NewzIntel.com

Category: Pandemic

  • MIL-OSI Economics: Klaas Knot: Banking on buffers – why we need resilience in times of uncertainty

    Source: Bank for International Settlements

    A very good morning to you all. Welcome to De Nederlandsche Bank. We are very happy to host this event here in our newly renovated building. I strongly support these kinds of exchanges of views between banks, academia and the public sector, and the IBF plays an important role in facilitating them.

    This Round Table bears an interesting, and perhaps somewhat surprising, title: ‘Tougher Times for Banks: Torn between Resilience, Competition and Stability’. Personally, I regard resilience, competition and stability all as good things, so I was wondering what you find so disturbing about this. But perhaps I should read the title as diplomatic language for ‘Torn between competitors, difficult regulators, and a world that has gone insane.’ You understand, being Dutch, I have a certain reputation to maintain.

    But still, even if my interpretation is right, I should speak a word of caution here. Or in fact, reassurance. Because sometimes we tend to see trade-offs where in reality there aren’t any.

    Let’s take regulation for example. Banking regulation often seems to resemble the swinging motion of a pendulum. After a financial crisis, lessons are learned and financial regulation is tightened. We saw this very prominently after the great financial crisis of 2008. And then after some years, the memories of the crisis fade in the rearview mirror, and calls go up for relaxing financial regulation. And this is what we currently see.

    That seems to assume that there is a trade-off between banking regulation and all the good things of economic life: profitability, dynamism, economic growth. And I know that many in the banking sector view regulation as a constraint, something that limits profitability and imposes undue costs.

    But, and that should not come as a surprise to you, I would argue against that. In fact, it’s just the other way around. Banking regulation is not an obstacle to growth, it is an enabler of sustainable, long-term growth. Banks with strong capital positions and sound liquidity management are better positioned to extend and rollover credit, invest in new technologies and finance large-scale projects. They are better able to maintain lending during an economic downturn. And stronger banks can secure more favourable funding conditions, attract long-term customers and build partnerships that increase shareholder value.

    That’s not just theory. We have seen it in practice. During the Covid pandemic the banking sector was able to function as a shock absorber, rather than a shock amplifier. Thanks to stronger buffers, banks were able to absorb losses and continue extending credit when the economy took a hit as a result of the lockdowns. That was in large part thanks the comprehensive reform of banking regulation after the great financial crisis. Suppose we hadn’t done this. We would probably have had a banking crisis on top of a global health crisis.

    Even after the pandemic, we had a number of shocks that triggered financial market turmoil. Such as the Russian invasion of Ukraine, the ensuing energy crisis, double digit inflation, and recently, a trade war. During all of these episodes, although surely there was instability at the fringes, the core of the financial system, including the banking system, held up relatively well. I am convinced that this is the result of the hard work we did on strengthening the system in previous years.

    Now, have lawmakers and regulators done a perfect job? No, of course not. That would have been highly remarkable. Over the past 15 years, a great deal of regulation has been introduced from various angles. At the global, EU and national level. Micro versus macro. New risks are identified while older ones seldomly disappear. Regulation always creates new imperfections, and there is indeed some overlap, for example in resolution versus recovery. And at times there is a lack of proportionality for smaller institutions. That is certainly something we can look into.

    But for those arguing for simplification beyond this, please keep in mind that simple rules are less risk-sensitive and thus lead to stricter requirements. You want simpler rules? Sure, but those rules are then calibrated at a more prudent level. That is the logic behind the standardised approach. That is also the logic behind the leverage ratio.

    Most importantly, we should be careful not to confuse simplification with deregulation. Deregulation means effectively lowering buffers by relaxing the rules. That would increase both vulnerability in the banking system and the likelihood of financial crises. That would be a big mistake.

    We should be wary of undoing the hard work that has gone into strengthening the financial system over the past decade and a half. Especially now, in this time of unusually high uncertainty, both on the economic and political front.

    So we need to maintain the overall level of resilience. And in fact, in some areas, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards, that are meant to repair key weaknesses in banking regulation, still need to be implemented in many jurisdictions. In the meantime, the banking turmoil of two years ago was a reminder that bank failures are not a thing of the past.

    Also, the non-bank financial sector has greatly expanded. Recent episodes of market turmoil have confirmed weaknesses in this sector when it comes to leverage and liquidity. So now we need to bring the NBFI sector to an equal level of resilience as the banking sector. At the Financial Stability Board, we have pushed hard for this, and we will continue to do so.

    The title of this Round Table also mentions competition. John D. Rockefeller once said: ‘Competition is a sin.’ I might have felt the same way if I had been in his position. But from today’s perspective, I would say: unfair competition is a sin. And as regulators, if there is one thing we can do to promote fair competition, it is to provide a level playing field. Banking rules work best when they work everywhere. If regulation is implemented unevenly across jurisdictions, a patchwork of regulations will arise that opens the door to regulatory arbitrage. Banks may be tempted to shift operations to regions with looser standards. An uneven playing field undermines confidence in the global banking system, disrupts competition, and ultimately increases systemic risk.

    Since the financial system is a global system, we need global rules. And for this we need global cooperation. It is obvious that this is where the big challenge lies today. If we want to meet today’s challenges to financial stability, we have to continue to work together as nations. And we need to stay committed to the institutions we have built to underpin that cooperation, such as the Basel Committee and the FSB.

    Let me wrap up. There is no trade-off between financial stability and economic growth. Rather, financial stability is a necessary precondition for sustainable economic growth. And for that, we need a resilient banking sector, supported by strong buffers. This is a message I will be repeating over and over again in my final weeks as the president of DNB. By the end of June you will all be completely fed up with me. That’s ok. As long as you remember the message. Because, somehow, we tend to forget.

    MIL OSI Economics –

  • MIL-OSI New Zealand: International visitor spending on the up

    Source: New Zealand Government

    New data showing international visitor spending increased by almost ten per cent on the previous year is welcome news, Tourism and Hospitality Minister Louise Upston says.

    “Tourism is our second highest export earner and today’s results show just how important the sector is to unleashing economic growth in New Zealand,” Louise Upston says. 

    International Visitor Survey results show for the year ending March 2025, international tourism contributed $12.2 billion to New Zealand’s economy, up 9.2 per cent compared to the previous year.

    This reflects an increase of 4.3 per cent in international visitor arrivals, with 3.32 million visitors coming to New Zealand, up from 3.18 million in 2024.

    “In real terms, that means more bookings in our restaurants, more reservations at local accommodation and visitor experience providers, more people visiting our regions and attractions, more jobs being created across the country, and an overall stronger economy.”

    When adjusted for inflation, this equates international spending to $9.7 billion or 86 per cent of pre-pandemic levels. 

    “The growth in visitor numbers and spending is very encouraging but there is still more work to do to ensure tourism and hospitality can really thrive,” Louise Upston says.

    “Amongst other initiatives, the Government announced a $20.4 million Tourism Boost package this year to help drive visitor numbers.

    “New Zealand is open for business, and we look forward to welcoming more visitors to our beautiful country.” 

    Full details of the survey findings are available on the MBIE website: International Visitor Survey (Quarterly) – Tourism Evidence and Insights Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Outstanding New Zealanders honoured

    Source: New Zealand Government

    Prime Minister Christopher Luxon has congratulated the 2025 recipients of King’s Birthday Honours.

    “Every person on this list has made New Zealand a better place. 

    “Locally, regionally, nationally, and internationally they are the proof that individual actions build a strong and thriving country.

    “I am inordinately proud that twice every year, we can easily find dozens of outstanding citizens to honour this way, and I would like to thank all of the New Zealanders on this list for their service and achievements.

    “To our new Dames and Knights, carry your Honour with the pride with which it was given,” Mr Luxon says.

    Appointed as Dames Companion of the New Zealand Order of Merit are Ranjna Patel, Emeritus Distinguished Professor Alison Stewart, and Catriona Williams.

    “Dame Ranjna Patel has made a lasting impact across New Zealand in her service to ethnic communities, health and family violence prevention. She founded Mana for Mums for young Māori and Pacific women in South Auckland, co-founded a multi-cultural community centre, and co-founded Tāmaki Health, which has grown to become New Zealand’s largest privately owned primary healthcare group. In doing so, Dame Ranjna has helped hundreds of thousands of New Zealanders,” says Mr Luxon.

    “Dame Alison Stewart is an internationally renowned plant scientist with a 40-year career focused on sustainable plant protection, soil biology and plant biotechnology. She reinforces New Zealand’s stellar reputation in science and is an example of how our science community will continue to lead the world,” Mr Luxon says.

    “Dame Catriona Williams’ legacy in spinal cord injury goes back more than 20 years. This remarkable woman has been the founder and driving force behind the CatWalk Spinal Cord Injury Trust since its establishment in 2005. She has inspired countless people by her example of courage and determination in the face of adversity. Dame Catriona dedicates her time to engage with people who have experienced a spinal cord injury and are new to life in a wheelchair,” says Mr Luxon. 

    This year’s Knights Companion are The Honourable Mark Cooper, Brendan Lindsay, and Ewan Smith.

    “Sir Mark Cooper’s service to the judiciary is distinguished and longstanding. He became President of the Court of Appeal after being a Court of Appeal Judge from 2014 and a High Court Judge from 2004.  Sir Mark was Chairperson of the Royal Commission of Inquiry into Building Failure caused by the Canterbury Earthquakes and his detailed findings and recommendations avoided delay to the Canterbury rebuild and provided a sense of resolution to the community at a time it was critical,” Mr Luxon says.

    “Businessman and philanthropist Sir Brendan Lindsay built a global brand producing sustainable and recyclable storage products stamped ‘Made in New Zealand’. Sistema was sold to an American firm in 2016, with the buyer committing in writing to keep production in New Zealand for 20 years. That business acumen has created a philanthropic legacy that has helped countless charities including Pet Refuge, Starship National Air Ambulance Service, New Zealand Riding for the Disabled and Assistance Dogs New Zealand Trust,” Mr Luxon says.

    “Sir Ewan Smith is legendary in the Cook Islands. The founder of Air Rarotonga, he has grown the business to become the largest private sector employer in the Cook Islands. However, it is his passion and loyalty to his people that distinguishes him further. During the COVID-19 pandemic, he ensured no Air Rarotonga employee was made redundant, and the airline maintained essential cargo and medevac services throughout the Cooks. Everyone including himself was placed on a minimum wage and he provided mentorship, counselling and budget advice to staff. Sir Ewan exemplifies what it is to be a good employer and an outstanding citizen.

    “I would like to congratulate all 188 recipients of this year’s King’s Birthday Honours. We are proud of you, and we celebrate the example you set for others,” Mr Luxon says.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Hochul Is a Guest on Univision 41

    Source: US State of New York

    arlier today, Governor Kathy Hochul was a guest on Univision 41 with Mariela Salgado. The Governor spoke on the detrimental effects of the Trump administration’s federal cuts on the State of New York, Immigrations and Customs Enforcement, and congestion pricing.

    AUDIO: The Governor’s remarks are available in audio form here.

    A rush transcript of the Governor’s remarks is available below:

    Mariela Salgado, Univision 41: Governor, I think the economy is always a factor. We look from the pandemic; it’s been a cycle that’s been affecting everybody — not only New Yorkers, but the entire country — and there’s uncertainty. You just approved your Budget, it’s been approved. Congratulations about that.

    Governor Hochul: Thank you, thank you.

    Mariela Salgado, Univision 41: There’s a lot of things that people are going to see right away in their pockets. Thinking as a parent, I think about the lunch they’re going to see in schools immediately; more possibilities with child care, that’s something that parents are going to see right away. Beautiful.

    We have to wait for the child credit, and, correct me if I’m wrong, one thing that there’s confusion, and I would like clarification on that, people ask me on the streets — I’m a news reporter, so I’m always on the road, “When are we getting the checks, the inflation checks?” Can you give us clarity on that?

    Governor Hochul: My vision for the State and lifting families up who have been hit so hard with our current economy was to put more money back in their pockets. In fact, I said, “Your family is my fight,” and within that, we decided to focus intensely on affordability. And, as you mentioned, there’s a $1,000 tax credit for every child under the age of four, $500 for older children. So that’s money back in parents’ pockets when they file their taxes next year.

    We have the largest middle class tax cut in the last 70 years — that’s money back in their pockets when they do their taxes; and also covering the cost of school lunches and breakfasts — that’s, on average, about $1,600 per child in each family.

    And you mentioned the inflation rebates, and this is so important. I’ve gone to bodegas, I’ve gone to grocery stores, I’ve gone all over shopping with moms. I’m a mom, I know what it’s like to try to use the coupons and make things stretch. That’s going to be $400 in many family’s pockets — it’s starting this fall.

    So when they’re getting ready for back-to-school shopping or trying to get ready for the holidays. I know that’s an important time. So all of this is being rolled out, but you know what it adds up to? About $5,000 back in families’ pockets at a time when, as you said, the economy is really challenging and people are worried about whether tariffs from the federal administration.

    What does a tariff mean? It’s a tax. It increases the prices of everything. And our residents have been hit so hard with COVID, and inflation and now the worry that there’s going to be — the shelves will be empty when it comes time for Christmas shopping. So families are under duress, stress, and my job as the first Mom Governor is to understand that — I do understand it, but also how can I relieve that stress?

    And so, I’m glad you asked because I want people to know that help is on its way.

    Mariela Salgado, Univision 41: It’s coming now? This fall?

    Governor Hochul: Yes.

    Mariela Salgado, Univision 41: That’s great — people were thinking it was next year. So I’m going to mention tariffs because I was jumping to that too because everything is kind of weaving together. Trump administration being on a legal battle right now trying to impose tariffs in other countries, and this is — even though the court international trade has said that he didn’t have the — he doesn’t have the power to do so to kind of control commerce, but his lawyers claim that there is an emergency at the national level, economic emergency, and it needs to be done and that creates uncertainty, in a way.

    And we would like to know how you feel about that — do you agree with President Trump and do you see any impact in New York State in our economy because of tariffs?

    Governor Hochul: Seeing very much an impact in New York State, and I’ll give you a few examples. First of all, New York City gets much of its produce, it’s a grocery, it’s food from Upstate farmers. Upstate New York farmers are paying more for everything because of the tariffs, so our own products for the grocery store are going to be more expensive.

    People are not coming to our city who are — Canadians are coming from Europe; our tourism is starting to decline and that’s going to help start to affect not just our tourism, but also, people would be shopping in stores and helping the economy get stronger by their sales and sales tax revenues that we collect.

    So we can feel the effect all over that. I think there’ll be a shortage of supplies and shortages of commodities and products that we get from places like China because it’s going to be just too expensive, and either the retailers won’t buy the product and put it on the shelves or the prices will be higher. That’s going to happen as a direct result of the Trump tariffs and I support some targeted tariffs to make sure that we’re not being taken advantage of —

    Mariela Salgado, Univision 41: Right because eventually, wouldn’t more tariffs, the taxes — wouldn’t that help us eventually? As far as income for the United States.

    Governor Hochul: That’s assuming that everything made offshore will come back and be made in the United States — everything. We’re focused on the economy that has good paying jobs, lifts people up, keeps people not struggling around the poverty line, but really helps families be able to pay for their rent and — if they’re able to, fortunate to have a house — pay for the mortgage, and utilities and child care.

    But I don’t see a lot of those jobs coming back here; I really don’t see that happening as a result of this. Just look back to where this economy was back in December, early January. Economists around the world say, “We’re in really good shape right now.” People’s 401-ks were in better shape, people’s savings were better, prices were starting to see a turn downward. And all of a sudden with these tariffs that just sent chaos into the global market, sent chaos into the stores, sent chaos into everyone’s lives, and that’s what we’re trying to process right now, but it’s going to have a very negative impact on New York families. That’s why we’re sounding the alarm about it.

    Mariela Salgado, Univision 41: And the way you do your following Budgets, would that have an impact on your Budget as well?

    Governor Hochul: Yeah, of course. Of course. It’s going to reduce our revenues that come into the State, and we fund $254 billion worth of services — that’s everything from covering Medicaid, which, as you know in Washington, is very much jeopardized.

    Our health care is going to be very negatively impacted, and one out of three New York residents receive Medicaid right now. It’s mostly little kids and senior citizens in nursing homes, and they’re slashing so much money that people are going to lose health care. Some of our safety net hospitals, whether it’s in the Bronx or Brooklyn — where I was yesterday — they’re going to lose the support they need to stay alive, and as a result, even people who are not on Medicaid won’t have a hospital to go to — their services will be cut.

    So there’s this huge ripple effect on everyday lives. It’s going to affect our Budgets when we try to do what we can with less revenue coming in and less money from the federal government. With Medicaid alone, they’re planning to cut $13.5 billion from the State of New York, $3 billion cut from our hospitals. Our hospitals need that federal money and Washington is turning their back on our residents — and basically, it’s Robin Hood in reverse. They’re taking money from the poor to give tax breaks for the very wealthiest and I am so opposed to that and all New Yorkers I believe should stand with us and oppose that.

    Mariela Salgado, Univision 41: Well, that was my next question that you mentioned actually, that over seven million New Yorkers are enrolled in Medicaid and about a third are children, as you were talking about. My understanding is that the Big Beautiful Bill is aiming to put new restrictions because the Trump administration really wants to make sure that people are using it accordingly but people are going to lose some of their services. So, what can New York do to help them? Why is it a problem for people to work and have hours put in? Why is that going to cancel their services? Why is that going to leave them without Medicaid?

    Governor Hochul: What the Republicans have done in the House of Representatives and supported by seven Republicans from the State of New York who were voting against the interest of their own constituents — that passed, it has major cuts to Medicaid and it is not just about people working. But we have the majority of people on Medicaid do go out and earn a paycheck every day; it just doesn’t give them enough money, their wages are just too low, and so they need Medicaid. It doesn’t mean they’re not working.

    But, on the other hand, I can’t expect little kids to work; I can’t expect a senior citizen getting care in a nursing home to work. I mean, it’s absolutely unreal. People with disabilities? They can’t work. So they’ve made up this whole dynamic. We’re saying, “We won’t cut your services. We’re just going after the work issue and making them work.”

    That’s not what the challenge is. They’re cutting money to fund tax cuts for millionaires and billionaires, and it’s just wrong. It’s cruel and it hurts the most vulnerable. And this program has been in place for over 60 years and it’s lifted people up and gives them the dignity of health care — everybody deserves it. It’s going to create havoc, real problems in the State of New York, because so many people use this primary form of health insurance.

    Mariela Salgado, Univision 41: Is there any place from the Budget that you can take to supplement that?

    Governor Hochul: We received $93 billion every year in support from the federal government. There is no state in this country that can make up for all those cuts; and it’s not just Medicaid — it is education cuts, it is child care, it is nutrition programs. At the same time, I’m trying to cover the cost of lunches and breakfast, and put money back in people’s pockets. They’re making it impossible, harder to survive for struggling families, and that is what is so wrong about this and why here in the State of New York, our view is completely different. I know who I’m fighting for — I’m fighting for New York families and families that start out struggling, but are here because they want to live the American dream and get a chance to get ahead. The federal government is standing in our way.

    Mariela Salgado, Univision 41: I have to touch immigration quickly, Governor, because the Trump administration have cut the DPS which was put in by the Biden administration. Hundreds of thousands benefit from that and now we’re seeing ICE agents waiting for people who are trying to do their appointments, hearings and we’re seeing people being arrested. What is your take on that? And also, do you agree this being a tool to deport people? And what do you also think about Mayor Adams’ participation in all the plans that the Trump administration has, because some people are considering that a betrayal to the immigrant community?

    Governor Hochul: What the ICE agents are doing right now is contrary to what Donald Trump said when he was running for office and what Republicans said when they got elected and now control both Houses in Washington. They said they were only going after the “worst of the worst” criminals: serious offenders, the murderers, the rapists. We want those individuals removed and the State of New York will cooperate with ICE in those cases where you show there’s a warrant, or a subpoena or a court order that says, “These individuals have committed these crimes here or in their home country, and all immigrant communities would want them removed to keep us safer.”

    But they weren’t supposed to go after the people that are working in our bodegas, and working in health care — home health care aids — working in agriculture all around the state, just struggling to lift up their own families. And I think it’s important that they’re really tricking, people that are following the rules, were granted legal status with temporary protective status — many Venezuelans, in particular. They came here with the promise of a legal status while they applied for asylum, and now they took that away from them and left them here without a legal basis for being here, and now they’re exposed and vulnerable.

    And those who are checking in, going down to immigration officers and saying, “Here I am. I’m doing what you require me to do as I’m on that path to hopefully receive asylum.” They’re setting up traps for them and I’m so appalled by this that there’s families being separated, people who did nothing, teenagers pulled from their mothers and sent to a country that they were never raised in as older children.

    With respect to the City of New York, I can’t address that. All I know is that our policies in New York State are rock solid. We’ll help you, ICE, with serious offenders, remove them. Someone serves time in a prison for a crime, they’re removed at the end — but short of that? Those who are here to live the American dream, they’re already here.

    Yes, we don’t want open borders. We don’t want open borders, but can we find a path to legitimate citizenship for those who have already arrived? Can we just do that? It shows our compassion. We have the Statue of Liberty in our harbor. That’s a symbol of our values as New Yorkers. And what is happening now — it’s shocking at a scale that people are living in the shadows, living in fear, afraid to go to school, afraid to go to churches, afraid to go shopping and this is not the America people were promised.

    Mariela Salgado, Univision 41: You had a victory with congestion pricing, at least in courts, but you do have a relationship with President Trump. How would you grade that? How is your relationship with him in that issue and other issues?

    Governor Hochul: When the President was first elected, I knew my responsibility was to always put New Yorkers first, and that means at least having an open door, a relationship with the President and his administration on areas where we can find common ground. For example, Penn Station: that is a building that should be magnificent, it should be welcoming, it should be something that we’re proud of, but it takes billions of dollars to renovate it and bring it back to life and I’ve worked with President Trump to get that moving ahead — that is actually happening.

    But there’s areas where I said, “I’ll work on infrastructure and bringing money back to New York, but if you attack our values, everything we stand for as New Yorkers, then I’ll be in conflict with you. I’ll have to stand up and fight against you.” And, so, it’s a complicated relationship. I will work when it’s to the advantage of New Yorkers and good for them, but I’ll also stand up and say, “No, that’s wrong, and we’re not going to cooperate.” So we’ll see how it unfolds over the next few years.

    Mariela Salgado, Univision 41: Thank you.

    MIL OSI USA News –

  • MIL-OSI Global: In her memoir, Jacinda Ardern shows a ‘different kind of power’ is possible – but also has its limits

    Source: The Conversation – Global Perspectives – By Grant Duncan, Teaching Fellow in Politics and International Relations, University of Auckland, Waipapa Taumata Rau

    Getty Images

    Imagine getting a positive pregnancy test and then – just a few days later – learning you’ll be prime minister. In hindsight, being willing and able to deal with the unexpected would become the hallmark of former New Zealand prime minister Jacinda Ardern’s political career.

    She had always stood out as a leader, but her tumultuous political journey followed none of the predictable pathways. Readers of her memoir will relive what this was like, from her feelings about motherhood through to meeting world leaders.

    Review: A Different Kind of Power – Jacinda Ardern (Penguin Random House)

    The title of her book promises more than just that, however. Many people hope for a different kind of leader, but what personal qualities or strengths do such leaders need? More generally, can the personal qualities that contribute to great leadership be learned and applied by others?

    The answer seems to be a qualified yes. Since leaving office, Ardern has become something of a global influencer. But as her career pivots towards celebrity appearances and international agencies, her memoir also serves as a leadership manifesto – especially for women, or aspirants of any gender, who suffer self-doubt.

    The limits of empathy

    In her formative years, working as an assistant to Labour leader Helen Clark, Ardern relates how she let political opponents get under her skin. Was she “too thin-skinned” for politics? She soon learned “you could be sensitive and survive”. Better still, she could use her sensitivity as a strength.

    But “it is different for women in the public eye”, she writes. Derogatory terms were used against her, such as the “show pony” epithet coined by a senior woman journalist. There were questions about whether she had “substance”. These things could undermine people’s belief in her competence – perhaps even her own self-belief.

    What she did about this is instructive. Lashing out at jibes and cartoon images would make her look “humourless and too sensitive”. The “trick” was to respond in a way that would “take the story nowhere”. She became adept at that, deflecting comments aimed at putting her down.

    This also meant being a feminist but not using feminism as her ideological platform. Other than admonishing a TV presenter that it was “unacceptable” for him to ask whether a sitting prime minister could take maternity leave, she generally let others do the outrage and avoided becoming an even bigger target for culture warriors.

    But A Different Kind of Power asks the question: different from what? Ardern’s political career has been a challenge, if not a rebuke, to leaders who indulge in egotistical, competitive, always-be-winning behaviour. Need one even mention Donald Trump?

    Instead, Ardern offers kindness and empathy. The approach showed its true strength in the days following the terrorist atrocity in Christchurch in 2019. At a time when anti-immigrant and Islamophobic sentiments were growing, Ardern embraced the victims. “They are us”, she declared. Emotions that could have generated a cycle of blame were guided by her towards sharing of grief and aroha.

    Like any political virtue, though, empathy has limitations: it touches those whose suffering commands our attention, but it is partial. Effective social policy also requires an impartial administration and redistribution of resources. Leaders must ensure public goods are delivered equitably to those in need, which calls for rational planning.

    And sometimes a national emergency may call for actions that feel unfair or insensitive to some.

    Pandemic politics

    COVID-19 was that emergency. It created deep uncertainty for governments, and there was no “kind” pathway forward. The Ardern government did an exemplary job, saving many lives, and the Labour Party was rewarded at the 2020 election with an unprecedented 50% of the party vote. But Ardern’s retelling of that time is surprisingly brief, especially given her pivotal role.

    She put herself daily at the centre of it all, patiently explaining the public health responses. During this battle with a virus, however, she couldn’t inoculate against the political consequences and shifts in public opinion.

    As the pandemic wore on, many New Zealanders whose businesses had been shut down, who had been isolated in their homes, who had difficulty returning home from abroad or who’d been ostracised for not getting vaccinated, weren’t feeling much empathy or kindness from their government. And they felt they were being silenced. This sentiment grew far beyond the activists who had made themselves heard on parliament grounds in early 2022.

    Ardern refused to meet with those protestors. “How could I send a message that if you disagree with something, you can illegally occupy the grounds of parliament and then have your demands met?”

    But she (or a senior minister) could have heard their demands and explained why they couldn’t be met. Her refusal to listen left the field open to veteran populist Winston Peters, who exploited the opportunity, launching his campaign to return to parliament – in which he now sits and Ardern doesn’t.

    While vaccine mandates were a key concern for protestors, it’s disappointing that, to this day, Ardern blames the dissenters, as if they were “not us” – kicked out of the “team of five million”. She attributes the dissent solely to their “mistrust”. Refusing to listen – not just to protestors, but to deeper shifts in public opinion – would cost Labour dearly.

    Induced by the pandemic fiscal stimulus, inflation peaked at 7.3% in June 2022. By that time, two switches had occurred: the National Party was ahead in polls and a majority were saying the country was heading in the wrong direction. In January 2023, then, Ardern resigned as prime minister. She believed, probably correctly, that it would be “good for my party and perhaps it would be good for the election”.

    Power and parenthood: Jacinda Ardern with her partner Clarke Gayford and their baby daughter, 2018.
    Getty Images

    The toll of leadership

    But she also reveals in her memoir that a cancer scare influenced the decision – a false alarm, but a sign perhaps that the job was taking its toll. Her leaving could “take the heat out of the politics”, she reasoned. And anyway, she was tired, stressed and losing her patience.

    The leadership change to Chris Hipkins – and a devastating cyclone – boosted Labour’s polling for a while. But their 1,443,545 party votes in 2020 fell to 767,540 in the October 2023 election.

    Hundreds of thousands of voters had turned their backs on the Labour Party, and the COVID response wasn’t solely to blame. There were also controversial or failed policies – such as restructuring water services, a proposed unemployment insurance scheme, and Māori co-governance initiatives – that were ruthlessly exploited by the political opposition. These were all initiated under Ardern, although unmentioned in her memoir.

    Her book is more about subjective self-doubt and empathy. She doesn’t critically examine her own policies. Nor does she express empathy for those who felt disadvantaged or excluded by them – granting as always that emergency measures had been necessary. And, as she heads further into an international career, there’s no expression of empathy for those who now need it most, be they children in Gaza or refugees in South Sudan.

    It’s disappointing Ardern doesn’t define key words: empathy, leadership or power, for example. There are different ways to understand them, and definitions carry assumptions. But she’s not addressing academics or political analysts. Her audience is primarily American – a much larger and more lucrative market than her home country. With the Democrats struggling to find direction and leadership after last year’s losses, Ardern – who poses no threat to anyone’s political ambitions there – offers some inspiration.

    Some may fault it for avoiding those harder questions about her time at the top, but Ardern’s memoir interweaves an authentically retold personal story with high political drama. It tells of one woman’s struggle with morning sickness, childbirth, breastfeeding and motherhood, even while taking on extraordinary public responsibilities and media exposure. It’s still amazing how she managed to do all that.

    I was a personal acquaintance of Jacinda, when she was a list MP in Auckland Central.

    – ref. In her memoir, Jacinda Ardern shows a ‘different kind of power’ is possible – but also has its limits – https://theconversation.com/in-her-memoir-jacinda-ardern-shows-a-different-kind-of-power-is-possible-but-also-has-its-limits-257944

    MIL OSI – Global Reports –

  • MIL-Evening Report: In her memoir, Jacinda Ardern shows a ‘different kind of power’ is possible – but also has its limits

    Source: The Conversation (Au and NZ) – By Grant Duncan, Teaching Fellow in Politics and International Relations, University of Auckland, Waipapa Taumata Rau

    Getty Images

    Imagine getting a positive pregnancy test and then – just a few days later – learning you’ll be prime minister. In hindsight, being willing and able to deal with the unexpected would become the hallmark of former New Zealand prime minister Jacinda Ardern’s political career.

    She had always stood out as a leader, but her tumultuous political journey followed none of the predictable pathways. Readers of her memoir will relive what this was like, from her feelings about motherhood through to meeting world leaders.

    Review: A Different Kind of Power – Jacinda Ardern (Penguin Random House)

    The title of her book promises more than just that, however. Many people hope for a different kind of leader, but what personal qualities or strengths do such leaders need? More generally, can the personal qualities that contribute to great leadership be learned and applied by others?

    The answer seems to be a qualified yes. Since leaving office, Ardern has become something of a global influencer. But as her career pivots towards celebrity appearances and international agencies, her memoir also serves as a leadership manifesto – especially for women, or aspirants of any gender, who suffer self-doubt.

    The limits of empathy

    In her formative years, working as an assistant to Labour leader Helen Clark, Ardern relates how she let political opponents get under her skin. Was she “too thin-skinned” for politics? She soon learned “you could be sensitive and survive”. Better still, she could use her sensitivity as a strength.

    But “it is different for women in the public eye”, she writes. Derogatory terms were used against her, such as the “show pony” epithet coined by a senior woman journalist. There were questions about whether she had “substance”. These things could undermine people’s belief in her competence – perhaps even her own self-belief.

    What she did about this is instructive. Lashing out at jibes and cartoon images would make her look “humourless and too sensitive”. The “trick” was to respond in a way that would “take the story nowhere”. She became adept at that, deflecting comments aimed at putting her down.

    This also meant being a feminist but not using feminism as her ideological platform. Other than admonishing a TV presenter that it was “unacceptable” for him to ask whether a sitting prime minister could take maternity leave, she generally let others do the outrage and avoided becoming an even bigger target for culture warriors.

    But A Different Kind of Power asks the question: different from what? Ardern’s political career has been a challenge, if not a rebuke, to leaders who indulge in egotistical, competitive, always-be-winning behaviour. Need one even mention Donald Trump?

    Instead, Ardern offers kindness and empathy. The approach showed its true strength in the days following the terrorist atrocity in Christchurch in 2019. At a time when anti-immigrant and Islamophobic sentiments were growing, Ardern embraced the victims. “They are us”, she declared. Emotions that could have generated a cycle of blame were guided by her towards sharing of grief and aroha.

    Like any political virtue, though, empathy has limitations: it touches those whose suffering commands our attention, but it is partial. Effective social policy also requires an impartial administration and redistribution of resources. Leaders must ensure public goods are delivered equitably to those in need, which calls for rational planning.

    And sometimes a national emergency may call for actions that feel unfair or insensitive to some.

    Pandemic politics

    COVID-19 was that emergency. It created deep uncertainty for governments, and there was no “kind” pathway forward. The Ardern government did an exemplary job, saving many lives, and the Labour Party was rewarded at the 2020 election with an unprecedented 50% of the party vote. But Ardern’s retelling of that time is surprisingly brief, especially given her pivotal role.

    She put herself daily at the centre of it all, patiently explaining the public health responses. During this battle with a virus, however, she couldn’t inoculate against the political consequences and shifts in public opinion.

    As the pandemic wore on, many New Zealanders whose businesses had been shut down, who had been isolated in their homes, who had difficulty returning home from abroad or who’d been ostracised for not getting vaccinated, weren’t feeling much empathy or kindness from their government. And they felt they were being silenced. This sentiment grew far beyond the activists who had made themselves heard on parliament grounds in early 2022.

    Ardern refused to meet with those protestors. “How could I send a message that if you disagree with something, you can illegally occupy the grounds of parliament and then have your demands met?”

    But she (or a senior minister) could have heard their demands and explained why they couldn’t be met. Her refusal to listen left the field open to veteran populist Winston Peters, who exploited the opportunity, launching his campaign to return to parliament – in which he now sits and Ardern doesn’t.

    While vaccine mandates were a key concern for protestors, it’s disappointing that, to this day, Ardern blames the dissenters, as if they were “not us” – kicked out of the “team of five million”. She attributes the dissent solely to their “mistrust”. Refusing to listen – not just to protestors, but to deeper shifts in public opinion – would cost Labour dearly.

    Induced by the pandemic fiscal stimulus, inflation peaked at 7.3% in June 2022. By that time, two switches had occurred: the National Party was ahead in polls and a majority were saying the country was heading in the wrong direction. In January 2023, then, Ardern resigned as prime minister. She believed, probably correctly, that it would be “good for my party and perhaps it would be good for the election”.

    Power and parenthood: Jacinda Ardern with her partner Clarke Gayford and their baby daughter, 2018.
    Getty Images

    The toll of leadership

    But she also reveals in her memoir that a cancer scare influenced the decision – a false alarm, but a sign perhaps that the job was taking its toll. Her leaving could “take the heat out of the politics”, she reasoned. And anyway, she was tired, stressed and losing her patience.

    The leadership change to Chris Hipkins – and a devastating cyclone – boosted Labour’s polling for a while. But their 1,443,545 party votes in 2020 fell to 767,540 in the October 2023 election.

    Hundreds of thousands of voters had turned their backs on the Labour Party, and the COVID response wasn’t solely to blame. There were also controversial or failed policies – such as restructuring water services, a proposed unemployment insurance scheme, and Māori co-governance initiatives – that were ruthlessly exploited by the political opposition. These were all initiated under Ardern, although unmentioned in her memoir.

    Her book is more about subjective self-doubt and empathy. She doesn’t critically examine her own policies. Nor does she express empathy for those who felt disadvantaged or excluded by them – granting as always that emergency measures had been necessary. And, as she heads further into an international career, there’s no expression of empathy for those who now need it most, be they children in Gaza or refugees in South Sudan.

    It’s disappointing Ardern doesn’t define key words: empathy, leadership or power, for example. There are different ways to understand them, and definitions carry assumptions. But she’s not addressing academics or political analysts. Her audience is primarily American – a much larger and more lucrative market than her home country. With the Democrats struggling to find direction and leadership after last year’s losses, Ardern – who poses no threat to anyone’s political ambitions there – offers some inspiration.

    Some may fault it for avoiding those harder questions about her time at the top, but Ardern’s memoir interweaves an authentically retold personal story with high political drama. It tells of one woman’s struggle with morning sickness, childbirth, breastfeeding and motherhood, even while taking on huge public responsibilities and media exposure. It’s still amazing how she managed to do all that.

    I was a personal acquaintance of Jacinda, when she was a list MP in Auckland Central.

    – ref. In her memoir, Jacinda Ardern shows a ‘different kind of power’ is possible – but also has its limits – https://theconversation.com/in-her-memoir-jacinda-ardern-shows-a-different-kind-of-power-is-possible-but-also-has-its-limits-257944

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: U.S. Rep. Kathy Castor Calls on Department of Labor to Keep Doors Open at Pinellas Job Corps Center

    Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

    ST. PETERSBURG, Fla. – Today, U.S. Rep. Kathy Castor (FL-14) urged the U.S. Department of Labor (DOL) Secretary Lori Chavez-Remer to reverse DOL’s decision to close the Pinellas County Job Corps Center. 

    The abrupt decision to pause Job Corps operations nationwide is creating deep concerns for the more than 250 students affected by the order.

    “This harsh and arbitrary decision casts students into an uncertain future, disrupts job training, and creates housing insecurity for hundreds of young people across Florida,” said Rep. Castor. “This move will upend more than 60 years of progress and take away a vital resource that helps young people succeed. I urge the Department to reverse this order and work with our community to ensure these students are not left behind.”

    The Pinellas County Job Corps Center provides job training, education and housing for at-risk youth from across the state. DOL’s directive to pause operations at all contractor-run centers by June 30 follows the release of a report that purportedly relied on narrow and incomplete data. Castor is demanding transparency from DOL regarding this hasty decision – which has a significant impact on at-risk youth – including the reliability of student performance numbers and how pandemic-related challenges were factored into the report.

    U.S. Rep. Castor is calling on the Department to delay the pause, revisit the data and commit to keeping opportunities alive for Florida students.

    Read the full letter here:

    Dear Secretary Chavez-DeRemer: 

    Thank you for the opportunity to relay my deep concern for the Department of Labor’s (DOL) decision to suddenly and arbitrarily close the Pinellas County, Florida Job Corps Center and cast 300 students into an uncertain future. I respectfully urge you to reverse the decision and answer the questions posed below. 

    For decades, Job Corps has provided a vital pathway to education, job training and self-sufficiency for young people who deserve a second chance. I am concerned, however, that DOL has proposed dismantling Job Corps, contrary to the direction of Congress. I have heard from local teachers and students how the sudden and arbitrary closure will undercut the mission and leave students in the lurch. The Pinellas County Job Corps Center serves 300 students who hail from across the state of Florida, 285 of whom receive housing, and employs 124 staff members. This order will displace students in the midst of their training, create housing insecurity, lay off dedicated staff and leave communities scrambling to fill the gap. 

    Staff and students have raised concerns about the cancellation of national contracts that provide critical services such as Wi-Fi access on-site, the halt of background checks for applicants, thus stopping the enrollment process, and now the pause of operations at all contractor-operated Job Corps centers scheduled to occur by June 30, 2025. This comes after the Department’s Employment and Training Administration (ETA) released the first-ever Job Corps Transparency Report. This report analyzed the financial performance and operational costs of the most recently available metrics of program year 2023. Coming to such a swift decision is both alarming and hasty. 

    Please answer the following questions by June 15, 2025:

    • The Job Corps Transparency Report claims there are less than 25,000 students participating in Job Corps nationally. What data was used to determine this number? 
    • How many students receive housing through this initiative? 
    • The report claims that the graduation rate is less than 38.6 percent. Why was the analysis not performed on a date range larger than July 1, 2023 – June 30, 2024? 
    • How are the impacts of COVID-19 taken into consideration? 
    • The analysis weighs incident occurrences against outcomes. What criteria are used to determine what an “incident” is? 
    • The report claims that the initiative is no longer meeting set outcomes. How have graduates’ wages compared to wage goals set by DOL for the last 10 years? 
    • Are there efficient structural changes that can be made prior to stopping operations? 

    The report suggests the initiative has become expensive, yet Job Corps has not received a funding increase in 8 years. This move will upend more than 60 years of progress, leaving current and future at-risk young people with one less pipeline to personal and professional development. Halting Job Corps contracts will deepen inequality and rob young people in need of critical tools to thrive. DOL should be investing in our communities and resources with effective tools like Job Corps to break the cycle of poverty and help young people succeed. I trust that we share the same goal of serving all Americans and bolstering our workforce. I respectfully urge you to delay the pause in operations, review this Transparency Report and include a longer dataset for analysis, and take actions to ensure the success of Job Corps.

    MIL OSI USA News –

  • MIL-OSI Security: California Man Sentenced to 12 Months and One Day for Federal Cares Act Fraud

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that NIPUN DESAI (“DESAI”), formerly of Hammond, La., but now a California resident, age 56, was sentenced to 12 months plus one day by U.S. District Judge Wendy B. Vitter for making false statements related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic.  The two primary sources of funding for small businesses were the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program.

    According to court records, on or about January 25, 2021, DESAI made false statements to an approved lender in order to obtain an SBA backed PPP loan in the amount of $146,947.50 for a hotel in Metairie, LA.  At the time of the loan application, DESAI’s hotel was permanently closed and had no employees or payroll.

    In addition to incarceration, which is to be divided between time in the Bureau of Prisons and home incarceration, DESAI was sentenced to 2 years of supervised release.  He was also ordered to repay the SBA approximately $234,000 and the Louisiana Workforce Commission $26,000.  He also paid a mandatory special assessment fee of $100 and a fine of $25,000.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    As part of the Pandemic Response Accountability Committee (PRAC) Task Force, this investigation was conducted by U.S. Department of Veterans Affairs – Office of Inspector General. The PRAC was established to promote transparency and facilitate coordinated oversight of the federal government’s COVID-19 pandemic response.  The PRAC’s 20 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, including spending via the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program.  This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.

    Acting U.S. Attorney Simpson praised the work of the U.S. Department of Veterans Affairs – Office of Inspector General, the Department of Labor – Office of Inspector General, and the U.S. Bankruptcy Trustee’s Office (Region 5) in investigating this matter.  Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

    MIL Security OSI –

  • MIL-Evening Report: Trump’s steel tariffs are unlikely to have a big impact on Australia. But we could be hurt by what happens globally

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    Shestakov Dymytro/Shutterstock

    Just one day after the US Court of Appeals temporarily reinstated the Trump Administration’s Liberation Day tariffs of between 10% and 50% on nearly every country in the world, Trump announced tariffs on all US imports of steel and aluminium will increase from 25% to 50%.

    He told the rally of steel workers in Pennsylvania the increase would come into effect Wednesday US time.

    Trump said the increase “will even further secure the steel industry in the United States.” But Australia’s trade and tourism minister, Don Farrell, called them “unjustified and not the act of a friend” and “an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade.”

    There was hope Australia would obtain an exemption from the original tariffs introduced in February. But it now seems clear Trump is intent on applying the tariffs across the board. And, unlike the Liberation Day tariffs, these are unlikely to face significant legal challenges.

    So, how will the steel tariffs affect Australians? To understand this, it is important to understand how it will affect the US and its other trading partners.

    The direct effect will be small

    As with the original 25% tariffs, the direct effect on Australian steel and aluminium producers will not be profound.

    Only about 10% of Australia’s steel and aluminium exports, and less than 1% of its overall production, goes to the US. Australia’s own BlueScope Steel’s North Star mill in Ohio is actually set to benefit from the tariffs.

    But most Australians will feel the effects of the tariffs through the indirect effects on US manufacturing and America’s trading partners.

    Impact on the US

    We know a lot about how US manufacturing will be affected because this has all happened before. In 2002, George W. Bush imposed tariffs of 8%-30% on steel products, before withdrawing them less than two years later. And Trump imposed tariffs of 25% on steel and 10% on aluminium in his first term.

    Research has shown the tariffs did slightly increase US metal production but at great cost. In addition to increasing prices for US consumers, as tariffs typically do, the Bush steel tariffs reduced overall employment, as manufacturers that use steel as an input laid off workers or went out of business.

    Further, while these tariffs were only in place for a short time, the affected US industries took years to recover, and many never have.

    The same thing happened with the tariffs from Trump’s first term, where any gains in steel and aluminium production were more than offset by losses in metal-consuming industries.

    For Australians, this means many products we buy from the US are going to get more expensive. This includes vehicles and aircraft as well as machinery and medical equipment used by Australian producers. And if the past is a guide, many products will simply become unavailable.

    Effects on trading partners

    While Australia does not export large amounts of steel and aluminium to US, other countries do. The higher tariffs will further depress the Canadian and Mexican metals industries, which can affect Australian industry in several ways.

    First, if North American consumers are buying less of everything, that reduces demand for Australia’s exports, both directly and indirectly as the reduced spending makes is way down the supply chain.

    Australia exports very little steel to the US so is less likely to be hurt by the direct impact of the tariffs.
    IndustryViews/Shutterstock

    Second, the affected metals manufacturers will look for other markets for their products. Canada is not likely to flood Australia with cheap aluminium, but it may, for example, displace some of our exports to South Korea. And this is happening as the OECD is warning of excess steel capacity, driven in part by China’s outsized steel subsidies.

    But this is not all bad news for Australians. While local steel and aluminium producers will suffer from the diversion of supply from the US, a temporary fall in prices would offer some relief after the post-pandemic rise in building and infrastructure costs.

    Retaliatory tariffs

    On top of all these effects are the effects of retaliatory tariffs by other countries, as the EU has already threatened. Like the US tariffs, these tariffs will make consumers on both sides poorer, reducing demand for Australian exports. But they will open new markets as well. For example, China’s retaliatory tariffs on US almonds have caused a boom in Australian exports.

    The big question for Australia is how this will affect the price of iron ore, by far our largest export. So far, we have not seen major price swings. But if the latest salvo in Trump’s trade war causes the global economy to slow significantly, or if China backs off its steel subsidies, this could change.

    State of uncertainty

    And perhaps the most significant impact of the latest change in US tariff policy is the effect of ongoing uncertainty over US and global trade policy. Trade policy uncertainty reduces international trade flows and chills business investment.

    Whether a business is considering a venture dependent on an input that will be affected by tariffs or, like BlueScope’s Ohio steel mill, might stand to benefit from US tariffs, the uncertainty over what the policy will be tomorrow, let alone five years from now, will make any company hesitant to commit major funds.

    A case in point is Whyalla Steelworks, which has received a $2.4 billion rescue package and is currently in administration and seeking a buyer.

    With Donald Trump able to upend the global steel industry again at any moment, buyers will be thinking twice before investing billions of dollars, which is bad news for nearly everyone, not least of which the residents of Whyalla, who await the fate of a major local employer.

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

    – ref. Trump’s steel tariffs are unlikely to have a big impact on Australia. But we could be hurt by what happens globally – https://theconversation.com/trumps-steel-tariffs-are-unlikely-to-have-a-big-impact-on-australia-but-we-could-be-hurt-by-what-happens-globally-257959

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Raleigh County Man Pleads Guilty to COVID-19 Relief Fraud Scheme

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Ross Jay Bailey, 50, of Cool Ridge, pleaded guilty today to theft of government money. Bailey obtained a $2 million loan through the Coronavirus Aid, Relief, and Economic Security (CARES) Act for his business and instead converted at least $1.4 million of the proceeds for his personal enrichment.

    According to court documents and statements made in court, on or about June 30, 2020, Bailey obtained an Economic Injury Disaster Loan (EIDL) of $150,000 on behalf of his business, R&R Delivery Service Inc. The CARES Act authorized the Small Business Administration (SBA) to provide EIDL program loans of up to $2 million to eligible small businesses experiencing substantial financial disruption due to the COVID-19 pandemic.

    Bailey successfully applied to increase the loan amount in August 2021 to $500,000 and in February 2022 to the $2 million maximum. Bailey certified that he would use all loans proceeds solely as working capital to alleviate economic injury caused by the pandemic.

    As part of his guilty plea, Bailey admitted that he transferred at least $1.4 million of the EIDL proceeds from his business’s bank account to his personal bank account from on or about March 1, 2022, through on or about May 31, 2022. Bailey further admitted that he converted these funds into purchases of stock and cryptocurrency for his personal enrichment.

    Bailey is scheduled to be sentenced on October 10, 2025, and faces a maximum penalty of 10 years in prison, up to three years of supervised release, and a $250,000 fine. Bailey also owes at least $1,518,013.58 in restitution, with a final amount to be determined by the Court.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the National Aeronautics and Space Administration Office of Inspector General (NASA OIG), the United States Secret Service, the West Virginia State Police-Bureau of Criminal Investigations (BCI) and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

    NASA OIG is an active member of the Pandemic Response Accountability Committee (PRAC) Fraud Task Force. The PRAC was established to promote transparency and facilitate coordinated oversight of the federal government’s COVID-19 pandemic response. The PRAC’s 20 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, including spending via the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program. This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.

    United States Magistrate Judge Omar J. Aboulhosn presided over the hearing. Assistant United States Attorney Erik S. Goes is prosecuting the case.

    Bailey’s brother, Ryan Keith Bailey, 47, of Beaver, pleaded guilty on May 7, 2025 to theft of government money. Ryan Keith Bailey obtained $2,166,517.40 in loans through the CARES Act for his business and instead converted nearly all of the proceeds for his personal use. Ryan Keith Bailey is scheduled to be sentenced on September 12, 2025.

    Mark William Bailey, 52, of Beckley and a cousin of Ross Jay Bailey and Ryan Keith Bailey, pleaded guilty on September 8, 2023, to theft of government monies, admitting he stole approximately $451,237.51 in SBA loans he obtained through the CARES Act. On October 25, 2024, Mark William Bailey was sentenced to five years of federal probation, including one year on home detention, and paid $451,237.51 in restitution and an additional $451,237.98 as a civil penalty to settle False Claims Act allegations.

    Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case Nos. 5:24-cr-105.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI Security: Spokane Dermatologist Agrees to Pay $1.4 Million to Resolve Claims of Fraudulently Obtaining COVID-19 Funds

    Source: US FBI

    Spokane, Washington – The United States Attorney’s Office announced William Philip Werschler, age 66, of Spokane, Washington, along with his businesses Spokane Dermatology Clinic, Premier Clinical Research L.L.C., and 3rd and Sherman Plaza L.L.C., have agreed to pay $1,400,000 to resolve claims under the False Claims Act related to alleged mis-spending of funds intended to benefit struggling businesses during the COVID-19 pandemic.

    On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act provided a number of programs through which eligible small businesses could request and obtain relief funding intended to mitigate the economic impacts of the pandemic for small and local businesses. One such program, the Economic Injury Disaster Loan (EIDL) program, provided low interest loans that could be deferred until the conclusion of the pandemic to provide “bridge” funding for small businesses to maintain their operations during shutdowns and other economic circumstances caused by the pandemic.  EIDL funds were to be used solely as working capital to alleviate economic injury to a business caused by the COVID-19 disaster, such as paying payroll, health insurance premiums, rent, utilities, and fixed debt payments.  EIDL funds were not to be used for personal purposes or to obtain real property or to refinance indebtedness which was incurred prior to the disaster event is a prohibited use of EIDL funding.

    According to the settlement agreement, beginning no later than April 2020 and continuing until at least July 2022, Werschler applied for EIDL loans for his businesses: Spokane Dermatology Clinic, Premier Clinical Research, and 3rd and Sherman Plaza L.L.C. 

    Shortly after receiving EIDL funds, Werschler made personal purchases of a 2011 Porsche 911 GT3 and a 1997 Porsche Carrera for a total of $252,375.00.  Werschler also used $553,143 to purchase two properties across from his Spokane Dermatology Clinic.  The purchase of personal automobiles and real property are both contrary to the proper use of EIDL funds.  The global resolution entered into by Werschler and his companies also resolved related criminal charges.

    This case was investigated by the IRS Criminal Investigations, the FBI, and the Small Business Administration Office of Inspector General. 

    The settlement agreement can be viewed at the link below.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Minister Smyth address to Medicine 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Minister Smyth address to Medicine 2025

    Minister Smyth addressed the Royal College of Physicians annual conference

    Since 1948, this organisation has been one of the greatest allies advocating for universal access to health care, high standards in clinical practice, and evidence based medicine.

    And today, I really want to thank our members for everything that you have done over the past 14 years to hold our NHS together.

    Through no fault of your own, you’ve been through the worst crisis in the history of the NHS waiting list at historic highs, patient satisfaction at record lows, people struggling to see a GP, ambulances not turning up on time. Any department is full to bursting.

    That founding promise that the NHS will always be there for us when we needed it, broken.

    But as someone who had my own career 30 years ago in the health service, I completely understand how demoralising this has been for so many staff, how powerless people have felt desperately trying to stop standards slipping or holding a broken system together.

    That’s how I felt as an NHS leader locally, watching the disastrous 2012 reorganisation imposed from the top down, despite all the warnings from frontline leaders and staff. And since then we’ve also had to deal with underinvestment and the global pandemic.

    But while those blows may have left the NHS broken, it’s not beaten.

    Every day there are amazing people delivering outstanding and compassionate care.

    Despite all of those challenges, day in, day out, you show up for work and you fight to deliver the very best care possible for your patients.

    Since coming into office, this government has done everything we can to support you. To restore that basic founding principle that the NHS should always be there for us when we need it. With our Plan for Change, we have hit the ground running.

    As our first step, we promised two million more appointments in our first year.

    Promise made, promise kept: we delivered our promise seven months early and we’ve reached our target, delivering not two, but three million more appointments since July and counting.

    We’ve got waiting lists down by over 200,000 people.

    We ended the strike within three weeks and have now delivered two above-inflation pay rises for NHS staff.

    We’ve invested an extra £26 billion in health and care.

    We’ve recruited 1,500 more GPs, and agreed a GP contract for the first time since the pandemic.

    We’ve delivered the biggest investment to hospitals in a generation.

    The biggest expansion of carer’s allowance since the 1970s.

    A boost for older and disabled people through the Disabled Facilities Grant.

    The biggest real-terms increase to the Public Health Grant in nearly a decade.

    We’ve given pharmacies the biggest funding uplift in a generation.

    For patients, we’ve frozen prescription charges.

    We’ve struck a new deal that will mean women will be able to get the morning-after-pill from pharmacies across the country, absolutely free of charge.

    A lot done, but we know, a hell of a lot more left to do.

    But from day one, we have been clear that investment must come with reform.

    Our job is twofold.

    First, to get the NHS back on its feet, treating patients on time again, and second, to reform the service for the long term, so it is fit for the future.

    This summer we will publish our 10 Year Plan for Health.

    Shifting the focus of healthcare out of hospital and into the community with more investment in primary and community care.

    Bringing our analogue health service into the digital age, arming staff with modern equipment and cutting edge technology.

    And thirdly, turning our sickness service into a preventative health service to help people live well for longer and tackle the biggest killers.

    We’re supporting the effort of prevention through our Smoking and Vapes Bill, to protect children and the most vulnerable to make this generation of kids the first smoke-free generation, and to save untold billions spent on their future care.

    The ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity, and those same kids are benefiting from breakfast clubs, so they start school with hungry minds and not hungry bellies.

    Our Mental Health Bill will stop the disgraceful incarceration of learning-disabled adults.

    We’re working with health unions, councils and employers to deliver the first ever Fair Pay Agreement for social care staff.

    And Louise Casey is leading the Commission on Social Care, which will finally get a grip on a system that is broken for too many families.

    Because, as you all know so well, the pressures facing hospitals don’t start in hospitals, just as the problems facing the NHS don’t necessarily start in the NHS, they are a reflection of wider society.

    Fixing broken Britain will require more than fixing a broken NHS.

    After this speech, I’m going to add my own post-it note to your interactive map.

    When my team asked me to think about the most pressing issue in my constituency of Bristol South, I was very quick to answer. Poverty.

    The health service can fix people when they’re broken, but we don’t want people broken.

    The factors that make my constituents unwell are wide ranging, socioeconomic and environmental.

    In other words, the conditions in which we are born, grow, live and work. Secure jobs. Fair pay. Decent housing. Safe streets. Clean air. Accessible transport. The time and affordable facilities to exercise and nutritious food.

    These are the essential building blocks of a healthy life.

    And that’s why this government is focused on economic growth and improving healthy life expectancy for all, while halving the gap in healthy life expectancy between different regions of England.

    And it’s why reform of the health service is so important, because every pound we spend on the health service is a pound that can’t be spent on what you and I call the social determinants of ill health.

    But what everyone else calls feeding hungry children, building warm homes and cleaning up our water and the air that we breathe.

    The NHS has often been compared to an oil tanker that has immense capacity but is slow to change direction. Shifting the focus of our health service will be an immense task, and one that we can only accomplish with your help.

    We’ve already been clear that we’re embarking on a decade of national renewal and that’s why we’re launching a 10 Year Plan.

    Since coming into office, we’ve sought to reset the relationship with medics to improve working lives and restore value.

    This government was never going to be able to completely reverse a decade and a half of decline in only ten months, but this year’s pay awards, the second above inflation pay rise in a row, demonstrates our commitment to rebuilding the NHS and rebuilding the pay conditions and morale of all NHS staff.

    When I joined the NHS 30 years ago, I saw the NHS at what I thought was the worst.

    I remember later on working with the team at the Bristol Royal Infirmary on urgent care, discussing those awful trolley waits, coming into work every day, people trying to find a space or somewhere to discharge people from A&E, conversations that, sadly, are all too familiar again today.

    But I also saw, especially in the years leading up to 2010, the pride people have when they’re working in an improving, well-run system.

    When you’re able to go home at the end of the day, knowing that your patients received the best possible care and the pride, you know that you’re working at the top of your license as part of a team rebuilding a healthier Britain.

    The NHS cannot be saved by one person sitting behind a desk in Whitehall.

    We will only succeed if this is a team effort. From the Prime Minister to the 1.5 million people who work in the service, and the millions of us who use it to take decisions needed to lead healthier, more active lives.

    Turning the NHS around will take time.

    It really won’t be easy, but the prize, the prize available to us is huge and if we get this right, we will be able to say that we were the generation that took the NHS from the worst crisis in its history, got it back on its feet and made it fit for future generations.

    Updates to this page

    Published 2 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Two People Sentenced for Stealing Nearly $300,000 in COVID-19 Relief Money

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    Acting United States Attorney Richard R Barker announced that David Kurt Schneider, of Kennewick, Washington and Kelly Jo Driver, of South Carolina, were sentenced after pleading guilty to COVID-19 relief fraud. Chief United States District Judge Stanley A. Bastian sentenced Schneider to 12 months in prison and Driver to 5 years of probation. Chief Judge Bastian also ordered restitution of $121,762.

    Co-defendant, Leif Gerald Larsen, of Pasco, Washington, has pleaded guilty to wire fraud and will be sentenced July 30, 2025, in Yakima.

    On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.  The CARES Act provided a number of programs through which eligible small businesses could request and obtain relief funding intended to mitigate the economic impacts of the pandemic for small and local businesses.  One such program, the Paycheck Protection Program (PPP), provided government-backed funding to small businesses which could be forgiven so long as the proceeds were used for payroll and other eligible expenses.  Another program, the Economic Injury Disaster Loan (EIDL) program, provided low interest loans that could be deferred until the conclusion of the pandemic to provide “bridge” funding for small businesses to maintain their operations during shutdowns and other economic circumstances caused by the pandemic.  The PPP and EIDL programs have provided billions of dollars in aid, the vast majority of which have not been paid back, including hundreds of millions of dollars disbursed within Eastern Washington.

    According to court documents and information presented at the sentencing hearing, Schneider, Driver, and Larsen submitted funding applications in the name of Larsen Firearms, owned by Larsen, and Solar Mobility LLC, RealNZ Water LLC, and Tempest Tactical Solutions, LLC, all owned by Schneider. Driver created fraudulent payroll and tax forms that were submitted in support of the applications, and that, for her part in the scheme, Driver received 10% of the funds disbursed by the SBA and participating lenders.

    In total, Schneider, Driver, and Larsen fraudulently obtained at least $292,000 in CARES Act funding through the PPP and EIDL programs and submitted fraudulent applications seeking at least an additional $560,000 in CARES Act funding that were ultimately not approved.

    “Pandemic relief programs were created to support workers, small businesses, and communities struggling through an unprecedented crisis – not to enrich fraudsters,” said Acting U.S. Attorney Rich Barker. “By stealing nearly $300,000 intended for legitimate businesses, these defendants diverted critical resources at a time when many businesses were fighting to survive. The SBA, FBI, the U.S. Attorney’s Office will continue to hold accountable those who exploit government aid for personal gain.”

    “Those who exploited SBA’s pandemic relief programs for personal gain will be held accountable,” said SBA OIG’s Western Region Assistant Special Agent in Charge, Tim Larson. “SBA OIG continues to prioritize fraud investigations involving pandemic-era programs, working closely with the U.S. Attorney’s Office and our law enforcement partners to protect taxpayer funds and uphold the integrity of federal relief efforts.”

    This case was investigated by the Eastern District of Washington COVID-19 Fraud Strike Force and by FBI and SBA OIG.  This case was prosecuted by Assistant United States Attorneys Jeremy J. Kelley and Frieda K. Zimmerman.  

    4:24-cr-06004-SAB

    MIL OSI USA News –

  • MIL-OSI USA: Spokane Dermatologist Agrees to Pay $1.4 Million to Resolve Claims of Fraudulently Obtaining COVID-19 Funds

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    The United States Attorney’s Office announced William Philip Werschler, age 66, of Spokane, Washington, along with his businesses Spokane Dermatology Clinic, Premier Clinical Research L.L.C., and 3rd and Sherman Plaza L.L.C., have agreed to pay $1,400,000 to resolve claims under the False Claims Act related to alleged mis-spending of funds intended to benefit struggling businesses during the COVID-19 pandemic.

    On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act provided a number of programs through which eligible small businesses could request and obtain relief funding intended to mitigate the economic impacts of the pandemic for small and local businesses. One such program, the Economic Injury Disaster Loan (EIDL) program, provided low interest loans that could be deferred until the conclusion of the pandemic to provide “bridge” funding for small businesses to maintain their operations during shutdowns and other economic circumstances caused by the pandemic.  EIDL funds were to be used solely as working capital to alleviate economic injury to a business caused by the COVID-19 disaster, such as paying payroll, health insurance premiums, rent, utilities, and fixed debt payments.  EIDL funds were not to be used for personal purposes or to obtain real property or to refinance indebtedness which was incurred prior to the disaster event is a prohibited use of EIDL funding.

    According to the settlement agreement, beginning no later than April 2020 and continuing until at least July 2022, Werschler applied for EIDL loans for his businesses: Spokane Dermatology Clinic, Premier Clinical Research, and 3rd and Sherman Plaza L.L.C.

    Shortly after receiving EIDL funds, Werschler made personal purchases of a 2011 Porsche 911 GT3 and a 1997 Porsche Carrera for a total of $252,375.00.  Werschler also used $553,143 to purchase two properties across from his Spokane Dermatology Clinic.  The purchase of personal automobiles and real property are both contrary to the proper use of EIDL funds.  The global resolution entered into by Werschler and his companies also resolved related criminal charges.

    This case was investigated by the IRS Criminal Investigations, the FBI, and the Small Business Administration Office of Inspector General.

    The settlement agreement can be viewed at the link below.

    settlement_agreement.pdf

    Related programs: COVID EIDL, Pandemic Oversight

    MIL OSI USA News –

  • MIL-OSI Security: St. Louis Nonprofit Executive Admits $2.3 Million-Dollar Student Meal Fraud

    Source: US FBI

    ST. LOUIS – The owner of a nonprofit on Tuesday admitted fraudulently obtaining more than $2 million in funds intended to feed low-income Missouri children, both before and during the coronavirus pandemic.

    Cymone McClellan, 32, of St. Louis, pleaded guilty in U.S. District Court in St. Louis to one count of conspiracy to commit wire fraud. She admitted that she and Terra Davis, 43, submitted $2.3 million worth of false and fraudulent meal reimbursement claims to the Missouri Department of Health and Senior Services from about January 2019 to June 2022, on behalf of their nonprofit, Sister of Lavender Rose (S.O.L.R.). Davis was McClellan’s second-in-command at S.O.L.R.

    McClellan and Davis submitted false reimbursement claims for a total of 860,876 meals that they purportedly supplied to Missouri children. But McClellan actually only purchased enough food and milk to serve fewer than a quarter of those meals, her plea agreement says.

    McClellan provided bogus sign-in sheets to DHSS falsely claiming to have taken the attendance of meal recipients at certain food distribution locations. S.O.L.R. submitted management plans to DHSS falsely asserting that state meal reimbursement dollars were spent only in connection with the provision of meals to low-income children, and that the nonprofit did not use meal money to make purchases over $5,000. McClellan’s management plans also falsely claimed that all checks were signed by her finance director, who was not a signor on S.O.L.R.’s account.

    McClellan admitted spending $60,000 of the money that was to be used for feeding children for the down payment on a house in Collinsville, Illinois. She spent another $86,172 on a house in Florissant, Missouri, and almost $135,000 more to buy five vehicles: a 2021 Chevrolet Traverse, a 2012 Chevrolet Express G3500 van, a 2020 Mercedes-Benz Metris van, a 2012 Ford E350 box truck and a 2018 Lexus RX SUV.

    As part of her plea, McClellan has agreed to forfeit the vehicles and houses. At her sentencing, now set for August 26, she will be ordered to repay the rest of the money.

    Davis pleaded guilty in December to the same wire fraud conspiracy charge. She is scheduled to be sentenced on June 5.

    This case was investigated by the FBI and the U.S. Department of Agriculture Office of Inspector General. Assistant U.S. Attorney Derek Wiseman is prosecuting the case.  

    Anyone with information about pandemic fraud should call the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or report via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Global: Subsidized social housing promotes economic well-being for Canadian renters, new study finds

    Source: The Conversation – Canada – By Xavier Leloup, Professor in Urban Studies, Institut national de la recherche scientifique (INRS)

    The years following the COVID-19 pandemic were difficult for renters. The pandemic was followed by an economic recovery marked by inflation, population growth and rising interest rates. These increased the cost of financing for landlords and limited the ability of first-time buyers to access homeownership.

    Overall, these dynamics increased the shortage of affordable housing. Rents have risen sharply in many regions, and housing continues to be the main expense for many.

    Of course, access to affordable housing is an important factor in economic well-being — the ability to meet basic needs, absorb financial shocks, build assets and maintain financial means throughout one’s life.

    Research shows that higher housing costs are associated with greater material hardship, particularly among low-income households. Without affordable housing options, many are forced to make difficult trade-offs just to keep a roof over their heads and food on the table.

    Evolving housing policy in Canada

    Canada’s housing policies have evolved over decades, dating back to the end of the Second World War. This long history has led to the creation of various housing programs involving provincial, territorial and municipal governments.

    Today, housing interventions take a variety of forms and have undergone a revival since 2017, when Justin Trudeau’s Liberal government launched the National Housing Strategy (NHS). The objective of the strategy is to “ensure everyone in Canada has access to housing that meets their needs.”



    Read more:
    Canada’s National Housing Strategy: Is it really addressing homelessness and affordability?

    Rental housing is owned by four main types of landlords in Canada: the private sector, along with governments, co-operatives and non-profit organizations. Each of these sectors includes units subsidized by public programs, called social housing.

    At a time when the federal government intends to reinvest in social housing through the NHS, rising rents and the range of assistance available to low-income renters raises the following question: what type of assistance contributes the most to the economic well-being of Canadian renters?

    Types of rental housing and economic well-being

    Our recent study addressed this question by documenting the relationships between different types of rental housing and the level of economic well-being of tenants. We were particularly interested in households with working-age members aged 15 to 65.

    Our study is based on the first cycle of the Canadian Housing Survey in 2018. This sample represents all provinces, the Yukon and Nunavut. The study used various statistical methods to model the economic well-being of tenant households.

    We compared social housing tenants with other tenants who share the same profile — that is, lower-income households who tend to be older, in poorer health, less likely to have employment income, who are often single parents and who are more likely to have experienced homelessness.

    Our results showed that different types of social and non-market housing improve the economic well-being of tenants in different ways. Households living in co-operatives, non-profits and government-owned (also called public) social housing reported greater ease in securing their basic needs like food, clothing, housing and transportation.

    This positive effect was also observed for households renting in the private market who received a rent supplement — a program in place since the beginning of the 1970s that offers housing with rent representing 25 to 30 per cent of a household’s total income.

    However, no significant effect was observed for housing allowance programs, a form of in-cash assistance paid directly to households administrated by the provinces and territories, and now supported through the Canada Housing Benefit program.

    Paying rent on time

    Another important element of tenants’ economic well-being is their ability to pay rent on time. Some groups face greater challenges in meeting this obligation.

    Our study found that one-person households, single-parent households and households with children are more likely to skip rent payments. The same is true if the household’s main respondent identifies as LGBTQ+, is Indigenous, is unemployed, has a chronic illness or has experienced homelessness or eviction in the past.

    Our study also showed that tenants living in non-profit organizations, public social housing, who received a rent supplement while renting in the private market or who received a housing allowance were less likely to skip or postpone rent payments.

    These findings point to the stabilizing role of social housing and targeted financial support in helping vulnerable households avoid cycles of poverty and displacement.

    Improving the economic well-being of tenants

    The newly elected Liberal government is looking to make structural changes to housing policies by creating a new Crown corporation, Build Canada Homes. This entity would take on the development of new housing for Canadians.

    Our findings show that it’s important for Canada to produce social and non-market housing financed over the long term, with rents set according to households’ ability to pay. These social and non-market housing models have long existed in Canada and are the most likely to help low-income tenants pay their rent and other bills.

    The new government’s challenge appears daunting as organizations across the country call for more social housing at a time when Canada has relatively less social housing than it did 30 years ago.

    While Canada is facing renewed economic challenges, it is time to return to an ambitious social housing model to address the affordability crisis and ensure the economic well-being of all tenants.

    Xavier Leloup receives funding from the Social Sciences and Humanities Research Council of Canada and the Canada Mortgage and Housing Corporation (grant number:1004-2019-0001).

    Catherine Leviten-Reid receives funding from the Social Sciences and Humanities Research Council of Canada and the Canada Mortgage and Housing Corporation. She is affiliated with the Canadian Association for Policy Alternatives – Nova Scotia Office.

    – ref. Subsidized social housing promotes economic well-being for Canadian renters, new study finds – https://theconversation.com/subsidized-social-housing-promotes-economic-well-being-for-canadian-renters-new-study-finds-256208

    MIL OSI – Global Reports –

  • MIL-OSI USA: Risch, Idaho Commerce Launch 6th Annual Support Local Gems Initiative

    US Senate News:

    Source: United States Senator for Idaho James E Risch
    Invites Idahoans to support small businesses on Friday, June 6, 2025
    BOISE, Idaho – Today, U.S. Senator Jim Risch (R-Idaho) and the Idaho Department of Commerce launched the sixth annual Support Local Gems initiative—an all-day event dedicated to supporting Idaho small businesses.          
    On Friday, June 6, 2025, Idahoans are invited to Support Local Gems by giving their business to their favorite local shops and restaurants. Idahoans can get involved by shopping at a small business, dining at an independent restaurant, purchasing a gift card, writing a review online, or simply saying “thank you” to an Idaho small business they love.    
    “The Gem State is powered by our small businesses. The entrepreneurial spirit of small business owners and employees is vital to our state’s economy, workforce, and way of life,” said Risch. “Friday, June 6 is a special day to show our appreciation and support for these pillars of our communities. I invite all Idahoans to join me and Support Local Gems.”
    “The majority of Idaho workers are employed by a small business and almost all of the registered businesses in our state are small businesses. The State of Idaho is a beacon of prosperity because we greatly value our small businesses and promote policies that help them succeed. I will join many Idahoans on Friday, June 6 as we celebrate and support Idaho small businesses – the local gems of our great state,” Governor Brad Little said.
    Background: In 2020, Idaho’s small businesses faced unprecedented hardships as they worked through the pandemic. To support these businesses, Senator Jim Risch and the Idaho Department of Commerce launched the Support Local Gemsinitiative to encourage Idahoans to shop and dine locally. As challenges like inflation and supply chain disruptions continue, support for Idaho’s small businesses through Support Local Gems remains essential.
    As we celebrate the sixth annual Support Local Gems initiative, Idahoans are encouraged to once again give their full support to the small businesses – our local gems – that make Idaho a special place to live and thrive.         
    If your organization or small business would like to get involved in the Support Local Gems initiative, visit www.risch.senate.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Second Defendant Pleads Guilty For Fraudulently Obtaining Millions In Public Benefits And Laundering Proceeds To China

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Carlos A. Grijalva, age 59, of Simi Valley, California, pleaded guilty before United States District Judge Jennifer P. Wilson to one count of conspiracy to launder monetary instruments in the amount of approximately $46.4 million.

    Grijalva is the second defendant to plead guilty in connection with this case, following the guilty plea of Bruce Jin in January 2025. In April 2025, Grijalva, along with a third defendant, Brian R. Cleland, was charged in a superseding indictment with conspiracy to launder monetary instruments and other offenses, after charges were originally filed against all three defendants in August 2023.

    According to Acting United States Attorney John C. Gurganus, Grijalva admitted that, from 2021 to early 2022, he, Cleland, and Jin, along with other unnamed coconspirators, agreed to launder state unemployment compensation funds that they knew had been obtained through fraud. Grijalva also admitted that he and the others entered into a series of agreements that made it appear as if they were operating legitimate businesses selling masks and other COVID19 personal protective equipment while knowing that the funds obtained and laundered through their companies were derived from fraudulently obtained state unemployment compensation (“UC”) benefits.

    Grijalva also admitted to knowing that bank accounts of identity theft victims were unlawfully accessed across the United States and that fraudulent UC claims were generated and paid to these accounts. Grijalva understood that this fraudulent activity was being conducted by fraudsters located in China. Through this pattern of financial activity, tens of millions of dollars of fraudulent UC payments were issued to accounts by the Pennsylvania Treasury Department and other state treasuries around the United States.

    Grijalva also admitted that he and Cleland then provided the bank account information of these identity theft victims to payment processing companies to generate ACH payments to accounts controlled by him and Cleland. The bank account information being provided to him and Cleland, including account numbers and routing numbers, was likewise from an individual in China, known in the superseding indictment as “COCONSPIRATOR 2.” As a result of this fraudulent activity, Grijalva and Cleland obtained over $46 million in fraudulently obtained funds. Grijalva admitted that he and Cleland discussed, on a number of occasions, that the supposed sale of COVID-19-related PPE would be their cover story for this financial activity.

    After that, Cleland and Grijalva, using a number of different bank accounts, transferred over $30 million to companies controlled by Bruce Jin, as well as transferring additional funds to an individual known as “COCONSPIRATOR 1” in the superseding indictment. Grijalva admitted that he and Cleland made transfers to Jin knowing that Jin would, in turn, transfer at least a portion of these funds to parties located in China.

    Grijalva also admitted that he and Cleland each made an estimated $2.2 million dollars in personal profit from the scheme.

    Grijalva agreed to certain property forfeitures as part of his plea agreement, including approximately $46.4 million in US currency, as well as the contents of several bank accounts and real properties located in Hawaii and California that were purchased using funds traceable to the charged offenses. One of these properties, located in California, was purchased in the name of one of Grijalva’s family members.

    Jin has been detained since his arrest in August 2023 and is awaiting sentencing. Cleland has pleaded not guilty to the charged offenses and is awaiting trial.

    The case was investigated by the Federal Bureau of Investigation and the U.S. Department of Labor, Office of Inspector General. Assistant U.S. Attorneys Ravi Romel Sharma and K. Wesley Mishoe and Trial Attorney Patrick B. Gushue of the Department of Justice’s Money Laundering & Asset Recovery Section, Bank Integrity Unit, are prosecuting the case. 

    The U.S. Attorney General previously established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    The maximum penalty for conspiracy to launder monetary instruments is 20 years of imprisonment, a term of supervised release following imprisonment, and a fine.

    A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines. All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI: Chairman and CEO Stockholder Letter: Unanimous Supreme Court Ruling Builds the Case for Pre-Escalation and Widespread BolaWrap Adoption

    Source: GlobeNewswire (MIL-OSI)

    Barnes v. Felix expands window of liability to include the totality of circumstances—renewing focus on officer’s actions during the pre-escalation period.

    MIAMI, June 02, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today issues a letter to stockholders from Founder and CEO, Scot Cohen.

    Chairman and CEO Letter to Stockholders

    Fellow Stockholders,

    Law-enforcement tools, technologies, and tactics are under constant scrutiny—not just for their effectiveness, but for how they’re viewed by the public we serve. As public perception and the legal landscape evolves, law enforcement officers and leaders are challenged to keep up, balancing their constitutional oath to protect and the reality of operational readiness against growing public expectations. As a result, law enforcement landscape of liability is evolving rapidly, shaped by new legal rulings, heightened public expectations, and new technologies.

    Wrap’s BolaWrap was designed to fill the critical gap between verbal commands and use-of-force options (e.g. guns, tasers, pepper spray, baton)—a space where too many incidents often escalate quickly. After hundreds of conversations with law enforcement leaders and thousands of hours of body worn camera reviews, we believe one thing is clear: in agencies that have fully integrated the BolaWrap 150 with proper training and policy, it has become the most-used tool on the belt. We believe it reliably and predictably shines and excels where liability is highest and safer alternatives are most needed.

    Supreme Court Ruling: The Case for Pre-Escalation

    The recent Supreme Court decision in Barnes v. Felix will likely have a seismic shift in how use-of-force incidents will be evaluated under federal civil rights law moving forward, which has the potential to change the way officers approach a scene. By expanding the analysis and calculus of the courts to include a new “totality of the circumstances” test, the decision broadens the scope of officer accountability beyond just the moment force is applied.

    This shift affirms what Wrap has believed since day one: that the best way to improve public safety, reduce liability, and drive better outcomes is to prevent escalation before it begins.

    In this new legal landscape, officers may be found liable not for how they used force, but for their actions in the pre-escalation period. Departments that lack pre-escalation tools, training, or tactics may face increased litigation risk, consent decrees, and community backlash. This may be especially true in cases where force is used against individuals experiencing mental or behavioral health crises. In its opinion, the Supreme Court acknowledged the growing legal and societal expectation that officers must exhaust de-escalation tactics before resorting to potentially lethal force. This ruling doesn’t merely challenge historical doctrine—it potentially redefines it.

    Aligning BolaWrap in a Post Barnes World

    We believe BolaWrap is uniquely positioned to meet this moment because we are one of the only non-lethal, non-pain-based-compliance device that can be rapidly deployed at the earliest stages of subject non-compliance —defining a new standard in “Pre-Escalation” policing. We believe the BolaWrap 150 offers officers a safer, more consistent, and constitutionally sound primary plan, especially as courts now evaluate individual officer liability based on the totality of circumstances.

    Building upon our product differentiation, we’ve filed federal trademark applications for two key public safety concepts: “Pre-Escalation” and the “WrapWindow.”

    • Pre-Escalation represents a newly defined phase in the use-of-force continuum—marking the period of time and opportunity for officers to act before a subject can escalate the event to greater conflict and risk.
    • The WrapWindow exists within the Pre-Escalation Period and defines a narrow but crucial time frame where an officer has the legal constitutional authority to place a subject into handcuffs and when verbal commands and presence are not effective. It’s in this WrapWindow of pre-escalation opportunity that we believe our flagship device, the BolaWrap 150, excels and has the opportunity to deliver a non-pain-based intervention at the most effective time with the least amount of risk to the officer or subject.

    While the BolaWrap™ 150 can be successfully deployed during other phases of a critical incident, included in conjunction with backup and lethal cover, its most effective use case is within the WrapWindow of the Pre-Escalation Period.

    These core principles form the foundation for the next generation of policing—defining and setting a new standard that aligns with the Supreme Court’s decision and the goal of law enforcement today. We intend to lay a roadmap of tools, technology, and tactical training within a public safety ecosystem to adopt and operationalize “Pre-Escalation” as the new standard in use-of-force decision-making.

    Ready for Widespread Adoption

    We are ready, with people and programs to meet the demand and accelerate our growth both domestically and abroad. Make no mistake, Wrap is entering a defining era. Defining “Pre-Escalation” and the “WrapWindow,” paired with our new ecosystem of solutions—WrapPlus, WrapTactics training, and WrapReady—we are positioned to scale. Delivering and defining exactly what today’s law enforcement environment demands: proactive, adaptive, and predictable tools. By aligning with the evolving legal liability landscape and expanding access through flexible pricing and agile deployment, we’re not just adapting to the future—we’re leading it. Existing BolaWrap programs will have priority access to this enhanced level of support which we believe will drive deployments to solidify its place as the most actively utilized tool in public safety.

    To our employees, partners, investors, and the officers who serve with courage and integrity: thank you for being part of the fastest-growing movement in public safety.

    Sincerely,

    Scot Cohen
    Founder, Chairman and CEO, WRAP Technologies, Inc.

    About Wrap Technologies, Inc.

    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain.

    This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is a fully immersive training simulator to enhance decision-making under pressure.

    As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap Intrensic is an advanced body-worn camera and evidence management system built for efficiency.

    Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information

    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements

    Safe Harbor Statement This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    The MIL Network –

  • MIL-OSI: FormFactor, Inc. Announces Purchase of New Manufacturing Facility

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., June 02, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (NASDAQ: FORM), a leading provider of test and measurement technologies for the semiconductor industry, today announced that it has purchased a manufacturing site in Farmers Branch, Texas. The site, which comprises four structures and includes 50,000 square feet of clean room space, was purchased for $55 million dollars.

    Commenting on the purchase, Mike Slessor, CEO of FormFactor, Inc., said, “FormFactor’s purchase of the Farmers Branch, Texas manufacturing facility enables us to acquire a scarce, fit-for-purpose asset that aligns with our strategic roadmap and provides significant operational flexibility. Located in a lower-operating cost region, it is one of a handful of existing facilities in the U.S. that has a clean room and comes equipped with the infrastructure to meet our future manufacturing needs.”

    Slessor added, “As we’ve said for some time, we are seeing increased test intensity driven by the adoption of advanced packaging technologies, which is in turn driving increased demand for FormFactor’s probe-card products. This is evident in the recent rapid growth of our High Bandwidth Memory, or HBM, probe-card revenue, and we expect this advanced-packaging driven growth to continue.”.

    “The purchase of this facility, for a competitive price, creates optionality for us in cost-effectively meeting this anticipated increasing long-term demand, and it will be an important step forward as we refine our operational strategy.”

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, market trends, conditions in and the growth of the semiconductor industry and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    The MIL Network –

  • MIL-OSI USA: Tight oil production in Permian drives growth in onshore U.S. Lower 48 states production

    Source: US Energy Information Administration

    In-brief analysis

    June 2, 2025

    Data source: U.S. Energy Information Administration, Short Term Energy Outlook (Table 4a and Table 10b), May 2025 and Enverus
    Note: L48=U.S. Lower 48 states

    Onshore crude oil production in the U.S. Lower 48 states (L48) has more than tripled since January 2010, driven by tight oil production growth in the Permian region. Onshore crude oil production is made up of both legacy oil production, primarily from vertically drilled wells, and newer tight oil production, primarily from horizontally drilled wells.

    Legacy production decreased from 2.6 million barrels per day (b/d) in 2010 to 2.1 million b/d in 2024. Over the same period, tight oil production increased from 0.8 million b/d to 8.9 million b/d, accounting for 81% of total onshore L48 oil production in 2024. The Permian accounted for 65% of all tight oil production growth and 51% of L48 oil production in 2024.

    Since 2010, U.S. tight oil production within and outside of the Permian has generally grown. Tight oil production from non-Permian plays decreased from 2015 to 2017 in a period of low oil prices. At the beginning of 2020, tight oil production from the Permian region was essentially equal to tight oil production from all other producing regions in the United States. Permian and non-Permian oil production both fell significantly in response to crude oil prices falling below $50 per barrel (b) related to the COVID-19 pandemic, with production reaching annual lows in May 2020. After 2020, however, production in the Permian increased at a faster rate than production outside the Permian.

    Data source: U.S. Energy Information Administration, Short Term Energy Outlook (Table 10b), May 2025 and Enverus
    Note: WTI=West Texas Intermediate

    Tight oil production in the Permian began growing again in 2021 as crude oil prices rose, but production in the non-Permian remained low. After 2020, Permian tight oil production grew at a slower rate than 2017–19, but by December 2024, Permian production reached 5.6 million b/d, up 45% compared with 2020. In contrast, non-Permian tight oil production decreased by 14.9% (0.6 million b/d) based on the annual average oil volumes from 2020 to 2024.

    Within the Permian region, the Wolfcamp, Bone Spring, and Spraberry plays produce most of the tight oil, accounting for 99% of Permian tight oil production in 2024. The Wolfcamp play, the largest of the three, has driven growth in the Permian and produced 3.4 million b/d of tight oil in 2024, which was equivalent to production from all other non-Permian tight oil plays combined. The Spraberry and Bone Spring combined produced an average 2.1 million b/d in 2024.

    Data source: U.S. Energy Information Administration, Short Term Energy Outlook (Table 10b), May 2025 and Enverus

    Principal contributor: Troy Cook

    MIL OSI USA News –

  • MIL-OSI Africa: African Development Bank Launches Inaugural Integrate Africa Magazine (I.A.M) to tell a New African Story on Regional Integration

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, June 2, 2025/APO Group/ —

    The African Development Bank Group ( www.AfDB.org) has unveiled its first edition of Integrate Africa Magazine (I.A.M.) during a colourful ceremony at the Sofitel Hotel, Abidjan.

    The event, held on Monday 26 May as part of the Bank’s 2025 Annual Meetings, marks the beginning of a new African story – celebrating 10 years of investing in integration, while looking ahead to do more and better in the future. The magazine’s pulse beats to the rhythm of opportunity and optimism – showing how African governments are investing in building connectivity with the African Development Bank at their side.

    With interconnected economies, a rapidly growing youth population, and growing human mobility – getting integration right is no longer a good option. It is an imperative.

    The event featured a cultural showcase, fireside chats, keynotes and the unveiling of I.A.M.  With the Bank’s new Ten-Year Strategy (2024-2033) firmly rooting Integrate Africa as a major pillar, the conversations centred on what is to come following 10 years of investing in Africa’s integration, 

    A Chronicle of Progress, a Canvas of Possibilities

    The I.A.M. chronicles momentum – showcasing how the Bank has planted seeds of transformation – in roads, rail, air transport, power pools, ports, one-stop border posts – all coming together to bridge Africa.  It captures the spirit of a borderless Africa in motion, with opening articles from some of the Bank’s leaders framing the vision; and influential voices driving integration through trade, transport, sport, health, and business – highlighting where progress is and what we must do next. 

    The editors took to the streets of Africa – asking young people how integration can be accelerated – with the results captured in I.A.M.’s “Views from the Ground” segment. Border officials, traders, entrepreneurs, students and innovators all speak with the same voice: Africa’s integration is the most cogent development strategy the continent has.  It must happen – and happen fast.

    In addition to profiling 12 Bank–funded transformative projects – in transport corridors, one-stop border posts, power pools, rail, ports, agriculture, pharmaceutical production, pandemic response – and much more; I.A.M. also highlights the Bank’s work at the frontlines of tackling fragility by investing in building resilience.

    Africa’s new magazine I.A.M. offers a story of development impact – and a rare glimpse into how Africa is driving its integration and forging effective partnerships to go to scale. 

    From Senior Vice President Marie-Laure Akin-Olugbade’s keynote address showcasing Bank-financed infrastructure, to Vice President Nnenna Nwabufo’s reminder that integration must be a lived experience, the launch event left us in no doubt: we are on track – but can do much more, together. 

    Looking Forward

    As Africa stands at this point of immense opportunity, I.A.M. invites us to celebrate what is working, to understand the scale of what’s left to be done and urges us all to be the protagonist in creating an Integrated Africa. 

    You can access the magazine here: Integrate Africa Magazine – AfDB

    MIL OSI Africa –

  • MIL-OSI: CareCloud to Present on AI Innovation at Maxim Group’s 2025 Virtual Tech Conference on June 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    Somerset, N.J., June 02, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO) (“CareCloud” or the “Company”), a leader in AI-driven healthcare technology solutions for medical practices and health systems nationwide, announced today that its Co-Chief Executive Officers have been invited to participate in the “2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow,” presented by Maxim Group LLC. The Healthcare IT Panel, featuring CareCloud, will take place on Tuesday, June 3, 2025, at 11:00 a.m. EDT.

    CareCloud will join the Healthcare IT Panel to share how artificial intelligence is transforming every facet of healthcare delivery—from clinical decision support and administrative automation to revenue optimization.

    The conference, hosted on M-Vest, will showcase how emerging growth companies are leveraging transformative technologies such as Quantum Computing and Artificial Intelligence (“AI”) to position themselves for long-term success. Moderated by Maxim Group Senior Analysts, the event will include insightful conversations with CEOs and executive leaders driving innovation in their respective industries.

    To attend the conference and view CareCloud’s presentation, participants must register as an M-Vest member.

    Click here to learn more and reserve your seat

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    About Maxim Group LLC

    Maxim Group LLC is a full-service investment banking, securities and wealth management firm headquartered in New York. The Firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) and is a member of FINRA SIPC, and NASDAQ. To learn more about Maxim Group, visit maximgrp.com

    Disclaimer

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

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE: CareCloud

    Company Contact: 
    Norman Roth 
    Interim Chief Financial Officer and Corporate Controller 
    CareCloud, Inc.
    nroth@carecloud.com 

    Investor Contact:
    Stephen Snyder 
    Co-Chief Executive Officer 
    CareCloud, Inc. 
    ir@carecloud.com

    The MIL Network –

  • MIL-OSI Economics: John C Williams: On the optimal supply of reserves

    Source: Bank for International Settlements

    As prepared for delivery 

    Let me start by personally welcoming you to the New York Fed. We have enjoyed a long and productive relationship with Columbia’s School of International and Public Affairs, or SIPA, and it’s great to be here to discuss timely and important issues.

    The topic of my talk today is the optimal supply of central bank reserves. Prior to the global financial crisis, this issue was more or less settled. Then, in response to that crisis and the ensuing economic downturn-and again following the COVID-19 pandemic-many central banks expanded their balance sheets through various quantitative easing programs funded for the most part by large-scale increases in central bank reserves. These increases resulted in fundamental changes in ways central banks have approached the provision of reserves while maintaining control of short-term interest rates set by the monetary policymaking body. As a result of these experiences in managing large balance sheets, many central banks have reviewed, and in some cases modified, their strategies for supplying reserves and controlling interest rates. Although their approaches have differed in specifics, they share common elements that reflect the fundamental factors that shape the supply and demand for reserves.

    Central banks have multiple goals in supplying reserves to the banking system that frequently involve trade-offs. First and foremost, they target a level of the policy interest rate and aim to minimize the variability of the policy rate around that target. In addition, they have goals related to supporting the functioning of financial markets and financial stability. For example, central banks may see advantages or disadvantages to interbank lending in money markets, as well as costs and benefits related to central bank lending into markets.

    In this talk, I will consider this question using a relatively simple analytical framework for the supply and demand of reserves that can be applied to various jurisdictions with differences in institutional arrangements and policy objectives. I see this exercise as being in the spirit of William Poole’s seminal analysis of the optimal instrument for monetary policy. My goal is to provide a useful background for the rich discussion ahead of us at this conference and elsewhere.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Failed Covid contracts cost British taxpayer £1.4 billion

    Source: United Kingdom – Executive Government & Departments

    Press release

    Failed Covid contracts cost British taxpayer £1.4 billion

    New report commissioned by Chancellor, Rachel Reeves, reveals multibillion price British taxpayers paid for reckless handling of Covid contracts

    • New report commissioned by Chancellor, Rachel Reeves, reveals £multibillion price British taxpayers paid for reckless handling of Covid contracts
    • Previous government failure to test defective PPE leaves millions of taxpayer pounds unrecoverable  
    • It comes as Reeves drives work to recover £468 million for communities and public services, underlining commitment to investigate and account for every penny spent during the pandemic under the Plan for Change

    Failed pandemic-era PPE contracts cost the British taxpayer £1.4 billion, as an interim report commissioned by Chancellor, Rachel Reeves, lays bare the scale of the scandal.

    The Covid Counter Fraud Commissioner’s report reveals the price the British public has paid for undelivered contracts which saw taxpayer cash squandered on unusable PPE.

    The last government’s over-ordering of PPE, and delays in checking it, mean that £762 million is unlikely to ever be recovered. These failures saw substandard PPE – gowns, masks and visors – not inspected for two years, meaning public money could no longer be recouped.

    Now Reeves is going further and faster to recover the £468 million that could still be recovered from suppliers – money which the government will put back into communities and public services including the NHS, police and armed forces.

    Recovery action has so far resulted in £182 million being returned to the public purse, and PPE suppliers referred to the National Crime Agency for suspected fraud.

    Chancellor Rachel Reeves said:

    The country is still paying the price for the reckless handling of Covid contracts which saw taxpayer pounds wasted and criminals profit from the pandemic.

    This investigation and plan to recover public money underlines our commitment to ensure that every penny spent during the pandemic is fully accounted for.

    We have always been clear that money poorly spent or fraudulently claimed belongs to the British people. This Government will bring criminals to justice and put taxpayer’s money back where it belongs – in the NHS, police and armed forces.

    Most of the wasted money went on surgical gowns. Over half (52%) were non-compliant, but because much of the defective PPE was not quality tested until after warranties had expired, there is little chance of recovering the money.

    This interim report marks the end of Phase one of Commissioner Tom Hayhoe’s investigation– scrutinising PPE contracts. The Commissioner has now begun work on Phase two, which will see it investigating fraud and error in other pandemic spending programmes such as furlough, bounce-back loans, Business Support Grants and Eat Out to Help Out.

    The Commissioner will provide a full update in a final report to the Chancellor at the conclusion of his term in December 2025.

    Updates to this page

    Published 2 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Professional Services Advancement Support Scheme invites new round of applications

    Source: Hong Kong Government special administrative region

    Professional Services Advancement Support Scheme invites new round of applicationsIssued at HKT 16:00

    The Main Programme under the Professional Services Advancement Support Scheme (PASS) is inviting a new round of applications for project proposals starting today (June 1) from non-profit-distributing organisations such as professional bodies, trade and industrial organisations and research institutes.

    PASS, with a total allocation of $200 million, aims at funding non-profit-making industry-led projects to increase exchanges and co-operation between Hong Kong’s professional services and external counterparts, promote relevant publicity activities, and enhance the standards and external competitiveness of Hong Kong’s professional services.

    The maximum grant for each approved project under the Main Programme of PASS is $3 million or 90 per cent of the total eligible project cost, whichever is lower. A wide range of professional services, such as accounting, legal and dispute resolution, architecture, engineering, healthcare, information and communications technology, design and technical testing and analysis, are eligible for the Main Programme. Sector-specific projects and cross-sectoral projects are both welcome. Expenses directly incurred for implementing a project, such as manpower costs, venue and set-up costs, production and promotion costs, and the project team and active participants’ travel and accommodation costs outside Hong Kong are typically eligible for funding support under the Scheme. Funding support may also be provided for travel and accommodation costs incurred by participants of relatively longer professional internships or attachment programmes outside Hong Kong which are funded by the Main Programme.

    Up to early May 2025, more than 120 projects had been funded under the Main Programme, including project deliverables in and outside Hong Kong. The deliverables include capacity-building programmes for enhancing the standards of local professionals, such as training programmes, workshops and study tours; outreach and promotional activities for showcasing the strengths of Hong Kong’s professional services, such as roadshows, promotional seminars and participation in exhibitions outside Hong Kong; exchange activities for deepening interaction between Hong Kong professionals and their external counterparts, such as visits to other economies and international conferences and seminars held in Hong Kong; and research projects on potential external markets for Hong Kong professional services and development of best practice guidelines and manuals for professionals. Details about the Main Programme and its funded projects are available at www.pass.gov.hk/main/en/home.

    Furthermore, with a view to stepping up the promotion of Hong Kong’s competitive edges and professional services to the Mainland and overseas markets, $50 million has been set aside for the Professionals Participation Subsidy Programme (PSP) under PASS to subsidise Hong Kong major professional bodies to participate in relevant activities organised by the Government (such as Hong Kong Economic and Trade Offices) and the Hong Kong Trade Development Council after the pandemic situation has stabilised. Details of the PSP and its list of activities are available at www.pass.gov.hk/psp. Hong Kong professionals from the eligible professional sectors under PASS may make use of the PSP subsidy to join the relevant activities.

    The Main Programme and the PSP receive applications for project and activity proposals all year round and they are processed on a quarterly basis. The deadline for the new round of applications is August 31, 2025. A briefing session will be held this month for organisations interested in applying for the PASS funding. One-on-one consultations are also available upon request for discussing preliminary project ideas or projects in the planning stage. To register for the briefing session, schedule a consultation, or for other enquiries, please contact the PASS Secretariat at 3655 5418 or pass@cedb.gov.hk.

    Ends/Sunday, June 1, 2025
    Issued at HKT 16:00

    MIL OSI Asia Pacific News –

  • MIL-OSI: MoonFox Data Releases New Report: Pop Mart’s Emotional Consumption Model Drives Global Expansion and Record Growth

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, June 02, 2025 (GLOBE NEWSWIRE) — [Shenzhen, China] – [June 1, 2025] – MoonFox Data, a leading provider of market intelligence and data analytics, today released its latest report, “Pop Mart Business Decoded: Measuring the Value of Emotional Consumption.” The report reveals how Pop Mart, a pioneer in the pop toy industry, has leveraged emotional consumption and IP innovation to achieve record-breaking growth and global expansion in 2024 and 2025.

    The year 2025 is undoubtedly a landmark year for Pop Mart. At the end of March, the company released financial results that drew wide attention across the industry: Pop Mart’s 2024 revenue exceeded RMB 13 billion, a fivefold increase since its listing on the HKEX in 2020. Just before the Labor Day holiday, the Pop Mart app topped the U.S. App Store shopping chart for the first time, with American consumers queuing overnight to purchase new releases. Despite tariff pressures, its new products continued to see rapid growth overseas…

    16 years after its founding, Pop Mart’s ambition to “become a global super IP” is gradually materializing. What was once a trend-led toy store has transformed into a spiritual refuge for young people. So how exactly has Pop Mart captured the hearts of youth both in China and abroad? And what challenges lie ahead?

    I.        A Look Back: Repeated Comebacks in Brand Development

    1. In the Early Stages, Focused Track and Model Innovation Drove Growth

    Founded in 2010, Pop Mart began as an offline “trendy variety store” and struggled to survive amid the rise of e-commerce. In 2015, the founder drew inspiration from Japan’s blind box trend and introduced the popular Hong Kong pop toy BabyMolly to the Chinese mainland market. Pop Mart also secured domestic distribution rights for Japan’s Sonny Angel, successfully pivoting from a variety store to a curated pop toy store.

    However, in the following year, the termination of several IP licensing agreements forced the company to pivot again. Pop Mart began aggressively seeking collaborations with original designers to acquire copyright partnerships. In 2016, it launched its own IP blind box product, the Molly Zodiac Series, which became a growth driver. At the time, Pop Mart’s pop toy model of fast product rotation, bulk sales, and the blind box mechanism was a novelty that disrupted the traditional toy market. From then on, Pop Mart shifted from an offline retail distributor to an IP operator, with Molly becoming its signature icon.

    2. After Going Public: Diversification to Break the Revenue Ceiling

    Pop Mart entered the overseas market in 2018 and continued its steady revenue growth after its 2020 IPO. However, from 2020 to 2022, its gross profit margin declined continuously. By 2022, Pop Mart hit a growth bottleneck, with negative product reviews on social media indicating weakening consumer interest in blind boxes.

    In 2022, Pop Mart’s gross profit margin dropped by 4%, and operating profit fell by 49%. Domestically, revenue declined not only due to pandemic-related disruptions to offline store sales, but also because of a slump in online channel performance.

    Table 1: Pop Mart Annual Revenue and Profit Changes (2018 – 2024)

    Year Revenue Gross Profit Operating Profit Gross Profit Margin Revenue Growth Gross Profit Growth Operating Profit Growth
    2018 0.51 billion 0.3 billion 0.13 billion 57.9 % 225 % 296 % 2951 %
    2019 1.68 billion 1.09 billion 0.6 billion 64.8 % 227 % 266 % 348 %
    2020 2.51 billion 1.59 billion 0.72 billion 63.4 % 49 % 46 % 20 %
    2021 4.49 billion 2.76 billion 1.15 billion 61.4 % 79 % 73 % 60 %
    2022 4.62 billion 2.65 billion 0.58 billion 57.5 % 3 % -4 % -49 %
    2023 6.3 billion 3.86 billion 1.23 billion 61.3 % 36 % 46 % 111 %
    2024 13.04 billion 8.71 billion 4.15 billion 66.8 % 107 % 125 % 238 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    Table 2: Pop Mart Annual Online and Offline Revenue Changes (2020 – 2024)

    Year Online Channel Revenue YoY Offline Channel Revenue YoY
    2020 0.95 billion 77 % 1.33 billion 35 %
    2021 1.9 billion 100 % 2.14 billion 61 %
    2022 1.92 billion 1 % 2.22 billion 4 %
    2023 1.68 billion -12 % 3.85 billion 74 %
    2024 4.15 billion 147 % 7.6 billion 97 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    In 2023, as offline economic activity rebounded, Pop Mart’s diversified business strategy began to show results. Its commitment to deepening overseas markets and refining IP operations laid the foundation for a strong performance in both 2024 and 2025.

    On one hand, the brand’s overseas expansion has become a key secondary growth driver. While revenue from Hong Kong, Macao, Taiwan, and overseas markets accounted for only 9.8% of total revenue in 2022, this proportion rose to 38.9% by 2024. Pop Mart has expanded its network of international concept stores across Southeast Asia, Europe, and North America, growing the total number of overseas stores to 130.

    Table 3: Number of Pop Mart Physical Stores in Hong Kong, Macao, Taiwan, and Overseas (2020 – 2024)

    Year Number of Stores Number of Robot Shops New Countries Entered Overseas Theme Stores
    2020 1 No statistics South Korea
    2021 7 9 Singapore and other Southeast Asian countries
    2022 43 120 UK, New Zealand, USA, Australia
    2023 80 159 France, Malaysia, Thailand, Netherlands
    2024 130 192 Vietnam, Indonesia, Philippines, Italy, Spain Louvre Theme Store (Paris)
    K-POP Theme Store (South Korea)
    CRYBABY Theme Store (Thailand)

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    Table 4: Pop Mart’s Revenue of Hong Kong, Macao, Taiwan, and Overseas (2021 – 2024)

    2021 – 2024 Annual Revenue of Hong Kong, Macao, Taiwan, and Overseas
    Year Revenue Proportion Growth Rate
    2021 1.9 4.10 % 156 %
    2022 4.5 9.80 % 137 %
    2023 10.7 16.90 % 138 %
    2024 50.7 71.30 % 374 %
    2021 – 2024 Revenue Breakdown by Channel of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
    Year Offline Channel Online Channel Wholesale & Other Channels
    2021 0.1 0.4   1.4  
    2022 1.5 0.9   2.1  
    2023 6.4 1.6   2.7  
    2024 30.7 14.6   5.4  
    2024 Regional Revenue Distribution of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
    Region Revenue Proportion Growth Rate
    Southeast Asia 24 47.40 % 619 %
    East Asia & Hong Kong, Macao, Taiwan 13.9 27.40 % 185 %
    North America 7.2 14.30 % 557 %
    Europe, Oceania & Others 5.5 10.90 % 311 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    On the other hand, the company has shifted its focus from pursuing rapid product launches and expanding the number of IPs to prioritizing IP quality. The period from 2020 to 2022 marked a critical phase of supply chain upgrades for Pop Mart, including greater supply chain flexibility, digital transformation of warehousing and logistics, the establishment of self-owned factories, and overseas warehouse construction, all of which laid a strong foundation for future growth. Around 2023, Pop Mart began transforming its overseas business model by bypassing intermediary distributors and transitioning to a DTC (Direct-to-consumer) approach. This shift significantly improved the company’s ability to reach global consumers quickly. As a result, e-commerce revenue from overseas independent platforms surged in 2024.

    Table 5: 2024 Pop Mart’s Online Revenue in Hong Kong, Macao, Taiwan, and Overseas Markets

    Online Channel Revenue (RMB 1 million) Proportion Growth Rate
    Pop Mart Official Website 531 36.50 % 1246 %
    Shopee 324 22.30 % 656 %
    TikTok 262 18.00 % 5780 %
    Other Online Channels 338 23.20 % 389 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    II.        Building Deeper Connections with Consumers: Accelerating IP Universe Development Through User Value Alignment

    1.        From the “Lipstick Effect” to a Lifestyle Brand: Cultivating Long-Term Consumption Habits

    Pop Mart has mastered the art of the blind box model. Before the product launch, intensive marketing campaigns are carried out, with each figurine being given a complete backstory. However, the blind box purchasing model extends the time it takes for consumers to have their expectations met. The unboxing experience after purchase creates delayed gratification and a sense of emotional reward. Meanwhile, the inherent consumer instinct to collect or complete a series further drives repeat purchases. While the inclusion of “hidden” editions creates an illusion of “scarcity”, adding perceived collectible value while stimulating consumer desire to purchase.

    With low individual costs, intricate design, rapid product updates, and wide variety, consumers often become “loyal fans” without realizing it. Generation Z, who value emotional expression and self-exploration, are willing to pay for emotional fulfillment. Character-driven dolls and figurines have become tools for self-solace. Meanwhile, the use of social media further transforms blind boxes into a form of social currency. From celebrities and macro influencers to niche KOLs and even KOCs of WeChat Moments, posting about figurines, unboxing videos, and product swaps has spurred enthusiasm and imitation among fans.

    Meanwhile, Pop Mart has deepened its IP development, expanding beyond toys into lifestyle products. For example, its original IP “HIRONO” features a rebellious child character whose lonely and aggrieved expressions still convey a defiant spirit, an image that has won over many fans. By 2025, the IP had evolved to its seventh generation, with related merchandise extending beyond blind boxes to include a wide range of products such as apparel, home goods, and digital accessories. In addition to blind boxes, “HIRONO” has expanded to apparel, home goods, and tech accessories. It also engages users emotionally through animated shorts, offline sculptures, and art exhibitions.

    Table 6: Revenue Contribution of “HIRONO” IP

    Revenue in 2024 Revenue Share Revenue in 2023 Revenue Share YoY Growth
    0.73 billion 5.60 % 0.35 billion 5.60 % 106.9 %

    Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

    2.        From Emotional Value to Cultural Identity: Brand Consumption as a Form of Self-Expression

    In 2025, American consumers queued overnight for LABUBU from the classic IP “THE MONSTER”, known for its mischievous grin and dark aesthetic, a sharp contrast to Pop Mart’s other characters. Initially positioned as a “forest sprite”, LABUBU saw modest success until a 2024 rebranding introduced plush-skinned vinyl dolls that went viral in Thailand and later gained traction in China.

    Today, LABUBU is not only a crowd favorite at Pop Mart’s themed parks but also a global “symbol of subculture”. The character’s sharp teeth, heterochromatic eyes, and dark style wrapped in soft textures challenge mainstream beauty standards, echoing youth subculture’s desire to break norms. On global social media platforms, celebrities like LISA, Rihanna, and Dua Lipa have been seen with LABUBU dolls, while fans engage in remakes and cosplay to express individuality.

    Table 7: Revenue Contribution of “THE MONSTER” IP

    Revenue in 2024 Revenue Share Revenue in 2023 Revenue Share YoY Growth
    3.04 billion 23.30 % 0.37 billion 5.80 % 726.6 %

    Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

    Through diversified operations and refined strategies, Pop Mart is steadily constructing an IP universe that meets consumer needs in socialization, emotional expression, and self-identity.

    Its in-house IP operations are now more finely segmented by target audience and product type, with distinct strategies for blockbuster development. For high-end consumers and international markets, Pop Mart strengthens its collaborations with cultural IPs across various fields, collaborating with cultural IPs, such as Chinese intangible heritage artists and British pop artists, producing limited editions (primarily under the MEGA line) that emphasize collectability and cultural expression. For mass-market consumers, collaborations between original IPs and fast fashion, coffee and beverage brands, and anime/gaming franchises have become routine, integrating Pop Mart products into daily life. Overseas, store design increasingly incorporates local cultural elements, offering immersive experiences, such as Korea’s K-POP theme store and France’s Louvre theme store, and launching regional co-branded limited editions to lower the threshold for cross-cultural interaction among consumers from different regions.

    On the operational front, the growth of figurine revenues has slowed in recent years. To adapt, the company has launched new product lines, including Molly Beans, plush toys, and the MEGA series. In 2024, plush and MEGA categories accounted for 35% of revenue and showed rapid growth, now forming a major revenue pillar. In physical retail, Pop Mart is expanding from pure retail to experiential offerings. Beyond traditional stores and vending machines, more themed parks, pop-up stores, and curated art exhibitions are being introduced to enhance customer engagement.

    III.        Cracks beneath the Billion-RMB Myth

    The booming pop toy industry is becoming increasingly competitive, with multiple players racing to innovate on both product and concept. As consumer aesthetics continue to evolve, this intensifies pressure on leading brands. TOPTOY, a pop toy chain under MINISO founded in 2020, has rapidly expanded into lower-tier cities with its more affordable pricing and iconic IP offerings. By the end of 2024, TOPTOY had opened 276 retail stores nationwide, generating over RMB 980 million in annual revenue. Meanwhile, classic international IPs are enjoying a resurgence in the Chinese market. In 2024, merchandise related to Harry Potter, the Disney 100th Anniversary, and Chiikawa surged in popularity, posing a growing challenge for the breakout success of original IPs. Backed by this trend, MINISO has leveraged the influence of established IPs to drive both revenue and brand recognition. The 2024 financial report shows the total revenues exceeding RMB 17 billion, a 22.8% YoY increase.

    Turning the lens back to Pop Mart itself, managing the lifecycle of original IPs, and the handoff between older and newer IPs, remains a critical challenge for pop toy companies to build their “super IPs”. Pop Mart has been launching original IPs for over a decade. Iconic characters such as Molly, LABUBU, and THE MONSTER have recently reignited consumer interest through new product categories and refreshed designs. At the same time, many emerging IPs have gained visibility and emotional resonance with post-2000s and even younger generations. As Pop Mart’s portfolio of original IPs continues to expand, more of these properties will face the challenge of prolonged life cycles in the future. Maintaining innovation and consistently creating hit products that resonate with the evolving preferences of young consumers will become a long-term challenge for the brand’s development.

    Overall, Pop Mart has successfully pioneered a business model that monetizes emotional value, anchoring its revenue growth in rich content and cultural significance. Its strong in-house production capabilities and DTC strategy have accelerated its reach among global consumers. While recent revenue surges are not a fleeting phenomenon, they do not come without risk. Looking ahead, Pop Mart must continue to enhance its content innovation capabilities to keep its IPs vibrant. Only by maintaining a careful balance between innovation and legacy, and between emotional appeal and cultural expression, can the brand sustain high growth and realize its long-term ambition of becoming a “super IP” powerhouse.

    About MoonFox Data

    As a sub-brand of Aurora Mobile, MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.

    About Aurora Mobile

    Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    The MIL Network –

  • MIL-OSI Banking: Danmarks National­bank’s comments on the Economic Council’s discussion paper, Spring 2025

    Source: Danmarks Nationalbank

    Danmarks Nationalbank generally shares the Chairmanship’s assessment of the growth outlook, along with price and wage developments in the coming years. Despite the trade conflict, there are still prospects for significant growth in Danish exports, partly due to production abroad under Danish ownership, while increases in real wages support growth in private consumption. In its latest projection from March, Danmarks Nationalbank predicted higher growth and, contrary to the Chairmanship, that employment will continue to increase in the coming years. This reflects a subsequent increase in US tariffs and a different assessment of how the current capacity pressure in the economy will affect growth.

    Danmarks Nationalbank shares the Chairmanship’s assessment that there is currently unusually high uncertainty affecting consumers and businesses, e.g. it is difficult to plan investments and supply chains etc. However, Danmarks Nationalbank shares the Chairmanship’s assessment that the Danish economy has a solid foundation without significant imbalances to handle the uncertainty arising from the trade conflict.

    The Chairmanship notes that trade is important, especially for a small, open economy like Denmark. Increased tariffs hamper economic activity, productivity and prosperity as less trade reduces the ability to utilise comparative advantages and capitalise on economies of scale. Danmarks Nationalbank agrees with this.

    Since the bank’s last projection, a number of risks related to the trade conflict have materialised and a number of international organisations have downgraded growth in Denmark’s export markets. Based on a number of model calculations, Danmarks Nationalbank estimates that increased tariffs will weaken economic activity and, in common with the Chairmanship, assesses that there is no prospect of a massive downturn even if further risks related to the trade conflict materialise.

    The Chairmanship assesses that the Danish economy will remain in a moderate boom with a high level of employment in the coming years. Danmarks Nationalbank to a greater extent than the Chairmanship assesses that pressure on the labour market has eased and that it is currently lower than the Chairmanship’s assessment. Overall, Danmarks Nationalbank assesses that the Danish economy is currently in an approximately neutral cyclical stance. This assessment is reflected in the fact that most indicators of pressure on the labour market do not deviate significantly from the period immediately before the pandemic, when developments in consumer prices were weak and wage growth moderate. Lower pressure on the labour market compared to a few years ago is also reflected in this spring’s collective wage agreements in the private labour market, with agreed wage increases compatible with stable, low inflation, as the Chairmanship also expects.

    Based on the assessment that the Danish economy is in a moderate boom, the Chairmanship assesses that fiscal policy is too expansionary for the coming years from a narrow stabilisation perspective, which increases the risk of imbalances building up in the Danish economy. However, the Chairmanship also states that there are currently no clear cyclical imbalances in the Danish economy and that consequently, there are no imminent socio-economic risks in the planned fiscal policy. In its March projection, Danmarks Nationalbank agreed with the Chairmanship that there is considerable uncertainty about future defence spending and how much it will impact capacity pressures. A significant and rapid increase in defence spending could increase capacity pressures and challenge public finances. Danmarks Nationalbank assesses that if capacity pressure increases noteworthy, it should be offset by fiscal policy measures that reduce pressure in the economy accordingly. This assessment reflects that Denmark is currently assessed to be in a neutral cyclical position.

    Danmarks Nationalbank agrees with the Chairmanship that a uniform carbon tax on emissions basically ensures the cheapest reductions in socio-economic terms. Danmarks Nationalbank also agrees that uniform pricing of greenhouse gas emissions in agriculture across EU countries reduces total socio-economic costs, and that it is therefore ideally appropriate to work towards agriculture being covered by a common quota system at EU level.

    MIL OSI Global Banks –

  • MIL-OSI China: Domestic helpers, nannies, butlers all in high demand

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

    An undated photo shows nannies learning how to take care of babies at a training center in Jimo, Shandong province. [Photo/Xinhua]

    Stella Tian, a 33-year-old office worker in Beijing, has two toddlers — a 1-year-old and a 3-year-old — and employs two nannies to help look after the children and simplify her life, as she and her husband have hectic work lives.

    “I have changed my nannies a few times. Some were not professional enough and didn’t get along well with my family members, and some had other plans that came up. It’s not easy to find a suitable nanny for the long term,” Tian said.

    Like Tian, demand for homemaking services among Chinese urban families is surging, and trained domestic helpers, nannies and nurses for the elderly are in great demand, promising to incubate a market expected to reach 1.3 trillion yuan ($181.1 billion) in 2026.

    The forecast, made by the Ministry of Commerce’s Department of Trade in Services and Commercial Services, together with data analysis provider iiMedia Research, said China’s household services sector has maintained rapid growth.

    Millions of middle-income Chinese families, especially those with young children and aging family members, are seeking professional helpers to ease life’s burdens, while it has sometimes been difficult for them to find satisfactory professional homemakers. Compared with diversified and high-quality demand, there are still problems such as a shortage of professional supply and nonstandard industry development.

    It is estimated that there is a shortage of over 20 million domestic workers in China, according to the Ministry of Human Resources and Social Security. Demand for household services is no longer limited to daily chores, as online shopping and food deliveries have made it increasingly convenient for consumers, and they have indicated demand for higher-level specialized services, industry insiders said.

    To address such issues and further boost consumption, China has published a guideline to further promote the development of its home-based services sector, such as housekeeping, eldercare and childcare services, by expanding the scale and upgrading service quality. Such efforts aim to cultivate new growth points for the country’s services consumption, according to the document released by the Ministry of Commerce and eight other entities in late April.

    A series of measures have been proposed to improve the quality of household services supply, promote convenient consumption and optimize the consumption environment of the sector, according to the guideline.

    For example, the government will encourage household service enterprises to expand into emerging service areas such as professional deep cleaning, indoor air treatment and nutritional consulting, and strengthen integrated development with sectors such as home furnishings and interior decorating, the guideline said.

    In addition, social capital is encouraged to flow into the household services sector, and local governments may include homemaking occupations into local shortage directories. It is also suggested that more employment-oriented domestic service training should be offered, the guideline said.

    “Household services are an important sector that helps promote consumption, benefits people’s lives and stabilizes employment,” said Kong Dejun, director of the Department of Trade in Services and Commercial Services at the commerce ministry.

    “China will continue to expand domestic demand, strengthen supply-side structural reform, give full play to the country’s human resources advantages and cultivate new growth points of service consumption,” Kong said.

    Currently, China has over 30 million household service providers such as nannies and housekeepers. Last year, total revenue of the sector stood at 1.23 trillion yuan, up 6 percent year-on-year, the ministry said.

    Women are the main practitioners in the household services industry. The All-China Women’s Federation said the sector is showing a growing trend that practitioners are becoming younger and more professional, and it would continue to help promote the digitalization of the sector.

    On the demand side, the need for babysitters and caregivers for the elderly is huge. The number of those aged 60 and above has exceeded 300 million, and the over-65 population has topped 220 million. In addition, China has some 30 million youngsters aged below three, according to the National Bureau of Statistics.

    China will cultivate a group of distinctive brands in the homemaking sector and foster more platform-based companies to help match supply and demand.

    “We will guide various regions to implement employment and entrepreneurship policies, and homemaking personnel should enjoy tax incentives and social security subsidies upon laws and regulations,” said Luo Shoufeng, deputy head of the department of migrant workers’ jobs at the Ministry of Human Resources and Social Security.

    Catering to such demand, a number of platform-based homemaking service companies such as 58.com and Ayibang have continued to develop their business to raise the efficiency of supply-demand matching.

    Beijing-based life services platform 58.com said some 2.6 million homemakers have registered on the platform, and all of them will undergo pre-work training to ensure the provision of standardized and professional services.

    It has launched more than 200 training bases nationwide, integrating online teaching and offline training sessions, and the company became the first in the sector to introduce VIP membership services for consumers.

    “For emerging household services demand such as deep cleaning, clutter control and storage, pest management and home management services, we have launched more than 10 professional courses. Those include courses that we developed with entities in Japan and Hong Kong together, in an aim to foster more high-quality household service providers,” said Li Zijian, president of 58.com’s domestic business.

    In densely populated first-tier cities such as Beijing, Shanghai and Guangzhou, Guangdong province, demand for homemaking services has been the highest, 58.com found.

    Among different types of services, demand for household cleaning, home appliance cleaning, nannies and maternity matrons — or yuesao, who mainly care for newborns — has been the highest, the company said.

    Most consumers choose to hire day-shift nannies and part-time workers to assist with household chores and cooking. Demand for eldercare and childcare has continued to grow. In May, demand for nannies and eldercare service providers jumped 83 percent and 48 percent on a yearly basis, respectively.

    For deep cleaning of homes, consumers pay more attention to the thorough cleaning of kitchen oil stains, bathroom tiles and hard-to-clean corners and under spaces. For home appliances, cleaning demand for air-conditioners, range hoods and washing machines has been the highest. In May, demand for air-conditioning cleaning climbed by 76 percent month-on-month and 26 percent year-on-year.

    “Urbanites have shown an increasingly higher health awareness, and a growing number of consumers choose to clean their airconditioners before the arrival of summer to reduce respiratory diseases,” Li said.

    Meanwhile, China’s high-net-worth families are becoming younger, and they are showing a growing demand for hiring private butlers as they embrace such a trend in Western countries, and more college graduates, including those who have studied abroad, are looking to butlers as career choices.

    Private butlers usually act as senior life consultants for their employers’ core family management issues. Unlike ordinary housekeeping service personnel, private butlers usually need to understand advanced family affairs.

    They usually speak one or two foreign languages, understand children’s educational planning, and have knowledge about issues such as nutrition, luxury products and ironing. They also cook multiple cuisines and are skillful at safeguarding and risk management, according to Meiyinghui Family Service Co Ltd, a Beijing-based butler management company.

    The average salary of a private butler is about 200,000 yuan to 400,000 yuan annually for those who have one or two years of work experience, and the salary grows as they master more skills, thus attracting many people to engage in this profession.

    “Employers would like to hire young butlers, including college graduates. The demand has become higher, as more families have a growing awareness of hiring butlers. Besides, many families have been quite busy with business matters after the COVID-19 pandemic, and they need to hire someone for household management,” said Zhang Ran, founder and president of Meiyinghui Family Service.

    “Now, 70 percent of butlers in China are females. A lot of graduates and qualified people are still hesitating about engaging in this profession, and the supply of butlers is seeing a shortage. We plan to host a session to introduce the career path of the profession and attract more graduates,” Zhang said.

    Besides major cities such as Beijing and Shanghai, some families in second-tier cities such as Qingdao in Shandong province and Shijiazhuang, Hebei province have also indicated high demand for hiring butlers, the company found.

    Butlers usually need to take a few months of training classes before they start working. Li Siwen is a teacher who conducts training sessions for butlers, earning a master’s degree in hotel management from the University of Manchester.

    “I’m quite interested in this sector. I used to work in the human resources management department of a company, and this job is similar. I mainly teach students psychology, color matching, sorting and organization of items, and business etiquette,” Li said.

    MIL OSI China News –

  • MIL-OSI USA: Garamendi Demands FEMA Deliver Remaining COVID-19 Payments to California Hospitals

    Source: United States House of Representatives – Congressman John Garamendi – Representing California’s 3rd Congressional District

    WASHINGTON, D.C. — This week, Representative John Garamendi (D-CA-08) led a letter, along with 24 California Democratic colleagues, urging that the Federal Emergency Management Agency (FEMA) reimburse the $460 million still owed to California Hospitals for emergency expenses incurred during the COVID-19 pandemic.

    During COVID-19, hospitals expanded capacity and invested in ventilators and PPE, often at the request of state or local governments. These funds from FEMA are crucial for California’s healthcare system, where nearly half of all hospitals operate at a loss.

    In the letter, the lawmakers wrote, “Throughout the COVID-19 pandemic, hospitals in California were essential in treating patients while also maintaining their core mission of delivering healthcare services to everyone in need. However, in their response to the crisis, these hospitals faced significant financial burdens as they expanded their capacity—often at the request of state or local governments. They also invested in critical resources such as ventilators, secured substantial supplies of personal protective equipment, and hired additional clinical staff to ensure they could continue providing care to their communities.”

    “However, FEMA has failed to fulfill its obligation to reimburse our healthcare systems for the care and services they delivered. Recent data shows that 260 of California’s hospitals and health systems have applied for $3.4 billion in FEMA public assistance and $2.84 billion has been obligated.1 Many of these outstanding claims date back to 2020.2 We appreciate the progress FEMA has made since November in obligating these funds and ask that the remaining funds be promptly obligated to ensure California’s hospitals can continue their vital work.”

    The full text of the letter can be found here and below. 

    Dear Acting Administrator Hamilton,

    We respectfully request that you take immediate steps to expeditiously obligate and disburse the remaining $460 million outstanding claims for eligible expenses incurred in responding to the COVID-19 pandemic submitted by Californian hospitals and health systems.

    Throughout the COVID-19 pandemic, hospitals in California were essential in treating patients while also maintaining their core mission of delivering healthcare services to everyone in need. However, in their response to the crisis, these hospitals faced significant financial burdens as they expanded their capacity—often at the request of state or local governments. They also invested in critical resources such as ventilators, secured substantial supplies of personal protective equipment, and hired additional clinical staff to ensure they could continue providing care to their communities.

    However, FEMA has failed to fulfill its obligation to reimburse our healthcare systems for the care and services they delivered. Recent data shows that 260 of California’s hospitals and health systems have applied for $3.4 billion in FEMA public assistance and $2.84 billion has been obligated.

    Many of these outstanding claims date back to 2020.2 We appreciate the progress FEMA has made since November in obligating these funds and ask that the remaining funds be promptly obligated to ensure California’s hospitals can continue their vital work.

    California’s hospitals were critical in ensuring the health and safety of our communities during the COVID-19 pandemic. Yet, the failure to deliver on the outstanding FEMA applications has left our hospitals in a precarious position. Nearly half of the state’s hospitals operate at a loss every day while providing care, and an additional 12% are only just above breaking even. Already, our communities are seeing service cuts and facility closures.

    Moreover, by 2030, our hospital and health systems will face a critical inflection point as state requirements for seismic safety will go into effect. Current budget deficits, made worse by delayed FEMA payments, will only be exacerbated by the proposed decreases in federal reimbursement for Medicare and Medicaid patients. This combination of factors could put California’s healthcare system, particularly for care providers in rural and low-income areas, on the brink of crisis.

    It is critical to act quickly to allocate the remaining $460 million in federal reimbursements for hospitals’ costs incurred in responding to the COVID-19 pandemic and ensure that our healthcare systems receive the compensation they deserve. We stand ready to work with you to accomplish this.

    The letter was co-signed by the following California members: Representative Nanette Barragán, Representative Julia Brownley, Representative Salud Carbajal, Representative Judy Chu, Representative Gilbert Cisneros, Representative Lou Correa, Representative Jim Costa, Representative Laura Friedman, Representative Robert Garcia, Representative Jimmy Gomez, Representative Jared Huffman, Representative Sydney Kamlager-Dove, Representative Ted Lieu, Representative Doris Matsui, Representative Kevin Mullin, Representative Jimmy Panetta, Representative Nancy Pelosi, Representative Raul Ruiz, Representative Linda Sánchez, Representative Mark Takano, Representative Mike Thompson, Representative Norma Torres, Representative Juan Vargas, and Representative George Whitesides.

    ### 

    MIL OSI USA News –