices suggests something deeper is at play.

Tarot card: The High Priestess (Waite–Smith deck), c. 1909.
(Pamela Colman Smith), CC BY

People have always turned to divinatory methods to search for unanswered questions and to gain additional knowledge that could help them to prepare for the future, especially in times of uncertainty. For example, searches for “tarot cards” increased by more than 30 per cent during the pandemic.

I study ancient divination, but to better understand how diviners work, I have observed contemporary diviners at work and talked with them about their practices. They say their clients request tarot consultations more frequently than they did in the past.

What is divination?

Anthropologists define “divination” methods as “practice(s) that seeks to foresee or foretell future events or discover hidden knowledge usually by the interpretation of omen or by the aid of supernatural powers.”

Divination methods, including tarot and astrology, offer a way to ask questions when other systems fail to provide answers. These questions can be highly personal and difficult to address in a formal religious setting. The divinatory answers allow people to feel they’ve gained insight, which in turn gives a perception of control over an uncertain future.

Apart from astrology and tarot, some of the best known divination methods include: the interpreting of dreams, reading coffee cups or tea leaves, observing animals and nature, reading palms and other body features such as nose shape and eye placement.

When a diviner uses things, such as cards, tea leaves, dice or shells, the connecting thread to many of these methods is that people cannot control the signs they produce. For example, divination consultants typically mix the tarot card deck to make sure the result are randomized. People should not manipulate the results.

Divination as alternative ways of knowing

Pew Centre data reveals that young people, women and LGBTQ Americans are among the most likely to consult divinatory methods. Religious studies professor Marcelitte Failla has also written about contemporary Black women who have reclaimed the tarot deck to creatively address their spiritual needs.

Many people turn to religion when they face the unknown in their lives. They address their insecurities in worship, asking for divine help.

But there have always been people who did not have access to organized religion. Divinatory practices can be especially appealing to those who have been excluded from traditional religion and had to come up with alternative ways to address uncertainties.

They perhaps lived in remote areas and could not attend worship sites such as temples. Or possibly, they were excluded from organized religion for identity reasons. For example, women regularly stayed home to care for children and sick. Sometimes, they were denied access because of their bodily “impurities,” menstruation or recent childbirth.

LGBTQ+ individuals were also denied access. In the U.S., discrimination against LGBTQ+ individuals remains one of the leading reasons for leaving traditional religious institutions. In Canada, the churches’ discriminatory treatment of different sexual minorities has been one of the top reasons people dissolve membership.

Divination in times of uncertainty

In an age marked by ongoing anxiety, political instability and waning trust in institutions, centuries-old divination rituals offer alternative ways for folks to seek entertainment but also to gain a sense of insight, agency and connection. What may seem like harmless fun can also serve as a serious response to a chaotic world. Divinatory practices can provide both spiritual exploration and emotional validation.

It’s understandable that a new situation, like the COVID-19 pandemic, triggered anxiety and uncertainty for people.

People continue to experience more anxiety than they did before the pandemic. Some of the main concerns include world politics, job security and personal finances.

As we try to make sense of the new, confusing and constantly changing situations, many create different theories, some questionable. Some people turn to alternative approaches like divination to make sense of the world.

Tarot: Thinking through emotions

People are checking out tarot readings on online platforms. And many social media accounts feature tarot.

Besides increasing political insecurity, another reason for the increased interest in tarot may be the visual aspect. Increased interest in the decorated cards may be a reflection of our highly visual culture. Interest in the cards with images may reflect interest in other images we watch. They are like photos with messages.

The fascination with tarot may also speak about a need to control the consultation as a diviner and their client see exactly the same thing. The images in the cards are also symbolic, and they can be interpreted in different ways.

That means rather than providing a straightforward answer to a question, the cards are tools that can help think through one’s emotions and feelings.

Tarot is not a religion. The object that is consulted is paper is not an image of the divine or a symbol of transcendence. This lack of alignment with any particular religion allows different people to consult tarot as a spiritual practice.

In principle, the cards can be consulted anywhere without particular preparations. The only material one needs is a deck of cards. The accessible materiality may be adding to their popularity.

Playful aspects of divination

Many divinatory methods include a playful aspect. For instance, the objects used for the lot oracle — pebbles, stones, four-sided knucklebones or dice — are the same ones people used for playing board games.

Ancient images show people consulting the objects or playing, suggesting the boundaries of some of the divinatory methods were always fluid.

As randomizing is an important element of divinatory consultation, the new insights various methods produce can be both surprising and entertaining.

Hanna Tervanotko receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. Why centuries-old astrology and tarot cards still appeal to us – https://theconversation.com/why-centuries-old-astrology-and-tarot-cards-still-appeal-to-us-258993

MIL OSI – Global Reports –

June 30, 2025
MIL-OSI Economics: Trade tensions and uncertainty cloud global economy: BIS
Source: Bank for International Settlements
- Heightened policy uncertainty and fraying trade ties have weakened the growth outlook, while existing vulnerabilities compound the risks and make economies more prone to inflation pressures.
- While central banks focus on price stability, governments must support structural reforms and manage public finances sustainably to foster growth to meet future needs.
- The increased role of non-banks, including a shift towards financing public debt, brings stronger international transmission of financial conditions and also financial stability risks.
Trade tensions and heightened uncertainty cloud the outlook for growth and inflation and risk exposing deeper fault lines in the global economy and financial system, the Bank for International Settlements said in its flagship economic report. It called on policymakers to step up as a stabilising force.

The BIS’s Annual Economic Report 2025 says prospects for the global economy have become much more uncertain and unpredictable in recent months, with trade disruptions roiling financial markets and threatening to reshape the global economic landscape.

These developments are unfolding in a world already grappling with economic fragmentation, declining productivity, high and rising public debt, and a growing footprint of less regulated nonbank financial institutions. Public policy is crucial as a stabilising force. Policymakers must act decisively on multiple fronts to ensure price stability and promote sustainable economic growth while preserving economic and financial stability.

Agustín Carstens, General Manager

The report analyses vulnerabilities in the real economy and financial system including:
- Shifts towards greater economic fragmentation and protectionism, further exacerbating the decades-long decline in economic and productivity growth across many economies.
- Scars from the post-pandemic inflation surge, which could leave a lasting imprint on household inflation expectations.
- High and rising public debt, increasing the financial system’s vulnerability to interest rate rises while reducing governments’ ability to respond to new shocks.
The report also presents the results of a deep dive into global financial conditions. Structural shifts in the global financial system have led to tighter links between financial markets, reflecting the rapid growth of sovereign bond markets and a bigger role for non-banks such as investment and hedge funds. The greater connectedness is underpinned by the expansion of FX swap markets that allow asset managers to invest globally while hedging currency risk.

The reshaping of the financial system in recent years means that financial conditions are transmitted more swiftly across economies. The increased footprint of non-banks in the financial system in tandem with the growth in bond markets also brings financial stability risks. Institutions and activities that pose similar risks should be regulated with similar stringency.

Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department

Other public policy priorities include long overdue structural reforms to address the persistent challenges of low productivity growth and make economies less rigid, the BIS said. Removing barriers to trade would help offset the damage from trade conflicts. Fiscal policy must ensure that the trajectory of public debt is sustainable and restore space for supporting the economy when needed. Central banks must retain their focus on keeping prices stable.

The experience of recent years has been a sharp reminder that price stability is the cornerstone for sustainable growth. For households, price stability means safeguarding the value of their hard-earned money, ensuring that what they save today maintains its worth tomorrow. Stable prices create the foundation for families to plan their futures with confidence, businesses to invest and grow, and economies to thrive. In an era of heightened uncertainty, preserving this foundation is more important than ever.

Agustín Carstens, General Manager

A special chapter, “The next-generation monetary and financial system”, was released on 24 June.

The BIS also publishes its Annual Report 2024/25 today. It highlights the achievements of the BIS’s most recent medium-term strategy, Innovation BIS 2025, and shows how the BIS has supported stakeholders during the year.
MIL OSI Economics –
June 29, 2025
MIL-OSI Economics: Sustaining trust and stability

Source: Bank for International Settlements

Good morning, ladies and gentlemen.

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

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

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

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

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

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

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

Trust and policy

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

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

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

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

From soft landing to turbulence and uncertainty

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

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

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

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

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

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

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

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

Structural vulnerabilities in a shifting world

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

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

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

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

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

The burden of debt

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

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

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

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

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

The evolving financial landscape

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

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

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

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

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

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

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

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

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

Central bank priorities

Let me now turn to central bank priorities.

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

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

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

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

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

Building a monetary and financial system for the future

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

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

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

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

Conclusion

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

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

Thank you.

MIL OSI Economics –

June 29, 2025
MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Graduation Ceremony of the Paris School of International Affairs, Sciences Po

Source: United Nations secretary general

Dean Gonzalez, distinguished faculty members, ladies and gentlemen,

Most importantly, graduates,

Let me begin with the most important word of all: congratulations!

You now join a long line of Sciences Po alumni who have shaped our world – including some of whom are doing it every day at the United Nations as they work in my office supporting the Secretary-General.

Let’s also take a moment to recognise your families, friends and loved ones – who have been with you every step of the way.

They deserve a round of applause.

Students representing more than 120 nationalities come here to learn how the world works, and how it can work better.

That spirit of global curiosity and purpose has also carried me through every chapter of my own journey.

Designing schools and hospitals in my home country of Nigeria.

Advising four Presidents on poverty reduction, development policy planning and public sector reform.

Supporting Member States to lead the process that transformed global aspirations into the Sustainable Development Goals.

And now as the longest-serving Deputy Secretary-General in United Nations history, supporting the Secretary-General on some of the most complex situations in our history, from COVID, to Ukraine, to Sudan and Gaza and today’s continuing crisis in the Middle East.

Today, I want to reflect on the lessons I have learned along the way.

First, don’t agonise, organise.

We live in a world of hurt. A world that is messy, complicated and often overwhelming.

And I know it might be easy to feel paralyzed by the scale and hopelessness of today’s challenges.

Don’t.

Because more than ever, those challenges are connected – and we solve them by seeing those connections and coming together.

When I served as Nigeria’s Minister of Environment, my job was never just about the environment.

When Lake Chad was drying up, it wasn’t just an ecological crisis – it was a security crisis. Boko Haram was born and abducted 200 school girls.

When we faced population and urban sprawl and tensions rose between farmers and herders, it wasn’t just about water access– it was about food systems and growing cities.

When I met girls walking hours to fetch water, missing school every day – it wasn’t just about resources – it was about gender equality.

We didn’t work in siloes. We built coalitions across sectors – civil society, young people, traditional leaders, the private sector – to find real solutions.

We didn’t agonize, we organized.

And, yes, there’s plenty to agonize about today – especially when multilateralism is under attack and international cooperation is on the back foot.

But I have seen what’s possible when we find common ground and forge ahead.

Just look at the last two months at the UN.

A landmark Pandemic Treaty approved at the World Health Organization.

Major new protections for our oceans at the World Ocean Conference in Nice.

And from Paris, I head to Sevilla — where the world is coming together to commit to better finance sustainable development.

So, when the problems seem larger than life, too tangled, too tough — don’t agonize.

Organize. 

Mobilize. 

And help realize the change our world so urgently needs.

Remember you did not fail for want of trying.

The second lesson – keep learning and delivering.

Graduation isn’t the end of learning. In many ways, it’s just the start of your lifelong journey.

When I joined the UN, I was not steeped in the intricacies of international diplomacy.

Throughout my career, I have had to learn fast – and deliver even faster.

So will you.

Even now, I am learning every day – about AI, about geothermal energy, space debris, biotechnology, cybersecurity.

You will face even more change, even faster, especially in the new era of super technologies.

Regardless of the task that is put in front of you, get ahead of it. Learn more. Do more. Show your stuff and deliver. Performance opens doors.

Yes, some of life is luck and privilege.

But I guarantee: the harder you work, the luckier you will get.

Third, make hope your most powerful asset.
The world is a cynical place. And international affairs is not for the faint of heart.

There will be setbacks and critics.

There will be many days when the problems seem too big, and the politics too small. When anxieties grip you like a fever.

Just look around: war in Ukraine, atrocities in Sudan, catastrophe in Gaza, climate chaos everywhere.

But never forget, hope is not a four-letter word.

Hope is the courage to build when others are tearing down.

Hope is the decision to get up one more time, to negotiate one more deal, even when the odds are against you.

I have sat with young girls who survived the worst horrors of war and sexual violence.

And in their eyes, I saw not just pain – but power.

The power to heal. To lead. To hope. To survive and thrive.

Hope is not the absence of fear. It is the refusal to be defined by it.

So, carry it with you. Guard it fiercely.

Because hope is not just a feeling. It’s a force.

Fourth, hold onto your moral compass.

Your degree will open doors.

But your integrity will tell you which ones are worth walking through.

And in today’s world – where the global moral compass is spinning – that clarity matters more than ever.

We live in a world where military spending is soaring, while development budgets shrink.

Where fossil fuel subsidies dwarf investments in climate action.

Where conflict and hardship has forced more people from their homes than at any time since the Second World War.

In this world, your role as changemakers is not just to make the right deals.

It is to draw the right lines.

There will be pressure to stay silent.

There will be moments when abandoning principles may seem an easier choice.

But integrity matters most.

As Deputy Secretary-General, I have had to tell hard truths to powerful people.

To remind leaders of the many promises they made – and the people they made them to.

It is never easy to challenge power.

But we don’t serve power.

We serve people.

And if we truly serve people, we must use our superpower and stand for justice, dignity, and solidarity.

As we mark Beijing+30, we cannot talk about a future and leave women and girls behind.

Gender equality is not charity. It powers our agency. And human rights.

And everyone wins when we leave no one behind.

But let’s be honest, we are not there yet.

So, to the men here today, I say: don’t stand in the way.

Don’t walk ahead.

Walk with. Stand with. And speak up. For the other half of your society, women.

The final lesson is this: invest time in what truly sustains you.

Your career will have highs and lows.

Plans change.

Titles come and go.

But what will carry you through are the people who know you beyond your résumé.

Friends, families, mentors, partners.

Protect those bonds. Nurture them.

Because in the toughest moments, those relationships will remind you of who you are, why you started, and why you must keep going.

So, no matter how far you go, or how fast — never lose sight of what, and who, matters most.

Dear graduates,

Today, you are not just stepping into the world.

You are inheriting its unfinished business, and its boundless possibilities.

As I look out, I see the next generation of climate champions, human rights defenders, and world class diplomats.

And I am filled with hope.

Whatever path you choose, walk it with courage and conviction.

Congratulations, Class of 2025.

The world is waiting.

And I, for one, can’t wait to see what you will do.

Thank you.

MIL OSI United Nations News –

June 29, 2025
MIL-Evening Report: Eugene Doyle: Why Asia-Pacific should be cheering for Iran and not US bomb-based statecraft

ANALYSIS: By Eugene Doyle

Setting aside any thoughts I may have about theocratic rulers (whether they be in Tel Aviv or Tehran), I am personally glad that Iran was able to hold out against the US-Israeli attacks this month.

The ceasefire, however, will only be a pause in the long-running campaign to destabilise, weaken and isolate Iran. Regime change or pariah status are both acceptable outcomes for the US-Israeli dyad.

The good news for my region is that Iran’s resilience pushes back what could be a looming calamity: the US pivot to Asia and a heightened risk of a war on China.

There are three major pillars to the Eurasian order that is going through a slow, painful and violent birth. Iran is the weakest. If Iran falls, war in our region — intended or unintended – becomes vastly more likely.

Mainstream New Zealanders and Australians suffer from an understandable complacency: war is what happens to other, mainly darker people or Slavs.

“Tomorrow”, people in this part of the world naively think, “will always be like yesterday”.

That could change, particularly for the Australians, in the kind of unfamiliar flash-boom Israelis experienced this month following their attack on Iran. And here’s why.

US chooses war to re-shape Middle East
Back in 2001, as many will recall, retired General Wesley Clark, former Supreme Commander of NATO forces in Europe, was visiting buddies in the Pentagon. He learnt something he wasn’t supposed to: the Bush administration had made plans in the febrile post 9/11 environment to attack seven Muslim countries.

In the firing line were: Saddam Hussein’s Iraq, the Assad regime in Syria, Hezbollah-dominated Lebanon, Gaddafi’s Libya, Somalia, Sudan and the biggest prize of all — the Islamic Republic of Iran.

One would have to say that the project, pursued by successive presidents, both Democrat and Republican, has been a great success — if you discount the fact that a couple of million human beings, most of them civilians, many of them women and children, nearly all of them innocents, were slaughtered, starved to death or otherwise disposed of.

With the exception of Iran, those countries have endured chaos and civil strife for long painful years. A triumph of American bomb-based statecraft.

Now — with Muammar Gaddafi raped and murdered (“We came, we saw, he died”, Hillary Clinton chuckled on camera the same day), Saddam Hussein hanged, Hezbollah decapitated, Assad in Moscow, the genocide in full swing in Palestine — the US and Israel were finally able to turn their guns — or, rather, bombs — on the great prize: Iran.

Iran’s missiles have checked US-Israel for time being
Things did not go to plan. Former US ambassador to Saudi Arabia Chas Freeman pointed out this week that for the first time Israel got a taste of the medicine it likes to dispense to its neighbours.

Iran’s missiles successfully turned the much-vaunted Iron Dome into an Iron Sieve and, perhaps momentarily, has achieved deterrence. If Iran falls, the US will be able to do what Barack Obama and Joe Biden only salivated over — a serious pivot to Asia.

Could great power rivalry turn Asia-Pacific into powderkeg?
For us in Asia-Pacific a major US pivot to Asia will mean soaring defence budgets to support militarisation, aggressive containment of China, provocative naval deployments, more sanctions, muscling smaller states, increased numbers of bases, new missile systems, info wars, threats and the ratcheting up rhetoric — all of which will bring us ever-closer to the powderkeg.

Sounds utterly mad? Sounds devoid of rationality? Lacking commonsense? Welcome to our world — bellum Americanum — as we gormlessly march flame in hand towards the tinderbox. War is not written in the stars, we can change tack and rediscover diplomacy, restraint, and peaceful coexistence. Or is that too much to ask?

Back in the days of George W Bush, radical American thinkers like Robert Kagan, Dick Cheney and Donald Rumsfeld created the Project for a New American Century and developed the policy, adopted by succeeding presidents, that promotes “the belief that America should seek to preserve and extend its position of global leadership by maintaining the preeminence of US military forces”.

It reconfirmed the neoconservative American dogma that no power should be allowed to rise in any region to become a regional hegemon; anything and everything necessary should be done to ensure continued American primacy, including the resort to war.

What has changed since those days are two crucial, epoch-making events: the re-emergence of Russia as a great power, albeit the weakest of the three, and the emergence of China as a genuine peer competitor to the USA. Professor John Mearsheimer’s insights are well worth studying on this topic.

The three pillars of multipolarity
A new world order really is being born. As geopolitical thinkers like Professor Glenn Diesen point out, it will, if it is not killed in the cradle, replace the US unipolar world order that has existed since the dissolution of the Soviet Union in 1991.

Many countries are involved in its birthing, including major players like India and Brazil and all the countries that are part of BRICS. Three countries, however, are central to the project: Iran, Russia and, most importantly, China. All three are in the crosshairs of the Western empire.

If Iran, Russia and China survive as independent entities, they will partially fulfill Halford MacKinder’s early 20th century heartland theory that whoever dominates Eurasia will rule the world. I don’t think MacKinder, however, foresaw cooperative multipolarity on the Eurasian landmass — which is one of the goals of the SCO (Shanghai Cooperation Organisation) – as an option.

That, increasingly, appears to be the most likely trajectory with multiple powerful states that will not accept domination, be that from China or the US. That alone should give us cause for hope.

Drunk on power since the collapse of the Soviet Union, the US has launched war after war and brought us to the current abandonment of economic sanity (the sanctions-and-tariff global pandemic) and diplomatic normalcy (kill any peace negotiators you see) — and an anything-goes foreign policy (including massive crimes against humanity).

We have also reached — thanks in large part to these same policies — what a former US national security advisor warned must be avoided at all costs. Back in the 1990s, Zbigniew Brzezinski said, “The most dangerous scenario would be a grand coalition of China, Russia, and perhaps Iran.”

Belligerent and devoid of sound strategy, the Biden and Trump administrations have achieved just that.

Can Asia-Pacific avoid being dragged into an American war on China?
Turning to our region, New Zealand and Australia’s governments cleave to yesterday: a white-dominated world led by the USA. We have shown ourselves indifferent to massacres, ethnic cleansing and wars of aggression launched by our team.

To avoid war — or a permanent fear of looming war — in our own backyards, we need to encourage sanity and diplomacy; we need to stay close to the US but step away from the military alliances they are forming, such as AUKUS which is aimed squarely at China.

Above all, our defence and foreign affairs elites need to grow new neural pathways and start to think with vision and not place ourselves on the losing side of history. Independent foreign policy settings based around peace, defence not aggression, diplomacy not militarisation, would take us in the right direction.

Personally I look forward to the day the US and its increasingly belligerent vassals are pushed back into the ranks of ordinary humanity. I fear the US far more than I do China.

Despite the reflexive adherence to the US that our leaders are stuck on, we should not, if we value our lives and our cultures, allow ourselves to be part of this mad, doomed project.

The US empire is heading into a blood-drenched sunset; their project will fail and the 500-year empire of the White West will end — starting and finishing with genocide.

Every day I atheistically pray that leaders or a movement will emerge to guide our antipodean countries out of the clutches of a violent and increasingly incoherent USA.

America is not our friend. China is not our enemy. Tomorrow gives birth to a world that we should look forward to and do the little we can to help shape.

Eugene Doyle is a writer based in Wellington. He has written extensively on the Middle East, as well as peace and security issues in the Asia Pacific region. He contributes to Asia Pacific Report and Café Pacific, and hosts the public policy platform solidarity.co.nz

MIL OSI Analysis – EveningReport.nz –

June 28, 2025
MIL-OSI USA: Cortez Masto, Rosen Announce Critical Funding for Nevada’s Vital Airports
US Senate News:
Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) announced that the Department of Transportation (DOT) awarded $50,611,106 in grants to international, regional, rural, and Tribal airports in the State of Nevada. This funding will allow airports to make necessary infrastructure improvements and support Nevada’s travel and tourism economy.

“I’m pleased to see this funding come into the Silver State to upgrade critical infrastructure of our airports.” said Senator Cortez Masto. “These improvements will protect the comfort and safety of all travelers, whether they’re coming to visit or returning home. I will continue to work in the Senate to support Nevada’s travel and tourism economy, and our aviation infrastructure, everywhere from Las Vegas to Elko.”

“Nevada’s airports are essential to our state’s tourism economy,” said Senator Rosen. “This funding will help modernize infrastructure, improve safety, and support the continued growth of communities across our state. I’ll keep working to bring federal investments back to Nevada and ensure our airports have the resources they need to thrive.”

A full breakdown of the funding can be found below:
- $41,618,872 for the Harry Reid International Airport for runway, baggage handling, and drainage system improvements.
- $7,625,625 for the Reno/Tahoe International Airport for their ongoing expansion.
- $337,375 for the Winnemucca Municipal Airport for wind cone and signage installation and precision approach path indicator systems.
- $305,000 for the Carson City Airport for repavement projects.
- $219,621 for the Jackpot/Hayden Field/County of Elko Airport for runway rehabilitation.
- $114,762 for the Mesquite Airport for service road reconstruction.
- $109,830 for the Owyhee, NV/Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Airport for construction of a new terminal.
- $109,772 for the Battle Mountain/County of Lander Airport for construction of a new airport hangar.
- $107,882 for the Minden-Tahoe/County of Douglas Airport for installation of new lighting to enhance safety.
- $62,367 for the Hawthorne Industrial Airport to infrastructure for snow removal.
Senators Cortez Masto and Rosen have consistently worked to ensure Nevada receives its fair share of federal funding for its airports. They have secured millions in funding for clean transportation and improvements at Harry Reid International Airport and at Reno-Tahoe International Airport. Both Senators prioritized important airport terminal funding in the Bipartisan Infrastructure Law, and also pushed to secure funds through the American Rescue Plan to support Nevada’s airports and airline workers through the pandemic’s economic crisis to the industry.
MIL OSI USA News –
June 28, 2025
MIL-OSI: Bitcoin Treasury Corporation Announces Completion of Initial Bitcoin Acquisition Phase and Now Holds a Total of 771.37 Bitcoin

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States news wire services or for dissemination in the United States.

TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — Bitcoin Treasury Corporation (TSXV:BTCT) (“Bitcoin Treasury” or the “Corporation”), is pleased to announce that it has completed the initial phase of its Bitcoin accumulation plan in alignment with its core strategy to accumulate Bitcoin as a principal treasury asset. The Corporation acquired 478.57 Bitcoin for a total purchase price of CAD$70 million. The Corporation now holds 771.37 Bitcoin on its balance sheet. This results in a starting Bitcoin per Share (“BPS”) of approximately 0.0000634. BPS is calculated on a fully diluted basis, accounting for the convertible debentures but excluding warrants.

Bitcoin Treasury Corporation will continue to accumulate Bitcoin as part of its broader strategy to build long-term shareholder value. The Corporation plans to deploy its Bitcoin holdings through institutional lending and liquidity services, offering counterparties access to capital while maintaining a strong focus on financial security and risk management. The Corporation views Bitcoin not only as a long-term reserve asset, but as a foundational pillar of its business model and revenue strategy. Through disciplined corporate finance and institutional-grade Bitcoin services, the Corporation aims to grow BPS and redefine corporate treasury management for the digital age.

About Bitcoin Treasury

Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury’s core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin. Recognizing Bitcoin’s finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while supporting the development of its service offerings.

For further information, please contact:

Bitcoin Treasury Corporation
Elliot Johnson, Chief Executive Officer
Phone: 416-619-3403
Email: ejohnson@btctcorp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects” or “does not expect”, “is expect”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: business integration risks; the Corporation’s operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Corporation operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Corporation; evolving cryptocurrency regulatory requirements and the impact on the Corporation’s business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation’s business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the Bitcoin Treasury Shares; market price of the Bitcoin Treasury Shares; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation’s business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Corporation’s resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations.

Although management of the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management’s estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.

The TSXV has neither approved nor disapproved the contents of this news release.

The MIL Network –

June 28, 2025
MIL-OSI USA: Rosen, Cortez Masto Announce Critical Funding for Nevada’s Vital Airports

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV) and Catherine Cortez Masto (D-NV) announced that the Department of Transportation (DOT) awarded $42,985,481 in grants to international, regional, rural, and Tribal airports in the State of Nevada. This funding will allow airports to make necessary infrastructure improvements and support Nevada’s travel and tourism economy.
“Nevada’s airports are essential to our state’s tourism economy,” said Senator Rosen. “This funding will help modernize infrastructure, improve safety, and support the continued growth of communities across our state. I’ll keep working to bring federal investments back to Nevada and ensure our airports have the resources they need to thrive.”
“I’m pleased to see this funding come into the Silver State to upgrade the critical infrastructure of our airports.” said Senator Cortez Masto. “These improvements will protect the comfort and safety of all travelers, whether they’re coming to visit or returning home. I will continue to work in the Senate to support Nevada’s travel and tourism economy and our aviation infrastructure, everywhere from Las Vegas to Elko.”
A full breakdown of the funding can be found below:

$41,618,872 for the Harry Reid International Airport for runway, baggage handling, and drainage system improvements.
$337,375 for the Winnemucca Municipal Airport for wind cone and signage installation and precision approach path indicator systems.
$305,000 for the Carson City Airport for repavement projects.
$219,621 for the Jackpot/Hayden Field/County of Elko Airport for runway rehabilitation.
$114,762 for the Mesquite Airport for service road reconstruction.
$109,830 for the Owyhee, NV/Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Airport for construction of a new terminal.
$109,772 for the Battle Mountain/County of Lander Airport for construction of a new airport hangar.
$107,882 for the Minden-Tahoe/County of Douglas Airport for installation of new lighting to enhance safety.
$62,367 for the Hawthorne Industrial Airport to infrastructure for snow removal.

Senators Cortez Masto and Rosen have consistently worked to ensure Nevada receives its fair share of federal funding for its airports. They have secured millions in funding for clean transportation and improvements at Harry Reid International Airport and at Reno-Tahoe International Airport. Both Senators prioritized important airport terminal funding in the Bipartisan Infrastructure Law, and also pushed to secure funds through the American Rescue Plan to support Nevada’s airports and airline workers through the pandemic’s economic crisis to the industry.

MIL OSI USA News –

June 28, 2025
MIL-OSI USA: The Tiffany Telegram: June 27, 2025

Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

Dear Friend,

A lot has been happening in Washington these past few weeks, and I will update you on all of it in this edition of the Tiffany Telegram.

But first, I ask you to join me in praying for the two Milwaukee police officers who were shot in the line of duty last night. We need the power of prayer to uplift them and their families as they recover from their injuries. You can read more about the incident here.

Since our last Telegram, President Trump authorized a successful airstrike in Iran, eliminating key components of their nuclear weapons capability. Iran’s rulers have been vowing “Death to America” for decades, and peace cannot coexist with a nuclear-armed Iran.

These types of actions fall squarely under the President’s powers as commander-in-chief. But in typical D.C. fashion, Democrats immediately filed articles of impeachment against President Trump. These are the same people who stayed silent when Presidents Biden, Obama, and Clinton used military force in similar situations.

We saw this same double standard during President Trump’s first term. When they couldn’t defeat him at the ballot box, and their bogus lawfare campaign failed, they turned to political stunts. Thankfully, a bipartisan majority – including 128 House Democrats – joined Republicans in rejecting the latest impeachment proposal.

President Trump has made it clear that he is not seeking a “regime change” in Iran, and I agree. No reasonable person wants to see American servicemen and women pulled into another endless ground war in the Middle East. What we need is peace through strength. If there is one president who can achieve that, it’s Donald Trump, just as he proved through the Abraham Accords in his first term.

We also have problems here at home that require urgent attention. A report this week revealed that over the past four years, the Biden administration released more than 700 illegal Iranian nationals into our country.

And those are just the ones we know about.

Many more may have entered undetected across our wide-open southern border. Thankfully, the Trump administration took action this week by arresting over 100 of them this week. One of them even had ties to Iran-backed Hezbollah and was living less than 30 minutes from the Seventh District, in St. Paul. You can read more about that here.

We must put America first, and that means removing people who never should be here to begin with. The House-passed reconciliation bill takes major steps toward securing our border, and I will keep you updated as the Senate works through it this weekend.

As we approach Independence Day, I hope you enjoy time with your family and loved ones but also take a moment to honor the heroes who have made this freedom possible. Thanks again for starting off your weekend with us! We will be back in two weeks with more.

Sincerely,
Tom Tiffany
Member of Congress

Click here or on the video above to watch me discuss Democrats cheapening impeachment on Meg Ellefson’s Show.

WHO’s in charge of U.S. pandemic policy?

That’s a question many Americans were asking during the last administration, when former President Biden bent over backwards to funnel hundreds of millions of dollars to the scandal-plagued World Health Organization (WHO) while quietly working behind the scenes to negotiate a controversial “pandemic accord.” Telegram readers will recall that I responded by drafting a bill to put the brakes on this dangerous effort by classifying it as a treaty, and requiring any such “agreement” to be presented to the Senate for ratification, where it would require a two-thirds supermajority vote. While I wasn’t able to get my legislation enacted into law last Congress, it did clear the House. The good news is that President Trump is back in the Oval Office, and has moved quickly to withdraw the U.S. from the WHO. The bad news, however, is that a future president more friendly to shady organizations like the United Nations and WHO may try to pick up where the Biden administration left off. That’s why this week I reintroduced the No WHO Pandemic Preparedness Treat Without Senate Approval Act. I’m hopeful that in the coming weeks and months, I can work with the Senate sponsor, Sen. Ron Johnson, and President Trump to get this bill across the finish line to protect American sovereignty today – and well into the future. You can read more about the effort here.

Protect our streets, deport criminal illegal aliens

After being trapped for four years with a president who allowed and encouraged millions of illegal aliens to flood the United States with little to no vetting, American citizens were forced to pay the price of an open border – sometimes even with their lives. In 2023, Jorge Sanchez, who was in the U.S. illegally, was convicted of a DUI. But instead of being deported, he was released back onto the streets. Then, just a year later, Sanchez was driving drunk again when he struck and killed Wisconsin father Steven Nasholm. This tragedy didn’t have to happen. That’s why yesterday, House Republicans passed the Protect Our Communities from DUIs Act. This bill will deport any illegal alien convicted of driving under the influence, and prevents any future president from skirting their deportation, as we saw with the Biden-Harris administration. Sadly, 160 Democrats opposed the measure. You can see how lawmakers voted on the bill here.

Putting American veterans first

Our veterans have made the ultimate sacrifice to this great nation, and honoring those men and women is crucial. That is why this week, the House passed legislation to protect our service members and veterans. This legislation ensures that veterans’ healthcare and benefits are fully funded, including critical support for mental health and President Trump’s Bridging Rental Assistance for Veteran Empowerment (BRAVE) program to combat homelessness. It defends constitutional rights by preventing the VA from sharing veteran information without a judge’s consent and blocks federal funding for DEI, gender procedures, and illegal alien services at VA facilities. You can read more about the package here, and see how lawmakers voted on it here.

Join me and Congressman Scott Fitzgerald in celebrating 50 years of a Wisconsin favorite – happy anniversary, Miller Lite!

Committee Update

Judiciary

The devastation caused by illegal migration

On Thursday, during a Judiciary Immigration Subcommittee hearing, I questioned witnesses on the effects of mass illegal migration on the American people. As we know, the impacts have been widespread and often tragic. During the Biden administration, we saw stories ranging from Laken Riley in Georgia, Jocelyn Nungaray in Texas, and two children in our very own Seventh District where destructive open borders policies shattered American families, terrorized American communities, and killed innocent Americans. And it doesn’t stop there. The tidal wave of illegal immigration flooding American neighborhoods has also reduced job opportunities and lowered wages, especially for blue-collar workers. We’ve also seen more than 250,000 Americans killed by fentanyl almost solely sourced from Communist China and smuggled in through the open southern border by Mexican cartels. That’s why it was deeply troubling to hear one witness blame victims who are unintentionally poisoned, rather than targeting those pumping this deadly drug into our communities. Strengthening border security and interior enforcement is a critical step to turning the tide, and I let the witness know that. You can watch our exchange here.

Natural Resources

Fixing our forests with modern tech

Yesterday, we had an exciting hearing in the Federal Lands Subcommittee on advancing innovative technologies to improve forest management and prevent wildfires. The private sector has developed some compelling technology in this space, and now we just need federal agencies to use it. Despite spending an average of $2.5 billion per year on wildfires, this crisis is only getting worse. That’s because instead of investing in proactive prevention, we’re spending all that money on reactive suppression. A lot of fires can be prevented with stronger federal integration with the private sector, proactive forest management, and faster responses enabled by modern technology. Whether it’s drones that fly through thick smoke and high winds, AI models that predict fire behavior in real-time, or remote sensors and camera networks that detect ignitions before they become infernos, each of these technologies plays a complementary role in confronting the wildfire crisis. With all the technology we have at our disposal, there is no excuse for the situation to remain the same. It is also timely that this week, the USDA repealed the Clinton-era roadless rule that has prevented the proper management of nearly 59 million acres of Forest Service land. This Congress and this administration will continue to enact commonsense reforms for how we manage our public lands, so that we have safer communities and a healthier environment. You can watch my questions from the hearing here.

District Update

Photo of the week

I might be biased, but Wisconsin has some of the best wildlife. This week’s photo of the week features a white-tailed deer beneath a tree in full bloom. If you have a favorite photo of Wisconsin that you’d like to share, email it to comms.tiffany@gmail.com with your name and location. You could be featured in the next Telegram.

“Nature’s duo” – Submitted by Wayne near Park Falls

Resources

Vacation is meant to be relaxing, so don’t let renewing or applying for your passport stress you out. The current processing time is 4 to 6 weeks, so we recommend getting this done as soon as possible. For more information, click here.

FEMA is accepting applications for the Staffing for Adequate Fire and Emergency Response (SAFER) grant program. For more information on the program, click here. Additionally, the Small Business Administration (SBA) announced that Economic Injury Disaster Loans (EIDLs) are available in Wisconsin due to economic losses caused by excessive moisture. Click here to see if you are eligible to apply.

If a friend forwarded you this newsletter, and you would like to receive it in the future, you can subscribe here for weekly updates and connect with me on X, Facebook, and Instagram.

As always, you are welcome to visit my website or to contact my offices in Washington, DC or Wisconsin, which remain open for service, if you have any questions or need assistance.

Good News from Wisconsin’s 7th District and Congress

State Champs

Congratulations to all the athletes in the Seventh District who took home state championship titles this spring sports season. Keep up the hard work!

ACSA Young Snowmobiler of The Year

Derek Andres of Conrath was named the 2025 American Council of Snowmobile Association Young Snowmobiler of the Year. Congratulations!

100^th Birthday

Plymouth resident and World War II veteran Walter Gorlewski is turning 100 years old this weekend. Happy birthday and thank you for your service!

Condemning the LA riots

This week, the House passed bipartisan legislation condemning the violent riots in LA and expressing gratitude to law enforcement officers.

Ending Birthright Citizenship

Today, the Supreme Court ruled that rogue district courts cannot block President Trump’s order to end birthright citizenship and restore the 14th Amendment to its original intent.

MIL OSI USA News –

June 28, 2025
MIL-OSI Europe: Briefing – Belgium’s National Recovery and Resilience Plan: Latest state of play – 27-06-2025

Source: European Parliament

The EU’s Recovery and Resilience Facility (RRF) is the core component of Next Generation EU (NGEU). By promoting the sustainable and inclusive recovery after the COVID-19 pandemic that ensures the green and digital transitions make progress, the RRF is consistent with the European Commission’s priorities. Belgium’s initial maximum contribution to finance its national recovery and resilience plan (NRRP) was set to €5 924 million in grants. The amount was updated in June 2022 and reduced to €4 523 million. In addition, the non-repayable allocation for the REPowerEU chapter to reinforce the NRRP’s energy dimension is set at €281 million. Belgium also submitted a reasoned request to transfer part of its allocation from the resources of the Brexit Adjustment Reserve to the RRF (€228 million). Finally, Belgium requested a loan support of €264 million. The overall EU financial contribution to the amended Belgian NRRP stands thus at €5 298 million; it represents 0.7 % of the entire RRF, and 1.1 % of Belgium’s gross domestic product (GDP) in 2019. The Council approved Belgium’s amended NRRP in December 2023. Other targeted revisions took place in 2024 and 2025. In total, Belgium has received €2.46 billion so far: €915.1 million in pre-financing – 13 % of the initial NRRP (€770 million, all grants) in 2021, and 20 % of the REPowerEU chapter (€102.1 million in grants, €43 million in loans) in 2024; and two result-based instalments – one of €631.6 million (all grants) in September 2024, and another of €909 million (of which €40 million in loans) in May 2025. The European Parliament, which was a major advocate of creating a common EU recovery instrument, participates in interinstitutional forums for cooperation and discussion on RRF implementation and scrutinises the European Commission’s work. This briefing is one in a series covering all EU Member States. Third edition. The ‘NGEU delivery’ briefings are updated at key stages throughout the lifecycle of the plans.

MIL OSI Europe News –

June 28, 2025
MIL-OSI Analysis: The psychology of debt in Squid Game – and what your love or hatred of the show means

Source: The Conversation – UK – By Edward White, PhD Candidate in Psychology, Kingston University

“Mister. Would you like to play a game with me?” These seemingly innocuous words to debt-ridden Gi-hun (Lee Jung-Jae) by a mysterious recruiter (Gong-Yoo) lead him to an opportunity for financial salvation – at the expense of human lives, including possibly his own.

Squid Game’s third and final season has now been released, and fans can’t wait to see more green tracksuits and brutal games. But here’s what’s really driving the obsession: the show perfectly captures how financial stress warps our minds. It reveals the dark psychology of how money problems affect every decision we make.

As a researcher studying the intersection of cognitive psychology and media dissemination, I’ve been fascinated by Squid Game’s unprecedented global impact. My work on how emotional regulation affects decision-making and moral reasoning provides a unique lens for understanding why this particular show resonated so powerfully with audiences worldwide. Especially during a time of economic uncertainty.

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Scientists have discovered that financial stress decreases cognitive function. Recent research analysing more than 111,000 people found that financial stress reduced their performance when completing basic tasks.

This isn’t about poorer people being less intelligent, but rather an effect called “bandwidth hijacking” that causes mental fatigue when worrying about rent and debt. Worrying about unpaid bills mean less processing power is left for anything else, including moral reasoning and long-term thinking.

Sounds familiar? This research is brought to life in Squid Game. Take Sang-woo, (Park Hae-soo) in season one. The brilliant Seoul National University graduate’s crippling debt (caused by bad investments) leads him to become a participant in the brutal Squid Games. Abandoning the etiquette of his high-flying circles, he manipulates and maliciously betrays fellow contestant Ali (Anupam Tripathi) in the marble game, pushes a man to his death on the glass bridge, and ultimately tries to kill his childhood friend, Gi-hun.

Sang-woo’s intelligence becomes laser-focused on survival, leaving no mental space for the moral reasoning that would typically guide his decisions.

The trailer for Squid Game season three.

Squid Game shows how financial desperation dehumanises people. Bodies have piled up throughout the seasons, but the players barely react to the carnage. They’re transfixed by something else entirely: the digital display showing their prize money growing with each death.

Such reminders of the financial stakes lead to reduced requests for help and reduced help towards others. This “tunnel vision” phenomenon occurs in real life too, leading to the abandonment of empathy and moral considerations.

Sang-woo doesn’t betray Ali because he’s evil – he does it because financial desperation has hijacked his moral reasoning. Look at Ali’s face during the marble game: confused, trusting, unable to process that his “hyung” (older brother, a term of respect) would manipulate him. Ali represents what we lose when desperation turns humans into competitors rather than a community.

Even Gi-hun, the supposed moral centre of the show, experiences this. When he and elderly contestant Il-nam (O Yeong-su) play marbles, Gi-hun lies and manipulates the old man he’s grown to care about. The extreme pressure – both financial and mortal – has consumed so much of his cognitive bandwidth that even basic human compassion becomes secondary to survival.

Why we couldn’t look away

Squid Game season one premiered during the COVID pandemic when millions around the world faced unemployment, eviction and financial ruin. Suddenly, extreme economic scenarios didn’t feel so remote. Audiences weren’t just watching entertainment – they saw their own psychological struggles reflected back at them.

The show has been such a success because it reveals uncomfortable truths about how money doesn’t just change what we can do, but fundamentally alters who we become when survival depends on it.

Every character in Squid Game represents a different response to economic trauma. Take season one. Gi-hun tries to maintain his humanity but repeatedly compromises (lying to his mother about money, manipulating Il-nam). Sang-woo sacrifices everything for survival (from securities fraud to literal murder). And some find strength in solidarity, as in Sae-byeok (HoYeon Jung) and Ji-yeong’s (Lee Yoo-mi) heartbreaking marble game, where Ji-yeong deliberately loses because Sae-byeok has more to live for.

The genius is in the details. Players refer to each other by numbers instead of names, a metaphor for how economic systems reduce humans to data points. The guards wear masks, becoming faceless enforcers of the system. Even the organ-harvesting subplot shows how far commodification can go, turning human bodies into black market goods.

Three seasons later, Squid Game itself has become a commodity. Netflix turned an anti-capitalist critique into a billion-dollar franchise, complete with reality TV spinoffs that recreate the exploitation of the show (without the murder!) in real life. Game shows offer high-risk, high-reward opportunities, where people admire the boldness and accept that unethical behaviour should not be vilified but encouraged.

The spectacle of humiliation is normalised by the genre’s focus on competition and transformation. Failure becomes entertainment, as is echoed in the show itself by the VIPs who, so bored with their wealth, place bets on human lives for “fun”.

Research has also found that people who enjoy reality TV are more likely to feel self-important, vindicated, or free from moral constraints. They are attracted to shows that stimulate these values.

What your Squid Game obsession or hatred means

If you’re fascinated by Squid Game, it isn’t just morbid curiosity at play – it’s recognition. On some level, it’s likely that you understand that the psychological pressure cooker of the games reflects real mechanisms happening in your own life when money gets tight.

If you found yourself repulsed by the violence or bored by the hype, your reaction may reveal something important about how you process economic anxiety. Research on adult viewers shows that people with stronger financial security and emotional regulation are more likely to avoid media content that triggers economic stress responses. Others dismiss it as “unrealistic” – what psychologists call “optimism-bias”, where you may unconsciously distance yourself from economic vulnerability.

Modern research confirms that financial scarcity creates measurable changes in how we think, plan and relate to others. The show’s genius was amplifying these subtle psychological effects to their logical extreme.

In a world where economic inequality continues to rise, Squid Game isn’t just entertainment – it’s a mirror for our collective financial anxieties.

Edward White is affiliated with Kingston University.

– ref. The psychology of debt in Squid Game – and what your love or hatred of the show means – https://theconversation.com/the-psychology-of-debt-in-squid-game-and-what-your-love-or-hatred-of-the-show-means-259941

MIL OSI Analysis –

June 28, 2025
MIL-OSI USA: Tiffany Reintroduces Legislation to Protect American Sovereignty, Reject World Health Organization Pandemic Control

Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

WASHINGTON, D.C. – Yesterday, Rep. Tom Tiffany led 10 of his House colleagues in reintroducing the No WHO Pandemic Preparedness Treaty Without Senate Approval Act. This legislation ensures that no future president can unilaterally commit the United States to a World Health Organization (WHO) pandemic treaty without the advice and consent of a two-thirds supermajority of the Senate. The bill’s reintroduction comes after the Biden-Harris administration’s prior openness to a WHO pandemic treaty, which fueled concerns about surrendering U.S. health policy to unelected globalists.

“While President Trump pulled the U.S. out of the corrupt WHO, this legislation blocks future administrations from surrendering our sovereignty to globalist schemers,” said Congressman Tiffany. “The WHO’s repeated failures in pandemic response show it cannot be trusted, and congressional oversight ensures no single administration can sign our rights away to the UN.”

“The WHO repeatedly failed the world in its response to the COVID-19 pandemic, spreading false information about the virus at the behest of the Chinese Communist Party,” said Chairman John Moolenaar of the House Select Committee on China. “The Trump administration was right to withdraw the United States’ membership from the WHO and refuse to sign its recent pandemic treaty. This important legislation will make sure no future president can unilaterally submit our nation to the WHO’s guidance because the organization is beholden to the CCP.”

Background:

The WHO’s mismanagement of the COVID-19 pandemic, including its dismissal of early warnings from Taiwan about the outbreak and its amplification of false claims from the Chinese Communist Party that there was “no clear evidence of human-to-human transmission,” have rightfully left Americans wary of this global institution. While the Trump administration did not sign the recent WHO pandemic treaty that was adopted by consensus at the 78th World Health Assembly on May 20, 2025, the Biden administration signaled they would have signed it. The legislation would provide more transparency in WHO agreements and a constitutional check on any future administration that wishes to sign away our sovereignty.

10 Members of Congress cosponsored Rep. Tiffany’s No WHO Pandemic Preparedness Treaty Without Senate Approval Act, including: Reps. Michael Cloud (TX-27), Eli Crane (AZ-02), Dan Crenshaw (TX-02), Paul Gosar (AZ-09), Harriet Hageman (WY-At Large), John Moolenaar (MI-02), Ralph Norman (SC-05), Pete Stauber (MN-08), Claudia Tenney (NY-24), and Tony Wied (WI-08).

Senator Ron Johnson (R-WI) has introduced companion legislation in the Senate. He is joined by 15 Senators, including: Senators John Barrasso (R-WY), Ted Budd (R-NC), Kevin Cramer (R-ND), Mike Crapo (R-ID), Chuck Grassley (R-IA), Bill Hagerty (R-TN), John Hoeven (R-ND), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Rand Paul (R-KY), James Risch (R-ID), Rick Scott (R-FL), Thom Tillis (R-NC), and Tommy Tuberville (R-AL).

You can read the bill text here and the Breitbart exclusive here.

###

MIL OSI USA News –

June 28, 2025
MIL-OSI United Nations: 27 June 2025 News release WHO Scientific advisory group issues report on origins of COVID-19

Source: World Health Organisation

The WHO Scientific Advisory Group for the Origins of Novel Pathogens (SAGO), a panel of 27 independent, international, multidisciplinary experts, today published its report on the origins of SARS-CoV-2, the virus responsible for the COVID-19 pandemic.

SAGO has advanced the understanding of the origins of COVID-19, but as they say in their report, much of the information needed to evaluate fully all hypotheses has not been provided.

“I thank each of the 27 members of SAGO for dedicating their time and expertise to this very important scientific undertaking over more than three years,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “As things stand, all hypotheses must remain on the table, including zoonotic spillover and lab leak. We continue to appeal to China and any other country that has information about the origins of COVID-19 to share that information openly, in the interests of protecting the world from future pandemics.”

In its report, SAGO considered available evidence for the main hypotheses for the origins of COVID-19 and concluded that “the weight of available evidence…suggests zoonotic spillover…either directly from bats or through an intermediate host.”

WHO requested that China share hundreds of genetic sequences from individuals with COVID-19 early in the pandemic, more detailed information about the animals sold at markets in Wuhan, and information on work done and biosafety conditions at laboratories in Wuhan. To date, China has not shared this information either with SAGO or WHO.

SAGO published its initial findings and recommendations in a report on 9 June 2022. Today’s report updates that evaluation based on peer-reviewed papers and reviews, as well as available unpublished information and field studies, interviews, and other reports including audit findings, government reports and intelligence reports. SAGO convened in various formats 52 times, conducted briefings with researchers, academics, journalists, and others.

“As the report says, this is not solely a scientific endeavour, it is a moral and ethical imperative,” said Dr Marietjie Venter, Chair of the group and Distinguished Professor and One Health Research Chair in Vaccines and Surveillance for Emerging viral threats at the University of the Witwatersrand, South Africa. “Understanding the origins of SARS-CoV-2 and how it sparked a pandemic is needed to help prevent future pandemics, save lives and livelihoods, and reduce global suffering.”

At a Special Session of the World Health Assembly in late 2020, WHO Member States adopted a resolution asking WHO to study the origins of SARS-CoV-2. Accordingly, a joint mission between international and Chinese experts travelled to China in January and February 2021, and published their report in March of that year.

In July 2021, Dr Tedros launched SAGO with two mandates: first, to design a global framework to investigate the origins of emerging and re-emerging pathogens, which it published last year, and second, to apply that framework to evaluate scientific evidence to determine the origins of COVID-19.

The work to understand the origins of SARS-CoV-2 remains unfinished. WHO welcomes any further evidence on the origins of COVID-19, and SAGO remains committed to reviewing any new information should it become available.

MIL OSI United Nations News –

June 28, 2025
MIL-OSI Security: Four Charged in the Nation’s Largest Known COVID Tax Credit Fraud Scheme
Source: US FBI

Two Defendants Charged with Attempting to Murder Ringleader of the Fraud
FBI and IRS-CI agents arrested multiple people today for their roles in a $93 million COVID-19 tax credit fraud scheme—considered to be the largest ever identified. Two of the defendants are also charged for attempting to murder the ringleader of the scheme.

On June 11, 2025, a federal grand jury returned an indictment in Los Angeles that was unsealed today charging four defendants with conspiracy to commit mail fraud; mail fraud; and conspiracy to submit false claims. Two of the defendants are also charged with attempting to kill a witness and using a firearm in furtherance of that crime.

Those charged in the indictment are:
- Kristerpher Turner, aka “Kris Turner,” “Red,” “Red Boy,” and “Bullet,” 52, of Harbor City, California.
- Toriano Knox, aka “Scooby,” and “Dwight,” 55, of Los Angeles, California.
- Kenya Jones, aka “Kenya Emua Jones,” and “Kenya Hunt,” 46, of Compton, California.
- Joyce Johnson, a.k.a. “Ms. Jay,” 55, of Victorville, California.
During the COVID-19 pandemic, Congress authorized tax credits, including “sick and family wage credits,” otherwise known as Coronavirus Response Credits, to help alleviate the impact of COVID-19, via the Family First Coronavirus Response Act. Small businesses could seek refunds on business tax returns claiming the credit. Authorized tax credits would reimburse businesses for the wages paid to employees who could not work because of the pandemic.

According to the indictment, defendant Turner operated a tax fraud scheme whereby he and his co-conspirators would submit fraudulent forms to Coronavirus Response Credits for businesses, including bogus companies, that did not pay any sick and family wage credits to any employees at any time. Defendant Turner and his co-conspirators would submit these fraudulent filings on behalf of their own purported businesses, but also on behalf of others recruited to the scheme.

Defendant Turner would direct and manage recruiters, including defendant Knox and Jones, to recruit fraud clients, including romantic partners. According to the indictment, Jones recruited her family and friends to the fraud, resulting in false forms being submitted in the names of multiple businesses. Fraud clients would provide their personal identifying information to be used to establish fake businesses and prepare fraudulent tax filings. Others would provide information about preexisting businesses that were ineligible to receive Coronavirus Response Credits so that the co-conspirators could use that information to file fraudulent tax filings on behalf of those businesses.

Fraud participants would receive U.S. Treasury checks in the mail as a result of the conspiracy’s fraudulent tax filings and would attempt to deposit those Treasury Checks in business accounts opened in the name of the fake businesses at various banks.

For each fraud client that obtained Treasury checks through this conspiracy, defendant Turner would charge a percentage of the fraud proceeds that amounted to somewhere between 20 to 40 percent of funds received. Defendant Turner would direct fraud clients and his recruiters to pay a portion of the fraud proceeds to him personally or to entities controlled by him, or his co-conspirators, as kickbacks, including through cashiers’ checks, money transfer services, or cash.

In total, from approximately June 2020 and December 2024, the defendants and their co-conspirators submitted and caused the submission of fraudulent forms for at least 148 companies, seeking a total of approximately $247,956,938 in tax refunds to which they were not entitled. In reliance on the fraudulent forms and the false statements, the IRS issued Treasury checks in the total amount of at least approximately $93 million.

At some point during the scheme, the now-defendants learned that the IRS and others were making inquiries about their fraudulent activity. According to the indictment, on or about August 29, 2023, defendants Knox, Jones, and others known and unknown to the grand jury, attempted to kill defendant Kristerpher Turner in order to prevent him from speaking to law enforcement about the fraud. Turner was shot multiple times in broad daylight at an office park in Gardena. He survived and is paralyzed. Knox and Jones are also charged with using a firearm in the furtherance of a crime of violence.

An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

If convicted of the charges, the defendants would face a statutory maximum sentence of 20 years in federal prison on each mail fraud charge. Knox and Jones would face life imprisonment on the firearm charge and 30 years on the attempted murder charge.

This case is being investigated by the FBI, TIGTA, and the IRS—Criminal Investigation.

Assistant U.S. Attorneys Kevin Reidy and Haoxiaohan Cai of the Major Frauds Section, and Kevin J. Butler of the Violent and Organized Crime Section are prosecuting this case.
MIL Security OSI –
June 28, 2025


CONTACT:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

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