Category: Trade

  • MIL-OSI: Coface SA: Coface announces the publication of its 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Coface announces the publication of its 2024 Universal Registration Document

    Paris, 4 April 2025 – 17.45

    Communication setting out the arrangements for the supplying of the Universal Registration Document

    The Universal Registration Document of COFACE SA for 2024 (Document d’enregistrement universel 2024 in French) was filed with the French financial market authority (Autorité des marchés financiers – AMF) on April 3, 2025 under the number D.25-0227.

    Copies of the 2024 Universal Registration Document are available free of charge at COFACE SA, 1 Place Costes et Bellonte, 92270 Bois-Colombes, France as well as on the website of the Company at the following address:
    https://www.coface.com/investors/regulated-information/universal-registration-document.

    The 2024 Universal Registration Document includes the following information:

    • The 2024 Annual financial report;
    • The Report on corporate governance (attached to the management report);
    • The Statutory Auditors’ reports and the news release concerning their fees;
    • The description of the share buyback program;
    • The draft resolutions submitted to the vote of the Combined Shareholders’ Meeting of 14 May 2025;
    • The Sustainability Statement.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network

  • MIL-OSI: BW Offshore: Notification of trade

    Source: GlobeNewswire (MIL-OSI)

    Notification of trade

    With reference to stock exchange releases dated 8 April 2019 and 5 April 2024.

    In relation to BW Offshore’s (the “Company”) Long-Term Incentive Programme (LTIP) adopted in 2019, the Company’s exposure relating to the 2019 award was hedged by a Total Return Swap (“TRS”) agreement with financial exposure to 1 732 000 shares in BW Offshore.

    The Company has today settled the TRS agreement underlying 1 732 000 shares in BW Offshore expiring 4 April 2025. The Company has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares in BW Offshore with expiry date 4 July 2025 and a TRS price of NOK 28.45 per underlying share.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55
    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 2 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo Stock Exchange.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI USA: Cornyn, Blumenthal, Grassley, Durbin Bills to Lower Drug Costs Pass Senate Judiciary Committee

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senators John Cornyn (R-TX), Richard Blumenthal (D-CT), Chuck Grassley (R-IA), and Dick Durbin (D-IL) released the following statements after their Affordable Prescriptions for Patients Act, which would help lower drug prices by preventing bad actors in the pharmaceutical industry from deliberately abusing the patent system, and Drug Competition Enhancement Act, which would spur generic and biosimilar marketplace competition by prohibiting branded drug manufacturers from engaging in “product hopping” to help lower drug prices for patients, passed the Senate Judiciary Committee:

    “Patent thicketing and product hopping are abusive and anti-competitive practices that hinder generic drugs from entering the marketplace and raise prices for consumers,” said Sen. Cornyn. “These bills would root out this wrongdoing and hold bad actors in the pharmaceutical industry accountable to ensure Texans can access the treatments and life-saving medications they need without breaking the bank.”

    “For too long, pharmaceutical companies have been allowed to abuse the patent system, stifling innovation and driving up costs for consumers,” said Sen. Blumenthal. “This legislation cracks down on drug companies’ manipulative and exploitative practices, promoting competition and lowering prescription drug costs for patients.”

    “The steep price of life-saving medication puts a major strain on Iowans,” said Sen. Grassley. “Our legislation will help reduce the cost of prescription drugs by ending the abusive practice of blocking generic and biosimilar drugs from entering the market.”

    “I’m pleased the Senate Judiciary Committee passed our Affordable Prescriptions for Patients Act and Drug Competition Enhancement Act. Americans shouldn’t be forced to choose between their wallets and their health. But because Big Pharma games the system, too many patients face sky-high prescription drug costs,” said Sen. Durbin. “I urge the Senate to take these bills up quickly so we can ensure that the Senate is looking out for Americans, not Big Pharma.”

    Background:

    Some pharmaceutical manufacturers have been deliberately abusing the system to prevent potential competitors from entering the marketplace through tactics like “product hopping” and abuse of the “patent dance” process, which slow the entry of lower-cost alternatives. 

    The Affordable Prescriptions for Patients Act and the Drug Competition Enhancement Act put an end to practices that prioritize profits for pharmaceutical companies ahead of Americans’ health and help lower drug prices for patients.

    The Affordable Prescriptions for Patients Act:

    By stopping abuses of our patent system, this legislation would pave the way for biosimilars to compete with branded drugs and aggressively lower drug prices for consumers in the process. In 2010, Congress enacted a law designed to resolve any patent litigation quickly before a biosimilar is introduced to the market, creating a patent dispute resolution process known as the “patent dance.” Under current law, there are no limits on the number of patents that a branded manufacturer of biologics can assert during the patent dance – leading some companies to abuse a process designed to facilitate biosimilar entry, not hinder it. This bill places a reasonable limit on the number of patents a manufacturer can contest, preventing a “patent thicket.” This would help deter branded manufacturers of biologics from gaming the system to increase the number of patents they assert, while preserving the incentives provided by the patent system to encourage the core innovation that produces new biologic treatments in the first place.

    The Drug Competition Enhancement Act:

    This legislation would put an end to “product hopping,” a practice that bad actors in the pharmaceutical industry engage in when their exclusive right to a drug is about to expire, but they do not want to compete with generic alternatives. Rather than simply competing on the merits with their old drug and any generic alternative, companies manipulate the market to move patients off the old drug and onto the new. They “hop” patients from branded product to branded product by engaging in a variety of practices to disadvantage their old drug, including destroying the inventory of their old drug, pulling it from the market, aggressively raising the price, badmouthing their old drug, or even diminishing its safety.  Then, when the market protections for the earlier drug expire and a generic or biosimilar alternative comes to market, it is difficult to switch patients to the cheaper generic or biosimilar. The Drug Competition Enhancement Act would prohibit branded drug manufacturers from engaging in anticompetitive product hopping, making that practice an antitrust violation. If companies engage in this behavior, they would risk enforcement action from the Federal Trade Commission (FTC). It would also facilitate entry to the market for generics and biosimilars, which drives down drug costs for patients and consumers.

    MIL OSI USA News

  • MIL-OSI Canada: Premier Promotes Nova Scotia in Denmark

    Source: Government of Canada regional news

    Premier Tim Houston will leave for Copenhagen, Denmark, Saturday, April 5, on a provincial trade mission.

    During the five-day mission, the Premier will meet with new and existing partners to strengthen relationships. Meetings will touch on a wide range of sectors and opportunities in healthcare, energy and seafood.

    “Nova Scotia has so much to offer our trade partners, and we can learn from them, too, as we look to innovate and become more self-reliant,” said Premier Houston. “We value our partnership with Denmark, and I look forward to promoting Nova Scotia at this critical time in our Province’s growth.”

    As part of the mission, the Premier will meet with healthcare leaders and attend WindEurope’s annual event which takes place in Copenhagen April 8-10. Energy Minister Trevor Boudreau will also attend the WindEurope event, which is taking place at a time when Europe is looking to transform its energy system. Denmark is aiming to reach complete fossil-fuel-free electricity by 2035 with an interest and expertise in hydrogen and wind energy.

    Nova Scotia is currently focused on making the province more self-reliant by investing in critical minerals, wind resources and the seafood sector. The Province is also developing a comprehensive trade action plan to facilitate internal trade, enhance productivity and drive critical sectors with input from businesses and industry.


    Quick Facts:

    • in 2024, Nova Scotia’s exports to Denmark reached $29.4 million; Nova Scotia’s imports from Denmark were valued at $24.4 million
    • Denmark is a member of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), which eliminates tariffs on 98 per cent of Canadian exports to trade partners in the European Union, making trade more predictable, transparent and accessible for Nova Scotia businesses
    • mission delegates are Premier Houston; Minister Boudreau; Chief of Staff and General Counsel Nicole LaFosse Parker; Executive Deputy Minister Tracey Taweel; and Mike McMurray, Executive Director, International Relations, Department of Intergovernmental Affairs

    Additional Resources:

    Premier Houston’s April 2 statement on U.S. tariffs: https://news.novascotia.ca/en/2025/04/02/statement-us-tariffs-announcement

    WindEurope event: https://windeurope.org/


    MIL OSI Canada News

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 4.4.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 4 April 2025 at 6.30 PM (EET)
         
         
    WithSecure Corporation: SHARE REPURCHASE 4.4.2025
         
    In the Helsinki Stock Exchange    
         
    Trade date           4.4.2025  
    Bourse trade         Buy  
    Share                  WITH  
    Amount             30 000 Shares
    Average price/ share    0,8691 EUR
    Total cost            26 073,00 EUR
         
         
    WithSecure Corporation now holds a total of 360 709 shares
    including the shares repurchased on 4.4.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
         
    On behalf of Withsecure Corporation  
         
    Nordea Bank Oyj    
         
    Janne Sarvikivi           Sami Huttunen  
         
         
    Contact information:    
    Laura Viita    
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation    
    Tel. +358 50 4871044    
    Investor-relations@withsecure.com    

    Attachment

    The MIL Network

  • MIL-OSI USA: H.R. 1549, China Financial Threat Mitigation Act of 2025

    Source: US Congressional Budget Office

    H.R. 1549 would require the Secretary of the Treasury, within one year of enactment, to study and report on the financial exposure of the United States and the global economy to China. The bill also would direct the Secretary to consult with the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of State for the study.

    Using information about the cost of similar requirements, CBO estimates that implementing H.R. 1549 would cost federal agencies $1 million over the 2025‑2030 period. Any spending by those agencies would be subject to the availability of appropriated funds.

    Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that the reduction in remittances attributable to implementing H.R. 1549 would not be significant over the 2025-2035 period.

    The CBO staff contacts for this estimate are Matthew Pickford (for federal agencies) and Nathaniel Frentz (for the Federal Reserve). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI USA: Momentum Builds for Bipartisan Cantwell Bill to Reassert Congressional Trade Role

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    04.04.25

    Momentum Builds for Bipartisan Cantwell Bill to Reassert Congressional Trade Role

    Legislation requires president to explain reasoning & impacts of new tariffs to Congress within 48 hours

    WASHINGTON, D.C. – ICYMI, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee, and Ranking Member of the Senate Committee on Commerce, Science, and Transportation, introduced bipartisan legislation to reaffirm Congress’ key role in setting and approving U.S. trade policy. In addition to Sen. Cantwell, Sens. Jerry Moran (R-KS), Amy Klobuchar (D-MN), Lisa Murkowski (R-AK), Mark Warner (D-VA), Mitch McConnell (R-KY), and Michael Bennet (D-CO) have co-sponsored the bill. The Trade Review Act of 2025, modeled after the War Powers Resolution of 1973, would reestablish limits on the president’s ability to impose unilateral tariffs without the approval of Congress.

    “Trade wars can be as devastating, which is why the Founding Fathers gave Congress the clear Constitutional authority over war and trade. This bill reasserts Congress’s role over trade policy to ensure rules-based trade policies are transparent, consistent, and benefit the American public. Arbitrary tariffs, particularly on our allies, damage U.S. export opportunities and raise prices for American consumers and businesses,” Sen. Cantwell said. “As representatives of the American people, Congress has a duty to stop actions that will cause them harm.”

    The bill restores Congress’ authority and responsibility over tariffs as outlined in Article I, Section 8 of the Constitution by placing the following limits on the president’s power to impose tariffs:

    • To enact a new tariff, the president must notify Congress of the imposition of (or increase in) the tariff within 48 hours.
      • The Congressional notification must include an explanation of the president’s reasoning for imposing or raising the tariff, and
      • Provide analysis of potential impact on American businesses and consumers.
    • Within 60 days, Congress must pass a joint resolution of approval on the new tariff, otherwise all new tariffs on imports expire after that deadline.
    • Under the bill, Congress has the ability to end tariffs at any time by passing a resolution of disapproval.
    • Anti-dumping and countervailing duties are excluded.

    The full bill text is available HERE.

    MIL OSI USA News

  • MIL-OSI USA: Keynote Remarks of Commissioner Johnson for Governing Data at IIB&L Center and Yale Law Journal of Law & Technology at Yale Law School

    Source: US Commodity Futures Trading Commission

    Remarks as Prepared
    Introduction
    Good afternoon. Springtime is always a nice time of year to be in New Haven and it is generous of the Yale Law School to host this symposium. Thank you Milhailis [Diamantis], Rishab [Nithyanand], the Iowa Innovation Business & Law Center, and the Yale Journal of Law & Technology for the significant time and effort you expended to organize and execute this symposium. 
    As I have indicated throughout my time as a Commissioner, I am delighted to join you in carefully thinking about the increasing salience of better data governance.[1] I am hopeful that the discussions at this symposium will articulate and enhance guardrails for comprehensive privacy law and better data governance. I am also hopeful that our discussions and advocacy will influence federal and state legislatures and financial market regulators, among others, to adopt, implement, and enforce law, regulation, and policy that lead to better data governance. 
    In my time with you, I would like to highlight two issues that may deeply impact the shape and development of data governance in financial markets – emerging artificial intelligence (AI) technologies and critical third-party service providers.[2] We can describe these two issues as twin peaks – arising rapidly and substantially altering the structure of financial markets.
    The twin peaks at the center of our markets reflect a shift to data-centered markets influenced by the rise of increasingly sophisticated machine learning and generative AI technologies and a remarkable uptick in market participants’ reliance on critical third-party service providers. The peaks are similar but not identical. Yet, each has the potential to deeply impact market structure and how we supervise financial markets. 
    First, the integration of data-fueled artificial intelligence (AI) technologies is indisputably altering financial markets infrastructure. As AI takes center stage in many sectors of our economy and society, financial services firms report interests, investments, and incorporation of AI technologies in data analytics, trade data analysis, trade clearing, reconciliation, and settlement, risk management, surveillance, margin and collateral determinations, and administrative, compliance and back-office services.   
    Second, developing and updating data-fueled technologies can be expensive. Firms often lack the resources to independently develop certain technologies. The cost of acquiring or developing AI or data-centered technologies may be prohibitive for many businesses. As a result, many financial services firms and others must outsource or seek to license data-centered technologies or models. For smaller and medium sized firms, reliance on third-party service providers is often imperative.
    As we begin to consider these twin peaks impacting the operational infrastructure and supervision of our markets, it is worth examining the benefits of novel technologies, whether these changes in market infrastructure may lead to new risks or distinct risks, and the extent to which existing risk management practices and regulations are fit for purpose. 
    I. Evolving Market Infrastructure 
    A recent study of nearly two thousand financial services firms reports that more than three-quarters of the firms included rely on AI to assist with various aspects of financial reporting and other compliance obligations.[3] Another study shows a significant amount of investment capital moving forward will be dedicated to implementing and integrating AI-based technologies.[4] Commodity Futures Trading Commission (CFTC) regulated market participants have long relied on predictive technologies – a category of technologies that comprise part of the universe of technologies that may be described as AI.[5] In recent years, a number of CFTC-regulated market participants have entered into strategic partnerships with major technology providers.[6] Today, market participants use AI for diverse trade execution, operational, and administrative functions including market intelligence, monitoring, fraud detection, and cybersecurity risk management.[7]
    The CFTC supervises areas of financial markets where market participants create, distribute, trade, and transfer financial market products. For financial market regulators, governing data proves challenging, in part, because market participants may rely on intermediaries that are not registered with financial market regulators. Regulators may lack visibility or supervisory authority over these intermediaries. As the market for novel assets such as digital assets grow, this challenge continues to present similar concerns.
    As noted at the outset, adoption of critical third-party service providers parallels the rapid adoption of AI. According to recent studies, in 2021 cloud services accounted for less than 10% of critical business initiatives. By 2027, it is expected that cloud services will account for 50% of critical business initiatives.[8] To that end, and to bolster capabilities to utilize AI, cloud services have seen massive investments to infrastructure, with $79 billion spent in the second quarter of 2024 alone.[9]
    A. The Rise of AI
    While the use cases within and beyond finance are quite diverse, common threads bind the “algorithmic revolution” and increased reliance on critical third-party service providers. Artificial intelligence technologies can automate decision-making tasks and certain subsets of artificial intelligence may execute these tasks autonomously. 
    For decades, market participants, researchers, academics, and public interest advocates have assessed the impacts of algorithmic trading in conventional financial markets. Some suggest that artificial intelligence introduces existential questions for markets;[10] others underscore the ethical, civil, or human rights implications of adopting artificial intelligence.[11] As debates proliferate regarding the merits and limitations of automated decision-making technologies, a steady drumbeat declares the future of finance.[12] 
    Notwithstanding the utility and benefits that accompany AI, there are risks and notable limitations. A robust literature has developed cataloguing and analyzing the ethical implications that may arise.[13] In addition, bad actors have discovered AI and the potential to use AI to manipulate markets.[14]
    Voices at international convenings of market participants and regulators increasingly reflect a call for an open dialogue regarding benefits and thorny issues that arise as we increasingly rely on AI and third-party service providers. Before turning to proposed interventions, let’s explore the second phenomenon changing market infrastructure – the increasing importance of technology-based critical-third party service providers. 
    B. Critical Third-Party Service Providers 
    Commission-regulated market participants often use third-party vendors to support their operations, risk management, compliance, and technology infrastructure. In an era of data-fueled technologies, cloud-based storage platforms and data centers serve as an increasingly important group of critical third-party service providers. The services of cloud-based platforms, data centers, and other third-party service providers vary; and, in some instances, the services are not critical to the continuity of the market participant’s business. In other instances, third-party services providers offer services which are essential to market participants’ day-to-day operations. 
    A glance around the “trading floor” of any financial services firm these days reveals significant reliance on technology. Many firms rely on innovative technologies for the continuous and adequate functioning of their operations.[15] As data-driven technologies proliferate, markets have witnessed a growing trend for participants to rely on cloud-based technologies. In fact, several of our largest market participants have entered strategic partnerships with cloud providers to enable them to handle exceptional volumes of data and enhance their scalability.[16] Cloud based architecture also offers on-demand computing power for risk analytics and trade processing, allowing firms to handle massive amounts of transactions and data in times of high volume, and scale down during slower periods. In many ways, cloud services and AI fit hand-in-glove because of the cloud-based computing power required to execute certain AI technologies.[17] 
    Congress, regulators, market participants, and many stakeholders have identified risks related to how our markets operate – robust information security management, reliability and resilience, effective contingency planning, and communication risks.[18] 
    Our regulations reflect expectations regarding how registered market participants will comply with this framework. In my role as a Commissioner and sponsor for the Market Risks Advisory Committee, I have led a diverse group of stakeholders in detailing the benefits and concerns that arise as these twin peaks increasingly influence our markets. Here, let’s consider two specific risks that have emerged as we navigate this rise of data-fueled, innovative technologies – concentration and cyber risks – which will be central questions for regulators in the era of data governance. 
    II. Managing Data Governance and Data Security Risks 
    A few large firms comprise the most prevalent AI and cloud-based technology services providers.[19] The limited diversity of service providers and lack of competition may raise market concentration concerns.[20]
    A. Concentration Risks
    Evidence indicates that there are a limited number of both AI and critical service providers for financial market participants. A recent survey of the AI industry suggests that ten foundational model providers account for almost ninety percent of the market.[21]
    The top three cloud providers, Amazon, Microsoft, and Google, respectively, account for 73% percent of the cloud infrastructure market.[22] Given that software as a service is the most widely adopted form of cloud computing by financial institutions, the United States Department of the Treasury has indicated that the concentration among critical service providers may be cause for concern.[23]
    Microsoft and AWS are two of the largest data center providers and among the largest cloud providers; together these firms manage over five hundred and fifteen data centers. Google manages twenty-five data centers.[24] Simply stated, the number of service providers capable of handling the needs of many market participants may be limited. 
    Studies also report a decline in the number of Futures Commission Merchants (FCMs).[25] In 2023, the MRAC launched a workstream to analyze the current state and trends of the FCM market over the twenty-year period from 2003 to 2023.[26] The report notes increased operating costs and the capital requirements for FCMS and increased minimum net capital requirements. Markets have also witnessed consolidation in FCM markets. 
    In contrast to the decline in the total number of FCMs, clearing volume during this same period has dramatically increased.[27] The total number of non-carrying FCMs declined by 91% and the number of carrying FCMs fell by 58%.[28] This represents a significant reduction in the capacity of FCMs over the course of a relatively short period of time. 
    This reduction means that there is far fewer FCMs available to provide the critical functions they traditionally perform.
    B. Cyber Risks 
    Our registered market participants must comply with the regulatory framework for system safeguards. In many instances, technology service providers also have robust cyber defense capabilities designed to anticipate, prevent, or lessen the effect of sophisticated cyber-attacks.  
    In recent years, however, there has been notable disruption in traditional markets and the markets for novel financial products. Two recent events underscore the vulnerability of markets and market infrastructure to cyber threats. These incidents – the ION ransomware attack and the Bybit exchange hack – illustrate the difficulties many firms face when a third-party service provider or a technology employed through a third-party service provider experiences a cyberattack. 
    In January of 2023, a critical third-party service provider in derivatives markets, ION Cleared Derivatives (ION), a UK-based trading software partner, experienced a significant cyberattack. ION’s services are widely used by FCMs and other market participants for critical functions, including trade order management, trade processing, and settlement of exchange-traded derivatives. Because a significant number of FCMs rely on ION for back-office trading capabilities, the disruption caused by the ransomware attack on ION cascaded through our derivatives markets. During the period that ION’s operations were impacted by the ransomware attack, affected firms reverted to manual processes to match and settle trades, creating difficulties in recording and reporting trade reconciliation data.[29] Consequently, the Commission was unable to deliver timely Commitments to Traders reports and determining material transactional obligations such as margin and collateral were similarly impacted. 
    In a more recent cyberattack in crypto-asset markets, a crypto exchange experienced significant losses related to reliance on a third-party software platform that enables wallet services. In February of 2023, Bybit, a crypto exchange that offers crypto derivatives and other financial products lost over $1.4 billion when the firm suffered a breach of its multi-signature wallets.[30] Hackers infiltrated a developer workstation at a third-party that enables customers to access wallet software that interfaces with Bybit’s exchange. The hackers obtained credentials for the third party’s Amazon Web Services (AWS) repository.[31] Using stolen AWS tokens, the attackers introduced malicious code into the third party’s software, enabling the hackers to alter Bybit’s wallet interface and reroute a scheduled transfer of funds without immediate detection. 
    These losses were introduced to market participants through their link to critical third-party service providers and, in the case of Bybit, indirectly with a third party that was using another vendor for the compromised process. These losses can cascade through the markets when that breach occurs in a critical third-party service provider who is linked to a significant number of market participants.
    III. Reflections on Proposed and Potential Interventions 
    The Commodity Exchange Act and implementing regulations and related guidance provide a principles-based approach to regulating governance, risk management, and cybersecurity measures for CFTC-regulated entities. At the CFTC, we are increasingly focused on how to ensure markets benefit from responsible innovation and mitigate the threats to risk management that may lead to market disruption. 
    A. Existing DCO System Safeguard Regulation
    Derivatives clearing organizations (DCOs), are subject to core principles established under the CEA, including Section 5b, which establishes that DCOs shall (i) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk through the development of appropriate controls and procedures, and automated systems, that are reliable, secure, and have adequate scalable capacity; and (ii) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery (and establishes certain criteria for such plans and procedures, including timely recovery and resumption of operations, fulfillment of the DCO’s obligations, and periodic testing).[32] The DCO Core Principles were added to the CEA in the Commodity Futures Modernization Act of 2000. After the financial crisis of 2008, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the CFTC’s authority to “establish a more comprehensive statutory framework to reduce risk, increase transparency and promote market integrity,” including by enhancing the Commission’s rulemaking authority with respect to registered entities, including DCOs.[33]
    Additional requirements for compliance with DCO Core Principle I, System Safeguards, are enumerated in more detail in Rule 39.18, following Dodd-Frank. When the rule was first proposed, and ultimately codified in 2011, it sought to “delineate the minimum requirements that a DCO would be required to satisfy in order to comply with Core Principle I.”[34] With time, as technology continued to evolve, and the world became more reliant on it, the regulation has evolved to include more specific requirements. For example, in 2016, the Commission amended Rule 39.18, clarifying certain requirements and enhancing others, motivated in large part by escalating and evolving cybersecurity threats. The December 2015 proposing release discussed roundtables held by the Commission and the MRAC that focused on cybersecurity, and a number of important topics surrounding cybersecurity that financial institutions should take into consideration. These include: (i) more cyber adversaries, that are more dangerous, and have expanding and worsening motivations and goals, (ii) increasing cyber capabilities from both non-state actors and state-sponsored intruders, (iii) more sophisticated and longer duration cyberattacks, (iv) a broadening cyber threat field where computers, mobile devices and the cloud are all potential points of vulnerability and, finally, (v) the interconnectedness of financial services firms and the threat that poses.[35] 
    As currently in effect, Rule 39.18 includes “(1) the requisite elements, standards, and resources of a DCO’s program of risk analysis and oversight with respect to its operations and automated systems; (2) the requirements for a DCO’s business continuity and disaster recovery plan, emergency procedures, and physical, technological, and personnel resources described therein; (3) the responsibilities, obligations, and recovery time objective of a DCO following a disruption of its operations; and (4) other system safeguards requirements related to reporting, recordkeeping, testing, and coordination with a DCO’s clearing members and service providers.”[36] With respect to third-party service providers, subsection (d)(2) specifies that a DCO can maintain some of the resources required by other subsections of the rule “through written contractual arrangements with another [DCO] or other service provider,”[37] but notes that “[a] [DCO] that enters into a contractual outsourcing arrangement shall retain complete responsibility for any failure to meet [the rules requirements]” and that the DCO “must employ personnel with the expertise necessary to enable it to supervise the service provider’s delivery of the services.”[38] 
    B. Opening a Dialogue to Explore Emerging Risks 
    In light of the ION attack, as well as the increasing risk of cyber threat events, the Market Risk Advisory Committee (MRAC) has spent significant attention to examining third-party service provider relationships and best practices for managing risks to central counterparties (CCPs). In January of 2023, the MRAC hosted a forum on cyber risks in our markets and focused on the ransomware attack that disrupted ION’s operations. 
    Later in 2023, MRAC launched a workstream focused on managing risks that arise from reliance on critical third-party service providers.[39] The workstream led by the CCP Risk and Governance Subcommittee examined the need to consider updating the operational resilience frameworks for CCPs in light of the concentration and cyber risks, among other concerns, that arise as registrants increasingly rely on critical third-party service providers. 
    On November 25, 2024, the MRAC published  a report from the CCP Risk and Governance Subcommittee which set forth recommendations on DCO System Safeguard Standards for Third Party Service Providers (Report).[40] The Report addresses recommendations to Rule 39.18, acknowledging that, while the System Safeguards do explicitly say that a DCO retains responsibility regardless of any contractual outsourcing of regulatory requirements and requires a DCO to provide certain information to the Commission with respect to those outsourced resources.[41] The Report recommends that any proposed regulation build upon and incorporate the principles and language set forth in the System Safeguards Rule with respect to DCOs and further that DCOs be required to establish and maintain a robust Third-Party Relationship Management Program that identifies, assesses, mitigates and monitors the full scope of risks that are associated with the use of third part arrangements.[42]
    The examples of the MRAC’s efforts illustrate the need for a continuing dialogue regarding the concentration and cyber risks that may accompany increased adoption of sophisticated technologies or reliance on third party service providers for technologies that operate at the center of our markets. Moreover, DCOs are only one the diverse types of registrants in our markets navigating these questions. 
    Other registrants, such as designated contract markets and boards of trade, swap execution facilities, and swap data repositories are subject to similar CFTC regulatory system safeguards.[43] Some registrants such as FCMs, commodity trading advisors, commodity pool operators, and introducing brokers who are members of the National Futures Association (NFA) may also be subject to NFA guidance on information systems security programs and third-party service providers.[44] However, similar to DCOs, it is important to consider instances in which reliance on critical third party service providers may introduce risk management concerns.  
    The growing concentration of critical third-party service providers present risk implications that may lead to disruption of our markets. While the Commission has broad authority to promulgate regulations consistent with our statutory authority, many technology firms may not be CFTC registrants subject to direct oversight and, absent conduct in violation of Commission regulation, the Commission may have limited oversight authority with respect to these technology firms. 
    Conclusion
    The issues outlined reflect neither an exhaustive nor a definitive list of the challenges of governing data and providing effective oversight for data integrity, security, and governance. There are many lessons that markets and regulators are yet to learn about the integration of novel technologies such as AI and our evolving market infrastructure.
    The illustration of each of these phenomenon – the rise of data-fueled AI and the increasing role of a concentrated group of critical third-party service providers – merits careful consideration. 
    I am ever working to enhance the stability and integrity of and strengthen the resilience of our domestic markets. As a Commissioner and throughout my career, I have long emphasized corporate governance, compliance, and risk management as central pillars in market oversight.
    Thank you so very much for allowing me to join you this afternoon. I have learned so much from each of the papers presented and the proposals. I am hopeful that other important decision-makers are tracking the issues you outline and solutions that you propose. 

    [2] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

    [10] Rory Van Loo, Digital Market Perfection, 117 Mich. L. Rev. 815 (2019); Chris Brummer & Yesha Yadav, Fintech and the Innovation Trilemma, 107 Geo. L. J. 235, 275 (2019); Rory Van Loo, Technology Regulation by Default: Platforms, Privacy, and the CFPB, 2 Geo. L. Tech. Rev. 531, 544-45 (2018). 

    [11] Harry Surden, Ethics of AI in Law: Basic Questions, 719 The Oxford Handbook of Ethics of AI (July 9, 2020) (exploring ethical issues arising from the adoption of artificial intelligence).

    [12] See, e.g., Exec. Order No.13,859, 84 Fed. Reg. 3,967 (Feb. 11, 2019), see also Christopher K. Odinet, AI Risks, Research Handbook on Artificial Intelligence & The Law, Cambridge University Press (forthcoming 2025). 

    [13] See, e.g., Kimberly A. Houser & Anjanette H. Raymond, It Is Time to Move Beyond the ‘AI Race’ Narrative: Why Investment and International Cooperation Must Win The Day, 18 Nw. J. Tech. & Intel. Prop. 129, 185 (2021); Dr. Axel Walz & Kay Firth-Butterfield, Implementing Ethics Into Artificial Intelligence: A Contribution, From A Legal Perspective, To The Development Of An Ai Governance Regime, 18 Duke L. & Tech. Rev. 176, 198; Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the viHuman in the Loop, 43 Sydney L. Rev. 43, 45 (2021).

    [14] Deborah W. Denno & Ryan Surujnath, Rise of the Machines: Artificial Intelligence, Robotics, and the Reprogramming of Law: Foreword, 88 Fordham L. Rev. 381, 383 (2019); Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the Human in the Loop, 43 Sydney L. Rev. 43, 47 (2021).

    [15] Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [25] FCMs serve as intermediaries that facilitate the clearing and execution of trades in swaps and futures products.

    [27] Holdings of customer funds increased by more than 700% and the overall adjusted net capital rose by 296%. Id.

    [28] Non-carrying FCMs are FCMs which do not hold customer funds. Id.

    [32] 7 U.S.C. § 7a-1(c)(2)(I).

    [33] Derivatives Clearing Organization General Provisions and Core Principles, 76 Fed. Reg. 69334 (Nov. 8, 2011).

    [34] 76 Fed. Reg. at 69397.

    [35] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 80 Fed. Reg. 80114, 80115 (Dec. 23, 2015).

    [36] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 81 Fed. Reg. 64322 (Sept. 19, 2016).

    [37] 17 C.F.R. § 39.18(d)(1).

    [38] 17 C.F.R. § 39.18(d)(2).

    [41] Form DCO, Appendix A to 17 C.F.R. pt. 39.

    [42] The Report contains 8 principles in which the CCP Risk and Governance Subcommittee recommends a DCO should consider, at minimum, when developing a TPRM. The Report also recommends that the Commission consider requiring DCOs to obtain assurances from their critical service providers that they comply with the expectations set forth in Annex F of the Principles for Financial Market Infrastructure (PFMIs), which sets forth oversight expectations applicable to critical service providers. See Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [43] See 7 U.S.C. § 7(d)(20), 17 C.F.R. § 38.1050-1051 (designated contract markets and boards of trade), 7 U.S.C. § 7b-3(f)(14), 17 C.F.R. § 37.1400-1401 (swap execution facilities), and 7 U.S.C. § 24a(c)(8), 17 C.F.R. § 49.24) (swap data repositories).

    MIL OSI USA News

  • MIL-OSI Economics: Samsung, Ocule IT host KZN Graduation Ceremony for 4th Cohort of Electronics Technician Programme

    Source: Samsung

    Samsung, in collaboration with Ocule IT, hosted a Graduation ceremony for the 4th Cohort of the Electronics Technician Programme on 03 April 2025, to celebrate the successful completion of this transformative training in KZN – while also boosting the province’s employment opportunities.
     

     
    This Artisans’ skills development initiative – sponsored by Samsung’s R280-million worth Equity Equivalents Investment Programme (EEIP) – has successfully hosted training in both KZN and Gqeberha (formerly Port Elizabeth) in Eastern Cape. Launched in 2019, Samsung’s EEIP which has demonstrated considerable success since its inception, seeks to continue to empower the country’s youth and women from previously disadvantaged communities with Fourth Industrial Revolution (4IR) skills.
     
    This graduation ceremony included 20 youth from under-privileged backgrounds: eight (8) males and 12 women. The graduation event was not only an opportunity to celebrate the students’ success, but also to emphasise the role of the programme in driving local development and address the shortage of women in the ICT sector. Samsung does not only credit the success of this Electronics Technician Programme to the students, but also on the impactful collaboration between Ocule IT and other key stakeholders in government such as the Department of Trade, Industry & Competition (Dtic) and the Media, Information and Communication Technologies Sector Education and Training Authority (MICT SETA) as well as several workplace partners in the private sector.
     
    Nicky Beukes, Samsung EEIP Project Manager said: “As Samsung, we believe that the combined role of the programme’s key players as well as its strategic focus on critical skills development that’s tailored specifically to meet industry demands – is contributing positively to its main objectives of stimulating job creation in Kwazulu-Natal. We remain committed to sustained investment in ICT training and development to create a workforce equipped with essential, in-demand skills – as this has a significant impact on driving the success of the programme.”
     

     
    This Electronics Technician programme specifically, seeks to develop sought-after artisan skills in the fields of electronics. These artisans were trained, guided and mentored by accredited specialist providers as part of their workplace training. Learners accessing this qualification were provided with knowledge, skills and attitudes that will enable them to diagnose faults, repair and maintain electronics equipment. Learners are now also able to interpret electronic circuits to do component level repairs. This SAQA-Accredited Qualification: Further Education and Training Certificate: Electronics (NQF 4) comprises of Unit Standards that will serve as the building blocks towards progression to an NQF Level 5 Qualification in Electronics as part of these graduates’ career advancement. This 12-month programme which started in February 2024 and ended in January this year, has been able to enhance employment prospects and fosters sustainable economic development.
     
    Sanele Gcumisa, Ocule IT: Managing Member added: “Ocule IT is thrilled to celebrate the graduation of the fourth cohort of our Electronics NQF Level 4 programme in KZN, a remarkable achievement resulting from a four-year partnership with Samsung. This collaboration has empowered 81 learners, leading to impressive results: 80% secured employment, 6% continued their education and the remaining learners are actively seeking opportunities. We’re particularly proud of the 12% who launched successful businesses, contributing significantly to the community’s economic growth. Our heartfelt thanks to Samsung and our partner companies for their invaluable support in making this programme such a resounding success.”
     

     
    Samsung is convinced that the impressive results of this programme are a clear indication of the opportunities that have been created through this investment. The programme’s success is also due to the collaborative efforts that support its growth as well as the long-term benefits for both the partners involved and the community.
    Beukes concluded: “As a company, we are very happy with the thorough training processes followed and overall, how well this programme was run. Our continued investment in ICT, the drive for educational advancement as well as the transformative power of collaboration with Ocule IT and other key partners has – in no doubt led to the successful completion of this 4th cohort of the Electronics Technician Programme.”
     
    Pictured with the graduates and the dignitaries is Ms Bomkazi Maphotho, DTIC, EEIP Program Manager, seated far left
     

    MIL OSI Economics

  • MIL-OSI: Unlock 100x Leverage with No KYC, Double Deposit Bonus, and $50 Welcome Bonus on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 04, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

    Advantages of 100x Leverage Crypto Futures

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    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

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    About BexBack?

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    Disclaimer: This content is provided by BexBack The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. Speculate only with funds that you can afford to lose. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

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    The MIL Network

  • MIL-OSI Economics: TODAY: Join us at 9:30 a.m. PT to learn about the latest Copilot news and innovations

    Source: Microsoft

    Headline: TODAY: Join us at 9:30 a.m. PT to learn about the latest Copilot news and innovations

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    MIL OSI Economics

  • MIL-OSI United Kingdom: UN Human Rights Council 58: UK Core Group Statement to Introduce Item 4 Resolution on the Syrian Arab Republic

    Source: United Kingdom – Executive Government & Departments

    Speech

    UN Human Rights Council 58: UK Core Group Statement to Introduce Item 4 Resolution on the Syrian Arab Republic

    UK Core Group Statement to Introduce Item 4 Resolution on the Syrian Arab Republic. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.

    Mr President,

    I have the honour to present draft resolution L.25 on the human rights situation in the Syrian Arab Republic, on behalf of France, Germany, the Netherlands, Qatar, Türkiye, and the UK. 

    Mr President,  

    For 14 years this Council has stood with the people of Syria.  

    As the Assad regime brought despair, death and destruction to its own population this Council did not stay silent.    

    In 2011, when the former regime unleashed brutal violence against peaceful protesters, this Council condemned it. When the regime began a campaign of executions, arbitrary detention, enforced disappearances, and torture, this Council established a Commission of Inquiry to bear independent witness to these atrocities.

    The Commission has rigorously documented the truth about the savagery of the last 14 years: the use of chemical weapons, sieges, and systematic torture and sexual violence intended to break the spirit of the Syrian people.

    But the Syrian people would not be broken, would not be defeated.

    And so, we present this draft resolution today, 4 months after the end of the Assad regime, and just days after the historic formation of a new Syrian Government, as reflected in revisions to the text. 

    We present this at a time of hope in Syria. Hope for peace. Hope for healing. Hope for reconciliation. And hope, finally, for Syrian-led, and Syrian-owned, justice and accountability.

    As Foreign Minister al-Shaibani said to this Council: justice in Syria is not a matter of political bargaining – it is a fundamental commitment we must uphold to ensure accountability and to combat impunity. 

    This draft resolution seeks to support this commitment whilst recognising the many challenges facing the new Government.

    Indeed, disturbing reports of mass killings of civilians in Syria’s coastal regions will have brought grief afresh to those who have suffered long enough, and are a chilling reminder of the deep wounds the years of conflict have inflicted. 

    We support the Syrian Government in setting out a path for accountability, that does justice to the victims and survivors, and which helps bring a peaceful future for all Syrians. And which brings truth to the families of the many thousands who remain missing.  It is crucial that Syrian mechanisms are independent, impartial, prompt, and transparent. International bodies stand ready to support this process.

    I thank all those who have engaged constructively on this resolution. In particular, I welcome the Syrian delegation’s active participation and vocal support for the Council’s efforts.  

    Let us adopt this resolution today. To renew the Commission of Inquiry, to maintain its independent reporting, to support the Syrian Government, and to stand in solidarity once again with the people of Syria.

    They have waited too long for this moment. It is time for justice, for accountability and for human rights.

    Thank you.

    Updates to this page

    Published 4 April 2025

    MIL OSI United Kingdom

  • MIL-OSI: NextNRG Extends Fueling Services to Sunbelt Rentals in Texas, Advancing Recurring Revenue Strategy

    Source: GlobeNewswire (MIL-OSI)

    Fueling operations now span six states with 144 active trucks, enabling broader service coverage and supporting growth in key commercial markets

    February fuel deliveries experienced 166% year-over-year growth

    MIAMI, April 04, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (NASDAQ: NXXT), a pioneer in AI-driven energy innovation—transforming how energy is produced, managed and delivered through its advanced Utility Operating System, smart microgrid technology, wireless EV charging and on-demand mobile fuel delivery solutions—today announced the expansion of its commercial relationship with Sunbelt Rentals, one of North America’s largest equipment rental companies. Building on existing operations in Florida, the company will now support Sunbelt Rentals’ fueling needs in Texas.

    NextNRG’s mobile fueling platform provides direct-to-asset fuel delivery to commercial fleets, eliminating the need to travel to fueling stations and enabling efficient site-level logistics. The company currently operates a national delivery fleet of 144 trucks, delivering fuel across key markets, including Los Angeles, San Francisco, Detroit, Nashville, Phoenix, and major metro areas throughout Florida and Texas.

    NextNRG is expanding its fueling of Sunbelt equipment both at rental branches and directly on job sites, to the great State of Texas. To further support the relationship, NextNRG has developed a custom fueling portal for Sunbelt at sunbelt.ezfl.com/login, allowing authorized users to schedule deliveries, track fueling activity, and access real-time data and reporting.

    The expansion with Sunbelt Rentals follows the company’s recent integration of delivery assets from Shell Oil Products US and Yoshi Mobility, increasing its fleet capacity and geographic reach. These transactions support NextNRG’s strategy of serving enterprise customers across multiple states through centralized account management and operational scalability.

    “We’re pleased to deepen our relationship with Sunbelt Rentals, a valued partner that exemplifies the kind of long-term customer engagement we aim to scale nationally,” said Michael D. Farkas, Founder and CEO of NextNRG. “This expansion into Texas follows our second consecutive month of record mobile fueling performance, and we believe it reflects both the growing utility of our fueling platform and the operational value we deliver to partners managing high-demand fleets. The ability to service equipment directly on job sites or at their rental yards enhances efficiency and helps ensure uninterrupted project timelines.”

    NextNRG’s mobile fueling division delivered approximately 1.44 million gallons in February, representing 166% year-over-year growth and marking its highest monthly revenue to date. According to company estimates, direct-to-site fueling can reduce fleet fueling costs by over $3,000 per vehicle annually by minimizing fuel loss, labor inefficiencies and downtime.

    Service Overview:

    • On-Site Fuel Delivery: Fuel delivered directly to fleet equipment on-site
    • Scheduled and On-Demand Options: Flexible logistics to meet operational timelines
    • Centralized Reporting Tools: Fuel usage data and spend visibility for cost management
    • National Service Consistency: Support for multi-region operators via a single platform
    • Custom Fleet Portal Access: Secure user interface for scheduling, tracking, and reporting fueling activity

    Texas represents one of the most active construction and industrial equipment markets in the U.S., making it a priority geography for NextNRG’s expansion efforts. The company anticipates continued growth in fleet fueling volume and market penetration across this region throughout 2025.

    About NextNRG, Inc.
    NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Utility Operating System, which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG smart microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, healthcare campuses, universities, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV, supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements
    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact
    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network

  • MIL-OSI Global: More than just chips: Chinese threats and Trump tariffs could disrupt lots of ‘made in Taiwan’ imports − disappointing US builders, cyclists and golfers alike

    Source: The Conversation – USA – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

    A cargo ship and containers are seen at the Port of Keelung in Taiwan on April 3, 2025. I-HWA CHENG/AFP via Getty Images

    What would the United States stand to lose economically if its current access to the Taiwanese market were upended or totally restricted?

    This seemingly theoretical question about the longtime U.S. trading partner has taken on more relevance in the past several weeks. First, longtime fears about a potential Chinese invasion of the island – which Beijing claims as its own – were magnified as China increased military pressure by sending patrols, firing live ammunition nearby, practicing blockading the island and even publicly revealing the existence of new barges that might be used in an invasion. If China uses force, Taiwan’s manufacturing capacity could be destroyed.

    Then on April 2, 2025, President Donald Trump announced a new 32% tariff on imports from Taipei, excluding semiconductors. Taiwan described the new tariffs, part of a radical upending of U.S. trade practices, as “deeply unreasonable.” They could also be deeply painful to U.S. consumers given the outsize role Taiwan imports play.

    The U.S. State Department calls Taiwan an important U.S. partner in “semiconductors and other critical supply chains.” But as I learned studying trade data and visiting the small but thriving island last fall, the U.S. depends on Taiwan for more than just sophisticated computer chips. In 2024, Taiwanese products constituted 3.6% of all U.S. imports.

    Overall trade figures

    Trade figures are known in detail because almost every government carefully tracks the contents of all shipping containers, cargo flights and bulk deliveries that legally leave and enter their borders. These figures are published online and broken down into very fine detail using a system called the Harmonized Tariff Schedule, or HTS. The HTS shows the tax or duty that must be paid for each kind of item and from every kind of country.

    In 2024, the U.S. exported US$1.7 trillion worth of goods to the world. Since few of us can conceptualize trillions, that is about $5,000 for every man, woman and child in the U.S.

    For its part, Taiwan in 2024 exported about that same amount per resident of the island just to the U.S., $5,000 – or about $90 billion overall. The U.S. is Taiwan’s second-biggest trading partner, after mainland China. Looking at their total exports, Taiwan shipped to the entire world about $20,000 worth of items for every resident.

    The vital technology component

    Not surprisingly, Taiwan’s biggest exports to the U.S. are computers, chips and other electronic hardware such as power supplies. These computer chips are so important that they were specifically excluded from the new tariffs.

    However, $90 billion of exports dramatically underestimates the amount of Taiwanese electronics that end up in U.S. hands. For example, the main chip inside all Apple iPhones is Taiwanese. However, these chips are sent from Taiwan to mainland Chinese factories where the phones are assembled. When these iPhones are exported from mainland China, the value of the chips inside the phone is not counted as U.S. imports from Taiwan. Instead, the whole phone is counted as an import from mainland China and slapped with a tariff.

    The building industry

    But while high-technology equipment often gets the headlines, imports from Taiwan are far broader – and the U.S. would face several economic shocks if Taiwan suddenly stopped exporting.

    First, the U.S. building industry could grind to a halt because Taiwan is a major producer of drywall screws. Though small and cheap, that’s a very significant product, given the prominence of drywall in the interior walls of almost every house, office and factory.

    Microchip and Taiwanese flag displayed on a phone screen.
    Jakub Porzycki/NurPhoto via Getty Images

    Overall, the U.S. uses a massive amount of drywall for new construction and remodeling. In 2024, the country consumed about 28 billion square feet of wallboard. That amount is enough to cover almost the state of Rhode Island.

    To hang drywall, every 100 square feet of the sheets needs about 125 screws. And the vast majority came last year from Taiwan. The U.S. imported over two-thirds of a billion dollars’ worth of the screws; the screws weighed over half a billion pounds.

    While the U.S. does make screws, domestic screw manufacturers primarily focus on high-value parts such as screws needed for airplanes, rocket ships and other performance vehicles, not lower-value screws whose wholesale cost is slightly more than a dollar a pound.

    Beyond screws, Taiwan is a major producer of tools. For example, approximately two-thirds of all socket wrenches, band saws, blowtorches, air compressors and grinders imported into the U.S. come from that island. Losing access to tools is not as crucial as losing access to the screws because many tools last a long time. But finding new suppliers is not trivial.

    The other basket of imports

    Finally, Taiwan is also a big U.S. supplier of sports goods.

    The country is a major producer of bicycles, with manufacturers such as Giant. In 2024, the U.S. imported from Taiwan over a quarter of a billion dollars in just bike parts, which U.S. manufacturers such as Specialized and Trek use when assembling bikes.

    Moreover, Taiwan controls a few key parts of the bike market. For example, over half of all bicycle crank sets, derailleurs and brake parts came from Taiwan. Without these products it is impossible to pedal, shift and even stop a bike.

    Taiwan is also one of the world’s leading suppliers of golf clubs, with the U.S. in 2024 importing about a quarter of a billion dollars’ worth of clubs from the island. To go along with the clubs, Taiwan also sent half a billion golf balls. Given that about 25 million people play on golf courses in the U.S. each year, that works out to 20 balls per player in just 2024.

    Finally, the island sent over a third of a million lacrosse sticks last year, which is almost one new stick for every member of the USA Lacrosse federation.

    All together, the data shows that not just Silicon Valley should be worried about geopolitical factors that disrupt imports from Taiwan. Taiwan might be a small island, but as the story of David and Goliath reminds us, size and impact are not related.

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

    ref. More than just chips: Chinese threats and Trump tariffs could disrupt lots of ‘made in Taiwan’ imports − disappointing US builders, cyclists and golfers alike – https://theconversation.com/more-than-just-chips-chinese-threats-and-trump-tariffs-could-disrupt-lots-of-made-in-taiwan-imports-disappointing-us-builders-cyclists-and-golfers-alike-253729

    MIL OSI – Global Reports

  • MIL-OSI USA: King Introduces Legislation Banning Energy Exports to China and Other Foreign Adversaries

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C. U.S. Senator Angus King (I-ME), a member of the Senate Energy and Natural Resources Committee (ENR), has introduced legislation banning energy exports to China and other foreign adversaries. Having long warned that America is “exporting our principal advantage in the world economy,” Senator King joined with colleagues to introduce the Protecting American Households From Rising Energy Costs Act. The legislation would ban the export of crude oil or liquefied natural gas (LNG) to China, Russia, Iran, and North Korea.

    Senator King has repeatedly warned against “subsidizing Chinese manufacturing” by exporting natural gas to our adversaries without studying how it could be counterproductive for America’s domestic energy costs.

    “The Protecting American Households from Rising Energy Costs Act would ensure that America provides our nation with its power needs before subsidizing industries in adversarial countries. This is a commonsense approach that will support America’s national defense and help to keep energy costs lower for everyday Americans,” said Senator King.

    In 2021, 1.2 billion cubic feet per day of LNG were exported to China, making it the second largest destination for American LNG at 12.7 percent of exports. Exports to China dropped in the wake of Russia’s war on Ukraine, but China is locking up long-term LNG contracts from the U.S. for proposed projects. The Protecting American Households From Rising Energy Costs Act would increase American energy security and protect American consumers by ensuring that valuable national resources are not being exported to adversarial nations.

    In addition to King, this legislation is sponsored by Senators Jeff Merkley (D-OR) and Jack Reed (D-RI).

    Senator King has consistently worked to lower energy prices for Maine people. During his first term in Congress, Senator King introduced the Natural Consumer Gas Protection Act, which would have required the Department of Energy (DOE) to consider the effect that any natural gas export proposal would have on domestic prices and employment, regional impacts, and any impact on U.S. industrial competitiveness. Senator King has also worked to support the Low-Income Home Energy Assistance Program and to support Maine people struggling to heat their homes.

    MIL OSI USA News

  • MIL-OSI Economics: Scheduled Banks’ Statement of Position in India as on Friday, March 21, 2025

    Source: Reserve Bank of India

    (Amount in ₹ crore)
      SCHEDULED COMMERCIAL BANKS
    (Including RRBs, SFBs and PBs)
    ALL SCHEDULED BANKS
    22-Mar-2024 07-Mar-2025* 21-Mar-2025* 22-Mar-2024 07-Mar-2025* 21-Mar-2025*
    I LIABILITIES TO THE BKG.SYSTEM (A)            
      a) Demand & Time deposits from banks 294470.87 284322.01 309413.40 298451.61 289252.56 315674.39**
      b) Borrowings from banks 182428.71 113375.74 112450.27 182565.72 113395.68 112501.44
      c) Other demand & time liabilities 72451.70 38843.52 29906.64 73099.81 39214.14 30300.78
    II LIABILITIES TO OTHERS (A)            
      a) Deposits (other than from banks) 20475226.39 22510118.00 22574981.74 20931862.34 22979252.67 23049867.62
      i) Demand 2443853.10 2541476.52 2692658.66 2492890.07 2590163.46 2742872.73
      ii) Time 18031373.29 19968641.48 19882323.08 18438972.26 20389089.21 20306994.89
      b) Borrowings @ 777942.31 939107.58 915247.80 782259.99 944306.62 920567.47
      c) Other demand & time liabilities 937428.00 1054726.19 1062892.08 950486.70 1069174.60 1078301.88
    III BORROWINGS FROM R.B.I. (B) 222716.00 183436.00 311466.00 222716.00 183436.00 311466.00
      Against usance bills and / or prom. Notes            
    IV CASH 89433.21 83128.63 81874.49 91887.09 85425.07 84399.47
    V BALANCES WITH R.B.I. (B) 931482.63 887266.98 882414.59 951385.79 905569.50 900645.16
    VI ASSETS WITH BANKING SYSTEM            
      a) Balances with other banks            
      i) In current accounts 8970.57 10203.63 10594.13 12006.78 12511.15 13247.50
      ii) In other accounts 189356.71 196502.53 205181.89 234368.50 249851.87 260471.29
      b) Money at call & short notice 12355.12 28185.68 25837.74 39618.78 48074.89 44779.28
      c) Advances to banks (i.e. due from bks.) 48368.26 38907.89 39503.74 51324.76 43678.72 43855.88£
      d) Other assets 115423.77 62777.69 67362.50 117734.21 65774.37 70306.00
    VII INVESTMENTS (At book value) 6106558.02 6737320.05 6697927.94 6256610.90 6890883.36 6850574.38
      a) Central & State Govt. securities+ 6105609.51 6736826.28 6697298.19 6249636.70 6882789.83 6842024.57
      b) Other approved securities 948.51 493.77 629.74 6974.20 8093.53 8549.81
    VIII BANK CREDIT (Excluding Inter-Bank Advances) 16432163.93 18125412.60 18243935.57 16866221.14 18591351.54 18708248.75
      a) Loans, cash credits & Overdrafts $ 16134303.05 17796734.53 17909815.46 16565233.27 18258549.44 18370667.77
      b) Inland Bills purchased 60466.96 73940.35 74962.60 60471.14 76226.90 76522.64
      c) Inland Bills discounted 197357.83 216714.85 221058.79 199760.80 217928.56 222319.17
      d) Foreign Bills purchased 16411.78 15072.80 15121.91 16661.99 15316.89 15356.96
      e) Foreign Bills discounted 23624.31 22950.07 22976.80 24093.95 23329.75 23382.21
    NOTE
    * Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
    (A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
    ** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
    @ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
    (B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to Review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo / Term Repo / MSF are reflected under ‘Borrowings from RBI’.
    £ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
    + Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
    $ Includes advances granted by Scheduled Commercial Banks and Scheduled Cooperative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).
    Food Credit Outstanding as on
    (Amount in ₹ crore)
    Date 22-Mar-2024 07-Mar-2025 21-Mar-2025
    Scheduled Commercial Banks 23080.81 42552.27 36531.16
    Scheduled Co-operative Banks 49200.97 50613.50 50613.50

    The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

    No. of Scheduled Commercial Banks as on Current Fortnight:135

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/42

    MIL OSI Economics

  • MIL-OSI Banking: Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 – Draft Regulations and Directions

    Source: Reserve Bank of India

    Reserve Bank of India had earlier invited comments/feedback from the public on draft Regulations and draft Directions to the Authorised Dealers on Export and Import of Goods and Services, vide Press Release dated July 02, 2024.

    2. Based on the feedback received from public and subsequent further consultations with various stakeholders, the draft Regulations and Directions have been further revised. The emphasis of revised Regulations is on enhancing ease of doing business and bringing all instructions onto a single document. The Regulations incorporate instructions issued to Authorised Dealers, including the processes to be followed by the Authorised Dealers for handling transactions related to export and import, which are at present issued separately as Directions to Authorised Dealers.

    3. Comments/feedback on the draft Regulations and Directions may be forwarded via email by April 30, 2025, with the subject line “Feedback on draft regulations and directions on export and import under FEMA”.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/41

    MIL OSI Global Banks

  • MIL-OSI USA: Commissioner Peter A. Feldman Becomes Acting Chairman of U.S. Consumer Product Safety Commission

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. –  The U.S. Consumer Product Safety Commission announced today that Commissioner Peter A. Feldman has been named Acting Chairman of the agency effective immediately.  The Commission elected Feldman to serve as Vice Chairman on January 13, 2025, and in accordance with CPSC’s statute he assumed the role of Acting Chairman when Alex Hoehn-Saric stepped down as Chair on January 21. 
    “I am excited to take on this new role at the Commission, and I am grateful for the support of my fellow Commissioners,” said Feldman.  “American families should have confidence that CPSC is hard at work for them.  Those who violate the law or import dangerous goods from abroad should be on notice: this Commission is focused and resolved to enforce our statutes.”
    Feldman has served on the Commission since October 5, 2018, after being nominated by President Donald J. Trump and confirmed by the United States Senate to complete the remainder of a term expiring in October 2019.  He was re-nominated and confirmed to a subsequent seven-year term that will expire in October 2026.  During his tenure, Feldman has focused attention on the flood of Chinese consumer goods that violate federal law and has worked to strengthen the agency’s ability to address the challenges of the modern marketplace.
    Prior to joining the Commission, Feldman was Senior Counsel to the United States Senate Committee on Commerce, Science, and Transportation.  He served as a key advisor to the Committee Chairman, Sen. John Thune (R-S.D.), and was instrumental in drafting and negotiating bipartisan legislation and conducting oversight and investigations of CPSC, and the Federal Trade Commission.
    As a staffer for former U.S. Sen. Mike DeWine (R-OH), Feldman worked directly on the Virginia Graeme Baker Pool and Spa Safety Act (VGBA), a landmark safety bill that addresses regulations to protect young children.  The VGBA advances one of CPSC’s core safety initiatives, Pool Safely, which includes a public education campaign and grant program to support drowning prevention initiatives at the state, local, and tribal level. 
    Feldman attended Colgate University and graduated with a B.A., cum laude.  He received his J.D., cum laude, from American University’s Washington College of Law and is a member of the Maryland Bar.
    LINK TO FULL BIO

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces appointments 4.3.25

    Source: US State of California 2

    Apr 3, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Trista H. Woessner-Gonzalez, of Granite Bay, has been appointed Director of the California Department of Tax and Fee Administration, where she has served in several roles including as Chief Deputy Director since 2021 and as Chief of the Tax Policy Bureau from 2016 to 2021. Woessner-Gonzalez held several positions at the California State Board of Equalization from 1992 to 2016, including CROS Business Project Manager, Procurement Manager, Audit and Information Section Supervisor, Tax Policy Division Technical Advisor, Audit Support Unit Supervisor, Audit Support Specialist, Audit Reviewer, and Sales and Use Tax Auditor. She earned a Bachelor of Science degree in Business Administration from California State University, Chico. This position requires Senate confirmation, and the compensation is $160,428. Woessner-Gonzalez is a Democrat. 

    James Hacker, of Sacramento, has been appointed Undersecretary of the California State Transportation Agency. Hacker has been a Deputy Cabinet Secretary in the Office of Governor Newsom since 2023. He was a Principal Consultant at the California State Senate Budget Committee from 2017 to 2023. Hacker was a Finance Budget Analyst at the California Department of Finance from 2015 to 2017. He was a Fiscal and Policy Analyst in the California Legislative Analyst’s Office from 2014 to 2015. He was a Consultant at Deloitte from 2009 to 2013. Hacker earned a Master of Public Administration degree in Energy and Environmental Policy from Syracuse University, and a Bachelor of Arts degree in International Affairs and Economics from George Washington University. This position does not require Senate confirmation, and the compensation is $218,388. Hacker is a Democrat.

    Emily Desai, of Sacramento, has been appointed Chief Deputy Director at the Governor’s Office of Business and Economic Development. Desai has been Senior Deputy Director for Strategic Program Planning and External Affairs at the Governor’s Office of Business and Economic Development since 2024, where she has held several roles since 2019, including Deputy Director of International Affairs and Trade, Trade and Investment Representative for Europe, Middle East, and India, and Special Advisor of International Affairs and Investment. She was Senior Project Manager of International Affairs and Trade for the Government Accountability Office from 2014 to 2019. Desai was a Senior Policy Analyst for the Pacific Institute and the United Nations Global Compact CEO Water Mandate in 2014. She was a Senior Associate at the Nonprofit Finance Fund from 2010 to 2012. Desai is a Presidential Leadership Scholar, Vice President of the Board of Directors of the State International Development Organization, and a member of the United States Investment Advisory Council and the United States Intergovernmental Policy Advisory Committee on International Trade. She earned a Master of Public Policy degree from the University of California, Berkeley, and a Bachelor of Science degree in Public Administration and International Business from the University of Arizona. This position does not require Senate confirmation, and the compensation is $190,536. Desai is a Democrat.

    Trisha Smith, of Antelope, has been appointed Deputy Secretary of Administrative Services at the California Department of Veterans Affairs, where she has held multiple positions since 2015 including Assistant Deputy Secretary, Human Resources, Assistant Human Resources Director, and Staff Services Manager II. Smith held multiple roles at the California Department of Human Resources from 2009 to 2015, including Personnel Officer and Personnel Program Analyst. She held multiple positions at California Highway Patrol from 1994 to 2009, including Associate Personnel Analyst, Staff Services Analyst, Personnel Supervisor, Personnel Specialist and Office Assistant. This position does not require Senate confirmation, and the compensation is $160,048. Smith is a Democrat.

    David Wesley, of San Diego, has been appointed Deputy Chief of Enforcement at the Division of Occupational Safety and Health at the Department of Industrial Relations. Wesley has been Assistant Deputy Chief at the Division of Occupational Safety and Health at the Department of Industrial Relations since 2022, where he has held several roles since 2017, including Senior Safety Engineer and Associate Safety Engineer. He was the Radiation Safety Officer at the University of Southern California from 2007 to 2017. Wesley was the Radiation Safety Officer at University of California, Riverside from 2004 to 2007. He held several roles at the California Department of Health Services from 1993 to 2003, including Chef of Radioactive Materials Licensing, Chief of the Licensing Projects Unit, and Associate Health Physicist. Wesley held multiple roles in the United States Air Force from 1987 to 1992, including Chief of Nuclear Quality Assurance and Aircraft Nuclear Safety Engineer. He earned a Master of Science degree in Nuclear Engineering from the Air Force Institute of Technology and a Bachelor of Science degree in Nuclear Engineering from the Georgia Institute of Technology. This position does not require Senate confirmation, and the compensation is $192,108. Wesley is a Republican.

    Press Releases, Recent News

    Recent news

    News SACRAMENTO – Ahead of a series of severe storms set to impact Kentucky, Governor Gavin Newsom today announced the deployment of California firefighters to assist in staffing a Federal Emergency Management Agency (FEMA) Incident Support Team, following FEMA’s…

    News What you need to know: The Governor’s Wildfire and Forest Resilience Task Force released a list of 25 key deliverables to build on the state’s ongoing efforts to protect Californians from increasing threats posed by catastrophic wildfire and a changing climate….

    News What you need to know: Since March 2024, Governor Newsom’s joint Bay Area operation efforts have yielded 3,217 stolen vehicles recovered, 1,823 suspects arrested, and 170 illicit firearms seized. Sacramento, California – Continuing to provide collaborative public…

    MIL OSI USA News

  • MIL-OSI: LanzaTech Acknowledges Receipt of Letter

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 04, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), a carbon management solutions company, today acknowledged that the Company has received a non-binding letter from Carbon Direct Capital Management, which purports to offer to acquire the Company for $0.02 per share.

    At this point in time, shareholders are not required to take any action. As part of its ongoing evaluation of strategic options available to maximize value for stakeholders, the LanzaTech Board of Directors will review the letter in consultation with its independent legal and financial advisors. There can be no assurance that the Company will pursue this proposed transaction or any other strategic outcome, and the Company does not intend to comment further on this matter unless and until further disclosure is determined to be appropriate or necessary.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is a leading carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its bio-recycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements
    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: timing delays in the advancement of projects to the final investment decision stage or into construction; failure by customers to adopt new technologies and platforms; fluctuations in the availability and cost of feedstocks and other process inputs; the availability and continuation of government funding and support; broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contacts:

    Kate Walsh
    VP, Investor Relations
    Investor.Relations@lanzatech.com

    The MIL Network

  • MIL-OSI Economics: Statement from Dr. Ngozi Okonjo-Iweala, Director-General of the WTO

    Source: World Trade Organization

    “The WTO Secretariat is closely monitoring and analysing the measures announced by the United States on April 2, 2025. Many members have reached out to us and we are actively engaging with them in response to their questions about the potential impact on their economies and the global trading system.

    The recent announcements will have substantial implications for global trade and economic growth prospects. While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections. I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade.

    It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms. Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.

    Trade measures of this magnitude have the potential to create significant trade diversion effects. I call on Members to manage the resulting pressures responsibly to prevent trade tensions from proliferating.

    The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment. I encourage Members to utilize this forum to engage constructively and seek cooperative solutions.”

    Share

    MIL OSI Economics

  • MIL-OSI: Virtune AB (Publ) successfully renews its EU Base Prospectus for crypto ETP issuance under EU regulations and publishes 2025 Base Prospectus

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, Sweden, April 4, 2025 – Virtune, a regulated Swedish issuer of crypto Exchange Traded Products (ETPs), is proud to announce that it has renewed its EU Base Prospectus on April 4, 2025.

    Virtune is a regulated Swedish digital asset manager and issuer of crypto exchange traded products headquartered in Stockholm. Virtune’s vision is to become the leading crypto asset manager in the Nordics by taking on an educational role around crypto assets as an asset class, while maintaining a strong focus on transparency and investor protection. Virtune’s ETPs are currently listed on Nasdaq Stockholm, Nasdaq Helsinki, Euronext Amsterdam, Euronext Paris, and Boerse Stuttgart. Through Virtune’s products, both institutional and retail investors can gain exposure to crypto assets as easily as buying a stock.

    Virtune has now earned the trust of approximately 140,000 investors across the Nordic region, with assets under management (AUM) reaching approximately SEK 2.6 billion. As of April 4, Virtune’s product suite includes the following ETPs:

    Virtune Bitcoin ETP
    Virtune Staked Ethereum ETP
    Virtune Staked Solana ETP
    Virtune Staked Polkadot ETP
    Virtune Litecoin ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Polygon ETP
    Virtune Staked Cardano ETP
    Virtune Crypto Altcoin Index ETP
    Virtune Crypto Top 10 Index ETP SEK/EUR

    Over the past 12 months, Virtune has also expanded into the Finnish, French, and Dutch markets, with the most recent milestone being the listing of eight ETPs on Nasdaq Helsinki. As the crypto landscape continues to evolve, Virtune adapts by offering a diversified product suite including exposure to a wide range of crypto assets, staking options within decentralized finance, and rule-based investment strategies through index ETPs.

    Virtune has now received approval from the Swedish Financial Supervisory Authority (SFSA – Fi.se) and updated the publication of its 2025 EU Base Prospectus. This enables Virtune to continue its journey of innovation, educating the market and offering seamless access to crypto through 100% physically backed exchange traded products, while further expanding its distribution to institutional investors, financial advisors, and retail clients.

    Christopher Kock, CEO of Virtune:
    “We are very pleased to have finalized the renewal of our EU Base Prospectus, which enables us to continue our growth and expansion journey across Europe. Reaching approximately 140,000 investors and SEK 2.6 billion in assets under management in less than two years is not only a testament to our team’s hard work, but also to the trust that investors place in Virtune and their belief in crypto’s potential as an asset class. It also demonstrates the accelerating adoption of crypto assets across Europe.”

    The updated Base Prospectus is available on Virtune’s website, which highlights the company’s regulatory status by the Swedish FSA, underscoring its mission to offer a regulated investment framework for crypto markets. It is important to note that FSA’s approval does not imply an endorsement of the securities. Investors are advised to consult the Base Prospectus and relevant Final Terms to fully understand the risks before investing.

    For more information on Virtune and its innovative offerings, please visit www.virtune.com.

    Stockholm, April 4, 2025

    Press contact

    Christopher Kock, CEO & Board Member
    Mobile: +46 70 073 45 64
    Email: christopher@virtune.com

    About Virtune AB (Publ):
    Virtune, with its headquarters in Stockholm, is a regulated Swedish digital asset manager and issuer of crypto exchange traded products listed on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders, and a highly skilled team, Virtune empowers global investors to access innovative and sophisticated investment products aligned with the evolving landscape of the global crypto market.

    Crypto investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. The value of securities can rise or fall, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, and terms at www.virtune.com.

    The MIL Network

  • MIL-OSI Asia-Pac: TEMPORARY SUSPENSION OF LIVESTOCK SALES FROM GOVERNMENT FARMS AT VAEA, TOGITOGIGA, LEMAFA, AND TANUMALALA FOR LIVESTOCK FARMERS

    Source:

    Share this:

    [PRESS RELEASE – 25th March 2025] – The Ministry of Agriculture and Fisheries, through its Animal Production and Health Division, hereby issues this official notice to all livestock farmers and stakeholders regarding a strategic initiative aimed at enhancing livestock development in Samoa.

    As part of its commitment to strengthening and modernizing government-owned farms, the Ministry has undertaken a comprehensive review and restructuring of its strategies to ensure long- term sustainability and productivity. Accordingly, the temporary suspension of livestock sales has been deemed necessary to facilitate these improvements.

    Key Initiatives for Livestock Development:

    Implementation of artificial insemination technology (AI) to enhance breeding programs; Importation of superior livestock breeds from international sources;

    Introduction of high-quality foreign livestock breeds with robust genetics tailored for Samoa’s climate;

    Development and enhancement of feed mills and animal nutrition programs; Research and cultivation of new pasture species to optimize livestock feeding.

    Implementation Plan and Suspension Periods:

    1. Cattle: Sales suspension for 3 years, effective from May 2025 to May 2028.

    2. Sheep: Sales suspension for 1 year, effective from May 2025 to May 2026.

    3. Pigs (Meaituãolo): Sales suspension for 1 year, effective from May 2025 to May 2026.

    Additional Provisions:

    The Ministry has partnered with designated livestock multipliers (private breeders) who will continue to supply livestock to farmers during the suspension period. Farmers are encouraged to liaise with these authorized breeders for their livestock needs.

    This strategic intervention seeks to address the current challenges of livestock shortages while laying the foundation for a more resilient and productive livestock sector.

    The Ministry acknowledges any inconvenience this may cause and sincerely appreciates the cooperation and support of all stakeholders in ensuring the successful implementation of these reforms.

    We humbly request the cooperation of all livestock farmers and stakeholders as we work towards a more sustainable and well-equipped livestock sector.

    For further information, please contact: Animal Production and Health Division Office at Vaea – Phone: 21052 or Main Office at Sogi, TATTE Building – Phone: 22561

    END.

    TAOFIA LE TUMAU FA’ATAUINA ATU O LAFUMANU MAI FA’ATOAGA A LE MALO I VAEA, TOGITOGIGA, LEMAFA MA TANUMALALA MO LE MAMALU O LE AUFAIFAATOAGA LAFUMANU

    [PEPA O FAAMATALAGA – 25 Mati 2025] – Fa’asilasilaga taua mai le Vaega o Atinae o Lafumanu a le Matagaluega o Fa’atoaga ma Faigafaiva e fa’apea:

    I le ava ma le fa’aaloalo e tatau ai, e tu’uina atu ai lenei fa’asilasilaga aloa’ia mo le mamalu i pa’aga uma aufaifa’atoaga failafumanu a le matagaluega ina ia nofo silafia le fuafuaga o le a amata fa’atinoina ma fa’amamaluina, aua le si’itia o atinae tau lafumanu i totonu o le atunu’u.

    O lea ua a’e ai se tofa i le Matagaluega mo le toe fetu’una’i ma toe fa’atulaga ni alafua fou mo le fa’aleleia o fa’atoaga a le malo, ma e ao ona ave iai le fa’amuamua i le taimi nei.

    O polokalame mo le fa’aleleia o atinae ua fuafua iai le matagaluega e aofia ai :

    Fa’aaogaina o metotia fa’atekonolosi mo le fa’afeusua’iga o manu (Artificial Insemination – Al), Fa’aulufaleina mai o ituaiga fou o manu mai atunu’u mamao (New Species /Breeds),

    Nisi ituaiga manu papalagi silisili ona lelei ma mautinoa le ola maloloina i le tau i Samoa nei (genetics),

    Polokalame fa’aleleia o meaai ma fale e gaosi meaai mo manu (Feedmill), Polokalame fa’aleleia ituaiga vao fou talafeagai mo manu.

    O le Auiliiliina o lenei Fuafuaga o le a fa’amanino atu i lalo:

    Fuafuaga :

    1. Manu papalagi :

    Taofia le fa’atauina atu mo le 3 tausaga – amata fa’amamaluina i le masina o Me 2025 seia aulia le masina Me 2028.

    2. Mamoe:

    Taofia le faʼatauina atu mo le 1 tausaga amata fa’amamaluina masina Me 2025 seia aulia Me 2026.

    3. Pua’a (meaituāolo):

    Taofia le fa’atauina atu mo le 1 tausaga – amata fa’amamaluina masina Me 2025 seia aulia le masina Me 2026.

    Nisi o aiaiga ma teuteuga o lenei fuafuaga :

    O lo’o iai pa’aga a le Matagaluega faifa’atoaga failafumanu papalagi (multipliers) ona fa’afesootai ane iai mo ni manu e fia fa’atauina.

    O se tasi lenei o luitau ua feagai nei ma le Matagaluega, ma e ao ai ona faia ni suiga lelei ina ia mafai ona tali atu i faafitauli o feagai nei o le le lava o manu aua atinae a le mamalu o le aufaifaatoaga failafumanu. E tatalo atu ai ma le agaga maualalo ina ia lava papale lo outou paia ma lo outou mamalu ae sei toe tapena le matagaluega e faatino lana pitola’au pei ona fuafua ma faataoto i le taimi nei.

    E avea ai lenei laolao matou te fa’amalulu atu ma asu atu vaimalu i puega i o outou finagalo Samoa aemaise o paʼaga totino a le Matagaluega i le aufaifa’atoaga failafumanu ona o lenei fuafuaga ua faia mo se taimi le tumau.

    Mo nisi fa’amatalaga, fa’amolemole fa’afesootai mai le Ofisa Vaega o Atinae o Lafumanu a le Matagaluega i Vaea i le telefoni numera 21052 po’o le Ofisa Autu i Sogi, TATTE, numera: 22561

    Faia ma le agaga fa’aaloalo tele lava.

    Share this:

    MIL OSI Asia Pacific News

  • MIL-Evening Report: NZ’s refreshingly candid ex-envoy Phil Goff – why I spoke out on Trump

    Now that Phil Goff has ended his term as New Zealand’s High Commissioner to the UK, he is officially free to speak his mind on the damage he believes the Trump Administration is doing to the world. He has started with these comments he made on the betrayal of Ukraine by the new Administration.

    By Phil Goff

    Like many others, I was appalled and astounded by the dishonest comments made about the situation in Ukraine by the Trump Administration.

    As one untruthful statement followed another like something out of a George Orwell novel, I increasingly felt that the lies needed to be called out.

    I found it bizarre to hear President Trump publicly label Ukraine’s leader Volodymyr Zelenskyy a dictator. Everyone knew that Zelenskyy had been democratically elected and while Trump claimed his support in the polls had fallen to 4 percent it was pointed out that his actual support was around 57 percent.

    Phil Goff speaking as Auckland’s mayor in 2017 on the nuclear world 30 years on . . . on the right side of history. Image: Pacific Media Centre

    Trump made no similar remarks or criticism of Russia’s Vladimir Putin and never does. Yet Putin’s regime imprisons and murders his opponents and suppresses democratic rights in Russia.

    Then Trump made the patently false accusation that Ukraine started the war with Russia. How could he make such a claim when the world had witnessed Russia as the aggressor which invaded its smaller neighbour, killing thousands of civilians, committing war crimes and destroying cities and infrastructure?

    That President Trump could lie so blatantly is perhaps explained by his taking offence at Zelenskyy’s refusal to comply with unreasonable and self-serving demands such as ceding control of Ukraine’s mineral wealth to the US. What was also clear was that Trump was intent on pressuring Ukraine to capitulate to Russian demands for a one sided “peace settlement” which would result in neither a fair nor sustainable peace.

    It is astonishing that the US voted with Russia and North Korea in the United Nations against Ukraine and in opposition to the views of democratic countries the US is normally aligned with, including New Zealand.

    Withdrew satellite imaging
    It then withdrew satellite imaging services Ukraine needed for its self defence in an attempt to further pressure Zelenskyy to agree to a ceasefire. No equivalent pressure has yet been placed on Russia even while it has continued its illegal attacks on Ukraine.

    Trump and Vance’s disgraceful bullying of Zelenskyy in the White House as he struggled in his third language to explain the plight of his nation was as remarkable as it was appalling.
    What Trump was doing and saying was wrong and a betrayal of Ukraine’s struggle to defend its freedom and nationhood.

    Democratic leaders around the world knew his comments to be unfair and untrue, yet few countries have dared to criticise Trump for making them.

    Like the Hans Christian Anderson fairy tale, everyone knew that the emperor had no clothes but were fearful of the consequences of speaking out to tell the truth.

    As New Zealand’s High Commissioner to the UK, I had on a number of occasions met and talked with Ukrainian soldiers being trained by New Zealanders in Britain. It was an emotionally intense experience knowing that many of the men I met with would soon face death on the front line defending their country’s freedom and nationhood.

    They were extremely grateful of New Zealand’s unwavering support. Yet the Trump Administration seemed to care little for that country’s cause and sacrifice in defending the values that a few months earlier had seemed so important to the United States.

    The diplomatic community in London privately shared their dismay at Trump’s treatment of Ukraine. The spouse of one of my High Commissioner colleagues who had been a teacher drew a parallel with what she had witnessed in the playground. The bully would abuse a victim while all the other kids looked on and were too intimidated to intervene. The majority thus became the enablers of the bully’s actions.

    Silence condoning Trump
    By saying nothing, New Zealand — and many other countries — was effectively condoning and being complicit in what Trump was doing.

    It was in this context, at the Chatham House meeting, that I asked a serious and important question about whether President Trump understood the lessons of history. It was a question on the minds of many. I framed it using language that was reasonable.

    The lesson of history, going back to the Munich Conference in 1938, when British Prime Minister Chamberlain and his French counterpart Daladier ceded the Sudetenland part of Czechoslovakia to Hitler, was clear.

    Far from satisfying or placating an aggressor, appeasement only increases their demands. That’s always the case with bullies. They respect strength, not weakness.

    Czechoslovakia could have been part of the Allied defence against Hitler’s expansionism but instead it and the Czech armaments industry was passed over to Hitler. He went on to take over the rest of Czechoslovakia and then invaded Poland.

    As Churchill told Chamberlain, “You had the choice between dishonour and war. You chose dishonour and you will have war.”

    The question needed to be asked because Trump was using talking points which followed closely those used by the Kremlin itself and was clearly setting out to appease and favour Russia.

    A career diplomat, trained as a public servant to be cautious, might have not have asked it. I was appointed, with bipartisan support, not as a career diplomat but on the basis of political experience including nine years as Foreign, Trade and Defence Minister.

    Question central to validity, ethics
    “The question is central to the validity as well as the ethics of the United States’ approach to Ukraine. It is also a question that trusted allies, who have made sacrifices for and with each other over the past century, have a right and duty to ask.

    The New Zealand Foreign Minister’s response was that the question did not reflect the view of New Zealand’s Government and that asking it made my position as High Commissioner untenable.

    The minister had the prerogative to take the action he did and I am not complaining about that for one moment. For my part, I do not regret asking the question which thanks to the minister’s response subsequently received international attention.

    Over the decades New Zealand has earned the respect of the world, from allies and opponents alike, for honestly standing up for the values our country holds dear. The things we are proudest of as a nation in the positions we have taken internationally include our role as one of the founding states of the United Nations in promoting a rules-based international system including our opposition to powerful states exercising a veto.

    They include opposing apartheid in South Africa and French nuclear testing in the Pacific. We did not abandon our nuclear free policy to US pressure.

    In wars and in peacekeeping we have been there when it counted and have made sacrifices disproportionate to our size.

    We have never been afraid to challenge aggressors or to ask questions of our allies. In asking a question about President Trump’s position on Ukraine I am content that my actions will be on the right side of history.

    Phil Goff, CNZM, is a New Zealand retired politician and former diplomat. He served as leader of the Labour Party and leader of the Opposition between 11 November 2008 and 13 December 2011. Goff was elected mayor of Auckland in 2016, and served two terms, before retiring in 2022. In 2023, he took up a diplomatic post as High Commissioner of New Zealand to the United Kingdom, which he held until last month when he was sacked by Foreign Minister Winston Peters over his “untenable” comments.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: A journey into forgotten Null Session and MS-RPC interfaces, part 2

    Source: Securelist – Kaspersky

    Headline: A journey into forgotten Null Session and MS-RPC interfaces, part 2

    In the first part of our research, I demonstrated how we revived the concept of no authentication (null session) after many years. This involved enumerating domain information, such as users, without authentication. I walked you through the entire process, starting with the difference between no-auth in the MS-RPC interfaces and the well-known null session, and ending with the methodology used to achieve our goal.

    Today, as promised, we’ll dive into part two. Here, we’ll explore why Windows behaves the way it does – allowing domain information to be enumerated without authentication. I’ll also explain why this activity is difficult to prevent and monitor.

    First, we’ll examine why this activity is hard to stop by looking at how WMI works. We’ll also discuss the methods available for detecting and addressing this issue.

    After that, we’ll cover some basics about MS-RPC security and how to secure your RPC server. Then we’ll analyze the security of the MS-NRPC interface using two approaches: theoretical insight and reverse engineering to gain a deeper understanding.

    So, buckle up and let’s continue our journey!

    The group policy that punches your domain in the face

    When it comes to stopping certain activities in Windows, group policies are often the first line of defense, and our case is no exception. As we discussed in part one, the Restrict Unauthenticated RPC Clients policy can be used to block no-auth activity against interfaces. This policy comes with three settings: “None”, “Authenticated”, and “Authenticated without exceptions”.

    While testing, we discovered that even with the policy set to “Authenticated”, it’s still possible to enumerate domain information using MS-NRPC and network interfaces using the IObjectExporter interface. Naturally, the next logical step would be to use the “Authenticated without exceptions” setting to completely block such activity.

    At first, enabling “Authenticated without exceptions” seems to work perfectly – blocking all enumeration activity with no authentication. Over time, however, we would notice significant issues: many of the domain controller’s functions would stop working. This is not surprising, as Microsoft has explicitly warned that using this policy setting can severely disrupt domain controller functionality. In fact, it has been described as “the group policy that punches your domain in the face,” effectively rendering the domain controller inoperable.

    To better understand this issue, let’s use WMI as an example and examine why setting this policy to “Authenticated without exceptions” causes domain functionality to fail.

    WMI as DCOM object

    Windows Management Instrumentation (WMI) is the infrastructure for managing data and operations on Windows-based operating systems. It’s widely used by system administrators for everyday tasks, including remote management of Windows machines.

    To test the effect of setting the Restrict Unauthenticated RPC Clients policy to “Authenticated without exceptions”, let’s try to access WMI on a remote machine using the wmic command to list processes. In this case, we’ll use valid administrator credentials for the remote machine.

    Listing remote processes using wmic

    As shown in the screenshot above, the attempt to list remote processes fails with an “Access Denied” error, even with valid administrator credentials. But why does this happen?

    Remote WMI access relies on the DCOM architecture. To interact with the WMI server, a DCOM object must first be created on the remote machine. As explained in part one, interfaces such as IObjectExporter ( IOXIDResolver) are responsible for locating and connecting to DCOM objects.

    In simpler terms native Windows libraries typically use the IObjectExporter interface by default during the initial steps of creating a DCOM object, although it is technically optional. When binding the interface, the authentication level is set to “no authentication” (level 1). Next, the libraries use the ServerAlive2 function.

    When the Restrict Unauthenticated RPC Clients policy is set to “Authenticated without exceptions”, it blocks these no-auth activities. This prevents the creation of DCOM objects, so the WMIC command that creates a DCOM object fails and returns an “Access Denied” error, even if the credentials are valid.

    Furthermore, since DCOM object creation is integral to many domain controller functions, blocking these activities can disrupt most operations on the domain controller. In short, setting the policy to “Authenticated without exceptions” not only breaks remote WMI access, it also impacts broader domain functionality.

    To better understand this behavior, let’s examine what happens under the hood when we set the Restrict Unauthenticated RPC Clients policy to “Authenticated” or “None”. Using Wireshark, we’ll capture the traffic while running the same PowerShell command as before.

    Network traffic for remote WMI

    In the captured traffic, we can see that before the DCOM object is created, the IOXIDResolver interface must be bound, and the ServerAlive2 function is called (packets 21-24).

    If we inspect packet 21, which contains the bind request, we see that the native libraries bind the interface without authentication – because the authentication length is zero.

    Binding without authentication

    Next, let’s inspect the traffic when the Restrict Unauthenticated RPC Clients policy is set to “Authenticated without exceptions”.

    Network traffic for WMI

    From the captured traffic, we can see several “Access Denied” responses when attempting to call the ServerAlive2 function with valid credentials. This happens because the policy blocks the no-authentication behavior, effectively stopping the initial binding of the IOXIDResolver interface (which binds without authentication by default). The failure to bind the interface at the beginning of the process is what causes this error, proving that it does not come from WMI itself.

    The event that never occurs

    As we saw earlier, preventing enumeration of domain information seems impossible, but detecting it might be another story. The first place to look for detection is Windows audit policies. I found the audit policy under event ID 5712, which should generate an event like “Audit RPC Events 5712(S): A Remote Procedure Call (RPC) was attempted.”

    However, Microsoft states that this event never occurs, and after enabling this audit policy, I indeed found no related events in the event viewer for any RPC attempts.

    The event that never occurs seemed like a dead end for detecting RPC activity. However, after further research, I found two additional ways to detect RPC activity.

    The first method is Event Tracing for Windows, which logs RPC-related events. However, it lacks useful details such as the IP address of the RPC client and generates many events, including local RPC activity, making it difficult to parse.

    The second method is to use third-party open source software called RPC-Firewall. This tool audits all remote RPC calls, allowing you to track RPC UUIDs and opnums, block specific ones, and filter by source address. It integrates with the event viewer to display logs, as shown in the screenshot below of an RPC event generated by RPC-Firewall.

    RPC-Firewall RPC event

    Prior to conducting this research, I had found these three ways to detect such activity that I mentioned earlier. However, due to the lack of native detection, the process remains challenging. You can rely on third-party tools or develop your own detection method. But even with these approaches, it’s difficult because you need to identify which machines in your domain are making RPC requests without authentication and track the frequency of this activity.

    MS-RPC security

    Now let’s explore why Windows behaves this way, why there are issues with policies, and what exceptions really mean. But before diving into all that, we need to discuss MS-RPC security – basically, how to secure your RPC server.

    From this point on, I’ll be referring to a new term, the RPC server. The RPC server is where the logic of the interface is defined. A single server can have multiple interfaces.

    Securing an RPC server is a complex process because of the variety of access methods, such as named pipes or TCP endpoints. In addition, security measures for RPC servers have evolved over time.

    In this research, I will focus on the security methods relevant to our study, but there are several other methods, some of which are described in this post.

    Registration flags

    When registering an interface for an RPC server, specific flags can be set using the RpcServerRegisterIf2 function. Three flags are of particular relevance:

    • RPC_IF_ALLOW_LOCAL_ONLY: Rejects calls from remote clients.
    • RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH: Invokes a security callback for authentication checks.
    • RPC_IF_ALLOW_SECURE_ONLY: Limits connections to clients with an authentication level higher than RPC_C_AUTHN_LEVEL_NONE.

    The RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag registers a security callback (e.g., MySecurityCallback), as shown in the examples below, which takes over security checks from the RPC runtime.

    RPCServerRegisterIf2 with security callback

    If the callback returns RPC_S_OK (mapped to 0), the client passes; otherwise, the client fails the security check.

    The security callback

    By default, the RPC runtime ( rpcrt4.dll library) handles client authentication using mechanisms such as NTLM or Kerberos. However, its behavior is influenced by two factors:

    1. The Restrict Unauthenticated RPC Clients policy:
    • If set to “None”, unauthenticated clients are allowed.
    • If set to “Authenticated”, only authenticated clients can connect.
  • The RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag:
    This flag overrides the default policy, allowing the security callback to handle authentication even when clients are unauthenticated. The only exception is the “Authenticated without exceptions” policy value, which blocks all unauthenticated clients regardless of this flag.
  • This explains the exceptions we discussed earlier: they occur when interfaces inside RPC servers are registered with this flag, enabling unauthenticated connections even when the policy is set to “Authenticated”. The source and behavior of these exceptions should now be clear.

    Securing the endpoint

    As mentioned earlier, RPC servers can be accessed through various transport layers. For remote connections, TCP ports and named pipes are commonly used.

    When registering an endpoint for an RPC server using the RpcServerUseProtseqEp function, you can include a security descriptor (SD) to control who can connect to the endpoint. It’s important to note that this SD only applies to named pipes, not TCP ports. Additionally, it can also be used for local connections using ALPC ports as endpoints.

    Securing the interface

    Microsoft has introduced a newer version of the RpcServerRegisterIf2 function, called RpcServerRegisterIf3, which allows you to add an optional SD when registering your interface. This enables you to control who can connect directly to the interface.

    This security mechanism raises an important question: if an interface has registered an SD, and a client connects via TCP without authentication (authentication level = 1), how is the security check performed? Specifically, what security token is assigned to the client for the SD check?

    To answer this, we need to do some reverse engineering magic against the RPC runtime library ( rpcrt4.dll).

    The figure below shows the decompiled view from IDA for the function called when a client connects without authentication. As you can see, it uses the ImpersonateAnonymousToken function, which allows the thread to impersonate the system’s anonymous logon token. In other words, a client connecting via a TCP endpoint without authentication is represented as an anonymous user.

    Called function for unauthenticated clients

    After that, the access check is performed using the AccessCheck function:

    Access check

    Binding authentication

    The final RPC security issue to discuss is binding authentication. As you recall, the authentication method is specified in the binding packet (the first packet in an RPC connection). But what does that mean?

    An RPC server can register its preferred authentication method for clients using the RpcServerRegisterAuthInfo function. For instance, in the following example, NTLM authentication is registered as the chosen method.

    After that, the client can connect using RPCBindSetAuthInfoEx and specify the correct authentication service and authentication level.

    Now that we’ve covered RPC security, it’s time to answer questions about our interface (MS-NRPC): What security is applied on the server that defines this interface, and why were we able to access it without authentication?

    To do this, I used two approaches:

    1. Surface analysis: I examined the internal security checks of the RPC server using a flowchart from a great RPC toolkit. This chart provides valuable insight for our research, allowing us to analyze the security applied by the RPC server in more detail. I’ll go through it step by step, following the path described in the chart to conduct the investigation.
    2. In-depth analysis: In this approach, I interacted directly with the RPC server using reverse engineering to gain further insight into the enabled security.

    Surface analysis

    I will now attempt to determine the security mechanism used by the RPC server that’s related to the MS-NRPC (Netlogon) interface. I will assume that we are the RPC client calling a function from (MS-NRPC) Netlogon to enumerate domain information without using any authentication.

    Let’s start with transport protocols, as outlined in the flowchart:

    In the chart above, the RPC client has two options for connecting to the RPC server: via TCP or SMB named pipes. In our research, we are using TCP, which is highlighted.

    Next, we encounter the Restrict Unauthenticated RPC Client policy, which has two values: “None” or “Authenticated”. If set to “None”, we proceed to the next step. If set to “Authenticated”, a check is performed to see if the client has authenticated. If it has, the flow continues; however, if the client connects without authentication (as in our case), the RPC runtime checks for the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag and either accepts or denies the connection based on its presence.

    Since the policy is set to “Authenticated” and our client does not perform authentication, we need the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag to be registered in order to proceed to the next step, thereby making an exception to the policy. The presence of this flag allows us to conclude that a security callback has also been registered.

    Our path now looks like this:

    Next, there is another check to see if the server has registered an authentication service. If the server hasn’t registered one and the client tries to authenticate, it will be denied with an “authentication service unknown” error. However, if the client doesn’t attempt authentication, the process continues.

    If the server has registered an authentication service, the check against the endpoint (the SD registered via RpcServerUseProtseqEp) is performed. If the client passes this, another check is made against the interface SD (registered using RpcServerRegisterIf3). Failure to pass either of these checks will result in access being denied.

    In our case, we know the server has already registered an authentication service because it’s a well-known Microsoft protocol. We don’t need to worry about the endpoint check either, as it’s intended for clients connecting via named pipes. As for the interface security descriptor, we either passed this check if the SD doesn’t exist at all, or the SD does exist and it allows anonymous users (representing clients without authentication).

    Next, we check two flags: the first, RPC_IF_ALLOW_LOCAL_ONLY, determines if the interface can be accessed remotely, and the second checks for RPC_IF_ALLOW_SECURE_ONLY. If the latter is present, it ensures that we are using an authentication level higher than “None”, denying or allowing access based on the authentication level. Finally, we check for the presence of a security callback. If it doesn’t exist, we can access the server immediately. If it does exist, we must pass the custom checks within the security callback to access the server.

    In our case, we know that RPC_IF_ALLOW_LOCAL_ONLY doesn’t exist because we can access the interface remotely. We also know that RPC_IF_ALLOW_SECURE_ONLY isn’t present because we’re using an authentication level of “None”. Finally, we conclude that a security callback is registered based on the previous use of RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH, and we successfully pass the security callback check to gain access to the server.

    Our final path looks like this:

    Surface analysis conclusion

    At this stage, we can conclude that the RPC server has the following characteristics:

    1. Regarding registration flags:
    • Has RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH (indicating a security callback).
    • Doesn’t have RPC_IF_ALLOW_LOCAL_ONLY.
    • Doesn’t have RPC_IF_ALLOW_SECURE_ONLY.
  • Regarding the interface:
    • We’re unsure if it has a security descriptor (SD) or not.
  • Regarding registered binding authentication:
    • The RPC server registers authentication.

    As shown, the surface analysis couldn’t provide a complete security overview for the Netlogon (MS-NRPC) interface, so I decided to proceed with an in-depth analysis.

    In-depth analysis

    The goal of our in-depth analysis is to leverage reverse engineering techniques to assess the security of the RPC server under the MS-NRPC interface. As we saw before, the interface is accessible through the LSASS process, specifically via the Netlogon DLL. Here we have two approaches to analysis:

    1. Use automated tools to examine the security of the interface.
    2. Go directly to IDA and manually locate the interface and its associated security mechanisms.

    Automated tools

    Let’s begin with a tool called PE RPC Scraper. If we provide the Netlogon DLL as an argument, this tool reveals information about the RPC server, its interfaces, functions and security details.

    PE RPC Scraper output

    The output of the tool shows that it successfully identified the Netlogon interface (UUID) and confirmed that it contains 59 functions. It also revealed the presence of a security callback and a set of flags with a value of 0x91. After decoding this value, we can see that the following flags have been registered:

    • RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH
    • RPC_IF_SEC_CACHE_PER_PROC
    • RPC_IF_AUTOLISTEN

    The output from PE RPC Scraper also indicates that the interface has no security descriptor.

    The information obtained from both the surface analysis and the automated tool provides the answer to the security bypass issue and allows me to conclude the investigation at this point. However, I personally don’t trust automated tools, and I have a good reason for that. So, for further confirmation, let’s dive into IDA.

    IDA like a superhero

    At this point, I’ve loaded netlogon.dll into IDA and started my investigation.

    A. Locate the interface

    The first step is to determine where the interface is registered. As shown in the figure below, the UUID registered using RPCServerRegisterIf3 is related to the MS-NRPC interface.

    MS-NRPC interface registration

    B. Endpoint registration

    At this stage, we’ll check the endpoint registration for the server. As you can see in the screenshot below, RpcServerUseProtseqEpW and RpcServerUseProtseqExW have been used to register three endpoints:

    1. SMB named pipe, lsass
    2. Local ALPC port, NETLOGON_LRPC
    3. High dynamic TCP ports

    Endpoint registration

    C. Interface registration

    As I mentioned earlier, RpcServerRegisterIf3 is used to register the interface.

    Interface registration

    The function used the 0x91 value as a set of flags, which are: RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH | RPC_IF_SEC_CACHE_PER_PROC | RPC_IF_AUTOLISTEN. RpcServerRegisterIf3 also has a security callback ( sub_18002EF60), in addition to a security descriptor ( hMem). This finding contradicts what was previously confirmed by an automated tool – that’s why I don’t trust them for reverse engineering.

    D. Security callback

    Now let’s go inside the security callback and see how the security check is performed. From the screenshot below, we can see that RpcServerInqCallAttributesW is called first with the Flags field inside the RpcCallAttributes struct set to 96. After decoding this value, we can see that this function used two flags – RPC_QUERY_IS_CLIENT_LOCAL | RPC_QUERY_NO_AUTH_REQUIRED – to request the client information.

    The security callback has a condition statement.

    The security callback conditions

    First, the callback verifies that the RpcServerInqCallAttributesW function was called successfully, then it checks if the opnum is less than 59. If both previous conditions are met and the client is local, access to the server is granted. If the client is remote, the callback uses an access array (a matrix) to determine if the opnum is allowed to be called by the remote client.

    The access matrix is just hardcoded bytes in memory:

    Access matrix

    All of the previously mentioned functions in the MS-NRPC interface that can be accessed without authentication (as outlined in the table in the first part) pass the access matrix check.

    Now, let’s analyze what happens when the conditions are met or not, using assembly language since the IDA decompiler tab lacks precise interpretations.

    The security callback conditions in assembly

    • For the security callback, as we mentioned earlier, returning 0 indicates a successful call.
    • For the first condition (RpcServerInqCallAttributesW), failure results in an error value.
    • For the second condition (operation number compared to 59), failure still returns 0. This only ensures that the matrix index doesn’t exceed its size and doesn’t validate implemented functions that are handled elsewhere.
    • For the third condition, if both the access matrix and local client checks fail, the callback returns 5 (access denied). If either of them succeeds, execution continues.

    If all of the above checks in the IF statement are passed, the security callback proceeds to check the Windows version with another IF statement that verifies the value of a DWORD in memory.

    The second IF statement

    This DWORD is initialized using the code shown below. The value is set based on whether or not the machine is a domain controller (DC).

    Checking the machine type

    • If the machine is a DC, execution continues and returns 0, indicating that the security callback check was successfully passed.
    • If it is not a DC, further checks are performed.

    This sequence of checks shows that passing the security callback for the remote client on a DC requires only that the access matrix check be successfully passed.

    E. Interface security descriptor

    As we saw before, the security descriptor is assigned through the RpcServerRegisterIf3 function. It is set up by calling another function that contains many instructions. The security descriptor definition language (SDDL) for the security descriptor is shown below.

    SDDL for security descriptor

    From the SDDL, we can see that the following groups of users have read access: Anonymous Logon, Everyone, Restricted Code, Built-in Administrators, Application Package, and a specific security identifier (SID).

    But I ran into a problem. The function where the security descriptor is set up contained numerous operations, and I wasn’t sure if any changes had been made to the SDDL representation of the security descriptor. That’s why I decided to find an alternative method to verify that the SDDL interpretation remained the same.

    To achieve this goal, I considered two approaches:

    1. Memory search: I considered searching memory at runtime for the known value in the header of the relative security descriptor to intercept and extract the discretionary access control list (DACL) inside LSASS. However, since this involves interacting with the LSASS process, which is risky, I took a different approach.
    2. ALPC Port Security Descriptor: The ALPC port NETLOGON_LRPC, registered during endpoint setup, shares the same security descriptor as the interface:

    Endpoint and interface registration

    Using the ALPC port’s name, I used the NtObjectManager PowerShell module (you can use any programming alternative) to extract the security descriptor from the ALPC port.

    Extracting the SD from the ALPC port in PowerShell

    After that, I obtained the DACL from the security descriptor.

    Security descriptor for ALPC port

    The screenshot above shows that the DACL obtained from the ALPC port’s security descriptor matches the SDDL representation we obtained earlier. As we can see in the first line of the ACL entries, anonymous login is allowed on the interface, which explains why we can pass the security descriptor access check for the interface (if there is no client token, the Anonymous LOGON token is assigned).

    In-depth analysis conclusion

    From the in-depth analysis, we now have the whole scenario of the MS-NRPC security mechanism, which allowed us to understand how we could successfully pass the security checks of the MS-NRPC interface and call multiple functions without authentication, even if the RPC policy is set to “Authenticated”.

    To summarize, here’s how we were able to bypass the security of MS-NRPC:

    1. Registration flags:
    2. We found that the interface has the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag: for this reason, we were able to get past the RPC policy.

    3. Security callback:
    4. We found that this flag has a security callback, which in our case is used to check if we pass the check against the access array, and all of our functions passed the check.

    5. Interface security descriptor:

    The interface has a security descriptor that permits multiple user groups to connect, including anonymous users. Since we are using no authentication, the access check is performed against the anonymous user, allowing to access the interface’s functions.

    Research conclusion

    At the end of this part and my research, I hope I was able to provide all the details related to this research and the approaches that I used. I also hope that you are now able to understand why we have this kind of no-authentication enumeration. Furthermore, I hope you are now equipped to develop your own ways to detect this kind of activity.

    Thank you for reading, and see you soon with more research projects.

MIL OSI Economics

  • MIL-OSI Russia: Representatives of the Tariff Committee of St. Petersburg visited IPMET

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Representatives of the St. Petersburg Tariff Committee visited the Institute of Industrial Management, Economics and Trade.

    During the visit, a working meeting with the institute’s management took place. It was attended by the director of IPMEiT Vladimir Shchepinin, director of the Higher School of Engineering and Economics Dmitry Rodionov, acting director of the Higher School of Public Administration Olga Nadezhina and deputy director of IPMEiT for educational and organizational work Maxim Ivanov.

    The meeting participants discussed promising areas of cooperation, including the possibility of developing a joint educational program on tariff regulation, forming topics for final qualifying works and student projects on the committee’s core topics, holding regular expert lectures, student internships in the committee, and implementing additional educational programs.

    This is not just a meeting, this is the start of a large joint work. We highly value cooperation with the Committee on Tariffs of St. Petersburg. I am sure that the implementation of joint educational initiatives will make a significant contribution to the training of professional personnel, – noted the Director of IPMEiT Vladimir Shchepinin.

    After the meeting, the committee experts gave a lecture as part of the educational track “Tariffs: what, why and for what?” of the student association “Public Administration Laboratory”. The speakers covered key aspects of tariff policy. Chairman of the St. Petersburg Tariff Committee Alexey Malukhin spoke about the main areas of work, while Deputy Chairman Elena Zolina explained the principles of tariff formation in the electric power industry. Head of the Tariff Regulation Department Alexander Kolbas analyzed the formation of tariffs in the housing and communal services sector using the example of the service for handling solid municipal waste. Head of the Consumer Market Department Yana Khazova presented the mechanisms of tariff formation in the public transport sector, as well as the methodology for forming fees for housing services.

    Then the chairman of the committee was accepted as an honorary resident of the student association “Laboratory of Public Administration” for his contribution to the development of practice-oriented training in the field of public administration and the creation of conditions for effective dialogue between the university and government bodies.

    “Interaction between the St. Petersburg Tariff Committee and the city’s leading universities is one of the priority areas of work. Such cooperation contributes to the implementation of common tasks in training professional personnel,” said Alexey Malukhin. “We are pleased to have the opportunity to meet with students of Peter the Great St. Petersburg Polytechnic University. We were able to not only talk about the work of the St. Petersburg Tariff Authority, but also establish a dialogue with the guys. It is nice that young people are interested in new knowledge and were involved in joint work. The St. Petersburg Tariff Committee is interested in increasing intellectual resources, and we hope that interaction with Peter the Great St. Petersburg Polytechnic University will bear fruit in this area.”

    The Polytechnic University has established cooperation with the St. Petersburg Tariff Committee, and this is great, I know guys who have completed or are planning to complete their internship there. I am glad that cooperation will continue to develop in the future, – shared 3rd year student in the direction of “State and Municipal Administration” Maxim Konoplev.

    Participants of the educational track were invited to an excursion organized by the committee to the North-West Thermal Power Plant named after A. G. Boris – one of the most modern stations in Russia for the production of electric and thermal energy. The guys will also have to defend a practical assignment on the topics of the committee.

    IPMET and the St. Petersburg Tariff Committee are interested in further cooperation, which will open up new opportunities for training specialists in the field of public administration and economics.

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

    MIL OSI Russia News

  • MIL-Evening Report: No, that’s not what a trade deficit means – and that’s not how you calculate other nations’ tariffs

    Source: The Conversation (Au and NZ) – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Jean Monnet Chair of Trade and Environment, University of Adelaide

    On April 2, United States President Donald Trump unveiled a sweeping new “reciprocal tariff” regime he says will level the playing field in global trade – by treating other countries the way (he claims) they treat the US.

    First, Trump’s plan will impose a “baseline” 10% tariff on virtually all goods imported into the US, effective April 5. Then, from April 9, 57 countries will face higher “reciprocal tariffs”.

    These vary by country, according to a formula based on individual trade deficits.

    On face value, the new tariff regime might sound like a simple solution for fairness. If a particular country was taxing American imports with a 50% tariff, it might seem fair for the US to tax their imports at 50% as well.

    But appearances are deceiving.

    These new “reciprocal” tariffs ostensibly aim to eliminate the US trade deficit by making imports more expensive so that Americans buy less from abroad until imports equal exports.

    But the Trump administration hasn’t directly matched specific foreign tariffs. Instead, they’ve opted for a crude formula based on bilateral trade deficits between the US and each specific country. Those aren’t the same things.




    Read more:
    New modelling reveals full impact of Trump’s ‘Liberation Day’ tariffs – with the US hit hardest


    Trade deficits aren’t tariffs

    A country has a trade deficit when the total value of everything it imports from somewhere else exceeds the value of what it exports there. A trade surplus is the opposite.

    Trade deficits and surpluses – the balance of trade – can be calculated between specific countries, but also between one country and the rest of the world.

    Tariffs are different things altogether – taxes a country charges on imports when they cross the border, paid by the importer.




    Read more:
    What are tariffs?


    Trump’s new reciprocal tariffs have been calculated by taking the US trade deficit with each country, dividing it by total US imports from that country, then halving the resulting ratio and converting it into a percentage.

    For example, in 2024, the US imported approximately US$605.8 billion from the European Union, but exported only $370.2 billion, resulting in a trade deficit of $235.6 billion.

    Dividing the deficit by total imports from the EU gives a ratio of 39%. The White House interpreted this figure as the EU’s trade “advantage” and subsequently imposed a “discounted” 20% tariff on EU products – roughly half of 39%.

    This same calculation led to a 34% tariff on China, 26% on India, 24% on Japan and 25% on South Korea. More export-dependent developing countries, including many in Southeast Asia, face some eye-wateringly high reciprocal tariffs.

    Trade experts swiftly criticised the methodology behind the tariffs. James Surowiecki, a financial journalist, labelled it “extraordinary nonsense”.

    While the use of economic formulas in the corresponding US Trade Representative document might give it an appearance of being grounded in economic theory, it is detached from the rigours of trade economics.

    The formula assumes every trade deficit is a result of other countries’ unfair trade practices, but that is simply not the case. To see why, we need to understand why Trump’s obsession with trade deficits is wrong.

    A government isn’t a household

    Why does Trump detest trade deficits? He appears to think of the national balance of trade like a business or household’s finances.

    Under Trump’s logic, if more money is leaving the “account” than coming in, that’s bad business. A $200 million trade deficit would mean the US is “losing” – with money and jobs being siphoned away.

    Trump argues other countries have been taking advantage of America by running up big trade surpluses and “hollowing out” US industry. He has long argued that America’s massive deficits indicate unfair trade deals, foreign protectionism, and even a threat to national security.

    Few economists share Trump’s view

    The trade gap is not money simply being drained overseas by allegedly rapacious foreigners. Rather, it represents the exchange of value.

    American consumer behaviour is a significant driver of the US trade deficit. As a consumption powerhouse, the United States sees its residents and businesses spending vast sums on imported products ranging from iPhones and TVs to clothing and toys.

    Many of these are actually produced by US companies but made overseas. Moreover, those US companies licence foreign factories to produce these goods, and the intellectual property revenues earned make up a huge US surplus in services trade.

    But services trade does not feature in the formula. This shows the singular obsession with tangible things, or goods trade. Yet in most supply chains it is the services components that yield the most value.

    Back on the goods side, when the US economy is robust and people have disposable income, imports naturally increase. Ultimately, while trade deficits indicate economic dynamics, they are not inherently negative nor do they signify economic weakness.

    Rather, they often reflect a nation’s economic structure and consumer preference for diverse global products. After all, Australia has run trade deficits for decades, including with the US, and is one of the wealthiest countries in the world.

    The uninhabited Heard and McDonald Islands, home to a large population of penguins, were hit with tariffs in this week’s announcement.
    VW Pics/Getty

    The real reason for the deficit

    The formula used to calculate the reciprocal tariffs is highly misleading. Responsible policy makers would take account of many other factors in their calculations.

    Among other variables, the US Trade Representative formula fails to consider strong US consumer demand for imports. It also overlooks the US government’s gigantic fiscal deficit. This requires it to borrow money from overseas, pushing up the value of the US dollar. This strong dollar supports US purchases of imports.

    In other words, the US runs large trade deficits not primarily because other nations have high trade barriers but largely because Americans need to fund their debts and want to buy lots of imported goods. The misleading formula places the blame entirely on an ill-conceived notion, and we are all going to pay the price.

    Peter Draper receives funding from the European External Action Service and Australian Department of Foreign Affairs and Trade, for project-specific work connected to trade policies. He is affiliated with the Australian Services Roundtable (Board Member); the International Chamber of Commerce (Research Foundation Director); European Centre for International Political Economy (non-resident Fellow); German Institute for Development and Sustainability (non-resident Research Fellow); and Friends of Multilateralism Group (member).

    Vutha Hing receives funding from Economic Research Institute for ASEAN and East Asia. He is affiliated with Trade Policy Advisory Board, Royal Government of Cambodia.

    ref. No, that’s not what a trade deficit means – and that’s not how you calculate other nations’ tariffs – https://theconversation.com/no-thats-not-what-a-trade-deficit-means-and-thats-not-how-you-calculate-other-nations-tariffs-253830

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: Answer to a written question – ETS2 – P-000650/2025(ASW)

    Source: European Parliament

    The Commission and the Member States are working towards the timely implementation of the new Emissions Trading System for buildings, road transport and additional sectors (ETS2), which was adopted by the European Parliament and the Council in 2023. This includes regular technical level discussions and exchanges at the political level with all Member States, including Poland.

    Several safeguards are already in place to allow for a smooth start of ETS2, including a safeguard to delay the start of the system from 2027 to 2028 in case energy prices are exceptionally high in the first half of 2026.

    In addition, several triggers would release additional ETS2 allowances from the Market Stability Reserve in case of sharp prices increase or imbalances in the supply of ETS2 allowances.

    Furthermore, the total number of allowances auctioned in the first year of the system will be 30% higher than the ETS2 cap, to ensure a smooth start of the system.

    Finally, by taking early action, Member States can help keep ETS2 prices in check. Member States can finance such measures from the revenues ETS2 will raise.

    Part of the revenues will fund the new Social Climate Fund (SCF) in order to protect vulnerable groups and alleviate the ETS2’s impacts. Poland is the biggest beneficiary of the SCF.

    Last updated: 4 April 2025

    MIL OSI Europe News

  • MIL-OSI: XploraDEX Delivers Smart Trading Infrastructure The XRP Blockchain Has Been Missing – Join $XPL Pre-Sale

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, April 04, 2025 (GLOBE NEWSWIRE) — The XRP Ledger has long been celebrated for its speed and cost-efficiency, but despite its potential, XRP has lacked one critical piece: intelligent, adaptive DeFi infrastructure. That gap is now being filled, XploraDEX is here, and it’s not just another decentralized exchange. It’s a full-blown AI-powered trading protocol, designed to bring precision, automation, and strategy to the XRP ecosystem.

    PARTICIPATE IN XPLORADEX PRESALE

    The platform’s native token, $XPL, is now on Presale Round and with over 60% of the soft cap already sold, investors are rushing to secure allocations before the next pricing tier is triggered.

    XploraDEX combines the ultra-fast performance of XRPL with cutting-edge artificial intelligence. It offers real-time predictive analytics, algorithmic trading automation, and self-adjusting liquidity logic—all built to give both retail and professional traders the edge they’ve been waiting for. This isn’t just about swapping tokens; it’s about trading smarter, not harder.

    XploraDEX Trading Architecture

    The AI engine at the heart of XploraDEX is built to adapt. It continuously scans on-chain and off-chain signals, tracking volatility, sentiment shifts, and market momentum to help users execute better trades. Whether you’re a novice or a whale, the protocol offers intelligent strategy generation based on your unique behavior, portfolio preferences, and risk tolerance.

    XploraDEX $XPL Token

    $XPL is the power key to this infrastructure. Holding the token gives users direct access to premium AI tools, advanced trading insights, fee reductions, and staking rewards. As the protocol matures, $XPL holders will also gain voting rights in the XploraDEX DAO—allowing the community to shape future upgrades, trading modules, and partnership integrations.

    BUY $XPL ON PRESALE

    In just the first week of the $XPL Presale, demand has outpaced projections. Whale wallets and retail investors alike are participating, with many calling XploraDEX the “first true DeFi innovation on XRPL.” The remaining allocation is limited, and once the current round closes, pricing will increase.

    As global attention continues to shift toward real-world AI applications, platforms like XploraDEX are uniquely positioned to capture interest—not just from the XRP community, but from traders and institutions looking for intelligent yield in a crowded market.

    JOIN $XPL PRESALE NOW

    In Conclusion

    If you’ve been waiting for the moment where XRPL finally breaks into the intelligent DeFi conversation, this is it. XploraDEX isn’t just building a platform—it’s delivering a foundation that the XRP Ledger has been missing. The smart money is already moving.

    Secure Your $XPL Token on Presale Today: https://sale.xploradex.io

    Stay connected and Join the XploraDEX AI Revolution

    Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca0af8d9-7a36-422a-8d67-d18d8ad48c6f

    The MIL Network

  • MIL-OSI United Kingdom: Government calls ‘last orders’ on red tape choking pubs, clubs, and restaurants in major boost to the British night out

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Government calls ‘last orders’ on red tape choking pubs, clubs, and restaurants in major boost to the British night out

    Outside dining and later opening hours on the menu as government backs British pubs, clubs and restaurants with moves to slash burdensome red tape in the hospitality sector.

    • Mayor of London to be armed with new powers to review blocked licensing applications and boost the capital’s nighttime economy.

    • Package of measures answers industry plea to give businesses the conditions to thrive, with the government and British business working side-by-side as part of the Plan for Change.

    Pubs, clubs and restaurants are set to be released from burdensome red tape which has stifled business as government ‘backs the British night out’.

    Action includes moves to improve the application of licensing laws and strengthening businesses’ competitiveness, giving diners, pub and party-goers more time and more choice to enjoy what British hospitality has to offer.

    It includes a landmark pilot that could see more alfresco dining and later opening hours in London, as the Mayor of London is granted new “call in” powers to review blocked licensing applications in nightlife hotspots.

    If successful, this approach could be rolled out to other mayors across England, working closely with their own local police forces.

    The package of measures will seize the opportunities on offer in the UK hospitality sector, which employs over three million people and is worth around £62 billion to the British economy. It comes as the government continues to go further and faster to drive economic growth and get more money in working people’s pockets, a key focus of the Plan for Change.

    Businesses have long indicated that the current licensing system lacks proportionality, consistency, and transparency – creating barriers to growth and investment for business.

    Blockers to growth include businesses being banned from extending licensing hours for late night drinking and anti-competitive blockages from other businesses.

    Chancellor of the Exchequer, Rachel Reeves, said:

    British businesses are the lifeblood of our communities. We want them to Our Plan for Change will make sure they have the conditions to grow – not be tied down by unnecessarily burdensome red tape.

    We’ve heard industry concerns and we’re partnering with businesses to understand what changes need to be made, because a thriving nighttime economy is good for local economies, good for growth, and good for getting more money in people’s pockets.

    Deputy Prime Minister, Angela Rayner, said:

    We promised to clear the way to economic growth in our Plan for Change and that’s exactly what we’re doing. We’re already reforming planning to back the builders, not the blockers. Now we want to do the same for the nighttime economy which has been neglected for so long. 

    Our pubs, restaurants, and live music venues are the beating heart of our cultural life, so it is vital they are given every chance to survive and thrive. 

    That’s why it’s time to give the Mayor of London new powers to back the capital’s pubs and clubs, as part of our plan to give mayors the tools they need to drive growth. Too often, we have seen the complaints of a vocal minority of objectors promoted over the need for our country to grow – we are determined to change this.

    Nick Mackenzie, CEO of Greene King and Chair of the British Beer and Pub Association, Kate Nicholls, National Chair of the Institute of Licensing CEO of UKHospitality, Michael Kill, CEO of Night Time Industries Association, and the police are all working with the government to rapidly explore and evaluate better licensing options for businesses right across the UK.

    The group aims to transform the licensing system to one that better supports business growth and confidence, creating a better hospitality experience for Britons and visitors, whilst ensuring public safety and community interests remain adequately protected.

    It will report back in six weeks with solutions informing the government’s work to kickstart economic growth as part of the Plan for Change.

    Business and Trade Secretary, Jonathan Reynolds, said:

    Businesses in our retail, hospitality and leisure sectors are foundational to our economy and our high streets. They are big employers in every community across the UK, offering accessible jobs and opportunities and providing spaces where communities can come together – they are the glue that binds us together as a society.

    These measures will ensure that we support these vital sectors by delivering a business environment as part of our Plan for Change that allows them to operate profitably so that they can provide the jobs, investment and growth communities across the country need.

    In addition to these steps, a new £1.5 million Hospitality Support Scheme has been launched to help get existing projects over the line and fill job vacancies in the sector.

    This includes supporting the delivery of hospitality training facilities in prisons, which will help to address skills gaps and provide prison leavers with a fresh start and opportunities on release, reducing unemployment and the £18 billion cost of reoffending.

    These new steps are part of the government’s wider work to kickstart economic growth, boost productivity and put more money in working people’s pockets as part of the Plan for Change.

    Nick Mackenzie, CEO of Greene King, Chair of the British Beer and Pub Association and Co-Chair of the Licensing Taskforce, said:

    Licensing regulations provide a clear example of how well-intentioned legislation can inhibit economic growth, with excessive restrictions often limiting premises’ ability to respond to changing circumstances and customer demand.

    I am looking forward to working with the hospitality minister as we speak to stakeholders from within the industry and beyond to understand current frustrations and limitations.

    I hope that we can address existing concerns and create a licensing system that reduces unnecessary red tape, accelerates the licensing process and unlocks opportunities for premises to drive economic growth across the UK.

    The Mayor of London, Sadiq Khan, said:

    I am delighted that the government is looking to grant London greater powers over licensing.

    This significant decision would allow us to do more to support the capital’s pubs, clubs, music venues and other parts of the visit and tourist scene. It would boost tourism, stimulate growth and deliver new jobs both in London and across the country.

    This is more evidence that we now have a government that wants to work with the capital and recognises the role that we can play in delivering economic prosperity and support Londoners as we build a better London for everyone.

    Kate Nicholls, Chief Executive of UKHospitality and National Chair of the Institute of Licensing, said:

    Cutting red tape and improving hospitality’s competitiveness is much-needed to unlock our sector’s potential to drive socially productive growth and create jobs. A new and improved licensing system that is fit for the 21st century will be a huge boost to the nation’s pubs, bars, restaurants and hotels.

    I’m delighted that this expert group will be leading the review and coming forward with solutions that can unlock the high street’s potential, in addition to informing the government’s Industrial Strategy.

    Emma McClarkin, Chief Executive of the British Beer Association said:

    A review of the 2003 Licensing Act is long overdue.  We are currently working with MPs to pass an amendment to permitted licensing hours at times of major national events when Parliament is not sitting.  But this is just one example where the current law restricts the ability of pubs to respond to consumer demand and sell beer and other drinks in a responsible manner. 

    There will be many other simple changes that can be made to the Act that will ease the ability to do business and drive more sales, invest and grow.  I look forward to the quick implementation of the recommendations that the taskforce brings forward and urge the government to repeat this exercise across a number of other policy areas where urgent reforms are needed including business rates reform, packaging reform and much needed cuts to beer duty.


    More Information

    • The government will work with the Greater London Authority to review strategic licensing powers and explore a pilot scheme, providing the Mayor of London with new powers over strategic licensing. This could include a new “call in” power over licensing applications in areas of strategic importance for the nighttime economy.  

    • The Mayor of London recently launched a new, independent London Nightlife Taskforce to examine and address the issues facing London’s nightlife industry and provide recommendations on how to ensure the night-time economy can thrive.

    • This review of strategic licensing powers will look at options for providing the mayor with new powers to support the nightlife industry.

    • The government and the GLA will work closely with local stakeholders, including the police, to design the pilot scheme.

    Updates to this page

    Published 4 April 2025

    MIL OSI United Kingdom