Category: Science

  • MIL-OSI Asia-Pac: C-DOT and CSIR-NPL Sign MoU to Advance Collaborative Research in Classical and Quantum Communications

    Source: Government of India

    C-DOT and CSIR-NPL Sign MoU to Advance Collaborative Research in Classical and Quantum Communications

    The two institutions will work together for Quantum Key Distribution (QKD), standardization and characterization of quantum communication systems, single-photon sources and detectors, EIT (Electromagnetically Induced Transparency)-based quantum systems, FPGA (Field Programmable Gate Array)-based control electronics.

    Posted On: 07 MAY 2025 6:21PM by PIB Delhi

    In a significant step towards advancing indigenous capabilities in classical and quantum communication technologies, the Centre for Development of Telematics (C-DOT) and the CSIR–National Physical Laboratory (CSIR-NPL) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework for joint research and innovation. C-DOT, India’s premier telecom R&D institution under the Department of Telecommunications (DoT), continues to lead innovation in telecommunications, including switching systems, network protocols, IoT, M2M, wireless and quantum communications. CSIR-NPL, the National Metrology Institute (NMI) of India, is the custodian of national standards and has a rich legacy of conducting cutting-edge research in metrology, materials, and environmental sciences.

    The primary objective of the agreement is to establish a long-term collaborative framework to support research, development, standardization, and delivery of next-generation communication technologies. C-DOT brings deep expertise in network protocols, IoT, software applications, and quantum communications, while CSIR-NPL contributes unmatched capabilities in scientific measurement, standardization, and traceability to SI units, creating a powerful synergy.

    Collaborative research support is a cornerstone of this partnership, with both organizations agreeing to extend access to their research facilities, technical expertise, and administrative support for the successful execution of joint initiatives. They also intend to pursue additional grant funding and other resources to advance shared goals.

    In addition to joint R&D, the MoU promotes academic exchange and knowledge sharing through guest lectures, workshops, seminars, and collaborative teaching initiatives. Faculty, researchers, and students from both organizations will have opportunities to engage in cross-institutional learning and skill development. Furthermore, a strong emphasis is placed on intellectual property and data sharing, with a commitment to develop a joint framework defining ownership, usage rights, and publication guidelines to ensure equitable and transparent management of outcomes arising from the collaboration.

    Speaking at the MoU signing ceremony, Dr. Rajkumar Upadhyay, CEO, C-DOT, highlighted the critical role of quantum communications in securing the nation’s future digital infrastructure. He stated, “Quantum communication represents the next frontier in safeguarding data and ensuring the integrity of critical information infrastructure. This partnership with CSIR-NPL is not just a strategic alignment of capabilities, but a commitment to national priorities of self-reliance and technological sovereignty. Through this collaboration, we aim to harness the complementary strengths of both institutions to accelerate the development of indigenous solutions that are globally competitive and future-ready.”

    Prof. Venugopal Achanta, Director, CSIR-NPL, conveyed his appreciation for the collaboration with C-DOT, stating that the partnership holds significant promise in elevating India’s global standing in the field of quantum secure communication technologies. Echoing on the statement of Dr. Upadhyay, he stressed on the need for joint activities to strengthen the quality infrastructure in the country. This will boost the Government’s initiatives like “Make India” and “Atmanirbhar Bharat”.

    The agreement was signed during a formal ceremony attended by Dr. Rajkumar Upadhyay, CEO, C-DOT, Ms. Shikha Srivastava, EVP, C-DOT, along with Prof. Venugopal Achanta, Director, Dr. S. R. Dhakate, Chief Scientist, Dr. Poonam Arora, Senior Principal Scientist, and Dr. Paramita Guha, Senior Scientist, from CSIR-NPL and other senior officials from C-DOT.

    This partnership stands as a testament to the nation’s growing emphasis on self-reliance in high-tech research and development. By combining C-DOT’s telecom innovation with CSIR-NPL’s foundational scientific leadership, this MoU paves the way for India to become a global leader in secure, scalable, and standardized communication technologies for the future.

    Dr. Upadhyay, CEO, C-DOT and Prof. Venugopal Achanta from NPL along with other officials from C-DOT & NPL present at the MOU signing ceremony.

    *****

    SAMRAT

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Through Operation Sindoor, India used its ‘Right to Respond’ to the attack on its soil: Raksha Mantri

    Source: Government of India

    Through Operation Sindoor, India used its ‘Right to Respond’ to the attack on its soil: Raksha Mantri

    “Armed Forces scripted history by acting with precision, precaution and compassion to destroy terror camps in Pakistan & PoK”

    Shri Rajnath Singh virtually dedicates 50 infrastructure projects of BRO to the nation

    The projects in eight border States/UTs, constructed at a total cost of Rs 1,879 crore, to enhance connectivity, strengthen national security & promote economic prosperity

    Posted On: 07 MAY 2025 5:50PM by PIB Delhi

    “Through Operation Sindoor, India has used its ‘Right to Respond’ to the attack on its soil, and the Armed Forces scripted history by acting with precision, precaution & compassion to destroy the camps used to train terrorists in Pakistan and PoK,” said Raksha Mantri Shri Rajnath Singh while addressing the 66thRaising Day event of Border Roads Organisation (BRO) at Manekshaw Centre, Delhi Cantt on May 07, 2025. Raksha Mantri asserted that, as per the plan, the targets were destroyed and no civilian population was harmed. He commended the Armed Forces by giving a befitting reply under the leadership of Prime Minister Shri Narendra Modi.

    “The whole world has witnessed what our Armed Forces have done today. The action was carried out very thoughtfully and in a measured manner. It was limited only to the camps and other infrastructure used for training terrorists, with the aim of breaking their morale. I congratulate the Armed Forces on behalf of the whole country. I also congratulate Prime Minister Shri Narendra Modi for providing complete support to the forces,” added Shri Rajnath Singh.

    The event also witnessed the virtual dedication of 50 strategically-significant infrastructure projects of BRO – 30 bridges, 17 roads and three other works – to the nation by Raksha Mantri. These projects, constructed at a total cost of Rs 1,879 crore, are spread across six border States and two Union Territories – Jammu & Kashmir, Ladakh, Arunachal Pradesh, Himachal Pradesh, Sikkim, Mizoram, West Bengal & Rajasthan – reinforcing India’s security, connectivity and development in remote regions. In the last two years alone, BRO has completed a record 161 infrastructure projects worth Rs 5,600 crore, including 111 projects last year.  In the last four years, BRO has completed 456 infrastructure projects with a total expenditure of Rs 13,743 crore.

    Shri Rajnath Singh exuded confidence that the projects e-inaugurated today will enhance connectivity, strengthen national security and promote economic prosperity of all these regions. “These projects will enhance defence preparedness and boost transportation, tourism & economic activity in these areas. These are not just infrastructure assets; they are pathways to a brighter future,” he added.

    Underlining the strategic importance of BRO’s work, Raksha Mantri stated that modern defence capability depends not just on weaponry but also on the infrastructure that supports it. “You can have the fastest tank or the most advanced aircraft, but if they can’t reach where they are needed on time, they serve no purpose. BRO plays a critical role in making sure our military is always ready and well-positioned,” he said, commending BRO Karmayogis who work behind the scenes and contribute to national security.

    Shri Rajnath Singh emphasised on the need to build new generation infrastructure for the Armed Forces in view of the current geopolitical scenario. BRO must ensure that the preparations are at war-level, he said.

    Raksha Mantri reiterated the Government’s commitment to ensure border area development, making special mention of Sela Tunnel which has become a symbol of this resolve to enhance connectivity in strategically-important areas. He highlighted the vision of Prime Minister Shri Narendra Modi to revitalise border villages, stating that initiatives like the Vibrant Villages Programme under which the Government is increasing connectivity by building about 35 kilometers of roads every day.

    In his address, Director General Border Roads (DGBR) Lt Gen Raghu Srinivasan highlighted the growing national importance of BRO, stating that the organisation has emerged as the agency of choice for key central ministries for executing infrastructure projects in the most challenging terrains. He reaffirmed the BRO’s commitment to the well-being and dignity of its workforce, including GREF personnel and Casual Paid Labourers.

    Minister of Parliamentary Affairs and Minister of Minority Affairs Shri Kiran Rijiju, Minister of State (Independent Charge) Science & Technology; Earth Sciences, MoS PMO, PP/DoPT, Atomic Energy and Space Dr Jitendra Singh, Chief of the Army Staff Gen Upendra Dwivedi, Defence Secretary Shri Rajesh Kumar Singh and other senior officials of Ministry of Defence were present at the venue.

    Himachal Pradesh Governor Shri Shiv Pratap Shukla, Arunachal Pradesh Governor Lt Gen Kaiwalya Trivikram Parnaik, Rajasthan Governor Shri Haribhau Kisanrao Bagde, Arunachal Pradesh Chief Minister Shri Pema Khandu, Mizoram Chief Minister Shri Lalduhoma, Jammu & Kashmir Lt Governor Shri Manoj Sinha, Lt Governor Ladakh Brig. (Dr) BD Mishra (Retd) joined the event virtually.

    ******

    VK/Savvy/KB

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LCQ2: Development of Northern Metropolis

    Source: Hong Kong Government special administrative region

    LCQ2: Development of Northern Metropolis 
    Question:
     
    There are views pointing out that the Northern Metropolis and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (Hetao Zone) are the key engines of Hong Kong’s innovation and technology development, and that the Government should expedite the development and promote the stationing of enterprises in the area. In addition, the Government should enhance public participation in its fundraising through bond issuance for promoting the related infrastructure projects, so that the public can share the dividends of development. In this connection, will the Government inform this Council:
     
    (1) whether it will consider setting up a “Northern Metropolis Online Office” first to provide consolidated planning and land information as well as the latest progress through an online platform, with a view to inviting enterprises interested in stationing there to register in Hong Kong in advance, and to study the provision of support or policy incentives for the registered enterprises, such as the provision of virtual showrooms, online negotiation and pre-registration services, so that enterprises can make early preparations for seamless integration with the physical facilities upon their completion;
     
    (2) in order to attract enterprises as a priority to establish a presence in the Northern Metropolis and Hetao Zone, whether it will introduce targeted support measures, such as the provision of transitional office space and special recruitment programmes for talents; and
     
    (3) whether it will conduct a study on allowing members of the public to have priority in subscribing to the relevant government bonds for the Northern Metropolis projects with their Mandatory Provident Fund contributions, so that members of the public can share the dividends of the development?
     
    Reply:
     
    President,
     
    The Northern Metropolis (NM) is crucial to the social and economic development of Hong Kong, providing impetus for the growth of innovation and technology as well as other industries, enabling more in-depth participation in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, while creating quality job opportunities and living environment for our people. Since 2019, works related to multiple New Development Areas (NDAs) in the NM have been rolled out progressively and are advancing at full steam. It is anticipated that the NM will produce considerable “spade-ready sites” and floor spaces for various industries in the coming years. Additionally, the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (Hetao Hong Kong Park) is set to commence operation this year.
     
    In consultation with relevant departments, our reply to the question raised by Dr the Hon Starry Lee is as follows:
     
    (1) The NM project is a cross-bureaux undertaking. The Steering Committee on the Northern Metropolis led by the Chief Executive oversees the NM development. The Northern Metropolis Co-ordination Office (NMCO) under the Development Bureau (DEVB) has assumed an overall championing and co-ordinating role in the development of the NM, including joining hands with other bureaux, the Office for Attracting Strategic Enterprises (OASES) and Invest Hong Kong (InvestHK) in promoting the NM and facilitating the development of various industries therein. 
     
    In particular, OASES is tasked with attracting high-potential and representative strategic enterprises from around the globe, and has announced four batches of 84 strategic enterprises that have set up or expanded their businesses in Hong Kong, many of which have also expressed interest in establishing their presence in the NM. InvestHK, on the other hand, is committed to assisting Mainland and overseas enterprises to set up and expand in Hong Kong by providing one-stop support services. Last year, InvestHK assisted over 500 enterprises to set up or expand in Hong Kong, including those which have expressed interest in the land for industries in the NM. The NMCO focuses on presenting the latest progress of various planning and engineering projects in the NM to various sectors home and abroad, and also organises large-scale investment promotion activities to encourage local, Mainland and overseas enterprises to support and participate in the development of the NM. Moreover, the three offices mentioned above, namely OASES, InvestHK and the NMCO, will further collaborate to follow up on the needs of those enterprises interested in setting up businesses in the NM, such as forming a dedicated team consisting of representatives from all three parties.
     
    On information dissemination, OASES and the DEVB have set up online media such as dedicated webpages and social media platforms to introduce the support services of OASES and promote Hong Kong’s advantages, as well as to disseminate the latest information on various development projects in the NM respectively. InvestHK has also promoted the latest developments in the NM and publicised the NM’s investment opportunities through its global network. In addition, the Civil Engineering and Development Department has established Community Liaison Centres in some of the NDAs to introduce the latest information on these areas. The DEVB is also preparing for the launch of a booklet on attracting enterprises and investments in the NM, which will holistically provide information on the overall planning, priority industries, and engineering works/tenders of the NM.
     
    (2) Considering the diverse backgrounds of enterprises interested in coming to Hong Kong, the Government’s efforts on attracting businesses and investment focus on understanding and suitably catering to the different needs of individual enterprises. During the process of assisting Mainland and overseas enterprises to establishing their presence in Hong Kong, OASES and InvestHK will help them identify premises for operation, among which the NM is one of the recommended highlights. They will also help those enterprises, at the initial preparatory stage and in need to establish their presence, to move into other locations in Hong Kong so that fundamental work such as research and development can be commenced to lay the groundwork for their future presence in the NM.
     
    As for the Hetao Hong Kong Park, the Hong Kong-Shenzhen Innovation and Technology Park Limited (HSITPL) is pressing ahead with the work on attracting tenants. The first batch of tenants is expected to move in starting from the second half of this year, and so far the HSITPL has entered into a more intensive phase of negotiations with around 30 enterprises.
     
    (3) All proceeds raised from the Government green bonds and infrastructure bonds are credited to the Capital Works Reserve Fund, with a view to supporting various infrastructure works including those in the NM. The Financial Secretary proposed in the Budgets in recent years that the Government planned to earmark a certain proportion of the future issuances of these two bonds for priority investment by Mandatory Provident Fund (MPF) funds. To this end, the Hong Kong Monetary Authority and the Mandatory Provident Fund Schemes Authority have established a mechanism, which was first applied to the institutional green bonds issued under the Government Green Bond Programme in June 2023. A similar mechanism will continue to apply to the institutional bonds issued under the Government Sustainable Bond Programme (formerly known as the Government Green Bond Programme (Note)) and the Infrastructure Bond Programme, aiming to allow MPF scheme members to participate in promoting infrastructure development, including those in the NM, through MPF funds, while obtaining relatively stable investment returns at a low risk and sharing the development outcomes.
     
    Note: The Government Green Bond Programme was renamed the Government Sustainable Bond Programme starting from May 10, 2024.
    Issued at HKT 19:21

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – Attack on Gaza Freedom Flotilla – E-001794/2025

    Source: European Parliament

    Question for written answer  E-001794/2025
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Lynn Boylan (The Left)

    In the early hours of 2 May 2025, the Conscience – a vessel that is part of the Gaza Freedom Flotilla – was attacked by a drone in international waters and sustained significant damage.

    The Gaza Freedom Flotilla is seeking to break the blockade of Gaza, which is now so severe that no humanitarian aid has entered since the ceasefire was broken by Israel in March 2025. EU citizens were present, on board the ship, when it was attacked.

    Thus far, Israeli officials have refused to comment on the attack.

    Will the VP/HR:

    • 1.Demand full transparency and accountability for this attack?
    • 2.Demand an immediate end to Israel’s blockade of Gaza?
    • 3.Ensure that there are diplomatic and political consequences for attacks on any humanitarian workers – including EU citizens?

    Submitted: 2.5.2025

    Last updated: 7 May 2025

    MIL OSI Europe News

  • MIL-OSI New Zealand: Pre-Budget speech to BusinessNZ

    Source: NZ Music Month takes to the streets

    Good afternoon everyone. 

    Today my intention is to put this year’s Budget in context. 

    First, I want to speak briefly about our economic recovery here at home, and why I remain confident despite international uncertainty. 

    Then I’m going to make the case for the two big priorities of Budget 2025, fiscal consolidation and economic growth: why they matter and some steps we’re taking to make them happen.

    It’s fair to say Budget 2025 arrives against a challenging international backdrop. 

    Trade tensions overseas have seen growth forecasts revised down across the world, as exporters and consumers come under sustained pressure. 

    The sharp deterioration of financial markets in early April have somewhat recovered in recent days and weeks, but markets remain volatile. 

    Experts offshore are leaning into the uncertainty. 

    The Bank of Canada even chose to publish two separate scenarios in their latest statement, instead of one single set of forecasts.

    I don’t blame them for having a bob each way. 

    For a small, open economy like New Zealand, the international environment clearly matters a lot, but I remain confident about our recovery. 

    Inflation remains anchored below 3 per cent, and interest rates continue to fall, supporting households with the cost of living and providing the foundation for a domestic economic recovery. 

    The Official Cash Rate has fallen considerably, from 5.5 to 3.5 per cent, with economists picking further cuts are on the way soon. 

    I acknowledge for households, interest rate relief will be a slow and steady process.  

    For example, according to the Reserve Bank, average interest rates on outstanding mortgages have only now fallen for just 4 months in a row, having previously risen for 37 months in a row. 

    The good news is that financial relief for households will keep rolling, with around $60 billion of mortgages set to roll-over in just the next three months. 

    In short, the trend is our friend, even if I know many families and businesses won’t be feeling that relief quite yet. 

    At the same time, an export-led recovery is now well underway in regional New Zealand. 

    Dairy prices are strong, despite global headwinds, supporting farmers to pay down debt and put more money back into rural communities. 

    Fruit exports are booming, hitting $5 billion in value in the 12 months to March, driven by a big jump in kiwifruit sales. 

    The tourism industry is also growing rapidly, with visitor numbers continuing to recover, now hitting 86 per cent of pre-COVID levels. 

    Total tourism expenditure was up 23 per cent in 2024.

    It’s not surprising then that the recovery is looking brighter in regional New Zealand, and the South Island in particular.     

    Just last week Westpac highlighted that in Otago, Canterbury, and Southland, consumer confidence and growth in retail activity is outpacing the rest of the country. 

    Our government is working hard to support that rural recovery. 

    A steady diet of pro-growth deregulation, a strong focus on RMA reform, and fresh efforts to break into new markets offshore are highlights of that agenda so far. 

    We know the difference quality trade agreements can make to our growth prospects. For example, in the 12 months since the EU FTA came into force, exports to the European Union grew by 25 per cent.

    For exporters, that’s worth an additional $1 billion. 

    Whether it’s CER, the CPTPP, the China, UK, or more recent UAE and GCC FTAs, our farmers and exporters are blessed by a latticework of trade agreements, negotiated successively by Ministers and diplomats over many years.

    Clearly India will be an important next step, and it was positive to see Minister of Trade Todd McClay announce on Monday that the first formal round of FTA negotiations kicked off this week. 

    That brings me to this year’s Budget.

    It won’t surprise you to learn that lifting New Zealand’s long run economic performance has been our primary focus in designing Budget 2025. 

    Yes, that has shaped decisions we have made on individual initiatives, some of which I’ll touch on shortly. 

    But our fiscal strategy, including our desire to return to surplus, and the wider impact on inflation, interest rates, and growth has also been front of mind. 

    You might have seen Nicola Willis announce last week that this year’s operating allowance would be smaller than previously signalled, at just $1.3 billion. 

    That will be the smallest operating allowance in a decade and ensures Treasury can still forecast a surplus within the next four years. 

    That was the right decision for several reasons. 

    First, it represents a fresh commitment to necessary fiscal consolidation. 

    In recent years, New Zealand has been living beyond its means and that has come at a significant cost. 

    Since 2017, net core Crown debt has risen by around $120 billion.

    Put another way, that’s $60,000 in additional debt for every household in New Zealand. 

    As a proportion of the economy, debt has ballooned from just 21.6 per cent of GDP in 2017, to around 43 per cent of GDP today, higher than it has been at any time since the 1990s. 

    At the same time, the cost of servicing our national debt has more than doubled, from $3.5 billion in 2017, to almost $9 billion today.

    In some areas, spending more is the right thing to do. 

    In health, education, law and order, defence, and transport my government is prioritising significant new investments. 

    Each of those areas are a priority for New Zealanders and they require more funding to deliver the quality services Kiwis expect. 

    But that comes with trade-offs.  

    Spending more on everything, as some commentators have called for, would mean larger deficits, more debt, and ultimately fewer choices in future budgets as the cost of servicing our debt grows even larger and the prospect of returning to surplus evaporates. 

    Managing and responding to critical risks is also more challenging with high levels of public debt. 

    New Zealand was well served in the Global Financial Crisis, following the Christchurch Earthquake, and during COVID because successive Ministers of Finance made difficult choices to ensure New Zealand had low levels of public debt. 

    Our responsibility is to do what we can to leave a similar inheritance for future administrations. 

    Second, a smaller allowance supports lower interest rates and stronger business activity. 

    Sadly, recent experiences have forced us to re-learn the fundamentals of economics, including the reality that if governments borrow and spend too much, interest rates are forced higher to compensate, putting pressure on family budgets and private sector activity. 

    The good news is that the converse is also true. 

    More restrained fiscal policy supports interest rates to remain low, enabling businesses to grow and families to get ahead under their own steam. 

    ANZ’s initial estimate last week was that the smaller operating allowance would support interest rates being 5-10 basis points lower than otherwise. 

    Meanwhile, Treasury has estimated that with a tighter budget package, interest rates would be up to 30 basis points lower by the end of the forecast period. 

    For a family with a mortgage, or a farmer or entrepreneur taking on debt to grow their business, that means real financial relief and more opportunity to get ahead. 

    Careful spending, low interest rates, and robust private sector growth sits at the very heart of our government’s economic strategy, as we create jobs, boost exports, lift incomes, and promote innovation and investment.

    Prudent fiscal management also supports our economic reputation offshore. 

    For a small-open economy like New Zealand that’s critical. 

    It means we can borrow more affordably when we have to, and guarantees that even in periods of global turmoil, we are a trusted destination for trade and investment. 

    Third, the smaller operating allowance was the right call because keeping our word matters.  

    Nicola Willis has been consistent in her commitment to deliver a path back to surplus and to maintain debt at prudent levels. 

    Conditions can and do change, but it is a credit to her that Budget 2025 demonstrates a return to surplus, despite a challenging global backdrop.  

    That’s the result you expect when you anchor Budget decisions in your fiscal strategy, instead of allowing the pressures of the day to drag you off course. 

    I know there are some commentators calling for larger allowances and more spending. 

    They need to be honest that those decisions will mean more debt, more deficits, and an indefinite delay to New Zealand’s return to surplus. 

    More debt and more deficits is a fiscal strategy – but for a small, internationally-exposed country like New Zealand, it’s also an incredibly risky one. 

    At the same time, just as grey clouds bring silver linings, even tight Budgets present opportunities. 

    In Budget 2025, we will be taking further steps in our long-term mission to lift economic growth and boost productivity.  

    Earlier this year, we published our Government’s Going for Growth Agenda, which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential.

    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth.

    Each of those pillars will have strong representation in Budget 2025. 

    Today I want to touch on just a few of them – and some small steps we are taking to underpin our growth mission. 

    Encouraging science, innovation, and technology is one of those key pillars. 

    In January at my State of the Nation, I spoke briefly about our vision for the sector. 

    I want to see a much sharper focus on commercialisation, stronger ties to the business community, and rapid access to ideas and innovation from overseas. 

    Capital investment will be critical to our growth journey, but New Zealand won’t achieve a step-change in our living standards if we invest more but continue to lag behind the global technological frontier. 

    In Budget 2025, we will be allocating the funding we need to give effect to the changes I announced earlier this year, including the establishment of three new Public Research Organisations. 

    I also know that following a review of the Research and Development Tax Incentive that kicked off last year, the business community has been looking for some certainty on the future of the programme.

    That review was required in law, and the final report has not yet been tabled in Parliament. 

    However, I can confirm today that we are retaining the RDTI in this year’s Budget so businesses have the certainty they need to keep investing and keep going for growth.

    Promoting global trade and investment has also been a focus of my government in 2025, even before the recent bout of uncertainty offshore. 

    As I said earlier, part of that task has been to bring fresh energy to New Zealand’s proud history of achieving trade agreements offshore, with Minister of Trade Todd McClay finalising two new trade agreements in the Middle East, while we continue to work hard towards a trade agreement with India. 

    But promoting New Zealand as an attractive destination for investment, and a shelter from the global storm, has also been a personal focus of mine. 

    In March, the government hosted an Investment Summit here in Auckland, with attendees representing an estimated $6 trillion in capital, as we showcased opportunities to partner with the Crown, Iwi, and the private sector.

    We are seeing some real progress, including an outstanding deal worth around $1 billion signed by Waikato Tainui and Brookfield Asset Management to further develop the Ruakura Inland Port.

    But of course, I want to see more. 

    Yes, that means getting the structural settings right, including rewriting the Overseas Investment Act, so major investments from offshore are consented faster and more reliably. 

    But for small countries – who have to compete hard for share of mind and share of wallet – we also need a team of national champions constantly making the case for New Zealand as an outstanding place to do business. 

    In January, I announced that team would be led by Invest NZ, an entity specifically responsible for attracting investment to New Zealand, and providing the critical concierge services that have allowed other countries like Ireland and Singapore to punch above their weight. 

    I can confirm today that funding will be allocated for Invest NZ in Budget 2025, ensuring they can crack on and get the job done. 

    Modern, reliable infrastructure – and my government’s efforts to deliver more of it to communities right across the country – will also play a major role in our Going for Growth plan.

    It’s why capital expenditure, including for frontline services like health and education, will be a priority in Budget 2025. 

    As I acknowledged earlier, the operating allowance in this year’s Budget will be a little smaller than previously signalled. 

    However, total capital expenditure allocated in the Budget is a little higher than forecast at $6.8 billion – split across health, education, defence, transport, and other portfolios. 

    When that is offset by savings identified in this year’s budget, it means the net capital allowance is $4 billion, compared to $3.6 billion previously signalled in the Budget Policy Statement. 

    For businesses, that investment represents an opportunity to develop critical skills and capability, promoting growth for many years to come. 

    For Kiwis, it will mean another big investment in the quality frontline services, like health and education, they deserve. 

    The two remaining pillars, our efforts to develop talent and to promote competitive business settings, will also feature prominently in the Budget, but I won’t be making be making announcements in those areas today.

    However, as Nicola Willis confirmed last week and I can confirm again today, there will be a small number of measures in this year’s Budget designed to make it easier for businesses to invest, whether they are based here or offshore.

    If we really want to create high-paying jobs, lift incomes, and make New Zealand a hub for innovation and investment, we need to make our business environment much more attractive. 

    I’m optimistic that Budget 2025 will take some positive steps in that direction. 

    The Minister of Finance was right last week to say Budget 2025 won’t be a lolly scramble.

    It’s not that we can’t afford it, although frankly we can’t. 

    It’s not that it wouldn’t feel good, because it might, for a little while. 

    No, it’s that we have a responsibility to stay disciplined and keep our eyes on the prize. 

    So far, we’re making real progress.

    Inflation is down, interest rates are falling, exports are rising, and the economy is growing. 

    For many New Zealanders, the prospect of a growing economy and rising incomes means a real shot at getting on top of the cost of living. 

    Now is not the time to put that risk. 

    In Budget 2025 that means staying focused, getting back to surplus, and maintaining a relentless focus on economic growth. 

    But for Kiwis, it’s about more than just the dollars and cents. 

    Lower inflation means less stress and less heartbreak, as prices stop skyrocketing and families finally stop falling behind. 

    Lower interest rates means a house becomes a home, not a source of pain and frustration as mortgage repayments crush weekly budgets. 

    And more economic growth means thriving local businesses, higher wages, more jobs, and ultimately more money in your back pocket.

    It means a chance to get ahead and beat the cost of living.  

    And it means we can have confidence that our best days lie ahead.

    New Zealand is the best country on Planet Earth.

    With the right choices, I think we can make it even better. 

    Thank you.

    MIL OSI New Zealand News

  • MIL-OSI USA: Senators Coons, Curtis introduce bipartisan legislation to help small businesses bring new technologies to market

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and John Curtis (R-Utah) today introduced legislation that would help innovative small businesses commercialize their technologies. The Research Advancing to Market Production (RAMP) for Innovators Act updates the SBIR/STTR programs—often called “America’s seed fund”—to turn more technological research into market-ready products.  
    A companion bill was also introduced today in the House by Representatives Chrissy Houlahan (D-Pa.) and Troy Balderson (R-Ohio). 
    “Innovative small businesses in Delaware and across the country drive our economy further, and we need to cut red tape so that it’s easier for these businesses bring their ideas to customers faster and profit off their research,” said Senator Coons. “The bipartisan RAMP for Innovators Act makes it easier for small businesses conducting government-funded research to more easily commercialize their work, ensuring these grants will strengthen our economy for years to come.” 
    “Utah’s small businesses are the backbone of our state’s economy, representing over 99% of all companies,” said Senator Curtis. “To sustain our economic strength and preserve Utah’s exceptional quality of life, it’s crucial that we empower these businesses to succeed. By improving programs that foster innovation and commercialization, our bipartisan legislation helps entrepreneurs develop new technologies and bring them to market—strengthening our economy and our competitiveness on the world stage.”
    “As an entrepreneur myself, I know the difficulties that small businesses in our Commonwealth and country face in scaling their operations and getting their products to the shelves,” said Representative Houlahan. “Federal programs that support our small businesses need to be both more efficient and more effective in order to make the American dream a reality for small business owners. The RAMP for Innovators Act provides entrepreneurs with streamlined access to the resources, intellectual property protections, and capital they need to scale, compete, and succeed. I’m proud to lead this bipartisan, bicameral legislation to ensure that more of the amazing, innovative technologies developed by American entrepreneurs become a reality, helping our nation maintain its competitive edge.”
    “America’s strength has always come from our ability to foster innovation and empower those willing to take risks,” said Representative Balderson. “The RAMP for Innovators Act ensures that our tech entrepreneurs have the tools they need to grow, compete globally, and transform bold ideas into real products, good-paying jobs, and lasting economic growth in places like Central Ohio and across the country.”
    The RAMP for Innovators Act builds on the success of two competitive programs for developing small business innovation: the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. Currently, federal agencies use these programs to award grants and contracts to small businesses across the country for high-tech research that helps solve Washington’s research and development needs. However, various roadblocks and administrative delays make it hard for these businesses to turn their research into commercial products. The RAMP for Innovators Act cuts red tape around the SBIR/STTR programs to help more of these innovative businesses make money off their ideas on the open market.
    Specifically, the legislation would:
    Streamline and accelerate the SBIR/STTR application and award process
    Provide agencies a fast-track option for making awards to promising small businesses
    Designate a Technology Commercialization Officer at each agency with an SBIR/STTR program
    Provide awardees with robust and flexible technical assistance
    Provide awardees with access to I-Corps training to help bring their technologies to market
    Increase clarity on SBIR/STTR commercialization performance by requiring a metrics-based assessment
    Establish a fast-track patent examination process for awardees
    Senator Coons has long championed small businesses and entrepreneurs up and down Delaware and across the country. Last week, he introduced the bipartisan Made in America Manufacturing Finance Act with Senator Joni Ernst (R-Iowa) to reshape the financial landscape for small businesses. 
    This bill has been endorsed by the Information Technology and Innovation Foundation (ITIF), the University City Science Center, BPC Action, and the Delaware Small Business Development Center.
    “ITIF supports RAMP for Innovators, the Research Advancing to Market Production for Innovators Act, which will further bolster the commercialization potential of SBIR/STTR programs through improvements such as making commercialization potential a stronger consideration in project selection, clarifying that all awardees may use a share of Phase I and II funds for commercially oriented activities, and supporting the ability of innovators to secure intellectual property rights underpinning their inventions through stronger linkages with the PTO,” said Dr. Rob Atkinson, President of ITIF.
    “The University City Science Center heartily endorses the Research Advancing to Market Production for Innovators Act introduced by Senators Coons and Curtis and Representatives Houlahan and Balderson. This legislation would codify language that has already been signed into law to ensure that commercialization is central to the goals of SBIR and STTR. The RAMP for Innovators Act fulfills the mission of the 2016 SBIR/STTR recommendations from the National Advisory Council on Innovation and Entrepreneurship (NACIE) at the Department of Commerce. I was honored to serve as a member of NACIE during this time and believe these recommendations are necessary to fulfill our commercialization needs in this country,” said Tiffany Wilson, CEO of the University City Science Center.
    “American innovation is the foundation upon which U.S. economic competitiveness is built. Commercializing more new technologies helps the United States strengthen its edge over our competitors and ensures taxpayers get a good return on their investment in research and development. BPC Action applauds Senators Coons and Curtis, and Representatives Houlahan and Balderson, for their bipartisan leadership in reintroducing the RAMP for Innovators Act,” said Michele Stockwell, President of BPC Action.
    “Delaware SBDC is pleased to endorse the new SBIR Commercialization Bill, the Research Advancing to Market Production for Innovators Act. There are significant improvements to help entrepreneurs move innovation to commercialization,” said Mike Bowman, Director of Delaware Small Business Development Center. 
    Senators Coons and Curtis are members of the Senate Small Business and Entrepreneurship Committee.  
    You can read the one-pager here.
    You can read the full text of the bill here.

    MIL OSI USA News

  • MIL-OSI Australia: ACCP to lead research into European child abuse responses

    Source:

    08 May 2025

    ACCP researcher Dr James Herbert will lead the project to analyse the Barnahus model .

    UniSA’s Australian Centre for Child Protection (ACCP) will lead research into the effectiveness of a multidisciplinary and child friendly response to child sexual abuse in Europe.

    ACCP has been awarded a $910,000 Oak Foundation grant to help evaluate the impact of the Barnahus response to child abuse.

    The Barnahus model (translates to ‘Children’s House’ in Icelandic) is a multidisciplinary and child friendly response to child sexual abuse in Europe that aims to bring together all relevant professionals under one roof, creating a safe and child-centred environment for investigation and support.

    Dr James Herbert will lead the million-dollar research project with partners in the United Kingdom and Germany to better understand the variations in how countries implement Barnahus and how to measure the impact of these different models for children.

    “The project will evaluate the impact of Barnahus in Europe and look at the evidence,” says Dr Herbert.

    “An Australian being awarded this grant for a project in Europe is a really important recognition of the work that ACCP has done to date in advancing research into multidisciplinary responses like Children’s Advocacy Centres (CAC) and Barnahus.”

    Along with research into multi-disciplinary models in Australia, Dr Herbert has a strong track record of international collaboration.

    This has included a national survey of CACs in the United States to identify the scale of resources they had to support children, contributing to a review of medical services at the Chicago CAC, supervising a research project in Canada into the alignment of multi-disciplinary teams, and serving on the international evaluation advisory committee for the Scottish ‘Bairns Hoose’.

    The research team will work closely with the Barnahus Network and their membership on the project across 28 countries in Europe.

     “The Barnahus approach is an excellent example of what systems change can look like and what’s possible when we put children at the centre of our considerations,” Dr Herbert says. “Long term, I’m hoping that we will be able to bring the learning and experience from this work back to Australia.”

    The ACCP has received the Oak Foundation grant under their Prevent Child Sexual Abuse Programme.

    The ACCP is Australia’s premier research centre for the prevention of child abuse and neglect; the Director is currently Professor Leah Bromfield (2025 Australian of the Year for SA). It was established by the Commonwealth Government in partnership with the University of South Australia in 2004 to better prevent and respond to child abuse and neglect by helping to not only grow the evidence base but also translate it into practice.

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

    Contact for interview: Dr James Herbert M: +61 402 298 734 E: james.herbert@unisa.edu.au

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News

  • MIL-OSI New Zealand: 5 big wins from DOC’s National Predator Control Programme |

    Source: Police investigating after shots fired at Hastings house

    Learn how bats, Fiordland tokoeka kiwi, and kākā are all benefiting from our landscape-scale predator control programme using 1080 to protect public conservation land.

    Fiordland tokoeka kiwi chick. Image: Belle Gwilliam

    Our National Predator Control Programme

    DOC’s National Predator Control Programme protects native wildlife and forests at important conservation sites across New Zealand.

    Currently, we control predators on a sustained, rotational basis over about 1.8 million hectares, which is nearly 20% of public conservation land.

    It’s critical that rats, stoats, and possums are regularly controlled so that populations of threatened native species can survive and grow.

    We use the most effective tools available, such as 1080 toxin and large-scale trapping, to protect vulnerable native species and forests. 

    While the tools and strategies are being developed to achieve Predator Free 2050, our National Predator Control Programme is holding the line for threatened native species by regularly controlling introduced predators across large forest areas. 

    We recently published our 2024 National Predator Control Programme report which shows we had some big wins for our native species last year.

    You can read the full report here: National Predator Control Programme Annual Report 2024

    Here’s our top five highlights of 2024 – from bustling bat roosts to turning the tide for one of our rarest kiwi species:

    1️⃣ We’ve turned the tide for Fiordland tokoeka kiwi

    Before predator control, every single kiwi chick we monitored in Shy Lake died, meaning the species was facing extinction. 

    After predator control and eight years of research, last year’s kiwi chick survival rate climbed to 60%. 

    Ranger Chris Dodd with ‘Spanners’, one of the first monitored tokoeka chicks to survive during the programme, now fully grown. Image: Monty Williams.

    2️⃣ Thanks to our science advice, we’ve improved timing for operations and achieved our best results yet

    Our scientists carefully reviewed the results of how we time our operations around beech masts. With their advice, we changed tactics and targeted rats either before beech seed was produced or after it had germinated. 

    It paid off big time – all our operations suppressed rats effectively, in most cases down to undetectable levels. 

    Predator plague cycle. Image: DOC

    3️⃣ Pīwauwau rock wren thriving with predator control

    There are an average of twice as many rock wrens at predator control sites compared to sites with no control.

    Every year our team surveys alpine rock wren populations. Research across our 25 sites shows that aerial operations help rock wren populations recover and grow. 

    Tuke/pīwauwau/rock wren calling in the alpine tops of Fiordland. Photo: Sabine Bernert ©

    4️⃣ We found a record-breaking pekapeka bat roost while monitoring the results of predator control

    We discovered 275 bats in one tree roost in Whirinaki Te Pua-a-Tāne Conservation park where we undertake regular predator control operations. That’s a lot of bats! 

    Pekapeka/short-tailed bat. Image: Maddy Brennan

    5️⃣ Thanks to predator control, kākā in Waipapa have the most balanced sex ratio ever recorded

    Female kākā are more vulnerable to predation, especially when they’re confined to nest cavities during breeding season. Studying the ratio of kākā males to females can help us understand the health of a population and its predation pressures. 

    This year, kākā monitoring in Pureora Forest (an ongoing predator control site) revealed a 1:1 sex ratio – the most balanced we’ve ever recorded.  

    Kākā eating rātā flower. Photo: Sarah Stirrup

    ” data-medium-file=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?fit=300%2C191&ssl=1″ data-large-file=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?fit=580%2C368&ssl=1″ src=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?resize=580%2C368&ssl=1″ alt=”” class=”wp-image-56358″ srcset=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?w=800&ssl=1 800w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?resize=300%2C191&ssl=1 300w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/05/kaka.png?resize=768%2C488&ssl=1 768w” sizes=”auto, (max-width: 580px) 100vw, 580px”/>

    Kākā eating some delcious rātā flower. Image: Sarah Stirrup

    Learn more about DOC’s National Predator Control Programme and read the full report here: National Predator Control Programme

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    MIL OSI New Zealand News

  • MIL-OSI USA: Shapiro Administration to Highlight Efforts to Recruit and Retain More Nurses in Pennsylvania at National Student Nurse Day Event

    Source: US State of Pennsylvania

    May 08, 2025Harrisburg, PA

    ADVISORY – Shapiro Administration to Highlight Efforts to Recruit and Retain More Nurses in Pennsylvania at National Student Nurse Day Event

    To celebrate National Student Nurse Day, officials from the Departments of Health, Labor and Industry, and Human Services will join leaders from HACC, Central Pennsylvania’s Community College, to highlight Governor Josh Shapiro’s proposed 2025-26 budget, which significantly invests in recruiting and retaining nurses in Pennsylvania. As Pennsylvania tackles a nursing shortage, offering incentives to nurses proves to be a successful strategy for recruiting and retaining high-quality practitioners.

    The Governor’s budget proposal makes targeted investments to expand the health care workforce, including nurses, ensuring communities have access to high-quality health care. The budget proposal includes $5 million to expand the Department of Health’s Primary Care Loan Repayment Program, and a first-time state-level investment of $5 million to create the Nurse Shortage Assistance Program, which will provide funding to organizations that partner with hospitals and nursing schools to provide student loan repayment to nursing students who commit to a three-year work placement at Pennsylvania hospitals after graduation.

    WHO:
    Department of Labor and Industry Secretary Nancy A. Walker
    Department of Health Special Advisor Dr. Robert Bonacci
    Department of Human Services Deputy Secretary Sally Kozak
    HACC President and CEO John J. “Ski” Sygielski, MBA, Ed.D.
    HACC School of Health Science Associate Dean Cynthia L. Donell, MSN, RN

    WHEN:
    Thursday, May 8, 2025, at 2:00 PM

    WHERE:
    HACC’s Harrisburg Campus
    Select Medical Health Education Pavilion
    One HACC Drive
    Harrisburg, PA 17110

    MEDIA RSVP: Media interested in attending must RSVP with the name of the reporter and photojournalist to ra-dhpressoffice@pa.gov.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Sen. Markey, Rep. Summer Lee, Lawyers for Good Government Host Roundtable Discussion on EPA’s Termination of Environmental Justice Grants

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.), Representative Summer Lee (PA-12), and Lawyers for Good Government on Monday hosted a virtual roundtable discussion on the Trump administration’s damaging cuts to environmental justice funding and staff. Roundtable speakers included environmental justice advocates, Massachusetts recipients of environmental justice grants, as well as strategists and legal advocates, who all shared how the Trump administration’s attacks have directly affected frontline and fenceline communities crushed by generations of underinvestment and disproportionate exposure to pollution. This roundtable comes on the heels of news the Environmental Protection Agency (EPA) will cancel nearly 800 grants, including all of the agency’s environmental justice grants administered under the Office of Environmental Justice and External Civil Rights, to skirt a recent preliminary injunction that ordered the agency to unfreeze environmental justice funds.
    “The Trump administration revoking federal dollars from community-based groups working hard to clean up the air, water, and land where they live, work, and play is yet another injustice in a long line of unjust policies that deemed certain neighborhoods undeserving of equal environmental protection,” said Senator Markey. “I am inspired by the environmental justice grant recipients who, rather than despair and give in to defeat, joined us and courageously shared their stories of the harm, chaos, and uncertainty that the Trump administration has inflicted by undercutting environmental justice at every turn and every level. Their testimony shone a spotlight on Trump’s shameful abandonment of overburdened communities, and reminds us that strengthening our solidarity, growing coalitions, sharing our stories, and charting paths forward together are powerful antidotes.”
    “What we’re witnessing with the Trump administration’s reckless and targeted cuts to environmental justice funding is nothing short of cruel and deliberate. These aren’t just numbers on a spreadsheet — these are real people, real families, and real communities being told they don’t matter. In places like Western Pennsylvania, we’ve already seen the human cost: frontline organizations shut down, clean air initiatives stalled, job training frozen, and our most vulnerable neighbors left without the tools they need to protect their health and their futures. These cuts are an attack on our kids, our workers, our elders, and on basic human dignity, and we will continue working to stop them,” said Representative Summer Lee.
    “Thank you to Senator Markey, Representative Lee, and the many environmental advocates and grantees for their leadership and courage in fighting back against these unlawful attacks on climate and environmental justice funding,” said Jillian Blanchard, Vice President of the Climate Change and Environmental Justice Program at Lawyers for Good Government (L4GG). “At L4GG, we’re proud to be helping grantees assert their legal rights, navigate this confusing landscape, and push back against these attacks through our Fund Protection Clinic. We know the law is on our side, and we have already won significant victories in the courts to block these unjust terminations. We will continue to fight for impacted communities until these critical funds are fully restored and every grantee is able to do the work Congress intended—building a cleaner, healthier, and more equitable future, for all.”
    “I deeply appreciate Senator Ed Markey and team continuing to fight for these federal dollars that we earned as city. My administration has worked very hard to knock down the Asthma rates here in Springfield, but there is much more work to be done to keep all our residents safe, whether young or old, to properly deal with an Asthma affliction. This funding would help prevent future generations from getting it too. I am so proud of my city team, along with our partners, for their work to apply for and receive this significant EPA grant award. This multifaceted funding was to bring tangible health benefits to our community, including improved indoor and outdoor air quality and reduced emissions. We will continue to fight for these vitally important air quality and asthma reduction programs. We will also work closely with MA Attorney General Andrea Joy Campbell as she leads the charge to challenge this funding termination through legal channels,” said Springfield, Massachusetts Mayor Domenic J. Sarno,
    “At the time of this unconstitutional and unlawful termination, the Environmental Justice for New England program was poised to invest in sustainable, community-driven environmental justice projects, countering historical disinvestment in rural, urban and Tribal communities across the region. We received almost 400 applications for our first round of funding, proposing activities that address critical environmental harms and which would create jobs, boost energy independence, and reduce pollution exposure. We are outraged,” said Ben Wood, Senior Director of Policy and Practice at Health Resources in Action.
    “As Boston summers continue to break historic heat records, extreme heat has become, and will continue to be, a significant threat to the health, safety, and livelihoods of people across our region. Through our Heat and Health project the Mystic River Watershed Association (MyRWA) was proud to be working with residents, community partners, and local government to develop shared solutions to the rising dangers of extreme heat in our communities. It’s not dramatic to say that losing this funding source will negatively impact the health and well-being of our local residents–this summer and for many summers after. Despite this loss of funding–MyRWA is committed to delivering community-driven, science-based solutions to ensure that everyone and everything who calls our watershed home can enjoy clean water, air, and land,” said Mariangeli Echevarria-Ramos, Climate and Social Resilience Manager at the Mystic River Watershed Association.
    “Thank you to Senator Markey and all the co-hosts of the roundtable for creating space for this urgent conversation on the heels of alarming news that the EPA plans to cancel almost 800 environmental justice grants. These aren’t just numbers. These are real losses—for residents breathing polluted air, for communities threatened by flooding, and for young people trying to imagine a future in clean energy. Without access to these funds, we cannot support grassroots organizations, assist residents in navigating regulatory processes, or expand job training programs in the green economy. These disruptions threaten progress in areas already disproportionately affected by climate change, and hinder our ability to complete the work our communities deserve,” said Sarah Baldwin, Senior Director of Operations at the New Jersey Environmental Justice Alliance, member of the Equitable & Just National Climate Platform.
    The Trump administration began halting environmental justice funding in January. Since then, funding recipients have been blindsided by termination notices or cut off from accessing their funds without notice—and, in some cases, grantees are expected to continue projects without assurance that they will be reimbursed for out-of-pocket costs. Adding to the chaos and uncertainty, Trump administration furloughs and layoffs of Environmental Protection Agency staff have also created additional barriers for environmental justice grant recipients when their point of contact is not able to respond with answers on the status of their funding.

    MIL OSI USA News

  • MIL-OSI USA: Cornyn, Fetterman, Lankford, Gallego Introduce SHIELD Against CCP Act

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX), John Fetterman (D-PA), James Lankford (R-OK), and Ruben Gallego (D-AZ) introduced the SHIELD Against CCP Act, which would create a dedicated working group at the U.S. Department of Homeland Security (DHS) to address threats posed by the Chinese Communist Party (CCP):
    “To effectively counter China, the U.S. must target them from all angles and through all agencies,” said Sen. Cornyn. “This widely supported, commonsense legislation would allow the Department of Homeland Security to arm itself with the tools to protect our sovereignty against the CCP’s malign influence.”
    “The CCP controls everything that happens in China and they will cheat, steal, and poison our communities if it helps them get ahead. They supply the chemicals behind the fentanyl claiming Pennsylvanian lives, rig our immigration rules, and rip off ideas from American companies. Enough is enough,” said Sen. Fetterman. “I’m teaming up with Senators Cornyn, Gallego, and Lankford on the SHIELD Against CCP Act to make sure DHS has the muscle to punch back and keep our people safe.”
    “The Chinese Communist Party threatens our sovereignty—whether it’s flooding our border with illegal immigrants, launching cyberattacks, or pushing deadly fentanyl into our communities,” said Sen. Lankford. “The SHIELD Against CCP Act provides the Department of Homeland Security with the necessary tools to address these challenges directly, safeguard our borders, and protect the American people.”
    “Fentanyl has devastated communities across Arizona for too long, and we need to use every tool available to stop the flow of this deadly drug into our country,” said Sen. Gallego. “This bipartisan bill will help DHS understand how the Chinese Communist Party is exploiting our border and fueling fentanyl trafficking, so we can close those gaps and keep our communities safe.”
    Companion legislation, led by Congressmen Dale Strong (AL-05) and Tom Suozzi (NY-03), overwhelmingly passed the House of Representatives 409-4.
    Background:
    The SHIELD Against CCP Act would establish a working group within the U.S. Department of Homeland Security (DHS) to:
    Examine, assess, and report on efforts by DHS to counter terrorist, cybersecurity, border and port security, and transportation security threats posed to the U.S. by the Chinese Communist Party (CCP), including:
    Exploitation of the U.S. immigration system through identify theft, visa processes, unlawful border crossings, human smuggling, and human trafficking;
    Predatory economic and trade practices, including trafficking of counterfeit and pirated goods, use of forced labor, customs fraud, and IP theft;
    Direct or indirect support of Transnational Criminal Organizations (TCOs) trafficking fentanyl, illicit drug precursors, and other controlled substances through the US border, international mail shipments, or express consignment operations;
    And support for illicit financial activity by Chinese Money Laundering Organizations.

    Review information gathered by federal, state, and local law enforcement relating to threats, and disseminate such information to relevant authorities;
    Submit an annual report on its activities to the Homeland Security, Finance, Judiciary, Foreign Relations, and Banking Committees;
    And sunset seven years post-establishment.
    The bill would also require DHS Science and Technology Directorate to research technologies and techniques to enhance DHS’s security and situational awareness related to countering threats posed to the U.S. by the CCP.
    The SHIELD Against CCP Act is endorsed by the Federal Law Enforcement Officers Association (FLEOA), National Border Patrol Council, National Fusion Center Association, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, and National HIDTA Director’s Association (NHDA).

    MIL OSI USA News

  • MIL-OSI: Kneat Announces Record Revenue for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 07, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three months ended March 31, 2025. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $14.7 million in the first quarter, an increase of 37% year over year
    • Annual Recurring Revenue (ARR)1 at March 31, 2025, reaches $63.5 million, an increase of 51% year over year
    • Gross profit and operating expense grow 38% and 21% respectively year over year as progress toward profitability continues

    “Kneat is off to a solid start in 2025, both in terms of continued strong growth and progress toward profitability.  We are encouraged by our customers’ continued intention to orchestrate their validation processes enterprise-wide; and we are committed to enhancing the Kneat Gx platform to help them complete their vision for efficiency, speed and trust in their validation processes.”

    – Eddie Ryan, Chief Executive Officer of Kneat. 

    Q1 2025 Highlights

    • Total revenues increased 37% to $14.7 million in the first quarter of 2025, compared to $10.8 million for the first quarter of 2024. 
    • SaaS revenue for the first quarter of 2025 grew 42% to $13.8 million, versus $9.7 million for the first quarter of 2024.
    • First-quarter 2025 gross profit was $10.9 million, up 38% from $7.9 million in gross profit for the first quarter of 2024.
    • Gross margin in the first quarter of 2025 was 74%, as it was in the first quarter of 2024. 
    • EBITDA1 in the first quarter of 2025 was $5.9 million, compared with ($0.5) million for the first quarter of 2024.
    • Adjusted EBITDA1 in the first quarter of 2025 was $2.3 million, compared with $0.6 million for the first quarter of 2024.
    • Total ARR1 was $63.5 million at March 31, 2025, an increase of 51% from $42.1 million at March 31, 2024.

    1 ARR is a supplementary measure. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Recent Business Highlights

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat for commissioning, qualification and validation of its manufacturing equipment and facilities.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
    • In April 2025, Kneat announced that a multinational producer of generic pharmaceuticals signed a Services Agreement with Kneat to digitalize its drawing management process.
    • In May 2025, Kneat saw record attendance at VALIDATE, its annual event convening validation and quality professionals from around the world.  One of the world’s largest events for validation experts to discover, share and apply validation technologies, regulations, and best practices, VALIDATE enabled participants to witness the power of the Kneat Gx platform.
    • Also in May 2025, Kneat announced the expansion of its executive leadership team with the addition of a Chief Innovation Officer Role. Co-founder and Chief Product Officer Kevin Fitzgerald will transition out of his current role and into the Chief Innovation Officer role on June 9. Donal O’Sullivan, an executive with extensive software development and product management leadership, will join Kneat at that time as Chief Product Officer.

    “Kneat closed the quarter with ample cash and a strong balance sheet. Our high-retention customer base continues to grow, and we remain confident in our financial outlook.”

    – Hugh Kavanagh, Chief Financial Officer of Kneat. 

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s first quarter of 2025 results and hold a Q&A session for analysts and investors via webcast on May 08, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    Kneat management use ARR to evaluate and assess the Company’s performance, identify trends affecting its business, formulate financial projections and make financial decisions. The Company believes that ARR is a useful metric for investors as it provides a measure of the value of the recurring revenue at a point in time (end date of the relevant quarter). ARR is based on signed agreements and indicates the level of recurring revenue that the Company would anticipate reporting in a 12-month period based on the full agreed annual SaaS and maintenance fees for existing customers. In specific circumstances, the Company may utilize pricing incentives for limited contract periods. ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated using the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange gain (loss) and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated May 7, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

     
    Unaudited Condensed Interim Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)
                 
        Three-month
    period ended
    March 31, 2025
        Three-month
    period ended
    March 31, 2024
     
        $     $  
    Revenue        
    SaaS license fees   13,805,973     9,718,501  
    Maintenance fees   22,095     70,589  
    Professional services and other   919,573     977,910  
    Total Revenue   14,747,641     10,767,000  
             
    Cost of revenue   (3,823,145 )   (2,834,015 )
    Gross profit   10,924,496     7,932,985  
    Gross margin   74%     74%  
             
    Expenses        
    Research and development   (4,698,665 )   (4,045,548 )
    Sales and marketing   (5,116,477 )   (4,031,684 )
    General and administrative   (2,511,629 )   (2,105,589 )
    Total Expenses   (12,326,771 )   (10,182,821 )
             
    Operating loss   (1,402,275 )   (2,249,836 )
             
    Finance expense   (888,545 )   (867,451 )
    Interest income   198,639     35,076  
    Foreign exchange gain (loss)   4,262,600     (238,763 )
    Income (loss) before income taxes   2,170,419     (3,320,974 )
    Income tax expense   (24,430 )   (15,887 )
    Net income (loss) for the period   2,145,989     (3,336,861 )
             
    Other comprehensive (loss) income        
    Foreign currency translation adjustment to presentation currency   (1,998,521 )   190,894  
    Comprehensive income (loss) for the period   147,468     (3,145,967 )
    Earnings (loss) per share: Basic and diluted   0.02     (0.04 )
             
    Weighted-average number of common shares outstanding:        
    Basic   94,221,072     81,005,029  
    Diluted   97,738,261     81,005,029  
             
    Reconciliation:        
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Finance expense   888,545     867,451  
    Interest income   (198,639 )   (35,076 )
    Income tax expense   24,430     15,887  
    Depreciation charge   177,001     191,221  
    Amortization of intangible assets charge   2,846,747     1,834,211  
    EBITDA   5,884,073     (463,167 )
             
    Adjustments to EBITDA        
    Foreign exchange gain/loss   (4,262,600 )   238,763  
    Stock based compensation   697,019     812,173  
    Adjusted EBITDA   2,318,492     587,769  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statements of Financial Position
                 
        March 31, 2025     December 31, 2024  
        $     $  
    Assets            
                 
    Current assets            
    Cash   74,132,378     58,889,572  
    Amounts receivable   10,958,849     18,377,009  
    Prepayments   2,081,208     1,870,095  
                 
        87,172,435     79,136,676  
    Non-current assets            
    Amounts receivable   3,544,947     2,368,006  
    Property and equipment   6,914,606     6,782,179  
    Intangible asset   39,158,433     36,290,869  
                 
    Total Assets   136,790,421     124,577,730  
                 
    Liabilities            
                 
    Current liabilities            
    Accounts payable and accrued liabilities   9,080,206     8,580,104  
    Contract liabilities   31,037,419     21,631,416  
    Loan payable   5,122,755     4,116,723  
    Lease liabilities   386,207     434,096  
                 
        45,626,587     34,762,339  
    Non-current liabilities            
    Contract liabilities   42,339     33,393  
    Loan payable and accrued interest   18,384,423     19,038,203  
    Lease liabilities   5,800,955     5,671,952  
                 
                 
    Total Liabilities   69,854,304     59,505,887  
                 
    Equity            
    Shareholders’ equity   66,936,117     65,071,843  
                 
    Total Liabilities and Equity   136,790,421     124,577,730  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statement of Cash Flows
                 
        Three-month
    period ended
    March 31, 2025
        Three-month
    period ended
    March 31, 2024
     
    Operating activities   $     $  
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Charges to loss not involving cash:        
    Depreciation of property and equipment   177,001     191,221  
    Share-based compensation   697,019     812,173  
    Interest expense   842,563     867,451  
    Tax expense   24,430     15,887  
    Amortization of the intangible asset   2,846,747     1,834,211  
    Amortization of loan issuance costs   45,982     36,957  
    Foreign exchange (gain) loss   (4,262,600 )   238,763  
    Increase in non-current contract liabilities   7,553     58,319  
    Net change in non-cash operating working capital related to operations   14,951,929     7,684,397  
             
    Net cash provided by operating activities   17,476,613     8,402,518  
             
    Financing activities        
    Proceeds received from public equity financing       20,000,110  
    Share issuance costs associated with public equity financing       (1,626,257 )
    Payment of principal and interest on loans payable   (1,348,282 )   (621,996 )
    Proceeds from the exercise of stock options   774,591     641,700  
    Repayment of lease liabilities   (192,894 )   (181,158 )
             
    Net cash (used in)/provided by financing activities   (766,585 )   18,212,399  
             
    Investing activities        
    Additions to the intangible asset   (5,157,268 )   (4,515,850 )
    Additions to property and equipment   (62,917 )   (8,163 )
    Collection of research and development tax credits   1,850,702      
             
    Net cash used in investing activities   (3,369,483 )   (4,524,013 )
             
    Effects of foreign exchange rates on cash   1,902,261     164,519  
             
    Net change in cash during the period   15,242,806     22,255,423  
             
    Cash – Beginning of period   58,889,572     15,252,526  
             
    Cash – End of period   74,132,378     37,507,949  
                 

    The MIL Network

  • MIL-OSI: MKS Instruments Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue of $936 million, at the high end of guidance
    • Quarterly GAAP net income of $52 million and net income per diluted share of $0.77, each above the midpoint of guidance
    • Quarterly Adjusted EBITDA of $236 million, at the high end of guidance, and Non-GAAP net earnings per diluted share of $1.71, above the high end of guidance

    ANDOVER, Mass., May 07, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today reported first quarter 2025 financial results.

    “We maintained our recent momentum in the first quarter with solid revenue performance that was at the high end of our guidance, led by strong year-over-year growth in both our Semiconductor and Electronics & Packaging end markets,” said John T.C. Lee, President and Chief Executive Officer. “Our team is executing well and capturing opportunities across memory and foundry as well as advanced packaging necessary to support AI applications.”

    Mr. Lee added, “We exited the quarter seeing pockets of demand improvement in our Semiconductor and Electronics and Packaging markets. We are taking active steps to mitigate the impacts from new trade policies. This situation remains dynamic, but we are confident in our ability to manage through, supported by our resilient global manufacturing and supply chain, strong customer relationships and broad, deep product portfolio.”

    “MKS has a strong track record of financial discipline and execution which was once again reflected in our first quarter results,” said Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer.

    Mr. Mayampurath added, “Our GAAP and Non-GAAP gross margins were at the high end of our guidance range and our GAAP and Non-GAAP operating income exceeded our guidance midpoints. Our second quarter guidance reflects an overall stable demand environment and strong business fundamentals while also factoring in our current view of potential impacts from evolving trade policies. We remain focused on managing profitability and cash generation to delever and strengthen our balance sheet.”

    Selected GAAP and Non-GAAP Financial Measures
    (In millions, except per share data)
     
      Q1 2025   Q4 2024   Q1 2024
    Net Revenues          
    Semiconductor $ 413     $ 400     $ 351  
    Electronics & Packaging   253       254       208  
    Specialty Industrial   270       281       309  
    Total net revenues $ 936     $ 935     $ 868  
    GAAP Financial Measures          
    Gross margin   47.4 %     47.2 %     47.8 %
    Operating margin   11.9 %     14.5 %     12.2 %
    Net income $ 52     $ 90     $ 15  
    Net income per diluted share $ 0.77     $ 1.33     $ 0.22  
    Non-GAAP Financial Measures          
    Gross margin   47.4 %     47.2 %     47.8 %
    Operating margin   20.2 %     21.3 %     20.2 %
    Net earnings $ 116     $ 146     $ 79  
    Net earnings per diluted share $ 1.71     $ 2.15     $ 1.18  
                           


    Additional Financial Information

    At March 31, 2025, the Company had $655 million in cash and cash equivalents, $3.2 billion of secured term loan principal outstanding, $1.4 billion of convertible senior notes outstanding and up to $675 million of additional borrowing capacity under a revolving credit facility, subject to certain leverage ratio requirements. During the first quarter of 2025, the Company completed the repricing of its USD term loan B and EUR term loan B and made a voluntary principal prepayment of $100 million on its USD term loan B. Additionally, the Company repurchased approximately 546,000 shares of its common stock for approximately $45 million, and paid a cash dividend of $15 million or $0.22 per diluted share.

    Second Quarter 2025 Guidance

    • Revenue of $925 million, plus or minus $40 million
    • Gross margin of 46.5%, plus or minus 1.0%
    • GAAP operating expenses of $316 million, plus or minus $5 million and Non-GAAP operating expenses of $252 million, plus or minus $5 million
    • GAAP net income of $55 million, plus or minus $21 million and Non-GAAP net earnings of $106 million, plus or minus $19 million
    • GAAP net income per diluted share of $0.81, plus or minus $0.32 and Non-GAAP net earnings per diluted share of $1.56, plus or minus $0.28
    • Adjusted EBITDA of $216 million, plus or minus $23 million

    The guidance for the second quarter is based on the current business environment, including the impact of U.S. import tariffs and the imposition of retaliatory actions taken by other countries up through but not including the date of this release. The Company will continue to monitor and adapt to changes in the business environment as needed.

    Conference Call Details

    A conference call with management will be held on Thursday, May 8, 2025 at 8:30 a.m. (Eastern Time). To participate in the call by phone, participants should visit the Investor Relations section of MKS’ website at investor.mks.com and click on Events & Presentations, where you will be able to register online and receive dial-in details. We encourage participants to register and dial in to the conference call at least 15 minutes before the start of the call to ensure a timely connection. A live and archived webcast and related presentation materials will be available on the Investor Relations section of the MKS website.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    Use of Non-GAAP Financial Results

    This press release includes financial measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported results under U.S. generally accepted accounting principles (“GAAP”), and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our Non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
     

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Instruments, Inc. (“MKS,” the “Company,” “our,” or “we”). These statements are only predictions based on current assumptions and expectations. Any statements that are not statements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the level and terms of our substantial indebtedness and our ability to service such debt; our entry into the chemicals technology business through our acquisition of Atotech Limited (“Atotech”) in August 2022 (the “Atotech Acquisition”), which has exposed us to significant additional liabilities; the risk that we are unable to realize the anticipated benefits of the Atotech Acquisition; risks related to cybersecurity, data privacy and intellectual property; competition from larger, more advanced or more established companies in our markets; the ability to successfully grow our business, including through growth of the Atotech business, and financial risks associated with that acquisition and potential future acquisitions, including goodwill and intangible asset impairments; manufacturing and sourcing risks, including those associated with limited and sole source suppliers and the impact and duration of supply chain disruptions, component shortages, and price increases; changes in global demand; risks associated with doing business internationally, including geopolitical conflicts, such as the conflict in the Middle East, trade compliance, trade protection measures, such as import tariffs by the United States or retaliatory actions taken by other countries, regulatory restrictions on our products, components or markets, particularly the semiconductor market, and unfavorable currency exchange and tax rate fluctuations, which risks become more significant as we grow our business internationally and in China specifically; conditions affecting the markets in which we operate, including fluctuations in capital spending in the semiconductor, electronics manufacturing and automotive industries, and fluctuations in sales to our major customers; disruptions or delays from third-party service providers upon which our operations may rely; the ability to anticipate and meet customer demand; the challenges, risks and costs involved with integrating or transitioning global operations of the companies we have acquired; risks associated with the attraction and retention of key personnel; potential fluctuations in quarterly results; dependence on new product development; rapid technological and market change; acquisition strategy; volatility of stock price; risks associated with chemical manufacturing and environmental regulation compliance; risks related to defective products; financial and legal risk management; and the other important factors described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent Quarterly Reports on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, even if subsequent events cause our views to change, after the date of this press release. Amounts reported in this press release are preliminary and subject to finalization prior to the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

    Company Contact:
    Paretosh Misra
    Vice President, Investor Relations
    Telephone: (978) 284-4705
    Email: paretosh.misra@mks.com

     
     
    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Operations
    (In millions, except per share data)
               
      Three Months Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Net revenues:          
    Products $ 819     $ 824     $ 754  
    Services   117       111       114  
    Total net revenues   936       935       868  
    Cost of revenues:          
    Products   437       443       398  
    Services   55       51       55  
    Total cost of revenues (exclusive of amortization shown separately below)   492       494       453  
    Gross profit   444       441       415  
    Research and development   70       65       70  
    Selling, general and administrative   185       176       170  
    Acquisition and integration costs         3       1  
    Restructuring and other   16       1       3  
    Fees and expenses related to amendments to the Term Loan Facility   2             3  
    Amortization of intangible assets   60       61       62  
    Income from operations   111       135       106  
    Interest income   (3 )     (5 )     (6 )
    Interest expense   53       54       87  
    Loss on extinguishment of debt   3       4       9  
    Other (income) expense, net   (1 )     3       (3 )
    Income before income taxes   59       79       19  
    Provision (benefit) for income taxes   7       (11 )     4  
    Net income $ 52     $ 90     $ 15  
    Net income per share:          
    Basic $ 0.77     $ 1.34     $ 0.22  
    Diluted $ 0.77     $ 1.33     $ 0.22  
    Cash dividends per common share $ 0.22     $ 0.22     $ 0.22  
    Weighted average shares outstanding:          
    Basic   67.4       67.4       67.0  
    Diluted   67.7       67.7       67.4  
               
    MKS Instruments, Inc.
    Unaudited Consolidated Balance Sheets
    (In millions)
           
           
      March 31,   December 31,
        2025       2024  
    ASSETS      
    Cash and cash equivalents $ 655     $ 714  
    Trade accounts receivable, net   639       615  
    Inventories   894       893  
    Other current assets   238       252  
    Total current assets   2,426       2,474  
    Property, plant and equipment, net   774       771  
    Right-of-use assets   239       238  
    Goodwill   2,496       2,479  
    Intangible assets, net   2,238       2,272  
    Other assets   383       356  
    Total assets $ 8,556     $ 8,590  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Short-term debt $ 50     $ 50  
    Accounts payable   323       341  
    Other current liabilities   408       384  
    Total current liabilities   781       775  
    Long-term debt, net   4,409       4,488  
    Non-current deferred taxes   502       504  
    Non-current accrued compensation   139       141  
    Non-current lease liabilities   211       211  
    Other non-current liabilities   160       149  
    Total liabilities   6,202       6,268  
    Stockholders’ equity:      
    Common stock          
    Additional paid-in capital   2,067       2,067  
    Retained earnings   512       503  
    Accumulated other comprehensive loss   (225 )     (248 )
    Total stockholders’ equity   2,354       2,322  
    Total liabilities and stockholders’ equity $ 8,556     $ 8,590  
           
    MKS Instruments, Inc.
    Unaudited Consolidated Statements of Cash Flows
    (In millions)
               
      Three Months Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Cash flows from operating activities:          
    Net income $ 52     $ 90     $ 15  
    Adjustments to reconcile net income to net cash provided by operating activities:          
    Depreciation and amortization   85       87       88  
    Unrealized loss (gain) on derivatives not designated as hedging instruments   2       11       3  
    Amortization of debt issuance costs and original issue discounts   6       7       8  
    Loss on extinguishment of debt   3       4       9  
    Stock-based compensation   22       11       15  
    Provision for excess and obsolete inventory   17       15       11  
    Deferred income taxes   (37 )     (58 )     (36 )
    Other   1       2       2  
    Changes in operating assets and liabilities, net of acquired assets and liabilities   (10 )     7       (48 )
    Net cash provided by operating activities   141       176       67  
    Cash flows from investing activities:          
    Purchases of property, plant and equipment   (18 )     (51 )     (18 )
    Net cash used in investing activities   (18 )     (51 )     (18 )
    Cash flows from financing activities:          
    Repurchase of common stock   (45 )            
    Proceeds from borrowings               761  
    Payments of borrowings   (113 )     (229 )     (806 )
    Payments of deferred financing fees               (2 )
    Dividend payments   (15 )     (15 )     (15 )
    Net (payments) proceeds related to employee stock awards   (5 )     3       (9 )
    Other financing activities   (2 )     (5 )     (1 )
    Net cash used in financing activities   (180 )     (246 )     (72 )
    Effect of exchange rate changes on cash and cash equivalents   (2 )     (26 )     (7 )
    Decrease in cash and cash equivalents   (59 )     (147 )     (30 )
    Cash and cash equivalents at beginning of period   714       861       875  
    Cash and cash equivalents at end of period $ 655     $ 714     $ 845  
               
    The following supplemental Non-GAAP earnings information is presented to aid in understanding MKS’ operating results:
               
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions, except per share data)
               
      Three Months Ended
      March 31,   December 31,   March 31,
       2025    2024    2024
    Net income $ 52     $ 90     $ 15  
    Acquisition and integration costs         3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Loss on extinguishment of debt   3       4       9  
    Amortization of debt issuance costs   5       5       6  
    Fees and expenses related to amendments to the Term Loan Facility   2             3  
    Tax effect of Non-GAAP adjustments   (22 )     (18 )     (20 )
    Non-GAAP net earnings $ 116     $ 146     $ 79  
    Non-GAAP net earnings per diluted share $ 1.71     $ 2.15     $ 1.18  
    Weighted average diluted shares outstanding   67.7       67.7       67.4  
               
    Net cash provided by operating activities $ 141     $ 176     $ 67  
    Purchases of property, plant and equipment   (18 )     (51 )     (18 )
    Free cash flow $ 123     $ 125     $ 49  
    GAAP and Non-GAAP gross profit $ 444     $ 441     $ 415  
    GAAP and Non-GAAP gross margin   47.4 %     47.2 %     47.8 %
    Operating expenses $ 332     $ 306     $ 309  
    Acquisition and integration costs         3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Fees and expenses related to amendments to the Term Loan Facility   2             3  
    Non-GAAP operating expenses $ 254     $ 242     $ 240  
    Income from operations $ 111     $ 135     $ 106  
    Operating margin   11.9 %     14.5 %     12.2 %
    Acquisition and integration costs         3       1  
    Restructuring and other   16       1       3  
    Amortization of intangible assets   60       61       62  
    Fees and expenses related to amendments to the Term Loan Facility   2             3  
    Non-GAAP income from operations $ 189     $ 199     $ 175  
    Non-GAAP operating margin   20.2 %     21.3 %     20.2 %
    Interest expense, net $ 50     $ 49     $ 81  
    Amortization of debt issuance costs   5       5       6  
    Non-GAAP interest expense, net $ 45     $ 45     $ 75  
    Net income $ 52     $ 90     $ 15  
    Interest expense, net   50       49       81  
    Other (income) expense, net   (1 )     3       (3 )
    Provision (benefit) for income taxes   7       (11 )     4  
    Depreciation   25       26       26  
    Amortization   60       61       62  
    Stock-based compensation   22       11       15  
    Acquisition and integration costs         3       1  
    Restructuring and other   16       1       3  
    Loss on extinguishment of debt   3       4       9  
    Fees and expenses related to amendments to the Term Loan Facility   2             3  
    Adjusted EBITDA $ 236     $ 237     $ 217  
    Adjusted EBITDA margin   25.2 %     25.3 %     25.0 %
               
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures
    (In millions, except per share data)
                           
      Three Months Ended March 31, 2025   Three Months Ended December 31, 2024
      Income Before Income Taxes   Provision for Income Taxes   Effective Tax Rate   Income Before Income Taxes    (Benefit) Provision for Income Taxes   Effective Tax Rate
    GAAP $ 59     $ 7     12.3 %   $ 79     $ (11 )   (14.5 %)
    Acquisition and integration costs                   3            
    Restructuring and other   16                 1            
    Amortization of intangible assets   60                 61            
    Loss on extinguishment of debt   3                 4            
    Amortization of debt issuance costs   5                 5            
    Fees and expenses related to amendments to the Term Loan Facility   2                            
    Tax effect of Non-GAAP adjustments         22                 18      
    Non-GAAP $ 145     $ 29     19.9 %   $ 153     $ 7     4.0 %
                           
                           
                  Three Months Ended March 31, 2024
                  Income Before Income Taxes   Provision for Income Taxes   Effective Tax Rate
    GAAP             $ 19     $ 4     23.1 %
    Acquisition and integration costs               1            
    Restructuring and other               3            
    Amortization of intangible assets               62            
    Loss on extinguishment of debt               9            
    Amortization of debt issuance costs               6            
    Fees and expenses related to amendments to the Term Loan Facility               3            
    Tax effect of Non-GAAP adjustments                     20      
    Non-GAAP             $ 103     $ 24     23.3 %
                           
    MKS Instruments, Inc.
    Schedule Reconciling Selected Non-GAAP Financial Measures – Q2’25 Guidance
    (In millions, except per share data)
           
      Three Months Ending June 30, 2025
      $ Amount   Per Share
    GAAP net income and net income per share $ 55     $ 0.81  
    Restructuring and other   4      
    Amortization of intangible assets   60      
    Loss on extinguishment of debt   2      
    Amortization of debt issuance costs   4      
    Tax effect of Non-GAAP adjustments   (19 )    
    Non-GAAP net earnings and net earnings per share $ 106     $ 1.56  
    Weighted average diluted shares   67.6      
           
    GAAP operating expenses $ 316      
    Restructuring and other   (4 )    
    Amortization of intangible assets   (60 )    
    Non-GAAP operating expenses $ 252      
           
    GAAP net income   55      
    Interest expense, net   52      
    Other expense (income), net   1      
    Provision for income taxes   4      
    Depreciation   26      
    Restructuring and other   4      
    Amortization of intangible assets   60      
    Stock-based compensation   12      
    Loss on extinguishment of debt   2      
    Adjusted EBITDA $ 216      
           
     
    MKS Instruments, Inc.
    Notes on Our Non-GAAP Financial Information
     

    Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported GAAP results, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.

    Acquisition and integration costs include incremental expenses incurred to effect the Atotech Acquisition. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, information technology systems and infrastructure and other employee-related costs.

    Restructuring and other includes incremental expenses incurred in connection with restructuring programs and other strategic initiatives, primarily related to changes in business and/or cost structure. Such costs may include third-party services, one-time termination benefits, facility-related costs, contract termination fees and other items that have no direct correlation to our future business operations.

    Amortization of intangible assets includes non-cash amortization expense associated with intangible assets acquired in acquisitions.

    Loss on extinguishment of debt includes the non-cash write-off of unamortized debt issuance costs and original issue discount costs incurred from voluntary prepayments and/or repricing of our term loan facility.

    Amortization of debt issuance costs includes non-cash additional interest expense related to the amortization of debt issuance costs and original issue discount costs associated with our term loan facility.

    Fees and expenses related to amendments to the Term Loan Facility includes direct third-party costs related to repricings or refinancings of our term loan facility.

    Tax effect of Non-GAAP adjustments includes the impact of Non-GAAP adjustments that are tax effected at applicable statutory rates resulting in a difference between the GAAP and Non-GAAP tax rates. 

    The MIL Network

  • MIL-Evening Report: Why is hospital parking so expensive? Two economics researchers explain

    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University

    ThirtyPlus/Shutterstock

    Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital.

    For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can be a financial barrier to supporting loved ones in their most vulnerable moments.

    Hospital parking is a big revenue earner. In New South Wales, public hospitals collected almost $51.7 million in parking fees in 2024. That was up from $30.2 million in 2023.

    It may be tempting to view hospital parking fees as exploiting a captive market. But the reality is much more complex.

    It involves urban economics, pressures on health-care funding and competing demands for limited space, often in busy city centres.

    Let’s start with supply and demand

    Basic economics tells us that price is the mechanism for balancing supply and demand. This is known as the equilibrium price. If demand is greater than supply, the price rises. So for urban hospitals, where parking spaces are limited, this scarcity creates market conditions that, not surprisingly, drive up prices.

    But economics also tells us that if there’s still demand for parking despite the price, then under some circumstances suppliers can charge more than the equilibrium price. Put simply, this “inelastic demand” means it is possible to charge more to a captive audience.



    You could certainly argue hospital patients and visitors are a captive audience. While many hospitals are well serviced by public transport, hospital patients and visitors are often too sick or time-poor to use it. So they have little choice than to pay for parking. For rural hospitals, there is limited or no public transport, so visitors have to drive.

    So are hospitals taking advantage of the inelastic demand for parking? Are they price gouging – setting prices above what is considered reasonable or fair? Or are there reasons for setting such high prices?

    Location, location, location

    Car parks of hospitals in prime locations are not just attractive to hospital patients and visitors. They’re also attractive to other users, such as those working in the city or sightseeing. High parking fees deter these users, ensuring spaces are available for hospital users.

    High prices prevent hospital users from overstaying. This prevents them doing non-hospital activities (such as shopping) after their hospital appointment or visits and before returning to their cars.

    Hospitals also charge high prices to raise revenue for health care. In a statement to the ABC earlier this year, NSW Health said extra money raised from parking is reinvested into health services and facilities.

    Hospitals are often in prime locations, such as Royal Prince Alfred Hospital in Sydney’s inner west.
    Rose Marinelli/Shutterstock

    But it makes sense to encourage visitors

    However, raising parking fees to support hospital budgets could be a false economy. We know hospital visitors have an important role in patients’ recovery times. So if high parking costs deter visitors or carers, this could lead to longer hospital stays for their loved ones.

    Cheaper parking might allow for more visiting, leading to shorter hospital stays and significant cost savings per patient.

    I (Lisa) had firsthand experience of this when my elderly father with dementia was admitted to hospital recently. The hospital allowed 24/7 visitor access for carers (in this case, my mother) and free hospital parking. Access 24/7 is important for patients with dementia who are often disorientated in hospital. This disorientation is typically worse in the evening (known as sundowning).

    Having carers present meant staff could focus on medical issues. It facilitated visits outside normal visiting hours (when dementia patients typically need the extra support) and when the demand for parking spaces is lower.

    Visitors are great for patients’ wellbeing and help their recovery. So we want to encourage them.
    DC Studio/Shutterstock

    Who needs cheap parking?

    High parking prices reflect the high demand for a fixed supply of parking spaces that are rationed to those most willing to pay (those with the income). But a better solution is to ration according to need (that is, to boost patient wellbeing).

    The economics solution is to charge different users different prices. Most hospitals do this already by offering concessions. But concessions can differ by hospital or state. Not everyone knows concession-rate parking is available, and it can be hard for some people to find out if they qualify.

    So if you are concerned about the cost of hospital parking, know the fees and available concessions before you park. You can find this on most hospitals’ websites.

    Currently, concessions are generally based on income (including the possession of a concession card). But we need a greater shift towards providing concession rates based on need. For example those visiting long-stay patients clearly need concessions to support patient wellbeing.

    A media campaign has called for a national cap on hospital parking costs for frequent users.

    Most car parks have a daily limit but frequent users can soon accumulate large bills over weeks or months of hospital visits. For many patients, particularly those requiring frequent treatments such as dialysis, parking costs accumulate annually.

    For people having frequent treatments, such as dialysis, parking costs can add up over the years.
    ainata/Shutterstock

    How could we make things cheaper and fairer?

    We need to apply concession rates to hospital visitors on the basis of need, not just income. Need should be informed by patient wellbeing and the importance of visitors to the healing process.

    We need a consistent set of rules across hospitals about concession-rate parking. This would simplify the process for hospital car park users.

    We also need to look at longer-term solutions. When expanding hospitals or planning new ones, we can consider transitioning away from prime locations. This would help make parking less attractive to non-hospital users.

    The challenge for health-care systems is balancing operational necessity of recovering costs with the ethics of equity and access that prevent necessary care.

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

    ref. Why is hospital parking so expensive? Two economics researchers explain – https://theconversation.com/why-is-hospital-parking-so-expensive-two-economics-researchers-explain-255716

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order

    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury

    Getty Images

    There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with the Cook Islands, and the United States under Donald Trump is abandoning the old multilateral world order.

    As a result, we’re beginning to see New Zealand shift away from a two-decades-long preference for engaging with multiple partners towards a more conventional balancing strategy.

    Essentially, this attempts to counter the perceived threat from a strong country – namely China – with a combination of external alliances and internal policies.

    Externally, New Zealand has sought re-align itself within the US-led security sphere. Participation in pillar two of the AUKUS security pact has been seriously discussed, and New Zealand has actively engaged with NATO as a member of the “Indo-Pacific Four” (along with Australia, Japan and the Republic of Korea).

    Internally, a NZ$12 billion “defence plan” was announced in early April. This will see New Zealand increase defence spending from just over 1% of GDP to more than 2% over the next eight years.

    Foreign Minister Winston Peters has made no secret of these changing priorities. He has said he is simply taking “the world as it is”, adding:

    this realism is a shift from our predecessors’ vaguer notions of an indigenous foreign policy that no-one else understood, let alone shared.

    This was a direct repudiation of the previous Labour government’s foreign minister, Nanaia Mahuta. Her tenure had offered a glimpse of what a foreign policy guided by te ao Māori – the Māori worldview – might look like.

    Four tikanga Māori principles underpinned the policy: manaakitanga (hospitality), whanaungatanga (connectedness), mahi tahi and kotahitanga (unity through collaboration), and kaitiakitanga (intergenerational guardianship).

    ‘The world as it is’: Foreign Minister Winston Peters speaks at Rātana celebrations in Whanganui, January 24 2025.
    Getty Images

    Beyond Western-centric thinking

    Clearly, te ao Māori offers a very different way of looking at international relations. At its core it adopts a “relational” understanding of the world that views reality as a series of entanglements: “human with human, human with nonhuman, nonhuman with human, human and nonhuman with transcendent”.

    It is also a non-anthropocentric view: humans are not the masters of the world but rather stewards or custodians of a complex web of relations.

    But as we argue in a recent Global Policy article, despite good intentions, Mahuta’s four tikanga Māori were mostly used rhetorically. They did not fundamentally alter New Zealand’s foreign policy, which remained firmly Western-centric.

    We suggest those four tikanga principles would be enhanced by adding the concept of “utu” as a kind of overarching framework.

    Largely thanks to the famous 1983 film of the same name, utu is often thought to simply mean violent revenge. In fact, it is a much deeper concept that refers to the “process of restoring physical and spiritual relationships to an equal or harmonious state”.

    Utu as a foreign policy framework

    A foreign policy underpinned by utu, therefore, would seek to build relationships that are harmonious and reciprocal.

    Harmony, in this sense, goes beyond notions of an international order characterised by global peace, greater connectedness, increased cooperation and interdependence.

    While these are important, an utu-informed view of harmony would also take into account the relationship between humans and the natural world, and between present, past and future generations.

    Similarly, in the Western-centric view, reciprocity is typically “invoked as an appropriate standard of behaviour which can produce cooperation among sovereign states”.

    But utu involves a reciprocity built through hospitality (manaakitanga), something which has to be given even if serious discord exists in a relationship. Reciprocity is also important in interactions between humans and the natural world.

    Consequently, an utu foreign policy doctrine would offer a radically different lens than New Zealand is currently using.

    A genuinely independent foreign policy

    Firstly, it would require New Zealand to reject the Western geopolitical construct
    of the “Indo-Pacific”, which vastly oversimplifies the complex realities of the region.

    And it would mean viewing China not as an existential threat, but rather as a crucial relationship that is subject to the principles of manaakitanga, despite growing discord and diplomatic challenges.

    Secondly, it would see New Zealand recognise climate change as the primary existential threat to the status quo. This would align closely with the country’s Pacific neighbours whose Blue Pacific initiative offers an alternative to the Indo-Pacific focus.

    Lastly, it would help New Zealand more consistently and coherently pursue a genuinely independent foreign policy. This should have bipartisan appeal, as it would give New Zealand a unique perspective on the world.

    Ultimately, as New Zealand faces a more complex regional environment and a range of national security challenges, utu in its true sense offers a more constructive framework.

    Perhaps adopting a more complex – and more humble – understanding of the world, as provided by te ao Māori, would give policymakers an alternative pathway to simply taking “the world as it is”.


    The author acknowledges the contribution of independent researcher Bonnie Holster, co-author of the Global Policy paper on which this article is based.


    Nicholas Ross Smith 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. ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order – https://theconversation.com/utu-as-foreign-policy-how-a-maori-worldview-can-make-sense-of-a-shifting-world-order-255602

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Kingdom: expert reaction to study looking at ultra-processed foods and early signs of Parkinson’s disease

    Source: United Kingdom – Executive Government & Departments

    A study published in Neurology looks at ultra-processed foods (UPFs) and signs of Parkinson’s disease. 

    Dr Katherine Fletcher, Research Lead at Parkinson’s UK, said:

    Research into diet in general is difficult as people often will inaccurately self-report what their diet comprises. This could be down to forgetting to fill in the diary at the time, to subjective interpretation of amounts of UPFs.

    “The study group also lacked ethnic and socio-economic diversity, which is vital when looking to better understand factors that contribute to the causes of a health condition.

    “In respect of strengths, it was a long-running study with a reasonably large sample size, building on a theory that already exists about the impact of diet.  Nonetheless, a much wider body of research is required before drawing any conclusions i.e. looking globally at different diets.

    “This paper builds on previous research, such as the work of Dr. Laurie Mischley1 at Bastyr University, which has shown an association between processed foods and faster progression of Parkinson’s.  Additionally, evidence suggests that following a Mediterranean-style diet2 – rich in fresh fruits, vegetables, pulses, and olive oil – could reduce someone’s risk of going on to develop Parkinson’s.

    “Research into diet and nutrition is crucial, as there is growing evidence that, for some individuals, Parkinson’s may originate from changes in the gut.  Ongoing studies are exploring alterations in the gut microbiome in Parkinson’s and investigating potential interventions to address these changes and as well as investigating diet and supplements to help manage symptoms.”

     

    https://pubmed.ncbi.nlm.nih.gov/29081890/

    Prof Eef Hogervorst, Professor of Psychology, Loughborough University, said:

    Firstly, the outcome term ‘early symptoms of Parkinson’s disease’ is a bit misleading as symptoms such as constipation, and body pain here found to be associated with consumption of Ultra Processed Foods (UPF) are quite common in ageing and are not necessarily indicative of Parkinson’s disease.

    “Even the most likely predictor of Parkinson’s disease – probably REM sleep disorder – is seen in 65% of Parkinson patients but also in 10% of controls, with low (65%) sensitivity for Parkinson’s disease, even when people already have this disease (Kakazu, 2024: https://doi.org/10.1016/j.sleep.2024.09.042).  This symptom only shows relations with the highest intake of UPF.

    “Other symptoms like reduced sense of smell, daytime sleepiness, impaired colour vision and depression by themselves seem not related to consumption of UPF.

    “With regards to the UPF outcome, 30% of food consumption assessed by questionnaire was not agreed on and while experts apparently re-assessed these, it is not clear how they agreed on categorisation of foods, so whether they were UPF or not.

    “It seemed strange that non-UPF food included beef, pork, lamb chicken or turkey sandwich (all processed meats); cream; pancakes or waffles; pie, home-baked or readymade; popcorn; potato or

    corn chips; soy milk; and tomato sauce, as well as distilled alcohol and dairy coffee.

    “Individual foods such as UPF breads or cereals and indeed microwaveable meals were by themselves not associated with the ‘early Parkinson disease symptoms’ while sauces, sweets, artificial sweetened drinks and desserts were as well as savoury snacks, animal and dairy products including yogurts.  Such foods are associated with diabetes mellitus and vascular (heart) disease, respectively, which can impact on brain disease because of their sugar and trans fat contents, respectively.

    “However, it is not the first study to show associations of UPF and brain disease.  We early wrote a piece on studies investigating dementia risk and processed meat consumption

    https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619   A healthy varied whole food diet is associated with prevention of many diseases including dementia.

    “Lastly, these two cohorts were mainly white health professionals so the results do not necessarily translate to everyone.

    “So this study may be affected by UPF categorisation as a predictor, where also not all UPF foods showed an association; the limited study group associations were assessed in (only mainly white health professionals and nurses) and also by the outcome, as these symptoms are not necessarily predictive of Parkinson’s disease, nor were these symptoms individually all associated with UPF consumption.”

     

    Dr Daniel J van Wamelen, Clinical Senior Lecturer in Neuroscience and Honorary Consultant Neurologist, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said:

    “The findings in this study are interesting and appear to be based on solid research with conclusions well supported by the data.  However, it is important to highlight that the symptoms examined in this study are possible early signs of Parkinson’s disease, not definitive indicators that someone will go on to develop it.  The study did not track whether participants were diagnosed with Parkinson’s later on.

    “Many of the individual symptoms noted, such as sleep disturbances, constipation, and mood changes, are common in the general population.  While the study found that people who ate more ultra-processed foods tended to report more of these non-motor symptoms, it did not find a direct increase in the risk of Parkinson’s disease itself.  That said, having more of these symptoms suggests a higher risk over time.  For example, a person experiencing a combination of REM sleep behaviour disorder, constipation, and depressive symptoms has a higher likelihood of developing Parkinson’s down the line, but the risk is not absolute.  To better understand the long-term implications, we would need a longer follow-up to see how many participants go on to develop Parkinson’s and how this is associated with their diet.

    “In short, this is an interesting piece of research addressing important questions.  But the connection to Parkinson’s disease should be viewed with caution until more definitive evidence becomes available.”

     

     

     

    ‘Long-Term Consumption of Ultraprocessed Foods and Prodromal Features of Parkinson Disease’ by Peilu Wang et al. was published in Neurology at 21:00 UK time on Wednesday 7 May 2025. 

    DOI: 10.1212/WNL.0000000000213562

     

     

    Declared interests

    Dr Katherine Fletcher: “The author declares that they have no known competing financial interests or personal relationships that could have appeared to influence their comment reported in this article.”

    Prof Eef Hogervorst: “A previous consultancy for Proctor on omega 3 and folic acid supplement review to protect against dementia (these did not in meta-analyses), and unpaid but a travel reimbursed media appearance (breakfast TV BBC) to discuss the Lancet 2024 risk factors for dementia and her own articles including the Conversation piece on nutrition and dementia risk https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619.  Eef also acted as unpaid but travel reimbursed consultant for NICE on menopausal HRT and dementia risk and has received travel reimbursement to speak at ESG and BMS conference on dementia prevention in 2024/2025.”

    Dr Daniel J van Wamelen: “Supported by research funding from CHDI Inc, MRC, and BRC; received travel grants and speaker fees for educational purposes from Bial Pharma; served on advisory boards for Britannia Pharmaceuticals and Invisio Pharma; received in kind contributions (equipment) from Chrono Eyewear BV for research projects.”

    MIL OSI United Kingdom

  • MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts

    Source: GlobeNewswire (MIL-OSI)

    New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

    SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

    Discover your destiny with the best fortune tellers online, offering accurate fortune telling that delivers clarity, truth, and trusted predictions.

    ⇒ Find out what your future holds – talk to the best fortune teller now!

    As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

    Now, people can experience the best fortune teller online and receive accurate fortune telling with clear answers to their most important life questions.

    ⇒ Don’t guess your future – ask the best fortune teller!

    How The Psychic Experts Pick the Best Fortune Tellers

    After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

    This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

    1. Accuracy & Intuition

    Do these psychic readers align their readings with events and real-life emotions? 

    2. Communication Style

    Are they communicating with clarity, empathy, and honesty?

    3. Reading Tools & Techniques

    What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

    4. Ratings & Reviews

    Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

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    Do they offer genuine spiritual service or try to upsell or manipulate their clients?

    Find peace of mind with the best fortune tellers specializing in accurate fortune telling for love, career, and personal growth.

    ⇒ The answers you need are here – talk to a verified fortune teller!

    What Is Fortune Telling and Why Does It Matter in 2025?

    Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools. 

    This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

    Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

    ⇒ Real insights, real answers – start accurate fortune telling!

    2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

    In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:

    • New relationships
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    ⇒ Ask anything, get instant answers from the best fortune teller!

    Why Online Fortune Telling Is Booming In 2025

    With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

    The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

    ⇒ Wondering what’s next? Ask the best fortune teller now!

    The rise of fortune teller online services in 2025 is more prominent than ever. 

    Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

    There are many benefits of online fortune-telling in 2025, and some of them are:

    • Instant access to fortune-telling: There is no need to book weeks in advance.
    • Global Access: Connecting spiritual seekers with top psychics from all over the world.
    • A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
    • Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
    • Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
    • Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.

    If you still don’t know where to begin, you can try the free fortune teller online feature on the-psychic-experts.com. It is risk-free and 100% genuine and authentic.

    ⇒ Discover your destiny with the best fortune teller today!

    Why the Whole World Is Turning to Online Fortune Tellers in 2025

    Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

    So, whether it’s love, career, family, or personal growth, every modern spiritual guidance-seeking individual is turning to fortune teller online services for answers to their worldly and otherworldly problems. 

    ⇒ Free fortune teller is live – ask your question now!

    However, not all readers out there are genuine or exceptional. While many websites and apps have made access to fortune tellers quite easy and affordable, it is not necessary that the said fortune tellers will always turn out to be authentic or real. This is why it is important to make sure that the quality of fortune that you are going to get will be of the highest level.

    The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

    This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

    Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

    ⇒ Talk to the best fortune teller now and change your life!

    The readings provided by these spiritual professionals are very accurate because they go through an intensive screening process, which depends on detailed user review analysis and direct testing. The rigorous selection process is the reason why this platform is trustworthy and ensures that every online fortune teller it ranks is 100% experienced and effective.

    Unlike random listings or paid placements, the list of best fortune tellers by the psychic experts in 2025 list represents the top 1% of spiritual advisors. The reason for their authenticity is vigorous testing for accuracy, communication levels with their clients, and spiritual alignment.

    ⇒ Don’t wait – get accurate fortune telling instantly online!

    What Sets an Accurate Fortune Teller Apart in 2025?

    What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction. 

    Fortune tellers also provide their clients with a better understanding of their future and correlate them with present circumstances so that the individual may make better decisions in their life, reflect on themselves, and grow personally, professionally, or spiritually.

    ⇒ Your answers are waiting – get a free fortune teller reading!

    The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

    The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:

    • Clarity in readings – There is no room for vague perceptions
    • Emotional intelligence – alongside empathetic delivery
    • Accurate predictions that match the desires and circumstances of the client 
    • Methodical tools – Using tarot, astrology, or numerology for fortune-telling
    • Live interaction – Creating a real-time connection

    Many top-rated psychics offer free fortune teller online sessions or discounted first readings, which greatly help users test their authenticity before committing.

    ⇒ Free, fast, and accurate – talk to a fortune teller now!

    Top Features That Make a Fortune Teller Platform the Best

    Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

    Verified Reader Profiles
    All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

    Satisfaction Guarantee
    Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

    ⇒ Let the best fortune teller guide your next move!

    Real User Reviews
    Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

    Multiple Psychic Disciplines
    From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

    ⇒ Take control of your destiny – try accurate fortune telling!

    Most Popular Online Fortune Telling Methods in 2025

    If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

    Many online psychic platforms offer different ways to connect with fortune tellers. 

    Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:

    • Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
    • Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
    • Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
    • Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.

    Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

    ⇒ Get life-changing clarity from the best fortune teller!

    Most Popular Fortune Telling Services in 2025

    People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

    While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

    ⇒ Discover the truth now with the best fortune teller online!

    Pros

    One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

    Cons

    One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

    ⇒ Experience accurate fortune telling that actually helps!

    Different Types Of Fortune Telling Services In 2025

    Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

    Fortune Telling

    This is the umbrella under which all other psychic and spiritual services fall. 

    Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user. 

    It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties. 

    Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

    ⇒ Get real answers fast from a free fortune teller!

    Psychic Readings

    Psychic readings go beyond what the eyes can see. 

    Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic. 

    The goal is not about prediction. Rather, it is about perspective. 

    A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision. 

    These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

    Love Readings

    Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated. 

    Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people. 

    These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

    ⇒ Reveal your future with accurate fortune telling!

    Tarot Readings

    Tarot is a timeless art of psychic reading.

    It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message. 

    A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

    This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

    Dream Analysis

    Dreams are productions of the subconscious mind, but they always try to tell us something.

    It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate. 

    Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

    ⇒ Find real clarity fast – talk to the best fortune teller today!

    Astrology Readings

    Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth. 

    An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns. 

    So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

    Career Forecasts

    Accurate fortune tellers can also help people align with their professional purpose. 

    These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie. 

    Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

    ⇒ Ready for answers? Connect with a free fortune teller today!

    Numerology Readings

    Numerology is the study of the energetic vibrations of numbers.

    They govern how these numbers relate to human life. 

    Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons. 

    Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

    Occult Readings

    For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences. 

    These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems. 

    They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

    ⇒ Trusted and accurate fortune telling – start now!

    Palmistry

    Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client. 

    Every person’s palm is said to carry their narrative. 

    The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

    Graphology

    Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns. 

    Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

    Paranormal Readings

    Paranormal psychics explore realms that lie beyond the normal range of perception. 

    These readings focus on spiritual encounters, supernatural events, or unexplained phenomena. 

    For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

    ⇒ Get your personalized reading from a certified fortune teller!

    Past Life Exploration

    Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day. 

    Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history. 

    These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

    Picture Readings

    In picture readings, the fortune teller uses a photograph to measure the energy around a person.

    That photograph could be of a person, place, or object, and it acts as an energetic anchor. 

    The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections. 

    This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

    Faith-Based and Spiritual Readings

    For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance. 

    These readings center around faith, life purpose, and spiritual alignment. 

    They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

    ⇒ Ask anything – the best fortune teller is online now!

    Frequently Asked Questions

    What exactly does a fortune teller do?

    Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed. 

    They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

    Are fortune-telling services accurate?

    Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision. 

    However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions. 

    The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

    What types of questions can I ask a fortune teller?

    You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

    The more specific your question is, the better, insightful, and more resourceful your reading will be.

    Do I need to believe in the supernatural for a reading to work?

    Not at all. 

    You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

    While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making. 

    All you need to do is come with an open mind and a willingness to explore new insights.

    How do I choose the right type of reading?

    Fortune telling or psychic reading is the safest and common method of reading.

    If you’re unsure, start with a general fortune-telling or psychic reading. 

    However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field. 

    Many services also offer short and free trial readings, so you can test the reader before paying in full.  

    Is my information kept confidential?

    Yes. 

    Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential. 

    So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

    How long does a typical reading last?

    Psychic reading times can vary from person to person. 

    While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

    Many platforms offer flexible time slots depending on your needs and budget.

    What’s the difference between a psychic and a fortune teller?

    The term “fortune teller” is a broad term. It includes many types of intuitive readers. 

    Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person. 

    While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

    Can I get a reading online or over the phone?

    Absolutely. You can read online by availing yourself of the service of online fortune tellers.

    Many fortune tellers offer remote services through online chat, phone calls, or email. 

    These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

    How often should I get a reading?

    There’s no right or wrong answer.

    You can have readings as many times as you like or as your situation and personal needs demand. 

    Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

    Final Words

    Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

    There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

    These services aren’t just for the mystically inclined. 

    Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity. 

    Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

    So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

    The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

    So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

    Media Contact
    Company: The Psychic Experts
    Contact Person: Anthony C. Bedoya
    Email: support@the-psychic-experts.com
    Address: 1 Fremont St, Las Vegas, NV 89101, USA
    URL: https://the-psychic-experts.com/
    Phone: +1 414-203-2598
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    The MIL Network

  • MIL-OSI: SLR Investment Corp. Announces Quarter Ended March 31, 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Investment Income of $0.41 Per Share for Q1 2025;

    Declared Quarterly Distribution of $0.41 Per Share;

    Stable NAV/Strong Credit Quality

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $22.1 million, or $0.41 per share, for the first quarter of 2025. On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    As of March 31, 2025, net asset value (“NAV”) was $18.16 per share, compared to $18.20 per share at December 31, 2024.

    “We remain pleased with the composition, quality, and performance of our portfolio on an absolute and relative basis in the first quarter,” said Michael Gross, Co-CEO of SLR Investment Corp. “While the ultimate impact from tariffs remains highly uncertain, we are actively engaged with our portfolio companies and believe that our portfolio, which is heavily collateralized by working capital assets and focused on domestic services businesses, is well positioned for the current environment.”   

    “We are seeing a significant and growing pipeline of asset-based lending investment opportunities driven by both the market dislocation and the retreat of traditional bank lenders which allows us to remain selective while investing in structures that are designed to be more resilient in today’s uncertain environment,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “With conservative portfolio net leverage near the low-end of our target range and available capital of over $800 million, SLRC is well positioned to take advantage of our attractive investment pipeline amidst continued market volatility.”

    FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2025:

    At March 31, 2025:

    Investment Portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio(1) fair value: $3.1 billion
    Non-accruals: 0.4% at fair value, 0.6% at cost of Investment Portfolio
    Net assets: $990.5 million or $18.16 per share
    Leverage: 1.04x net debt-to-equity

    Operating Results for the Quarter Ended March 31, 2025:

    Net investment income: $22.1 million or $0.41 per share
    Net realized and unrealized losses: $2.2 million or $0.04 per share
    Net increase in net assets from operations: $19.9 million or $0.37 per share

    Comprehensive Investment Portfolio Activity(2)for the Quarter Ended March 31, 2025:

    Investments made: $361.3 million
    Investments prepaid and sold: $390.6 million

    (1) The Comprehensive Investment Portfolio for the quarter ended March 31, 2025 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
    (2) Comprehensive Investment Portfolio activity for the quarter ended March 31, 2025, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.

    Comprehensive Investment Portfolio

    Portfolio Activity

    During the three months ended March 31, 2025, SLRC had Comprehensive Investment Portfolio originations of $361.3 million and repayments of $390.6 million across the Company’s four investment strategies:

    For the Quarter Ended March 31, 2025
    ($mm)
               
    Asset Class Sponsor
    Finance
    (1)
    Asset-based
    Lending(2)
    Equipment
    Finance(3)
    Life Science
    Finance
    Total
    Comprehensive Investment
    Portfolio Activity
    Originations $44.8   $163.8 $128.1   $24.6   $361.3  
    Repayments /
    Amortization
    $73.0   $98.9 $173.5   $45.2   $390.6  
    Net Portfolio
    Activity
    ($28.2)   $64.9 $(45.4)   ($20.6)   ($ 29.3)  

    (1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
    (2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.

    Comprehensive Investment Portfolio Composition

    The Comprehensive Investment Portfolio is diversified across approximately 940 unique issuers, operating in over 105 industries, and resulting in an average exposure of $3.2 million or 0.1% per issuer. As of March 31, 2025, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.6% and second lien cash flow exposure was 0.2% of the Comprehensive Investment Portfolio as of March 31, 2025.

    SLRC’s Comprehensive Investment Portfolio composition by asset class as of March 31, 2025 was as follows:

    Comprehensive Investment Portfolio Composition
    (at fair value)
    Amount Weighted Average Asset Yield(5)
    ($mm) %
    Senior Secured Investments      
    Cash Flow Loans (Sponsor Finance)(1) $ 588.0 19.3 % 10.4 %
    Asset-Based Loans(2) $ 1,121.3 36.7 % 13.8 %
    Equipment Financings(3) $ 1,102.6 36.1 % 11.5 %
    Life Science Loans $ 186.8 6.1 % 12.5 %
    Total Senior Secured Investments $ 2,998.7 98.2 % 12.2 %
    Equity and Equity-like Securities $ 54.2 1.8 %  
    Total Comprehensive Investment Portfolio $ 3,052.9 100.0 %  
    Floating Rate Investments(4) $ 1,872.7 61.8 %  
    First Lien Senior Secured Loans $ 2,942.9 96.4 %  
    Second Lien Senior Secured
    Asset-Based Loans
    $ 48.0 1.6 %  
    Second Lien Senior Secured
    Cash Flow Loans
    $ 7.8 0.2 %  

    (1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
    (2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
    (3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
    (4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
    (5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on March 31, 2025 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on March 31, 2025 compared to the portfolio as of March 31, 2025, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of March 31, 2025.

    SLR Investment Corp. Portfolio

    Asset Quality

    As of March 31, 2025, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

    The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

    As of March 31, 2025, the composition of our investment portfolio, on a risk ratings basis, was as follows:

    Internal Investment Rating Investments at Fair Value ($mm) % of Total Portfolio
    1 $622.3 31.0%  
    2 $1,334.9 66.6%  
    3 $39.4 2.0%  
    4 $7.8 0.4%  

    Investment Income Contribution by Asset Class

    Investment Income Contribution by Asset Class(1)
    ($mm)
    For the Quarter
    Ended:
    Sponsor
    Finance
    Asset-based
    Lending
    Equipment
    Finance
    Life Science
    Finance
    Total
    3/31/2025 $17.0   $19.5   $9.7   $7.0   $53.2  
    % Contribution   32.0%     36.7%     18.2%     13.1%     100.0%  

    (1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.

    SLR Senior Lending Program LLC (SSLP)

    As of March 31, 2025, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total $100 million equity commitment to the SSLP. At quarter end, SSLP had total commitments of $177.0 million at par and total funded portfolio investments of $165.6 million at fair value, consisting of floating rate senior secured loans to 31 different borrowers and an average investment of $5.3 million per borrower. This compares to funded portfolio investments of $178.7 million at fair value across 32 different borrowers at December 31, 2024. During the quarter ended March 31, 2025, SSLP invested $6.6 million in 6 portfolio companies and had $19.9 million of investments repaid.

    In Q1 2025, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.7% on the cost basis of the Company’s investment, consistent with the annualized yield in Q4 2024.

    SLR Investment Corp.’s Results of Operations Quarter Over Quarter   

    Investment Income

    For the fiscal quarters ended March 31, 2025, and 2024, gross investment income totaled $53.2 million and $58.1 million, respectively. The decrease in gross investment income for the year over year three-month periods was primarily due to a decrease in the size of the income producing investment portfolio as well as a decrease in index rates.

    Expenses

    SLRC’s net expenses totaled $31.1 million and $34.2 million, respectively, for the fiscal quarters ended March 31, 2025, and 2024. The decrease in expenses for the year-over-year three-month periods was primarily due to lower interest expense from a decrease in average borrowings as well as a decrease in the index rates on borrowings.

    SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal quarters ended March 31, 2025 and 2024, $2 thousand and $46 thousand, respectively, of such performance-based incentive fees were waived.

    Net Investment Income

    SLRC’s net investment income totaled $22.1 million and $23.9 million, or $0.41 and $0.44, per average share, respectively, for the fiscal quarters ended March 31, 2025, and 2024.

    Net Realized and Unrealized Loss

    Net realized and unrealized gain (loss) for the fiscal quarters ended March 31, 2025 and 2024 totaled $(2.2) million and $4.0 million, respectively.

    Net Increase in Net Assets Resulting from Operations

    For the fiscal quarters ended March 31, 2025, and 2024, the Company had a net increase in net assets resulting from operations of $19.9 million and $27.9 million, respectively. For the same periods, earnings per average share were $0.37 and $0.51, respectively.

    Capital and Liquidity

    Credit Facilities

    As of March 31, 2025, the Company had $549.3 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding.

    Unsecured Debt

    On February 18, 2025, the Company closed a private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028. The issuance of notes in the first quarter followed the $49.0 million issuance of unsecured notes in the fourth quarter of 2024 with a maturity date of December 16, 2027. As of March 31, 2025, the Company had $359 million of unsecured notes outstanding and the company does not have any near-term refinancing obligations with the next maturity occurring in December 2026.

    Leverage

    As of March 31, 2025, the Company’s net debt-to-equity ratio was 1.04x compared to 1.03x at December 31, 2024 and 1.16x at March 31, 2024. The Company’s target range is 0.9x to 1.25x net debt-to-equity.

    Available Capital

    As of March 31, 2025, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $800 million of available capital in the aggregate.

    Unfunded Commitments

    As of March 31, 2025, excluding commitments of $72.4 million to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $196.2 million.

    Subsequent Events

    On May 7, 2025, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2025, to holders of record as of June 13, 2025.

    Conference Call and Webcast Information

    The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Thursday, May 8, 2025. All interested parties may participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9708. Participants should reference SLR Investment Corp. and Conference ID: SLRC1Q25. A telephone replay will be available until May 22, 2025 and can be accessed by dialing (800) 925-9527. International callers should dial (402) 220-5388.

    This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website at https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

     

    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)
     

    Assets

    March 31, 2025
    (unaudited)
    December31,
    2024
    Investments at fair value:        
    Companies less than 5% owned (cost: $1,015,960 and $1,019,357, respectively) $ 1,021,278   $ 1,027,457
    Companies 5% to 25% owned (cost: $105,224 and $103,655, respectively)   89,490     89,945
    Companies more than 25% owned (cost: $918,904 and $916,554, respectively)   893,631     888,232
    Cash   19,931     16,761
    Cash equivalents (cost: $447,074 and $397,510, respectively)   447,074     397,510
    Dividends receivable   17,423     15,375
    Interest receivable   11,645     11,993
    Receivable for investments sold   1,336     1,573
    Prepaid expenses and other assets   1,164     571
    Total assets $ 2,502,972   $ 2,449,417
    Liabilities    
    Debt ($1,048,260 and $1,041,093 face amounts, respectively, reported net of unamortized debt issuance costs of $8,848 and $9,399, respectively.

    $

    1,039,412

     

    $

    1,031,694

    Payable for investments and cash equivalents purchased   447,074     397,510
    Management fee payable   7,513     7,739
    Performance-based incentive fee payable   5,523     5,920
    Interest payable   6,040     7,836
    Administrative services payable   4,084     3,332
    Other liabilities and accrued expenses   2,841     2,460
    Total liabilities $ 1,512,487   $ 1,456,491
    Net Assets  
    Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares  
    authorized, respectively, and 54,554,634 and 54,554,634 shares issued and  
    outstanding, respectively $ 546     $ 546  
    Paid-in capital in excess of par   1,117,606       1,117,606  
    Accumulated distributable net loss   (127,667 )     (125,226 )
    Total net assets $ 990,485     $ 992,926  
    Net Asset Value Per Share $ 18.16     $ 18.20  
     
    SLR INVESTMENT CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
       
      Three months ended
      March 31, 2025   March 31, 2024  
    INVESTMENT INCOME:          
    Interest:    
    Companies less than 5% owned $ 29,174     $ 41,004  
    Companies 5% to 25% owned   1,224       831  
    Companies more than 25% owned   3,235       3,338  
    Dividends:    
    Companies 5% to 25% owned   770        
    Companies more than 25% owned   17,796       12,227  
    Other income:    
    Companies less than 5% owned   874       574  
    Companies more than 25% owned   105       125  
    Total investment income   53,178       58,099  
    EXPENSES:    
    Management fees   7,513       7,882  
    Performance-based incentive fees   5,526       5,952  
    Interest and other credit facility expenses   15,840       18,188  
    Administrative services expense   1,361       1,376  
    Other general and administrative expenses   835       895  
    Total expenses   31,075       34,293  
    Performance-based incentive fees waived   (2 )     (46 )
    Net expenses   31,073       34,247  
       Net investment income $ 22,105     $ 23,852  
    REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
    Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned) $ (422)     $ 135  
    Net change in unrealized gain (loss) on investments and cash equivalents:    
    Companies less than 5% owned   (2,780 )     3,484  
    Companies 5% to 25% owned   (2,027 )     1  
    Companies more than 25% owned   3,050       399  
    Net change in unrealized gain (loss) on investments and cash equivalents   (1,757 )     3,884  
    Net realized and unrealized gain (loss) on investments and cash equivalents   (2,179 )     4,019  
    NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 19,926     $ 27,871  
    EARNINGS PER SHARE $ 0.37     $ 0.51  
     

    About SLR Investment Corp.

    SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and its ability to take advantage of attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for growth of SLRC’s investment pipeline and resiliency of investing structures; the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make; and the anticipated availability of capital. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes or potential disruptions in SLRC’s operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contact
    SLR Investment Corp.
    Investor Relations
    slrinvestorrelations@slrcp.com | (646) 308-8770

    The MIL Network

  • MIL-OSI Russia: Steering through the Fog: The Art and Science of Monetary Policy in Emerging Markets

    Source: IMF – News in Russian

    (As prepared for delivery)

    May 7, 2025

    Good afternoon. It is a pleasure to be with you here at this critical juncture for the global economy. Since early April, the US effective tariff rate has increased to levels last seen over a hundred years ago, and the uncertainty surrounding trade policy and geopolitics has surged.

    The economic effects of these developments are expected to be sizeable. Our World Economic Outlook ‘reference scenario’ projects that tariffs will reduce both global and emerging market (EM) output growth by roughly 0.5 percentage points relative to our forecast prior to the April tariffs. Countries imposing high tariffs, or those that are heavily dependent on trade with those countries, will be hit the hardest. But no country is likely to emerge unscathed: we have downgraded our forecasts for 127 countries that account for 86 percent of global GDP.

    The impact on inflation is more varied. For countries facing higher tariffs on their exports, the tariffs are expected to mainly operate as a negative demand shock and exert mild downward pressure on inflation.  For countries imposing much higher tariffs, notably the United States, the tariffs will likely act more as an adverse supply shock, boosting inflation while lowering growth.

    There are several reasons why economic outcomes could be much worse than our WEO reference scenario. As of now financial conditions have not tightened much, including in emerging markets, and many EM currencies have remained surprisingly resilient against the dollar. If, however, trade policy discussions do not yield lower tariffs soon, financial conditions could tighten abruptly, with major effects on capital flows to EMs.  Knightian uncertainty abounds as the global economic order transforms. How should central banks in emerging markets steer through this fog? I will address this question in today’s lecture.

     

    EM central banks have developed much stronger monetary policy frameworks since the late 1990s, often in the context of adopting inflation targeting. They have benefited from major improvements in governance, with clear mandates focused on price stability.  Their operational independence has also increased substantially — both de jure and de facto — and they have strengthened their public accountability, as well as transparency. These advancements were invaluable in helping them respond quickly both to COVID and to the subsequent inflation surge, raising interest rates sharply in the latter case to contain inflation and keep inflation expectations anchored.

    Even so, significant differences remain between EMs and AEs, especially regarding the strength of the exchange rate channel and the degree to which global factors influence monetary transmission. Several features deserve particular attention: 

    Transmission of policy actions and shocks differs in EMs

    First, monetary policy transmission appears noticeably weaker in EMs than in AEs, and dependent both on global financial conditions and on the reliance of EM banks on external financing. In advanced economies, an easing of policy rates quickly translates into lower market rates — which is what matters for the borrowing decisions of households and firms — and this boosts the economy.

    By contrast, my research with Sebnem Kalemli-Özcan and Pierre De Leo (De Leo, Gopinath and Kalemli-Özcan, 2024) shows that when EM central banks loosen policy, the transmission to short-term market rates depends critically on what happens to global financial conditions. If global financial conditions tighten enough – as often follows a surprise tightening in US monetary policy – then domestic market rates may even rise when the EM central bank lowers policy rates.  The implicit rise in the risk spread facing borrowers clearly blunts the effectiveness of monetary policy and makes it harder for EMs to cushion the effects of shocks. This is particularly relevant at the current juncture where trade shocks could play out as negative demand shocks in many EMs, calling for looser monetary policy. At the same time, they could play out as negative supply shocks in the US and call for tighter US monetary policy.

    The changing mix of EM external financing also raises new vulnerabilities. EMs have become more dependent on external financing from foreign nonbank financial institutions, including insurance companies and investment funds, with their share of external portfolio financing growing to about 40 percent. While nonbanks help diversify emerging market funding sources and reduce borrowing costs, these types of capital flows are also very sensitive to the global financial cycle.[1] At times of financial stress, investment funds—such as exchange traded funds and open-end mutual funds in particular—are more susceptible to investors withdrawing their money, which in turn causes investment funds to withdraw from the riskiest markets.  Consequently, the volume and speed of exit of capital flows have increased over time, as was evident at the start of Covid-19.

    This sensitivity of EMs to global stress may also increase given that crypto assets are playing a larger role in cross-border financial intermediation and payments, often spurred by the desire to achieve cost-efficiencies, but also to circumvent capital flow restrictions in some cases.  In most EMs, crypto asset use doesn’t yet appear high enough to present imminent systemic risks.  Even so, crypto assets are growing rapidly in many EMs, and overall usage has become a noticeable share of GDP in some EMs with high inflation and lower macroeconomic stability. For example, Cerutti, Chen and Hengge (2024) find that several EMs in Latin America and Eastern Europe fall in the upper quartile of countries in terms of the magnitude of their bitcoin inflows as a share of GDP, with monthly inflows in the range of 0.1 to 0.8% of GDP. Focusing on a wider set of crypto assets, Cardozo, Fernández, Jiang and Rojas (2024) find that cross-border crypto outflows have reached as much as a quarter of gross portfolio outflows in Brazil.

    Use of crypto requires a careful understanding of the risks.  Crypto may increase capital flow volatility and exacerbate financial stress, including by allowing investors to easily shift their deposits out of domestic banks into foreign exchange-denominated stablecoins.  If crypto flows grow large enough, such disintermediation from the banking system and associated capital outflows could cause financial conditions to tighten and the exchange rate to weaken, and potentially spur a significant economic downturn.

    Weaker policy credibility complicates monetary policy trade-offs

    A second difference between AEs and EMs is the relatively weaker credibility of EM monetary policy to deliver low inflation. While EMs have improved their frameworks substantially, inflation expectations still tend to be less well-anchored than in AEs. Consequently, there is a higher passthrough of cost shocks to inflation, as they feed through much more into inflation expectations as well as through other channels such as wage indexation.  Oil price shocks tend to impact core inflation more than twice as strongly in a sample of emerging market economies, relative to advanced ones.[2] This high passthrough makes dealing with external shocks particularly difficult for EM central banks, as second-round effects could be sizeable, including from ongoing shocks to trade policy that could disrupt supply chains and raise input costs.

    Inflation expectations also tend to be more sensitive to fiscal policy and debt in EMs. This likely reflects increased risks of fiscal dominance and political interference in central bank decisions, which can undermine the public’s confidence in the central bank’s ability to fight inflation. A surprise increase in government debt tends to boost medium-term expected inflation in EMs significantly, while having little effect in advanced economies.[3]

     

    Exchange rates have a much larger imprint on price and financial stability

    A third critical distinction between EMs and AEs is that the exchange rate has a much larger imprint on price and financial stability in EMs.  While passthrough of exchange rate changes to inflation has declined considerably for many EMs, it remains significantly higher than in advanced economies. A 10 percent depreciation of EM currencies against the dollar causes EM price levels to rise by about 2 percent, several times larger than in advanced economies.[4]

    The presence of foreign exchange mismatches increases the financial stability risks from exchange rate depreciation. While many EMs have reduced FX mismatches – or lowered the risk through the development of derivatives markets that allow for better hedging — reliance on dollar funding within the financial system remains an important source of fragility for some EMs. This weakens monetary transmission, as lowering interest rates causes the balance sheets of corporates with unhedged FX liabilities to deteriorate and financial conditions to tighten, which offsets some of the stimulus from easing. EMs that have shifted to relying more on local currency financing also can experience sharp increases in currency premia and local borrowing costs when foreign investors exit these shallow markets. This makes it harder for EMs to deal with an environment of bigger external shocks: even if a tariff abroad would look like a demand shock from the standpoint of an AE economy, the exchange rate depreciation it induces raises risk spreads and makes it harder for the EM central bank to cushion the impact on the economy. 

    Steering through the fog: How should policy respond?

    Having outlined some of the unique challenges emerging market central banks face in the current global context, I will next lay out some broad principles that can help steer through the fog. EMs clearly will differ in how they respond to the shocks and the uncertainty depending on their cyclical conditions and on structural features such as the extent of their exposure to trade and financial disruptions.

    This said, and despite the fog, EM central banks should respond forcefully to upside inflation risks if they materialize to ensure that high inflation does not get embedded into inflation expectations. While I’ve noted that we see the current configuration of tariffs as likely to be slightly disinflationary for many EMs in our reference scenario, there is a significant risk that inflationary pressures could emerge — from supply chain disruptions and higher input cost pressures in a fragmenting world or from exchange rate depreciations. 

    Given the high passthrough of both exchange rate changes and cost shocks to inflation in EMs, a major risk is large and persistent second round effects, especially if inflation has been running persistently above target and the fiscal position is weak. History has shown that once inflation becomes embedded in expectations—often through wage and price indexation mechanisms—it becomes significantly more difficult to reverse. If the risk materializes, timely and firm action is critical to keep inflation expectations anchored and reassure the public of the central bank’s unwavering commitment to sound monetary policy and price stability.

    Foreign exchange intervention should be used prudently

    Second, in a more turbulent external environment, foreign exchange intervention (FXI) can help address disorderly market conditions that undermine financial stability. The Fund’s Integrated Policy Framework is helpful in identifying conditions when it may be possible to improve tradeoffs facing central banks using FXI and other tools (IMF, 2023; Basu, Boz, Gopinath, Roch and Unsal, 2023).

    Notably, central banks can reduce exchange rate pressures by selling FX during episodes of capital flight when FX markets are shallow, allowing central banks not to have to hike policy rates sharply. This can improve macroeconomic outcomes as well as lower financial stability risks.

    However, it is important that FXI is not used to reduce exchange rate volatility per se, or to target a particular level of the exchange rate, as such misuse could easily weaken confidence in the central bank’s commitment to stabilizing inflation.  Moreover, given the finite level of reserves, the bar for FXI should be high to ensure that FX liquidity can be provided when it is really needed. As of now financial conditions have tightened in an orderly manner, which means that when it comes to FXI the advice is to keep the powder dry.

    Build financial and fiscal resilience

    Third, efforts to build financial resilience through strengthening prudential policies are also desirable. As I have emphasized, EM financial systems remain quite exposed to geopolitical shocks and face growing risks from heightened external finance from foreign nonbanks and potentially crypto. Prudential policies can help them build adequate buffers as well as reduce vulnerabilities arising from high leverage, volatile capital flows, and FX mismatches. On the crypto side, it will be important to develop comprehensive legal, regulatory and supervisory frameworks for crypto assets, including through cooperative global efforts given their cross-border nature (IMF, 2023b).  The authorities should also ensure that capital flow management measures, when appropriate, remain effective and not undermined by the use of crypto.  And EMs should continue to strengthen macroeconomic frameworks to reduce the risk of currency and asset substitution into crypto assets (often called “cryptoization”).

    Fiscal policy also plays a critical role in helping ensure macroeconomic stability. Uncertainty shocks have much bigger effects on sovereign spreads when EM debt servicing costs are relatively high. Ensuring that tax and spending policies adjust to keep debt on a sustainable path helps provide buffers to respond to downturns and lowers financial stability risks.

    Improve central bank communication, governance, and policy strategy

    Lastly, there is a high premium on further strengthening policy frameworks to continue building resilience in a more shock-prone environment. 

    Clarity of communication has become more critical than ever. Effective communication about the central bank’s reaction function –in qualitative terms – is likely to be useful in helping better anchor inflation expectations and thus improve tradeoffs.

    Improved governance – including to strengthen central bank independence – can increase public confidence that the central bank will have latitude to achieve its objectives. Central banks will inevitably make mistakes—no forecast is perfect. But what must be clear is that any deviation from target is the result of uncertainty, not political interference.

    EM central banks, as for their AE counterparts, must also adapt their policy strategies to focus more on the distribution of outcomes rather than the modal outlook, and to take more account of risk management considerations. Monetary policy must navigate a world shaped by a multiplicity of shocks—some persistent, some temporary, and some with offsetting effects on inflation where it is difficult to assess the net impact.

    Accordingly, many central banks should continue to take steps to revise their frameworks to move away from excessive reliance on central forecasts. This can be facilitated by increasing use of scenario analysis in decision-making.

    Conclusion

    To conclude, EMs have made major strides in improving their monetary policy frameworks, and this has enabled several of them to respond effectively to unprecedented shocks like the pandemic. They are now being tested again as the global economic order is reset and Knightian uncertainty prevails. This uncertainty does not, however, imply gradualism in all matters. If inflation pressures rise, EM central banks will need to respond quickly using policy rates to prevent higher inflation from getting entrenched as they did during COVID. We must recognize that the road ahead may have many unforeseen turns, which calls for further strengthening financial and fiscal resilience and navigating with monetary policy clarity, credibility, and discipline.

    References

    Baba, C., and J. Lee. 2022. “Second-round effects of oil price shocks – implications for Europe’s inflation outlook”. IMF Working Paper no. 2022/173.

    Basu, S.S., Boz, E., Gopinath, G., Roch, F., and F.D. Unsal. 2023. “Integrated monetary and financial policies for small open economies”. IMF Working Paper no. 2023/161.

    Brandão-Marques, L., Casiraghi, M., Gelos, G., Harrison, O., and G. Kamber. 2024. “Is high debt constraining monetary policy? Evidence from inflation expectations”. Journal of International Money and Finance 149(C).

    Brandão-Marques, L., Górnicka, L., and G. Kamber. 2023. “Exchange rate fluctuations in advanced and emerging economies: Same shocks, different outcomes”, in Shocks and Capital Flows, edited by Gaston Gelos and Ratna Sahay, IMF.

    Cardozo, P., Fernández, A., Jiang, J., and F.D. Rojas. 2024. “On cross-border crypto flows: Measurement, drivers, and policy implications“. IMF Working Paper no. 2024/261.

    Cerutti, E.M., Chen, J., and M. Hengge. 2024. “A primer on Bitcoin cross-border flows: Measurement and drivers“. IMF Working Paper no. 2024/85.

    Chari, A. 2023. “Global risk, non-bank financial intermediation, and emerging market vulnerabilities”. Annual Review of Economics 15: 549-572.

    De Leo, P., Gopinath, G., and S. Kalemli-Özcan. 2024. “Monetary policy and the short-rate disconnect in emerging economies”. NBER Working Paper no. 30458.

    IMF. 2023. “Integrated Policy Framework – Principles for use of foreign exchange interventions”. IMF Policy Paper no. 2023/061.

    IMF. 2023b. “Elements of effective policies for crypto assets”. IMF Policy Paper no. 2023/004.

    https://www.imf.org/en/News/Articles/2025/05/07/sp050725-science-of-monetary-policy-in-emerging-markets-gita-gopinath

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: Capito Urges Administration to Expedite Review Process for Critical Broadband Funding

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Commerce, Science, and Transportation Committee, sent a letter to U.S. Secretary of Commerce Howard Lutnick asking him to expedite the review and release of updated guidance for the Broadband Equity, Access, and Deployment (BEAD) program and urged that West Virginia not have to redo significant portions of their application.
    The BEAD program, which was created through the Infrastructure Investment and Jobs Act (IIJA) that Senator Capito helped craft, is a federal grant program that aims to get all Americans online by funding partnerships between states or territories, communities, and stakeholders to build infrastructure where we need it to and increase adoption of high-speed internet. In June 2023, Senator Capito announced that West Virginia would receive a significant portion of this funding.
    “I urge you to expedite not only the review and release of updated guidance, but the program as a whole. West Virginians have waited long enough, and I hope with your leadership they will soon have broadband access and this will be President Trump and your greatest accomplishment for rural America,” Senator Capito wrote.
    The full letter can be found HERE or below:
    Dear Secretary Lutnick,
    As we have discussed, one of my top priorities in the Senate has been to get all of West Virginia connected with quality broadband service. The opportunity to get the more than 100,000 unserved locations in West Virginia broadband access is finally here through the Broadband Equity, Access, and Deployment (BEAD) program. The Biden Administration took years and years and burdened states and internet service providers (ISPs) with unnecessary mandates like labor requirements, climate change provisions, and some cumbersome financial requirements and did not connect a single location through BEAD. You can succeed where the previous administration failed and deliver this service quickly and efficiently to millions of Americans primarily in rural areas. 
    West Virginia has been allocated $1.2 billion to connect the state. The BEAD statute specifically says it is to be a technology neutral program. Some states may prefer fiber, others fixed wireless, and others satellite. Whatever technology or combination of technologies works best for the state and serves the most people while staying within the allocated funding amount should move forward. 
    When the BEAD program review was initiated on March 5, my state was 6 weeks away from completing the arduous application process after so many steps including a completed fair project selection process. Removing much of the red-tape from the program in a timely manner, so that my state and all others could move forward even faster, is an ideal outcome. 
    As we have discussed, I am concerned that West Virginia may be told to move back from the 1-yard line to the 40-yard line after the review concludes. Many of the changes that should be made to the program can be made quickly, but as an example, reopening the subgrantee application process for ISPs could delay connecting rural Americans for another year. I also am concerned that an arbitrary one-size-fits-all cost cap could be imposed for each connection. West Virginia is the Mountain State, so connecting us may be inherently more expensive than most every other state. In addition, certain technologies are not feasible in many areas not only due to our challenging topography but also because 78 percent of the state is forested.
    Like you, I am opposed to outlandish costs for a single connection but those decisions should be made with a more tailored approach by the states in consultation with the National Telecommunications and Information Administration. My state is committed to achieving the goals of the program with the utmost efficiency. 
    I urge you to expedite not only the review and release of updated guidance but the program as a whole. West Virginians have waited long enough, and I hope with your leadership they will soon have broadband access and this will be President Trump and your greatest accomplishment for rural America. 
    Sincerely,  

    MIL OSI USA News

  • MIL-OSI Global: MAGA’s ‘war on empathy’ might not be original, but it is dangerous

    Source: The Conversation – Canada – By Michael Cameron, PhD Candidate of English, Dalhousie University

    During his most recent appearance on Joe Rogan’s podcast, Elon Musk levelled a critique at empathy, calling it “the fundamental weakness of western civilization.”

    If your first instinct is to brush this off as another example of Musk’s awkwardness, we suggest you think again. As journalist Julia Carrie Wong noted in The Guardian in April, Musk’s comments have appeared “amid a growing wave of opposition to empathy from across the American right.”

    A diverse coalition of figures have taken up this “war on empathy,” including pastor Joe Rigney, conservative podcaster Allie Beth Stuckey and marketing professor Gad Saad.

    Each has coined their own meme-able phrase: “The Sin of Empathy,” “Toxic Empathy” and “Suicidal Empathy,” respectively.

    You may find a war on empathy perplexing — even downright dangerous — given that our contemporary global historical moment is one marked by climate-induced migration, rising political authoritarianism and a “relentless opposition” against LGBTQIA+ rights.

    Doesn’t this moment call out for more empathy rather than less?

    What is empathy anyway?

    But first, we need to know what we are talking about.

    Some recent criticisms of empathy have been premised on bad definitions. For instance, Albert Mohler, the president of the Southern Baptist Theological Seminary, recently claimed that empathy is “destructive” for immigration policy because “empathy means never having to say no.” This definition is not accurate.

    Though a precise definition of empathy still eludes us, empathy is simply the ability to feel what someone else might be feeling. “Imagining yourself in another’s place,” writes neurologist Richard E. Cytowic, “is the basis of empathy.” Coming from a different angle, literary scholar Suzanne Keen defines empathy as “a vicarious, spontaneous sharing of affect” that “can be provoked… even by reading.”

    The word “empathy” was coined in 1909. Previously, what we today call “empathy” fell under the name “sympathy.” For instance, writing in the 18th century, Scottish economist and philosopher Adam Smith described sympathy as the imaginative capacity to “enter as it were into [another’s] body, and become in some measure the same person.”

    With the discovery of “mirror neurons,” modern neuroscience has in a sense validated Smith’s theories. As neuroscientist Christian Keysers explains: “The mirror system builds a bridge between the minds of two people,” showing that our brains are not only “deeply social” but also “magically connected to each other.”

    Put simply, we are hardwired for empathy.

    Sympathy and social contagion

    In our research, we have explored literary depictions of self-destructive, suicidal and monstrous sympathies. We recognize some parallels between MAGA’s war on empathy and conceptual debates of the past, parallels at times interesting and worrisome.

    During his appearance on Rogan’s podcast, Saad criticized Bishop Mariann Edgar Budde’s appeal to Trump for mercy on behalf of undocumented immigrants and those in the LGBTQIA+ community, suggesting it was indicative of the “parasitic idea” of open borders and an example of “suicidal empathy.”

    A few months later, Canadian pop-psychologist Jordan Peterson echoed Saad and told Rogan that today’s political left is vulnerable to those who “parasitize empathy.”

    This association between empathy and parasitic contagion is not at all new.

    As literary scholar Mary Fairclough explains, in the 18th and 19th centuries, sympathy was “understood as a disruptive social phenomenon which functioned to spread disorder and unrest between individuals and even across nations like a ‘contagion.’”

    As an example, Fairclough quotes the author Thomas De Quincey, who opined that “many a man has been drawn, by the contagion of sympathy with his own class acting as a mob, into outrages of destruction.”

    The writer Mary Shelley literalized this notion of contagious sympathy in her 1826 novel The Last Man, which depicts a (perhaps uncomfortably familiar) plague pandemic. The novel paints sympathy as a method of mass control and societal dissolution just as contagious as the plague.

    But unlike De Quincey, Shelley also celebrates sympathy as our most valuable and effective collective resource in times of crisis. This celebration is most notable in the character of Adrian, who devotes his life to “bring[ing] patience, and sympathy, and such aid as art affords, to the bed of disease.’”

    The uses and abuses of empathy

    Much as Shelley suggests for sympathy, research shows that empathy must be properly channelled so it isn’t used to divide and manipulate.

    For example, research shows that empathy is not impartial. People tend to empathize more easily with those who share their racial or social background, and less with those who are perceived as different. In other words, racial prejudices may bias our instinctive empathetic responses.

    At the same time, empathy has been linked to problematic practices like racial impersonation and colonial appropriation, where members of dominant groups claim to identify with marginalized people in ways that often reinforce power imbalances rather than dismantle them.

    But MAGA’s approach to empathy is less a well-meaning critique than an all-out war and comes at the issues with a far less benevolent set of assumptions and goals. As Wong noted: “We are witnessing the construction of the ideological architecture to excuse violence and suffering on a mass scale.”

    Consider what Musk said to Rogan regarding immigration:

    “I believe in empathy, like I think you should care about other people, but you need to have empathy for civilization as a whole and not commit to a civilizational suicide.”

    This comment is strikingly similar to the idea of “racial suicide” endorsed by eugenicist thinkers in the 19th and early 20th centuries. Racial suicide was a concept rooted in the xenophobic fear that one’s own ethnic population would be replaced by another racialized population that happened to have a higher birth rate.

    As the historian Rob Boddice notes, “eugenic morality” was “to be guided by sympathy construed as sympathy for the whole of society” rather than towards individuals. For the eugenicists, this ideology justified extreme measures, such as forced sterilizations and racial segregation. The horrors of eugenics and its influence on the Nazi Holocaust are well documented.

    Despite these history lessons, Musk and his ilk, however, seem unperturbed and even enthusiastic about repeating history.

    Much can be said about empathy’s potential limitations alongside its many virtues. But while MAGA supporters may have balked at her speech and her call for empathy, we would do well to remember the words of Bishop Budde:

    “We should be merciful to the stranger, for we were once strangers in this land.”

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

    ref. MAGA’s ‘war on empathy’ might not be original, but it is dangerous – https://theconversation.com/magas-war-on-empathy-might-not-be-original-but-it-is-dangerous-255300

    MIL OSI – Global Reports

  • MIL-OSI Global: Tips for starting a business in Canada, according to entrepreneurs who have done it

    Source: The Conversation – Canada – By Nazha Gali, Assistant Professor of Strategy and Entrepreneurship, University of Windsor

    Each year, about 100,000 small businesses are created in Canada. But what does it actually take to start a business in Canada — not just on paper, but in practice?

    To better understand what launching a startup in Canada truly involves, we interviewed entrepreneurs across various sectors. As experts in strategy and entrepreneurship, we combined their first-hand experiences with research findings to determine key factors that contribute to business success.

    What emerged is a clearer picture of the realities of Canadian entrepreneurship that shows building a business is as much about managing relationships, risks and resilience as it is about having a novel idea.

    Solving real consumer problems

    Before launching a business, it’s essential to identify your target customers. Successful ventures begin by solving a real problem for a clearly defined group. Conducting market research to ensure a strong product-market fit is a critical first step in this process.

    One of the most common blind spots for new entrepreneurs, according to Ariz Bhimani, founder of apparel brand BRFZY, is assuming the problem they face is universal. “Without genuine data from potential customers, you’re just guessing,” he said in an email interview.

    This is where customer discovery comes in. It involves understanding customers’ situations, needs and pain points. Techniques such as user interviews and creating detailed customer personas can help founders better understand who their product is for.

    This approach is crucial for both startups and established organizations looking to enter new markets.

    Another vital part of the early-stage process is building a minimum viable product (MVP): a basic version of a product that includes only the core features needed to test the idea with users.

    MVPs allow entrepreneurs to gather feedback and refine the product before investing significant time or money in full development.

    Manage your money wisely

    Once a market need is identified, securing funding is often the next major challenge. This process typically begins with creating a compelling pitch — a presentation that outlines the product or service and financial projections to attract potential investors.

    This pitch is crucial to a startup’s success, Mohammad Faiyaz, founder and CEO of Wavermark, told us.

    There are tools and resources available to help, such as the pitch deck developed by PayPal co-founder Peter Thiel and AI feedback tool AI Fornax.

    Having a solid pitch prepared is a necessary step to attract potential investors for your business.
    (Shutterstock)

    But while funding is essential, managing those funds wisely is equally important. Chris Colasanti, vice president at Rocket Mortgage Canada, explained via email that one of the most common mistakes new entrepreneurs make is failing to control costs.

    Many first-time founders become preoccupied with revenue growth while overlooking expenses. Colasanti argued that unless you have endless investor backing, your survival depends on lean operations. “Obsess about your costs,” he advised.

    Bhimani echoed this caution. “I would budget two to three times more time and money to get a task done, especially in the ideation stage,” he wrote to us. Entrepreneurs should be prepared for unexpected costs.

    Building a business plan

    Many startup founders are eager to scale their businesses quickly, but doing this prematurely can increase the risk of failure by 20 to 40 per cent.

    “Growth is one of the most taxing activities a company can experience,” Colasanti told us. “Fight the urge to grow. Hire when it hurts and let sales drive your growth.”

    To scale successfully, companies need a strong foundation. This means having a comprehensive business plan in place. A well-structured plan outlines a company’s mission, market strategy, operations, finances and key milestones.

    Beyond serving as a roadmap for internal decision-making, business plans also help communicate a company’s vision and strategy to investors and other stakeholders.

    The Business Development Bank of Canada offers guides to help entrepreneurs build effective business plans.

    Hire the right people for the job

    Hiring the right employees for the job is crucial for startup success. “You cannot overpay for talent,” Colasanti told us. “The first 10 people you hire will make or break your business.”

    Hiring decisions should go hand-in-hand with intentionally building a workplace culture. Research shows that a positive workplace culture leads to higher employee satisfaction, retention and overall productivity.

    “Your business will develop a culture whether you create it or not,” he said. Many first-time founders let poor behaviours slide to avoid conflict, but this is risky.

    Hiring the right employees for the job is crucial for startup success.
    (Shutterstock)

    Bhimani also emphasized the importance of hiring those who genuinely understand your company’s mission. “Then I know they’re invested and will put forth their best effort,” he told us.

    There are important legal considerations to keep in mind. Employers must comply with federal and provincial labour laws, and entrepreneurs should seek legal advice or consult government resources when building their teams.

    Seek out a knowledgeable mentor

    While entrepreneurship is often seen as a solo pursuit, research and experience suggest otherwise. In reality, founders who are mentored by successful entrepreneurs are over three times more likely to be successful themselves.

    Both Bhimani and Dhwani Shah, founder and CEO of Aadhya Navik Inc., highlighted the importance of mentors.

    “Even if you just have an idea,” Bhimani told us via email, “you should strive to talk about it as much as possible with people in the industry who have relevant experience.”

    Shah similarly attributed her growth to constant learning and expert guidance: “I have a long-term vision and actively seek advice while working on the product.”

    Resources like the Business Benefits Finder and programs like Futurpreneur Canada and Startup Canada can connect early-stage founders with financing and mentorship.

    Passion and persistence are key

    Mindset is also a differentiating factor that sets successful entrepreneurs apart. The entrepreneurial mindset is a way of thinking that involves seeing opportunities where others see obstacles, and maintaining a strong sense of initiative and resilience.

    All the entrepreneurs we interviewed said intrinsic motivation was the key to longevity. “Starting a business makes you wear multiple hats, which can be intimidating but also gives you immense satisfaction,” Shah told us. Research has also confirmed this to be true.




    Read more:
    Entrepreneurs know that failure is sometimes necessary – here’s what we can learn from them


    Colasanti told us fear often leads founders to switch from experimentation to protection mode too early. “They stop taking big swings and start firing bullets instead of cannonballs,” he said. That mindset shift can lead to complacency and stagnation.

    Successful entrepreneurs are often those who can stay agile, embrace discomfort and persist even when the stakes are high.

    Make use of resources

    There are a number of supports for entrepreneurs in Canada. National initiatives like Futurpreneur Canada and Startup Canada, and financial supports from Business Development Bank of Canada, are also available.

    Most provinces and territories have web pages dedicated to resources for small businesses and entrepreneurs, including British Columbia, Alberta, Manitoba and Ontario.

    In southern Ontario, WETech Alliance offers a model example of how regional innovation hubs can support founders. Their programs help connect entrepreneurs to expertise, capital and community.

    Starting a business in Canada has never been more possible or more competitive. As the experts we spoke to remind us, success lies in execution. The journey is hard, but for those who are ready, it can also be deeply rewarding.

    Bharat Maheshwari has received funding from Mitacs, the Social Sciences and Humanities Research Council of Canada, and several other organizations that regularly fund academic research in Canada.

    Nazha Gali 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. Tips for starting a business in Canada, according to entrepreneurs who have done it – https://theconversation.com/tips-for-starting-a-business-in-canada-according-to-entrepreneurs-who-have-done-it-247985

    MIL OSI – Global Reports

  • MIL-OSI USA: USGS releases assessment of undiscovered oil and gas resources in the Hosston and Travis Peak formations along the Gulf Coast

    Source: US Geological Survey

    RESTON, VA. — The U.S. Geological Survey released its assessment of potential for undiscovered oil and gas in two formations under much of the Gulf of America Coast from Texas to Florida, assessing that there are technically recoverable resources of 35.8 trillion cubic feet of gas and 28 million barrels of oil. 

    The estimate for today’s assessment is as much gas as the United States consumes in 14 months at the current rate of consumption. Since exploration began in the area, the Hosston and Travis Peak Formations have produced 8 trillion cubic feet of natural gas, as well as 126 million barrels of oil. 

    “USGS energy assessments typically focus on undiscovered resources – areas where science tells us there may be a resource that industry hasn’t discovered yet. In this case, our assessment found substantial resources of gas,” said Sarah Ryker, acting director of the USGS.

    The onshore Gulf Coast is a major energy production area thanks to a world-class petroleum system and extensive energy exploration and production infrastructure. This assessment is limited to the Hosston and Travis Peak formations, which comprise a small portion of the onshore Gulf Coast’s Cretaceous aged rocks.  While the study area stretches from the Mexican border along the Gulf of America to most of Florida, resources are concentrated in one sliver extending from southeastern Texas across central Louisiana through the Mississippi Delta and into state waters of Louisiana, in the Hosston-Travis Peak Shelf Continuous Gas Assessment Unit (see map). 

    Much of the undiscovered, technically recoverable natural gas estimated to be present in the Hosston – Travis Peak formations is what the industry calls “tight gas”: natural gas trapped in low permeability rock, far below the surface. “Producing tight gas here would involve drilling and fracking, down more than 8,000–10,000 feet from the surface,” said Christopher Schenk, USGS geologist. 

    USGS oil and gas assessments began 50 years ago following an oil embargo against the U.S. that signaled a need to understand the occurrence, distribution and potential volumes of undiscovered resources.  The embargo led to a mandate for the USGS to use geologic science and data to assess undiscovered oil and gas resources to help meet the nation’s needs.  The work continues today – identifying new resources for domestic production as well as international resources that affect market conditions — an important part of the USGS mission to provide actionable insight to U.S. leaders, other Federal agencies, industry and the public.

    USGS energy resource assessments provide information to policymakers on resource potential in areas of the U.S. and the world. For land-management agencies such as the Bureau of Land Management, the results of an energy resources assessment feed into land-use and resource management plans.  For the private sector, USGS assessments of undiscovered energy resources provide context for planning detailed exploration.

    The range of assessments produced has changed with the technology available to produce oil. In 1995, the USGS began conducting assessments of unconventional, technically recoverable resources.  “The shift to horizontal drilling with fracking has revolutionized oil production, and we’ve changed with it,” Schenk said. 

    The USGS Energy Resources Program assesses the potential for undiscovered oil and gas resources in priority geologic provinces in the United States and around the world. Two methodologies are used by the USGS: one for assessing conventional oil and gas resources and one for assessing unconventional (continuous) oil and gas resources (such as shale gas and coalbed gas).  

    # # #

    MIL OSI USA News

  • MIL-OSI USA: Senator Rand Paul Honored Retiring Murray State University President Dr. Bob Jackson in Bowling Green

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul
     FOR IMMEDIATE RELEASE: 
    May 6th, 2025 
     Contact: Press_Paul@paul.senate.gov, 202-578-8903 
    Senator Rand Paul Honored Retiring Murray State University President Dr. Bob Jackson in Bowling Green 
    BOWLING GREEN, KY – U.S. Senator Rand Paul honored Dr. Bob Jackson, retiring President of Murray State University, during a recognition ceremony this week at the Senator’s State office 
    During his remarks, Senator Paul stated, “If you’re looking for people who are the next generation of farmers and agriculture, they’re most likely to be kids of people who are farming in agriculture. So, it’s great to have a university that has expertise in the agricultural sciences and the kids who want to remain in and have an opportunity. I see it as serving a great purpose. We’ve worked well with Doctor Jackson over the years, and we wish him success.” 
    “It has been an honor to work with Sen. Paul during these past many years as we worked to advance our Commonwealth and Murray State University,” said Dr. Bob Jackson. “Importantly, we greatly appreciate the Senator’s support of a School of Veterinary Medicine at Murray State University which will have a major and lasting impact on agriculture in Kentucky.” 
    Under Dr. Jackson’s leadership, Murray State established an accredited school of veterinary medicine—a transformative achievement aimed squarely at addressing the severe shortage of large-animal veterinarians in rural Kentucky. This initiative has positioned Murray State as a leader in supporting Kentucky’s animal agriculture economy, equipping local students to serve farm communities and helping ensure the long-term viability of the state’s livestock industry. 
    Dr. Jackson will retire on June 30, 2025, and begin serving as President Emeritus on July 1. During the ceremony, he presented Senator Paul with a commemorative gift from Murray State to be displayed in the State office. 

    MIL OSI USA News

  • MIL-OSI Economics: Congressional testimony: Supporting American leadership in quantum technology

    Source: Microsoft

    Headline: Congressional testimony: Supporting American leadership in quantum technology

    Editor’s note: On Wednesday, May 7, Dr. Charles Tahan, Partner, Microsoft Quantum, testified before the U.S. House Committee on Science, Space, and Technology. To view the proceedings, please visit the committee’s website.


    Written Testimony of Dr. Charles Tahan
    Partner, Microsoft Quantum, Microsoft Corporation

    U.S. House Committee on Science, Space, and Technology
    “From Policy to Progress: How the National Quantum Initiative Shapes U.S. Quantum Technology Leadership”

    Chairman Babin, Ranking Member Lofgren, and Members of the Committee, thank you for the opportunity to appear before you to discuss the importance of quantum technology and the transformative role it will play for this country and for our collective future.

    It is an honor to be here again. I first appeared before this Committee nearly two years ago. Then, I was Assistant Director of Quantum Information Science and Director of the National Quantum Coordination Office (NQCO), an office within the White House Office of Science and Technology Policy. The NQCO was created in the first Trump Administration by the National Quantum Initiative Act of 2018. Our job was to coordinate the more than 20 agencies led by the Department of Energy, the National Science Foundation, and the National Institute of Standards and Technology, along with the Department of Defense and the Intelligence Community, to develop and execute a national strategy to strengthen American leadership in quantum information science and technology. I spent almost four years in that job, which capped an almost 17-year career as a practicing physicist and technical leader at the National Security Agency and the Defense Advanced Research Projects Agency (DARPA), where I worked on quantum computing, high-performance computing, and other advanced technologies. I now work at Microsoft where I lead technical teams within Microsoft Quantum that are working both internally and with our close partners to build the world’s first useful quantum computers.

    Through my testimony I hope to outline the transformative potential of quantum technology and why the United States must lead and win the quantum race. To provide some context, I will begin by highlighting the revolution in quantum sciences and why quantum matters in the age of artificial intelligence. I then expand on Microsoft’s leadership in this field—both through our own research and through our strategic collaborations with other leaders in the quantum ecosystem. But, despite our tremendous progress, sustaining American leadership requires government action. I therefore offer three focus areas that I believe this Committee and Congress should prioritize: (1) advancing the quantum sciences; (2) developing, attracting, and retaining a skilled quantum workforce; and (3) building a resilient and secure supply chain. Taken together, these strategic actions will not only bolster our nation’s security and competitive edge against competitors and adversaries, but it will also drive innovation and economic growth at home towards a new frontier of American prosperity.

    The Quantum Information Revolution

    I like to think of quantum science as the operating system of the universe. What we physicists call quantum mechanics are essentially the rules that the universe follows at the microscopic level. Over the last 100 years, we have learned a tremendous amount about how those rules work. They appear strange to us because we do not experience them in our daily lives. As we have learned more about these quantum effects, we have been able to leverage them to build new tools and technologies.

    The National Quantum Initiative Act of 2018 recognized that we were on the cusp of a new technological revolution—a quantum information revolution— where we could harness the more advanced and unusual properties of quantum mechanics. This revolution is not just about new research discoveries but also about creating fundamentally new types of information technology like quantum computers, quantum networks, and quantum sensors. The full implications of this shift in quantum information science are unclear, but we do know that maintaining our global technological leadership is critical to sustaining economic prosperity, enhancing our well-being, and safeguarding our national security. We also know this is the first moment in our lifetimes in which we are able to radically reimagine how we build computers. As a country, and as a computing company, we must take that seriously.

    Why Quantum Matters in the Age of AI

    In the two years since my last appearance before this Committee, the world has shifted dramatically. The remarkable rise of AI systems has surprised all of us and increasingly affordable AI capabilities are likely to transform the world even more profoundly than the internet. Despite its immense potential, artificial intelligence—even coupled with the most powerful classical computers today—has limitations. There are problems that AI and classical computing will never be able to solve, not in our lifetimes or even in a hundred lifetimes, because of the fundamental limitations of how they are designed.

    Quantum technology can offer unprecedented capabilities for computing. Consider two quick examples where quantum computers are exponentially faster than anything we could imagine a classical computer could do. The first is code-breaking, which has serious implications to our national security and privacy. A sufficiently large quantum computer could break the public key cryptography systems we now rely on in days or weeks. Even the most powerful classical computer we could ever imagine would take the age of the universe to solve the same problem. That is the power of exponential improvement. And it is why we must move to quantum resistant cryptography as fast as possible.

    The other more commercially relevant application is, quite simply, making things—designing new materials, new chemicals, and new medicines. If you think about what the future holds, what will differentiate nations in an era of intelligence is their ability to create new things using tools that enable them to do so better, faster, and at lower cost. And this is why quantum is so important, not only because it helps us understand the universe as scientists but because it gives us unprecedented capabilities to dramatically improve our lives.

    Microsoft’s Leadership in Quantum

    It is important to appreciate that bringing quantum technology to practical application is hard. It requires focused and sustained investments, sophisticated infrastructure, and the best talent in the world.  It also requires new types of hardware—quantum hardware—and a new quantum technology stack, from chips to the control and readout layers to the user interface. This requires science and innovation at every level. That is what makes developing quantum technology expensive.

    The quantum team at Microsoft has been pursuing quantum computing for over 20 years. Our research program has spanned all three CEOs. We are singularly focused on building quantum computers that are able to solve meaningful problems, like problems in chemistry and material science. To do this, we need quantum computers that can scale to potentially millions of qubits—or quantum transistors—as compared to the small number currently available in prototype systems today. Microsoft has been pursuing this on two fronts: through our decades-long internal research and through strategic collaborations in the quantum ecosystem.

    1. Microsoft’s First-Party Research: The Topological Approach

    Microsoft’s internal hardware effort is based on a unique scientific approach aimed at developing qubits that rely on very novel physics. These are called topological qubits. We think they are promising for quantum computing because they have the potential to make it much easier to scale, meaning to control and enable readout of the millions of qubits needed to develop a useful quantum computer. However, to build even one topological qubit, the team had to take a scientific theory that was first proposed in the 1930s and make it a reality—a feat that included creating a new state of matter and engineering a device in which to exhibit it.

    Earlier this year, Microsoft unveiled new technical results that begin to validate our roadmap toward a topological quantum computer.[1] In addition, Microsoft presented the Majorana 1 chip, which brought together for the first time all the key components, validated individually, that will be needed to build quantum systems that scale: cryogenic electronics, interconnect wiring, and a qubit microchip layout that is compatible with both the physics of topological operation and the limits of control electronics. It is the embodiment of Microsoft’s topological roadmap[2] and the team is proud of it.

    Our approach has been evaluated by the Defense Advanced Research Projects Agency (DARPA), which spent nearly two years vetting Microsoft’s architecture and engineering plan and the unique properties that enable topological qubits to scale.[3] As a result, DARPA selected Microsoft for the final phase of its Underexplored Systems for Utility-Scale Quantum Computing (US2QC) program—one of the programs that makes up DARPA’s larger Quantum Benchmarking Initiative (QBI). To date, the US2QC program has brought together over fifty experts from leading government and academic institutions, including Air Force Research Laboratory, Johns Hopkins University Applied Physics Laboratory, Los Alamos National Laboratory, Oak Ridge National Laboratory, and NASA Ames Research Center, to verify our approach to quantum hardware, software, and applications. DARPA referred to this evaluation as “an incredibly rigorous and deeply technical analysis from what is almost certainly the world’s best quantum computing test and evaluation team.” The final phase of US2QC now envisions the development of a fault-tolerant prototype based on topological qubits—a crucial acceleration step toward making a utility-scale quantum computer a reality.

    Majorana 1 represents the pursuit of hundreds of scientists and engineers over the course of 20 years. Along the way there have been and will continue to be tremendous advances and contributions to the greater field of quantum information science and technology because of this pursuit. And this is why I came to Microsoft—to work on the hardest problems that promise to have an outsized impact for technology and for our society. Technical terms you may not have heard of, such as Topological and Floquet codes, pristine superconductor-semiconductor materials, measurement-based approaches to quantum computing, are all new technologies spun out of this pursuit with implications for many other types of qubits and other types of technologies, even other domains like astronomy. They came about because the Microsoft team found solutions to the hard problems—to the benefit of not only our company, but the entire quantum ecosystem.

    1. Strategic Collaborations

    At its core, Microsoft is a platform company. We want to empower our customers with the best computers in the world, whether they are quantum computers or classical computers, for the applications they care about. While we are excited about the continued advancement and promise of our own topological approach, we have no preference for which qubits ultimately provide our customers with quantum capabilities. We want the system to be the best technology for their use case. This means we develop software for multiple different technologies and layers of the quantum computer stack, everything from AI copilot to quantum languages to the real-time operating system needed to run a quantum computer with millions of moving parts.

    To do this, we work with, invest in, and partner with many different quantum computing technology companies, big and small, to help them make useful quantum computers a reality. We have entered into strategic collaborations with leading quantum hardware startups like Atom Computing, Quantinuum, and Photonic, and others. By applying our industry-leading error-correction and control software to their hardware platforms, we are accelerating the industry’s transition from rudimentary “Level 1” machines that use noisy physical qubits to the world’s first “Level 2” machines that rely on reliable, error-corrected logical qubits, composed of many physical qubits—which make quantum computing more useful for practical applications.

    Our breakthroughs in this area are coming fast. In April 2024, Microsoft and Quantinuum demonstrated the first logical qubits on record that outperform the underlying physical qubits.[4] Five months later, in September 2024, Microsoft and Quantinuum demonstrated 12 logical qubits on Quantinuum’s ion-trap machine, the most reliable logical qubits then on record.[5] Two months later, in November 2024, Microsoft and Atom Computing doubled this feat, creating and entangling 24 logical qubits made from neutral atoms.[6] These breakthroughs led by Microsoft, Atom Computing, and Quantinuum have for the first time moved the quantum industry firmly out of the “Level 1” noisy intermediate-scale quantum (NISQ) era to Level 2 resilient quantum computing. With Atom Computing, we are now offering the world’s first commercially available Level 2 quantum machines. These collaborations enable us to deliver best-in-class logical qubits for our customers today, further cementing Microsoft’s leadership in the quantum ecosystem. But even these “Level 2” systems that aim to provide 1000s of physical qubits will pale to the scale of a true, utility-scale quantum computer powered by a million qubits or more. Getting to this point will require more sustained, large-scale investments in many areas—from talent development to new domestic capabilities to supply chain resilience.

    Winning the Race in Quantum

    While Microsoft has made significant investments in quantum technology, the efforts of individual companies alone are insufficient for the United States to secure the leadership position. Winning the quantum race will not happen without clear-eyed, intentional, and decisive government action. Indeed, these actions will decide whether American global leadership will continue for the rest of this century.

    In his first term, President Trump and Congress laid the foundation for American leadership in the quantum sciences. The passage of the National Quantum Initiative Act (NQIA) was a strong first step in moving from dispersed quantum science initiatives to a more active, coordinated effort to not only lead in the foundational research, but also take scientific breakthroughs through to practical technological innovation.

    As this Committee considers reauthorization of the NQIA and other specific actions that the United States must take to secure our technological leadership in quantum, we offer more detailed recommendations across three policy priorities: (1) robust funding for quantum research, (2) developing top-tier quantum talent, and (3) securing the quantum supply chain. These three categories—described more fully below—require U.S. government leadership to maintain a competitive edge, drive innovation, and safeguard national security in the face of growing global competition.

    1. Advancing Quantum Research

    First, we must continue our long American tradition of leading the world in groundbreaking scientific research. Our curiosity, our ability to innovate, and our desire to build has been responsible for a century of American prosperity. Indeed, the past century of our global leadership is rooted in our ability to not only innovate but innovate first. For quantum, the first-mover advantage is likely to define the geopolitical landscape for the rest of this century – and likely well beyond.

    Last week, Microsoft President and Vice Chair Brad Smith wrote specifically about the critical role of the American research triad—the Department of Defense, the Department of Energy, and the National Science Foundation—in driving American scientific and technological innovation.[7] I will add to that the unique role that the National Institute of Standards and Technology has contributed to quantum information science since the field’s inception. In addition, there have been vital investments by the Intelligence Community’s research funding organizations, who have core missions that demand expertise to monitor progress in quantum information technologies. We must make it a continuing national imperative to energize these institutions—for our economic future, for our national security, and for sustaining our global leadership. The American scientific enterprise is unmatched in the world and there is no private sector substitute. We benefit from multiple institutions that have very different models for how to fund science. This allows the U.S. to fund everything from basic ideas to large, very focused development programs to purchasing novel supercomputers. There is nothing else quite like it in the world.

    Federal funding is the key to leveraging these institutions to sustain our leadership in quantum research and development.  Following passage of the NQIA, U.S. funding for the quantum sciences more than doubled from $456 million in 2019 to $1.041 billion in 2022.[8] But recent years have seen a decline, as reflected in President Biden’s $998 million budget request for FY2025. This has come as our global competitors are doing the opposite. Governments around the world are accelerating spending on quantum R&D – and China’s estimated $15 billion commitment dwarfs publicly reported U.S. funding levels.[9]

    To stay competitive, Congress should not only reauthorize the National Quantum Initiative Act but be purposeful in expanding initiatives through a coordinated national strategy. Key recommendations include:

    • Fully Fund and Expand Quantum Initiatives across the Federal Government: Reauthorize and fully fund the National Quantum Initiative Act and its programs. Congress should ensure agencies like the Department of Energy (DOE) and its National Labs, the National Science Foundation (NSF), the National Institute of Standards and Technology (NIST), and the National Aeronautics and Space Administration (NASA), along with the Department of Defense and the Intelligence Community receive sustained appropriations to expand fundamental quantum science research and development. This includes supporting the NSF’s Quantum Leap Challenge Institutes and the DOE’s National Quantum Information Science Research Centers, which have a proven record of leveraging each federal dollar to attract additional private investment. Expanding these programs will spur innovation nationwide and solidify U.S. leadership in critical quantum technologies.
    • Increase Directed Quantum R&D Funding: Move beyond fragmented funding by adopting a more directed, strategic investment approach. A recent ITIF survey suggests that China’s centralized funding strategy gives it advantages over the diffuse U.S. approach.[10] Congress can consider targeted increases in quantum R&D budgets across key agencies, aiming to exceed past funding peaks and keep pace with competitor nations. Restoring growth in federal quantum R&D funding—particularly after the dip in recent years—is the first and most urgent step to ensure the U.S. does not fall behind.
    • Expand Translational Research Programs: Boost funding for government evaluation and prototype development programs to build a bridge between lab discoveries, engineering initiatives, and real-world applications. For example, DARPA’s Quantum Benchmarking Initiative (QBI)—the flagship program for assessing quantum breakthroughs—should be expanded and fully funded. Congress can direct agencies (DOD, DOE, NSF) to coordinate on identifying high-value quantum research projects and push them toward validation programs (like DARPA’s QBI program) and then to practical realization with additional grants, prizes, or public-private partnerships.
    • Encourage Public-Private Collaboration: Federal investment should be paired with incentives for private sector co-investment in quantum R&D. Each dollar of federal funding often leverages additional private sector investment, so policies like matching grants, or innovation challenges can multiply the impact of public funds. Congress should also support joint research centers and consortia that bring together government, academia, and industry to solve quantum engineering hurdles. In addition, maintaining a stable, long-term funding outlook will give industry the confidence to invest alongside the government in quantum technology development.
    • Provide access to the latest quantum capabilities: Congress should streamline pathways for government agencies to provide the latest quantum computing technology to the researcher community, which would allow them to better identify impactful quantum applications and use cases.

    By significantly increasing federal funding and focusing it strategically, Congress can reinvigorate America’s quantum R&D enterprise. Continued U.S. scientific leadership depends on this commitment and history shows that breakthroughs from federally funded basic research (from the internet to GPS) drive decades of innovation and economic growth. Investing ambitiously in quantum now will pay dividends for American security and prosperity in the years to come.

    2. Developing & Attracting Quantum Talent

    Throughout its history, the United States has developed and attracted the brightest and most innovative minds– and it is what powers Microsoft, the broader American technology sector, and our great academic and research institutions. But this country now faces a severe shortage of STEM talent and, even more critically, a shortage of specialized quantum expertise.

    The global quantum talent pool remains small even as demand increases. It is no exaggeration to say that a handful of gifted physicists, engineers, and mathematicians could sway the balance of power and shift the dynamics in the race to develop quantum technology. Globally, there are as many as three job postings for every one qualified quantum worker.[11] In the U.S., we are struggling to develop our own talent and labor pool. Today the U.S. STEM workforce consists of approximately 36.8 million people, but 43% of doctorate-level scientists and engineers are foreign-born.[12] In 2021, more than half of doctorate-level computer scientists, mathematicians, and engineers working in the United States—occupations directly connected to critical and emerging technologies—were born outside the country.[13] Meanwhile, other countries are sprinting ahead in producing STEM graduates. In 2020, the U.S. awarded roughly 900,000 undergraduate STEM degrees annually, compared to 2 million in China and 2.5 million in India.[14] That gap may have widened in the past five years and today, the European Union leads in quantum talent concentration, with India and China also surpassing the U.S. in the number of quantum-trained specialists. Without a bigger domestic pipeline of quantum talent, even the most well-funded programs will struggle to succeed.

    Congress should enact policies to train, attract, and retain top quantum talent. Important steps include:

    • Strengthen STEM Education at All Levels: Congress must be laser focused on expanding the STEM pipeline from K-12 through to graduate school programs. This includes initiatives through the NSF, as well as state and local partners to enrich science and math curricula and increase awareness and interest in emerging technology. By introducing comprehensive STEM education early (in elementary and secondary schools), we can inspire more students to pursue careers in emerging technology and quantum-related fields.
    • Invest in Higher Education and Training: Congress should also continue and expand initiatives to train the next generation of scientists and engineers. We must continue to fund scholarships, fellowships, and research assistantships, particularly those focused in STEM and specifically in the quantum sciences. This must include developing high-caliber talent at our nation’s premier research institutions through grants and quantum research programs.  It must also include prioritizing community colleges and technical institutes that often launch students into STEM careers. Programs like the NSF’s Research Experiences for Undergraduates (REU) and Research Experiences for Teachers (RET) are critical to engaging more students and providing educators with hands-on quantum projects.  Congress should also increase federal support for STEM graduate students in quantum-related disciplines—currently, only 15% of U.S. full-time STEM grad students are supported by the U.S. government, down from 21% in 2004.[15] Bolstering fellowships and traineeships will produce more Ph.D.-level researchers ready to push the boundaries of quantum science.
    • Retrain and Upskill the Existing Workforce: To meet immediate needs, Congress should also consider activating NSF and the Department of Labor for workforce retraining programs that would help add talent to the quantum ecosystem. Adult education, professional development, and certificate programs in STEM and basic quantum fundamentals can rapidly expand the pool of “quantum-aware” professionals. These efforts will help fill roles in quantum research and product development that do not necessarily require Ph.D.-level expertise but do need specialized training.
    • Attract and Retain Global Talent:  Many of the world’s best minds—in quantum science and across disciplines—come to the U.S. for education and we must continue to find ways to support their continued contributions to our country after graduation. For example, from 2018–2021, temporary visa holders made up 37% of U.S. science and engineering Ph.D. graduates and over 70% of those students intended to stay in the U.S. after graduating.[16]  Congress should create expedited pathways for highly skilled quantum experts and expand the number of visas for Ph.D. graduates in quantum-related fields. Easing green card backlogs for advanced STEM degree holders could help the U.S. retain and attract international talent that would otherwise find opportunities outside the United States.
    • Promote International Collaboration: Congress should encourage collaborative research and exchange programs with allied nations to broaden the talent base within a trusted network. Joint initiatives with allies can pool expertise and resources to collectively train more quantum scientists. By deepening ties with like-minded countries the U.S. can both learn from our allies and ensure that we lead the quantum future together.

    By implementing these measures, the United States can build a robust pipeline of quantum talent. A comprehensive strategy spanning education, training, and international collaboration will equip the U.S. with the skilled workforce needed to drive quantum innovation and outpace global competitors.

    3. Securing the Quantum Supply Chain

    Building a secure and reliable quantum supply chain is essential. Quantum technologies across the board—computing, communication, and sensing—depend on specialized materials and components. This includes hardware like cryogenic refrigerators to advanced lasers and quantum chips. There are currently few suppliers or fabrication facilities for these items and most are globally distributed. This creates a real risk of supply bottlenecks or dependencies on foreign sources, which could stall our R&D progress or even compromise the technology stack. It currently takes 12 to 18 months to get certain components and equipment we need, many of which come from overseas. The U.S. must be able to either build quantum components and devices domestically or have reliable, secure sources through trusted allies. We also need prototyping facilities that are rapid, focused, and work at the pace of industry. However, establishing a resilient supply chain will not happen without focused government action. It is a complex challenge requiring coordination between agencies and partnership with industry. And the need to act is now.

    Congress and the Administration should pursue a national strategy to strengthen the quantum supply chain through the following actions:

    • Develop a National Quantum Supply Chain Strategy: We recommend that the Administration—perhaps via the National Quantum Initiative Advisory Committee or another interagency task force—develop a comprehensive strategy to develop the quantum supply chain. This strategy should identify key supply vulnerabilities, set goals for domestic capacity in quantum-related manufacturing, and provide the Administration with an action plan on how to spur public and private investment for key technology components. Congress may also consider regular reporting on quantum supply chain risks and a roadmap to de-risk dependencies.
    • Diversify Sources of Critical Components: The government should consider using federal purchasing power and funding to ensure multiple reliable sources for essential quantum hardware components. Congress can empower the Department of Commerce and Department of Energy to organize long-term purchase agreements or commit to buying key items (e.g. dilution refrigerators, superconducting amplifiers, high-purity qubit materials, photonic components) in bulk. Strategic investment (such as grants) could also target any chokepoints where the U.S. is overly reliant on foreign suppliers. By deploying capital toward widely needed quantum components, the government can incentivize companies within the United States (or, abroad in partnership with trusted allies) to build expertise and capacity.
    • Establish Quantum Manufacturing Facilities: Congress should also focus on building specialized infrastructure facilities for quantum device fabrication and testing. Building quantum computers and sensors often requires custom fabrication processes (for novel types of qubits, cryogenic electronics, etc.) and advanced packaging techniques. Congress should support the creation of one or more quantum foundries or test beds—perhaps through our National Labs or public-private partnerships—equipped to prototype and produce quantum components at scale. This includes facilities dedicated to fabrication, packaging, and assembly of quantum chips and systems, as well as laboratories for testing cryogenic and photonic components under quantum operating conditions. By investing in such infrastructure, the U.S. will reduce the need to rely on foreign fabrication facilities or suppliers for cutting-edge parts. These centers can also serve as innovation hubs where academia and industry collaborate on next-generation manufacturing techniques for quantum technology.
    • Prioritize Domestic Production of Advanced Components: Congress should create incentives (tax credits, grants, or loan guarantees) for companies to build production lines in the U.S. for critical quantum hardware. This includes the design and fabrication of advanced lasers, precision optics, microwave components, and quantum-grade semiconductors, as well as cryogenic electronics and ultralow-temperature refrigeration systems required for quantum labs. Capabilities like high-precision metrology (chip characterization) and advanced 3D packaging for quantum devices should also be developed domestically. Some of these areas overlap with semiconductor and photonics industries—where recent government efforts were aimed at boosting U.S. manufacturing— but specialized focus on quantum needs is essential. By onshoring production of these components, the U.S. will mitigate risks of foreign supply cut-offs and foster a local ecosystem of quantum suppliers and startups.  In tandem, federal R&D programs can partner with U.S. manufacturers to improve yields and performance in quantum-specific production, driving the costs down over time.

    By implementing these measures, the U.S. can build a resilient quantum supply chain that supports our nation’s long-term leadership. A combination of strategic planning, direct investment, public-private partnerships, and incentives will reduce dependence on foreign suppliers and ensure that our scientists and quantum innovators have access to the tools and components they need to succeed.

    Conclusion

    In closing, the government plays a critical role in coordinating our quantum ecosystem, funding the base of scientific discoveries and talent that the industry relies on, and being the first customer for next generation computers.

    Quantum technology promises to redefine the next era of human progress. The United States must act with urgency to ensure our continued leadership over the next hundred years.

    [1][2502.12252] Roadmap to fault tolerant quantum computation using topological qubit arrays.

    [2] Interferometric single-shot parity measurement in InAs–Al hybrid devices | Nature and Realizing Topological States on Quantum Hardware | APS Global Physics Summit.

    [3] DARPA selects two discrete utility-scale quantum computing approaches for evaluation | DARPA.

    [4] How Microsoft and Quantinuum achieved reliable quantum computing – Microsoft Azure Quantum Blog.

    [5] Microsoft and Quantinuum create 12 logical qubits and demonstrate a hybrid, end-to-end chemistry simulation – Microsoft Azure Quantum Blog.

    [6] Microsoft and Atom Computing offer a commercial quantum machine with the largest number of entangled logical qubits on record – Microsoft Azure Quantum Blog.

    [7] Investing in American leadership in quantum technology: the next frontier in innovation – Microsoft On the Issues.

    [8] National Science and Technology Council:  Subcommittee on Quantum Information Science, National Supplement to the President’s FY 2025 Budget.

    [9] Hodan Omaar and Martin Makaryan, “How Innovative is China,” Information Technology & Innovation Foundation, September 2024.

    [10] Id.

    [11] McKinsey & Company, “Quantum Technology Monitor,” April 2023.

    [12] National Science Board, “The State of U.S. Science and Engineering 2024,” March 2024.

    [13] Id.

    [14] Id.

    [15] Id.

    [16] Id.

    Tags: quantum, Senate Testimony, Technology

    MIL OSI Economics

  • MIL-OSI Economics: Microsoft Fusion Summit explores how AI can accelerate fusion research

    Source: Microsoft

    Headline: Microsoft Fusion Summit explores how AI can accelerate fusion research

    The pursuit of nuclear fusion as a limitless, clean energy source has long been one of humanity’s most ambitious scientific goals. Research labs and companies worldwide are working to replicate the fusion process that occurs at the sun’s core, where isotopes of hydrogen combine to form helium, releasing vast amounts of energy. While scalable fusion energy is still years away, researchers are now exploring how AI can help accelerate fusion research and bring this energy to the grid sooner. 

    In March 2025, Microsoft Research held its inaugural Fusion Summit, a landmark event that brought together distinguished speakers and panelists from within and outside Microsoft Research to explore this question. 

    Ashley Llorens, Corporate Vice President and Managing Director of Microsoft Research Accelerator, opened the Summit by outlining his vision for a self-reinforcing system that uses AI to drive sustainability. Steven Cowley, laboratory director of the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (opens in new tab), professor at Princeton University, and former head of the UK Atomic Energy Authority, followed with a keynote explaining the intricate science and engineering behind fusion reactors. His message was clear: advancing fusion will require international collaboration and the combined power of AI and high-performance computing to model potential fusion reactor designs. 

    Applying AI to fusion research

    North America’s largest fusion facility, DIII (opens in new tab)-D, operated by General Atomics and owned by the US Department of Energy (DOE), provides a unique platform for developing and testing AI applications for fusion research, thanks to its pioneering data and digital twin platform. 

    Richard Buttery (opens in new tab) from DIII-D and Dave Humphreys (opens in new tab) from General Atomics demonstrated how the US DIII-D National Fusion Program (opens in new tab) is already applying AI to advance reactor design and operations, highlighting promising directions for future development. They provided examples of how to apply AI to active plasma control to avoid disruptive instabilities, using AI-controlled trajectories to avoid tearing modes, and implementing feedback control using machine learning-derived density limits for safer high-density operations. 

    One persistent challenge in reactor design involves building the interior “first wall,” which must withstand extreme heat and particle bombardment. Zulfi Alam, corporate vice president of Microsoft Quantum (opens in new tab), discussed the potential of using quantum computing in fusion, particularly for addressing material challenges like hydrogen diffusion in reactors.

    He noted that silicon nitride shows promise as a barrier to hydrogen and vapor and explained the challenge of binding it to the reaction chamber. He emphasized the potential of quantum computing to improve material prediction and synthesis, enabling more efficient processes. He shared that his team is also investigating advanced silicon nitride materials to protect this critical component from neutron and alpha particle damage—an innovation that could make fusion commercially viable.

    Microsoft Research Blog

    AIOpsLab: Building AI agents for autonomous clouds

    AIOpsLab is an open-source framework designed to evaluate and improve AI agents for cloud operations, offering standardized, scalable benchmarks for real-world testing, enhancing cloud system reliability.

    Exploring AI’s broader impact on fusion engineering

    Lightning talks from Microsoft Research labs addressed the central question of AI’s potential to accelerate fusion research and engineering. Speakers covered a wide range of applications—from using gaming AI for plasma control and robotics for remote maintenance to physics-informed AI for simulating materials and plasma behavior. Closing the session, Archie Manoharan, Microsoft’s director of nuclear engineering for Cloud Operations and Infrastructure, emphasized the need for a comprehensive energy strategy, one that incorporates renewables, efficiency improvements, storage solutions, and carbon-free sources like fusion.

    The Summit culminated in a thought-provoking panel discussion moderated by Ade Famoti, featuring Archie Manoharan, Richard Buttery, Steven Cowley, and Chris Bishop, Microsoft Technical Fellow and director of Microsoft Research AI for Science. Their wide-ranging conversation explored the key challenges and opportunities shaping the field of fusion. 

    The panel highlighted several themes: the role of new regulatory frameworks that balance innovation with safety and public trust; the importance of materials discovery in developing durable fusion reactor walls; and the game-changing role AI could play in plasma optimization and surrogate modelling of fusion’s underlying physics.

    They also examined the importance of global research collaboration, citing projects like the International Thermonuclear Experimental Reactor (opens in new tab) (ITER), the world’s largest experimental fusion device under construction in southern France, as testbeds for shared progress. One persistent challenge, however, is data scarcity. This prompted a discussion of using physics-informed neural networks as a potential approach to supplement limited experimental data. 

    Global collaboration and next steps

    Microsoft is collaborating with ITER (opens in new tab) to help advance the technologies and infrastructure needed to achieve fusion ignition—the critical point where a self-sustaining fusion reaction begins, using Microsoft 365 Copilot, Azure OpenAI Service, Visual Studio, and GitHub (opens in new tab). Microsoft Research is now cooperating with ITER to identify where AI can be exploited to model future experiments to optimize its design and operations. 

    Now Microsoft Research has signed a Memorandum of Understanding with the Princeton Plasma Physics Laboratory (PPPL) (opens in new tab) to foster collaboration through knowledge exchange, workshops, and joint research projects. This effort aims to address key challenges in fusion, materials, plasma control, digital twins, and experiment optimization. Together, Microsoft Research and PPPL will work to drive innovation and advances in these critical areas.

    Fusion is a scientific challenge unlike any other and could be key to sustainable energy in the future. We’re excited about the role AI can play in helping make that vision a reality. To learn more, visit the Fusion Summit event page, or connect with us by email at FusionResearch@microsoft.com.

    MIL OSI Economics

  • MIL-OSI USA: School of Pharmacy 2025 Commencement Speakers

    Source: US State of Connecticut

    The School of Pharmacy is excited to announce JoAnn Trejo as the commencement speaker for the 2025 Pharm.D. ceremony. As the Honorary Degree Recipient and Keynote Speaker for the School of Pharmacy, Trejo is a professor of pharmacology and senior assistant vice chancellor for health sciences faculty affairs at the University of California San Diego. She completed her undergraduate at UC Davis, her PhD and MBA at UC San Diego and her postdoctoral training at UCSF. 

    Headshot of JoAnn Trejo

    Committed to research with passion and dedication, Trejo has expertise in cell signaling in the context of vascular inflammation and cancer. With her research published in more than 100 peer-reviewed articles and continuously being funded by the NIH, Trejo is an excellent educator, mentor, and leader. Through her work advancing the fields of science and pharmacology, Trejo is the recipient of an NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award.  

    Beyond her research, Trejo is the director of five NIH-supported training programs and served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology. As a current member of the scientific advisory boards for Septerna and Versiti and the NIGMS Advisory Council, Trejo has received numerous awards for leadership and service. Trejo is an elected member of the National Academy of Medicine and the American Society for Cell Biology (ASCB) among other organizations. 

    Joe Honcz, the B.S. ceremony commencement speaker, is a distinguished expert in managed care and market access as a Registered Pharmacist and currently serves as the Senior Vice President at Petauri Advisors. With a 25-year career that spans various sectors of the healthcare industry, Joe played a critical role in the launch of Medicare Part D and had instrumental involvement in the implementation of the Affordable Care Act. Joe holds a Bachelor of Science in Pharmacy and an MBA from UConn and continues to serve the UConn community as an AMCP diplomat to the School.  

    Headshot of Joe Honcz

    Recently leveraging his understanding of managed care to deliver strategic market access insights, Joe has empowered over 20 biotech and pharmaceutical clients to effectively navigate complex dynamics. Joe’s contributions have been important in the launch of innovative products in traditional and rare disease categories and he continues to drive innovation while supporting the emerging pharmaceutical and health tech industries as a “pharmacy futurist.”  

    Outside of his role as Senior Vice President, Joe is involved at Yale Ventures and UConn Technology Commercialization Services as an Entrepreneur-in-Residence. He has also served as an Adjunct Professor and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army. 

    Joe’s background includes diverse roles at Pfizer, Walgreens, CVS, and more.  

    MIL OSI USA News

  • MIL-OSI Global: Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading

    Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

    As US and Chinese representatives prepare to meet in Switzerland in an effort to ease their escalating trade war, a potential sign of Beijing’s approach has emerged in an opinion piece published in the state-owned journal Beijing Daily.

    Articles in the publication are often seen as a reflection of Beijing’s official stance. The latest piece – Today, it is necessary to revisit On Protracted War – argues that the trade war is an American attempt to strangle China’s economic growth and that it is necessary to perceive the current trade tensions as a long-term development.

    What’s particularly important here is that the title refers to former Chinese leader Mao Zedong’s 1938 essay On Protracted War, a piece of writing that set out Mao’s approach to combating the invading Japanese during the second Sino-Japanese war between 1937 and 1945.

    This strategy was also key to the subsequent establishment of the People’s Republic of China in 1949, after the communist victory in the long-running Chinese civil war. Mao became the chairman of the Chinese Communist party from 1943 until his death in 1976 and created a set of political theories referred to as Maoism. He wrote extensively on political strategy.


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    Chinese policymakers and media figures often invoke the nation’s history to justify domestic and foreign policy. And the decision to reference Mao’s text reflects not only China’s strategy in the current trade war but also the lasting influence of his ideas.

    Mao’s 1938 essay described a struggle that might seem, at first glance, a world away from the current China/US tariff conflict. His key thesis was that guerrilla warfare was a long-term affair with little chance for a quick victory.

    Mao’s argument was that a war of attrition would end with a Chinese victory as it would slowly bleed the conventionally stronger Japanese forces of resources.
    Such an approach has been a key feature of insurgencies throughout the modern world, with movements such as the Taliban in Afghanistan using the long war of attrition against larger or more technologically advanced foes.

    By invoking On Protracted War, it would appear that Beijing perceives its economic struggles with the US as a conflict without a swift resolution, something that may come as a shock to Donald Trump who is clearly signalling that he now wants a deal.

    This long view approach has also been reflected in how Beijing has been preparing for a second Trump trade war ever since its experiences in the first Trump presidency.

    How US/China tariff war is affecting US markets.

    In contrast to China, the US administration appears to have banked on the trade war being a comparatively brief affair that should be ended by a quick and decisive knock-out blow against Beijing. And a public relations coup for Trump. This explains the showmanship behind the “liberation day” announcements, and the speed at which Washington deployed its key moves.

    But by preparing its citizens for a protracted trade war, it would appear that China’s strategy, similarly to Mao’s, is to slow down the process and grind out the best deal it can over time.

    Beijing believes that Chinese consumers are more capable of “eating bitterness” (coping with hardship) than Americans. So US diplomats would be well advised to dip into On Protracted War to understand more of China’s president Xi Jinping’s intentions.

    Mao’s long shadow

    However, this is not the only way in which Mao’s strategies are relevant to global politics right now.

    Another of Mao’s political ideas was what he termed the “people’s war”. This envisioned a slow movement where one group creates “shadow institutions” that gradually displace established ones in order to build support from the local population.

    This echoes part of China’s approach to globalisation, where China has supported, or created, alternatives to US-led institutions.

    Many of Beijing’s international institutions, such as the Asian Infrastructure Investment Bank, Shanghai Cooperation Organisation and the belt and the road initiative are created to be alternatives to more established international bodies, such as the IMF and the World Bank. These Beijing felt were too dominated by the US.

    While China has worked on this policy for decades, it seems to chime with Trump’s lack of commitment to US involvement in international institutions, such as the IMF and Nato. In this aspect of international politics, Xi and Trump seem to have somewhat similar goals, and could open up more space for Chinese leadership of these institutions.

    It’s becoming clear that the Trump administration has severely miscalculated by assuming that Beijing would quickly capitulate, showing a lack of understanding of Chinese culture and political history. The expected instant deal has failed to materialise, and US stores are now warning that shelves may soon be empty of many goods.

    The trade war has become a war of attrition, and whatever moves Xi makes now are likely to be only his first in what he sees as a very long game, in the great Maoist tradition.

    Tom Harper 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. Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading – https://theconversation.com/why-trump-fails-to-understand-chinas-trade-war-tactics-and-what-his-negotiators-should-be-reading-256126

    MIL OSI – Global Reports

  • MIL-OSI Global: Your fridge might be a breeding ground for bacteria – here’s how to fix it

    Source: The Conversation – UK – By Oleksii Omelchenko, Doctoral Researcher in listeria and other invasive pathogens, Quadram Institute

    Nicoleta Ionescu/Shutterstock

    The kitchen is often the heart of the home – a place where families gather and meals begin. And at the start of it all? The fridge. This is where we safely store much of our food, and as technology advances, fridges are getting smarter: being able to track inventory, suggest recipes, even displaying the news.

    But of all their features, temperature remains the most critical. We rely on fridges to keep food fresh, but if the temperature isn’t right, they can do the opposite – essentially becoming cosy incubators for bacteria.

    As a microbiologist, I might find that fascinating, but it’s definitely not ideal for the sausages you brought home from the farmer’s market.

    When looking across many households, the average temperature in fridges is 5.3°C – just above the recommended safe range of 0–5°C (32–41°F). More concerning is how often temperatures fluctuate. Many fridges spend over half their time above that safe limit.

    Some have even been found running as high as 15°C (59°F), which, in parts of the UK, is practically a warm summer’s day. At those temperatures, bacteria can multiply quickly, increasing the risk of food spoilage or even food-borne illness.


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    So, what’s going wrong? Part of the problem is that many fridges lack an accurate, accessible way to monitor their internal temperature. Let’s admit: most of us don’t know what the dial settings actually mean.

    On top of that, every time you open the door, warm air rushes in. The longer the door stays open, especially if you’re lingering while choosing a snack, the more the internal temperature climbs toward room temperature, creating a more suitable environment for bacteria to thrive.

    Keep bacteria in check

    Here are simple ways to keep your food fresher – and safer:

    • Minimise door openings. Don’t leave the fridge hanging open while you unload groceries.

    • Use a rotating organiser. A lazy susan can help you avoid searching through a shelf full of products for that half-used sauce bottle.

    • Clean your door seals. Every few months, check for mould or grime and make sure the seals close tightly.

    Temperature also varies inside your fridge. The coldest spot is usually at the back, while the warmest is on the door. That means items like milk or raw meat are best stored near the back – not in the door. The door is fine for butter or fizzy drinks.

    Even though many modern fridges have a built-in sensor, it often only reflects the temperature at one spot. In fact, 68% of households never adjust their temperature settings.

    A practical tip? Place a few stick-on thermometers in different areas of your fridge. If any are regularly above 5°C (41°F), it’s time to adjust. But remember: the built-in indicators inside your fridge don’t always reflect the actual temperature throughout your fridge.

    Also, avoid overcrowding. Aim to keep your fridge about 75% full, so cold air can circulate properly. You can make room by storing items such as stone fruits, tomatoes, peppers, potatoes and honey in a cool, dry cupboard – these don’t need refrigeration.

    But temperature isn’t the only concern. Even a well-chilled fridge can harbour invisible risks. Studies show that fridges can contain pathogens, likely to have been introduced previously via food or packaging that may have been contaminated.

    While cold temperatures stops many bacteria from growing, some – like Listeria monocytogenes – can survive and even multiply in low temperatures. Listeria, which is especially dangerous for pregnant people and older adults, can be found in soft cheeses, cured or smoked fish (including sushi), deli meats, pre-packaged fruit, frozen veg and ready-made sandwiches.

    Reduce risk

    To reduce risk for yourself and others, follow recommendations from the food safety authorities:

    • Keep raw foods – like meat and fish that need cooking – separate from ready-to-eat items such as fruits or sandwiches.

    • Store raw meat and fish on the bottom shelf of the fridge. That way, if any juices leak, they won’t drip onto other foods.

    • Consume ready-to-eat products within four hours of removing them from the fridge.

    • Wash your hands regularly with soap and water before, during and after meal preparation.

    • Follow the cooking instructions on packaging when applicable.

    Improving your fridge habits might not sound thrilling, but it helps food stay fresher longer, keeps your fridge working more efficiently, and most importantly, protects your health – and the health of your family.

    Oh, and about that leftover chicken from dinner early in the week… We’ve all done the sniff test. But just because your leftovers smell fine doesn’t mean they are fine. Bacteria like Salmonella or Listeria don’t always come with a funky odour.




    Read more:
    The sniff test is not reliable for food safety – here’s why


    Oleksii Omelchenko receives funding from BBSRC, FSA.

    Judith Evans has received funding from the European Commission, EPSRC, NGOs and development agencies.

    ref. Your fridge might be a breeding ground for bacteria – here’s how to fix it – https://theconversation.com/your-fridge-might-be-a-breeding-ground-for-bacteria-heres-how-to-fix-it-252339

    MIL OSI – Global Reports