Category: Transport

  • MIL-OSI: Bitget Lists Roam (ROAM) with Rewards Worth 1,675,000 ROAM

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 04, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Roam (ROAM) on its platform. Trading for ROAM/USDT will commence on 6 March 2025, 10:00 (UTC).

    Roam is the largest decentralized wireless network worldwide. Roam’s vision is to create a decentralized future where users are rewarded for sharing network data, thus encouraging a more collaborative and privacy-conscious online environment. Roam ensures automated wireless connections, seamless switching between different networks, and secure connectivity for individuals, smart devices, and AI agents. By leveraging a blockchain-based credential infrastructure, Roam has facilitated the widespread adoption of WiFi OpenRoaming, offered global smart eSIM services, and enabled a privacy-protected data layer for AI applications.

    To celebrate this listing, Bitget launches an exclusive promotion, Candybomb.
    The CandyBomb promotional event offers Bitget users the chance to earn ROAM through deposits and trading activity. A total of 1,675,000 ROAM tokens have been allocated for this campaign, which runs from 6 March 2025, 10:00 to 13 March 2025, 10:00 (UTC). The ROAM airdrop is divided into spot trading pools and futures trading pools. New spot traders and new futures traders can join the campaign via the CandyBomb page. The first 5,560 new users to complete the spot trading task will evenly share 1,390,000 ROAM, with each receiving 250 ROAM.

    This listing positions ROAM within Bitget’s expanding portfolio of assets available in the Innovation, WEB3, and Depin Zone, underlining the platform’s commitment to offering users access to promising projects that align with the broader principles of blockchain technology, emphasizing transparency, security, and decentralization.

    Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON.

    For more information on Roam (ROAM), users can visit here.

    About Bitget
    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Contact

    Simran Alphonso
    media@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd3056f2-53ec-42d1-83b9-e74a1e179337

    The MIL Network

  • MIL-OSI Africa: Top Reasons to Invest in Ghana’s Mining Industry

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

    ACCRA, Ghana, March 4, 2025/APO Group/ —

    Ghana’s mining industry stands as a key driver of economic growth – with GDP projections reaching 1.5% by 2025 (https://apo-opa.co/4klB6s7) – fueled by expanding opportunities within the sector. A stable political and business environment, coupled with the discovery of new mineral reserves and a well-established mining ecosystem, Ghana is an attractive investment destination for global mining institutions. The upcoming Mining in Motion Summit, taking place in Accra on June 2 – 4 will further highlight lucrative investment opportunities, connecting Ghanaian stakeholders with international financiers and technology providers to enhance collaboration across the mining value chain. 

    Rich Mineral Resources 

    Ghana leads Africa in gold production and ranks 6th globally. In 2024 alone, artisanal miners contributed over $5 billion in foreign exchange earnings, underscoring the vast potential of Ghana’s gold sector. Ongoing industrial-scale projects like Goldstone’s Homase Mine Expansion, Cardinal Namdini Mine and Newmont’s Ahafo North Project continue to expand investment opportunities in the gold industry. In addition to gold, Ghana is the world’s 4th-largest manganese producer, presenting attractive prospects for investors seeking exposure to high-value minerals. The country’s untapped reserves of lithium, iron ore and bauxite also offer substantial growth potential as the demand for these minerals expand owing to the energy transition. 

    Strong, Investor-Friendly Regulatory Framework 

    Ghana introduced incentives including as tax breaks, customs duty exemptions and foreign ownership rights, attracting significant foreign direct investment. For example, Atlantic Lithium secured $6.7 million to accelerate the Ewoyaa Lithium Project, while Asante Gold committed $525 million to expand its Bibiani and Chirano Mines. Policies such as the Green Minerals Policy (2023) streamline entry for critical mineral investors, while the Equipment Tracking Regulations (2020) simplify equipment procurement and transportation processes for mining projects. 

    Skilled Workforce Availability 

    Ghana’s mining history has fostered a highly skilled workforce, making it easier for international investors to recruit trained personnel for their operations. Partnerships with global institutions, including the World Bank, have led to initiatives like the Ghana Landscape Restoration and Small-Scale Mining Project, which equips miners with modern, sustainable practices. Additionally, programs focused on apprenticeship, mentorship and capacity-building continue to enhance the local workforce. AngloGold Ashanti graduated 1,010 apprentices in October 2023 and added 140 more in February 2024, supporting Ghana’s local content development. 

    Infrastructure Readiness 

    Ghana’s infrastructure readiness further strengthens its appeal as a mining investment hub. Recent developments include the inauguration of the Royal Ghana Gold Refinery in Accra in August 2024, which allows for local gold processing, streamlining operations and boosting export revenues through the sale of refined gold. The Ministry of Lands and Natural Resources in collaboration with testing laboratories company Intertek launched a new testing laboratory (https://apo-opa.co/3FeePMx) in Tarkwa, in 2023. The laboratory offers faster mineral sample analysis for over 500 exploration projects and 23 large-scale operations. Furthermore, the continuous modernization of the Tema and Takoradi ports has improved export logistics, ensuring that Ghana’s minerals reach international markets efficiently. 

    Amid these investor-friendly conditions established by Ghana, Mining in Motion will further unveil burgeoning and lucrative opportunities within the West African nation’s mining sector. The summit will serve as a platform to connect stakeholders, foster partnerships, and facilitate deal signings that drive growth and investment. 

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MininginMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org. 

    MIL OSI Africa

  • MIL-OSI Africa: Addis Ababa Declaration by Religious, Interfaith, Ethical, and Scientific Organisations on Reparations

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

    ADDIS ABABA, Ethiopia, March 4, 2025/APO Group/ —

    We, the delegates participating in the Conference held in Addis Ababa, Ethiopia, from 27 to 28 February 2025, under the theme “The Role of Faith Communities and Ethical Organisations in Advancing Justice for Africans and People of African Descent through Reparations,” along with representatives from religious organisations, scientific and ethical institutions, and cultural associations of African and international civil society,

    EXPRESS our deep gratitude to His Excellency Mr. João Lourenço, President of the Republic of Angola and Chairperson of the African Union (AU), and to His Excellency Mr. Mahmoud Ali Youssouf, Chairperson of the African Union Commission, for their unwavering support to faith communities and ethical organisations in implementing Africa’s Agenda 2063.

    RECOGNISE, with appreciation, the decision of the African Union to dedicate the theme for the year 2025 to “Justice for Africans and People of African Descent through Reparations.”

    NOTE WITH DEEP SATISFACTION the work and recommendations from the 38th Ordinary Session of the Assembly of Heads of State and Government of the African Union, which reflect a collective commitment to advancing restorative justice and healing for Africans and people of African descent.

    RECALL that in November 2022, the African Commission on Human and Peoples’ Rights (ACHPR) adopted resolution ACHPR/Res.543 (LXXIII) 2022, reaffirming that accountability and redress for historical mass crimes—including slavery, the African slave trade, colonisation, and racial segregation—are essential to combating persistent systemic racism and promoting the human rights of Africans and people of African descent.

    RECALL ALSO the conclusions and recommendations from the Accra International Conference of November 2023 on “Building a United Front to Advance the Cause of Justice and the Payment of Reparations for Africans,” and those from the Accra Summit on Reparations and Racial Healing held in August 2022, organised at the proposal of the Government of Ghana.

    SUPPORT the call for a collective commitment to confront the historical injustices and severe crimes perpetrated against Africans and people of African descent throughout the slave trades, colonialism, and apartheid. We also commit to addressing the narratives and policies that foster negrophobia and racial hatred in all contexts, and to tackling the inequalities that exist in the international economic and political systems.

    EMPHASISE our individual and collective recognition of the profound and lasting effects of slavery, colonialism, racial discrimination, and neo-colonialism on Africans and people of African descent. We acknowledge how these injustices continue to inflict immense suffering, cultural disruption, economic exploitation, emotional trauma, and enduring discrimination on Africans and people of African descent throughout history.

    AFFIRM that the implementation of reparations is both a moral and legal imperative, grounded in the principles of justice, human rights, and human dignity. The demand for reparations signifies a concrete step toward addressing historical wrongs and fostering healing among the peoples of Africa and those of African descent.

    RECOGNISE the concept of ecological debt as a critical component of reparations, acknowledging the severe environmental degradation caused by colonial exploitation, industrial pollution, and resource extraction. We affirm that historical and ongoing environmental destruction, including deforestation, water contamination, soil depletion, and biodiversity loss, has disproportionately affected African communities, leading to food scarcity, health crises, and climate vulnerability.

    SUPPORT the commitments made at the Accra Conference on Reparations and the recommendations directed to the Member States of the African Union. These call for the establishment by the African Union Commission and the inauguration of a Committee of Experts on Reparations, in consultation with Member States and AU Organs, aiming to develop a unified African policy on reparations and implement an African Programme of Action on Reparations, in line with due process and considering the following proposals:

    1. To act as the primary reference point for the African Union on issues related to reparations and ethical healing;
    2. To solicit, cultivate, and promote knowledge on restorative justice within the African Union by developing and implementing reparations-related knowledge among various AU organs, Member States, and the global African community;
    3. To establish an official programme for the African Union and its Member States, along with other institutions, to commemorate historical events that necessitate strong actions for justice and reparations for Africans and individuals of African descent;
    4. To liaise with and support the role of an AU Special Envoy on Reparations for Africa and the Sixth Region of the Diaspora;
    5. To undertake other tasks as assigned and determined by the African Union.

    PROPOSE the formation of an Ethical Reference Group, in close coordination with the African Union Commission, to assist the AU Committee of Experts and the AU Special Envoy by providing ethical guidance on the issue of reparations. This includes best practices of restorative justice based on indigenous African traditions, sources, and spirituality. The Ethical Reference Group will also offer thought leadership and counsel, drawing on global case studies to inform policy and advocate for the application of international standards in support of restorative justice.

    RESOLVE to centre “Justice for Africans and People of African Descent through Reparations” within the African Peace Initiative, in pursuit of a Civilisational Truce aimed at transforming a world marked by conflict, war, and dysfunction into societies characterised by dialogue, reconciliation, and reparations. This aligns with the principles of Ubuntu philosophy and the teaching of the Golden Rule, which states, “Treat others the way you want to be treated,” as well as the objectives of the AU’s Agenda 2063, which seeks to advance the vision of the AU of “An integrated, prosperous and peaceful Africa.” 

    PROPOSE to the AU to consider a decade of reparations.

    INVITE all religious, ethical, scientific, and cultural organisations, along with African citizens—particularly the youth and women—to embrace and promote the call for reparations. It is essential to prioritise the protection of human beings and to respect the sanctity of human life, as this focus will help build centres of shared interest.

    May Peace Prevail in Africa

    MIL OSI Africa

  • MIL-OSI Global: Pepfar funding to fight HIV/Aids has saved 26 million lives since 2003: how cutting it will hurt Africa

    Source: The Conversation – Africa – By Eric Friedman, Researcher, Georgetown University

    The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.

    The early years

    Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.

    Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.

    Underfunded health systems were near collapse, as were the economies of many African countries.

    Infection rates in several countries on the continent topped 30% of their adult populations.

    These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.

    But cost kept the drugs out of reach for African countries.

    Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.

    The turnaround

    A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.

    By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.

    Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.

    The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.

    Globally, Pepfar has saved 26 million lives and prevented nearly 8 million babies from being born with HIV. In 2024, more than 20 million people were receiving HIV treatment through Pepfar, which was also supporting well over 6 million orphans, vulnerable children and their caregivers, and enabled nearly 84 million people to be tested for HIV that year.

    Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.

    Pepfar-supported health services integrate HIV services with tuberculosis care, treatment and prevention. And since 2019, Pepfar has been part of a partnership for screening and treating women with HIV for cervical cancer, focused on 12 high-burden countries in sub-Saharan Africa.

    But the past two years have been ones of political discord and major disruption.

    Troubles begin

    The trouble began in May 2023, with Pepfar due for a five-year reauthorisation.

    A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.

    House Republicans sought to include abortion restrictions in the Pepfar reauthorisation. But Congress passed a reauthorisation bill without abortion provisions in March 2024, to last until 25 March 2025.

    Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.

    The Trump effect

    In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.

    Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.

    Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.

    By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.

    Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.

    But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.

    Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.

    The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.

    Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.

    The impact

    The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.

    Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.

    It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.

    Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.

    The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.

    Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.

    Rethinking priorities

    The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).

    But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.

    If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.

    Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone.
    The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.

    Lawrence O. Gostin is Director of the WHO Collaborating Center on Global Health Law

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

    ref. Pepfar funding to fight HIV/Aids has saved 26 million lives since 2003: how cutting it will hurt Africa – https://theconversation.com/pepfar-funding-to-fight-hiv-aids-has-saved-26-million-lives-since-2003-how-cutting-it-will-hurt-africa-250413

    MIL OSI – Global Reports

  • MIL-OSI Russia: Exits to the Moscow Ring Road to be reconstructed in the east of the capital

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The section of the Moscow Ring Road (MKAD) from Entuziastov Highway to Moldagulova Street will be reconstructed. The work will affect exits, acceleration lanes, side roads and entry pockets in the area of the MKAD intersections with Entuziastov Highway, Nosovikhinskoye Highway and Pobedy Street. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The project provides for the construction and reconstruction of 5.5 kilometers of roads. This includes the construction of a side road along the outer side of the Moscow Ring Road on a section of the 1st to 3rd kilometers, as well as work on the reconstruction of existing and the construction of new exits. Currently, preparatory stage activities are underway at the site. The planned completion of construction falls on August 2026,” Vladimir Efimov noted.

    The areas where the work will take place are located in the capital’s districts of Ivanovskoye, Veshnyaki, Novokosino and Kosino-Ukhtomsky, as well as in the urban district of Reutov in the Moscow region. The implementation of the project will improve their transport services.

    “In particular, it is planned to build an exit from the side road of the Moscow Ring Road to Ivanovsky Bridge, an entrance and exit from the Moscow Ring Road to Stalevarov Street, a connection and reconstruction of Kosinskaya and Reutovskaya Streets. In Reutov, on Pobedy Street, the exit from the Ring Road will be updated and a roundabout will be organized on this same street,” added the head of the Department for the Construction of Transport and Engineering Infrastructure

    Vasily Desyatkov.

    Previously Sergei Sobyanin reported, that in 2024, 100 kilometers of roads, 25 artificial structures and 15 pedestrian crossings were built in the capital.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/150888073/

    MIL OSI Russia News

  • MIL-OSI Video: Union of Skills, the importance of education to bring out European talent

    Source: European Commission (video statements)

    Europe needs a radical step change in ambition and action – for all skill levels and for all types of training and education. This is as important for people’s careers and prospects as it is for our competitiveness. This is where the Union of Skills comes in.

    On March 5th of 2025, the Commission will launch the Union of Skills. This will boost competitiveness, reinforce the skills of workers, and highlight the talent of Europeans.

    https://www.youtube.com/watch?v=Egfb2CZplyo

    MIL OSI Video

  • MIL-OSI United Kingdom: Child mental health waiting times target met

    Source: Scottish Government

    Minister says progress is “encouraging” and thanks staff for their dedication.

    The national standard on waiting times for children and young people accessing mental health services has been met for the first time.

    Latest Public Health statistics show 90.6% of those who were referred to Child and Adolescent Mental Health Services (CAMHS) were seen within 18 weeks from October to December– the Scottish Government standard is 90%.

    The figure is an increase from 89.1% for the previous quarter and from 83.8% for the same quarter in 2023.

    Mental Wellbeing Minister Maree Todd said:

    “This continued progress is testament to the dedication of the staff who work so hard to help the children and young people they care for.

    “We want everyone to get the support they need, when they need it. Clearly, reaching the national standard is encouraging but I know there is much more to be done if this is to be sustained and consistent across Scotland.

    “However, we are on the right path and the £123 million we have allocated to NHS Boards this year will mean the quality and delivery of all mental health services – including CAMHS – will continue to improve.”

    Background

    Child and Adolescent Mental Health Services (CAMHS) waiting times – Quarter ending December 2024 – Child and Adolescent Mental Health Services (CAMHS) waiting times – Publications – Public Health Scotland

    The national CAMHS standard was set in 2014.

    CAMHS is only the right service for a small proportion of children and young people. To provide an alternative, the Scottish Government has provided targeted investment of over £65 million in community-based mental health support, between 2020 and 2024-25, and £16 million annual spend on school counselling services is in addition to this.

    The National CAMHS specification is clear that children and young people whose referral is not accepted are sensitively and appropriately signposted to a more suitable service, such as those provided within community.

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Games volunteer signs launched

    Source: Hong Kong Information Services

    The launch of the volunteer service-themed cultural signs for the 15th National Games (NG), the 12th National Games for Persons with Disabilities (NGD) and the 9th National Special Olympic Games (NSOG) was held earlier at Sun Yat-sen University in Guangzhou.

    The volunteer service emblem, echoing the main emblem of the 15th NG, the 12th NGD and the 9th NSOG, takes the shape of a heart as a whole, adopting the same visual concept of a blooming flower used in the main emblem.

    The colours of the volunteer service emblem follow the main emblem’s tone, with Guangdong’s cotton red, Hong Kong’s bauhinia purple and Macau’s lotus green in the form of a concentric flower.

    The Games’ volunteer service-themed cultural signs are important cultural symbols that carry the spirit of the NG, NGD and NSOG as well as the vision of the volunteer services.

    The signs will be used conjointly in Guangdong, Hong Kong and Macau to further enhance collaboration of volunteer services among the three places.

    On the same occasion, people in charge of volunteer services of the Games and volunteer service organisations in Guangdong, Hong Kong and Macau also shared and exchanged views on the Games’ volunteer services.

    The volunteer service slogan is “Be more wonderful for you”. While “you” represents the events of the Games, and everyone who witnesses, participates in and supports the Games, “wonderful” is one of the requirements for hosting the Games, and also embodies the athletes’ excellent performance and volunteers’ contributions to the Games.

    The volunteer nickname is Little Dolphin to signify that the volunteers from Guangdong, Hong Kong and Macau are friendly, lovely, motivated, intelligent and united like dolphins.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: ABC Adelaide Evenings with Spence Denny

    Source: Australian Government – Minister of Foreign Affairs

    Spence Denny, Host: Foreign Minister Penny Wong, good evening to you.

    Foreign Minister: Good to speak with you, Spence.

    Denny: She was an amazing woman, Rosemary, in so many ways. Quite zany too, wasn’t she?

    Foreign Minister: Yeah, she had such a wonderful sense of humour. But I was just reflecting, you know, there are these women who have gone before who really did, who really were trailblazers and showed so much courage to be the first or one of the only, and Rosemary was one of them, and I was so grateful for her support over my political life, and I do want to just express my condolences to Stephen, Vincent and Dermot and all of the family and her friends, because this is, you know, it is very sad to see.

    Denny: Yeah. She held two Ministerial positions, both of which were really focused on women.

    Foreign Minister: That’s right. And I remember working with her, actually, when she was Minister for Families. And, as you know, she did a lot of work on childcare, but she also had such an interest because of her medical background in health policy. But I did want to say, two points I wanted to make if I may Spence; one is she was the first Labor woman South Australia sent to Federal Parliament. So, not only the first female Senator from South Australia for the Labor Party, but the first Labor woman to go to Canberra, which is quite an extraordinary achievement, I think. The other thing, I remember her taking me out to lunch when I was looking to think about standing for preselection and her saying that she would back me. And I remember what that meant to me, to have a woman who had had that career say, I’m prepared to support you. It meant a lot to me.

    Denny: Yeah, it would have done. What is, and I had this conversation with her once, what is remarkable as the first female from South Australia to go to Canberra, that happened in 1983.

    Foreign Minister: I know.

    Denny: Wow. That was. How overdue was that?

    Foreign Minister: I know. It’s difficult, isn’t it, when we look back? Because I was just actually looking up the order of elections and so forth before I spoke to you, and I thought, how did it take us that long before we sent a woman to Canberra? It’s quite remarkable, isn’t it? Anyway, it’s a different world now. We’re now 51 per cent women in the Federal Parliament from the Labor Party. So, it’s a different world.

    Denny: Look, we contacted former Senator Natasha Stott Despoja as well, and clearly her and Rosemary are very close friends. Can I just read a part of what Natasha sent to us?

    Foreign Minister: Sure.

    Denny: She said, “Rosemary was a true sister. I loved her sense of humour, which could be bawdy at times, her feminism and her passion for policy and legislation that advanced the needs of families, grew economies and especially support women and children, be it through social security, health and even as the first promoter of women’s sport.” One of the things – there’s more to say, but I love this paragraph here – and this all just came straight out of Natasha’s head. Okay. She said, “she was a trailblazer in South Australia, but also nationally,” as we said, the first ALP female Senator from South Australia. “I have many fond memories, but I can’t help but laugh remembering us doing the conga line in the Senate corridors to protest the ban on dancing in Parliament House issued by the new Howard government.” You weren’t allowed to dance?

    Foreign Minister: No, that was before I got there. But that just sounds so much like Rosemary, doesn’t it? That’s a great story, very well said. I think Natasha’s words are perfect.

    Denny: Yeah. She goes on to say a few more. I might try and read it later on. But the other thing is, I mean, you actually have an opportunity on Friday to really pay tribute to Rose because she was one of the people who helped establish the International Women’s Day Breakfast.

    Foreign Minister: Yes, absolutely. She led the establishment of it, she was host and she put me on the committee to help organise the Women’s Day Breakfast before I was, obviously, before I was a candidate. And I took over hosting from her when she retired and I went into Parliament. So, she handed that on to me. And it’s an event that over the years has grown and Rosemary was so committed to it as such a strong feminist, but also not just to commemorate International Women’s Day, but to give women in South Australia, women in Adelaide, an opportunity to come together to celebrate what we’ve done, and affirm what we need to do.

    Denny: And she was a serious talker. Once you got into a conversation with Rose, it was pretty hard to get. And people accuse me of being like that, but, boy, once you got into a conversation with Rose, it was pretty hard to escape. Not that you necessarily wanted to because what she said was always interesting.

    Foreign Minister: Yeah, she had a really interesting mind, a really beautiful heart and a sense of humour, a very mischievous sense of humour.

    Denny: Yeah, yeah. Hey, look, I know you’re very busy tonight, Senator Penny Wong, so thank you for taking time to pay tribute to Rosemary. I know you’re actually joining the breakfast team at the Women’s Day breakfast on Friday, from which they are broadcasting on Friday. And I know it’s a sellout again, so, again, it’ll be a huge celebration of International Women’s Day, but also a chance to reflect on the contribution that former Senator Rosemary Crowley made to what is now very much a fixture on the social calendar in South Australia.

    Foreign Minister: Yeah, that contribution to the event, but to women everywhere around this country.

    Denny: Yeah. Penny, thank you so much, indeed.

    Foreign Minister: Good to speak with you, Spence.

    MIL OSI News

  • MIL-OSI: Radware to Host its Hackers Challenge in Peru

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it is holding its Hackers Challenge on March 13, 2025, in Lima, Peru at the Westin Lima Hotel and Convention Center. The flagship event, which brings together global security and technology experts from the private and public sector, will combine learning, collaboration and innovation to help companies solve their most pressing cybersecurity issues.

    According to Piero Garmendia, Radware’s regional manager for the South of Latin America region, “Radware’s Hackers Challenge offers organizations a unique opportunity to watch hackers in live action and then apply that learning in strengthening their own cyber defense strategies. We are convinced the simulation will serve as a key platform to inspire ideas and prepare security professionals for the cyber challenges of the future.”

    During the event, hackers will go head-to-head with Radware’s security experts and web application and API protection defenses, trying to breach protected web applications by circumventing tools designed to block their malicious attempts. While witnessing the hackers’ techniques, the live audience will learn corresponding protection strategies.

    In addition, participants will learn how artificial intelligence can be used to manage security vulnerabilities across corporate networks. They also will get firsthand insights from a panel of cybersecurity and digital transformation experts representing government offices and leading financial institutions from Peru as well as an international embassy.

    “In a world that is becoming more inter-connected, cybersecurity is a fundamental pillar for progress,” said Arie Simchis, Radware’s regional director in Latin America. “Our event reflects Radware’s leadership and ongoing commitment to cybersecurity innovation in the region. Operating for nearly 20 years in Latin America, we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region.”

    Radware’s Latin American presence spans Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Mexico, Panama, and Peru. In addition, the company has cloud security service centers in Chile and Brazil. The Latin American facilities are part of Radware’s worldwide network of over 50 cloud security service centers, which offer a combined mitigation capacity of 15Tbps. The company plans to continue to grow its global footprint, opening more cloud security service centers in 2025.

    Visit Radware’s Hackers Challenge website for more information.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    Media Contacts:
    Gerri Dyrek
    Radware
    Gerri.Dyrek@radware.com

    The MIL Network

  • MIL-OSI: The subsidiary of Aktsiaselts Infortar development project in Laagri

    Source: GlobeNewswire (MIL-OSI)

    Aktsiaselts Infortar holds a 90% shareholding in the subsidiary OÜ INF Saue, which owns a property located at Saue tee 10 in Laagri, covering an area of 76,879 m².

    OÜ INF Saue, as the lessor, has entered into a long-term lease agreement with Rimi Eesti Foods AS, under which the lessor has developed a logistics centre on the property with a net area of 24,745 m². The building was constructed by OÜ INF Ehitus and developed by Infortar, the building has now been handed over to the tenant, Rimi Eesti Foods AS.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    The MIL Network

  • MIL-OSI Europe: ASIA/KUWAIT – Workshops and Seminars in the Apostolic Vicariate of Northern Arabia: “Women Pilgrims of Hope in a Synodal Church”

    Source: Agenzia Fides – MIL OSI

    Tuesday, 4 March 2025

    Avona

    Kuwait City (Agenzia Fides) – The AVONA Women’s Program (AWP) in the Vicariate of Northern Arabia continues its mission in Kuwait with a conference and workshop held in four parishes: Our Lady of Arabia in Ahmadi, St. Therese of the Child Jesus in Salmiya, St. Daniel Comboni in Abbasiya, and Holy Family Co-Cathedral in Kuwait City.The event, with the theme “Women Pilgrims of Hope in a Synodal Church,” took place on February 14-15, 2025 under the patronage of the Apostolic Vicar of Kuwait, Bahrain, Qatar and Saudi Arabia, Bishop Aldo Berardi, O.SS.T., reflects the role, participation and mission of women in the Church, bringing into reality the fruits of the Synod in giving significance to women in the life and mission of the Church, as highlighted in the “Synthesis Report” and “Instrumentum Laboris” synod documents.The AVONA Women program is an initiative dedicated to empowering women by providing opportunities for personal growth, spiritual development, and community engagement. The two-day event brought together women from diverse backgrounds to reflect on their spiritual journeys and their role in a synodal church, emphasizing collaboration, empowerment, and faith.The event featured a series of interactive sessions, discussions, and reflections focused on the theme of women’s role in the church as active participants in fostering dialogue, hope, and unity. The theme, inspired by the Synod on Synodality, sought to empower women to recognize their vital contribution to the Church and society. The theme, inspired by the Synod on synodality, focused on the recognition of the female contribution that is vital to the Church and society.At the end of the two-day event, it emerged that in the coming months in this Jubilee Year and through the Spirit of Synod, the local church in Kuwait will play an important role in developing women’s reflections and convergences starting from the most urgent proposals.A first meeting of AVONA Women took place at the end of November 2024, in the Cathedral of Our Lady of Arabia in Awali and in the Church of the Sacred Heart in Manama, Bahrain, with a two-day event on ‘Discipleship and female participation in a synodal church in mission’ (see Fides, 6/12/2024). (AP) (Agenzia Fides, 4/3/2025)
    Avona

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    MIL OSI Europe News

  • MIL-OSI USA: Sols 4468-4470: A Wintry Mix of Mars Science

    Source: NASA

    Written by Lucy Lim, Planetary Scientist at NASA’s Goddard Space Flight Center

    Earth planning date: Friday, Feb. 28, 2025
    Curiosity continues to climb roughly southward through the layered sulfate strata toward the “boxwork” features. Although the previous plan’s drive successfully advanced the rover roughly 21 meters southward (about 69 feet), the drive had ended with an awkwardly perched wheel. Because of this, unfortunately it was considered too risky to unstow the arm for contact science in this plan.
    Nevertheless the team made the most of the imaging and LIBS observations available from the rover’s current location. A large Mastcam mosaic was planned on the nearby Texoli butte to capture its sedimentary structures from the rover’s new perspective. Toward the west, the boxwork strata exposed on “Gould Mesa” were observed using the ChemCam long-distance imaging capability, with Mastcam providing color context.
    Several near-field Mastcam mosaics also captured some bedding and diagenetic structure in the nearby blocks as well as some modern aeolian troughs in the finer-grained material around them.
    On the nearby blocks, two representative local blocks (“Gabrelino Trail” and “Sespe Creek”) are to be “zapped” with the ChemCam laser to give us LIBS (laser-induced breakdown spectroscopy) compositional measurements. The original Gabrelino Trail on Earth near the JPL campus is currently closed due to damage from the recent wildfires.
    Meanwhile, the season on Mars (L_s ~ 50, or a solar longitude of about 50 degrees, heading into southern winter) has brought with it the opportunity to observe some recurring atmospheric phenomena: It’s aphelion cloud belt season, as well as Hadley cell transition season, during which a more southerly air mass crosses over Gale Crater. 
    This plan includes an APXS atmospheric observation (no arm movement required!) to measure argon and a ChemCam passive-sky observation to measure O2, which is a small (less than 1%) but measurable component in the Martian atmosphere. Dedicated cloud altitude observations, a phase function sky survey, and zenith and suprahorizon movies have also been included in the plan to characterize the clouds. As usual, the rover also continues to monitor the modern environment with measurements of atmospheric opacity via imaging, temperature, and humidity with REMS, and the local neutron environment with DAN.

    MIL OSI USA News

  • MIL-OSI USA: My Dog Has Cancer: What Do I Need to Know?

    Source: US Food and Drug Administration

    [embedded content]

     
    Any pet owner who has been told their animal has cancer knows the two emotions: anxiety for the beloved pet’s life, and hope for an effective treatment.
    “Many people consider their dogs and cats members of the family,” says Food and Drug Administration veterinarian Lisa Troutman. “Just as the FDA reviews drugs for humans for safety and effectiveness before they can go on the market, the agency does the same for treatments for animals.”
    Take, for instance, cancer, which accounts for almost half of the deaths of pets over 10 years of age. Although pets of any age can have cancer, the longer they live, the greater the likelihood of developing it. Dogs get cancer at roughly the same rate as humans.
    “Pets are living longer because of preventative health care. And we’re able to diagnose cancers earlier. As a result there is an increased need for better cancer treatments,” Troutman notes.
    Until very recently, the only drugs available to treat cancer in animals were those approved for use in humans. But in the last few years, veterinary drug sponsors (the pharmaceutical companies developing the drugs) have brought to market treatments meant specifically for animals.
    Troutman explains, “the FDA works closely with these companies to discuss how they can demonstrate that their innovative veterinary drugs are safe and effective, and to address questions that arise while working toward approval of their drug.”
    FDA Evaluates Safety and Effectiveness of Medicines
    To evaluate the safety of any new veterinary drug, companies typically conduct a study in a small number of healthy animals in the same species that the drug is intended for. For example, if the drug is for dogs, it will be tried first in healthy dogs. The findings help the veterinarian anticipate potential side effects when the drug is used to treat a patient and help minimize adverse events that might affect the pet’s quality of life.
    Companies also must show in controlled studies that the drug works — that it is effective when used according to the label. For example, for a drug intended for a particular kind of cancer, companies typically run a clinical trial at multiple animal hospitals where pets are being treated for that cancer. In these studies, the patients may receive either the drug being studied or a control. Although the owners and veterinarians are aware that their pets and patients could receive either the experimental drug or the control — a placebo — they don’t know which treatment they actually get. In either case, owners have the option to drop out of a study at any time.
    When the goal is to treat a form of cancer that affects smaller numbers of animals, drug companies can use a pathway called conditional approval to bring drug treatments to market more quickly. Conditional approval allows a company to make its drug available to patients after proving the drug fully meets the FDA standard for safety and showing that there is a reasonable expectation that the drug is effective for the intended purpose.
    “Often small exploratory studies are conducted to support a reasonable expectation of effectiveness,” Troutman says.
    Conditional approvals have both pros and cons. On the plus side, they allow veterinary drug sponsors to provide patients quicker access to innovative treatments without waiting for the development of “substantial evidence” of effectiveness that would satisfy the requirement for a full approval.
    “On the other hand, because the studies used to support a reasonable expectation of effectiveness are small, the drugs may not turn out to be effective when they are used in greater numbers of animals,” Troutman says.
    The FDA may allow, through annual renewals, the conditionally-approved products to stay on the market for up to five years while the company collects the remaining effectiveness data required to support a new animal drug application for full approval. Conditional approval automatically expires at the end of five years and the drug is removed from the market if the company has not fully demonstrated that the drug is effective.
    FDA-Approved Drugs for Cancer in Dogs
    Troutman says that sponsors are continuing to develop innovative treatments for different types of cancer in dogs.
    “We’re looking at therapies that are more targeted now,” she says. Scientists are identifying proteins or other substances unique to cancer cells and developing treatments that target those substances without harming healthy cells.
    Currently, three drugs are approved, and another drug is conditionally approved to treat cancer in dogs:

    Palladia (toceranib phosphate), to treat mast cell tumors, was approved in 2009; 
    Stelfonta (tigilanol tiglate injection), to treat mast cell tumors, was approved in 2020;
    Tanovea-CA1 (rabacfosadine for injection), to treat lymphoma, conditionally approved in 2016 and fully approved in 2021; and
    Laverdia-CA1 (verdinexor tablets), to treat lymphoma, conditionally approved in 2021

    To date, there are no FDA-approved treatments for cancer in cats. Most cancer treatments for dogs and cats use drugs the FDA has approved for use in humans.
    What are the Warning Signs?
    The warning signs of cancer in dogs are similar to those in people, Troutman says: a lump or bump, a wound that doesn’t heal, any kind of swelling, abnormal bleeding. But generally, a pet owner should keep an eye out for what Troutman calls “the basics —changes in the normal functions of eating, drinking, peeing, pooping and sleeping — and contact their veterinarian if they have concerns.
    “Emotional state, such as being withdrawn and irritable, can be another sign,” she says.
    Both general veterinary practitioners and veterinary oncologists, as well as other specialists, treat cancer in cats and dogs. In general, veterinary practitioners work with veterinary oncologists to provide the diagnosis and the follow-up care for the pet during treatment, which may include blood work and imaging, such as x-rays or ultrasound examinations, to monitor the animal’s progress.
    There’s a fundamental difference between treating cancer in pets versus people. “Side effects from cancer treatment are usually fewer than those seen in people, and veterinarians work very hard to manage those side effects and maintain quality of life,” Troutman says. “There are even drugs that have been brought to market with the intent of managing common side effects, like vomiting or lack of appetite.”
    Questions to Ask Your Veterinarian
    Questions that pet owners may want to ask their veterinarian and veterinary oncologist when their pet has been diagnosed with cancer include:

    What treatments are available?
    What is the prognosis with each treatment?
    What are the side effects of each treatment and how will they affect my pet’s quality of life?
    How long will I need to treat my pet?
    Will this treatment cure my pet’s cancer? Will it make him more comfortable?
    What is the cost of each treatment?
    How many visits back to the veterinarian are needed?

    Pet owners who want to investigate clinical trials for their animal can go to the American Veterinary Medicine Association website.
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    MIL OSI USA News

  • MIL-OSI USA: Interview with Sean Colgan

    Source: NASA

    I’m really pleased that you agreed to take advantage of this opportunity.  I don’t recall if I have actually met you personally,  but if so, then I apologize for not remembering.

    I don’t think so, although you’ve certainly signed things for me.

    Well, I guess I have because I do remember seeing your name from time to time on various things. You’ve been at Ames a long time and we’ll have you talk about that in a little bit. The focus of these interviews is not specifically on your work. In fact, it was intended to broaden people’s understanding of who you are and what you do when you’re not at work, because we get compartmentalized and mostly get to know people through our work interactions, so we’ll be touching on your other interests. As you’ve seen if you’ve read some of these, we generally start with your childhood. I try to look up bios and things like that ahead of time to see what I can glean before these interviews but you don’t have a very substantial presence on the web.

    I’m not a very public person.

    I did find that out (laughs).

    I did not volunteer for these and I tried to lay low until you hunted me down! (laughs)

    Well, I think you’ll be pleased and as I said, you can stay as private as you want during this whole interview.

    Sounds good.

    We like to start with where you were born, your family at the time, what your parents did, if you have siblings, and then we ask when became aware of or developed an interest in what you have pursued as a career.

    OK, and I’m going to be looking sideways at my notes because I printed out your list of questions and thought about them. Hopefully I won’t mess it up too much. I’m a big believer in the written word. I was born in Oakland, just up the Bay.

    So was I, so we have a connection right there!

    Up through my preteen years I grew up split between Oakland and North Lake Tahoe. My dad was a masonry contractor. When school got out in June we would go up to Tahoe where there was lots of work for him, building foundations for homes and so forth. When Christmas break came in school, we came back down to Oakland. We had a home in both places and dad could get work in the winter in the Bay Area. In the middle of every year during my preteen years, I switched between two schools. It was usually a bit of a jolt because the Oakland schools were ahead of the Tahoe schools, so there were a couple weeks of flailing about in January trying to catch up. They all used the same textbooks, but we were a couple of chapters behind at that point and had to catch up.

    When I was 12, Dad had established his business well enough at Tahoe that my parents sold both of the houses, built a somewhat bigger one, and we moved to Tahoe permanently. So from seventh grade through high school it was all at the northern end of Lake Tahoe.

    I have one sibling, a brother.

    And when did I start thinking about becoming an astronomer? I can’t remember exactly, to be perfectly honest. I do remember my parents showing me the constellations. I can remember specifically which constellations my dad showed me and which ones my mom showed me. I can’t remember a time when I wasn’t interested primarily in being an astronomer, but I probably went through an astronaut phase because it was the ‘60’s!  I got an astronomy book for my birthday one year and I know it was before I could really read and understand it. I remember looking at the pictures. In thinking about this interview, I went back and looked.  That book was published when I was five, so probably by the time I was five I was talking about it enough that I got this book for my birthday. I don’t have any similar books on other topics from that time. All the other books I have from back then are astronomy books for kids.

    Well, you were living in Lake Tahoe, which by the elevation and the clarity and lack of ambient lights around you would have had a really good view of the stars and constellations.

    Right. It was great. Although before we moved up there full time we were mostly there in the summer, so it didn’t get dark until after my bedtime.  When we moved up there full time, then I could go out in the winter and yeah, we had a spectacular view of the southern sky. There were woods but we could see over the trees. We could see the center of the Milky Way, and so forth. I had binoculars and a couple of small telescopes that I’d use, along with a star atlas to point me toward interesting things to look at.

    Did you say what your mother did? Did she work outside the home?

    Mom was a writer.  We traveled each year when we were growing up. She would write travelogues of those trips and try to get them published. She also wrote haiku poetry, and she tried her hand at writing other things. She was published a bit, but not a whole lot. Mom did get one of her travelogues published in the Christian Science Monitor. That was a highlight for her.

    And was your brother older or younger?

    My brother is two years younger, and we had somewhat similar trajectories.  We’ll get to education later but he majored in physics as well. He followed me in similar universities, but ended up going into material sciences. He is now on the East Coast working for IBM.

    That’s great.

    He was named a Master Inventor in 2018.

    A what?

    A Master Inventor. He has over 200 patents, so IBM honored him with this title.

    That’s quite an honor!  Your education was interesting because of the split between the two schools.  But then at some point, when you went to college, you had to declare a major. You said you had already developed an interest in astronomy, so did you pursue that science discipline right off the bat?

    I went to UC Riverside for two years, and then I transferred to Caltech. My freshman year  I really nailed down my choice for astronomy. I remember going to the Career Center and taking an interest survey, which has nothing to do with what you’re able to do. It just asks what you’re interested in doing, and it came up as physicist or musician.  I have no musical skills so that pointed me in the other direction. I thought briefly about geology, since my dad had been a geology major, but I really settled on astronomy at that point, which is why I transferred. Riverside didn’t have an astronomy major,  they only had a physics major. I really wanted to get an astronomy background and start on it early.

    My time at Caltech was probably the toughest two years I’ve ever had. I was behind because I had gone to Riverside for two years and the Caltech student body was extremely competitive. Caltech was not generous with their transfer credits. I ended up taking a very heavy course load, but I did make it out in two years. From there I applied to a number of grad schools. I settled on Cornell for a couple reasons: First of all because they had groups working in the areas  of astronomy I thought I was interested in, which were radio and infrared. Second of all, after four years in southern California I really wanted to go to a more rural setting to continue my education.

    I have to ask this because when we’ve interviewed others who have gone to Cornell, most of them have mentioned the influence of Carl Sagan and I just wondered if that figured into your choice, or was he gone by the time you went there?

    Well, I  did meet Carl, at a second year reception he threw for the grad students.  He was gone most of my first year working on Cosmos the television show. He had taken a leave of absence and wasn’t around. When he came back he threw a reception for all of us, and I got to shake his hand. He was a planetary scientist, of course, and that was not where I was aiming my trajectory.  I didn’t see him a whole lot other than that one reception. Although from time to time the kind of people you really don’t want wandering around the halls would come around the building looking for Carl Sagan. Security would chase them down and get them out. These are really my most distinct memories of Carl.

    And your PhD was in astronomy, not physics?

    It was in astronomy and my dissertation was on radio astronomy. I did it almost exclusively at Arecibo (Arecibo Observatory, National Astronomy and Ionosphere Center, Arecibo, Puerto Rico) with a little bit at the VLA (Very Large Array Radio Telescope facility, near Socorro, New Mexico). I got to work with some really smart people at Cornell, observational and theoretical.

    At this point we usually inquire about the connection or the influence, that brought you from your PhD to NASA Ames.

    My degree was in radio astronomy but the other interest I always had along the way, which I hadn’t been able to look into, was infrared astronomy. Getting post docs is very competitive, back then we called them NRC’s. The NRC offer from Ed Erickson’s group at Ames was the best offer, so I came out for that. It wasn’t a sure thing, there was back and forth and the highest rated candidate had to turn down the job before they would make me an offer.  But fortunately for me the highest rated candidate was my office mate at Cornell. I knew he was going to turn down the offer as soon as he got another one he wanted, so I was aware a little bit in advance of getting the call from Ed that things had worked out.

    And Ed was your advisor?

    Ed was my advisor. So I came and did two years as an NRC and then continued working with the group. I had made myself sufficiently useful that when I was ready to apply for other jobs, Ed offered me a raise if I’d stay with the group and continue working. That was a really good time. We flew on the KAO (Kuiper Airborne Observatory). They didn’t really have facility instruments, so we had our own instrument, but we did support observers from outside our group. We probably had more flights than any other instrument on the KAO during that period. It was a lot of flights. We had to operate it ourselves. All of us had our own particular jobs on flights. We did everything from prepping for the observations, writing proposals, all the way through to seeing them published. We were a small team: Ed Erickson, Mike Haas; Jan Simpson, and Bob Rubin on the science side helped out. We had a shop guy, Gene Beckstrom, and others after him.  We had a lab technician, Jim Baltz. Dave Hollenbach would also work with us, and that was very rewarding. He was a very sharp guy in terms of theory, ideas and projects to do. Here is a photo of some of us with our instrument rack getting ready for a KAO flight:

    So you came in on an NRC postdoctoral fellowship in the mid-‘80’s?

    Yes, I started on October 6th, 1986.

    And your first work was on the KAO and then probably a decade later you continued on SOFIA (Stratospheric Observatory for Infrared Astronomy)?

    It was ‘95 or ‘96 when they shut down the KAO to use the funding for SOFIA development. I remember the meeting still. It was in the upstairs auditorium and they came in and announced they were shutting the KAO down. I think it was Dave Morrison, who was the division chief, who told us not to whine about shutting it down because planetary missions sometimes had years when they didn’t have their facilities. In this case it was only going to be two years and we would be up and flying in 1997. Of course, as we know, it was more like ten years after that before we were even close to flying.

    Yes, I thought the same thing, that it was not going to be two years. It always takes longer than that.

    Well, I don’t think anybody thought it was going to be as many years as it was.

    But you flew on both the KAO and SOFIA?

    I had ninety nine flights on the Kuiper (KAO) because I kept track of them, and on SOFIA I had two flights, so I was not a flyer on SOFIA. It was more of a facility observatory, and the people who flew a lot were really part of the observatory. They were operating the telescope or operating a science instrument. My flights on SOFIA were because I had written some software for the GREAT Instrument (German Receiver for Astronomy at Terahertz Frequencies, a modular dual-color heterodyne instrument for high-resolution far-infrared spectroscopy) to help them interface with SOFIA. I was along on  those commissioning flights for GREAT in case my software broke. They wanted me on board. Interestingly by the rules at the time, I wouldn’t be allowed to actually fix the software in flight because it was flight software and had to go through all the reviews. None of the people who could do the reviews were on the airplane, but I could see how it broke and maybe I could suggest workarounds. It was not nearly as much fun for me as the KAO. I didn’t really have a job. The software had issues from time to time, but it basically worked. Everybody else had jobs, so for me it was less interesting, which is why I didn’t make a huge effort to keep flying on SOFIA.

    Did you stay on the SOFIA project as a somewhat non flying support person?

    Yes, from when the Kuiper stopped flying until about, well now, my primary work on SOFIA has been first with the project science team during development – trying to make sure they met our requirements, helping everybody understand our requirements, trying to make sure they weren’t making any huge mistakes. They made them anyway, especially when they didn’t listen to us, but we did our best. During the early years of SOFIA, I was also on the Ames team developing AIRES – a facility Science Instrument for SOFIA. I led the software effort, but the development was canceled in 2001. I then got involved with the software that people would use to propose to SOFIA, the proposal software, the software to estimate how long you should be asking for time, the sensitivity of the instruments, pieces of software like that. I worked with Dave Goorvich. We got software from other observatories as starting points and then modified them for SOFIA, software “re-use” they called it. And that was basically my main job throughout SOFIA’s lifetime. Once we developed those, the USRA (Universities Space Research Association) folks built their team around maintaining them and I joined that team because I’d been working on this software for so long. I also got into the package I mentioned to help GREAT interface to SOFIA. It basically made SOFIA look like the telescope that the GREAT team had been using for years, an observatory called KOSMA. We called it the translator and it translated KOSMA commands into SOFIA commands; then SOFIA housekeeping back into KOSMA housekeeping, so they didn’t need to change their software to work with SOFIA. As the aircraft started flying, it became quite clear that I was oversubscribed. I was not meeting my deadlines for either of those two efforts, so I gave up the translator. They hired another fellow to maintain that, although I stayed in touch with it for some years, helping him when he had questions and so forth. I then focused my main effort over on SOFIA’s DCS (Data Cycle System) side.              

    What has been your most interesting work here at Ames?

    I’d say it was flying on the KAO, but very specifically it was Supernova 1987A which occurred after I had been here for only a couple of months. It went off in February of 1987. Nobody really knew what it would look like in the infrared to an instrument on an observatory like the KAO, so it was obviously a huge deal since it was the closest supernova for hundreds of years.  Our team just completely redirected  to carry out observations of the supernova.  Dave Hollenbach and I worked together to try and figure out what we would see. We wrote up the science portion of the proposal,. For these observations, our instrument – the CGS (Cooled-Grating-Spectrometer) – had to be fairly substantially reworked in the sense that the grating needed to be changed to go to lower resolution and the detectors needed to be changed to get wider bandwidth and go to shorter wavelengths. Ed and Mike worked long days, weeks, and months to make all of those changes happen. In our proposal we made some predictions about which lines we could see, mostly iron lines, and which ionization states. We put that in the proposal, which was accepted. We then wrote up the proposal as a separate paper. When we went down and did the observations, we actually got some of it right. Surprisingly, iron was indeed bright. We thought we’d be seeing all different ionized states of iron, from singly, doubly, triply ionized iron, when in fact it was very much concentrated in singly ionized iron with a little bit of doubly ionized iron, there was a faint line there. We had gotten the temperatures right, but we didn’t quite get the ionization right. We were in the ballpark, so I think this was really the most interesting work in that when we started nobody had really seen anything like it before. We were starting from very basic principles, and we followed that all the way through to a nice series of papers. We went down for three different epochs because the lines were changing with time as the supernova ejecta expanded. We obtained three sets of measurements, which resulted in three papers.

    What I’m currently working on? Well, SOFIA is, of course, shut down and I am working as part of the shutdown process. We’re trying to reprocess a lot of the data to bring it up to standard, especially the older data. We learned more about the instruments as time went on, so we can now do a better job of reducing the data. I’m helping out with reducing the data, getting it into the archive as we shut down, and of course, writing proposals.

    What comes next? So far I’ve collaborated mainly with Naseem, whom you have spoken to, Sarah Nickerson, whom you also have spoken to, and Doug Hoffman (whom we’ve also spoken to). So that’s proposals.

    How is your work relevant to Ames and the NASA mission? 

    Well, I’ve worked on NASA missions almost my entire career, so I think that’s the closest to relevance as you can get.

    What is a typical day like for you?

    I mostly work, well before the pandemic in my office, but now it’s back and forth. I do like to come into the office although this week is a little different. That’s why we’re doing this interview from home. My wife is out of town and I like to work at home on those weeks just to keep the dog out of trouble. So I’m at a computer. I’m a software guy and a data analysis guy, not a lab guy, so I work at the computer. I actually have several computers on my desk. I look like a real developer (laughs). If you see my desk, I’ve got a couple of big screens and couple of computers underneath hooked up to different things and I can switch them around. So that’s a typical day, but at home it’s a little tougher. I don’t have a desk that can really manage the big screens, so I’ve just got one little laptop screen to work with.

    Is home close enough that the pandemic shut down of the Center didn’t really save you a whole lot of commute time?

    I live across the Bay in Newark, which physically is not far, but traffic wise is not good. I typically come in later and stay later because that works with my wife’s schedule and also works with the traffic. We’re not so close that it’s easy. I hated during the pandemic having to work at home all the time because of the small screen and with no room to spread out piles of paper or stay organized. That was definitely a challenge. I was very glad to get back on site.

    What do you like most and least about your job?

    Most would be doing science, but I also enjoy coding. Least is probably the standard sorts of things that most people whine about when given any opportunity.  All the stuff that goes with the job that isn’t science or coding, like IT security and paperwork. Right now I’m in the midst of training, taking courses I’ve taken every year for the last ten years, which gets a little old after a while, things like that. But somebody thinks you need to do it, and I hope it makes us a better organization for everybody doing it.

    Do you have a favorite memory from your career? Or perhaps a research finding or breakthrough, or an unexpected research result?

    My favorite memory would be the Supernova 1987A work in general. We found some unexpected things there and we got some things right.

    If you could have a dream job, what would it be?

    My dream job is pretty close to what I have. Pretty close without all the extra stuff.

    What advice would you give to someone who wants a career like yours?

    Of course you’ve got to work hard, and you need to have an aptitude for it. It’s a very competitive field, so you’ve also got to realize that luck, or being in the right place at the right time, can be a factor in whether you continue or not.  I’ve had colleagues who were very good at what they do, but they just weren’t in the right place at the right time. They ended up leaving the field or doing something less than what they hoped. Some things are just out of your control.

    I did get lucky. I was in the right place at the right time. I flew on the Kuiper, and I developed skills. When SOFIA started, those skills were very much in demand.  That was my right place, right time moment, which is when I joined the civil service.  I had been a contractor  after my NRC ended through 1997. I became a civil servant then because there was so much work on SOFIA. I don’t know if that’s  helpful advice, but it’s just my take on things.

    Well, you’re right. There’s something to being in the right place, at the right time and being prepared, but there’s always the serendipity aspect, which is just part of life. You could have wound up somewhere else and been just as happy, you know.

    Oh yes, It doesn’t necessarily relate to happiness, but you’ve got to make the best with what you have.  I do feel lucky about that.

    Would you like to share anything about your family? Kids, pets, activities? You mentioned a dog?

    I’m going to mix the order up a little bit.

    Sure, go ahead.

    The accomplishment I’m most proud of that’s not science related would be 40 years of marriage to my fabulous wife. We just celebrated our 40th anniversary about a week and a half ago.

    Congratulations! That is indeed an accomplishment.

    So, no children but we do have a dog, a little Welsh Corgi. She’s our second corgi and she is just great. We do enjoy traveling. Typically, we’ll go on vacation in August. often to Europe. We’ve visited the UK five or six times, France a couple of times, Italy a couple of times. My father-in-law was born in Hungary, so we’ve gone there a couple times. Here is a photo of us at Lake Louise in 2019, with our Corgi.

    What do we do for fun the rest of the time? Besides leisure travel, I enjoy gardening. We also enjoy musical events.  We have season tickets to the San Jose Opera, for example, and we’ll go up to San Francisco for concerts a couple of times a year. We probably have an event every other month.  During the pandemic, the restaurants and movie theaters were closed, but wineries with outdoor spaces were open.  They started serving food during the pandemic, and they allowed dogs, so we got in the habit of doing a lot of wine tasting on weekends just to get out. We still do some of that. To celebrate our 40th, we went up to Napa and tasted a lot of great wines. (laughs)

    You mentioned that you’re not particularly musical, so you don’t play an instrument or anything, but you enjoy music and opera.

    I enjoy listening to music. I played instruments as a child but had no particular talent for it, so. . . .

    Do you like to read? And if so, any particular genre?

    I read a fair bit, and it’s sort of divided. For entertainment, I’ll read fantasy and science fiction, but when we go on our trips, I’m always buying books about what we’re doing. For example, if we go to France and visit cathedrals, I’ll buy books about how they built cathedrals; or in England I’ll read about old Stone Age tombs. Everybody’s heard about Stonehenge, but there are stone circles and other stacks of stones, big ones, all over the landscape, so I will buy books and read about them. I have books about Roman battle tactics, etc. Oh yes, and I also have a lot of geology books, depending on where we go. When we went to the Canadian Rockies, I got a lot of geology books about that locale. I bring those home, stack them up, and read them, hopefully before the next trip. So yes, a lot of reading. When my wife travels, sometimes I’ll go hiking. She’s gone up to 15-20 weekends a year  She’s a textile artist.She teaches lacemaking, which is the way they used to make lace by hand, before machines. There are groups around the country that enjoy lacemaking, so she travels to  teach workshops for them on weekends.

    Wow, that’s fascinating!

    This week, she’s actually up in Sparks, next to Reno, where the National Convention is going on. It moves around every year, but this year it’s relatively close. She travels a lot for that, which keeps her busy. When she’s away, our dog and I will sometimes go for hikes, if we don’t have too much other stuff to do. Interestingly,  we are not the only astronomer-lacemaker couple in the world (laughs). There’s an Australian couple – Ron and Jay Ekers – with Jay a lacemaker and Ron an astronomer. We had dinner with them once when they were visiting in the Bay Area because our wives knew each other. My wife had once traveled down to teach in Australia. Normally she just travels around the U.S., but she has done some international trips.

    Now, is this manual lacemaking with needles and thread or . . . ?

    There can be needles and thread. That’s one form of it. What my wife teaches is “bobbin lace”, which is made on a pillow usually stuffed with straw. Two bobbins are connected by a thread with many of these pairs used to weave threads together to create the pattern. Photos of Louise’s designs are on her website – https://colganlacestudio.com/. Here’s a photo of what a lace pillow looks like.

    Interesting. And when did she get interested in this? Was it something she learned as a child, from her mother or grandmother?

    No, it was at Cornell. She was in grad school there, which is where we met.

    And what was her course of study?

    She was in a Master’s program for historic preservation, basically how to preserve old buildings, of which there are many in upstate New York and few in the Bay Area. She had finished her class work, and I still had several years to go on my dissertation. She looked around for something to fill her time, and one of her friends – a colleague in her department – had already taken this up, and brought her to a meeting. She started taking classes from a local teacher, and by the time we moved west, she was well-versed. Not many people out here knew how to do it, so she started taking on students.

    So I’m calculating back, since I’m a numbers guy, that if you just celebrated your 40th anniversary, then you must have married her while you were still in grad school?

    Yes, about halfway through grad school, in 1983.

    Interesting. So you’re a little bit responsible for her developing this interest in lacemaking?

    I wouldn’t claim any of that.

    But you’re responsible for giving her the time to develop this interest in lacemaking that she has done so well in.

    It was all her effort. If anything, I made conditions difficult for her, and she found her way out (laughs). That’s probably the way I would phrase it.

    Fair enough. But it’s very interesting. I like when we can poke around a little bit and find out interesting things, because then people who read this will say, “Well, I didn’t know that he went there or that his wife does lacemaking or the other things that you’ve talked about. That’s part of the purpose of these interviews.  Who or what inspires you?

    That was a real easy one for me: the night sky.  It’s not so great in the Bay Area most times, but there’s so much going on up there. I mean, it’s really all laid out for you. Since I studied and read about  a lot about the sky as a kid, I know my way around it. a I also know fun little facts, so that’s entertaining to recall as well. When you get up in the mountains, of course it’s just beautiful.

    I feel the same way. I don’t see how anyone can look up at and ponder the night sky and not be just fascinated by it. The questions that come up about what it is, how it came to be, what its purpose is, if there is one, and all of that is just fascinating.

    Yes, I agree.

    Do you have a favorite image, of space or anything that is particularly meaningful to you?

    You know I don’t have one now. I mean, there are a lot of very nice ones out there. A big favorite I remember as a kid was a photo of H and Chi Persei, which is a double cluster of stars, not globular clusters but open clusters. It’s very colorful, with red stars and white stars and blue stars in the image – and just imagining it so far away, but these particular stars are so close together. I don’t know much about it, but something about it just impressed me. A photo like what I remember is at https://www.astrobin.com/337742/.

    The reason we ask about images is because we like to include them in the post, especially about things you’ve talked about.  You mentioned for example, the Supernova 1987A. If a picture from SOFIA came out of that it would be a great addition to this interview. And then maybe you have a picture of you and the corgi on a hike, or your wife doing lace work, anything like that would be great.

    Well, we’ll work on that.

    [Photo thoughts: The three of us from Lake Louise, link to H & Chi Persei photo on the web, Lace Pillow showing bobbins]

    That would be for when you return it after editing.  By the way the transcript is a living document so you can make changes right on it and that’s how it will go in. It isn’t all that formal, we’re not tracking edits or anything like that. We’ll add your pictures and get to a point where it’s set up as it would be when it gets posted and then we’ll send it to you for a final check.  We’re also several months out in terms of the queue of those that are going to be posted, so it won’t be immediate.

    Good.

    We’ve posted about 50 of these, but we’ve done another 20 that are in various stages of being made ready. We’ve sent them out but haven’t gotten them back yet because everybody’s so busy.  We do have a last question and that is do you have a favorite quote? One that you find meaningful, or witty, or clever, that kind of thing?

    I did think about it. Sometimes you asked the question in the online ones about inspirational quotes and this is definitely not inspirational.

    It doesn’t have to be.

    I was hoping that because you didn’t say it here. My favorite quote is one my mom said a lot when I was growing up. She always attributed it to her father. I actually looked it up on the web, because I would have thought Mark Twain perhaps said it. It doesn’t seem that anybody famous has said it though. The reference is in a book from just ten years ago. The quote is: “The reward for good work is more work.”

    Ah, I like that. That’s clever and witty and seems to be true.

    Right.

    One of my favorite quotes which I don’t think I put into my post because there’s so many of them is from Mike Griffin, former NASA Administrator. He was talking with the press, I think about risk management and why we do things that don’t always work out. He was explaining that there’s always a risk, and if you don’t accept the risk, then you don’t make progress, but they kept questioning him and pushing back on that idea. And he said, “I can explain it to you, but I can’t understand it for you.”  And I thought, that’s a good line!

    Anyway, you ran the table here on the questions and I appreciate that you prepared ahead of time and wrote some notes down, which made the interview go very well.

    As I said, I prefer the written word. I’m not as good at thinking on my feet.

    Is there something that you wish we had asked or had put down as a topic that we didn’t, that you would like to add here? And you can certainly add or change anything when we send this back. There’s a note on the transcript that you have full creative control. So if you wanted to say something but didn’t, you can type in an entire extra paragraph or extra question, or remove and cut out an entire section.

    And  with that, I’ll take the recording and start putting it on a paper and within a couple of weeks, I’ll send you the initial draft and then you can do with it as you wish and send any pictures or anything that relate to things that you talked about and then we’ll get it ready and put it in the queue and eventually you’ll get perhaps a few of your entitled 15 minutes of fame when this goes up. I will add that it goes up on the public side of the of the website so that your family or your friends, anybody can access it and read it.

    So if somebody googles names of interviews you’ve done, the links to the interviews come up.

    Well, I hope that doesn’t cause you heartburn.

    I’ve thought about that as I was phrasing my answers, and changed some passwords so I can include names in the photo captions

    I hadn’t thought of that aspect of it, but you’re probably right.

    Yeah.

    I never know what’s going to touch someone’s concerns.

    Well, just to be careful.

    (Mark) There’s another thing that even after we publish, we can still edit them years into the future. Everything on the main sites can be changed at any given moment. Also, Fred, just to note, our interviews rank pretty high on the Google rankings. Usually when you Google someone’s name and then NASA, our interviews are near the top of their results, like on the first screen that comes up.

    (Fred) Oh, really? I didn’t know that.

    (Mark) Yeah. This is a pretty good series, people check it out a lot.

    Which means that people googling names are clicking on the interviews and reading them.
    (Mark) People read these a lot.

    (Fred) The other series I do for the website is “Interesting Fact of the Month”.  Steve Howell suggested that would be a nice addition as we try to attract traffic to the website, and I heard a year or so ago that it was the top item on the code ST website, it got the most hits.

    (Mark) Yes, you’ve got spots one and two on your side projects!

    (Fred) Well, Sean, I appreciate that you were able to overcome your initial hesitation and take the time to work with us on this and I think you’ll be pleased with how it comes out. Thank you very much for being so organized.

    Thank you for your time.

    Interview conducted by Fred Van Wert and Mark Vorobets on June 29, 2023

    MIL OSI USA News

  • MIL-OSI USA: Outsmarting Poison Ivy and Other Poisonous Plants

    Source: US Food and Drug Administration

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      Espanol
    First comes the itching, then a red rash, and then blisters. These symptoms of poison ivy, poison oak, and poison sumac can emerge any time from a few hours to several days after exposure to the plant oil found in the sap of these poisonous plants. The culprit: the urushiol oil. Here are some tips to avoid it.
    Recognizing Poison Ivy, Poison Oak, and Poison Sumac

    Poison Ivy: Found throughout the United States except Alaska, Hawaii, and parts of the West Coast. Can grow as a vine or small shrub trailing along the ground or climbing on low plants, trees and poles. Each leaf has three glossy leaflets, with smooth or toothed edges. Leaves are reddish in spring, green in summer, and yellow, orange, or red in fall. May have greenish-white flowers and whitish-yellow berries.
    Poison Oak: Grows as a low shrub in the Eastern and Southern United States, and in tall clumps or long vines on the Pacific Coast. Fuzzy green leaves in clusters of three are lobed or deeply toothed with rounded tips. May have yellow-white berries.
    Poison Sumac: Grows as a tall shrub or small tree in bogs or swamps in the Northeast, Midwest, and parts of the Southeast. Each leaf has clusters of seven to 13 smooth-edged leaflets. Leaves are orange in spring, green in summer, and yellow, orange, or red in fall. May have yellow-greenish flowers and whitish-green fruits hang in loose clusters.

    Poison Plant Rashes Aren’t Contagious
    Poison ivy and other poison plant rashes can’t be spread from person to person. But it is possible to pick up the rash from plant oil that may have stuck to clothing, pets, garden tools, and other items that have come in contact with these plants. The plant oil lingers (sometimes for years) on virtually any surface until it’s washed off with water or rubbing alcohol.
    The rash will occur only where the plant oil has touched the skin, so a person with poison ivy can’t spread it on the body by scratching. It may seem like the rash is spreading if it appears over time instead of all at once. But this is either because the plant oil is absorbed at different rates on different parts of the body or because of repeated exposure to contaminated objects or plant oil trapped under the fingernails. Even if blisters break, the fluid in the blisters is not plant oil and cannot further spread the rash.
    Tips for Prevention

    Learn what poison ivy, oak, and sumac plants look like so you can avoid them.
    Wash your garden tools and gloves regularly. If you think you may be working around poison ivy, wear long sleeves, long pants tucked into boots, and impermeable gloves.
    Wash your pet if it may have brushed up against poison ivy, oak, or sumac. Use pet shampoo and water while wearing rubber gloves, such as dishwashing gloves. Most pets are not sensitive to poison ivy, but the oil can stick to their fur and cause a reaction in someone who pets them.
    Wash your skin in soap and cool water as soon as possible if you come in contact with a poisonous plant. The sooner you cleanse the skin, the greater the chance that you can remove the plant oil or help prevent further spread.

    Tips for Treatment
    Don’t scratch the blisters. Bacteria from under your fingernails can get into them and cause an infection. The rash, blisters, and itch normally disappear in several weeks without any treatment.
    You can relieve the itch by:

    Using wet compresses or soaking in cool water.
    Applying over-the-counter topical corticosteroid preparations or taking prescription oral corticosteroids.
    Applying topical OTC skin protectants, such as zinc acetate, zinc carbonate, zinc oxide, and calamine dry the oozing and weeping of poison ivy, poison oak, and poison sumac. Protectants such as baking soda or colloidal oatmeal relieve minor irritation and itching. Aluminum acetate is an astringent that relieves rash.

    See a doctor if:

    You have a temperature over 100 degrees Fahrenheit.
    There is pus, soft yellow scabs, or tenderness on the rash.
    The itching gets worse or keeps you awake at night.
    The rash spreads to your eyes, mouth, genital area, or covers more than one-fourth of your skin area.
    The rash is not improving within a few weeks.
    The rash is widespread and severe.
    You have difficulty breathing.

    Content current as of:
    06/09/2021

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    MIL OSI USA News

  • MIL-OSI USA: FDA 101: Dietary Supplements

    Source: US Food and Drug Administration

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    Español
    Multivitamins, vitamin D, echinacea, and fish oil are among the many dietary supplements lining store shelves or available online. Perhaps you already take a supplement or are thinking about using one. Dietary supplements can be beneficial to your health, but they can also involve health risks. So, it’s important that you talk with a health care professional to help you decide if a supplement is right for you.
    Read on to learn what dietary supplements are, are not, what role the U.S. Food and Drug Administration has in regulating them, and how to make sure you and your family use supplements safely.
    What Are Dietary Supplements?
    Dietary supplements are intended to add to or supplement the diet and are different from conventional food. Generally, to the extent a product is intended to treat, diagnose, cure, or prevent diseases, it is a drug, even if it is labeled as a dietary supplement. Supplements are ingested and come in many forms, including tablets, capsules, soft gels, gel caps, powders, bars, gummies, and liquids.
    Common supplements include:

    Vitamins: such as multivitamins or individual vitamins like vitamin D and biotin
    Minerals: such as calcium, magnesium, and iron
    Botanicals or herbs: such as echinacea and ginger
    Botanical compounds: such as caffeine and curcumin
    Amino acids: such as tryptophan and glutamine
    Live microbials: commonly referred to as “probiotics”

    What Are the Benefits of Dietary Supplements?
    Dietary supplements can help you improve or maintain your overall health, and supplements can also help you meet your daily requirements of essential nutrients.
    For example, calcium and vitamin D can help build strong bones, and fiber can help to maintain bowel regularity. While the benefits of some supplements are well established, other supplements need more study. Also, keep in mind that supplements should not take the place of the variety of foods that are important for a healthy diet.
    What Are the Risks of Dietary Supplements?
    Before buying or taking a dietary supplement, talk with a health care professional—such as your doctor, nurse, registered dietician, or pharmacist—about the benefits and risks.
    Many supplements contain ingredients that can have strong effects in the body. Additionally, some supplements can interact with medications, interfere with lab tests, or have dangerous effects during surgery. Your health care professional can help you decide what supplement, if any, is right for you.
    When taking dietary supplements, be alert to the possibility of a bad reaction or side effect, also known as an adverse event.
    Problems can occur especially if you:

    If you experience an adverse event while taking a dietary supplement, immediately stop using the supplement, seek medical care or advice, and report the adverse event to the FDA.
    How Are Dietary Supplements Regulated?
    The Law
    The Federal Food, Drug, and Cosmetic Act was amended in 1994 by the Dietary Supplement Health and Education Act, often referred to as DSHEA, which defined “dietary supplement” and set out the FDA’s authority regarding such products. Under existing law:

    The FDA does NOT have the authority to approve dietary supplements for safety and effectiveness, or to approve their labeling, before the supplements are sold to the public.
    Under the FD&C Act, it is the responsibility of dietary supplement companies to ensure their products meet the safety standards for dietary supplements and are not otherwise in violation of the law.
    Dietary supplement labels are required to have nutrition information in the form of a Supplement Facts label that includes the serving size, the number of servings per container, a listing of all dietary ingredients in the product, and the amount per serving of those ingredients. They also must have a statement on the front of the product identifying it as a “dietary supplement” or similar descriptive term, e.g., “herbal supplement” or “calcium supplement”. 

    In general, even if a product is labeled as a dietary supplement, a product intended to treat, prevent, cure, or alleviate the symptoms of a disease is a drug, and subject to all requirements that apply to drugs.
    The FDA’s Role and Actions to Help Keep You Safe
    Even though the FDA does not approve dietary supplements, there are roles for the agency in regulating them.

    Since companies can often introduce a dietary supplement to the market without notifying the FDA, the agency’s role in regulating supplements primarily begins after the product enters the marketplace.
    The FDA periodically inspects dietary supplement manufacturing facilities to verify companies are meeting applicable manufacturing and labeling requirements.
    The FDA also reviews product labels and other labeling information, including websites, to ensure products are appropriately labeled and that they do not include claims that may render the products drugs, e.g., claims to treat, diagnose, cure, or prevent diseases.
    The FDA monitors adverse event reports submitted by dietary supplement companies, health care professionals, and consumers as well as other product complaints for valuable information about the safety of products once they are on the market.
    If a product is found to be unsafe or doesn’t otherwise comply with the law, the FDA can:

    Work with the company to bring the product into compliance.
    Ask the company to voluntarily recall the product.
    Take action to remove a dangerous product from the market.

    Tips to Be a Safe and Informed Consumer
    Before taking a dietary supplement, talk with your health care professional. They can help you decide which supplements, if any, are right for you. You can also contact the manufacturer for information about the product.

    Take only as described on the label. Some ingredients and products can be harmful when consumed in high amounts, when taken for a long time, or when used in combination with certain drugs or foods.
    Do not substitute a dietary supplement for a prescription medicine or for the variety of foods important to a healthy diet.
    Do not assume that the term “natural” to describe a product ensures that it is safe.
    Be wary of hype. Sound health advice is generally based upon research over time, not a single study.
    Learn to spot false claims. If something sounds too good to be true, it probably is.

    Why Is It Important to Report an Adverse Event?
    If you experience adverse event, also known as a side effect or bad reaction, the FDA encourages both you and your health care professional to report the adverse event to the FDA.
    You can help the FDA, yourself, and other consumers by reporting an adverse event. A single adverse event report can help us identify a potentially dangerous product and possibly remove it from the market.
    For a list of potential serious reactions to watch for, and to learn how to report an adverse event, please see the FDA’s webpage, How to Report a Problem with Dietary Supplements.
    Adverse events can also be reported to the product’s manufacturer or distributor through the address or phone number listed on the product’s label. Dietary supplement firms are required to report serious adverse events they receive about their dietary supplements to the FDA within 15 days.
    As a part of FDA modernization efforts for field operations, all of our Centers now directly receive reports of problems or adverse reactions with FDA-regulated products. Please direct concerns to the appropriate FDA center by visiting our SmartHub webpage, which will guide you to the appropriate webform or phone number.
    If you are not able to use the SmartHub, you may also call 1-888-INFO-FDA and follow the prompts to report a problem. If you require the use of a Relay Service, please call the Federal Relay Services at 800-877-8339. This is a toll-free relay service to call federal agencies from TTY devices.
    NOTE: The ORA consumer complaint coordinator telephone numbers previously available are no longer in use.
    Additional Resources:

    MIL OSI USA News

  • MIL-OSI USA: Mixing Medications and Dietary Supplements Can Endanger Your Health

    Source: US Food and Drug Administration

    Image

    Español
    When you take prescription or over-the-counter medications, do you also take a vitamin, mineral, or other dietary supplement? Have you considered whether there is any danger in mixing medications and dietary supplements?
    There could be. Certain dietary supplements can change absorption, metabolism, or excretion of a medication. If that happens, it can affect the potency of your medication, which means you may get either too much or too little of the medication you need.
    Dangers of Mixing Medications and Dietary Supplements
    Dietary supplements are widely used and include vitamins, minerals, and other less familiar substances—such as amino acids, botanicals, and botanical-derived ingredients. Tens of millions of people in the U.S. take some kind of dietary supplement along with a prescription medication.
    Combining dietary supplements and medications could have dangerous and even life-threatening effects. For example, drugs for HIV/AIDS, heart disease, depression, treatments for organ transplants, and birth control pills are less effective when taken with St. John’s wort, an herbal supplement. Depending on the medication involved, the results can be serious.
    In addition, warfarin (a prescription blood thinner), ginkgo biloba (an herbal supplement), aspirin, and vitamin E (a supplement) can each thin the blood. Taking any of these products together may increase the potential for internal bleeding or stroke.
    Don’t Assume “Natural” Means Safe
    Some consumers may believe that a so-called “natural” product, such as an herbal supplement or fish oil, can’t hurt them. Natural does not always mean safe.
    For example, many weight loss products claim to be “all-natural” or “herbal,” but their ingredients may interact with medications or may be dangerous for people with certain medical conditions.
    Precautions for Children and for Those Who Are Pregnant or Breastfeeding
    Children, in particular, could be harmed by taking both supplements and medicines. Children’s metabolisms are unique, and at different ages they metabolize substances at different rates. For kids, ingesting dietary supplements together with other medications make adverse events a real possibility. And if you’re pregnant or breastfeeding, you’ll want to discuss any dietary supplements with their health care professional.
    Considerations Before Surgery
    If you’re planning a surgery, be aware that some dietary supplements can interact in a harmful way with medications you need to take before, after, or during that surgery. Your health care professional may ask you to stop taking dietary supplements two or three weeks before the procedure to avoid potentially dangerous changes in heart rate, blood pressure, or bleeding risk.
    What Is the FDA’s Role in Dietary Supplements?
    Although the FDA has oversight of the dietary supplement industry, the supplement manufacturers and distributors are responsible for making sure their products are safe before they’re marketed. Manufacturers are required to produce dietary supplements that meet minimum quality standards, do not contain contaminants or impurities, and are accurately labeled.
    The FDA does not review supplements for effectiveness (as it does for OTC and prescription medications) before they enter the market. If the dietary supplement contains certain new dietary ingredients, the manufacturer must submit data on that ingredient’s safety—but not its effectiveness—for the FDA’s review before the manufacturer markets a dietary supplement containing the ingredient.
    The FDA can take enforcement actions against manufacturers if their products are found to be adulterated (for example, if an ingredient is unsafe) and/or misbranded (for example, if their labeling is false or misleading). To the extent a product marketed as a dietary supplement bears claims that the product is intended to diagnose, mitigate, treat, cure, or prevent a disease, the FDA may also consider whether it is appropriate to take action against products that are unlawfully marketed as drugs.
    Talk With Your Health Care Professional Before Using Supplements
    Before you take any dietary supplement or medication—over-the-counter or prescription—it is important to discuss it with your health care professional.

    Every time you visit a health care professional’s office, bring a list of all the dietary supplements and medications you are currently taking. Include the dosages and how many times a day you take them. Some people find it easiest to throw all their dietary supplements and medications in a bag to bring to the medical visit.
    If you’re thinking of adding a dietary supplement to your daily routine, call your health care professional first, and let them know what other supplements and medications you’re taking.
    Also, tell your health care professional if your health status has changed, particularly if you are pregnant, breastfeeding, or have had any recent illnesses or surgery.

    Additional Resources:
    Dietary Supplements, FDA Information for Consumers on Using Dietary Supplements, FDA

    MIL OSI USA News

  • MIL-OSI USA: University High Knows the Answers at NASA JPL Regional Science Bowl

    Source: NASA

    In a fast-paced competition, students showcased their knowledge across a wide range of science and math topics.
    What is the molecular geometry of sulfur tetrafluoride? Which layer of the Sun is thickest? What is the average of the first 10 prime numbers? If you answered “see-saw,” “radiation zone,” and “12.9,” respectively, then you know a tiny fraction of what high school students must learn to compete successfully in the National Science Bowl.
    On Saturday, March 1, students from University High School in Irvine answered enough of these kind of challenging questions correctly to earn the points to defeat 19 other high school teams, winning a regional Science Bowl competition hosted by NASA’s Jet Propulsion Laboratory in Southern California. Troy High, from Fullerton, won second place, while Arcadia High placed third.
    Some 100 students gathered at JPL for the fast-paced event, which drew schools from across Los Angeles, Orange, and San Bernardino counties. Teams are composed of four students and one alternate, with a teacher serving as coach. Two teams at a time face off in a round robin tournament, followed by tie-breaker and double-elimination rounds, then final matches.

    The questions — in biology, chemistry, Earth and space science, energy, mathematics, and physics — are at a college first-year level. Students spend months preparing, studying, quizzing each other, and practicing with “Jeopardy!”-style buzzers.
    It was the third year in a row for a University victory at the JPL-hosted event, and the championship round with Troy was a nail-biter until the very last question. The University team only had one returning student from the previous year’s team, junior Feodor Yevtushenko. Both he and longtime team coach and science teacher David Knight said the key to success is specialization — with each student focusing on particular topic areas.
    “I wake up and grind math before school,” Feodor said. “Being a jack-of-all-trades means you’re a jack-of-no-trades. You need ruthless precision and ruthless speed.”
    University also won for four years in row from 2018 to 2021. The school’s victory this year enables its team to travel to Washington in late April and vie for ultimate dominance alongside other regional event winners in the national finals.
    More than 10,000 students compete in some 115 regional events held across the country. Managed by the U.S. Department of Energy, the National Science Bowl was created in 1991 to make math and science fun for students, and to encourage them to pursue careers in those fields. It’s one of the largest academic competitions in the United States.
    JPL’s Public Services Office coordinates the regional contest with the help of volunteers from laboratory staff and former Science Bowl participants in the local community. This year marked JPL’s 33rd hosting the event.
    News Media Contact
    Melissa PamerJet Propulsion Laboratory, Pasadena, Calif.626-314-4928melissa.pamer@jpl.nasa.gov
    2025-030      

    MIL OSI USA News

  • MIL-OSI USA: DCCA NEWS RELEASE: DCCA TO HOST NATIONAL CONSUMER PROTECTION WEEK FAIR

    Source: US State of Hawaii

    DCCA NEWS RELEASE: DCCA TO HOST NATIONAL CONSUMER PROTECTION WEEK FAIR

    Posted on Mar 3, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA HOʻOKELE

    DCCA TO HOST NATIONAL CONSUMER PROTECTION WEEK FAIR

    Annual Event Brings Together Dozens of Organizations

     

    FOR IMMEDIATE RELEASE

    March 3, 2025

    HONOLULU — National Consumer Protection Week (NCPW) starts today, March 3, 2025, and serves as a significant annual event dedicated to raising awareness about consumer rights and educating the public on avoiding frauds and scams. The Department of Commerce and Consumer Affairs (DCCA) will commemorate NCPW by hosting a free Consumer Protection Fair from 11:00 a.m. to 1:30 p.m. on Thursday, March 6 on the fourth floor of the State Capitol at 415 South Beretania Street. Metered parking is available for the public.  

     

    “Consumer awareness is the first line of defense against fraud and exploitation. As we commemorate National Consumer Protection Week through our annual fair, the DCCA remains committed to providing the public with the resources and support necessary to navigate the complexities of today’s marketplace,” said DCCA Director Nadine Ando.

     

    Organizations participating in the National Consumer Protection Week Fair on Thursday, March 6, include:

    • Better Business Bureau
    • Blood Bank of Hawai‘i
    • Elderly Affairs Division – City and County of Honolulu
    • Tax Relief Section – City and County of Honolulu
    • Real Property Assessment Division – City and County of Honolulu
    • Executive Office on Aging – Senior Medicare Patrol (SMP)
    • Hawai‘i Credit Union League
    • Hawai‘i Emergency Management Agency (HIEMA)
    • Hawai‘i Family Caregiver Coalition
    • Hawai‘i HomeOwnership Center
    • Hawai‘i Pacific University
    • Hawai‘i State Health Insurance Assistance Program (Hawai‘i SHIP)
    • Hawaiian Community Assets
    • Hawaiian Electric Co.
    • HMSA
    • Honolulu Fire Department – City and County of Honolulu
    • IRS – Taxpayer Advocate Service
    • Long-Term Care Ombudsman Program – State of Hawai‘i
    • Neighborhood Commission Office
    • 911 Board – State of Hawai‘i
    • Dept. of Taxation – State of Hawai‘i
    • Public Utilities Commission – State of Hawai‘i
    • Mediation Center of the Pacific
    • U.S. Attorney’s Office – District of Hawai‘i
    • The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA)
    • Business Action Center
    • Investor Education Program
    • Consumer Education Program
    • Division of Financial Institutions
    • Insurance Division
    • Office of Consumer Protection
    • Personnel Office
    • Public Utilities Commission
    • Real Estate Branch
    • Regulated Industries Complaints Office – Consumer Resource Center

    ###

    Media Contact:

    Communications Office
    Department of Commerce and Consumer Affairs

    Phone: 808-586-2760
    Email:
    [email protected]

    MIL OSI USA News

  • MIL-OSI Economics: Michael S Barr: Promoting responsible innovation through the Novel Activities Program

    Source: Bank for International Settlements

    Thanks to the Alliance for Innovative Regulation for organizing this event and for bringing together banks, fintechs, and regulators to collaborate and foster responsible innovation.1

    Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. Innovation can make financial products and services better, cheaper, and safer. It can make banking accessible to more consumers, advancing financial inclusion. It can modernize our financial infrastructures, creating efficiencies and providing new tools for banks to manage risk.

    Innovation also comes with risks that need to be managed responsibly. Responsible innovation is in everyone’s interest. Consumers want the benefits of innovation through products and services they can trust. Banks have an interest in managing the complexities of innovation responsibly, ensuring that they recognize new and evolving risks to safety and soundness, follow relevant laws, and protect and serve their customers. Fintechs often play a key role in offering products and services that allow banks to meet these needs. And regulators and supervisors should develop regulatory and supervisory frameworks that allow banks to clearly understand and manage the risks associated with innovative activities. To achieve that, regulators should provide ongoing transparency and clarity on our approach.

    Today, I’d like to share how the Federal Reserve’s Novel Activities Supervision Program, launched in the summer of 2023, plays an important role in supporting responsible innovation at our supervised institutions.2 Prior to this program, the Federal Reserve established temporary working groups and task forces to better understand evolving technologies to inform supervision. Ultimately, though, we determined we needed a dedicated supervisory function for novel activities. There were a number of factors driving that decision that guided how we designed the Program.

    First, we understood that the pace of innovation was rapid. And we knew there would, of course, be benefits and risks stemming from innovation in the financial system. So we tasked the Novel Program with monitoring and understanding how these innovations and associated novel activities are used in banking and what benefits and risks they would pose. We gave them the mandate to keep up with the expertise related to use of new technologies and to employ new tools and data analytics in supervision. We invested time and research in understanding new technologies and businesses because we understood the importance of allowing innovation in the sector and avoiding excessively rigid stances on risk that don’t take into account the potential to make advancements in the sector and economy that benefit all of society.

    Second, we recognized that many financial institutions across the country are exploring and using many of the same technologies and similar novel business models. We felt it was important to create a coordinated approach to supervising novel activities across the Federal Reserve System. We initially identified two dozen firms, including firms of all sizes, for supervision by the Novel Activities Program. Firms are added or removed from the Program based on their engagement in novel activities. The supervisory program is designed to build a broad-based perspective of novel activities, the benefits and risks, and how those risks are managed. In this way, the Novel Program helps to enable similar supervision of similar risks, in a manner that reflects our current understanding of those activities in a variety of contexts.

    Third, while the technologies and products used by banks may be similar, their application and thus the benefits and risks may vary across business models. We understand the importance of tiering supervision to the type, extent, and level of risk posed by the novel activities and varied business models of supervised institutions and not imposing undue burden on firms. The Novel Activities Program employs a risk-based approach to supervision-meaning that the intensity of supervision is commensurate with the risk and scale of the activity. There is no one-size-fits-all model. Experts from the Novel team join the traditional supervisory teams that banks are used to working with on a regular basis, so there is no disruption or change in how we engage with banks. The Program is dynamic. As a bank changes its activities in this space, the rigor of the supervision similarly changes.3

    The Novel Activities Program serves as a central point of expertise on new and innovative activities, supporting coordinated and risk-based supervision, and facilitating collaboration and communication between supervisors and stakeholders, all of whom contribute to supporting responsible innovation.

    Next, let me speak to two important principles in our Novel Program-clarity and collaboration.

    Clarity

    Starting with clarity: for banks beginning to explore new technologies, supervisors should engage early in the process to understand the technology and the risks and provide a clear sense of their expectations along the way. Engagement allows for banks and their supervisors to share perspectives on effective risk management practices and the application of new technologies. Early and open dialogue creates opportunities for supervisors to provide feedback to banks on necessary risk management frameworks early on in their innovation process and to have an open dialogue that builds trust as products go to market.

    As novel activities become more developed, we can issue guidance, resources, and other types of communications to further disseminate information, gather input, and provide clarity on effective risk management for novel activities. For example, in May 2024, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a guide to assist community banks in developing and implementing third-party risk management practices, which could be a useful resource for banks seeking to engage in novel, technology-based partnerships.4 A few months later, the agencies issued a joint statement on arrangements with third parties to deliver bank deposit products and services, which discusses the risks these arrangements can present, offers examples of practices to manage those risks, and reminds banks of existing requirements and supervisory expectations.5 There is no-one-size-fits-all approach in how we engage and communicate guidance to our firms, but it is essential that engagement happen to provide clarity to both sides.

    I have said it before many times and want to reiterate it here: the Federal Reserve neither prohibits nor discourages banking organizations from providing banking services to customers of any specific class or type, as permitted by law or regulation. It is up to banks to choose their own customers, and not supervisors. That has been and will continue to be our practice. In fact, banks supervised by the Federal Reserve provide material and important services to the crypto-industry. For example, banks supervised by the Fed operate real-time, 24/7 payment platforms that serve as a primary mechanism for companies to exchange dollars to settle crypto-asset transactions. We monitor that activity from both a safety and soundness and financial stability lens, but we do not tell banks to serve or not serve those customers.

    Collaboration

    Turning to collaboration, the private sector is at the forefront of innovation and that ongoing engagement and collaboration with industry gives supervisors insight into the evolving nature of novel innovations and developments. Insights gathered from supervision, analysis, and monitoring activities, and industry engagement, can identify real improvements to how financial services are delivered to households and businesses and how risks are managed by banks. Collaboration can also reveal areas where we can provide regulatory clarity for banks looking to engage in new activities.

    I want to emphasize the importance of hearing from the public through tools like requests for information, or RFIs. The bank regulatory agencies published an interagency RFI on bank-fintech arrangements last July.6 The purpose of the RFI was to build on the agencies’ understanding of these arrangements by soliciting updated input on the nature of bank-fintech arrangements. This included effective risk management practices regarding those arrangements, and the implications of such arrangements for bank risk management, safety and soundness, and compliance with applicable laws and regulations. We were also interested in understanding whether enhancements to existing supervisory guidance would be considered helpful in addressing the risks associated with these types of arrangements. We received over 100 comments. Respondents shared their insights on many topics, including the risks and benefits of these arrangements and how the agencies can bring additional clarity to our supervisory expectations. Some in the banking sector commented that the Novel Activities Program is an example of how cross-team collaboration might deepen an agency’s understanding of technology and innovation. The Federal Reserve and the other agencies are carefully considering the feedback we received as we consider how we can continue to support responsible innovation.

    We will continue to invest time and resources learning more about innovative technologies such as distributed ledger technology and bank-fintech partnerships to understand how they may benefit the institutions we supervise and their customers. Moreover, interagency coordination and knowledge-sharing with federal and state regulators and the private sector continue to be critical sources of discussion, engagement, and knowledge-building.

    In Closing

    In closing, thank you for this opportunity to outline the Fed’s Novel Activities Program, which I believe has already improved the clarity and consistency of our supervision related to innovative technologies and fostered collaboration as banks and supervisors seek to better understand the risks associated with these activities. I believe this approach will support innovation that benefits consumers while supporting safety and soundness. Thank you.


    MIL OSI Economics

  • MIL-OSI Economics: Michelle W Bowman: Community banking

    Source: Bank for International Settlements

    It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1 I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks.

    In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy.

    No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context.

    The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2

    Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience-whether serving as the President of the local Chamber of Commerce or the Rotary Club-provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious-especially in today’s regulatory environment-and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on.

    Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship.

    Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3 But as we all know, aggregate asset size is not an accurate indication of these banks’ importance.

    Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise-and a commitment to the local community-can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services.

    While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences.

    Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model-including the interest rate environment, economic conditions, and alternative sources of competition for credit-we should consider whether there are actions regulators can take to support and ensure the future of community banks.

    The Benefits of Experience

    One of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners.

    Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country.

    Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry-including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System.

    This experience is also not something that I take for granted-seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong.

    The Responsibility of Regulators

    Overregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model.

    Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions.

    What should that framework look like?

    First, it includes thresholds that better reflect risk and business model.

    As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system.

    An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold.

    Another significant problem with the current approach-that specifically challenges community banks-is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low.

    We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions.

    I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system.

    A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5 So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process.

    I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval.

    Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6

    Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff.

    We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application.

    We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms.

    Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval.

    The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards.

    If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet-for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal-we should be clear and transparent about those expectations in advance.

    Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services?

    Tailoring

    While these steps-developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process-would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance.

    Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks.

    Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches.

    Pushing down requirements more appropriate for larger institutions to smaller banks-either formally through regulation or informally through supervisory messaging-encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bank relative to other institutions, instead of evaluating a bank against a clear legal standard.

    It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring.

    Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue-where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks-we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve.

    Closing Thoughts

    Thank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can.

    I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.


    MIL OSI Economics

  • MIL-OSI Economics: Alberto Naudon: Opening remarks – 4th Workshop on Data Science in Central Banking

    Source: Bank for International Settlements

    Good morning, distinguished guests, colleagues, and friends,

    It is my great pleasure to welcome you all to the 4th Workshop on Data Science in Central Banking organized by the BIS Irving Fisher Committee on Central Bank Statistics (IFC) and hosted by the Bank of Italy.

    As we gather today, we are reminded of the rapid advancements in data science and its profound impact on central banking. Indeed, the sheer volume and complexity of financial data now available call for more sophisticated techniques for data management and analysis. This trend is reinforced by the new opportunities opened up by artificial intelligence and machine learning. This workshop is a testimony to our collective commitment to harnessing innovation to enhance central bank’ operations, policy-making, and overall effectiveness.

    As emphasized in the last 2024 IFC’s Annual Report just endorsed by the BIS All Governors a few weeks ago, the current focus on data science and AI supports the broader objective of improving statistical methods and fostering innovation in central banks. This IFC report underscores that leveraging new technologies can be instrumental to enhance data quality, improve analytical capabilities, and support evidence-based policymaking. The Report also calls for reviewing the related ongoing initiatives pursued by central banks and for providing a platform for sharing knowledge and best practices.

    Let me recall that the three previous IFC data science workshops have been dealing with, respectively, (1) machine learning applications; (2) applications and tools in data science; and (3) data access and sharing. This time we will over the next three days delve into the various aspects related to the use of generative AI in central bank activities. We will hear from esteemed experts and practitioners who will share their insights and experiences, providing us with valuable knowledge and practical tools to navigate the evolving landscape of data science.

    I would like first to extend a special welcome to our keynote speaker, Julien Simon, Chief Evangelist at Arcee.ai, who will be discussing the tailoring of small language models for enterprise use cases. His expertise and vision will undoubtedly set the tone for our discussions.

    Then the sessions of the workshop will cover various critical areas, such as natural language processing tools, AI for summarization and information extraction, supervisory technology, text analysis for market monitoring and monetary policy purposes, and data privacy and anonymization.

    Let me share with you a few thoughts on these issues:

    First, the new techniques we will discuss are not only very timely, but they are also essential to leverage data science to address the complex challenges we face in modern central banking. In particular, the integration of generative AI and advanced data analytics into central banks’ operations can significantly enhance their ability to make informed decisions, assess economic trends, and work to promote monetary and financial stability. More generally, IT innovation provides brand new perspectives. For instance, open-source software offer numerous benefits supporting official statistics and data analysis, including cost savings, flexibility, and the ability to customize solutions to meet specific needs. Another example is that modern data management approaches such as data lakes and data meshes architectures allow for new ways to store, organize, and access data. This calls for careful planning and for not blindly following the crowd and fashionable buzz words.
    The main goal is to concretely help central banks to more effectively leverage their information assets, improve the integration and quality of their data, and support more sophisticated analytical techniques.

    Second, your presence here today, coming from various jurisdictions all over the world and representing central banks, other public authorities, international organizations, academia and the private sector, underlines the importance of the goal of this workshop, which is to showcase concrete projects, share experiences, develop in-house knowledge and also reduce reliance on external service providers.

    Third, central banks, as producers of official data, have a key role to play to promote the access and dissemination of credible information to various external stakeholders, including other domestic authorities, international institutions, academia, and the general public. But better data is also key for supporting real-time, evidence-based policymaking in central banks, which increasingly rely on trustworthy data and sophisticated analytical and forecasting capacities to support their decisions.

    Fourth, the relevance of artificial intelligence for central banks cannot be overstated, as it offers immense opportunities to enhance productivity, improve decision-making, and foster innovation. In particular, Generative AI has the potential to revolutionize data analysis and interpretation, offering deeper insights and more accurate predictions. For instance, the use of large language models can significantly enhance our ability to process and understand vast amounts of unstructured data, ranging from economic reports to news articles, thereby enabling us to make more informed policy decisions especially in the areas of monetary policy, financial stability, and regulatory oversight.

    However, and this is my fifth point, GenAI also presents significant challenges and risks. Central banks must navigate issues such as data privacy, security, and ethical considerations. The potential for systemic risks, such as homogenization of information and procyclicality, requires careful management. As central banks increasingly rely on data-driven approaches, it is essential to ensure that sensitive information is protected, and that data is used ethically and responsibly.

    And my last point is that addressing these challenges calls for developing robust governance frameworks. This is key so that we can harness the power of AI while mitigating its risks, ensuring that our financial systems remain stable and resilient. At the same time investing in advanced IT infrastructure and fostering collaboration and coordination as we do today can help to stay abreast of emerging threats and implement best practices.

    To conclude, this workshop aims to gather a diverse audience of practitioners, specialists, and interested stakeholders from central banks, international organizations, national statistical offices, and beyond. Our primary objective is to highlight ongoing projects and exchange experiences that can help foster in-house expertise and lessen reliance on external service providers. For instance, a number of projects that will be presented in the next few days have replicable codes developed with open-source software and can be usefully shared among all interested stakeholders. Moreover, the presentations will enhance our understanding of the opportunities and risks associated with new Generative AI technologies. This is key for central banks willing to navigate the evolving financial landscape and ensure that they are well-positioned to meet future challenges.

    I therefore encourage you all to actively participate in the sessions, engage with the speakers, and share your own experiences and perspectives. It is through this collaborative spirit that we can truly advance our understanding and application of data science in our field. Before closing, I would like to thank the organizers, speakers, and all participants for your dedication and contributions to this workshop. I am confident that our time together will be both enlightening and inspiring, and I look forward to the fruitful discussions and innovative ideas that will emerge.

    Thank you, and welcome once again to the 4th Workshop on Data Science in Central Banking.

    MIL OSI Economics

  • MIL-OSI Economics: Asian Development Blog: Building a $43 Trillion Bridge Across Asia’s Infrastructure Gap

    Source: Asia Development Bank

    Asia and the Pacific face a daunting infrastructure challenge, requiring sustained investment to enhance connectivity, safety, and resilience. While road networks dominate spending, underinvestment in maintenance and limited private-sector involvement threaten long-term sustainability.

    Asia and the Pacific will require about $43 trillion from 2020 to 2035 to develop, maintain, repair, and climate-proof its transport infrastructure, according to the Asian Transport Observatory. This represents about 2% of the region’s GDP, averaging roughly $2.7 trillion annually. 

    Infrastructure investment requirements have tripled, increasing from roughly $750 billion annually between 2000 and 2020 to $2.7 trillion.

    Failing to secure the needed resources risks inadequate infrastructure development, leading to deterioration, costly repairs, and transport disruptions over time.

    Traffic congestion currently represents about 2-4% of GDP in Asia’s major cities. Road traffic fatalities and severe injuries cost $1.5 trillion in 2021, factoring in the loss of lives, assets, and workforce productivity. 

    The health consequences of PM2.5 air pollution also contributed to a further loss of at least $4 trillion in 2019. Climate-related challenges may also bring significant expenses, with potential damages to Asia’s transport infrastructure approaching $54 billion. 

    Moreover, delays and interruptions due to weakened transport infrastructure could lead to logistical losses estimated annually at $43 billion in 2023. It’s estimated that inadequate transport infrastructure directly threatens about 7% of GDP. 

    Tackling these challenges requires a forward-thinking approach emphasizing infrastructure maintenance, capacity enhancement, safety enforcement, and disaster preparedness to mitigate these considerable costs.

    The infrastructure investment needs across the region are vast and varied. The largest share of the investment needs lies within East Asia (58%) and South Asia (17%) sub-regions, representing 73% of the population.

    Our projections suggest that investment in transport infrastructure within high-income economies will stagnate by 2035, influenced by an aging population, stabilized travel demand, and well-established infrastructure networks. 

    On the other hand, low- and middle-income economies are expected to see a sharp rise in investment requirements, driven by inadequate access to transport infrastructure and increasing demand for passenger and freight transport. 

    Upper-middle-income economies are set to spearhead transport infrastructure investments, maintaining a significant share of 67% of total investment from 2000 to 2020, followed by 65% from 2020 to 2035. 

    About 74% of total investment needs over the next decade will be concentrated in East and South Asia, propelled by the ongoing rapid growth of transport demand in India and the People’s Republic of China.

    Road transport will continue to secure bulk investments from 2020 to 2035, accounting for 63% of total investments (approximately 1.3% of GDP). This is required to bridge the infrastructure gap and improve access and connectivity. 

    The remaining investment needs are as follows: 17% for railways, including high-speed rail (around 0.4% of GDP), 11% for raid urban transit (about 0.2% of GDP), 4% for ports (0.1% of GDP), and 5% for airports (0.1% of GDP). 

    Urban rail investment will equal that of heavy rail infrastructure for the first time. Investment in metro systems is expected to increase from 7% of total investments between 2000 and 2020 to 10% from 2020 to 2035. Other than that, we don’t see a significant shift in the pattern of infrastructure spending.  

    Maintenance is crucial for transport infrastructure, guaranteeing assets’ durability, safety, and effectiveness. Studies show that every dollar invested in maintenance saves $4-$5 later required for reconstruction. 

    However, there’s a worrying trend of underinvestment in maintenance. This underinvestment will likely persist. On average, maintenance costs for transport infrastructure are expected to represent approximately 24% of total investment expenses from 2020 to 2035. 

    Nonetheless, maintenance expenditures differ across various modes and countries. New construction projects often receive significant media and political attention, but maintenance initiatives, which are vital for the long-term viability of transport infrastructure, are usually overlooked and go underfunded. 

    Regrettably, the issue of insufficient maintenance funding is a persistent challenge in Asia.    
     

    With nearly 1.8 billion people lacking access to transport infrastructure in Asia, countries are rapidly building infrastructure. But even with a $43 trillion investment by 2035, the infrastructure gap with the global North will continue to exist.

    By 2035, Asia’s average transport infrastructure per capita is projected to still be 70% lower than current levels in wealthier countries, as measured by OECD country levels. However, the silver lining is that we will bridge the gap in specific modes at a lower income level. 

    For example, the average availability of urban rapid transit per capita in Asia and the Pacific is expected to double, rising from 6 kilometers in 2020 to 12 kilometers per million people by 2035. OECD countries had similar access back in 2013, having a GDP per capita nearly four times higher. 

    Maintaining a sustained annual investment rate of 2.3% of GDP is a challenge in itself. Identifying who will provide that investment is another complex question. While infrastructure development offers clear socio-economic benefits, investments in this area have declined as a percentage of GDP. 

    This shift raises concerns, especially given the limited involvement of private funding in the region’s infrastructure development. Historically, governments have been the leading financiers. 

    However, the aftermath of COVID-19 has strained public finances and increased debt burdens. Public-private partnerships show potential but have not expanded enough to meet the growing transport infrastructure demands. 

    There is an urgent need for a significant increase in private investment to bridge this gap. Attracting such capital depends on the government’s ability to create a more favorable regulatory and planning environment.  

    Moreover, there is considerable potential for optimizing public infrastructure investments. Governments should explore alternative funding methods, such as raising user fees, leveraging land value, and adopting innovative financing techniques.

    Strategic investments, regulatory reforms, and innovative funding solutions are essential to ensuring Asia’s transport infrastructure meets future demands.

    The Asian Transport Observatory was developed by the Asian Development Bank to strengthen the knowledge base on transport in Asia and the Pacific, and to support better informed investments and policies in the sector.
     

    MIL OSI Economics

  • MIL-OSI Economics: Thales reports its 2024 full-year results

    Source: Thales Group

    Headline: Thales reports its 2024 full-year results

    • Order intake: €25.3 billion, up 9% (+6% on an organic basis1)
    • Sales: €20.6 billion, up 11.7% (+8.3% on an organic basis)
    • Adjusted EBIT2: €2,419 million, up 13.4% (+5.7% on an organic basis)
    • Adjusted net income, Group share2: €1,900 million, up 7%
    • Consolidated net income, Group share: €1,420 million, up sharply by 39%
    • Free operating cash flow from continuing operations 2,3: €2,142 million, up 9%
    • Free operating cash flow2: €2,027 million, stable against 2023
    • Dividend4of €3.70 per share, representing 40% of Adjusted net income, Group share
    • Non-financial performance: steady progress towards medium to long-term targets
    • 2025 objectives:
      • Book-to-bill5above 1
      • Organic sales growth of between +5% and +6%, corresponding to sales between €21.7 billion and €21.9 billion
      • Adjusted EBIT margin between 12.2% and 12.4%

    Thales’s Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.

    “2024 was once again a year of strong profitable growth for Thales.

    ​Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than €25 billion. The record order book provides unprecedented visibility for all our activities.
    ​Sales exceeded the €20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Group’s production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance.
    ​Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage.
    ​Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than €2 billion.
    ​Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024.
    ​This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients.

    ​We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.”

    Patrice Caine, Chairman & Chief Executive Officer

    Key figures

    Order intake for the 2024 financial year increased by 9% compared with 2023 at €25,289 million and by +6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly €51 billion, a record level, up by nearly €5.4 billion compared with the end of 2023.

    Sales totaled €20,577 million, up 11.7% from 2023 (+8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.

    Adjusted EBIT7 stood at €2,419 million in 2024 (11.8% of sales), compared with €2,132 million (11.6% of sales) in 2023, an increase of 13.4% (+5.7% organic change).

    At €1,900 million, Adjusted net income, Group share7 was up +7% compared to 2023.

    Consolidated net income, Group share, stood at €1,420 million, up sharply by +39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.

    Free operating cash flow from continuing operations7,9 amounted to €2,142 million, compared with €1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to €2,027 million, compared with €2,026 million in 2023.
    ​Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts’ execution and the continued Group’s mobilization of its CA$H! plan aimed at optimizing this conversion ratio.

    In this context, the Board of Directors decided to propose the payment of a dividend of €3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of €0.85 per share was paid on December 5, 2024. The balance of €2.85 will be paid on May 22, 2025.

    Order intake

    Order intake for the 2024 financial year totaled €25,289 million, up 9% from 2023 in total change and up +6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.

    In 2024, Thales signed 35 large orders with a unit value of over €100 million, representing a total of €8,674 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles.
    • Eight large orders booked in Q2 2024:
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition.
    • Seven major orders recorded in Q3 2024:
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of Lightweight Multi-role Missiles (LMM) to strengthen Ukraine’s air defence capabilities;
      • Order of LMM for the British armed forces;
      • Order for the supply of Ground Fire multifunction radar and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program.
    • Sixteen large orders booked in Q4 2024:
      • Order for the supply of a satellite for the European Space Agency’s EnVision scientific mission to understand the planet Venus;
      • Contract amendment signed with OHB System for the payload of the third satellite of the European CO2M mission focused on CO2 emissions generated by human activity;
      • Amendment to the contract with the European Space Agency for the development of the ESPRIT communications and refueling module for the future lunar space station, Gateway;
      • Order for the development of the world’s first quantum key distribution (QKD) system from geostationary orbit, in collaboration with Hispasat;
      • Contract with the Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module on board the future lunar space station Gateway;
      • Entry into force of the contract for the supply of 12 Rafale to Serbia;
      • Order from Naval Group for the supply of equipment for the submarine delivery contract in the Netherlands;
      • Order under the AJISS contract to provide In-Service Support to Royal Canadian Navy ships;
      • Order for the development and production of 430 new-generation MICA-NG interception, combat and self-defence missile seekers;
      • Order from the UK Ministry of Defence for the development and preparation of large-scale production of STARStreak HVMs (High Velocity Missiles) for the armed forces;
      • Order from the French Air Navigation Services Directorate (DSNA) aimed at improving the 4-Flight air traffic management system;
      • Amendment to the CONTACT contract with the DGA providing the armed forces with a range of software-defined radios designed for collaborative combat;
      • Order from the UK Ministry of Defence to ensure the permanence and maneuverability of the Royal Navy’s operational communications;
      • Order from the DGA as part of the SYRACUSE IV program to equip the French army’s SCORPION vehicles with Thales’ secure satellite communications solution;
      • Order from the DGA for the design, delivery and maintenance of a resilient communication system;
      • Order from the DGA to produce an encryption key management and distribution system and key injector for the Ministry of the Armed Forces.

    With a total amount of €16,615 million, order intake with a unit value of less than €100 million continued to record favorable momentum.

    Geographically12, order intake in mature markets amounted to €19,010 million, very close to that recorded in 2023, which though included the £1.8 billion MSET contract in the United Kingdom. Sales momentum elsewhere was also solid, particularly in the rest of Europe (up by 16% on an organic basis) and in Australia and New Zealand (up by 13% on an organic basis). Order intake in emerging markets was up sharply in 2024, amounting to €6,279 million (+39% at constant scope and exchange rates) thanks to continued strong momentum in the Near and Middle East (with an organic increase of 80%).

    Order intake in the Aerospace segment totaled €6,434 million compared to €5,606 million in 2023 (+14% at constant scope and exchange rates). This solid growth reflects several trends.

    • The different segments of the Avionics market continued to record sustained demand in 2024;
    • The Space business posted sustained growth in order intake, including five orders with a unit value of more than €100 million recorded in the fourth quarter, four of which in OEN (Observation, Exploration & Science and Navigation) activities.
    • At December 31, 2024, the segment’s order book stood at €10.5 billion, up 13% from 2023.

    At €14,723 million compared to €13,944 million in 2023, order intake in the Defence segment set a new record (+5% at constant scope and exchange rates). The book-to-bill ratio was 1.34, above 1.2 for the sixth consecutive year. This high level is explained by continued strong demand in all activities, with twenty-seven contracts with a unit value of more than €100 million recorded in 2024. The segment’s order book reached a new record at €39.2 billion (up 12%), corresponding to 3.6 years of sales, offering strong visibility for the years ahead.

    At 4,032 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

    Sales

    Note: full-year 2023 figures have been restated to reflect the transfer of cyber civil activities from the Defence segment to the Cyber & Digital segment.

    Sales for the 2024 financial year totaled €20,577 million, compared to €18,428 million in 2023, up 11.7% in total change and 8.3% in organic terms (at constant scope and exchange rates14), driven in particular by the robust performance of the Defence segment.

    Geographically15, sales recorded solid growth in both mature markets (+7.9% in organic terms) and emerging markets (+9.6% in organic terms), driven by double-digit growth in Asia.

    Sales in the Aerospace segment totaled €5,471 million, up 4.8% from 2023 (+2.9% at constant scope and exchange rates). Momentum in this segment reflects contrasting trends:

    • The Avionics business posted mid-single digit organic growth in 2024, notably driven by strong momentum in both original equipment activities and aftermarket services, with a return to pre-Covid levels in air traffic. However, as expected, the fourth quarter was impacted by delays in aircraft deliveries to airlines, which postponed in-flight entertainment (IFE) sales;
    • As expected, sales were almost flat in the Space business. The telecommunications segment continued to be impacted by structurally lower demand in the geostationary satellite market. Conversely, trends remain positive for OEN activities.

    Sales in the Defence segment totaled €10,969 million, up 13.9% from 2023 (+13.3% at constant scope and exchange rates). This strong growth came against a backdrop of steady growth in the Group’s production capacity, enabling it to meet high demand in all product lines. Growth was notably driven by land and air systems, such as tactical vehicles and systems or surface radars. The fourth quarter of 2024 also benefited from favorable cut-off effects.

    At €4,024 million, sales in the Cyber & Digital segment increased by 1.4% at constant scope and exchange rates (and +14.8% in total change including the positive scope effect of the acquisitions of Imperva and Tesserent). This moderate organic sales growth reflects different trends depending on the activities:

    • Strong momentum continued for cyber businesses, including a strong performance from Imperva;
    • Against a high comparison basis in 2023, payment services sales were impacted by destocking by our customers in North America;
    • Lastly, the digitalization of secure connectivity solutions maintained its strong growth. Sales generated in fully digital connectivity solutions (including eSIMs and on-demand connectivity platforms) recorded double-digit organic growth and accounted for more than half of sales of this secure connectivity solutions business in 2024.

    Results

    For 2024, the Group posted Adjusted EBIT16 of €2,419 million, or 11.8% of sales, compared to €2,132 million (11.6% of sales) in 2023.

    The Aerospace segment recorded Adjusted EBIT of €391 million (7.2% of sales), compared with €369 million (7.1% of sales) in 2023. The segment’s Adjusted EBIT margin is driven by the Avionics business, which posted a double-digit margin and improving, including the contribution of Cobham AeroComms. However, Space activities weighed on the segment’s margin, recording as expected a negative Adjusted EBIT margin in 2024 resulting from several factors: an expected increase in R&D spending, restructuring costs linked to the adaptation plan announced in March 2024 and the impact of inflation not reflected on past contracts.

    Adjusted EBIT for the Defence segment amounted to €1,432 million, compared with €1,270 million in 2023 (an increase of +13.0% at constant scope and exchange rates). The margin for this segment was stable at 13.1%, compared to 13.2% in 2023.

    At €585 million (14.5% of sales), Adjusted EBIT in the Cyber & Digital segment recorded solid growth in both value and margin. The improvement in profitability was notably due to the successful integration of Imperva and the robust margin on payment services and secure connectivity solutions for mobile networks in highly competitive markets.

    Naval Group’s contribution to the Group’s Adjusted EBIT amounted to €93 million in 2024, compared with €91 million in 2023.

    At -€166 million, compared with €2 million in 2023, net financial interest increased sharply, as expected. This increase was mainly linked to the substantial rise in debt following the acquisitions made in 2023. Other adjusted financial income16 stood at €35 million in 2024 versus -€37 million in 2023, reflecting the exceptional positive impact of dividends on non-consolidated affiliates and foreign exchange gains. The adjusted financial expense on pensions and other long-term employee benefits16 improved significantly (-€49 million compared with -€76 million in 2023), reflecting the removal of the interest expense following the transfer of UK pension obligations in December 2023.

    At €21 million, compared with €105 million in 2023, the Adjusted net income, Group share, from discontinued operations16 was in line with trends in the Transport business, which was sold on May 31, 2024.

    As a result, Adjusted net income, Group share16 was €1,900 million, compared to €1,768 million in 2023, after an adjusted income tax charge16 of -€427 million, compared to -€370 million in 2023. At 20.4% in 2024 compared to 20.1% in 2023, the effective tax rate was stable.

    The Adjusted net income, Group share, per share16 amounted to €9.24, up 9% from 2023 (€8.48).

    Consolidated net income, Group share, stood at €1,420 million, up 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme.

    Financial position at December 31, 2024

    Free operating cash flow17 amounted to €2,027 million compared to €2,026 million in 2023. It included a contribution of €2,142 million from continuing operations and -€116 million from discontinued operations. For continuing operations, the cash conversion ratio of Adjusted net income, Group share, into free operating cash flow was 114%.

    The net balance of acquisitions and disposals of subsidiaries and affiliates amounted to €359 million. Under its acquisition strategy, the Group completed two major operations in 2024:

    • The acquisition (on April 2, 2024) of Cobham Aerospace Communications, a leading supplier of cutting-edge technologies enabling flexible, integrated and more-autonomous avionics systems, based primarily in the United States and generating sales of approximately $200 million in 2023 (see press releases dated July 12, 2023 and April 2, 2024);
    • The sale (on 31 May 2024) to Hitachi Rail of the Transport business, a global leader in rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions (see press releases dated August 4, 2021 and May 31, 2024). This business generated sales of €1,822 million in 2023.

    As part of the share buyback program covering a maximum of 3.5% of the capital announced in March 2022 and completed in March 2024, 1,245,757 shares were repurchased during 2024, representing 0.6% of the share capital, for €176 million. The Group repurchased a total of 7,469,396 shares under this program, 3.5% of the share capital.

    At December 31, 2024, net debt amounted to €3,044 million compared with €4,190 million at December 31, 2023. This decrease reflects the impact of free operating cash flow generation, acquisitions and disposals for -€359 million (€3,464 million in 2023), the payment of €708 million in dividends (€634 million in 2023), new lease liabilities for €143 million (€166 million in 2023) and the share buyback program.

    Equity, Group share amounted to €7,515 million, compared with €6,830 million at December 31, 2023. This increase reflects the positive contribution of consolidated net income, Group share (€1,420 million) less the dividend payout (-€708 million) and share buybacks (-€176 million).

    Non-financial performance

    In line with its corporate purpose of “Building a future we can all trust”, Thales has set itself the ambition in terms of Corporate Social Responsibility (CSR): to contribute to a safer, greener and more inclusive world. First, the Group will seek to maximize the contribution of its portfolio of solutions to the planet and society. Secondly, Thales has set itself ambitious targets on three main priorities:

    • The fight against global warming;
    • Strengthening gender diversity at all levels;
    • The implementation of the best standards in terms of ethics and compliance.

    In terms of the fight against global warming, scope 1 & 2 CO2 emissions fell by 56.8% in 2024 compared to 2018 and scope 3 emissions fell by 24.7% compared to 2018. The Group has thus achieved its 2030 targets ahead of schedule for the second consecutive year. The absolute value reduction targets for carbon footprint remain relevant for 2030 given the Group’s growth prospects. To raise employee awareness to climate change and its impacts on society and on the Group, a voluntary training named “Thales Climate Passport” was deployed in 2024 with the aim of training 50% of managers. Over 67.4% of managers, representing around 35,000 employees, completed this training course in 2024, demonstrating the great success of this training.

    With regard to strengthening diversity, Thales has set itself an ambitious target for 2026 to have 75% of management committees with at least 4 women. Thus, at the end of 2024, 61.5% of the Group’s management committees had at least 4 women, compared to 52.6% at the end of 2023. The highest levels of responsibility comprised 21.1% women at the end of 2024[1]; a performance in line with the Group’s trajectory to reach the set goal of 22.5% by 2026 (compared to 20.4% at the end of 2023 and 16.6% at the end of 2018).

    In the area of ethics and compliance, 100% of employees concerned by the 2024 anti-corruption training campaign have been trained, demonstrating the Group’s continuous commitment to train all employees potentially exposed to risk situations. In 2024, the ISO 37001 certification “Anti-bribery management systems” was renewed for 3 years and extended to Germany, Australia, and New Zealand after Canada and the United States in 2023, and the United Kingdom and the Netherlands in 2022. Thus, in 2024, the revenue generated by certified entities represents 64% of the Group’s revenue (vs. 58% in 2023).

    [1] Percentage of women in the total workforce: 27.4%.

    Proposed dividend

    The Board of Directors decided to propose to the shareholders, who will convene at the Annual General Meeting on May 16, 2025, the payment of a dividend of €3.70 per share. This corresponds to a payout ratio of 40% of the Adjusted net income, Group share, per share.

    If approved, the ex-dividend date will be May 20, 2025, and the payment date will be May 22 2025. This dividend will be paid fully in cash and will amount to €2.85 per share, after deducting the interim dividend of €0.85 per share paid in December 2024.

    Outlook

    Thales is embarking on 2025 with confidence, bolstered by good visibility in the vast majority of its activities.

    In 2025, the Avionics business will be driven by both the original equipment and aftermarket services activities, the continued growth of the Cobham AeroComms business, and the gradual recovery of the IFE business. In the Space business, the outlook remains positive, particularly in the Observation, Exploration & Science, Navigation and military telecommunications activities. However, the structural weakness of demand in the geostationary satellite market will dampen the growth of this activity. Thales will continue to implement its cost adaptation plan, with the objective of an Adjusted EBIT margin of 7%+ in the Space business in 2028.

    The Defence segment, which enjoys a record order book, will be further supported by strong demand in 2025, against a backdrop of increasing military spending, particularly in the geographical areas where the Group operates. With the increase in its production capacity over the past several years and a portfolio of premium solutions incorporating differentiating leading technologies, Thales is ideally positioned to meet its customers’ needs.

    Lastly, the Cyber and Digital segment will benefit from positive momentum in 2025, supported by Thales’ unique positioning and leadership. The continued development of Imperva will strengthen the differentiating value proposition in cybersecurity activities in order to take advantage of the buoyant environment. The payment services business is also expected to gradually return to growth.

    The Group expects net investment expenses to slightly exceed €700 million in 2025 (after €617 million in 2024) to meet the need to increase production capacity, particularly in the Defence business.

    As a result, Thales sets the following targets for 2025:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €21.7 billion to €21.9 billion;
    • An Adjusted EBIT18 margin between 12.2% and 12.4%, up 40 to 60 basis points from 2024.

    The Group also expects to maintain a high cash conversion ratio of between 95% and 100% in 2025.

    Note: assuming no new major disruptions of macroeconomic and geopolitical context; including tariff increase.

    Impact of new tax measures in France

    Following the adoption of the 2025 budget, which introduces various tax changes, the impacts for the Thales Group are as follows:

    • An additional tax expense of ~€80 million related to the temporary additional corporate tax charge, giving rise to an additional tax of 41.2% in 2025, resulting in an overall tax rate of 36.13% (instead of the current rate of 25.83%);
    • ~€8 million in taxes payable on share cancellations made in October 2024 as part of the share buyback program.

    The temporary additional contribution to corporate tax for Naval Group could have a negative impact of around €8 million on Thales’ Adjusted EBIT in 2025.

    These different impacts will represent an equivalent cash outflow in 2025.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).


    1 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 18 and calculation on page 23.

    2 Non-GAAP financial indicators, see definitions in the appendices, page 18. The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.

    3 Operating free cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.

    4 Proposed to the Annual General Meeting on May 16, 2025.

    5 Ratio of order intake to sales.

    6 As at the date of this press release, the verification process on the sustainability information is ongoing. With the exception of the possible impact of the conclusions of this process, the audit procedures have been carried out. The audit report will be issued following the Board of Directors’ meeting on April 2, after the finalization of the procedures related to sustainability information.

    7 Non-GAAP financial indicators, see definitions in the appendices, page 18.

    8 Proposed to the Annual General Meeting on May 16, 2025.

    9 Free operating cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.

    10 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.

    11 Taking into account a currency effect of €49 million and a net scope effect of €625 million.

    12 See table on page 22.

    13 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.

    14 The calculation of the organic change in sales is shown on page 23.

    15 See table on page 22.

    16 Non-GAAP financial indicator, see definition in the appendices, page 18 and calculation, pages 20 and 21.

    17 Non-GAAP financial indicator, see definition in the appendices, page 18.

    18 The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.

    MIL OSI Economics

  • MIL-OSI NGOs: Russia/Ukraine: Ukrainian prisoners of war ‘entirely at the mercy’ of Russian captors – new testimonies

    Source: Amnesty International –

    Thousands of Ukrainians are currently held in captivity in Russia and occupied Ukraine, facing torture, enforced disappearance, and incommunicado detention

    ‘They beat me with stun guns, these special sticks, it was very painful. I saw how the guys started to die after that. Their hearts just couldn’t take it anymore’ – Volodymyr Shevchenko, former prisoner of war 

    ‘Torture takes place in complete isolation from the outside world, with the victims entirely at the mercy of their captors for survival’ – Agnès Callamard

    Russian authorities have subjected Ukrainian prisoners of war (POWs) and civilian captives to torture, prolonged incommunicado detention, enforced disappearance and other inhumane treatment, which amount to war crimes and crimes against humanity, Amnesty International said in a new report today.

    The 32-page report – A Deafening Silence: Ukrainians held incommunicado, forcibly disappeared and tortured in Russian captivity – documents how Ukrainian POWs and civilians held captive by Russia since February 2022 are being deliberately cut off from the outside world, often for years. A lack of transparency over their whereabouts has allowed for their torture and other ill-treatment in detention, and even unlawful killings of POWs, to continue with total impunity.

    Amnesty’s report is based on interviews with 104 people in Ukraine between January and November 2024. These include five former Ukrainian POWs, family members of 38 POWs, family members of 23 Ukrainians “missing in special circumstances”, 28 formerly detained civilians and their families, and 10 Russian POWs currently detained in Ukraine.

    Darkness of not knowing

    While their exact numbers are unknown, it is likely that thousands of Ukrainians, both military personnel and civilians, are currently held in captivity in Russia and occupied Ukraine. The majority of Ukrainian POWs are held incommunicado, with their families receiving little to no information about their fate, status or whereabouts.

    At the same time, Russian authorities have denied international organisations access to them as part of a deliberate policy to put POWs beyond the protection of international law. Prolonged incommunicado detention may amount to inhuman treatment.

    Olena Kolesnyk, whose husband Serhii was captured in July 2024, said the little information she had about his whereabouts was unofficial and unconfirmed. She told Amnesty:

    “I won’t know where to look for my husband and where to write letters. This black darkness of not knowing – it’s killing me.”

    The missing

    Tens of thousands of Ukrainians are considered “missing in special circumstances” by Ukrainian authorities. Many are likely in detention, while others may have been killed. In some cases, Russia has acknowledged individual POWs’ captivity by notifying the International Committee of the Redcross as required by international law. However, it is likely that Russia has not notified the organisation of the status of hundreds or thousands more POWs.

    Khrystyna Makarchuk’s husband Volodymyr appeared on Russian television describing how he was captured. In addition, a returned POW who knew Volodymyr personally confirmed to his family that he was in captivity. Yet Russia has not confirmed Volodymyr’s detention. Russia’s failure to acknowledge the detention of individuals like Khrystyna Makarchuk’s husband amounts to enforced disappearance.

    Civilians also account for a considerable number of those believed to be subjected to enforced disappearance. Russia has long used arbitrary arrest, torture and enforced disappearance to intimidate the civilian population in areas it controls. Such acts amount to crimes against humanity.

    Systemic torture and denial of medical treatment

    Amnesty documented harrowing accounts of torture and denial of medical treatment in Russian captivity.

    Volodymyr Shevchenko, a former POW who spent over two years in Russian captivity, said:

    “They started torturing me right away. They beat me with stun guns, these special sticks, it was very painful. I saw how the guys started to die after that. Their hearts just couldn’t take it anymore.”

    Serhii Koroma, a former Ukrainian POW who was badly wounded before being captured, reported that he was given no more than a topical antiseptic on one occasion and left to heal or die.

    Violation of the laws of war

    Russia’s actions blatantly violate the Geneva Conventions, which guarantee POWs the right to regular correspondence, access to medical care, and visits from international organisations.

    Amnesty calls on Russia to stop its campaign of torture, enforced disappearance, and incommunicado detention against Ukrainians in captivity. Russian authorities must also notify the relevant authorities of the status of all its POWs and allow unhindered access to them for international humanitarian organisations. Russia must also ensure adequate medical care is provided to all Ukrainians in captivity and directly repatriate seriously sick and wounded POWs, including through establishing mixed medical commissions. Unlawfully detained civilians must be released.

    Agnès Callamard, Amnesty International’s Secretary General, said:                                  

    “Russia’s systemic incommunicado detention of Ukrainian POWs and civilians reflects a deliberate policy designed to dehumanise and silence them, leaving their families in agony as they wait for news about their loved ones.

    “Torture takes place in complete isolation from the outside world, with the victims entirely at the mercy of their captors for survival. This is not a series of isolated incidents – it is a systematic policy that violates every tenet of international law.

    “The international community should use all its influence and tools, including universal jurisdiction, against Russia to stop these heinous crimes under international law and ensure accountability. Without justice, the suffering of Ukrainian POWs, civilians, and their families will only deepen.”

    MIL OSI NGO

  • MIL-OSI United Kingdom: Open day connects NHS staff with cybersecurity experts as part of Cyber Scotland Week

    Source: University of Abertay

    Open day connects NHS staff with cybersecurity experts as part of Cyber Scotland Week

    The Abertay cyberQuarter recently welcomed over 80 NHS Scotland and public sector leaders for a special tour of the NHS’s cybersecurity operations during Cyber Scotland Week.

    As a specialist board of NHS Scotland with a broad focus on infrastructure, NHS National Services Scotland’s (NSS) Digital and Security Directorate is a founding partner of the Abertay cyberQuarter. Their Cyber Security team, headquartered at the cyberQuarter, hosted a special Cyber Centre of Excellence (CCoE) Open Day as part of the event.

    Held on Thursday 27 February 2025, the event attracted participants from NHS Scotland’s Health Boards, providing them with valuable insights into the Security Operations Centre (SOC). Attendees explored cutting-edge innovations in cybersecurity and participated in hands-on sessions led by experts from both industry and academia

    Supported by CCoE partners and the Scottish Government Digital Health and Care, the Open Day featured a variety of interactive workshops aimed at engaging both public sector leaders and operational cyber experts.

    Participants had the opportunity to meet NHS Scotland SOC analysts, experience an immersive cyber crisis simulation, and learn more about the 24/7 cybersecurity operations that help safeguard Scotland’s healthcare infrastructure.

    Professor Lynne Coventry, Director of Abertay cyberQuarter, delivered an academic talk highlighting the importance of industry-academia partnerships and an understanding of human behaviour to tackle evolving cyber threats .

    Professor Coventry said:

    Hosting the NHS CCoE Open Day at Abertay cyberQuarter is a fantastic opportunity to demonstrate how academia and industry can work together to enhance Scotland’s cyber resilience. The event provided valuable discussions, hands-on experience, and a chance to build connections that will help drive future innovation in cyber security.

    Guided tours of the cyberQuarter also gave visitors a behind-the-scenes look at how the state-of-the-art facility fosters collaboration, research, and skills development in the cyber security sector.

    A panel discussion provided a platform for attendees to explore key challenges in cyber security, with the event encouraging open dialogue on the threats faced by healthcare organisations and the strategies needed to stay ahead.

    Nils Krichel, Head of the CCoE at NSS, commented:

    We are very thankful to Abertay and all our partners for their support in making this event a great success. It was wonderful to welcome a diverse group of collaborators, partners, and experts, all united by our goal to ‘defend as one’ against the cyber challenges we face. The discussions were very insightful, and we see great value in continuing to hold events like this in the future.

    NHS NSS was announced as the Abertay cyberQuarter’s first tenant back in 2021, creating 30 new jobs in Dundee.

    The Abertay cyberQuarter opened in 2022, receiving a total of £5.7 million in funding from the UK Government and £6 million from the Scottish Government as part of the Tay Cities Deal. Since launching, the hub has attracted over 12 partners, including prominent organisations like the NHS Scotland Cyber Centre of Excellence, NCRAtleos, and ScotlandIS. 

    Since its launch, the facility has hosted a diverse range of conferences, industry workshops, and learning sessions, boosting collaboration among organisations to help address global cybersecurity challenges. These initiatives not only enhance the skills of students and professionals in the field but have also contributed to strengthening the cyber resilience of the local community.

    MIL OSI United Kingdom

  • MIL-OSI Video: Gaza, Syria & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Secretary-General/Cairo Summit
    – Gaza
    – Occupied Palestinian Territory
    – Syria
    – Ukraine
    – Democratic Republic of the Congo
    – Human Rights
    – Haiti
    – Bangladesh
    – Resident Coordinator – Madagascar
    – World Wildlife Day
    – Briefings

    GAZA
    Also, you will have seen that yesterday, in a statement we released, the Secretary-General urged all parties to make every effort to prevent a return to the hostilities in Gaza. He calls for humanitarian aid to flow back into Gaza immediately and for the release of all hostages.
    Tom Fletcher, our Emergency Relief Coordinator, said that Israel’s decision to halt aid into Gaza is indeed alarming. He added that international humanitarian law is clear: we must be allowed access to deliver vital lifesaving aid. We need to get aid in and the hostages out, he said.
    Earlier on the weekend, on Saturday, the Secretary-General, in a statement in which he noted that thousands of trucks carrying life-saving assistance had entered Gaza during the past six weeks, with aid having reached nearly every person in the Strip. And that statement was shared with you.
    And he added that as Ramadan – a time of peace and reflection – begins, he calls on all sides to spare no efforts to end all violence. The UN stands ready to support all such endeavours.

    OCCUPIED PALESTINIAN TERRITORY
    And on the ground, since yesterday, the Kerem Shalom, Erez and Zikim crossings have been closed for cargo. This means that vital humanitarian assistance, including thousands of tents, remains undelivered.
    The Spokesman told reporters that every weekday in this room, we have been very clear and provided updates from our colleagues from the Office for the Coordination of Humanitarian Affairs on how the ceasefire has allowed ourselves and our partners to scale up the delivery of life-saving assistance to the people of Gaza. The ceasefire has provided the opportunity to distribute food, to distribute water, as well as shelter assistance and medical aid, allowing nearly everyone in Gaza to receive food parcels.
    Our humanitarian partners tell us that following the closure of the crossings into Gaza yesterday, flour and vegetable prices increased more than 100-fold. Partners are currently assessing the stocks that are currently available within the Gaza Strip.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=03%20March%202025

    https://www.youtube.com/watch?v=YC8IuWEt-ZI

    MIL OSI Video

  • MIL-OSI: New Equifax Report: Fraud Concerns are Escalating with 89 per cent of Canadians Saying Companies Must Do More

    Source: GlobeNewswire (MIL-OSI)

    Seniors and Quebecers Report the Greatest Fraud Concerns
    – Equifax Canada Market Pulse Fraud Trends and Consumer Survey Report –

    TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — Concerns about fraud are escalating among Canadians, with a new Equifax Canada survey* conducted ahead of Fraud Prevention Month revealing that 89 per cent of those surveyed believe companies must do more to protect personal data. Seniors and Quebec residents are particularly worried, demanding stronger fraud prevention measures and broader fraud education.

    Key findings of the survey:

    • More than half (55 per cent) of respondents believe identity thieves will always be one step ahead, with 51 per cent unsure of how to respond to fraud.
    • Seniors aged 65+ feel most at risk, with 96 per cent agreeing that companies must improve fraud protections, compared to 75 per cent of those aged 18-24.
    • Quebec (94 per cent) residents demanded the most action from companies on fraud prevention, while Alberta (86 per cent) was the lowest.
    • 64 per cent of respondents recognize that financial fraud fuels serious crimes like human trafficking and illegal weapons trade.
    • 58 per cent of respondents struggle to keep up with the latest scams, leaving many feeling vulnerable.
    • 48 per cent of respondents personally know someone who has been a victim of identity theft.

    “Fraud prevention is a major concern for many Canadians. Research shows that every dollar lost to a fraudster costs individuals and banks significantly more money. Companies must act now to strengthen fraud protection,” said Carl Davies, Head of Fraud & Identity at Equifax Canada. “Canadians, especially older adults, are demanding better safeguards to prevent financial crimes and identity theft.”

    The Auto Industry: A Hotspot for Fraud
    Auto fraud is a major concern with rates escalating in most provinces, particularly Ontario. According to recent Equifax Canada data, auto application fraud rate in Q4 2024 reached 0.26 per cent, up by 2 bps from Q3 2024 and up 9 bps when compared to 24 months ago. Falsified documents and inflated income are key drivers of first-party fraud in this sector, making up close to 80 per cent of all fraudulent applications. Consumers who are new-to-credit and new-to-Canada had significantly higher auto fraud rates in 2024 than other consumers — more than double the fraud rate that we see from consumers with more established credit files. Auto application fraud rates for those New to Canada/New to Credit in 2024 was 0.51 per cent compared to existing consumers at 0.22 per cent.

    Mortgage Fraud is Down but Falsified Financial Documents Remain a Challenge
    Equifax Canada is reporting that the Canadian mortgage market continues to slowly rebound from its lows in 2023, demonstrating growth in Q4 2024 with increased new mortgage accounts. Mortgage fraud rates have decreased significantly year-over-year, from 0.46 per cent in Q4 2023 to 0.19 per cent in Q4 2024. Despite this positive trend, falsified financial documents, such as bank statements and down payment information, remain a significant component of mortgage fraud at over 90 per cent. “This decline in fraud rates might be temporary. As interest rates gradually decrease, a potential surge in first-time buyers in 2025 could lead to increased fraudulent activity in mortgage credit applications. Consumers may misrepresent their financial information in an attempt to secure the best possible rates,” Davies warns.

    A Call for Stronger Corporate and Government Action
    Canadian survey respondents believe financial institutions, businesses, and the government all have a role to play in strengthening fraud prevention measures:

    • 88 per cent of respondents believe that both the public and private sectors must work together to combat financial crime
    • 84 per cent believe the government must improve public fraud education, with 91 per cent of seniors (65+) strongly agreeing
    • 77 per cent recognize the need to take personal steps to safeguard their data, but many feel unprepared
    • 61 per cent say banks should implement stronger security protocols
    • 59 per cent believe companies should leverage more sophisticated fraud detection tools

    Equifax Canada urges Canadians to take active steps in protecting their identities by regularly reviewing their credit reports for unusual activity, enabling multi-factor authentication on sensitive accounts, avoiding public WiFi for financial transactions, educating themselves on new fraud schemes, and consider investing in fraud protection services such as those offered by Equifax Canada.

    “As fraud tactics evolve, Canadians must remain vigilant,” added Davies. “By combining stronger corporate policies, government oversight, and personal diligence, we can make strides in fraud prevention.”

    * Equifax surveyed 1,590 Canadians ages 18-65, Feb. 7-9. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.

    About Equifax
    At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

    Contact:

    Andrew Findlater
    SELECT Public Relations
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  • MIL-OSI: Proposals to the Annual General Meeting of Municipality Finance Plc

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock Exchange Release
    4.3.2025 at 12 noon (EET)

    Proposals to the Annual General Meeting of Municipality Finance Plc

    Municipality Finance Plc’s (hereinafter MuniFin) Board of Directors (the Board) and the Shareholders’ Nomination Committee (the Nomination Committee) have made the following proposals to the Annual General Meeting (the AGM) convening on 25 March 2025 at 10:00 (EET):

    Use of profit shown on the balance sheet and the distribution of dividend

    MuniFin has distributable funds of EUR 373,330,287.47 of which the profit for the financial year totaled EUR 73,737,412.43.

    In accordance with the dividend policy MuniFin’s aim is to pay 30-60% of the Group’s financial year’s profit in dividends. The Board proposes to the AGM that a dividend of EUR 1.86 per share, totaling EUR 72,658,664.28 shall be distributed based on the balance sheet to be adopted for 2024. This corresponds to 54.8% of the Group’s financial year’s profit.

    MuniFin’s profit for the financial year is strong. The Board considers the proposed payment of dividend justified. MuniFin clearly fulfils all the prudential requirements set to it. No substantial changes in the company’s financial position have occurred after the end of the financial year and the Board estimates that the distribution of dividends will not place the fulfilment of the capital requirements or the company’s liquidity in jeopardy nor is it incompatible with the legislation applicable to MuniFin.

    The dividend is paid to a shareholder who is registered in the company’s shareholder register maintained by Euroclear Finland Ltd on the record date of dividend payment on 27 March 2025. The Board proposes that the dividend be paid 3 Aprill 2025 or as soon as possible thereafter.

    Remuneration and composition of the Board

    The Nomination Committee proposes to the AGM the following remuneration of the Board for the term from the closing of the 2025 AGM to the closing of the next AGM (the Term 2025-2026):

    • Annual fixed remuneration of the Chair of the Board EUR 51,000
    • Annual fixed remuneration of the Vice Chair of the Board EUR 33,000;
    • Annual fixed remuneration of the Chair of the Risk or Audit Committee EUR 36,000;
    • Annual Fixed remuneration of Board member EUR 28,000; and
    • For each Board and committee meeting as well as for each meeting required by the authorities, to the members and Vice chair of the Board, a fee of EUR 600 per meeting attended and to the Chairs, EUR 950 per meeting attended

    The proposed remuneration means an increase of EUR 6,000 to the annual fixed remuneration of the Chair of the Board, an increase of EUR 4,000 to the annual fixed remuneration of the Vice Chair of the Board, an increase of EUR 5,000 to the annual fixed remuneration of the Chairs of the Risk and Audit Committees and an increase of EUR 3,000 to the annual fixed remuneration of a Board member.

    The Nomination Committee proposes to the AGM that nine members will be elected to the Board for the Term 2025–2026. The Nomination Committee proposes that the following current members will be re-elected: Ms. Maaria Eriksson, Mr. Kari Laukkanen, Mr. Tuomo Mäkinen, Ms. Elina Stråhlman, Ms. Leena Vainiomäki and Mr. Arto Vuojolainen. In addition, the Nomination Committee proposes that Ms. Liisa Harju, Mr. Juho Malmberg and Mr. Henrik Rainio will be elected to the Board as new members. Mr. Markku Koponen and Mr. Dennis Standell, current members of the Board, will not be available to the Board for the next term.

    Liisa Harjula serves as Senior Ministerial Adviser at the Ownership Steering Department of the Prime Minister’s Office. Harjula has extensive experience in private equity investment, financial management, and investor relations. Juho Malmberg is a professional board member with extensive experience from leadership roles in IT management across the banking sector and other industries. Henrik Rainio serves as the Director of Finance at the City of Porvoo. Rainio has essential expertise in the Finnish municipal sector, which is crucial for MuniFin’s business.

    The Nomination Committee proposes to the Board to be elected by the AGM to reappoint Kari Laukkanen as the Chair and Maaria Eriksson as the Vice Chair.

    Election and remuneration of the auditor

    The Board proposes to the AGM to elect PricewaterhouseCoopers Oy as the company’s auditor for the Term 2025–2026. PricewaterhouseCoopers Oy has announced that if they are elected as the company’s auditor, Jukka Paunonen, APA, will act as the principal auditor. The Board proposes to the AGM that the auditor’s fees be paid according to the invoice approved by the company.

    Sustainability reporting verifier and remuneration

    The Board proposes to the Annual General Meeting that the authorized sustainability audit firm PricewaterhouseCoopers Oy be selected as the company’s sustainability reporting assurer for the term 2025-2026. PricewaterhouseCoopers Oy has informed the company that Tiina Puukkoniemi will act as the responsible sustainability reporting auditor. The Board proposes to the Annual General Meeting that the sustainability reporting assurer’s fees be paid according to the invoice approved by the company.

    The invitation to the AGM, including relevant appendices, is available on MuniFin’s website in Finnish.

    MUNICIPALITY FINANCE PLC

    Further information:

    Esa Kallio
    President and CEO
    tel. +358 50 337 7953

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

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