Category: Politics

  • MIL-OSI Russia: Chinese authorities make every effort to ensure the safety of Chinese citizens in Iran and Israel – Chinese Foreign Ministry

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 17 (Xinhua) — China’s Foreign Ministry, relevant embassies and consulates, together with other government agencies, are making every effort to ensure the safety of Chinese citizens in Iran and Israel and promptly organize their evacuation, Foreign Ministry spokesman Guo Jiakun said on Tuesday.

    The diplomat made the statement at a regular briefing, answering a question about China’s plans to evacuate its citizens from Iran and Israel amid the military escalation following Israeli strikes on Iran.

    Protecting the safety of Chinese citizens abroad is an absolute priority for the country’s government, Guo Jiakun emphasized, noting that after the outbreak of the Israeli-Iranian conflict, the Chinese Foreign Ministry, as well as Chinese embassies and consulates in both countries, immediately launched a consular emergency response mechanism and asked the authorities of both countries to effectively ensure the safety of Chinese citizens and institutions.

    “Some Chinese citizens have now been safely evacuated to neighboring countries,” the official said. –0–

    MIL OSI Russia News

  • MIL-OSI USA: Mfume and Sessions Examine DOD’s Progress Toward Achieving a Clean Audit

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, D.C.—Subcommittee on Government Operations Ranking Member Kweisi Mfume (D-MD) and Chairman Pete Sessions (R-TX) continue to examine the Department of Defense’s (DOD) financial management practices and path toward achieving a clean audit. In a letter to DOD Secretary Pete Hegseth, the lawmakers request a bipartisan briefing on DOD’s updated efforts to address any outstanding issues related to the Department’s financial management and progress toward achieving a clean audit by December 2028, with a plan declared by the end of June 2025. 

    “DOD spending comprises nearly half of the federal government’s discretionary spending and its physical assets make up more than 70 percent of the government’s physical assets. The failure to fully account for these assets and spending results in gaps in DOD’s operational readiness and the financial strength of the entire federal government,” said the lawmakers. “Experts from the DOD Office of the Inspector General, and the Government Accountability Office (GAO) detailed the challenges that DOD faces and necessary actions to increase the likelihood of achieving a clean audit opinion by the mandated deadline of December 31, 2028.”

    This examination of DOD’s progress is part of the Subcommittee’s larger investigation into DOD’s discretionary spending and ineffective financial management that prevents them from achieving a clean audit.  The Subcommittee held a hearing on April 29, 2025, to track DOD’s progress toward achieving a clean audit. DOD has failed seven financial audits and has not achieved a clean audit since being required to in 1990. The U.S. Marine Corps is the only service to obtain a clean audit opinion. The Department’s long history of poor financial and fraud risk management also makes it highly susceptible to fraud, waste, and abuse. The U.S. House Committee on Oversight and Government Reform will continue to examine how DOD can be a better steward of taxpayer dollars.

    “In correspondence received in lieu of attendance, we were assured ‘that working towards a ‘clean audit’ is among the Department’s top priorities.’ As stated in previous hearings, if DOD is to achieve a clean audit opinion by December 2028, significant progress must be made by fiscal year 2026. Based on testimony before the Subcommittee, there is still a lot of work ahead for the Department. To assist the Committee’s oversight of this matter, we request a briefing on DOD’s efforts to address outstanding issues related to financial management and plans for achieving a clean audit opinion for the Department, by June 30, 2025,” concluded the Members. 

    Read the letter to Defense Secretary Pete Hegseth here.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Durbin Speaks About The Politically Motivated, Targeted, & Deadly Shooting Of Elected Officials In Minnesota

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    June 16, 2025

    In his speech on the Senate floor, Durbin also called on his colleagues from both sides of the aisle to speak out and condemn these violent acts

    WASHINGTON – In a speech on the Senate floor today, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, spoke about the politically motivated, targeted, and deadly assassination and assassination attempt of elected officials in Minnesota this weekend and called on his colleagues from both sides of the aisle to speak out and condemn these violent acts.

    “Over the weekend, while most of the country slept, a gunman targeted two Minnesota state legislators in their homes. He pretended to be a police officer, and he gunned down Democratic state legislator John Hoffman and his wife. Fortunately, they survived and are recovering from surgery and reportedly in stable condition. We pray for State Senator Hoffman and his wife’s full recovery,” Durbin said. “Then the gunman attacked another Democratic state legislator with over 20 years of service, Minnesota Speaker Emerita Melissa Hortman, and her husband, Mark. She and her husband leave behind two children. These killings are not only horrifying for Minnesota, but a tragedy for America. This heinous act of political violence defies American values and democracy.”

    Durbin continued, “Unfortunately, we have seen a disturbing increase in political violence in recent years, seemingly as part of a misguided and sickening attempt to strike fear and intimidation in the hearts of the American people and those who are engaged in public service. Violence and hate have no place in America. Leaders on both sides of the aisle must speak out and condemn these violent acts. I have said this repeatedly, it bears repeating: political violence from the right or the left is never—never—acceptable and is never the answer.”

    Durbin then spoke out against the radical language we see online and even from some of his Senate colleagues. One Republican Senator tweeted a picture of the Minnesota shooter, and wrote, “This is what happens when Marxists don’t get their way.” He tweeted another picture of the shooter, and wrote, “Nightmare on Waltz Street,” an apparent attempt to blame Minnesota Governor Tim Walz for the shooting. Another Republican Senator tweeted about the shooting, “The degree to which the extreme left has become radical, violent, and intolerant is both stunning and terrifying.”

    “To attempt to politicize this tragedy is absolutely unacceptable. This rhetoric from elected officials is beyond dangerous and incites even more violence. It is reprehensible, and it must be called out—on both sides of the aisle—both sides of the aisle,” Durbin said. “Because in the land of the free and the home of the brave, everyone should feel safe expressing their political views—and we must never do so in a way that condones violence or intimidation.”

    Durbin concluded, “I pray for Minnesota during this heartbreaking time and vow to continue to denounce and combat political violence of any kind.”

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News

  • MIL-OSI United Kingdom: UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    UK-Ukraine TechBridge Investment Accelerator at London Tech Week 2025

    9 – 11 June 2025 

    During London Tech Week, UK Government, in collaboration with 1991 Ventures and Ukraine’s Ministry of Digital Transformation (MDT), strengthened the UK-Ukraine bilateral relationship through a series of key meetings and events under the UK-Ukraine TechBridge programme, a component of the 100 Year Partnership agreement. 

    9 June 

    On the Startup Stage at London Tech Week, the UK-Ukraine TechBridge Investment Accelerator project concluded with a pitching session. Ukrainian Deputy Minister for Digital Transformation, Oleksandr Bornyakov (MDT), and Denis Gursky of 1991 Ventures joined Rodney Berkeley, Director of Infrastructure and Technology at the Department for Business & Trade (DBT), in delivering opening remarks. Pitches were delivered by 11 high potential Ukrainian tech start-ups providing innovative solutions from databases to support clinical trials, AI-powered Software as a Service (SaaS), and direct air carbon capture technology for agriculture. The Investment Accelerator project aimed at upskilling Ukrainian tech founders to scale up their businesses in the UK. 

    10 June 

    A breakfast event was hosted by the Embassy of Ukraine focused on promoting Ukraine’s CodeUA (B2B platform) initiative and connecting highly skilled Ukrainian tech companies with global business representatives. The event provided valuable insights into Ukraine’s tech ecosystem and facilitated new, collaborative opportunities for those wanting to invest in innovative, and secure technology partnerships. 

    The day concluded with an evening reception at the London Stock Exchange Group, supported by the UK-Ukraine TechBridge and DiiaCity Utd. This event celebrated the global potential of Ukraine’s tech ecosystem, bringing together Ukrainian and UK government representatives, investors, tech companies, and thought leaders to deepen cooperation between our two nations.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Local government reorganisation: letter to the leaders of the borough councils of Reigate and Banstead, and Crawley

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Local government reorganisation: letter to the leaders of the borough councils of Reigate and Banstead, and Crawley

    Letter to the council leaders about their joint submission for unitary local government.

    Applies to England

    Documents

    Letter to the leaders of the borough councils of Reigate and Banstead and Crawley

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@communities.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    On 17 June 2025, the Minister of State for Local Government and English Devolution, Jim McMahon MP OBE, wrote to the leaders of the borough councils of Reigate and Banstead, and Crawley to inform them that their joint submission would not be consulted upon as part of the Surrey local government reorganisation consultation.

    Updates to this page

    Published 17 June 2025

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    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Local government reorganisation: letter to Surrey council leaders

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Local government reorganisation: letter to Surrey council leaders

    Letter to inform council leaders of the launch of the Surrey local government reorganisation consultation.

    Applies to England

    Documents

    Letter to Surrey council leaders

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@communities.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    On 17 June 2025, the Minister of State for Local Government and English Devolution, Jim McMahon MP OBE, wrote to the leaders of Surrey councils to inform them of the launch of the Surrey local government reorganisation consultation.

    Updates to this page

    Published 17 June 2025

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    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Help shape the future of your local Healthwatch service 17 June 2025 Your voice matters — help shape the future of your local Healthwatch service

    Source: Aisle of Wight

    Islanders are being encouraged to take part in a new survey that will help shape how Healthwatch services are provided on the Isle of Wight in the years ahead.

    The Isle of Wight Council is preparing to award a new contract for the delivery of this important statutory service, as the current arrangement is due to end on 31 December 2025.

    Before that happens, the council wants to hear from local people about what they expect from their Healthwatch service — and how it should be delivered.

    What is Healthwatch?

    Healthwatch is the independent voice for people who use health and social care services. It listens to the experiences of residents, shares that feedback with those in charge, and helps ensure services are meeting the needs of the community.

    From helping someone find the right support for a loved one, to advising on how to make a complaint, or simply passing on praise for a job well done, Healthwatch plays a vital role in making sure local services work for the people who use them.

    It also provides clear, accessible information and advice to help residents understand their options and make informed decisions about their care. In some cases, Healthwatch can even recommend that national bodies such as the Care Quality Commission (CQC) carry out formal reviews or investigations.

    Why your views matter

    The council is keen to ensure that the next Healthwatch contract reflects the needs and priorities of the Island’s diverse communities. To do that, they need to hear directly from the people who live here.

    “We hope to get a clear picture of what the public expect from their local Healthwatch service,” said Laura Gaudion, the council’s strategic director for adult social care and housing.

    “This isn’t just a tick-box exercise — it’s about listening to the people who use health and care services every day and making sure their voices shape how the next service is designed.

    “Whether it’s about how easy it is to get advice, how well feedback is acted upon, or how visible and approachable the service is in our communities, we want to hear it all.

    “The more people who take part, the better we can ensure the new Healthwatch provider truly reflects the needs and priorities of Islanders.”

    Whether you’ve used Healthwatch before or not, your views are valuable.

    The survey asks about how you’ve heard of Healthwatch, whether you’ve used its services, and how you’d prefer to engage with it in future. It also invites suggestions for improvement and gives you the chance to share your own experiences.

    How to take part

    The survey is available online via the Isle of Wight Council’s website, and paper copies can be picked up at libraries across the Island. The closing date for comments is 11 August 2025.

    It only takes a few minutes to complete, and all responses will be treated in confidence.

    Photo: Getty Images

    MIL OSI United Kingdom

  • MIL-OSI Canada: Prime Minister Carney meets with Secretary General of NATO Mark Rutte

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, met with the Secretary General of the North Atlantic Treaty Organization (NATO), Mark Rutte, at the 2025 G7 Leaders’ Summit in Kananaskis, Alberta.

    Prime Minister Carney shared his government’s plan to rebuild, rearm, and reinvest in the Canadian Armed Forces – meeting the NATO 2 per cent target this year and accelerating those investments in the years to come.

    Prime Minister Carney emphasized the new government’s mandate to assert Canada’s sovereignty and increase collaboration with the NATO Alliance. The leaders discussed trans-Atlantic security and helping Ukraine achieve a just and lasting peace, including through the provision of military assistance.

    The Prime Minister looked forward to meeting again with the Secretary General at the upcoming NATO Summit in The Hague, the Netherlands, from June 24 to 25.

    Associated Link

    MIL OSI Canada News

  • MIL-OSI Canada: Statement from Chief Accessibility Officer Stephanie Cadieux on release of second report on accessibility in Canada

    Source: Government of Canada News

    June 17, 2025 – Ottawa (Ontario)

    Today, Canada’s first Chief Accessibility Officer, Stephanie Cadieux made the following statement, following the release of her second report on the outcomes being achieved under the Accessible Canada Act (ACA):

    “The Accessible Canada Act (ACA) has seven priority areas, including employment. While looking at overall outcomes under the ACA, this report places a special emphasis on what is happening with employment for people with disabilities, recognizing that progress in this area reflects progress overall.

    “Until the number of people with disabilities increases throughout the workforce, our progress in other areas will be slowed as well. Not only will hiring more people with disabilities position them to help identify gaps and challenges in accessibility that others may miss, but we also know that inclusive workplaces are more innovative and productive. The business case is irrefutable. Everyone benefits.

    “In spite of this, progress on employment for people with disabilities has been uneven and awareness and understanding of the ACA remains low. National surveys show that, despite minor improvements, many equity gaps remain. For example, people with disabilities are still less likely to be employed, to have a full-time job, or to have an income higher than $80,000. This is a significant loss, considering that more than 1 in 4 Canadians live with one or more disabilities, and that many of us, including those in the workforce, will experience a condition that affects our mental, cognitive, and/or physical functions at some point in our lives.

    “Some sectors are making progress faster than others. Overall, we still have a lot of work to do. Far too many people with disabilities in Canada are highly qualified and eager to work but are prevented from doing so. Systemic barriers to employment persist, from the hiring process to organizational culture and retention. Not only does this reduce opportunities and quality of life for people with disabilities, but it comes at a high cost to our economy, stalling innovation and hindering our competitiveness in the global marketplace.

    “This report includes four recommendations for action in key areas. It also includes testimonials from people with disabilities seeking work, or working in sectors from the service industry, to neurology, academia, law and the performing arts. Their reflections shed light on the undeniable value people with disabilities bring to their places of employment, clients, and the public as a whole.

    “We need to recognize that people with disabilities are vastly, diversely talented and stop limiting our assumptions about what they are capable of and what kind of work they can do. Attracting labour and top talent has never been more challenging, but doing so is critical. We can solve the problem of excluding skilled people. There are excellent models in Canada and in other countries to look to as examples of how to do it. I know the will is there. We just have to move from words to actions. 

    Quick facts

    • The role of Chief Accessibility Officer (CAO) was created by the Accessible Canada Act (ACA), which came into force in 2019
    • As an independent adviser to the Minister, the CAO provides advice on wide-ranging accessibility issues, monitors and report on progress made under the ACA, and provides annual reports detailing outcomes achieved under the ACA, as well as systemic and emerging accessibility issues
    • The Office of the CAO serves as a trusted source of information on accessibility, and supports the CAO in promoting a positive and productive dialogue between the federal government, disability stakeholders, national and international organizations
    • This report was developed with information gathered, in part, by conducting targeted interviews with disability service providers, post-secondary institutions, international experts, federally regulated entities (FREs) in the public and private sectors, provincial and territorial government departments, disability experts/advocates, and representatives from employees with disabilities networks across the federal public service, as well as through an examination of Accessibility Plans and Progress reports, which are required by FREs under the ACA.

    Related products


    Associated links

    MIL OSI Canada News

  • MIL-OSI Canada: The federal government invests in Indigenous-led solar initiative in Watson Lake

    Source: Government of Canada News

    Watson Lake, Yukon, June 17, 2025 — Investing in green energy infrastructure is vital to building cleaner and more sustainable northern communities. With a joint investment of more than $28.6 million from the federal government, the Government of Yukon and First Kaska Utilities LP, the Sādę Solar Initiative project will significantly reduce diesel use for power generation in Watson Lake.

    This project will construct a 2.85MW solar power plant combined with a battery energy storage system that will connect to the existing micro-grid in Watson Lake, which is currently powered by diesel generators. The plant, located within the asserted traditional territory of the Liard First Nation (LFN), will be brought online in two stages to maintain grid stability and manage power fluctuations. Additional works include preparing the site for solar panel installation and upgrading the access road to support a high volume of transport trucks during the construction period.

    When running at full capacity in the peak season, the plant will provide more energy than peak loads, allowing for full generator off time. The solar energy produced is expected to replace more than 24 percent of the diesel-generated power in Watson Lake, ultimately reducing diesel consumption by approximately 1,020,300 litres and cutting GHG emissions by 3,509 tonnes annually. This initiative is also expected to have economic benefits for LFN, allowing them to generate revenues by selling surplus power to the grid operator, while creating jobs and training opportunities. 

    MIL OSI Canada News

  • MIL-OSI USA: As Trump moves to decimate state AI laws, Governor Newsom taps the nation’s top experts for groundbreaking AI report

    Source: US State of California Governor

    Jun 17, 2025

    What you need to know: Against the backdrop of President Trump’s massive and costly bill gutting laws protecting against AI-generated child pornography, scams, and other criminal activity, Governor Newsom is continuing his leadership by releasing a groundbreaking new report from leading experts and academics to help guide the responsible, safe, and ethical development and deployment of AI in California and beyond.

    SAN FRANCISCO – Today, Governor Newsom advanced California’s ongoing leadership in the responsible development and deployment of artificial intelligence with the release of a new report from world-leading AI academics and experts. The group, which was convened at the request of the Governor last September, today released its final report, The California Report on Frontier AI Policy. This landmark report will help pave the way for the responsible, ethical, and safe use of AI for the benefit of all Californians by offering a policy framework for workable guardrails based on an empirical, science-based analysis of the technology’s capabilities and risks. The announcement comes as President Trump pushes his massive spending bill, which includes a 10-year moratorium on state laws protecting against the misuse of AI, including California’s laws that ban AI-generated child pornography, deepfake porn, and robocall scams against the elderly.

    “California is the home of innovation and technology that is driving the nation’s economic growth — including the emerging AI industry. As Donald Trump chooses to take our nation back to the past by dismantling laws protecting public safety, California will continue to lead the way with smart and effective policymaking. I thank the experts and academics who responded to my call for this important report to help ensure that, as we move forward to help nurture AI technology, we do so with the safety of Californians at the top of mind.”

    Governor Gavin Newsom

    AI is already changing the world, and California will play a pivotal role in defining that future. As the fourth-largest economy in the world and the birthplace of the tech industry, California continues to dominate this sector as the leader in AI. The state is home to 32 of the 50 top AI companies worldwide. In addition to championing safe, responsible, and ethical development and use of this emerging industry, California is harnessing its potential to increase government efficiency and support state operations. 

    Studying AI’s risk and opportunities 

    Today’s report is a result of the Governor’s convening of leading experts on artificial intelligence and policy to help California develop workable guardrails for deploying generative AI (GenAI), focusing on developing an empirical, science-based trajectory analysis of frontier models and their capabilities and attendant risks. Authors include the  “godmother of AI,” Dr. Fei-Fei Li, Professor of Computer Science at Stanford University and Founding Co-Director of Stanford’s Human-Centered AI Institute;  Mariano-Florentino “Tino” Cuéllar, President of the Carnegie Endowment for International Peace and member of the National Academy of Sciences Committee on Social and Ethical Implications of Computing Research; and Dr. Jennifer Tour Chayes, Dean of the College of Computing, Data Science, and Society at UC Berkeley.

    The report includes recommendations on ensuring evidence-based policymaking, balancing the need for transparency with considerations such as security risks, and determining the appropriate level of regulation in this fast-evolving field.  

    Public engagement

    The report incorporated robust public participation in the drafting process. The final report incorporates public feedback submitted following the draft released in March 2025, and provides a framework that can help California policymakers, as well as policymakers across the country, provide guardrails on the frontier of AI development

    California’s AI global leadership 

    California has launched efforts to help the state take advantage of this emerging technology, while also creating responsible policy guardrails to protect Californians, including businesses and workers

    In 2023, Governor Newsom signed an executive order laying out California’s measured approach to state GenAI procurement. That EO has shaped the future of ethical, transparent, and trustworthy GenAI deployment, all while California remains the world’s GenAI leader. Within state government, projects are already underway to utilize GenAI to reduce highway congestion, improve roadway safety, and enhance customer service in a state call center. 

    First of-its-kind effort with NVIDIA

    In August 2024, the state partnered with NVIDIA to launch a first-of-its-kind AI collaboration. The initiative, signed by Governor Gavin Newsom and NVIDIA founder & CEO Jensen Huang, aims to train students, educators and workers; support job creation and promote innovation; and use AI to solve challenges that can improve the lives of Californians.

     

    Staying ahead of threats 

    Last year, Governor Newsom also signed a series of bills to crack down on sexually explicit deepfakes and require AI watermarking, ban AI-generated child pornography, protect consumers by preventing scams from AI-generated robocalls, protect performers’ digital likenesses, and combat deepfake election content

    Press releases, Recent news

    Recent news

    News What you need to know: As Governor Newsom’s motion to block the Trump Administration’s illegal militarization of downtown Los Angeles heads to the Ninth Circuit, former military leaders agree – Trump’s takeover poses grave risk to both servicemembers and…

    News What you need to know: Donald Trump is raiding public safety funds to bankroll his militarized birthday party this Saturday, while stripping local police departments, first responders, and communities across the country of the tools they need to keep Americans…

    News What you need to know: President Trump’s illegal military deployment impacts firefighting resources already seeing cuts by the U.S. Forest Service. SACRAMENTO – With the risk of catastrophic wildfire on the rise as peak fire season sets in across California, the…

    MIL OSI USA News

  • MIL-OSI: 74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Paris, June 17, 2025 – 74Software today announces the appointment of Julia Siepmann as Group Chief Human Resources Officer, effective as of 19th May 2025.

    Julia Siepmann brings over 20-years of global experience in strategic human resources management within technology-driven companies undergoing companywide transformation. Throughout her career, she has demonstrated a strong ability to lead deep cultural evolutions, implement global HR frameworks, and foster inclusive, engaging, and high-performing work environments.

    Prior to joining 74Software, Julia served as Chief Human Resources Officer at Nielsen, Analytics Portfolio Organizations. She previously spent over 15 years at Teradata where she held Global HR leadership roles based in London and Singapore. Known for her thoughtful and structured approach, she has led numerous Global programs focused on HR transformation, employee engagement, and inclusion. Julia is based in London, United Kingdom.

    Patrick Donovan, Chief Executive Officer of 74Software, stated:

    “Julia’s appointment marks an important step in driving our development. We are committed to our team and their development, and her proven leadership and deep expertise in organizational transformation and talent management will be key assets in strengthening our corporate culture and sustaining our growth. We are pleased to welcome her to the executive leadership team.”

    Julia will play a central role in shaping and executing a human resources strategy aligned with 74Software’s development ambitions. Her mission will be to enhance organizational performance by fostering cohesion across entities, supporting talent development, and embedding a company culture rooted in respect, equity, and well-being.

    “I am delighted to be joining 74Software at a pivotal time in its growth as a portfolio company uniting several strong technology brands around shared values and a common culture,” said Julia Siepmann. “In a constantly evolving and competitive environment, HR plays a critical role in supporting this momentum and shaping a compelling, forward-looking employee value proposition. I look forward to contributing to the development of an inclusive, high-performing, and sustainable organization.”

    With this appointment, the Executive Committee of 74Software now comprises 9 members representing 4 nationalities:

    • Patrick Donovan, Chief Executive Officer
    • Éric Bierry, Deputy CEO, CEO of SBS
    • Roland Royer, CEO of Axway
    • Tobias Unger, Chief Financial Officer
    • Xavier Rebeuf, Chief R&D Operations
    • Paul French, Chief of Staff
    • Philippe Buisson, Chief of Integration and Secretary
    • Yann Metz-Pasquier, Chief Strategy Officer
    • Julia Siepmann, Chief Human Resources Officer

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Crossbench Peerages June 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Press release

    Crossbench Peerages June 2025

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life.

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life upon the undermentioned:

    Nominations for Crossbench Peerages:

    1. Sir Tim Barrow GCMG LVO MBE – lately National Security Adviser. Former Second Permanent Under-Secretary and Political Director at the Foreign, Commonwealth & Development Office (FCDO).

    2. Dr Simon Case CVO – lately Cabinet Secretary and Head of the Civil Service. Former Private Secretary to HRH Prince William, Duke of Cambridge. Former Principal Private Secretary to the Prime Minister.

    3. Dame Katherine Grainger DBE – Chair of the British Olympic Association, former Chair of UK Sport and former Olympian. Former Chancellor of Oxford Brookes University, currently Chancellor of the University of Glasgow.

    4. Dame Sharon White, Lady Chote, DBE – former Chair of the John Lewis Partnership, former Chief Executive of the Ofcom and former Second Permanent Secretary at HM Treasury.

    Citations

    Sir Tim Barrow GCMG LVO MBE

    Sir Tim Barrow served as National Security Adviser from 2022 to 2024. Prior to this he was the Second Permanent Secretary and Political Director at the Foreign, Commonwealth and Development Office (FCDO). As Political Director, he worked on the biggest foreign policy issues facing the country, including playing a leading role in the UK’s diplomatic response to Putin’s illegal war in Ukraine.

    Sir Tim was the Permanent Representative of the United Kingdom to the European Union from 2017 to 2020 and the British Ambassador to the European Union from 2020 to 2021 and played an important role in the United Kingdom’s Brexit negotiations with the EU.

    Sir Tim’s civil service career began at the Foreign and Commonwealth Office (FCO) in 1986. He served in London, Kyiv, Moscow and Brussels before his appointment as the British Ambassador to Ukraine in 2006. In 2008, he became the Ambassador to the Western European Union and the UK Representative to the Political and Security Committee. From 2011 to 2016, he served as the British Ambassador to Russia before returning to London as the Foreign, Commonwealth and Development Office’s Political Director.

    Dr Simon Case CVO

    Dr Simon Case was Cabinet Secretary and Head of the Civil Service from September 2020 to December 2024. As Cabinet Secretary he supported four Prime Ministers in responding to the Covid-19 pandemic, the war in Ukraine and the delivery of the funeral arrangements for Queen Elizabeth II. Before this he was appointed Permanent Secretary at No.10.

    Simon has had a long and varied career as a senior public servant. He served as Private Secretary to HRH Prince William, Duke of Cambridge and as Principal Private Secretary to the Prime Minister from 2016 to 2017. He has also served as Director General for Northern Ireland and Ireland and Director General for the UK-EU relationship, both at the Department for Exiting the European Union, and Director of Strategy at GCHQ.

    Since leaving Government, he has been appointed as the independent Chair of the Barrow Delivery Board Barrow Transformation Fund, a £200m government package to deepen and develop Barrow’s crucial role at the heart of UK national security and nuclear submarine-building, overseen by the Defence Nuclear Enterprise. He is also a Non-Executive Director at the Ministry of Defence. Simon holds a PhD in political history from Queen Mary’s University of London.

    Dame Katherine Grainger DBE

    Dame Katherine Grainger is Britain’s most decorated female rower and the only female athlete – in any sport – to gain medals in five consecutive Olympic Games. Following her completion of two terms as Chair of UK Sport, Dame Katherine was appointed as Chair of the British Olympic Association.

    Born in Glasgow, Dame Katherine read law at the University of Edinburgh and then obtained a Masters in law from the University of Glasgow and a PhD from King’s College London. Dame Katherine began rowing in 1993, winning a silver medal at the Sydney, Athens and Beijing Olympics, before winning a gold medal in London, and a further silver medal in Rio de Janeiro, as well as eight World Championship medals, including six gold medals.

    Dame Katherine is on the board of the Youth Sport Trust and is patron of Netball Scotland, Winning Scotland and the National Coastwatch Institution. She was appointed a DBE in 2017, following previous awards of MBE and CBE. Katherine was previously Chancellor of Oxford Brookes University and is currently the Chancellor of the University of Glasgow and Honorary Colonel of the 215 (Scottish) Multirole Medical Regiment of the British Army. She is also the Honorary President of Scottish Rowing.

    Dame Sharon White DBE

    Dame Sharon White has spent much of her career in public service, holding a number of the most senior positions in the Civil Service.  She was the first black person and second woman to be a Permanent Secretary at HM Treasury, serving as the Second Permanent Secretary between 2013 and 2015, after which she was CEO of Ofcom from March 2015 to November 2019.

    Dame Sharon joined the Civil Service in 1998, working at HM Treasury, the British Embassy in Washington, the 10 Downing Street Policy Unit and the World Bank, before becoming a Director General in the Department for International Development, followed by the MoJ, DWP and HMT. Dame Sharon was appointed DBE in 2020 for Public Service. Dame Sharon is an honorary fellow at Nuffield College, University of  Oxford, and was a Non-Executive Director for Barratt Developments.

    Since leaving the Civil Service, Dame Sharon has become the Managing Director and Head of Europe for Caisse de dépôt et placement du Québec (the Quebec Deposition and Investment Fund), having previously been the Chair of the John Lewis Partnership from February 2020 until September 2024.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Anyone could be vulnerable to sim-swap fraud

    Source: Anglia Ruskin University

    By Hossein Abroshan, Anglia Ruskin University

    The cyberattack that has targeted Marks & Spencer (M&S) is the latest in a growing wave of cases involving something called sim-swap fraud. While the full technical details remain under investigation, a report in the Times suggests that cyber attackers used this method to access M&S internal systems, possibly by taking control of an employee’s mobile number and convincing IT staff to reset critical login credentials.

    Sim-swap fraud is not a new phenomenon, but it is becoming increasingly dangerous and more prevalent. According to CIFAS, the UK’s national fraud prevention service, Sim-swap incidents have surged from under 300 in 2022 to almost 3,000 in 2023. What had been mainly a risk to cryptocurrency investors or online influencers is now much more prevalent.

    This form of cyberattack shows how major companies and ordinary people can be compromised through a tactic that exploits human factors, such as trust and how we have built our digital identities around mobile phones.

    Sim-swap fraud begins when a scammer convinces a mobile operator to transfer a victim’s number to a new sim card, or even an esim (one that’s embedded in the device), under the scammer’s control.

    This can be done over the phone, through an online chat, or even with the help of a bribed insider. Once the number is transferred, all calls and texts intended for the victim are redirected to the scammer. This includes those crucial verification codes used for logging into email, banking, messaging apps such as WhatsApp, and government services such as HMRC.

    This alone would be dangerous. But what makes sim-swap fraud so influential is that the cyber scammer often already has access to a patchwork of personal data about their target. That information may have been collected from data breaches, phishing attacks, low-reputation websites, or even the victim’s social media.

    People often underestimate the extent to which they reveal themselves online: a birthday posted on Instagram, a phone number included in a job posting, or a home address used in an online giveaway. Scammers combine this data to build a convincing profile, enough to fool a mobile operator’s customer service staff into believing they’re talking to the real account holder.

    How the sim-swap fraud works

    Once the scammer gains control of a number, the consequences are extensive. Attackers can access sensitive information, including personal documents and request and receive password reset links for the user’s other accounts. They can log in to WhatsApp or Telegram accounts, read private messages, impersonate the user, and even contact friends or family members to conduct further scams.

    The victims might see false messages posted in their names or fraudulent transactions made from their accounts. This can lead to financial loss, reputation damage, as well as emotional and mental health issues on the part of the victims.

    In the case of M&S, attackers apparently used this access to manipulate internal processes and gain access to sensitive systems. This highlights a broader risk: many companies still rely on phone numbers as a secondary verification method for staff, making their systems vulnerable to the same cyberattack used against individuals.

    How sim-Swap fraud works – Hossein Abroshan

    Reducing the risk

    While real-time detection of mobile number hijacking remains difficult, taking specific steps can significantly reduce the likelihood of being targeted and victimised. People should avoid sharing personal data unnecessarily, especially across multiple platforms and, very importantly, on unknown or untrusted websites.

    Many attackers don’t obtain all the necessary information from a single source. Instead, they collect it incrementally, using public profiles, marketing databases and past leaks to form a comprehensive picture.

    Being mindful of where you share your phone number, birthday or other identifiers can make it harder for others to impersonate you. It is also crucial to learn how phishing works and how to recognise it, so you will not submit your sensitive information to phishing or fake websites.

    Avoiding SMS-based authentication, where possible, is another key step. Many services now support authenticator apps, such as Google Authenticator, Microsoft Authenticator, Due or Authy, which are not tied to your mobile number. For mobile accounts themselves, setting up a unique pin or password to your account, which must be provided to authorise any changes, can add an extra layer of protection. This makes it harder for someone to initiate a sim swap without that code. However, users alone cannot fulfil this duty.

    Mobile network operators must strengthen identity verification practices, moving beyond basic questions about names and addresses that can be easily gathered or guessed. Banks and other financial institutions should reconsider using SMS or, at the very least, SMS-only as the default method for sensitive authentication. And companies, particularly those handling personal data or financial assets, need to train their IT and customer service teams to recognise the signs of identity based attacks.

    Sim-swap fraud is effective not because it’s highly technical, but because it exploits our trust in phone numbers for identity verification. The M&S case and similar examples show how fragile that trust can be – and why securing our mobile identities is no longer optional.

    Hossein Abroshan, Senior Lecturer, School of Computing and Information Science, Anglia Ruskin University

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    The opinions expressed in VIEWPOINT articles are those of the author(s) and do not necessarily reflect the views of ARU.

    If you wish to republish this article, please follow these guidelines: https://theconversation.com/uk/republishing-guidelines

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: A peaceful and secure country is in the interests of all Syrians and the wider region: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    A peaceful and secure country is in the interests of all Syrians and the wider region: UK statement at the UN Security Council

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the emergency UN Security Council meeting on Syria.

    President, I will make three points today.

    First, this remains a pivotal, but fragile, moment for Syria as it seeks a more stable and prosperous future. A peaceful and secure country is in the interests of all Syrians, and the wider region.

    There is a clear risk, as others have highlighted this morning, that the current crisis in the Middle East escalates, with serious implications for security across the region and beyond, including in Syria. We encourage all actors to avoid any activity that will further destabilise the region at this precarious moment.

    Second, June marks six months since the fall of the brutal Assad regime. We welcome the positive steps the Syrian Government has taken so far in advancing a peaceful political transition. 

    This includes diverse Cabinet appointments and internal agreements, including with the Syrian Democratic Forces. We look forward to progress on implementation.

    We welcome the formation, in recent days, of the Supreme Electoral Committee for the People’s Assembly Elections. 

    This is an important step in building legislative and electoral processes that serve the Syrian people and keeping up momentum on the transition process. 

    We urge those involved in the process to prioritise inclusivity and representation in the appointment and election of People’s Assembly members.

    Finally, we note progress on accountability efforts in Syria that pursue justice for victims and survivors, and initiatives for seeking truth for the families of those still awaiting answers.

    We encourage the newly formed National Commissions on Transitional Justice and Missing Persons to work in close partnership with Syrian civil society and the United Nations.
     

    As Ms Khoulani emphasised so eloquently, it is key that efforts are transparent and shaped by the experiences of survivors and families.

    We encourage the Syrian Government to continue to engage positively with UN mechanisms including the Commission of Inquiry, the Independent Institution on Missing Persons, and the International, Impartial and Independent Mechanism, and use their expertise effectively as they lay out the next steps for their own accountability agenda in Syria.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Russia: From neural networks to stock markets: how computer science is being developed at the Nizhny Novgorod HSE

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Established in 2011 International Laboratory of Algorithms and Technologies for Network Structure Analysis (LATASS) HSE University in Nizhny Novgorod conducts a wide range of fundamental and applied research, including joint projects with large companies: Sber, Yandex and other leaders of the IT industry. The methods developed by HSE scientists not only enrich science, but also improve the work of companies’ transport, and conduct medical and genetic research more successfully. HSE.Glavnoe talked about the work of the laboratory with its head, Professor Valery Kalyagin.

    — Tell us how the laboratory was created.

    — It was organized in 2011 under the Russian government mega-grant program. At that time, the work of a foreign scientist was a mandatory condition for participation in the competition. We were lucky that Professor Panagiotis Pardalos of the University of Florida responded to our proposal for cooperation. He continues to actively collaborate with the HSE and remains the scientific director of the laboratory. Oleg Kozyrev, Eduard Babkin and Boris Goldengorin actively participated in the preparation of the application. Boris Goldengorin played an important role in the development of the laboratory.

    At that time, the study of algorithms for analyzing network structures and what is now called computer science was a new direction for HSE in Nizhny Novgorod.

    Three years later, the grant work was highly appreciated by the Ministry of Education and Science of the Russian Federation, and it was extended for two years. When it was ending, we applied to create an international laboratory at the HSE, we were supported, and now we continue our work as a laboratory of the National Research University Higher School of Economics.

    In the first years of our work, we attracted many young researchers who later became renowned scientists and practitioners.

    — What interested them in the new laboratory?

    — They had a unique opportunity to develop, to work with famous scientists in a creative atmosphere. Almost all of them took advantage of it and over the past years have grown as scientists, researchers and teachers. The development strategy from the very beginning was built on the obligatory combination of scientific research and teaching. And now all our research staff teach, this component of the work, the transfer of experience and competencies, is very important for a scientist.

    — What have you managed to accomplish during this time?

    — Over the past years, the laboratory has become a well-known scientific center in Russia and in the world, largely due to the efforts of Professor Pardalos, who pays much attention to recognition. We have many contacts with colleagues from different universities and scientific centers. Our laboratory is a co-organizer of a large international conference on optimization and applications, we participate in its program committee, and our scientific director is a multiple honorary chairman of the program committee.

    We actively cooperate with our leading universities – MIPT, MSU, the Keldysh Institute of Applied Mathematics of the Russian Academy of Sciences, with Siberian and Ural scientific centers in Novosibirsk, Irkutsk and Yekaterinburg.

    — What are the key areas of your work?

    — These are mainly computer sciences: network models, technologies for analyzing network structures, various aspects of optimization, including problems of combinatorial or discrete optimization on graphs, applications to data mining.

    — How can this be explained to a person who is not knowledgeable in higher mathematics?

    — I will try to explain it in an accessible way. A network is a set of nodes and connections between them. The most understandable examples are social and telecommunication networks, where nodes are people or clients of a mobile operator, and connections are communications between them, measured in a certain way. This can be a graph with special attributes or a hypergraph.

    The optimization task is also clear: you have, for example, a social network, and you want to understand which nodes to place information in so that it passes through the network faster, or, on the contrary, which nodes to block so that a fake message stops circulating in the network.

    Another class of tasks that interests employees are large databases, queries for information in them. This is called the “nearest neighbor search problem” in a data array, when you give some query to a large data set and want to find the object in this database that is most similar to your query.

    If the database consists of 10-20 objects, there are no difficulties, but when there are many of them, you need to organize the search correctly and quickly. For this search, a special graph structure is created on this data, and it speeds up the search by an order of magnitude using special algorithms.

    — Is it possible to use your results in biology or medicine?

    — We are investigating a class of network models that includes some biological networks, such as the network of neurons in the brain or the co-expression network of genes.

    There are billions of neurons, and we can’t measure anything in these networks. But with the help of an electroencephalogram, it is possible to track the activity of individual areas of the brain and analyze the connections between them. Interesting network structures are being created that can be used to study brain activity, including in diseases — for example, analyzing neuron networks in Parkinson’s disease and epilepsy, which helps in their research.

    A gene co-expression network (GCN) is constructed based on gene expression profiles for multiple samples or experimental conditions. Researchers look for pairs of genes that show a similar expression pattern across all samples. The result is a network model that can be analyzed for practical purposes, such as identifying the most important nodes in the model. The identified gene cluster means that the gene and its neighbors have similar expression profiles. This can then be used to simplify drug testing.

    — How widely is your work applied in economics?

    — Another well-known network is stock markets. We analyze assets, identify connections between them. Taking them into account, a stock market network is formed. Analysis of stock market networks allows us to form investment portfolios. A classic example is the Markowitz model of the optimal investment portfolio. However, using such models does not mean that you will avoid a risk that can cancel out all potential income.

    Large trading companies, banks, and firms that advise investors want to have a clear model for how to form investment portfolios. They do not strive for super-profits, but want to invest reliably. And then network models turn out to be useful. Additional information about connections helps to identify portfolios with the necessary characteristics.

    – You and your colleagues are probably rich people.

    — We do not trade on the markets and do not give recommendations. Students write final theses on these and other topics and analyze how and which portfolios work on different markets.

    This does not replace analysis, but it is useful for it and opens up additional opportunities for activity in the stock market.

    For example, there is a possibility of choosing a portfolio by constructing a market network graph and identifying independent sets in it. It has been experimentally proven that such sets provide diversified and interesting portfolios in terms of profitability.

    — Do the models you have developed suggest different development scenarios?

    — The laboratory actively studies the uncertainty of algorithms for constructing various graph structures in network models such as gene co-expression networks, brain networks, and stock market networks.

    If uncertainty is high, then conclusions may be false: we hope to get rich, but our expectations do not come true.

    — How does solving fundamental scientific problems combine with applied work?

    — We have a strong group headed by Dmitry Malyshev. In its direction (algorithmic graph theory), the research of this group is closer to theoretical computer science and discrete mathematics. A significant number of postgraduate students and young employees of the laboratory have defended dissertations on these topics. Despite the fundamental theoretical nature of the research, it also has applied significance. Estimates of the computational complexity of problems on graphs help to identify computationally difficult problems and find classes of problems that can be solved quickly.

    In the first years of the laboratory’s work, we developed a direction of intelligent data analysis and AI. It is headed by Andrey Savchenko. He develops the direction of intelligent data analysis in conditions of limited resources, for example, on mobile devices that are less powerful than desktop computers or laptops. For example, we want to classify photos, texts, something else on our smartphone, but we do not have access to a powerful resource. On a smartphone, you cannot deploy a full-fledged neural network. He and his colleagues developed an approach that allows you to effectively solve such problems, and patented it as a result of intellectual activity (RIA). There are already applications that you can download and use.

    — Is this necessary now, when we are promised quantum computers with unlimited capabilities?

    — The head of a research center at a large foreign company recently said that we have returned to the situation of the 1970s, when scientists and practitioners, given the limited capabilities of processors and computer memory, paid special attention to the efficiency of algorithms. Then the speed of processors and the capacity of memory, including RAM, increased sharply, and this lost some of its relevance. Now the problem has returned, since we do not expect a significant improvement in hardware. When you train large language models or search large databases, you return to the need for fast calculations under conditions of limited resources. Now many large manufacturers of computing resources and IT companies are conducting research into the efficient use of existing capabilities. If we reduce calculations on at least one node by 1%, we will get a significant effect. We had a successful project with an IT company on the use of patterns (templates) of the computation graph to speed up the training of neural networks. Such tasks are becoming increasingly popular.

    The emergence of a quantum computer with unlimited capabilities is still not a matter for the very near future.

    — Which companies have used your developments?

    — We developed an algorithm for organizing the delivery of products to stores for a large retail chain. This is called the transport routing problem, it is also network-based and calculates traffic along a road network. The problem has high computational complexity. If you have 100 cars and 1000 stores and you want to optimize traffic, then solving such a problem manually is difficult. It is also not easy for a computer to solve it, but clever algorithms help. This enables AI to manage the logistics of transport use.

    — Is there a problem with the transition of scientists to industrial partners?

    — There is a problem of personnel outflow in IT companies. We start interacting with companies, companies see the qualifications of our personnel, offer them to engage in science and solve interesting problems and attract specialists with better conditions.

    — With which HSE departments does the laboratory collaborate?

    — The closest cooperation has been established with International Center for Analysis and Decision Making and with Laboratory of Applied Network Analysis.

    — How do you see the prospects for research?

    — We focus on a combination of fundamental and applied research so that we have both good theoretical results and publications, as well as joint projects with industry.

    The campus strategy is to expand applied research, and this is a nationwide trend. We must learn to meaningfully answer the question of how our theoretical developments can make a real contribution to the development of the country’s economy and social sphere. We see our prospects in the development of algorithms and technologies for artificial intelligence systems.

    In addition to the purely scientific component, popularization of science is important in order to make theoretical and applied results accessible to schoolchildren, our future students and laboratory staff.

    The laboratory, as one of the leading scientific centers in the field of computer science and applications, is open to new partnership projects of both fundamental and applied nature.

    — What educational programs do you participate in?

    “We are involved in two key programs on campus: “Applied Mathematics and Computer Science» (bachelor’s degree training) and «Intelligent data analysis» (training of masters). The laboratory’s subject matter is actively present in these programs. This is reflected both in teaching and in the students’ scientific work.

    All international laboratories develop research expertise and pass it on to young people. If we do not have contact with students, where will we recruit new young employees?

    I would like to add that our graduates are in demand in many companies and countries.

    — Why is it important to preserve fundamental research?

    — We are now seeing the second birth of mathematics, the development of intelligent data analysis and artificial intelligence technologies has generated tasks that require specialists with developed abstract thinking and a broad outlook, which fundamental mathematics provides. At the same time, many sections of mathematics are in demand. This is a sign of the 21st century.

    For example, we have a huge data set and are trying to understand how it is structured. Often, the high dimensionality of the data is an obstacle to its analysis. To reduce the dimensionality without losing information, we need to have a good understanding of many sections of fundamental mathematics – from classical methods of linear algebra and mathematical analysis to advanced probabilistic models and topology.

    Mathematicians have perked up, people see that they need to expand their field of activity to applied research, this is a characteristic feature of HSE.

    — How do you manage to maintain international connections?

    — We continue contacts with foreign scientists. Since 2012, we have regularly held an annual international conference on network analysis, international schools for young scientists. Almost everyone who came to Nizhny Novgorod continues to communicate, respond to proposals, despite the past pandemic and the current situation. For young scientists, this is an additional opportunity to assess the level of their research, it becomes clearer when in contact with colleagues from abroad. We strive for young people to actively communicate with guests. Students are also interested in this.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Analysis: China’s support for Mali’s military carries risks: researcher outlines what they are

    Source: The Conversation – Africa – By Paa Kwesi Wolseley Prah, Postdoctoral Fellow, Dublin City University

    Mali, a landlocked Sahelian nation of 25 million people, has faced significant instability since 2012, marked by terrorism, state neglect and armed conflicts.

    That year a Tuareg rebellion started in northern Mali and President Amadou Toumani Touré was ousted in a military coup. Constitutional rule was suspended. Rebels in northern Mali went on to seize cities like Timbuktu, Gao and Kidal, declaring an independent Islamic State of Azawad and imposing sharia law.

    They also destroyed cultural heritage sites, including 14 of Timbuktu’s 16 Unesco-listed mausoleums. The crisis prompted international intervention, including a UN authorised mission, which retook northern cities within weeks. Islamist rebels retreated into civilian populations and remote areas.

    Despite these efforts, violence against civilians by extremist groups and community militias has continued. By 2023, 8.8 million Malians needed humanitarian assistance. Over 375,500 were internally displaced, primarily women and children.

    Meanwhile, the former French colony had turned to China for military assistance. Between 2012 and 2013, China provided €5 million (about US$5.8 million) in logistical equipment to improve the Malian army’s mobility.




    Read more:
    China’s interests in Africa are being shaped by the race for renewable energy


    In August 2013, the Chinese People’s Liberation Army gave the Malian army military supplies totalling 1.6 billion CFA francs (about US$2.8 million). China made similar donations between 2014 and 2023.

    I am an international security and global governance researcher. My recent research explored the impact of China’s security sector assistance on Mali’s fragility.

    China’s assistance to Mali aims to equip the country to address terrorism and insurgency. But I argue that it may have unintended consequences and cause further damage to the country.

    The heavy reliance on Chinese supply exposes Mali to vulnerabilities, including supply disruptions, diminished bargaining power, and limited strategic flexibility. This could destabilise security even more should China face manufacturing issues or supply chain disruptions leading to delays or shortages in the production of weapons.

    It also raises concerns about the potential influence of China on Mali’s defence policies and decision-making processes. In turn this could entrench the Malian military government’s position. China takes a hands-off approach to the governance structures of the countries it engages with. Hopes of democratisation in the country could be affected.




    Read more:
    US trade wars with China – and how they play out in Africa


    Rich in resources

    Mali has significant natural resources, including 800 tons of gold reserves (it’s Africa’s fourth-largest producer), iron ore, manganese, lithium, and potential uranium and hydrocarbon deposits.

    In 2019, gold production generated US$734 million, or 9.7% of Mali’s GDP, supporting over 10% of the population.

    Chinese firms, such as Ganfeng Lithium and China National Nuclear Corporation, have invested heavily in Mali’s mining sector. They are involved in a US$130 million lithium project and uranium exploration in the Kidal and Falea regions.

    Despite security risks, including attacks on Chinese personnel in 2015 and 2021, China remains committed due to Mali’s resource potential.

    Beyond mining, China has invested in Mali’s infrastructure. A US$2.7 billion railway modernisation project connects Bamako to Dakar, facilitating resource exports like iron ore and bauxite.

    The total of Mali’s external debt to China is not explicitly stated. But the 2014 loan agreement of US$11 billion and the 2016 loan of US$2.7 billion alone suggest Mali’s debt to China could be at least US$13 billion. This is without including loans for projects like the Bamako-Ségou expressway, and bridges in Bamako.

    This has often been criticised as “debt trap diplomacy”, increasing recipient countries’ dependence on Beijing. In Mali, I believe this risks entrenching economic vulnerability and giving China geopolitical leverage.




    Read more:
    China reaps most of the benefits of its relationship with Africa: what’s behind the imbalance


    China’s security sector assistance to Mali

    Historically, Mali relied on France. More recently, it’s used Russia’s expeditionary corps, formerly known as Wagner Group, for security support.

    In 2011, China provided US$11.4 million in grants, US$8.1 million in zero-interest loans, and a US$100.8 million concessional loan to foster bilateral cooperation.

    China’s participation in the United Nations Multidimensional Integrated Stabilisation Mission in Mali, starting in 2013 with 395 personnel, marked a shift in its security engagement.

    Chinese peacekeepers, including engineers, medical personnel and security guards, repaired infrastructure, provided medical aid and supported Mali’s 2013 elections.

    Their professionalism earned praise from the UN special envoy Albert Gerard Koenders for helping to ensure a smooth election.

    China’s involvement in Mali challenged traditional European approaches to peacekeeping, particularly France’s military-heavy strategy.




    Read more:
    China-Africa relations: new priorities have driven major shifts over the last 24 years – 5 essential reads


    How China’s assistance contributes to Mali’s fragility

    In spite of the positives, China’s security sector assistance contributes to Mali’s fragility in several ways.

    First, its no-strings-attached nature allows Mali’s military junta to consolidate power without making democratic or governance reforms.

    This lack of accountability enables corrupt military factions to operate unchecked. Governance weaknesses and authoritarianism can continue.

    Second, the heavy reliance on Chinese supply raises concerns about the potential influence of China on Mali’s defence decisions.

    This over-reliance on military solutions risks escalating conflicts and could lead to human rights abuses by security forces, as seen in increased violence against civilians. It doesn’t address root causes of conflict like social cohesion or local governance.

    Third, Mali’s growing dependence on Chinese aid — both military and economic — makes it vulnerable to disruptions from geopolitical tensions, supply chain issues, or changes in China’s foreign policy. This limits Mali’s ability to diversify its military capabilities or respond to evolving threats.

    Finally, China’s infrastructure investments, such as the US$1.48 billion (750 billion CFA francs) Bamako-Dakar railway loan, creates “debt trap diplomacy”.

    This pattern deepens economic dependence and reduces policy autonomy, further weakening state resilience.




    Read more:
    Maps showing China’s growing influence in Africa distort reality – but some risks are real


    The way forward

    To mitigate the risks of Chinese security sector assistance and promote sustainable stability, Mali must adopt a multifaceted strategy.

    First, it should collaborate with China to align security sector assistance with civilian-led security approaches.

    Second, Mali should diversify security and economic partnerships with donors like the US, the UK, and the EU.

    Third, transparent guidelines, developed through consultation with stakeholders, should assess the impacts of assistance to avoid deepening dependence.

    Fourth, engaging civil society and publishing regular reports on security sector assistance use and outcomes will foster public trust.

    Finally, promoting regional economic integration and ties with global powers will bolster Mali’s economic resilience.

    Paa Kwesi Wolseley Prah 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. China’s support for Mali’s military carries risks: researcher outlines what they are – https://theconversation.com/chinas-support-for-malis-military-carries-risks-researcher-outlines-what-they-are-257738

    MIL OSI Analysis

  • MIL-OSI Security: 2025 World Elder Abuse Awareness Day Announcement

    Source: Office of United States Attorneys

    BILLINGS — In recognition of World Elder Abuse Awareness Day, the U.S. Department of Justice (DOJ) announced yesterday that it has reinvigorated efforts to protect American seniors from transnational schemes that cost seniors billions of dollars, often stealing their life savings. In the past few weeks alone, DOJ prosecutors have arrested and filed cases against foreign fraudsters and domestic actors who have knowingly facilitated foreign-based crimes.

    “Our office will continue to vigorously prosecute those who would exploit our elderly friends, neighbors, and family members. We appreciate the efforts of our federal, state, local, and tribal partners to identify elder abuse in all its forms, physical, psychological, and financial.  But we also need everyone’s help by checking on older adults, especially those with few family members close by, and watching for signs and abuse or unusual financial transactions.  U.S. Attorney Alme said.

    See the U.S. Attorney’s Office Public Service Announcement on Elder Fraud: https://www.justice.gov/usao-mt/video/district-montana-elder-fraud-psa-60-seconds.

    The DOJ is highlighting a number of recent prosecutions, including one here in Montana, to protect American seniors. These include cases against those who engage in, and knowingly facilitate, romance fraud, lottery fraud, tech support fraud, and grandparent scams. Romance fraud is a confidence scheme where a perpetrator feigns romantic interest with a victim only to later extract money or property under false pretenses. Lottery fraud schemes trick victims into believing they have won a non-existent lottery or sweepstakes prize in order to extract fake fees, taxes, or other fabricated charges from the victim. Tech support fraud scams involve perpetrators tricking victims into believing that their computer or phone has a problem, often through fake pop-up messages, and to later seek funds from the victims in order to “fix” the “problem.” Grandparent scams, another type of confidence scheme, involve scammers impersonating a grandchild or close family member who experiences a fictitious emergency and needs money from the victim as soon as possible.

    Recently in Montana, an FBI and Missoula County Sheriff’s Office investigation resulted in the arrested a man allegedly involved in an India-based scheme that claimed to be U.S. Marshals targeting the elderly and resulted in the theft of over $1 million from an elderly victim. https://www.justice.gov/usao-mt/pr/india-based-amazon-scam-leads-almost-1-million-dollar-loss-elderly-victim-missoula

    Recovering Victim Loss

    Victims face many challenges in financially recovering from fraud schemes—and that is even more true for elderly victims. Many retired seniors are no longer earning income and cannot count on market appreciation to grow their retirement savings. Perpetrators may have already spent or forwarded victim funds beyond the reach of United States law enforcement. Victims may not have the resources to pursue legal action or hire legal representation. These, and other reasons, make it critically important that the DOJ work hard to achieve substantial victim restitution in cases we investigate and prosecute.

    National Elder Fraud Hotline 2025 WEAAD Campaign

    The National Elder Fraud Hotline is a free, national resource for older adults and their loved ones experiencing financial fraud. Supported by the DOJ Office for Victims of Crime, the National Elder Fraud Hotline is staffed by professionals who have experience working with older adults. Staff are continuously updated on the latest scams, are trained to make referrals and warm hand-offs for resources and services in the older adult’s local area and can assist older adults in placing a report with the FBI’s Internet Crime Complaint Center (IC3), a report which has the potential to freeze funds (although freezing funds cannot be guaranteed).

    The DOJ urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This DOJ hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the DOJ’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The DOJ provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    The DOJ notes that for all cases discussed above, facts included in a Complaint, Information, or Indictment are only allegations, and all defendants are innocent until proven guilty by evidence beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Former Hoboken Director of Health and Human Services Sentenced to 24 Months in Prison for Embezzlement, Filing False Tax Return

    Source: Office of United States Attorneys

    NEWARK, N.J. – Pantaleo “Leo” Pellegrini, the former Hoboken Director of Health and Human Services and Director of the Department of Environmental Services, was sentenced to 24 months in prison for embezzling money from the City of Hoboken and filing a false tax return, U.S. Attorney Alina Habba announced

    Pellegrini previously pleaded guilty to embezzlement and filing a false tax return before U.S. District Judge Michael E. Farbiarz in Newark federal court.

    According to documents filed in this case and statements made in court:

    While working for the City of Hoboken, Pellegrini embezzled money from the City of Hoboken by diverting approximately $223,500 in payments intended for the City of Hoboken to bank accounts he controlled. Pellegrini also embezzled money from the City of Hoboken by submitting approximately $234,432.60 in his personal expenses, which the City of Hoboken unknowingly paid. Additionally, Pellegrini did not report the embezzled money on his personal tax returns, and thereby made and subscribed a false personal tax return and avoided approximately $119,972.60 in taxes due.

    Pellegrini’s oversight responsibilities related to certain public recreational facilities, including soccer fields that could be reserved by both Hoboken and non-Hoboken residents for a fee paid to the City of Hoboken.  Through this arrangement, the City of Hoboken Department of Parks, Recreation & Public Works sponsored a non-profit recreation soccer league open to Hoboken youth (the “Youth Soccer League”), which was funded by the City of Hoboken and participant fees.  Also during the charged time period, an adult soccer league open to Hoboken and non-Hoboken residents (the “Adult Soccer League”) was in operation, which was funded from participant fees.

    Pellegrini developed a scheme to divert the Adult Soccer League’s participant fee payments intended for the City of Hoboken to a business account on which he was a signatory which was registered to a soccer-related entity linked to him.

    During the relevant time period, Pellegrini was also the Owner and President of a private travel soccer club.  Pellegrini also submitted or caused the submission to the City of Hoboken invoices associated with his private soccer club, which Pellegrini falsely or fraudulently represented to the City of Hoboken as invoices eligible for reimbursement by the City of Hoboken.  As a result, the City of Hoboken—at Pellegrini’s direction—unknowingly paid tens of thousands of dollars to the Pellegrini’s private soccer club vendors for its expenses, and also unknowingly paid tens of thousands of dollars directly to Pellegrini through his private soccer club.

    Pellegrini used the embezzled funds on personal expenses including meals, entertainment, and gambling, allowing him to live far beyond his means.  Moreover, Pellegrini intentionally did not disclose and report the income from the above-described embezzlement scheme, thereby causing his tax returns to understate a substantial amount of the income he received.

    In addition to the prison term, Judge Farbiarz ordered restitution of $439,972.60 to the City of Hoboken, restitution of $119,464 to the Internal Revenue Service, and forfeiture of $439,972.60.  Judge Farbiarz also ordered a term of supervised release.

    U.S. Attorney Habba credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation leading to the sentencing.

    The government is represented by Assistant U.S. Attorneys Mark J. McCarren and Matthew Specht of the Special Prosecutions Division.

                                                                           ###

    Defense Counsel:

    John D. Lynch, Esq., Union City, NJ 

    MIL Security OSI

  • MIL-OSI Security: Nuclear Techniques Make Waves at UN Ocean Conference

    Source: International Atomic Energy Agency – IAEA

    IAEA Director General Rafael Grossi during the high-level event on combatting marine pollution at the United Nations Conference in Nice, France  (Photo: E. McDonald/IAEA)

    The IAEA highlighted the role of nuclear science in protecting our oceans at the 2025 United Nations Oceans Conference held last week in Nice, France.

    Co-hosted by France and Costa Rica, the conference convened over 10,000 participants, including scientists, diplomats and politicians, to address the triple planetary crisis of climate change, biodiversity loss and pollution. It aimed to accelerate progress towards SDG14, Life Below Water, through innovative technologies and action. The IAEA took center stage at the event to share how nuclear technology is boosting ocean health and tackling critical threats such as marine plastic pollution.

    The IAEA organized and participated in more than a dozen events at the conference, and on research vessels in the Port of Nice. Experts from the IAEA’s Marine Environment Laboratories in Monaco highlighted how isotopic tools can help monitor and reduce plastic pollution in the ocean.

    Plastic waste is not only infiltrating our oceans, but also the human body in the form of microplastics. Without urgent action, the amount of plastic entering the ocean each year could reach 37 million metric tons by 2040, according to UN estimates, becoming a threat to marine and human life.

    Plastic pollution featured prominently throughout the conference, with a focus on the ongoing negotiations for the development of an internationally legally binding instrument to end plastic pollution, including in the marine environment. The negotiations for the United Nations Environment Programme (UNEP)-led treaty are expected to conclude later this year in Geneva, following five previous sessions.

    At the conference, IAEA Director General Rafael Grossi spoke about the IAEA’s work to combat plastic pollution and emphasized the need to share data data between scientists, policymakers and environmental agencies.

    “Four years ago, at the last UN Ocean Conference, I announced NUTEC Plastics, an initiative that gives countries the tools they need to address the issue of marine microplastic pollution. Today, I am delighted to report that we have made significant progress with 99 countries involved, and we have been equipping more than 100 Member State laboratories all over the world. We are building the capacity that countries need to translate data into policies and action.”

    NUTEC Plastics is an IAEA flagship initiative that supports countries in researching microplastics and using nuclear techniques to improve recycling techniques.

    Director of the IAEA Marine Environment Laboratories Florence Descroix-Comanducci (left), highlighted the work of the IAEA’s Marine environment laboratories at the 2025 UN Ocean Conference in France (Photo: E.McDonald/IAEA)

    “Nuclear and isotopic techniques add incredible value to boost ocean health,” said Florence Descroix-Comanducci, Director of the IAEA Marine Environment Laboratories. “Our laboratories in Monaco support Member States in the implementation and use of these techniques, and to develop harmonized methods to generate globally comparable data, especially in light of the forthcoming plastics treaty.”

    At events organized by the IAEA, panelists highlighted the need to address the top of the plastic life cycle to prevent further pollution, employing a “source to sea approach” to reduce marine litter and, by extension, marine plastic pollution. “Our metrics on marine litter are moving in the right direction,” said Martin Adams, Head of the Environment Department at the European Environment Agency. “Timely and relevant data are increasingly important, but we don’t need to know everything. We just need to know enough to act.” Other events organized by the IAEA focused on ocean-based carbon dioxide removal, ocean acidification, IAEA support for Small Island Developing States (SIDS), and nuclear energy and ocean health.

    The IAEA’s unique expertise in nuclear applications is contributing to both mitigations, by using radiation technology for waste recycling, and monitoring, by using isotopic techniques to monitor and assess impacts of microplastic pollution. Through the NUTEC Plastics initiative, 99 countries are participating in marine monitoring of microplastics, and 52 around the world are developing innovative recycling technology.

    The International High-Level Forum on NUTEC Plastics, organized by the IAEA on 25–26 November 2025, in Manila, Philippines, will highlight the progress achieved to date, address current challenges, and chart course to strengthen regional and international cooperation in the sustainable management of plastic waste through innovative nuclear technologies.

    MIL Security OSI

  • MIL-OSI Africa: China’s support for Mali’s military carries risks: researcher outlines what they are

    Source: The Conversation – Africa – By Paa Kwesi Wolseley Prah, Postdoctoral Fellow, Dublin City University

    Mali, a landlocked Sahelian nation of 25 million people, has faced significant instability since 2012, marked by terrorism, state neglect and armed conflicts.

    That year a Tuareg rebellion started in northern Mali and President Amadou Toumani Touré was ousted in a military coup. Constitutional rule was suspended. Rebels in northern Mali went on to seize cities like Timbuktu, Gao and Kidal, declaring an independent Islamic State of Azawad and imposing sharia law.

    They also destroyed cultural heritage sites, including 14 of Timbuktu’s 16 Unesco-listed mausoleums. The crisis prompted international intervention, including a UN authorised mission, which retook northern cities within weeks. Islamist rebels retreated into civilian populations and remote areas.

    Despite these efforts, violence against civilians by extremist groups and community militias has continued. By 2023, 8.8 million Malians needed humanitarian assistance. Over 375,500 were internally displaced, primarily women and children.

    Meanwhile, the former French colony had turned to China for military assistance. Between 2012 and 2013, China provided €5 million (about US$5.8 million) in logistical equipment to improve the Malian army’s mobility.


    Read more: China’s interests in Africa are being shaped by the race for renewable energy


    In August 2013, the Chinese People’s Liberation Army gave the Malian army military supplies totalling 1.6 billion CFA francs (about US$2.8 million). China made similar donations between 2014 and 2023.

    I am an international security and global governance researcher. My recent research explored the impact of China’s security sector assistance on Mali’s fragility.

    China’s assistance to Mali aims to equip the country to address terrorism and insurgency. But I argue that it may have unintended consequences and cause further damage to the country.

    The heavy reliance on Chinese supply exposes Mali to vulnerabilities, including supply disruptions, diminished bargaining power, and limited strategic flexibility. This could destabilise security even more should China face manufacturing issues or supply chain disruptions leading to delays or shortages in the production of weapons.

    It also raises concerns about the potential influence of China on Mali’s defence policies and decision-making processes. In turn this could entrench the Malian military government’s position. China takes a hands-off approach to the governance structures of the countries it engages with. Hopes of democratisation in the country could be affected.


    Read more: US trade wars with China – and how they play out in Africa


    Rich in resources

    Mali has significant natural resources, including 800 tons of gold reserves (it’s Africa’s fourth-largest producer), iron ore, manganese, lithium, and potential uranium and hydrocarbon deposits.

    In 2019, gold production generated US$734 million, or 9.7% of Mali’s GDP, supporting over 10% of the population.

    Chinese firms, such as Ganfeng Lithium and China National Nuclear Corporation, have invested heavily in Mali’s mining sector. They are involved in a US$130 million lithium project and uranium exploration in the Kidal and Falea regions.

    Despite security risks, including attacks on Chinese personnel in 2015 and 2021, China remains committed due to Mali’s resource potential.

    Beyond mining, China has invested in Mali’s infrastructure. A US$2.7 billion railway modernisation project connects Bamako to Dakar, facilitating resource exports like iron ore and bauxite.

    The total of Mali’s external debt to China is not explicitly stated. But the 2014 loan agreement of US$11 billion and the 2016 loan of US$2.7 billion alone suggest Mali’s debt to China could be at least US$13 billion. This is without including loans for projects like the Bamako-Ségou expressway, and bridges in Bamako.

    This has often been criticised as “debt trap diplomacy”, increasing recipient countries’ dependence on Beijing. In Mali, I believe this risks entrenching economic vulnerability and giving China geopolitical leverage.


    Read more: China reaps most of the benefits of its relationship with Africa: what’s behind the imbalance


    China’s security sector assistance to Mali

    Historically, Mali relied on France. More recently, it’s used Russia’s expeditionary corps, formerly known as Wagner Group, for security support.

    In 2011, China provided US$11.4 million in grants, US$8.1 million in zero-interest loans, and a US$100.8 million concessional loan to foster bilateral cooperation.

    China’s participation in the United Nations Multidimensional Integrated Stabilisation Mission in Mali, starting in 2013 with 395 personnel, marked a shift in its security engagement.

    Chinese peacekeepers, including engineers, medical personnel and security guards, repaired infrastructure, provided medical aid and supported Mali’s 2013 elections.

    Their professionalism earned praise from the UN special envoy Albert Gerard Koenders for helping to ensure a smooth election.

    China’s involvement in Mali challenged traditional European approaches to peacekeeping, particularly France’s military-heavy strategy.


    Read more: China-Africa relations: new priorities have driven major shifts over the last 24 years – 5 essential reads


    How China’s assistance contributes to Mali’s fragility

    In spite of the positives, China’s security sector assistance contributes to Mali’s fragility in several ways.

    First, its no-strings-attached nature allows Mali’s military junta to consolidate power without making democratic or governance reforms.

    This lack of accountability enables corrupt military factions to operate unchecked. Governance weaknesses and authoritarianism can continue.

    Second, the heavy reliance on Chinese supply raises concerns about the potential influence of China on Mali’s defence decisions.

    This over-reliance on military solutions risks escalating conflicts and could lead to human rights abuses by security forces, as seen in increased violence against civilians. It doesn’t address root causes of conflict like social cohesion or local governance.

    Third, Mali’s growing dependence on Chinese aid — both military and economic — makes it vulnerable to disruptions from geopolitical tensions, supply chain issues, or changes in China’s foreign policy. This limits Mali’s ability to diversify its military capabilities or respond to evolving threats.

    Finally, China’s infrastructure investments, such as the US$1.48 billion (750 billion CFA francs) Bamako-Dakar railway loan, creates “debt trap diplomacy”.

    This pattern deepens economic dependence and reduces policy autonomy, further weakening state resilience.


    Read more: Maps showing China’s growing influence in Africa distort reality – but some risks are real


    The way forward

    To mitigate the risks of Chinese security sector assistance and promote sustainable stability, Mali must adopt a multifaceted strategy.

    First, it should collaborate with China to align security sector assistance with civilian-led security approaches.

    Second, Mali should diversify security and economic partnerships with donors like the US, the UK, and the EU.

    Third, transparent guidelines, developed through consultation with stakeholders, should assess the impacts of assistance to avoid deepening dependence.

    Fourth, engaging civil society and publishing regular reports on security sector assistance use and outcomes will foster public trust.

    Finally, promoting regional economic integration and ties with global powers will bolster Mali’s economic resilience.

    – China’s support for Mali’s military carries risks: researcher outlines what they are
    – https://theconversation.com/chinas-support-for-malis-military-carries-risks-researcher-outlines-what-they-are-257738

    MIL OSI Africa

  • MIL-OSI USA: Ernst Lays Out Six “Big Beautiful” Options to Save Tens of Billions

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senate DOGE Caucus Chair Joni Ernst (R-Iowa) rolled out six proposals for the One Big Beautiful Bill based on her decade of work to make Washington Squeal, reduce reckless spending, and save taxpayers’ money.
    Ernst’s proposals would save tens of billions of dollars by eliminating bogus payments, snapping back SNAP overpayments, ending unemployment for millionaires, defunding welfare for politicians, stopping subsidies for union bosses, and selling vacant buildings.
    Here is some of the coverage of the proposals:
    Fox News | Republican senators roll out DOGE budget proposals for Trump’s ‘big, beautiful bill’
    “While a $9.4 billion rescissions package, a formal request from the executive branch to codify its DOGE cuts, is in the works, proponents of the Senate DOGE package say their total estimated savings would accentuate that and also surpass it in value.”
    National Review |Ernst Pushes Plan to End Food Stamp Overpayments to Cut Spending in ‘Big, Beautiful’ Bill
    “Senator Joni Ernst (R., Iowa) is rolling out a series of measures to cut spending in the GOP’s ‘big, beautiful,’ bill including a proposal for ending mismanagement in the Supplemental Nutrition Assistance Program, commonly known as food stamps.”
    New York Post | Sen. Joni Ernst pushes to ban taxpayer-funded union time in One Big Beautiful Bill Act
    “Sen. Joni Ernst wants to tweak the House-passed One Big Beautiful Bill Act to eliminate the longstanding practice of taxpayer-funded union time. Approximately $160 million of your money went toward fed workers’ union time as of 2019, the last time such data was available, and Ernst (R-Iowa) has been on a quest for more recent information.”
    Breitbart | Sen. Joni Ernst Aims to Stop Fraudulent Payments as Pay-For in Big Beautiful Bill
    “The Hawkeye State senator, as the chair of the Small Business Committee, aims to have her bill, the Delivering on Government Efficiency (DOGE) in Spending Act, as a pay-for in Trump’s marquee bill to stop fraudulent and improper federal payments. The legislation could have a significant effect, as more than $160 billion in improper payments occurred in fiscal year 2024.”
    The six proposals are:
    Saving billions in bogus payments
    Snapping back overpayments
    Ernst’s Snap Back Inaccurate SNAP Payments Act strengthens the integrity of the important Supplemental Nutrition Assistance Program (SNAP) by identifying all errors, clawing back overpayments, and holding states with high payment inaccuracies accountable.
    In 2023, there were approximately $10.73 billion in overpayments. However, the true cost is unknown because errors totaling $56 or less are excluded.
    Ending unemployment for millionaires
    Eliminating welfare for politicians
    The ELECT Act eliminates the Presidential Election Campaign Fund, which utilizes tax dollars to fund presidential campaigns.
    This fund has been dipped into previously to reduce spending. Last year, $320 million was allocated to Secret Service and $25 million was given to the Department of Justice.
    Ending the absurd practice of taxpayer-funded union time
    Ernst’s Protecting Taxpayers’ Wallet Act ends the absurd policy of taxpayer-funded union time which allows federal employees to engage in union activities when they are supposed to be serving the American people.
    It cost taxpayers at least $160 million per year according to the most recent report from 2019.
    Selling vacant buildings
    Ernst has exposed how it costs billions every year to maintain thousands of vacant government buildings and empty offices.
    Selling just a handful of these buildings would generate hundreds of millions of dollars.

    MIL OSI USA News

  • MIL-OSI: Annual Report and Financial Statements for the year ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    17 June 2025

    Northern Venture Trust PLC
    Annual Report and Financial Statements for the year ended 31 March 2025

    Northern Venture Trust PLC is a Venture Capital Trust (VCT) advised by Mercia Fund Management Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.

    Financial highlights (comparative figures as at 31 March 2024):

      Year ended
    31 March
    2025
    Year ended
    31 March
    2024
    Net assets £121.3m £114.8m
    Net asset value per share 61.5p 60.3p
    Return per share    
    Revenue 0.4p 0.6p
    Capital 3.8p 1.2p
    Total 4.2p 1.8p
    Dividend per share declared in respect of the period    
    Interim dividend 1.6p 1.6p
    Proposed final dividend 1.5p 1.6p
    Total 3.1p 3.2p
    Return to shareholders since launch    
    Net asset value per share 61.5p 60.3p
    Cumulative dividends paid per share  ^* 195.3p 192.1p
    Cumulative return per share^ 256.8p 252.4p
    Mid-market share price at end of period 57.0p 57.5p
    Share price discount to net asset value 7.3% 4.6%
    Annualised tax-free dividend yield  ^** 5.1% 5.2%

    *        Excluding proposed final dividend payable on 5 September 2025.

    **        Based on net asset value per share at the start of the period.
    ^ Definitions of the terms and alternative performance measures used in this report can be found in the glossary of terms in the annual report.

    Chair’s statement

    Overview
    Over the past 12 months, the UK economy has displayed resilience, with inflation easing and interest rates falling, albeit at slower rates than initially forecasted. Uncertainties posed by geopolitical events and conflicts continue to cause volatility in the financial markets, and notably increased following the end of the financial reporting period.

    It is pleasing to note that the valuation of our unquoted portfolio has increased during the past year. Investment activity remained consistent with the two previous financial years, with £14.3 million invested in six new and 11 existing portfolio companies.

    Despite the macroeconomic environment, our share offer of £15 million was oversubscribed and I would like to thank existing shareholders for their continued support and warmly welcome new investors. Proceeds from the share offer, together with sales proceeds from investments, mean that the Company is well positioned both to pursue new opportunities to support small and medium businesses and to work with existing portfolio companies to realise their growth plans.

    Results and dividend
    In the year ended 31 March 2025 the Company delivered a return on ordinary activities of 4.2 pence per share (year ended 31 March 2024: 1.8 pence), representing a total return of 7.0% on the opening net asset value (NAV) per share. The NAV per share as at 31 March 2025, after deducting dividends paid during the year of 3.2 pence, was 61.5 pence, compared with 60.3 pence at 31 March 2024. The strong result for the year generated a performance fee to our Adviser of £399,000 (year ended 31 March 2024: £nil).

    There were six exits in the year, the most notable being Gentronix, sold for net proceeds of £6.1 million compared to an original cost of £1.4 million, a 4.5 times lifetime return.

    Investment income was higher than the prior period at £2.6 million (year ended 31 March 2024: £2.2 million), which included £0.8 million interest income on realised investments.

    In 2018 we revised our dividend policy in the light of the new VCT rules for investment introduced in 2015 and 2017, which we expected to result in more volatile returns. We introduced an annualised target dividend yield of 5% of opening NAV, which has been exceeded in every period since. Having already declared an interim dividend of 1.6 pence per share which was paid in January 2025, your Directors now propose a final dividend of 1.5 pence per share. The total of 3.1 pence per share is equivalent to 5.1% of the opening net asset value per share of 60.3 pence. The final dividend, if approved, will be paid on 5 September 2025 to shareholders on the register on 8 August 2025.

    Our dividend investment scheme, under which dividends can be re-invested in new ordinary shares free of dealing costs and with the benefit of the tax reliefs available on new VCT share subscriptions, continues to operate with around 16% participation during the year. Instructions on how to join the scheme are included within the dividend section of our website, which can be found here: mercia.co.uk/vcts/nvt/.

    Investment portfolio
    Investment activity has remained strong, with £8.9 million of capital provided to six new venture capital investments and £5.4 million of follow-on capital invested into the existing portfolio. We also made progress in realising the Company’s mature portfolio acquired under the previous VCT rules with the remaining such investments now totalling £9.4 million (31 March 2024: £16.0 million).

    The value of the portfolio increased by £5.6 million (2.8 pence per share) in the year, with several portfolio companies enjoying significant growth: Pure Pet Food and Project Glow Topco (t/a The Beauty Tech Group) both increased in value by over £3 million. Against this there were some significant write-downs in the investments in Adludio and Newcells Biotech.

    Share offers and liquidity
    In April 2024 shares related to the second allotment of the 2023/24 share offer, totalling £20 million, were issued. This allotment saw the issuance of 12,234,307 new ordinary shares, yielding gross subscriptions of £7.8 million.

    As a result of the public share offer launched in January 2025, 24,216,029 new ordinary shares were issued in April 2025, yielding gross proceeds of £15 million.

    The Board continues to monitor liquidity carefully and plans to raise up to £20 million of new capital in the 2025/26 tax year. Further details will be provided in due course.

    Share buy-backs
    We have maintained our policy of being willing to buy back the Company’s shares in the market when necessary, in order to maintain liquidity, at a 5% discount to NAV. During the year ended 31 March 2025 a total of 7,272,999 (year ended 31 March 2024: 5,263,205) shares were repurchased by the Company for cancellation at an average price of 56.6 pence (year ended 31 March 2024: 58.0 pence), representing 3.8% (year ended 31 March 2024: 3.2%) of the opening issued share capital.

    Responsible investment
    The Company is mindful of its Environmental, Social and Governance (ESG) responsibilities and we have outlined our evolving approach in the annual report.

    VCT legislation and qualifying status
    We have continued to meet the stringent and complex qualifying conditions laid down by HM Revenue & Customs for maintaining our approval as a VCT. The Investment Adviser monitors the position closely and reports regularly to the Board. Philip Hare & Associates LLP has continued to act as independent adviser to the Company on VCT taxation matters.

    In September 2024 we were pleased that the extension of the VCT Sunset Clause until 2035 was confirmed. The ‘Sunset Clause’ is a European state aid requirement which, without extension, would have removed the VCT tax reliefs that investors receive on newly issued VCT shares.

    Whilst no further amendments to VCT legislation have been announced, it is possible that further changes will be made in the future. We will continue to work closely with the Investment Adviser to maintain compliance with the scheme rules at all times.

    Investor communications
    The Board is conscious of its responsibility to communicate transparently and regularly with shareholders. Aside from the recent newsletter, we look forward to welcoming shareholders to our AGM and to our forthcoming investor seminar to be held on 7 October 2025 in London. A copy of the recent newsletter and details of how to register for the October seminar can be found on the Company’s website at www.mercia.co.uk/vcts/nvt/.

    Audit tender process
    Following a formal and rigorous audit tender process, the Board has resolved that it intends to recommend Johnston Carmichael LLP for appointment as the Company’s auditor for the financial year ending 31 March 2026 onwards, subject to shareholder approval at the AGM in 2025. Forvis Mazars will remain the Company’s auditor until the AGM in 2025. The Board would like to thank Forvis Mazars LLP for their diligent service over the past five years.

    Annual General Meeting
    The Company’s AGM will be held at 12:30pm on 5 August 2025. The AGM provides an excellent opportunity for shareholders, the Directors and the Investment Adviser to meet in person, exchange views and comment. We will hold the AGM in person at Fora, 210 Euston Road, London, NW1 2DA. We also intend to offer remote access for shareholders through an online webinar facility for those who would prefer not to travel. Full details and formal notice of the AGM are set out in a separate document. Please note that shareholders attending remotely must register their votes ahead of time, as it will not be possible to count votes from online participants at the AGM.

    Board succession
    John E Milad joined the Board on 21 August 2024. John brings over 25 years’ experience as an executive leader, board member, venture capital investor and investment banker focused on the life sciences and medical technology sectors. He is currently the CEO of ERS Genomics, a licenser of the Nobel Prize-winning CRISPR / Cas9 gene editing technology.

    Further biographical details for all the Directors can be found in the annual report.

    We will mark the retirement from the Board of David Mayes at the AGM. David was appointed in November 2014. Over the past decade, he has served the Company and its shareholders with dedication and commitment. On behalf of the Board and our shareholders, I would like to thank David for his valuable contributions and steadfast support to the Company during his tenure.

    Performance Fee
    I am pleased to report that the Company’s performance over the past financial year has met the threshold required to trigger the payment of a performance fee of £399,000 to the Investment Adviser. This outcome reflects a year of strong execution and value creation within the portfolio, and I would like to extend the Board’s thanks to the Adviser’s team for delivering results that warrant this reward.

    The performance fee has been calculated in line with the revised fee structure agreed with shareholders in 2023. Under this framework, which was designed to provide stronger alignment with long-term shareholder value creation, the performance fee payable is broadly comparable to the level that would have been paid under the legacy arrangement. The performance fee is intended to reward the Adviser for delivering sustained solid performance over time. In addition to the performance fee, the Company’s co-investment scheme continues to play a vital role in aligning the interests of the Adviser’s team with those of our shareholders. Together, these mechanisms provide a well-structured incentive framework that encourages long-term thinking and disciplined capital deployment in the interests of all shareholders.

    Outlook
    We are cautiously optimistic of the UK’s growth prospects, while remaining aware of and vigilant to the volatility generated from both domestic and global sources. We remain positive about the resilience, diversity and growth potential of the portfolio and its ability to generate long term shareholder value.

    Deborah Hudson
    Chair
    17 June 2025

    Income statement
    for the year ended 31 March 2025

        Year ended 31 March 2025   Year ended 31 March 2024
    Revenue
    £000
    Capital
    £000
    Total
    £000
      Revenue
    £000
    Capital
    £000
    Total
    £000
    Gain / (loss) on disposal of investments       3,555 3,575   1,203 1,203
    Unrealised fair value gains / (losses) on investments       5,603 5,603   2,499 2,499
            9,158 9,158   3,702 3,702
                         
    Dividend and interest income       2,594 2,594   2,220 2,220
    Investment management fee       (568) (2,103) (2,671)   (516) (1,549) (2,065)
    Other expenses       (600) (600)   (641) (641)
                         
    Return before tax       1,426 7,055 8,481   1,063 2,153 3,216
    Tax on return       (592) 592   79 (79)
                         
    Return after tax       834 7,647 8,481   1,142 2,074 3,216
                         
    Return per share       0.4p 3.8p 4.2p   0.6p 1.2p 1.8p

    Balance sheet
    as at 31 March 2025

        31 March
    2025
    £000
      31 March
    2024
    £000
    Fixed assets            
    Investments       93,537   82,574
                 
    Current assets            
    Debtors       2,895   951
    Cash and cash equivalents       25,439   31,497
            28,334   32,448
                 
    Creditors (amounts falling due within one year)       (620)   (191)
    Net current assets       27,714   32,257
    Net assets       121,251   114,831
                 
    Capital and reserves            
    Called-up equity share capital       49,302   47,615
    Share premium       35,348   30,418
    Capital redemption reserve       8,476   6,658
    Capital reserve       20,451   28,099
    Revaluation reserve       6,779   882
    Revenue reserve       895   1,159
    Total equity shareholders’ funds       121,251   114,831
    Net asset value per share       61.5p   60.3p

    Statement of changes in equity
    for the year ended 31 March 2025

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000
    Share premium
    £000
    Capital redemption
    reserve
    £000
    Revaluation reserve*
    £000
      Capital
    reserve
    £000
    Revenue
    reserve
    £000
      Total
    £000
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831
    Return after tax       5,897   1,750 834   8,481
    Dividends paid         (5,282) (1,098)   (6,380)
    Net proceeds of share issues       3,505 4,930     8,435
    Shares purchased for cancellation       (1,818) 1,818   (4,116)   (4,116)
    At 31 March 2025       49,302 35,348 8,476 6,779   20,451 895   121,251

    for the year ended 31 March 2024

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000
    Share premium
    £000
    Capital redemption
    reserve
    £000
    Revaluation reserve*
    £000
      Capital
    reserve
    £000
    Revenue
    reserve
    £000
      Total
    £000
    At 31 March 2023       41,230 19,394 5,342 1,698   34,433 400   102,497
    Return after tax       (816)   2,890 1,142   3,216
    Dividends paid         (6,156) (383)   (6,539)
    Net proceeds of share issues       7,701 11,024     18,725
    Shares purchased for cancellation       (1,316) 1,316   (3,068)   (3,068)
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831

    Statement of cash flows
    for the year ended 31 March 2025

          Year ended
    31 March
    2025
    £000
      Year ended
    31 March
    2024
    £000
    Cash flows from operating activities              
    Return before tax         8,481   3,216
    Adjustments for:              
    (Gain) / loss on disposal of investments         (3,555)   (1,203)
    Movements in fair value of investments         (5,603)   (2,499)
    (Increase) / decrease in debtors         58   (103)
    Increase / (decrease) in creditors         429   8
    Net cash inflow / (outflow) from operating activities         (190)   (581)
                   
    Cash flows from investing activities              
    Purchase of investments         (14,258)   (15,351)
    Proceeds on disposal of investments         10,451   24,310
    Net cash inflow / (outflow) from investing activities         (3,807)   8,959
    Cash flows from financing activities              
    Issue of ordinary shares         8,801   19,353
    Share issue expenses         (366)   (628)
    Purchase of ordinary shares for cancellation         (4,116)   (3,068)
    Equity dividends paid         (6,380)   (6,539)
    Net cash inflow / (outflow) from financing activities         (2,061)   9,118
    Increase / (decrease) in cash and cash equivalents         (6,058)   17,496
    Cash and cash equivalents at beginning of year         31,497   14,001
    Cash and cash equivalents at end of year         25,439   31,497

    Investment portfolio
    31 March 2025

    Fifteen largest venture capital investments

    Cost
    £000
    Valuation
    £000
    Like for like valuation
    increase / (decrease)
    over year**
    £000
    % of net assets
    by value
     
    1 Project Glow Topco (t/a The Beauty Tech Group) 1,686 7,323 3,766 6.0%  
    2 Pure Pet Food 1,675 6,205 3,301 5.1%  
    3 Rockar 1,877 3,559 393 2.9%  
    4 Pimberly 2,060 3,520 41 2.9%  
    5 Tutora (t/a Tutorful) 3,305 3,305 2.7%  
    6 Forensic Analytics 2,717 2,717 2.2%  
    7 Netacea 2,631 2,631 2.2%  
    8 Biological Preparations Group 2,366 2,620 445 2.2%  
    9 Ridge Pharma 1,497 2,527 359 2.1%  
    10 Enate 1,516 2,176 659 1.8%  
    11 LMC Software 1,950 2,156 207 1.8%  
    12 Broker Insights 2,076 2,152 68 1.8%  
    13 Turbine Simulated Cell Technologies 1,863 2,074 22 1.7%  
    14 Clarilis 1,972 1,972 1.6%  
    15 Semble 1,951 1,951 1.6%  
    Other venture capital investments          
    16 Naitive Technologies 1,836 1,938 104 1.6%  
    17 Napo 1,933 1,933 1.6%  
    18 Risk Ledger 1,412 1,911 500 1.6%  
    19 Social Value Portal 1,888 1,888 1.5%  
    20 Administrate 2,906 1,842 (184) 1.5%  
    21 Send Technology Solutions 1,770 1,838 69 1.5%  
    22 Moonshot 1,329 1,805 478 1.5%  
    23 IDOX* 238 1,799 (139) 1.5%  
    24 Newcells Biotech 3,225 1,777 (1,693) 1.5%
    25 Volumatic Holdings 216 1,773 (148) 1.5%
    26 Locate Bio 1,753 1,753 1.4%
    27 VoxPopMe 1,660 1,660 1.4%
    28 Camena Bioscience 1,594 1,594 1.3%
    29 Wonderush Ltd (t/a Hownow) 1,421 1,421 1.2%
    30 Ski Zoom (t/a Heidi Ski) 1,404 1,404 1.2%
    31 Axis Spine Technologies 1,353 1,357 4 1.1%
    32 Buoyant Upholstery 672 1,349 (719) 1.1%
    33 Culture AI 1,324 1,324 1.1%
    34 Duke & Dexter 1,237 1,281 637 1.1%
    35 Promethean 1,281 1,281 1.1%
    36 Optellum 1,276 1,276 1.1%
    37 Rego Technologies (t/a Upp)(formerly Volo) 2,504 1,104 401 0.9%
    38 Centuro Global 1,038 1,038 0.9%
    39 iOpt 941 1,025 84 0.8%
    40 Tozaro (formerly MIP Discovery) 1,025 1,025 0.8%
    41 Scalpel 976 976 0.8%
    42 Seahawk Bidco 513 971 (21) 0.8%
    43 Wobble Genomics 968 968 0.8%
    44 Warwick Acoustics 964 964 0.8%
    45 Oddbox 1,093 869 71 0.7%
    46 Synthesized 510 751 240 0.6%
    47 Quotevine 1,311 495 495 0.4%
    48 Thanksbox (t/a Mo) 1,685 402 (13) 0.3%
    49 Atlas Cloud 704 387 (1) 0.3%
    50 RTC Group* 436 345 0.3%
    51 Fresh Approach (UK) Holdings 885 313 (127) 0.3%
    52 Sorted 182 241 58 0.2%
    53 Arnlea Holdings 1,305 227 (11) 0.2%
    54 Sen Corporation 681 141 (156) 0.1%
    55 Northrow 1,494 76 (615) 0.1%
    56 Angle* 131 36 (9) 0.0%
    57 Adludio 2,927 33 (2,904) 0.0%
    58 Customs Connect Group 1,525 33 (80) 0.0%
    59 Velocity Composites* 90 25 (6) 0.0%
      Total venture capital investments 86,758 93,537   77.1%
      Net current assets   27,714   22.9%
      Net assets   121,251   100.0%

    *        Listed on AIM.

    **        This change in ‘like for like’ valuations is a comparison of the 31 March 2025 valuations with the 31 March 2024 valuations (or where a new investment has been made in the year, the investment amount), having adjusted for any partial disposals, loan stock repayments or new and follow-on investments in the year.

    Risk management
    The Board carries out a regular and robust assessment of the risk environment in which the Company operates and seeks to identify new risks as they emerge. The principal and emerging risks and uncertainties identified by the Board which might affect the Company’s business model and future performance, and the steps taken with a view to their mitigation, are as follows:

    Risk Mitigation
    Availability of qualifying investments: there can be no guarantee that suitable investment opportunities will be identified in order to meet the Company’s objectives, which could have an adverse effect on Investor returns. Additionally, the Company’s ability to obtain maximum value from its investments may be limited by the requirements of the relevant VCT Rules in order to maintain the VCT status of the Company. The Investment Adviser has a dedicated investment team that identifies and transacts in qualifying investments. The Directors regularly meet with the Investment Adviser to maintain awareness of the pipeline, and factors this into the Company’s fund raising plans.
    Credit risk: the Company holds a number of financial instruments and cash deposits and is dependent on the counterparties discharging their commitment. Such balances my be held with banks or in money market funds as part of the Company’s liquidity management. The Directors review the creditworthiness of the counterparties to these instruments including the rating of money market funds to seek to manage and mitigate exposure to credit risk.
    Economic and geopolitical risk: events such as economic recession or general fluctuation in stock markets, exchange rates and interest rates, notwithstanding recent lower inflation and falling interest rates, may affect the valuation of investee companies and their ability to access adequate financial resources, as well as affecting the Company’s own share price and discount to net asset value. In addition, US trade policy and hostilities in the Middle East and Ukraine (including sanctions on the Russian Federation) may have further economic consequences as a result of market volatility and the restricted access to certain commodities and energy supplies. Such conditions may adversely affect the performance of companies in which the Company has invested (or may invest), which in turn may adversely affect the performance of the Company, and may have an impact on the number or quality of investment opportunities available to the Company and the ability of the Investment Adviser to realise the Company’s investments. Any of these factors could have an adverse effect on Investor returns. The Company invests in a diversified portfolio of investments spanning various industry sectors and which are at different stages of growth. The Company maintains sufficient cash reserves to be able to provide additional funding to investee companies where it is appropriate and in the interests of the Company to do so. The Investment Adviser’s team is structured such that appropriate monitoring and oversight is undertaken by an experienced investment executive. As part of this oversight, the investment executive will guide and support the board of each unquoted investee company. At all times, and particularly during periods of heightened economic uncertainty, the investment team of the Investment Adviser share best practice from across the portfolio with the investee management teams in order to help with addressing economic challenges.
    Financial risk: most of the Company’s investments involve a medium to long-term commitment and many are illiquid. The Directors consider that it is inappropriate to finance the Company’s activities through borrowing except on an occasional short-term basis. Accordingly they seek to maintain a proportion of the Company’s assets in cash or cash equivalents in order to be in a position to pursue new unquoted investment opportunities and to make follow-on investments in existing portfolio companies. The Company has very little direct exposure to foreign currency risk and does not enter into derivative transactions.
    Investment and liquidity risk: the Company invests in early stage companies which may be pre-revenue at the point of investment. Portfolio companies may also require significant funds, through multiple funding rounds to develop their technology or the products being developed may be subject to regulatory approvals before they can be launched into the market. This involves a higher degree of risk and company failure compared to investment in larger companies with established business models. Early stage companies generally have limited product lines, markets and financial resources and may be more dependent on key individuals. The securities of companies in which the Company invests are typically unlisted, making them particularly illiquid and may represent minority stakes, which may cause difficulties in valuing and disposing of the securities. The Company may invest in businesses whose shares are quoted on AIM however this may not mean that they can be readily traded and the spread between the buying and selling prices of such shares may be wide. The Directors aim to limit the investment and liquidity risk through regular monitoring of the investment portfolio and oversight of the Investment Adviser, who is responsible for advising the Board in accordance with the Company’s investment objective. The investment and liquidity risks are mitigated through the careful selection, close monitoring and timely realisation of investments, by carrying out rigorous due diligence procedures and maintaining a wide spread of holdings in terms of financing stage and industry sector within the rules of the VCT scheme. The Board reviews the investment portfolio and liquidity with the Investment Adviser on a regular basis.
    Legislative and regulatory risk: in order to maintain its approval as a VCT, the Company is required to comply with current VCT legislation in the UK. Changes to UK legislation in the future could have an adverse effect on the Company’s ability to achieve satisfactory investment returns whilst retaining its VCT approval. The Company is registered with the Financial Conduct Authority (FCA) as a small internally managed AIF and is required to comply with a number of reporting and other regulatory requirements. Failure to comply correctly or changes in the regulatory regime could affect the status of the VCT. The Board and the Investment Adviser monitor political developments and where appropriate seek to make representations either directly or through relevant trade bodies. The Board also works closely with the Adviser to ensure that the Company remains compliant with the relevant regulatory requirements.
    Operational risk: the Company does not have any employees and the Board relies on a number of third party providers, including the Investment Adviser, registrar and custodian, sponsor, receiving agent, lawyers and tax advisers, to provide it with the necessary services to operate. Such operations delegated to the Company’s key service providers may not be performed in a timely or accurate manner, resulting in reputational, regulatory, or financial damage. The risk of cyber-attack or failure of the systems and controls at any of the Company’s third party providers may lead to an inability to service shareholder needs adequately, to provide accurate reporting and accounting and to ensure adherence to all VCT legislation rules. The Board has appointed an Audit and Risk Committee, who monitor the effectiveness of the system of internal controls, both financial and non-financial, operated by the Company and the Investment Adviser. These controls are designed to ensure that the Company’s assets are safeguarded and that proper accounting records are maintained. Third party suppliers are required to have in place their own risk and controls framework, business continuity plans and the necessary expertise and resources in place to ensure that a high quality service can be maintained even under stressed scenarios.
    Performance of the Investment Adviser: the successful implementation of the Company’s investment policy is dependent on the expertise of the Investment Adviser and its ability to attract and retain suitable staff. The Company’s ability to achieve its investment objectives is largely dependent on the performance of the Investment Adviser in the acquisition and disposal of assets and the management of such assets. The Board has broad discretion to monitor the performance of the Investment Adviser and the power to appoint a replacement, but the Investment Adviser’s performance or that of any replacement cannot be guaranteed. The Board have both formal reviews by way of the Management Engagement Committee and Board meetings, and informal reviews over the course of the year outside of the formal Board timetable. Performance is closely monitored, including receiving detailed league table information and other market intelligence. Any concerns or suggestions are passed to the Investment Adviser, which are robustly challenged.
    Stock market risk: a small proportion of the Company’s investments are quoted on AIM and will be subject to market fluctuations upwards and downwards. External factors such as terrorist activity, political activity or global health crises, can negatively impact stock markets worldwide. In times of adverse sentiment there may be very little, if any, market demand for shares in smaller companies quoted on AIM. The Company’s small number of holdings of quoted investments are actively managed by the Investment Adviser, and the Board keeps the portfolio and the actions taken under ongoing review.
    VCT qualifying status risk: while it is the intention of the Directors that the Company will be managed so as to continue to qualify as a VCT, there can be no guarantee that this status will be maintained. A failure to continue meeting the qualifying requirements could result in the loss of VCT tax relief, the Company losing its exemption from corporation tax on capital gains, to shareholders being liable to pay income tax on dividends received from the Company and, in certain circumstances, to shareholders being required to repay the initial income tax relief on their investment. The Investment Adviser keeps the Company’s VCT qualifying status under continual review and its reports are reviewed by the Board on a quarterly basis. The Board has also retained Philip Hare & Associates LLP to undertake an independent VCT status monitoring role.

    Other matters

    The above summary of results for the year ended 31 March 2025 does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006 and has not been delivered to the Registrar of Companies. Statutory financial statements will be filed with the Registrar of Companies in due course; the independent auditor’s report on those financial statements under Section 495 of the Companies Act 2006 is unqualified, does not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the report and does not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

    The calculation of the return per share is based on the return after tax for the year of £8,481,000 (2024: £3,216,000) and on 200,018,249 (2024: 179,260,563) shares, being the weighted average number of shares in issue during the period.

    If approved by shareholders, the proposed final dividend of 1.5 pence per share for the year ended 31 March 2025 will be paid on 5 September 2025 to shareholders on the register at the close of business on 8 August 2025.

    The full annual report including financial statements for the year ended 31 March 2025 is expected to be made available to shareholders on or around 27 June 2025 and will be available to the public at the registered office of the company at Forward House, 17 High Street, Henley-in-Arden B95 5AA and on the Company’s website.

    The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website) are not incorporated into, nor form part of, this announcement.

    The MIL Network

  • MIL-OSI: TopLine Financial Credit Union Partners With The Federal Home Loan Bank of Des Moines to Award $40,000 to Community Non-Profit Partners

    Source: GlobeNewswire (MIL-OSI)

    Member Impact Fund Grant Program Supports Affordable Housing and Community Development      

    MAPLE GROVE, Minn., June 17, 2025 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that four Minnesota community non-profit organizations will each receive a $10,000 grant from the Member Impact Fund, for a total of $40,000 awarded. This matching grant program will result in FHLB Des Moines awarding $20 million in funding to support affordable housing and community development in Minnesota.

    The grant funds will be used to support a variety of funding gaps that are being experienced by four non-profits that TopLine Financial Credit Union is proud to partner with, and together dedicated to improving affordable housing and community development initiatives. Grants will support the following non-profits and initiatives:

    • Avenues for Youth: funds will be used to subsidize food expenses, as they are no longer receiving assistant from a community food shelf, and combined with inflation has led to rising expenses, estimated at $25,000 annually.   Avenues serves 300 youth/families annually (90% of the youth identify as BIPOC and 38% identify as LGBTQI+).
    • Karen Organization of Minnesota: funds will be used for a Summer Youth Chemical Dependency Program, to serve 33 young people. The program promotes experiential learning, and a case management team to assist clients in recovery and treatment.
    • Keystone Community Services: funds will support a Foodmobile program, a mobile food shelf that brings food directly to under-resourced neighborhoods across Ramsey County. It operates over 25 times each month, providing fresh produce, canned goods, and pantry staples at community centers, senior housing, schools, and health clinics.
    • Union Gospel Mission Twin Cities: funds will be used for the Naomi Family Program, which provides transitional shelter and wraparound support for women and children in crisis, to bridge them to stable housing and independence.

    “We extend our sincere gratitude to the Federal Home Loan Bank of Des Moines for their invaluable partnership. We deeply appreciate their Member Impact Fund initiative, which tripled the impact of TopLine’s community donations, supporting our local communities,” said Mick Olson, President and CEO of TopLine Financial Credit Union. “This grassroots local community give-back is a powerful testament to partners uniting in their unwavering commitment to support those in need and facing crisis.”

    TopLine was proud to personally present the funds to each non-profit partner, and on behalf of the Federal Home Loan Bank of Des Moines (FHLB Des Moines).

    “We are thrilled to receive this generous funding initiated by TopLine and triple-matched by FHLB. These funds for the Naomi Family Program will strengthen our ability to serve women and children experiencing homelessness as we walk alongside and equip them for a brighter future with financial stability and secure housing,” says Pam Stegora Axberg, CEO, Union Gospel Mission Twin Cities.

    “Food insecurity is at record levels, and the Keystone Foodmobile is a vital way we meet people where they are,” said Adero Riser Cobb, President and CEO of Keystone Community Services. “This support helps us reach more neighborhoods with healthy, culturally relevant food and break down barriers to access.”

    “The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development,” says Kris Williams, president and CEO of FHLB Des Moines. “It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”

    Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.

    Federal Home Loan Bank of Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of not-for-profits or government entities to support the needs of communities.

    FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

    TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at www.TopLinecu.com. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit www.TopLinecu.com/Foundation.

    CONTACT:
    Vicki Roscoe Erickson
    Senior Vice President and Chief Marketing Officer
    TopLine Financial Credit Union
    verickson@toplinecu.com | 763.391.0872

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0e9c239-4105-42eb-8198-e7644dce7800

    The MIL Network

  • MIL-OSI Canada: Governments of Canada and Saskatchewan Invest $3.4 Million to Support Usask’s Integrated Genomics for Sustainable Animal Agriculture and Environmental Stewardship Project

    Source: Government of Canada regional news

    Released on June 17, 2025

    Canada’s Minister of Agriculture and Agri-Food Heath MacDonald and Saskatchewan Agriculture Minister Daryl Harrison today announced $3.4 million over four years to support the development of two new facilities at the University of Saskatchewan (USask) which includes the Omics Resource Centre at the Western College of Veterinary Medicine (WCVM) and Beef Reprotech facilities at the Livestock and Forage Centre of Excellence (LFCE).

    The investment will be delivered through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) as part of the governments’ commitment to support partnerships with strategic agricultural research organizations.

    The new initiative, called IntegrOmes (Integrated Genomics for Sustainable Animal Agriculture and Environmental Stewardship), will advance beef genetics by matching genomic markers with desirable traits and evaluate reproductive efficiencies. This integrated approach will enable producers to make more precise and data-driven breeding decisions that improve livestock productivity in Saskatchewan.

    “Innovation – like what we are seeing through genomics research – is vital to the continued success of Canada’s agriculture sector,” MacDonald said. “This shared investment with Saskatchewan will support the expanded efforts of these facilities and ensure a vibrant future for Saskatchewan’s livestock sector.” 

    “Saskatchewan producers already bring generations of expertise and innovation to our livestock sector, and this investment builds on that legacy – helping ensure Saskatchewan’s ranchers remain global leaders at what they do best,” Harrison said. “The work of USask is recognized globally, and we are proud to support this initiative and the livestock sector it serves.”

    The IntegrOmes project will address issues of beef cattle production and reproductive efficiency, animal health and the environment through the adoption of genomic tools. Saskatchewan producers will benefit from having access to these tools to stay competitive in the domestic and international market.

    “Genomic research is advancing rapidly, and USask is leading the way in this evolving field,” University of Saskatchewan Research Vice-President Baljit Singh said. “Our researchers are applying cutting-edge methods to advance our understanding of beef genetics, which couldn’t be possible without the support of this joint funding from the provincial and federal governments. We thank them for their continued support as we aspire to be the university the world needs.”

    USask, the WCVM and the LFCE are world-class research, teaching and knowledge-transfer facilities that connect innovation across the livestock production chain. USask’s work in feedlot and cow-calf management, veterinary science and forage systems plays a vital role in driving improvements in productivity and sustainability in the sector.

    This investment builds on the long-standing support for agricultural research by the governments of Canada and Saskatchewan. Through shared priorities under Sustainable CAP, over the past five years nearly $170 million has been committed in Saskatchewan toward research to improve productivity, expand markets and ensure our agri-food products remain globally competitive.

    With today’s announcement, USask’s LFCE and the WCVM continue to strengthen Saskatchewan’s reputation as a global leader in high-quality, safe and sustainable food production.

    Sustainable CAP is a five-year, $3.5 billion investment by federal, provincial and territorial governments.

    To strengthen competitiveness, innovation and resiliency of Canada’s agriculture, agri-food and agri-based products sector. This includes $1 billion in federal programs and activities and a $2.5 billion commitment that is cost-shared 60 per cent federally and 40 per cent provincially/territorially for programs that are designed and delivered by provinces and territories.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI Canada: Short Line Rail Infrastructure Investment Increases by 88 Per Cent

    Source: Government of Canada regional news

    Released on June 17, 2025

    Today, Highways Minister David Marit announced the provincial government’s allocations of $1 million in short line rail infrastructure investments, an increase of $470,000 or 88 per cent from last year’s budget. This increase recognizes the key role rail transportation plays supporting Saskatchewan’s export-based economy.

    “Short line railways are an integral link that help move our commodities to markets around the world,” Marit said. “They support Saskatchewan’s export-based economy that sustains our quality of life. Short lines are a safe and efficient way to move bulk commodities, which reduces wear and tear on Saskatchewan highways.”

    Ministry of Highways’ Short Line Railway Improvement Program (SRIP) funding will go toward track upgrades and expansion, improved crossing surfaces and sightlines, bridge maintenance, track rehabilitations and other projects. As the SRIP is a 50-50 cost-sharing program between the provincial government ($1 million) and privately-owned short lines ($1 million) for eligible projects, the total short line rail infrastructure investment will be up to $2 million this year under this program.

    Provincial government funding allocations for 2025-26 are:

    • Big Sky Rail (Delisle, Eston, Elrose region) $167,541.
    • Carlton Trail Railway (Saskatoon to Prince Albert area) $71,391.
    • Great Sandhills Railway (Swift Current to Leader area) $82,945.
    • Great Western Railway (Assiniboia, Shaunavon, Coronach area) $250,073.
    • Last Mountain Railway (Regina to Davidson) $56,122.
    • Long Creek Railroad (west of Estevan) $45,000.
    • Northern Lights Rail (west of Melfort) $45,000.
    • Red Coat Road and Rail (Ogema area) $47,456.
    • Southern Rails Cooperative (south of Moose Jaw) $45,000.
    • Stewart Southern Railway (southwest of Regina to Stoughton) $54,471.
    • Thunder Rail (Arborfield area) $45,000.
    • Torch River Rail (Nipawin to Choiceland area) $45,000.
    • Wheatland Rail (Cudworth, Wakaw area) $45,000.

    “The Western Canadian Short Line Railway Association thanks the Saskatchewan Ministry of Highways for their support of the short line railway industry,” Western Canadian Short Line Railway Association Director of Communications and Government Relations Rachel Mackenzie said. “Rising material costs over the last three years means that it is now more expensive per mile for railways to maintain their tracks to meet and exceed the safety and performance standards required.

    “The Saskatchewan railway improvement program now provides more funding per mile to support the maintenance and improvement of this valuable trade-enabling infrastructure. This increase of almost 90 per cent to the program will go a long way to further supporting the value that short line railways bring to the supply chain.”

    The provincial grants provide up to 50 per cent of eligible project costs and determined by how much track each short line owns. Short lines with less than 80 kilometres of track receive at least $45,000. Larger networks receive a proportional amount based on how much track they operate.

    Thirteen provincially regulated short line railways operate on 2,123 kilometres of track in Saskatchewan.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI USA: Business Owner Sentenced After Receiving More than $1.6 Million in Funds from the CARES Act

    Source: United States Small Business Administration

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


    A former Oklahoma man with business ties in Florida was sentenced today after pleading guilty to four counts of bank fraud, announced U.S. Attorney Clint Johnson.

    U.S. District Judge Sara E. Hill sentenced Shawn Ray Murnan, 57, of Windemere, Florida, to 33 months imprisonment, followed by five years of supervised release. Judge Hill further ordered Murnan to pay $1,641,796.47 in restitution to the U.S. Small Business Administration (SBA).

    “In 2020, the CARES Act funding was established to provide emergency financial assistance to help businesses that were disrupted,” said U.S. Attorney Clint Johnson. “Investigators and prosecutors are committed to finding those like Murnan who steal government funding and prosecuting them to the fullest extent of the law.”

    From April 2020 through October 2021, Murnan admitted to falsifying several CARES Act applications to the SBA. Murnan was the owner of numerous business ventures in Oklahoma, Florida, and other states. He submitted 14 applications on behalf of his businesses, including Blujett, LLC, which was based in Broken Arrow. He submitted applications claiming to have several employees and falsified his payroll expenses. Murnan requested more than two million and successfully received $1,641,796.47 from seven Paycheck Protection Program loans and two Economic Injury Disaster Loans. After receiving the funds, Murnan applied for the loans to be forgiven.

    Previously released on bond, Murnan was taken into custody following the sentencing today, where he will remain pending transfer to the U.S. Bureau of Prisons.

    The Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, the Office of Inspector General for the Small Business Administration, and the U.S. Treasury Inspector General for Tax Administration investigated the case. Assistant U.S. Attorney David Whipple prosecuted the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    Related programs: COVID EIDL, Disaster, Pandemic Oversight, PPP

    MIL OSI USA News

  • MIL-OSI United Kingdom: STATEMENT: UK Government must withdraw support for Israel as conflict grows

    Source: Scottish Greens

    We stand for lasting peace and an end to the UK’s active participation in war

    As the conflict in the Middle East grows threatening a wider war, the Scottish Greens are calling on the UK Government to withdraw their support for the state of Israel. 

    Party co-leader Patrick Harvie MSP has issued this statement:

    The world is an increasingly dangerous place, and the actions of far too many Governments, including the UK, are making that worse.

    Just a few years ago, the vast majority of the world stood solidly against Putin’s invasion of Ukraine and opposed the illegal occupation. Now we’ve seen that unity fractured by a US President who threatens democratic countries and flatters dictators.

    Worse, we have seen a breath-taking failure of the global community to take the same united position against the grotesque violence being inflicted on Palestinians. The US, the UK and others are actively abetting genocide while allowing Israel to block media access to Gaza to prevent the world from seeing the atrocities they are committing. 

    Even a former Israeli Prime Minister has called Netanyahu’s government a gang of thugs, and every day they find new ways to prove him right. 

    Now Israel has expanded its attacks to Iran, in a clear attempt to escalate the conflict and provoke a much wider war. Threats have been made against the whole of Tehran, a city of over 9 million people. 

    The Scottish Greens have long called for a lasting ceasefire and an end to the UK’s active participation in the ongoing genocide of Gaza. The case for boycotts, divestment and sanctions against Israel has grown ever stronger the longer its illegal occupation of Palestine has gone on, and is now urgent.

    Yet Keir Starmer’s Government is still refusing to end the UK’s involvement, actively resourcing and training Israeli forces, and treating the country as an ally instead of the profound threat to global security that it is. 

    The UK must immediately withdraw all support for this violent rogue state, and work with other countries to have its Government held accountable for their war crimes. 

    Any Government, in any country, which fails to act has lives on its conscience, and international law will ultimately hold them complicit for their actions.
     

    MIL OSI United Kingdom

  • MIL-OSI USA: S. 1433, Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025

    Source: US Congressional Budget Office

    S. 1433 would authorize the appropriation of $3 million annually for fiscal years 2026 through 2031 for the Northwest Straits Advisory Commission. Under the bill, that commission would coordinate with the National Oceanic and Atmospheric Administration and state, local, and tribal governments to design projects to restore marine waters and habitats of the Northwest Straits region in the State of Washington. In 2024, the Congress provided $1 million for those activities.

    CBO assumes that the bill will be enacted in 2025 and that the authorized amounts will be provided in each year. On that basis and using historical spending patterns, CBO estimates that implementing the bill would cost $13 million over the 2025-2030 period and $5 million after 2030.

    In addition, the bill would authorize the commission to accept donations and spend them without further appropriation to carry out its responsibilities. The receipt and spending of those donations are recorded as direct spending. Because the receipt and spending would offset each other, CBO estimates that enacting S. 1433 would have an insignificant effect on net direct spending over the 2025-2035 period.

    The costs of the legislation, detailed in Table 1, fall within budget function 300 (natural resources and environment).

    Table 1.

    Estimated Budgetary Effects of S. 1433

     

    By Fiscal Year, Millions of Dollars

     
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Authorization

    0

    3

    3

    3

    3

    3

    15

    Estimated Outlays

    0

    2

    2

    3

    3

    3

    13

    Enacting the bill would have an insignificant effect on net direct spending over the 2025-2035 period for the receipt and spending of donations.

    The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI USA: Oregon Business Owner Pleads Guilty to Employment Tax Crimes

    Source: US State of Vermont

    An Oregon business owner pleaded guilty yesterday to not paying over employment taxes to the IRS.

    According to court documents and statements made in court, Joyce Leard owned and operated Mr. Tree Inc., a Happy Valley-based company that provided tree removal and landscaping services to customers. Mr. Tree advertised itself as being in business for thirty years, and the company employed approximately 50 to 75 employees each year. From 2017 through 2024, Leard also owned and operated Wall 2 Wall Hardwood Floors Inc, another Happy Valley-based company.

    Leard was responsible for withholding Social Security, Medicare and federal income taxes from the wages of her employees and then paying those funds over to the IRS each quarter. The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    From the fourth quarter of 2018 through the fourth quarter of 2020, Leard collected and withheld taxes from her employees’ wages but did not pay the funds over to the IRS or file quarterly payroll tax returns as required by law. Instead of paying over these payroll taxes, Leard used funds in her business bank account to purchase approximately $3.5 million of real estate, which was titled in her name.

    In total, Leard caused a tax loss to the United States of more than $1.5 million.

    Leard is scheduled to be sentenced on Oct. 6. She faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys J. Parker Gochenour and Megan E. Wessel of the Tax Division are prosecuting the case.

    MIL OSI USA News