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  • MIL-OSI Australia: Applications open for industry PhDs

    Source: Australian Ministers for Education

    Applications under the fifth round of the National Industry PhD Program have opened for PhD candidates and businesses interested in turning their big ideas into new products and services, with scholarships set to build on $13.3 million of funding on 70 projects underway since the Program started.

    Assistant Minister for Education, Anthony Chisholm, said the program was part of a $296 million initiative creating powerful opportunities for developing a new workforce skilled in turning our world-class research into commercial outcomes.

    “Empowering our aspiring researchers through this program will make it easier for industry to tap into an inspiring talent pool of PhD candidates or for industry employees to undertake a PhD, helping to turn those ideas into Australian inventions that contribute to a stronger and more productive economy,” Assistant Minister Chisholm said. 

    “It’s been really encouraging to see how the previous four rounds of this program have supported innovators from academia and industry with a passion for big ideas, and who are contributing to the success of Australia.

    “Projects recently kick-started include improving the safety of self-driving vehicles through better driver interaction, improving the lives of people with dementia, and supporting the medical profession to predict a patient’s response to therapy.”

    Four PhD students at Griffith University have been some of the latest researchers to commence their study thanks to the support offered through the National Industry PhD Program. 

    Their work with cutting edge renewable energy start-up RedX aims to create world-leading expertise in energy storage and grid stability, with these four PhD students also being brought on board by RedX to integrate research findings into the start-up’s operations.

    “We are thrilled to embark on this promising collaboration with RedX. When academia and industry join forces, the pace of innovation accelerates, and this project is a testament to that potential,” Professor Alan Liew, Head of School, the School of Information and Communication Technology at Griffith University said.

    “The Industry PhD Program supports our employees to pursue a PhD with guidance from a world-leading university, allowing them to explore innovative ideas and create something beneficial for society,” RedX CEO Jonathan Chen said.

    PhD Student and Director of Software Engineering at RedX Chois Cai said: “The support and structure provided by the National Industry PhD Program has been instrumental in driving this research forward.”

    Applications for Round 5 close on 14 March 2025. Further information about the program and application process can be found here.
     

    MIL OSI News –

  • MIL-OSI Security: Member Of Al Qaeda In The Arabian Peninsula Sentenced To 44 Years In Prison For Terrorism Offenses

    Source: Office of United States Attorneys

    Minh Quang Pham Traveled to Yemen and Received Military Training from AQAP to Commit a Suicide Attack at Heathrow International Airport

    Danielle R. Sassoon, the United States Attorney for the Southern District of New York, and Devin DeBacker, the Head of the National Security Division of the United States Department of Justice, announced today that MINH QUANG PHAM, a/k/a “Amin,” 41, was sentenced to 44 years in prison for terrorism charges based on Pham’s support of al Qaeda in the Arabian Peninsula (“AQAP”), a designated foreign terrorist organization, including attempting to commit a suicide bombing at Heathrow International Airport (“Heathrow Airport”).  On May 11, 2023, PHAM pled guilty to providing and attempting to provide material support to AQAP and participating in a conspiracy to do the same; conspiring to receive military-type training from AQAP; and providing and attempting to provide material support for acts of terrorism.  Today’s sentence was imposed by U.S. District Judge Richard M. Berman.

    U.S. Attorney Danielle R. Sassoon said:  “Minh Quang Pham’s actions were not just an affront to the safety of this country, but to the principles of peace and security that we hold dear. Today’s sentencing underscores our collective resolve to stop terrorism before it occurs, and place would-be terrorists in prison.”

    Head of the Justice Department’s National Security Division Devin DeBacker said: “The defendant was sentenced for an attempt to commit an act of terrorism and plotting a suicide bombing on behalf of AQAP. The Justice Department will not rest in seeking justice for acts of terrorism and will continue to thwart any attempt to jeopardize global security.”

    According to the indictments, extradition materials, court filings and statements made at related court proceedings, including today’s sentencing:

    In December 2010, PHAM informed others that he planned to travel to Ireland while residing in London. From Ireland, he traveled to Yemen, the principal base of operations for AQAP. PHAM traveled to Yemen in order to join AQAP, to wage jihad on behalf of AQAP and to martyr himself for AQAP’s cause. After arriving in Yemen, he swore an oath of loyalty to AQAP in the presence of an AQAP commander.

    While in Yemen in 2010 and 2011, PHAM provided assistance to and received training from Anwar al-Aulaqi, a U.S.-born senior leader of AQAP.  Al-Aulaqi advised PHAM to return to the United Kingdom for the purpose of finding and making contact with individuals who, like PHAM, wanted to travel to Yemen to join AQAP.  Al-Aulaqi also provided PHAM with money, as well as a telephone number and e-mail address that PHAM was to use to contact al-Aulaqi upon his return to the U.K.  In addition, PHAM exchanged his laptop computer with al-Aulaqi, who provided him with a new “clean” laptop to take with him when he returned to the U.K. so that the authorities would not find anything if they searched his computer.

    In or about June 2011, prior to his departure from Yemen, PHAM approached al-Aulaqi about conducting a suicide attack whereby he would “sacrifice” himself on behalf of AQAP. Al-Aulaqi personally taught PHAM how to create a lethal explosive device using household chemicals and directed PHAM to detonate such an explosive device at the arrivals area of Heathrow following PHAM’s return to the U.K. in 2011.  Al-Aulaqi instructed PHAM to carry an explosive in a concealed backpack and target the area where flights arrived from the U.S. or Israel.  During this time, PHAM made videos depicting his preparation to carry out that attack.  In one video, PHAM is shown wiring an electrical device for the use of making an explosive device; in another, he sketches an explosive device to be contained in a backpack; and in a third, PHAM wears a backpack with wiring for explosives on it, which he turns on in the video.

    Also during this time, in or about June or July 2011—shortly before PHAM returned from Yemen to the U.K.—PHAM recorded a video in which he attempted to recruit and encourage individuals in the West to engage in violent jihad abroad or in their home countries; in this video, he also expresses a desire to martyr himself.  At the outset of this video, consisting of an approximately 13 minute-long monologue, PHAM states that, “America itself is not fighting a war with a group or an organization, they are fighting with the army of Allah, the believers.”  He continues, in part, “We have that opportunity, that ability to be in their midst, in their land . . . and I advise the brothers inshallah to, whatever you can, to gather and prepare and strike the enemy in their own land . . . The saying, a thousand cuts, you hit them with as much as you can until inshallah the enemy will bleed to death.”  During his time in Yemen, PHAM also assisted with the preparation and dissemination of AQAP’s propaganda magazine, Inspire. PHAM, who has college degrees in both graphic design and animation, worked directly with now-deceased U.S. citizen Samir Khan, who was a prominent member of AQAP responsible for editing and publishing Inspire.

    PHAM also received a six-page document entitled “Your Instructions” from al-Aulaqi in Yemen, which provided detailed instructions on how PHAM was to commit his suicide attack at Heathrow.  The document from al-Aulaqi instructed PHAM, “[d]o not do anything for the first three months” and “[y]ou should target Christmas/ New Year season[.]”  The instructions from al-Aulaqi provided explicit direction about the importance of using shrapnel to kill as many people as possible, including that “[t]he proper use of shrapnel is as important as the main charge itself.  The detonation wave from a main charge of AP by itself is most likely not going to cause the death of anyone except those who are in its immediate vicinity.  It is the shrapnel that would do the job.  You may imagine this IED as a shotgun that is firing in all directions.”  The document therefore instructed PHAM to take “special care” with the “proper arrangement and choice of shrapnel,” and to “poison” it to inflict maximum death.

    On July 27, 2011, PHAM returned to the U.K.  Upon his arrival at Heathrow, U.K. authorities detained PHAM, searched him, and recovered various materials from him, including a live round of 7.62mm caliber armor-piercing ammunition, which is consistent with ammunition that is used in a Kalashnikov assault rifle, a type of weapon for which PHAM received training from AQAP in Yemen.  U.K. authorities released PHAM and cautioned him for his possession of the live round of ammunition, before, in December 2011, arresting him pursuant to their authorities under U.K. immigration law.  In searches of PHAM’s residence, other locations, and vehicles, U.K. authorities recovered several pieces of electronic media.  Among other things, a forensic analysis of PHAM’s electronic media showed that he was accessing speeches and writings of al-Aulaqi as late as December 2011—months after PHAM’s return to the U.K.   

    On May 24, 2012, a grand jury returned an indictment charging Pham with terrorism offenses and U.S. authorities sought Pham’s extradition from the United Kingdom.  He was provisionally arrested with a view towards extradition on June 29, 2012, and he was extradited to the United States on February 26, 2015.  On January 8, 2016, Pham pled guilty to terrorism offenses related to certain of the same underlying conduct.  On May 27, 2016, Pham was sentenced by U.S. District Judge Alison J. Nathan principally to a term of 40 years in prison.  On September 12, 2017, the U.S. Court of Appeals for the Second Circuit affirmed Pham’s conviction and sentence.  Thereafter, Pham made a motion that, based on intervening Supreme Court decisions, resulted in the vacatur of one of the counts of his conviction. Ultimately, the Government, with Pham’s consent, moved to vacate Pham’s earlier convictions.  On April 8, 2021, a grand jury returned a superseding indictment, reinstating certain charges and filing other new charges against Pham, and which formed the basis for Pham’s May 11, 2023 guilty plea and conviction.

    *               *                *

    In addition to the prison term, PHAM, 41, was also sentenced to life term of supervised release and a $400 special assessment.

    Ms. Sassoon praised the extraordinary investigative work of the FBI’s Washington Field Office.  She also expressed her gratitude to the FBI’s New York Joint Terrorism Task Force for the critical role it played in the investigation and prosecution.  Ms. Sassoon also thanked the Department of Justice’s National Security Division and Office of International Affairs for their significant assistance, as well as the Metropolitan Police Service/SO 15 Counter Terrorism Command at New Scotland Yard, the Crown Prosecution Service, and the Home Office for their cooperation in the investigation, extradition and prosecution.

    This prosecution is being handled by the Office’s National Security and International Narcotics Unit.  Assistant U.S. Attorney Jacob H. Gutwillig is in charge of the prosecution, with assistance from Trial Attorney John Cella of the National Security Division’s Counterterrorism Section.

    MIL Security OSI –

  • MIL-Evening Report: 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study

    Source: The Conversation (Au and NZ) – By Belinda Borell, Kairangahau/Researcher, Te Kunenga ki Pūrehuroa – Massey University

    Lake Alice Hospital, one of many institutions investigated by the abuse-in-state-care inquiry. Wikimedia Commons, CC BY

    A new study using a large collection of demographic data has revealed the lasting and damaging consequences for children placed in state care between 1950 and 1999 – including huge disparities in life expectancy compared with the general population.

    The study utilised the Stats NZ Integrated Data Infrastructure – a large collection of linked data sets about people and households from across many government agencies, Stats NZ surveys, and non-government organisations.

    From a substantial sample of approximately 20,000 children placed in care between 1950–1999, the study also found about 11% of this group had subsequently died, on average much younger than the rest of the population.

    The causes of death were also generally more violent, though self-harm, motor vehicle accidents and assaults, at rates greater than the general population.

    These findings support the conclusions of the Royal Commission of Inquiry into Abuse in State Care, which exposed significant harms experienced by Māori tamariki (children) and whānau (families), revealing systemic failures and breaches of te Tiriti o Waitangi/Treaty of Waitangi.

    Inside the demographic data

    The Integrated Data Infrastructure (IDI) allows researchers to conduct cross-sector research, to track a broad range of outcomes, compare them with the general population, and potentially explore links across generations.

    We examined a range of social and health outcomes for a group of children in state care between 1950–1999. Information about these children was collected from handwritten records of state care institutions.

    These lists were matched by officials in the Ministry of Health and the Department of Corrections. All identifiable information (names, birth dates, addresses, etc.) were removed or encrypted and made available to our research team from Stats NZ.

    We linked this initial group to the IDI and retrieved records of available socio-demographic, health and life-event data. We were left with a list of just over 20,000 children, a substantial sample of the many hundreds of thousands of children placed in care during this time.

    Life expectancy and cause of death

    Basic demographic information reflects what is already widely known about children placed in state care: they are overwhelmingly male and Māori.

    The birth years of the children are also significant. We see an increase in placement into state care of children who were born between 1960 and 1989. The Royal Commission’s final report records that the disproportional representation of Māori children in state care begins at this point, as shown in the graph below.

    The government approach of the times, as espoused in the 1961 Hunn report into the Department of Māori Affairs, was to assimilate Māori into the European way of life. The effects of state action to deal with Māori perceived to have fallen short of these expectations can clearly be seen in these data.

    By 2018, the sample group of children in our study were in their late 40s. Using mortality data, we know that approximately 11% of this group have died. Astonishingly, they have an average age at death of 46 years, compared to an average age of 70 for people in the general population born at the same time.

    This corresponds to an average 24 years of life lost for those in state care. We can extrapolate this further when we examine the primary causes of death in this group and compare them with the general population.

    Cancer, heart disease and strokes are the primary causes in the general population. These causes tend to increase with age; you are more likely to be affected the longer you live. As those in state care are less likely to reach old age, they have lower rates of death from these conditions.

    Rather, we see they are subject to much more violent deaths through self-harm, motor vehicle accidents and assaults, at rates many times greater than the population at large.

    Historical context and modern policy

    As the Royal Commission of Inquiry documented so thoroughly, tamariki Māori were placed in environments where tikanga Māori was disregarded, their whakapapa and whenua were disconnected, and their identity as Māori denied.

    Many faced neglect, abuse, and the loss of connection to mātauranga and wairua, leaving trauma that continues to affect whānau today.

    The royal commission’s report coincided with the National-led government’s reintroduction of military-style youth training academies for young offenders, colloquially known as “boot camps”.

    In mid-2024, Prime Minister Christopher Luxton dismissed concerns from the chief commissioner for children about the policy:

    I don’t care what you say about whether it does or doesn’t work. We can have that intellectual conversation all day long, but we are […] going to try something different because we cannot carry on getting the results that we’ve been getting.

    Based on our research findings – together with the royal commission’s report and significant international and local evidence about the real risks of such policies – we would argue the current approach in New Zealand needs to be revisited.

    More broadly, extensive international scholarship demonstrates Indigenous people are particularly and uniquely affected by longstanding trauma through colonisation. Specific acts of oppression that remain unaddressed often result in the inter-generational transfer of trauma and trauma responses.

    In Aotearoa New Zealand, as with many other colonised Indigenous territories, the forced removal of Māori children from their families to be placed in a range of state and church institutions was a key plank of colonial policy and practice.

    We must accept that poor outcomes across a range of areas in health, welfare, education and justice exist within a historical and contemporary context. Those impacts are linked across generations and affect whānau to this day.

    A paper based on these findings will be submitted for publication shortly. Research is continuing to expand the analyses explored here and to link outcomes across affected generations.

    We would like to acknowledge Tui Barrett, Professor Tim McCreanor and Professor Helen Moewaka Barnes for their input and guidance.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 0800 543 354 (0800 LIFELINE) or free text 4357 (HELP)

    Belinda Borell receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland, and the Health Research Council of New Zealand.

    Jose S. Romeo receives funding from Nga Pae o Te Maramatanga, Centre for Research Excellence at the University of Auckland and the Health Research Council of New Zealand.

    – ref. 24 years of life lost: people placed in state care have died earlier, more violent deaths – new study – https://theconversation.com/24-years-of-life-lost-people-placed-in-state-care-have-died-earlier-more-violent-deaths-new-study-248540

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Stretch of SH3, Woodville to close during Te Ahu a Turanga roundabout work

    Source: New Zealand Transport Agency

    As the Te Ahu a Turanga: Manawatū-Tararua Highway project nears completion, sections of State Highway 3 through Woodville will be closed for up to 5 weeks to allow for the completion of the new roundabout.

    SH3 at the Vogel Street / Woodlands Road bend will be closed 24/7 for 5 weeks from Monday 24 February.

    The work is expected to be completed by Sunday 30 March and the road reopened.

    Access to Woodville township and its businesses will remain open during the closure period. Residents in the construction area will continue to have access to and from their properties.

    Two detours will be in place – through Pinfold and Oxford Roads for light vehicles and through Pahiatua Track via Tay and Station streets in Woodville for heavy vehicles.

    The detours are expected to add less than 5 minutes to the journey times for light vehicles and up to 20 minutes for heavy vehicles.

    During the closure period, construction teams will connect the new roundabout to the existing roads, working onsite between the hours of 5am and 8pm.

    In addition to the roundabout work, we are planning to undertake some maintenance and resurfacing works on SH3 Napier Road near Ashhurst and SH3 Vogel St in Woodville. This will be undertaken during the same period to minimise overall disruption.

    NZ Transport Agency Waka Kotahi acknowledges this closure will cause frustration for some road users.

    “Once this work is finished, there’ll be a safe, reliable connection between Woodville and the new highway. It will also mark a major milestone as the whole project draws closer to completion,” says Project spokesperson Grant Kauri.

    “Thanks to all road users for their patience while these essential works are completed.”

    For more information about the Te Ahu a Turanga project, please head to :

    Te Ahu a Turanga project page

    MIL OSI New Zealand News –

  • MIL-OSI Security: Beauval  — Beauval RCMP seek public assistance locating missing 27-year-old male

    Source: Royal Canadian Mounted Police

    On February 1, 2024 RCMP received a report of a missing 27-year-old male, Isiah Hanson.

    Isaiah was last seen at on January 31, 2025 at approximately 4 a.m. traveling on foot on Highway 965 near Jans Bay.

    Since he was reported missing, Beauval RCMP have been checking places Isiah Hanson is known to visit and following up on information received. They are now asking members of the public to report information on Isiah’s whereabouts.

    Isiah is described as:

    • Height: 5’5″
    • Weight: 115 lbs
    • Eye colour: brown
    • Hair colour and style: short black
    • Last seen wearing: green winter coat, black Carhartt toque, “Hustle Game” sweatpants and greyish-brown Vans runners
    • Other descriptors: several forearm tattoos and large tattoo on left upper arm and shoulder

    Isiah may have been picked up in a white pickup truck headed toward the Dillon area, but his current whereabouts are unknown.

    If you have seen Isiah Hanson or know where he is, contact Beauval RCMP at 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    MIL Security OSI –

  • MIL-OSI New Zealand: Name release: Fatal crash, Flaxmere

    Source: New Zealand Police (National News)

    Police are now in a position to release the name of the person who died following a crash on Chatham Road, Flaxmere on Thursday 30 January.

    She was 11-year-old Emma Jane Kupa of Flaxmere.

    Our thoughts are with her family and friends at this incredibly difficult time.

    A 34-year-old female is set to reappear in the Hastings District Court on 18 February, facing a charge of operating a vehicle carelessly and breath alcohol level over 400.

    Police are not ruling out further charges in relation to the crash.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI: Great Elm Group Expands Real Estate Enterprise Launching Monomoy Construction Services

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH GARDENS, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), an alternative asset manager, today announced the formation of Monomoy Construction Services, LLC (“MCS”) upon acquisition of Greenfield CRE’s (“Greenfield’s”) assets. The result will combine the construction talent from Greenfield with civil engineering and land planning talent at Monomoy BTS Construction Management to form MCS, which will operate adjacent to Monomoy’s industrial asset management business Monomoy CRE, LLC (“MCRE”) (together with MCS, “Monomoy”), to provide an integrated business model in the industrial real estate market. With this acquisition, Monomoy will offer a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility for its industrial real estate tenants.

    Strategic Considerations

    The transaction is part of GEG’s strategy to grow its existing real estate franchise by bringing Greenfield, Monomoy’s existing general contractor partner, in-house. Greenfield shares a seasoned relationship with Monomoy and has detailed knowledge of Monomoy’s development projects and tenant expectations. This unique opportunity enhances the overall Monomoy enterprise in procurement and construction management expertise, enabling the business to propel its focus on construction opportunities for its existing industrial tenant base. The acquisition enables increased fee revenue from construction consulting and build-to-suit projects, while lowering in-house execution costs, allowing competitive pricing to further drive business growth.

    Management Commentary

    Jason Reese, Executive Chairman of GEG, said, “The Monomoy Construction Services transaction represents a successful outcome for Great Elm’s shareholders. This marks the latest in a series of strategic actions taken to enhance our focus and capabilities across our industrial real estate platform.”

    Chris Macri, President of MCRE, stated, “We welcome the Greenfield team as trusted colleagues with whom we have worked extensively. As a combined platform, we intend to pursue a robust pipeline of construction opportunities for our tenants, leading the way for creative real estate solutions in the industrial real estate and development market.”

    Key Hire

    MCS hires Brandon Finomore, the former President of Greenfield CRE, to lead its construction services business. Mr. Finomore joins Monomoy with over 20 years of real estate development expertise, managing and directing projects across the US ranging from $500,000 to $30,000,000. Licensed as a general contractor with the ability to run projects nationally, Mr. Finomore will work alongside the President of Monomoy, Chris Macri, to carry out Monomoy’s strategic construction initiatives. As part of the transaction, GEG has awarded 276,182 restricted shares of GEG stock to Mr. Finomore that will vest on the 5th year anniversary of the grant date. These restricted shares were granted as a material inducement to Mr. Finomore’s entry into employment with MCS, an affiliate of GEG, in accordance with Nasdaq Listing Rule 5635(c)(4).

    About Great Elm Group, Inc.

    Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.

    About Monomoy CRE, LLC & Monomoy Construction Services, LLC

    Monomoy CRE, LLC (“MCRE”) and Monomoy Construction Services, LLC (“MCS”), subsidiaries of GEG (together “Monomoy”) provide a full-service real estate services enterprise that provide solutions for our tenants through property management, real estate investments, construction and development. Monomoy invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.

    About Greenfield CRE

    Greenfield CRE is an innovator in the commercial real estate industry, with a focus on development, construction management, property management, and acquisitions across the United States. Greenfield provides third-party development services to select clients focusing on site selection, building planning, market review, construction management, and advisory services. Greenfield has a nationwide coverage area and has a specialty focus on the industrial outdoor storage (IOS) commercial real estate space.

    Cautionary Statement Regarding Forward-Looking Statements

    Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

    This press release does not constitute an offer of any securities for sale.

    Media & Investor Contact:
    Investor Relations
    geginvestorrelations@greatelm.com

    The MIL Network –

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports 4Q24 and Year Ended December 31, 2024 Results and Quarterly and Special Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter and year ended December 31, 2024, and declared a quarterly and special annual dividend. The full earnings release and investor presentation can be viewed at www.apam.com.

    Conference Call

    The Company will host a conference call on February 5, 2025 at 1:00 p.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10194959. A replay of the call will be available until February 12, 2025 at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 2159030. An audio recording will also be available on the Company’s website.

    About Artisan Partners

    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Source: Artisan Partners Asset Management Inc.

    Investor Relations Inquiries
    866.632.1770
    ir@artisanpartners.com

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – European trucks used by the Syrian regime – E-002384/2024(ASW)

    Source: European Parliament

    Ordinary road trucks are not subject to an export ban within the EU restrictive measures vis-à-vis Syria, as established in Council Regulation (EU) No 36/2012[1]. However, when exporting such trucks to Syria, EU operators should ensure that no funds or economic resources are made available to listed persons.

    The responsibility for the implementation and enforcement of EU sanctions lies with the Member States. In case of doubt, EU operators are encouraged to seek assistance from the relevant Member State national competent authority. The Commission stands ready to support Member States in the uniform application of EU sanctions, including by providing clarifications where necessary.

    The Commission works in close coordination with the Member State national competent authorities to monitor the implementation of EU sanctions. This close coordination ensures that the EU’s Syria sanctions are responsive to any issues observed during the implementation of EU sanctions. In the event of any possible breach, the Commission brings this to the attention of the national competent authorities. It is then for national authorities to investigate the matter.

    For EU operators to minimise the risk of engagement with designated persons or entities, the Commission recommends a risk-based approach consisting of risk assessment, multi-level due diligence and ongoing monitoring.

    • [1] OJ L 16, 19.1.2012, p. 1-32.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: UK’s Aldermore Bank selects Temenos to launch new small business savings notice accounts

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, Feb. 04, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that UK-based Aldermore Bank (Aldermore) has selected Temenos SaaS to modernize its existing savings operations starting with quickly launching new savings notice accounts for small businesses.

    The bank will adopt Temenos Business & Corporate Enterprise Service to achieve a fast time to market and scale efficiently as it seeks to grow customer deposits and unlock new sources of revenue. Using Temenos’ end-to-end service for business and corporate banking, Aldermore will leverage pre-configured, proven capabilities across core and digital banking, to enable rapid deployment of its new products.

    Following the launch of these, Aldermore will also migrate its existing business savings accounts to Temenos, consolidating multiple legacy systems on a single, cloud-based solution with the highest security standards. This will enable the bank to increase efficiency and deliver exceptional experiences in line with its customer-centric business model.

    Part of First Rand Group, the largest financial services group in Africa, Aldermore is a multi-specialist lending and savings provider with total assets of £20.5bn. The bank is focused on helping groups underserved by mainstream providers, particularly SMEs, homeowners, landlords and intermediaries.

    With Temenos Business & Corporate Enterprise Service, Aldermore will benefit from high levels of automation to easily configure banking services that meet the specific needs of its client base. Leveraging, pre-packaged capabilities tailored to the UK market, as well as pre-defined user journeys and proven processes, Aldermore will be able to quickly move these into production and scale according to customer demand on a proven, modern solution.

    Alex Myers, Commercial Director for savings at Aldermore Bank, said: “This strategic technology investment will help us to rapidly expand our offering, providing more customer-centric solutions and exceptional experiences for the underserved small business market. With Temenos SaaS, we can launch new products in record time, with the agility to adapt to the changing needs of our customers.”

    Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: “We’re delighted Aldermore has chosen Temenos SaaS to help drive its expansion of business savings. Aldermore prioritized both advanced technology and robust functionality, and Temenos was the only provider that met both needs. With pre-configured, proven capabilities tailored to the UK market and the small business sector, Temenos will help the bank to deliver a much faster time to market and increased efficiency as it looks to drive future growth.”

    Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core, digital and Islamic banking, in the latest IBS Intelligence Sales League Table. Temenos was also named a Leader in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

    About Aldermore Bank
    Aldermore backs more people to go for it, in life and business. We get finance to people who want to get on in life; building businesses, buying property and purchasing vehicles. And we champion equality by supporting those that the big traditional banks can’t or won’t help.

    The Group consists of two operating companies, Aldermore Bank plc and MotoNovo Finance Limited. Aldermore Bank provides finance to business owners, homeowners and landlords, and supports savers. It operates online, by phone and through networks. MotoNovo Finance helps people buy their next car, van or motorcycle.

    Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average.

    For more information, please visit www.temenos.com.

    Media Contacts 
     
    Scott Rowe & Michael Anderson
    Temenos Global Public Relations
    Tel: +44 20 7423 3857
    Email: press@temenos.com    		 Gabriel Goonetillake
    Temenos Team at Edelman Smithfield
    Tel: +44 7813 407710
    Email: Temenos@EdelmanSmithfield.com

    The MIL Network –

  • MIL-OSI Economics: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Source: Thales Group

    Headline: Thales Alenia Space signs a contract with Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module, a critical element of Lunar Gateway

    Thales Alenia Space strengthens its cooperation with the UAE as a key partner in future space missions

    Cannes, February  4th, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with Mohammed Bin Rashid Space Centre (MBRSC), the scientific and technological hub driving the UAE’s leadership in space services and exploration, for the design and development of the Emirates Crew and Science Airlock Module to be docked to Lunar Gateway cislunar space station.

    The Airlock will allow astronauts to perform spacewalks, transfer research to and from the lunar station, and serve as an additional docking port for spacecraft vehicles. This contribution to Gateway will establish the UAE as a major player in space exploration, develop the Science Community in the UAE and prepare the next generations of scientists and engineers to support space programs.

    Emirates Airlock: allowing extravehicular activities for astronauts

    © Thales Alenia Space/Briot

    The Emirates Airlock will be designed to allow extravehicular activities (EVA) for astronauts, enhance Gateway operations and utilization, and offer a scientific airlock capability.

    This pressurized module will provide space for the storage and maintenance of EVA suits, EVA-related tools and equipment, as well as a science airlock for transferring scientific experiments and Gateway hardware between the pressurized volume and the exterior of the cislunar space station.

    The key milestones planned for 2025 are the Mission Concept Review followed by the System Requirements Review and the Preliminary Design Reviews at primary structure and, respectively, system level.

    “I would like to sincerely thank the Mohammed Bin Rashid Space Centre (MBRSC) for putting its trust in our company”, Thales Alenia Space CEO, Hervé Derrey, said. “This new pressurized element is crucial for Lunar Gateway as it will be designed to enable extravehicular activities for astronauts in particular. We are delighted to accompany the MBRSC and the UAE bold vision in space exploration and support their commitment to international partners. This new contract emphasizes even more Thales Alenia Space’s leading positions in the fields of space transportation systems, orbital infrastructures and deep space exploration”.

    “I want to express my gratitude to the MBRSC for entrusting Thales Alenia Space in the manufacturing of the Emirates crew and science airlock module dedicated to Lunar Gateway” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “This partnership is a significant milestone, reflecting the trust the UAE has placed in our expertise and commitment to advancing space exploration. The Airlock module paves the way to the UAE’s remarkable commitment to innovation and excellence in space endeavours. Our goal is to work with the space community to contribute to lunar exploration and to continuous presence on the lunar surface. In that sense, we continuously invest in new technological developments and foster innovation. Challenges like this stimulate us and our supply chain for the benefit of the whole space ecosystem”.

    Our company has leveraged its longstanding experience in pressurized modules to offer a fifth module for the cislunar space station, including Lunar-View, Lunar-Link, Lunar I-Hab for ESA, HALO’s pressurized module for Northrop Grumman and now the Emirates airlock module.

    About MBRSC

    The Mohammed Bin Rashid Space Centre (MBRSC), established in 2006, is a leading scientific and technological hub driving the UAE’s leadership in space services and exploration. MBRSC has grown to become the incubator of the UAE National Space Programme, fostering scientific research, innovation and building a sustainable space sector in the UAE. MBRSC is committed to innovation, collaboration, and excellence in all aspects of space exploration and development.

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI United Nations: Deadly attacks in eastern Aleppo highlight Syria’s vulnerability

    Source: United Nations 4

    By Vibhu Mishra

    Peace and Security

    The United Nations on Tuesday condemned a deadly car bomb attack in the Syrian city of Manbij that killed 20 people, mostly women, and left many others critically injured.

    The explosion on Monday – close to the Turkish border – targeted a vehicle transporting seasonal agricultural workers. According to news reports, at least 11 women and three children were among the dead.

    It follows another attack just days earlier that killed four civilians and injured nine others, including six children. Monday’s car bombing was reportedly the seventh in just over a month and it marks the deadliest attack inside Syria since the fall of the Assad regime.

    The area has been a battleground for Turkish-backed forces and mostly Kurdish fighters. No group has claimed responsibility for Monday’s attack so far.

    “We reiterate that all parties must uphold their obligations under international humanitarian law to protect civilians,” said UN Spokesperson Stéphane Dujarric, briefing journalists in New York.

    “Civilians and civilian infrastructure should never be targeted.”

    Thousands displaced

    Meanwhile, hostilities persist in northeast Syria, particularly in eastern Aleppo, Al-Hasakeh and Ar-Raqqa, where over 25,000 have been displaced.

    Shelling, airstrikes, and ongoing clashes have devastated communities, leading to widespread destruction of homes, hospitals, and essential infrastructure, according to a humanitarian bulletin issued by UN relief coordination office, OCHA.

    Across the country, lack of public services and funding have made it difficult for humanitarian organizations to respond.

    In Homs and Hama, electricity is available for only 45 to 60 minutes every eight hours, while in northwest Syria, more than 100 health facilities have run out of funding since the start of the year.

    The UN and its partners are appealing for $1.2 billion to assist 6.7 million of Syria’s most vulnerable people through March 2025.

    Humanitarian efforts

    Despite the challenges, UN agencies and partners continue their efforts to deliver assistance and monitor the situation, as security allows.

    On February 3, a UN cross-border mission from Türkiye to Idlib assessed cash distribution efforts – part of a broader effort to reach communities in need.

    “So far in 2025, we completed 40 cross-border missions to Syria, mostly to monitor and assess projects – nearly double the number of missions that we had at the same time last year,” Mr. Dujarric said.

    On January 30, UN teams also conducted an assessment mission to Sweida, close to the Jordanian border, marking the first UN presence in the area since October 2023. The visit revealed critical shortages of drinking water and irrigation resources, exacerbated by years of drought.

    © UNICEF/Muhannad Aldhaher

    Refugee returns

    Meanwhile, a recent survey by the UN refugee agency, UNHCR, found that 27 per cent of Syrian refugees in Jordan, Lebanon, Iraq and Egypt, plan to return home within the next 12 months – a sharp increase from less than 2 per cent recorded in April last year.

    Since the fall of the Assad regime in December, to 23 January, over 210,000 Syrians have returned with many facing challenges related to destroyed property, lack of infrastructure, and security concerns.

    Internally displaced persons (IDPs) within Syria are also beginning to return home, albeit in small numbers.

    Since early December, approximately 57,000 IDPs – mostly single-family groups or individuals – have left IDP camps.

    However, nearly two million people remain in over 1,500 camps across Idlib and northern Aleppo, where safety concerns and a lack of essential services continue to hinder returns.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Transport – Desert Road closure costing freight businesses an estimated $100,000 per day

    Source: Ia Ara Aotearoa Transporting New Zealand

    National road freight association Transporting New Zealand has emphasised the importance of getting the Desert Road on State Highway 1 reopened as soon as possible, estimating that the closure is increasing freight costs for businesses and consumers by $100,000 per day.
    Chief executive Dom Kalasih says that while using block road closures allows NZTA to work more efficiently and safely on roading projects, it is essential that these are well managed and keep to schedule.
    “Transporting New Zealand supported the block road closure approach for the Desert Road project, rather than operating stop-go for months and years on end. However, taking this approach means that NZTA needs to be providing regular comms updates and completing these works on time.
    “If there are any delays with the Desert Road opening, it is critical that NZTA provides notice well in advance so that transport companies can readjust their plans to manage the extra demands.”
    Kalasih says that having the closure extended would be bad news for businesses and consumers across the country.
    “Based on NZTA information about the additional detour time and traffic data, we estimate the additional freight cost is in the order of $100,000 per day, due to approximately 800 trucks per day having to travel for an additional 35-40 minutes. Our members have no choice but to pass those costs on to their customers, and that shows up as higher prices for consumers.
    “There’s also the loss in labour productivity and the significant impact on local businesses in the affected area to consider.
    “The closure also increases risk to the resilience of the network. If SH4 between National Park and Tohunga Junction was to become blocked for any significant period, then inter-regional travel across the Central Plateau would be severely impacted.”
    Transporting New Zealand sought an update from NZTA on how the project was tracking to schedule on Monday, and will be keeping their members regularly updated. 
    About Ia Ara Aotearoa Transporting New Zealand 
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter-regional commercial freight transport services throughout the country.
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4700 businesses, with an annual turnover of $6 billion. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Op-Ed – Everyone has a plan until they get punched in the face – OPED Conor English

    Opinion – by Conor English
     
    5 February 2025 – Everyone has a plan until they get punched in the face – Boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face”.  He was simply pointing out in his own unique direct way, that sometimes things don’t go the way you think. There can be unintended consequences. Your opponent can counter punch, so a “plan b” can be useful!
     
    The new USA government has a plan to use tariffs as a way of incentivising other countries to do things that are helpful to the USA. Things like curtail immigrants or drugs travelling over the border, or to shift their manufacturing jobs to America.  The President has described the word “tariffs” as “the most beautiful word in the dictionary” so its clear he likes the idea of using tariffs. It does have some logic. Maybe this plan will work?
     
    So, using emergency powers that enable quick action, rather than long winded trade negotiation processes, this plan is being implemented this week.  First up, 10% tariff on goods from China, and energy products from Canada. Tariffs will be set at 25% for most other goods from Canada and Mexico. If these countries change their drug, migration and manufacturing policies, the USA will look to review the tariff levels.  That’s the new deal.
     
    New Zealand had its own tariffs for many years as was fashionable. But now we seek fair trade, with no tariffs or quotas, or other non-tariff trade barriers in our trading relationships. It matters to us as a small trading country at the bottom of the world. Multilateral co-operation and enforcement frameworks such as the World Trade Organisation are vital.   
     
    America, like many countries, has a long history of using tariffs. An excellent example of how things can end up like a punch in the face, as Mike Tyson would put it, is the passing of what was known as the “Smoot Hawley” Tariff Act on June 17, 1930. This raised tariffs on over 20,000 imported goods, despite a petition signed by 1,028 economists asking President Hoover to veto the legislation. He didn’t. The theory was it would save jobs in America and protect local producers from international competition following the “Black Thursday” share market crash on October 24, 1929.
     
    But it didn’t make things better, it made things worse.
     
    Americas trading partners punched back. They didn’t do nothing. They retaliated, just as Canada and Mexico now have. The world economy and geopolitics has evolved significantly since the great depression and what happened then may not happen now. However, history can perhaps provide some small insight as to how this might play out.
     
    Wikipedia tells us that after the Smoot- Hawley passed – yes – USA imports did decrease by 66% from $4.4 billion  in 1929, to $1.5 billion in 1933. So that must be good for domestic jobs and industries? Well no, because other countries punched back with their own tariffs, as well as sourcing their own imports from other countries rather than America.
     
    As a result, USA exports also decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931, bottoming out at $55.6 billion in 1933, a drop of around 50% over four years. 
     
    So rather than create jobs, jobs were lost, and plenty of them. Unemployment was at 8% in 1930 when the Smoot–Hawley Tariff Act was passed, but the new law failed to lower it. The unemployment rate jumped to 16% in 1931, and 25% in 1932–33. The factories that produced those export goods couldn’t sell their products, so staff lost their jobs.
     
    Unemployment didn’t fall below early 1930s levels until the massive economic stimulus of World War 2.
     
    As with any economy, there is always more than just one thing happening, but at that time, that is what happened in the USA. So how does this current fast changing situation effect New Zealand?
     
    Unlike 100 years ago, we get impacted very quickly by the transmission of changes in our exchange rate, interest rates, commodity prices, share markets and trade flows. This then flows through our economy.
     
    For example, if inflation goes up in America because of the new tariffs, international interest rates may go up, thus reducing the speed of any reductions on our mortgage rates. Dairy commodity prices might rise, but so too might international oil prices, pushing up our fuel prices and inflation. Our dollar may fall, making it cheaper for tourists to visit, but the cost of servicing our increasing national debt more expensive.  Chinese built EVs may be more available and cheaper here as cars are diverted from the USA market.
     
    There will be all sorts of positive and negative impacts, unintended consequences and unforeseen outcomes. It could be overall positive or overall negative for both America and New Zealand, but we just don’t know. We do know though that it creates more uncertainty, and that’s not helpful to anyone.     
     
    So will it be a punch in the face, as Mike Tyson suggests, or a pat on the back?  Either way, we need to be fleet of foot and have a “Plan B”.
     
    Conor English is a Director of Silvereye – a Wellington based Government relations firm, a former exporter, CEO of Federated Farmers, and Independent Advisor to the Reserve Bank of New Zealand. 

    MIL OSI New Zealand News –

  • MIL-OSI United Nations: Strengthening alliances and building movements to end female genital mutilation

    Source: United Nations Population Fund

    Joint statement by UNFPA Executive Director Dr. Natalia Kanem, UNICEF Executive Director Catherine Russell and WHO Director-General Dr. Tedros Adhanom Ghebreyesus on the occasion of the International Day of Zero Tolerance for Female Genital Mutilation

    NEW YORK/GENEVA, 6 February 2025 – Female genital mutilation is a violation of human rights that inflicts deep and lifelong physical, emotional, and psychological scars on girls and women. This harmful practice affects more than 230 million girls and women today. An estimated 27 million more girls could endure this violation of their rights and dignity by 2030 if we do not take action now.

    Today, on the International Day of Zero Tolerance for Female Genital Mutilation, and in response to the theme “Stepping up the pace: Strengthening alliances and building movements to end female genital mutilation”, UNFPA, UNICEF and WHO reaffirm our commitment to work together with countries and communities to end this harmful practice — once and for all.

    There is hope. Many countries have seen a decline in the prevalence of female genital mutilation. We are witnessing progress in countries like Kenya and Uganda, where collaborative action and community-led initiatives are proving that by strengthening alliances and building movements, we can accelerate change. 

    Since the launch of the UNFPA-UNICEF Joint Programme on the Elimination of Female Genital Mutilation in 2008, and in collaboration with WHO, close to 7 million girls and women access prevention and protection services. Additionally, 48 million people have made public declarations to abandon the practice, and 220 million individuals were reached by mass media messaging on the issue. In the last two years, close to 12,000 grassroots organizations and 112,000 community and frontline workers galvanized to effect change at this critical juncture.

    Yet the fragility of progress made has also become starkly evident. In the Gambia, for example, attempts to repeal the ban on female genital mutilation persist, even after an initial proposal to do so was rejected by its parliament last year. Such efforts could gravely undermine the rights, health, and dignity of future generations of girls and women, jeopardizing the tireless work over decades to change attitudes and mobilize communities.

    Of the 31 countries in which data on prevalence are collected nationally, only seven countries are on track to meet the Sustainable Development Goal of ending female genital mutilation by or before 2030. The current rate of progress must accelerate urgently to meet this target.

    This requires strengthened alliances among leaders, grassroots organizations, and across sectors spanning health, education, and social protection — as well as sustained advocacy and expanded social movements with girls and survivors at the centre. 

    It demands greater accountability at all levels to ensure commitments to human rights are upheld and policies and strategies are implemented to protect girls at risk and provide care, including justice, for survivors. It also requires increased investment in scaling up proven interventions. We are indebted to generous donors and partners who are supporting this life-changing work and call on others to join them.

    We all have a role to play to ensure that every girl is protected and can live free from harm. Let’s step up the pace and act with urgency. The time to end female genital mutilation is now. 

    ###

    Notes to Editors

    About the UNFPA–UNICEF Joint Programme
    The UNFPA–UNICEF Joint Programme on the Elimination of Female Genital Mutilation: Delivering the Global Promise works to eliminate female genital mutilation through interventions in 17 countries where the practice is prevalent. The programme creates opportunities for girls and women to realize their rights in health, education, income and equality to help end the power imbalances that underpin this harmful practice.

    For further information, please contact:
    Eddie Wright, UNFPA New York, Tel: +1 917 831 2974 ewright@unfpa.org
    Sara Alhattab | UNICEF New York | +1 917-957-6536 | salhattab@unicef.org
    Laura Keenan | WHO, Geneva | keenanl@who.int and mediainquiries@who.int

    About UNFPA
    UNFPA is the United Nations sexual and reproductive health agency. UNFPA’s mission is to deliver a world where every pregnancy is wanted, every childbirth is safe and every young person’s potential is fulfilled. UNFPA calls for the realization of reproductive rights for all and supports access to a wide range of sexual and reproductive health services, including voluntary family planning, quality maternal health care and comprehensive sexuality education.

    For more information about UNFPA and its work visit: www.unfpa.org
    Follow UNFPA on X (Twitter), Facebook, Instagram and YouTube

    About UNICEF
    UNICEF, the United Nations agency for children, works to protect the rights of every child, everywhere, especially the most disadvantaged children and in the toughest places to reach. Across more than 190 countries and territories, we do whatever it takes to help children survive, thrive, and fulfil their potential.

    For more information about UNICEF and its work visit:
    Follow UNICEF on X (Twitter), Facebook, Instagram and YouTube

    About WHO

    Dedicated to the well-being of all people and guided by science, the World Health Organization leads and champions global efforts to give everyone, everywhere an equal chance at a safe and healthy life. We are the UN agency for health that connects nations, partners and people on the front lines in 150+ locations – leading the world’s response to health emergencies, preventing disease, addressing the root causes of health issues and expanding access to medicines and health care. Our mission is to promote health, keep the world safe and serve the vulnerable. 

    For more information about WHO and its work visit: www.who.int   

    Follow WHO on X (Twitter), Facebook, Instagram and YouTube

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Fatal crash, Twin Lakes Road, Upper Hutt

    Source: New Zealand Police (National News)

    Police can confirm one person has died following a crash on Twin Lakes Road, Upper Hutt this morning.

    The single vehicle crash was reported at about 7am.

    The sole occupant of the vehicle died at the scene.

    Inquiries into the circumstances of the crash are ongoing.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.4.25

    Source: US State of California 2

    Feb 4, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Mark Tollefson, of Rancho Cordova, has been appointed Chief Deputy Director at the California High-Speed Rail Authority. Tollefson has been Undersecretary of the California State Transportation Agency since 2022. He was Senior Counselor on Infrastructure and Fiscal Affairs in the Office of Governor Newsom in 2022, where he was previously Deputy Cabinet Secretary from 2019 to 2022. Tollefson held several positions at the California Department of Finance from 2007 to 2019, including Assistant Program Budget Manager, Principal Program Budget Analyst, and Finance Budget Analyst. Tollefson earned a Master of Business Administration degree in Finance from California State University, Sacramento and a Bachelor of Science degree in Managerial Economics from the University of California, Davis. This position does not require Senate confirmation, and the compensation is $275,004. Tollefson is a Democrat.

    Ken DaRosa, of Sacramento, has been appointed Chief Deputy Director at the Office of Energy Infrastructure Safety. DaRosa has been the Chief Deputy Director of the State Council on Developmental Disabilities since 2021. He was the Chief Deputy Director at the California Department of Resources, Recycling, and Recovery from 2012 to 2021. DaRosa held multiple positions at the California Department of Finance from 2004 to 2012, including Program Budget Manager from 2011 to 2012, Assistant Program Budget Manager from 2010 to 2011, Principal Program Budget Analyst from 2006 to 2010, and Staff Finance Analyst from 2004 to 2006. He earned a Master of the Arts degree in Literature, and a Bachelor of the Arts degree in Psychology from the California State University, Sacramento. This position does not require Senate confirmation, and compensation is $185,004. DaRosa is registered without party preference. 
     
    Sloane Viola, of Sacramento, has been appointed Chief Deputy Director at the California Conservation Corps, where she has been the Deputy Director of Legislative and External Affairs since 2024. Viola was the Acting Assistant Secretary of Climate Change at the California Natural Resources Agency in 2024. She has had several positions at the Governor’s Office of Land Use and Climate Innovation from 2019 to 2024, including Council Program Manager from 2021 to 2024, Acting Deputy Director of Climate Resilience in 2022, and Legislative Director from 2019 to 2021. Viola held two positions in the Office of Lieutenant Governor Gavin Newsom from 2017 to 2018, including Sea Grant Fellow in 2017 and Staff Scientist from 2018 to 2019. She held multiple positions at the University of California, Santa Barbara from 2010 to 2016, including Graduate Student Researcher from 2014 to 2016, Teaching Assistant from 2015 to 2016, and Laboratory Assistant I, Marine Science Institute from 2010 to 2014. Viola is a member of American MENSA. She earned a Master of the Arts degree in Ecology, Evolution, and Marine Biology, and a Bachelor of Science degree in Aquatic Biology from the University of California, Santa Barbara. This position does not require Senate confirmation, and compensation is $170,004. Viola is a Democrat. 

    Mandi Bane, of Redondo Beach, has been appointed Deputy Director of Hazardous Waste Management at the California Department of Toxic Substances Control. Bane has been an Environmental Protection Specialist at the United States Environmental Protection Agency since 2024. She has held multiple positions at the Los Angeles County Department of Public Health from 2011 to 2024, including CENS Unit Manager, Substance Abuse Prevention and Control from 2021 to 2024, Staff Analyst, Environmental Health Division from 2015 to 2021, and Research Analyst II; Assistant Staff Analyst, Family Services Unit from 2011 to 2015. Bane earned her Doctor of Philosophy and Master of the Arts degrees in Sociology from the University of Michigan, and a Bachelor of the Arts degree in Sociology from the University of Oregon. This position does not require Senate confirmation, and compensation is $199,128. Bane is registered without party preference. 

    Georgia “Pat” Urena, of Calexico, has been reappointed to the Off-Highway Motor Vehicle Recreation Commission, where she has served since 2018.  Urena was a Recreation Supervisor at the City of El Centro from 1982 to 2024. She is the Chair of the Calexico Wellness Center and the Juvenile Justice Commission, and a Board Member of Rite Track. This position requires Senate confirmation, and the compensation is $100 per diem. Urena is a Democrat.

    Press Releases, Recent News

    Recent news

    Feb 4, 2025

    News What you need to know: Governor Gavin Newsom today issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help LA fire survivors rebuild, access essential services, and recover more quickly. LOS…

    Feb 3, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring February 2025 as Black History Month.The text of the proclamation and a copy can be found below: PROCLAMATIONThis month, we pay homage to the rich history and contributions of…

    Feb 2, 2025

    News What you need to know: At Governor Gavin Newsom’s directive, crews have been working around the clock to install nearly 60 miles of emergency protective materials in the recent Los Angeles-area burn scars. Los Angeles, California – As another storm system is…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs new executive order to fast-track more relief for LA fire survivors

    Source: US State of California 2

    Feb 4, 2025

    What you need to know: Governor Gavin Newsom today issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help LA fire survivors rebuild, access essential services, and recover more quickly.

    LOS ANGELES — Governor Gavin Newsom today signed a new executive order to cut red tape by suspending regulations and extending deadlines to assist in helping survivors recover quickly from the Los Angeles area firestorms. The order removes bureaucratic barriers, extends deadlines, and provides critical regulatory relief to help families rebuild, access essential services, and recover more quickly by waiving regulations that could make it more difficult for survivors to access important services, such as child care, education, rental housing, health care, and obtaining tax relief.

    “As Los Angeles rises, we will continue to remove the barriers that would stand in the way. This executive order provides targeted relief from regulations that impact victims and would otherwise slow this community’s quick recovery.”

    Governor Gavin Newsom

    The executive order issued by Governor Newsom today:

    • Suspends caps on administrative costs for state-funded preschool programs and Community Development Block Grants.

    • Extends deadlines for families to submit documentation for state-funded preschool and child care programs.

    • Extends deadlines for reporting requirements for state-funded preschool and child care programs.

    • Extends deadlines for health care providers to submit requests to the Department of Health Care Services for changes in scope of service.

    • Allows the Department of Developmental Services to suspend certain legal requirements to ensure individuals with developmental disabilities continue to receive services without interruption.

    • Extends deadlines for families to submit eligibility documentation for participation in CalWORKs program. 

    • Extends deadlines for public officials in Los Angeles County to submit FPPC reports.

    • Terminates suspensions of regulatory requirements for private firefighters.

    • Extends the deadline for individuals claiming disaster-related tax relief to submit required documentation.

    • Adds three new ZIP codes to prior executive orders providing tax relief and prohibiting real estate speculation.

    • Exempts housing in zip codes with high fair market values, which has not previously been on the rental market, from statutory rent caps to help ensure that they are available for rental during recovery efforts.

    • Expands rental price gouging protections to leases of any length, rather than only leases of one year or less, in response to examples of leases being offered for 366 days to avoid the protections.

    Recovery and rebuilding, faster than ever

    Governor Newsom has launched historic recovery and rebuilding efforts, cutting red tape and suspending regulations to help make the recovery process faster than ever before:

    • Cutting red tape to help rebuild Los Angeles faster and stronger. Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders.

    • Providing tax and mortgage relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline. The Governor also worked with state– and federally-chartered banks that have committed to providing mortgage relief for survivors in certain zip codes.

    • Fast-tracking temporary housing and protecting tenants. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline the construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms.

    • Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas. 

    • Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.

    • Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers. The Governor also launched LA Rises, a unified recovery initiative that brings together private sector leaders to support rebuilding efforts. 

    • Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.

    • Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.

    • Helping businesses and workers get back on their feet. The Governor issued an executive order to support small businesses and workers, by providing relief to help businesses recover quickly by deferring annual licensing fees and waiving other requirements that may impose barriers to recovery.

    Get help today

    For those Californians impacted by the firestorms in Los Angeles, there are resources available. Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.  

    Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

    • Online at DisasterAssistance.gov
    • By calling 800-621-3362
    • By using the FEMA smart phone application
    • Assistance is available in over 40 languages
    • If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.

    Recent news

    Feb 3, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring February 2025 as Black History Month.The text of the proclamation and a copy can be found below: PROCLAMATIONThis month, we pay homage to the rich history and contributions of…

    Feb 2, 2025

    News What you need to know: At Governor Gavin Newsom’s directive, crews have been working around the clock to install nearly 60 miles of emergency protective materials in the recent Los Angeles-area burn scars. Los Angeles, California – As another storm system is…

    Feb 1, 2025

    News LOS ANGELES — As recovery efforts continue in the wake of the early January firestorm, Governor Gavin Newsom today announced the deployment of additional state law enforcement resources to help Los Angeles maintain checkpoints and keep the Pacific Palisades…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: AGRICULTURE MARKETS

    Source: Government of India (2)

    Posted On: 04 FEB 2025 7:01PM by PIB Delhi

    Agricultural Marketing is a State subject and Agricultural Produce Market Committees (APMCs) are regulated under respective State Agricultural Produce Market Committee Act of the State. The data in reference to accommodation facility for the farmers as well as parking of their carrier vehicles is not maintained centrally.

    Student READY programme is an integral part of the undergraduate degree programme in the disciplines of Agriculture, and allied areas. The five components of the Student READY programme are:

    1. Experiential Learning – Business Mode
    2. Experiential Learning – Hands on Training (Skill Development)
    3. Rural Awareness Work Experience (RAWE)
    4. In Plant Training/ Industrial attachment/ Internship
    5. Students Projects

     

    Further, the details of the Scholarships/Fellowships awarded by Indian Council of Agricultural Research (ICAR) is at Annexure-I.

    Annexure-I

    Scholarships/Fellowships awarded by Indian Council of Agricultural Research (ICAR)

    S. No.

    Schemes/Fellowships

    Number of Beneficiaries

    2022-23

    2023-24

    1

    National Talent Scholarship for Under Graduate (UG) Students

    6734

    10034

    2

    National Talent Scholarship for Post Graduate (PG) Students

    3542

    3428

    3

    PG Scholarship

    1693

    1613

    4

    Junior/Senior Research Fellowship for Ph. D Students

    1130

    1157

    5

    Internship for B.V.Sc. Students

    4652

    4996

    6

    Merit-cum-Means (MCM) Scholarship for Undergraduate studies

    417

    439

    7

    Netaji Subhas-ICAR International Fellowship for Ph. D

    39

    32

    Total

    18207

    21699

     

     

    This information was given by Minister of State for Agriculture and Farmers Welfare, Shri Ramnath Thakur in a written reply in Lok Sabha today.

    ******

     MG/KSR

    (Release ID: 2099761) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Quarter End AUM of $31.7 billion
    • Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
    • Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
    • 2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
    • $182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
    • Board Authorizes 100% Increase of the Regular Quarterly Dividend
    • Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

    GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

    Financial Highlights

    (In thousands, except percentages and per share data)      
        Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    U.S. GAAP          
    Revenue   $ 59,262     $ 57,313    
    Expenses     40,109       41,517    
    Operating income     19,153       15,796    
    Non-operating income     3,452       6,199    
    Net income     16,797       16,560    
    Diluted earnings per share   $ 0.70     $ 0.66    
    Operating margin     32.3 %     27.6 %  
               

    Giving Back to Society – $80 million since IPO

    Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

    On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

    Revenue

    (In thousands)   Three Months Ended    
        December 31,
    2024    		   December 31,
    2023    		    
    Investment advisory and incentive fees            
       Funds   $ 40,441   $ 37,748    
       Institutional and Private Wealth Management   15,057     13,712    
       SICAV     4 (a)   1,541 (a)  
          Total   $ 55,502   $ 53,001    
    Distribution fees and other income     3,760     4,312    
          Total revenue   $ 59,262   $ 57,313    
                 
    (a) Reflects change in reporting methodology. See AUM table.        

    The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

    Expenses

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Compensation   $ 26,593   $ 27,316  
    Management fee     2,512     2,444  
    Distribution costs     5,634     5,848  
    Other operating expenses   5,370     5,909  
       Total expenses   $ 40,109   $ 41,517  
               
    • The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
    • The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
    • Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

    Operating Margin

    The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.  

    Non-Operating Income

    (In thousands)   Three Months Ended  
        December 31,
    2024    		   December 31,
    2023    		  
    Gain from investments, net   $ 644     $ 3,529    
    Interest and dividend income     3,090       2,951    
    Interest expense (a)     (282 )     (281 )  
       Total non-operating income   $ 3,452     $ 6,199    
               
    (a) Related to GAAP accounting of finance lease.      

    Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

    Other Financial Highlights

    The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

    Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

    Assets Under Management

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Mutual Funds   $ 8,078   $ 8,440   $ 7,973  
    Closed-end Funds     7,344     7,459     7,097  
    Institutional & PWM (a) (b)     10,700     10,984     10,738  
    SICAV (c)     9     9     631  
    Total Equities     26,131     26,892     26,439  
                   
    100% U.S. Treasury Money Market Fund     5,552     5,268     4,615  
    Institutional & PWM Fixed Income     32     32     32  
    Total Treasuries & Fixed Income     5,584     5,300     4,647  
    Total Assets Under Management   $ 31,715   $ 32,192   $ 31,086  
                   
    (a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,  
    2024, and December 31, 2023, respectively.            
    (b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
    (c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,  
    September 30, 2024, and December 31, 2023, respectively.          
                   

    Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

    Mutual Funds

    Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

    • Distributions, net of reinvestment, of $27 million;
    • Net outflows of $209 million; and
    • Net market depreciation of $126 million.

    Closed-end Funds

    Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

    • Distributions, net of reinvestment, of $129 million;
    • Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
    • Net market depreciation of $155 million.

    Institutional & PWM

    Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

    • Net outflows of $345 million; and
    • Net market appreciation of $61 million.

    SICAV

    Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

    100% U.S. Treasury Money Market Fund

    Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

    The Gabelli Growth Fund – Up 35.8% For 2024

    The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

    “The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

    The Gabelli Gold Fund – Up 15.2% For 2024

    Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

    “Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

    The Gabelli Small Cap Growth Fund

    We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

    ETFs

    In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

    Assets Under Administration

    (In millions)   As of  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
                   
    Teton-Keeley Funds (a)   $ 809   $ 883   $ 964  
    SICAV     408     431     –  
    Total Assets Under Administration $ 1,217   $ 1,314   $ 964  
                   
    (a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at  
         December 31, 2024, September 30, 2024 and December 31, 2023, respectively.  
                   

    AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

    Return to Shareholders

    During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

    On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

    Balance Sheet Information 

    As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

    Symposiums/Conferences

    • On November 4th and 5th, we hosted the 48th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
       
    • On November 15th, we hosted the 6th Annual Healthcare Symposium in connection with Columbia Business School.
       
    • On December 5th, we hosted the 2nd Section 852(b)(6) Conference.
       
    • In addition to the above, we hosted the following during 2024:
       
      • 34th Pump, Valve & Water Systems Symposium
      • 30th Aerospace & Defense Symposium
      • 18th Omaha Research Trip
      • 16th Media & Entertainment Symposium
      • 15th Specialty Chemicals Symposium
      • 10th Waste & Environmental Services Conference
      • 2nd PFAS Symposium

    We are hosting the following symposiums and conferences in 2025:

    About Gabelli

    Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a CatalystTM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

    Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
    Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

    Active Transparent Exchange-Traded Funds
    GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

    IMPORTANT DISCLOSURES

    • Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
    • Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
    • These traditional risks may be even greater in challenging or uncertain market conditions.
    • Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    Active Exchange-Traded Funds
    GABELI LOVE OUR PLANET & PEOPLE: LOPP
    GABELLI GROWTH INNOVATORS: GGRW
    GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

    IMPORTANT DISCLOSURES
    These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
    • You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
    • The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
    • These additional risks may be even greater in challenging or uncertain market conditions.
    • The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

    You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

    GABF
    Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

    GGRW
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    GCAD
    Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

    LOPP
    The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

    Money Market Fund
    Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

    Growth
    Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

    Gold
    Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

    As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

    Small Cap
    Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

    Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

    GAMCO Investors, Inc. and Subsidiaries              
    Condensed Consolidated Statements of Operations (Unaudited)        
    (in thousands, except per share data)              
        Three Months Ended  
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		  
    Revenue:              
      Investment advisory and incentive fees   $ 55,502     $ 53,829     $ 53,001    
      Distribution fees and other income     3,760       3,717       4,312    
         Total revenue     59,262       57,546       57,313    
    Expenses:              
      Compensation     26,593       22,566       27,316    
      Management fee     2,512       2,517       2,444    
      Distribution costs     5,634       6,033       5,848    
      Other operating expenses     5,370       4,801       5,909    
        Total expenses     40,109       35,917       41,517    
    Operating income     19,153       21,629       15,796    
    Non-operating income:              
      Gain from investments, net     644       3,370       3,529    
      Interest and dividend income     3,090       2,947       2,951    
      Interest expense     (282 )     (290 )     (281 )  
      Charitable giving contribution     –       (5,000 )     –    
        Total non-operating income     3,452       1,027       6,199    
    Income before provision for income taxes     22,605       22,656       21,995    
    Provision for income taxes     5,808       5,822       5,435    
    Net income   $ 16,797     $ 16,834     $ 16,560    
                   
    Earnings per share attributable to common            
    stockholders:              
      Basic   $ 0.70     $ 0.69     $ 0.66    
      Diluted   $ 0.70     $ 0.69     $ 0.66    
                   
    Weighted average shares outstanding:              
      Basic     23,971       24,263       25,038    
      Diluted     23,971       24,263       25,038    
                   
      Shares outstanding     22,930       24,235       24,906    
                   
    GAMCO Investors, Inc. and Subsidiaries          
    Condensed Consolidated Statements of Financial Condition (Unaudited)      
    (in thousands)          
           
        December 31,   December 31,  
        2024   2023  
    Assets          
      Cash and cash equivalents   $ 17,254   $ 61,801  
      Short-term investments in U.S. Treasury Bills     99,216     99,025  
      Investments in securities     36,855     19,998  
      Seed capital investments     29,452     24,044  
      Receivable from brokers     3,103     4,562  
      Other receivables     21,246     21,178  
      Deferred tax asset and income tax receivable     7,553     8,927  
      Other assets     9,509     9,896  
         Total assets   $ 224,188   $ 249,431  
               
    Liabilities and stockholders’ equity          
      Income taxes payable   $ 196   $ 17  
      Compensation payable     38,489     23,399  
      Accrued expenses and other liabilities     48,929     45,036  
        Total liabilities     87,614     68,452  
               
      Stockholders’ equity     136,574     180,979  
         Total liabilities and stockholders’ equity   $ 224,188   $ 249,431  
               
      Shares outstanding     22,930     24,906  
               
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Equities:                      
    Mutual Funds                      
    Beginning of period assets   $ 8,440     $ 8,035     $ 7,546            
      Inflows     211       175       153            
      Outflows     (420 )     (415 )     (451 )          
      Net inflows (outflows)     (209 )     (240 )     (298 )          
      Market appreciation (depreciation)     (126 )     652       744            
      Fund distributions, net of reinvestment     (27 )     (7 )     (19 )          
      Total increase (decrease)     (362 )     405       427            
    Assets under management, end of period   $ 8,078     $ 8,440     $ 7,973     -4.3 %   1.3 %  
    Percentage of total assets under management     25.5 %     26.2 %     25.6 %          
    Average assets under management   $ 8,447     $ 8,177     $ 7,593     3.3 %   11.2 %  
                             
    Closed-end Funds                      
    Beginning of period assets   $ 7,459     $ 7,052     $ 6,727            
      Inflows     212       25       16            
      Outflows     (43 )     (32 )     (63 )          
      Net inflows (outflows)     169       (7 )     (47 )          
      Market appreciation (depreciation)     (155 )     540       544            
      Fund distributions, net of reinvestment     (129 )     (126 )     (127 )          
      Total increase (decrease)     (115 )     407       370            
    Assets under management, end of period     7,344     $ 7,459     $ 7,097     -1.5 %   3.5 %  
    Percentage of total assets under management     23.2 %     23.2 %     22.8 %          
    Average assets under management   $ 7,610     $ 7,260     $ 6,785     4.8 %   12.2 %  
                             
    Institutional & PWM                      
    Beginning of period assets   $ 10,984     $ 10,436     $ 10,034            
      Inflows     62       87       63            
      Outflows     (407 )     (373 )     (371 )          
      Net inflows (outflows)     (345 )     (286 )     (308 )          
      Market appreciation (depreciation)     61       834       1,012            
      Total increase (decrease)     (284 )     548       704            
    Assets under management, end of period   $ 10,700     $ 10,984     $ 10,738     -2.6 %   -0.4 %  
    Percentage of total assets under management     33.7 %     34.1 %     34.5 %          
    Average assets under management   $ 11,085     $ 10,905     $ 10,005     1.7 %   10.8 %  
                             
    SICAV                      
    Beginning of period assets   $ 9     $ 9     $ 622            
      Inflows     –       –       82            
      Outflows     –       –       (110 )          
      Net inflows (outflows)     –       –       (28 )          
      Market appreciation (depreciation)     –       –       37            
      Total increase (decrease)     –       –       9            
    Assets under management, end of period   $ 9     $ 9     $ 631     0.0 %   -98.6 %  
    Percentage of total assets under management     0.0 %     0.0 %     2.0 %          
    Average assets under management   $ 9     $ 9     $ 628     0.0 %   -98.6 %  
                             
    Total Equities                      
    Beginning of period assets   $ 26,892     $ 25,532     $ 24,929            
      Inflows     485       287       314            
      Outflows     (870 )     (820 )     (995 )          
      Net inflows (outflows)     (385 )     (533 )     (681 )          
      Market appreciation (depreciation)     (220 )     2,026       2,337            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (761 )     1,360       1,510            
    Assets under management, end of period   $ 26,131     $ 26,892     $ 26,439     -2.8 %   -1.2 %  
    Percentage of total assets under management     82.4 %     83.5 %     85.1 %          
    Average assets under management   $ 27,151     $ 26,351     $ 25,011     3.0 %   8.6 %  
                             
                             
    GAMCO Investors, Inc. and Subsidiaries                    
    Assets Under Management                      
    By investment vehicle – continued                      
    (in millions)                      
          Three Months Ended   % Changed From  
          December 31,   September 30,   December 31,   September 30,   December 31,  
           2024     2024     2023    2024    2023   
    Fixed Income:                      
    100% U.S. Treasury fund                      
    Beginning of period assets   $ 5,268     $ 5,159     $ 4,217            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,552     $ 5,268     $ 4,615     5.4 %   20.3 %  
    Percentage of total assets under management     17.5 %     16.4 %     14.8 %          
    Average assets under management   $ 5,415     $ 5,246     $ 4,418     3.2 %   22.6 %  
                             
    Institutional & PWM Fixed Income                      
    Beginning of period assets   $ 32     $ 32     $ 32            
      Inflows     –       –       –            
      Outflows     –       –       –            
      Net inflows (outflows)     –       –       –            
      Market appreciation (depreciation)     –       –       –            
      Total increase (decrease)     –       –       –            
    Assets under management, end of period   $ 32     $ 32     $ 32     0.0 %   0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %     0.1 %          
    Average assets under management   $ 32     $ 32     $ 32     0.0 %   0.0 %  
                             
    Total Treasuries & Fixed Income                      
    Beginning of period assets   $ 5,300     $ 5,191     $ 4,249            
      Inflows     1,656       1,245       1,424            
      Outflows     (1,440 )     (1,205 )     (1,088 )          
      Net inflows (outflows)     216       40       336            
      Market appreciation (depreciation)     68       69       62            
      Total increase (decrease)     284       109       398            
    Assets under management, end of period   $ 5,584     $ 5,300     $ 4,647     5.4 %   20.2 %  
    Percentage of total assets under management     17.6 %     16.5 %     14.9 %          
    Average assets under management   $ 5,447     $ 5,278     $ 4,450     3.2 %   22.4 %  
                             
    Total AUM                      
    Beginning of period assets   $ 32,192     $ 30,723     $ 29,178            
      Inflows     2,141       1,532       1,738            
      Outflows     (2,310 )     (2,025 )     (2,083 )          
      Net inflows (outflows)     (169 )     (493 )     (345 )          
      Market appreciation (depreciation)     (152 )     2,095       2,399            
      Fund distributions, net of reinvestment     (156 )     (133 )     (146 )          
      Reclassification to AUA     –       –       –            
      Total increase (decrease)     (477 )     1,469       1,908            
    Assets under management, end of period   $ 31,715     $ 32,192     $ 31,086     -1.5 %   2.0 %  
    Average assets under management   $ 32,598     $ 31,629     $ 29,461     3.1 %   10.6 %  
                             
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Equities:              
    Mutual Funds              
    Beginning of period assets   $ 7,973     $ 8,140        
      Inflows     751       711        
      Outflows     (1,626 )     (1,616 )      
      Net inflows (outflows)     (875 )     (905 )      
      Market appreciation (depreciation)     1,023       772        
      Fund distributions, net of reinvestment     (43 )     (34 )      
      Total increase (decrease)     105       (167 )      
    Assets under management, end of period   $ 8,078     $ 7,973     1.3 %  
    Percentage of total assets under management     25.5 %     25.6 %      
    Average assets under management   $ 8,173     $ 8,035     1.7 %  
                     
    Closed-end Funds              
    Beginning of period assets   $ 7,097     $ 7,046        
      Inflows     281       41        
      Outflows     (226 )     (130 )      
      Net inflows (outflows)     55       (89 )      
      Market appreciation (depreciation)     700       654        
      Fund distributions, net of reinvestment     (508 )     (514 )      
      Total increase (decrease)     247       51        
    Assets under management, end of period   $ 7,344     $ 7,097     3.5 %  
    Percentage of total assets under management     23.2 %     22.8 %      
    Average assets under management   $ 7,274     $ 7,058     3.1 %  
                     
    Institutional & PWM              
    Beginning of period assets   $ 10,738     $ 10,714        
      Inflows     340       241        
      Outflows     (1,701 )     (1,739 )      
      Net inflows (outflows)     (1,361 )     (1,498 )      
      Market appreciation (depreciation)     1,323       1,522        
      Total increase (decrease)     (38 )     24        
    Assets under management, end of period   $ 10,700     $ 10,738     -0.4 %  
    Percentage of total assets under management     33.7 %     34.5 %      
    Average assets under management   $ 10,891     $ 10,670     2.1 %  
                     
    SICAV              
    Beginning of period assets   $ 631     $ 867        
      Inflows     –       357        
      Outflows     (2 )     (624 )      
      Net inflows (outflows)     (2 )     (267 )      
      Market appreciation (depreciation)     –       31        
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (622 )     (236 )      
    Assets under management, end of period   $ 9     $ 631     -98.6 %  
    Percentage of total assets under management     0.0 %     2.0 %      
    Average assets under management   $ 9     $ 694     -98.7 %  
                     
    Total Equities              
    Beginning of period assets   $ 26,439     $ 26,767        
      Inflows     1,372       1,350        
      Outflows     (3,555 )     (4,109 )      
      Net inflows (outflows)     (2,183 )     (2,759 )      
      Market appreciation (depreciation)     3,046       2,979        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     (308 )     (328 )      
    Assets under management, end of period   $ 26,131     $ 26,439     -1.2 %  
    Percentage of total assets under management     82.4 %     85.1 %      
    Average assets under management   $ 26,347     $ 26,457     -0.4 %  
                     
                     
    GAMCO Investors, Inc. and Subsidiaries            
    Assets Under Management              
    By investment vehicle – continued              
    (in millions)              
          Twelve Months Ended    
          December 31,   December 31,      
           2024     2023    % Change  
    Fixed Income:              
    100% U.S. Treasury fund              
    Beginning of period assets   $ 4,615     $ 2,462        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,552     $ 4,615     20.3 %  
    Percentage of total assets under management     17.5 %     14.8 %      
    Average assets under management   $ 5,140     $ 3,823     34.4 %  
                     
    Institutional & PWM Fixed Income              
    Beginning of period assets   $ 32     $ 32        
      Inflows     –       –        
      Outflows     –       –        
      Net inflows (outflows)     –       –        
      Market appreciation (depreciation)     –       –        
      Total increase (decrease)     –       –        
    Assets under management, end of period   $ 32     $ 32     0.0 %  
    Percentage of total assets under management     0.1 %     0.1 %      
    Average assets under management   $ 32     $ 32     0.0 %  
                     
    Total Treasuries & Fixed Income              
    Beginning of period assets   $ 4,647     $ 2,494        
      Inflows     5,796       5,498        
      Outflows     (5,122 )     (3,536 )      
      Net inflows (outflows)     674       1,962        
      Market appreciation (depreciation)     263       191        
      Total increase (decrease)     937       2,153        
    Assets under management, end of period   $ 5,584     $ 4,647     20.2 %  
    Percentage of total assets under management     17.6 %     14.9 %      
    Average assets under management   $ 5,172     $ 3,855     34.2 %  
                     
    Total AUM              
    Beginning of period assets   $ 31,086     $ 29,261        
      Inflows     7,168       6,848        
      Outflows     (8,677 )     (7,645 )      
      Net inflows (outflows)     (1,509 )     (797 )      
      Market appreciation (depreciation)     3,309       3,170        
      Fund distributions, net of reinvestment     (551 )     (548 )      
      Reclassification to AUA     (620 )     –        
      Total increase (decrease)     629       1,825        
    Assets under management, end of period   $ 31,715     $ 31,086     2.0 %  
    Average assets under management   $ 31,519     $ 30,312     4.0 %  
                     
    Contact: Kieran Caterina
      Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com 

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

    The MIL Network –

  • MIL-OSI Security: Tifton, Georgia, Man Pleads Guilty to Trafficking Methamphetamine

    Source: Office of United States Attorneys

    ALBANY, Ga. – A Tifton resident faces up to 40 years in federal prison for distributing kilograms of Mexico-sourced methamphetamine after he was caught with a pound of methamphetamine while wearing an ankle monitor for a prior drug trafficking charge and attempted to flee from deputies.

    Travarious Deshawn Mike, 29, of Tifton, pleaded guilty to two counts of distribution of methamphetamine before U.S. District Judge Leslie Abrams Gardner on Feb. 3. Mike faces a maximum of 20 years in prison per count, to be followed by at least three years of supervised release and a $1,000,000 fine. A sentencing date will be determined by the Court. There is no parole in the federal system.

    “The defendant was transporting large quantities of methamphetamine from an Atlanta source into the Tifton community. Even after his initial arrest, he willfully continued to violate the law and traffic dangerous drugs into Southwest Georgia,” stated Acting U.S. Attorney Shanelle Booker. “Our office collaborates closely with local, state and federal law enforcement to ensure that repeat offenders who are causing significant harm in the Middle District of Georgia are stopped and held accountable for their actions.”

    “This investigation resulting in the seizure of meth, heroin and firearms is a clear reminder of the dangerous networks we continue to dismantle,” said GBI Director Chris Hosey. “The GBI remains committed to disrupting drug trafficking and criminal activity, especially those tied to dangerous sources of supply. This is a significant step in protecting our communities.”

    According to court documents and statements referenced in court, GBI agents recorded Mike providing methamphetamine during a controlled buy utilizing a confidential informant (CI) on Aug. 15, 2022, at the Church’s Chicken in Tifton. A court-authorized tracking device monitored by the GBI captured Mike departing Tifton for Atlanta on Aug. 30, 2022. GBI agents observed Mike travel to two Mexican restaurants for brief periods, then immediately begin to travel back down I-75 towards Tifton. Crisp County Sheriff’s Office (CCSO) deputies initiated a traffic stop on his vehicle after it observed a defective brake light and a window tint violation. A CCSO trained K9 made a positive alert on Mike’s car. During a search of the vehicle, agents seized 502 grams of heroin in Mike’s bookbag.

    At the same time, GBI requested the Tifton Police Department’s (TPD) assistance to conduct surveillance on Mike’s Tifton residence. TPD initiated a traffic stop on a vehicle leaving Mike’s residence, locating 8,068 grams of 67.9% pure methamphetamine. The occupant was a drug courier delivering the narcotics from a Mexican source of supply near Atlanta to Mike and had made the trip before. GBI executed a court-authorized search warrant at Mike’s residence that same day and found four semiautomatic pistols, a revolver, rounds of ammunition, methamphetamine and a set of digital scales. A vehicle parked outside Mike’s residence and belonging to a co-defendant contained 783 grams of 80% pure methamphetamine, 168 grams of a heroin and fentanyl mixture, 97 oxycodone/fentanyl pills, seven grams of crack cocaine, plastic baggies and a digital scale. Interviews, evidence and text messages on seized cell phones belonging to Mike and co-defendants revealed that Mike was purchasing methamphetamine from a Mexican source of supply based in the metro Atlanta area. Mike subsequently bonded out of jail.

    On June 5, 2024, the Monroe County Sheriff’s Office (MCSO) observed a white Dodge Charger driven by Mike commit a traffic violation in Monroe County, Georgia. MCSO deputies attempted to initiate a traffic stop, but Mike tried to escape and reached speeds over 125 mph. During the pursuit, Mike discarded a brick-shaped package out the window, which burst into a white crystal-like substance. Other MCSO officers secured the scene where the substance was discarded, finding approximately one pound of methamphetamine. Mike lost control of the vehicle and crashed onto the side of the highway. He attempted to flee on foot but was immediately apprehended. At the time of his arrest, Mike was wearing an ankle monitor and advised that he was out on bond for another drug trafficking incident.

    The case was investigated by the Georgia Bureau of Investigations (GBI) with assistance from the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Georgia State Patrol (GSP), the Tifton Police Department, the Crisp County Sheriff’s Office and the Monroe County Sheriff’s Office.

    Assistant U.S. Attorney Matthew Redavid is prosecuting the case for the Government.

    MIL Security OSI –

  • MIL-OSI New Zealand: Firearms and ammunition recovered in Levin

    Source: New Zealand Police (District News)

    Police have recovered stolen firearms and a large amount of ammunition from a house in Foxton, thanks to two members of the public making the decision to call 111.

    Horowhenua Prevention Manager Acting Senior Sergeant Peter Vine says thanks to those calls, Police have prevented weapons and ammunition falling into the wrong hands.

    The calls were made about 7:30am on Tuesday 4 February.

    “A young man was seen going between houses carrying armfuls of firearms. They thought it was strange so got in touch with us.”

    A Police team went to the Mark Perreau Place property where they located an 18-year-old Foxton man, 5 firearms and a large amount of ammunition.

    “The firearms and ammo had been stolen a day earlier. To get that tip off from a member of the public is just fantastic – they’ve prevented these weapons from getting into the wrong hands and all the harm that goes with that.”

    The 18-year-old Foxton man was taken into custody without incident. He has been charged with burglary, four counts of unlawfully possessing a firearm, two counts of unlawfully possessing ammunition, unlawfully being in an enclosed yard, and unlawfully getting into a motor vehicle.

    He is due to appear in the Levin District Court today (5 January). 

    Acting Senior Sergeant Vine urged anyone who sees suspicious behaviour to report it.

    “If it looks illegal, dodgy, or strange, tell us. Call 111 if it’s happening now, or make a report to 105 if it’s after the fact. Your call could make a huge difference.”

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-Evening Report: Electric vehicle batteries can last almost 40% longer in the real world than in lab tests

    Source: The Conversation (Au and NZ) – By Hussein Dia, Professor of Future Urban Mobility, Swinburne University of Technology

    AU USAnakul/Shutterstock

    When we see “tested under laboratory conditions”, we often assume real-world conditions will lead to faster degradation of a product.

    But experts from Stanford University have found the opposite is true for electric vehicle (EV) batteries. Their new research shows traditional laboratory testing leads to faster degradation, while real-world use gives substantially more battery life, extending the lifespan of the entire EV. Researchers found the stop-start way we drive and the variable rate the battery discharges power actually prolongs battery life by up to 38% compared to traditional tests.

    This is good news for EV drivers – and for efforts to electrify transport. This extra battery life would translate to more than 300,000 more kilometres an EV could drive before needing battery replacement, the researchers say.

    Longer-lasting batteries would reduce the total cost of EV ownership – and benefit the environment by getting more use out of each battery.

    How do we usually test battery degradation?

    Common battery chemistries such as lithium-ion will degrade over time. As lithium ions shuttle back and forth across the electrode, some will be diverted or trapped. As batteries age, they don’t hold as much charge.

    So how do you measure this?

    When you make an EV battery, you don’t want to spend 20 years testing its longevity before release. To test batteries more quickly, researchers have tended to estimate battery degradation rates by using a constant rate of battery discharge. Studies of EV battery degradation are normally done in a laboratory environment under controlled conditions.

    In the lab, researchers subject the battery to rapidly repeated charge-discharge cycles. Power is discharged at a constant rate. Observing the gradual drop in capacity gives us the degradation levels over time. This is how we get estimates such as “retains 80% capacity in ten years time”.

    But while this method is widely used, it has limitations. Discharging power at a constant rate is not how we really drive. We might accelerate fast to get onto the freeway, spend lots of time accelerating and braking in stop-start traffic, or do a quick run to several shops. Plus, much of the time the battery is not being used. Instead of a constant drain on the battery, it’s a mix.

    What the Stanford researchers have done is test EV batteries in realistic ways, imitating the way we actually drive. This is known as “dynamic cycle testing”.

    Mimicking real world use

    To replicate real-world usage and driving patterns, the Stanford team designed different discharge patterns for EV batteries, some based on real driving data. The researchers then tested 92 commercial lithium-ion batteries for more than two years across the different profiles.

    The results showed batteries tested using real life scenarios degraded substantially slower than expected and had higher battery expectancy than those tested under lab conditions. Even better, the more realistic the battery use, the slower the battery degraded.

    Battery researchers have long assumed rapid acceleration is bad for battery life. But this isn’t the case. Short acceleration and regenerative braking – where EVs charge their batteries during braking – were actually associated with slower battery degradation rates.

    Is this backed up in practice?

    A number of other recent studies have looked at how batteries perform in practice using data from EVs in operation, including commercial vehicles. These studies also found correlations between real-world use and lower battery degradation rates.

    A 2024 report by GEOTAB researchers used telematic remote monitoring to get data from 10,000 EVs. The study found improved battery technology is leading to slower degradation. Newer EVs lose about 1.8% of their health per year – a sharp drop compared to the 2.3% degradation rate in 2019.

    Several factors influenced battery longevity other than use patterns. One of these is worth noting – frequent use of DC fast chargers by high-use vehicles is linked to faster battery degradation. The effect is more notable in hot climates. By contrast, slower “level 2” charging is better for battery longevity. Overall, the researchers found the best way to prolong battery life was to keep charge between 20% and 80%, reduce exposure to extreme temperatures and limit fast charging.

    You can prolong battery life still further by avoiding overuse of DC fast chargers and extreme temperatures.
    Halfpoint/Shutterstock

    Another 2024 report analysed the batteries of 7,000 EVs used intensively over 3-5 years. The report found lower degradation rates than expected.

    This report found most batteries still had had good capacity (more than 80%) even after propelling vehicles more than 200,000 km. Factors such as use patterns, advances in cell chemistry and optimised battery management were also found to influence battery ageing.

    What does this mean for the EV transition?

    These results suggest EV owners may not need to replace expensive battery packs for several additional years. Over the lifetime of an EV, this means lower operating costs.

    The findings are also encouraging for fleet operators. Batteries in high-mileage commercial EVs should remain reliable even after heavy use.

    Car manufacturers and technology providers can benefit by updating their EV battery management software to take these findings into account. This would help to increase battery longevity under real-world conditions.

    Fewer battery replacements will mean fewer batteries to recycle. Once removed from the vehicle, EV batteries can be used to store energy for homes or businesses for years. These findings suggest a longer and more reliable second life for the batteries.

    In recent years, the electric vehicle transition has hit a couple of speedbumps. Cost-of-living pressures and uncertainty about charging have seen more Australians take up hybrids than pure electric vehicles.

    These findings may help reassure drivers interested in electric vehicles but unsure about battery lifespan.

    Hussein Dia receives funding from the Australian Research Council, the iMOVE Australia Cooperative Research Centre, Transport for New South Wales, Queensland Department of Transport and Main Roads, Victorian Department of Transport and Planning, and Department of Infrastructure, Transport, Regional Development, Communications and the Arts.

    – ref. Electric vehicle batteries can last almost 40% longer in the real world than in lab tests – https://theconversation.com/electric-vehicle-batteries-can-last-almost-40-longer-in-the-real-world-than-in-lab-tests-248557

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    Below the Sky/Shutterstock

    The first weeks of the Donald Trump’s administration have been marked by a flurry of announcements and U-turns on US trade policy.

    One of the first decrees centred on Trump’s favourite word: tariffs. He announced that US consumers and businesses would be taxed an extra 25% when they bought Canadian or Mexican products. (Canadian oil got off more lightly, with a 10% tariff.)

    But because this is Donald Trump we’re talking about, it later emerged that none of this was actually happening, for now. It might be next month, or later, or maybe not at all.

    However, US residents definitely face an additional 10% on the cost of products from China. There is also a plan for a 100% tax on semiconductors from Taiwan.

    And President Trump announced new import taxes will “definitely happen” on products from the European Union. If these do ever come to pass, it’s possible there may be a better deal for the UK.

    The reason for the possible Great British exemption from new US import taxes is that the stated goal of these taxes is to reduce the US trade deficit. This deficit refers to the fact that the US buys much more from the rest of the world than the rest of the world buys from it.

    And, depending on how we measure the financial flows coming in and out of tax havens such as the British Virgin Islands, the UK is one of the few countries in a position to make the case that it actually has a trade deficit with the US (the UK buys more from the US than the US buys from it).

    What about consumers?

    Being able to avoid new US tariffs would be very good news for the UK. If the US imposed import taxes on UK products and services, it would be bad for their consumers, who end up paying more. But it would also be bad for UK industry. Moreover, the UK would likely retaliate and tax US products, ultimately hurting British consumers as well.

    In theory, the UK miraculously escaping new US import taxes might even mean it indirectly benefits from a trade war between the US and the EU. If the UK can sell and buy more cheaply to both sides while they tax each other, it becomes more competitive. The UK would also get its imports more cheaply, and international businesses may want to establish subsidiaries in the UK.

    It is interesting to imagine a world in which a medium-sized, free trade supporting country like the UK ends up the winner of a global commercial war between its two most important trading partners.

    Things are not that simple however. Research shows that a major impact of tariffs is changes in global supply chains.

    As the UK has learned the hard way with Brexit, modern supply chains are increasingly interconnected. British exports are typically made with components from the European continent, which are themselves made with Chinese inputs.

    Additional costs anywhere in the chain result in more expensive products. Moreover, it is not clear that UK products made with EU and Chinese components would be exempt from US import tax.

    Disruption to supply chains could force up the cost of UK exports.
    Peter Titmuss/Shutterstock

    This is a global problem. For every final product a UK consumer ends up buying, there are many firms trying to source the best possible components and materials to make it with. If the US levies a 100% tax on chips and semiconductors from Taiwan, this means that products from the US tech industry will become more expensive for UK firms to use. This is even more pertinent given that China has retaliated to the new 10% US tax on its products by limiting the export of metals the US uses to produce its own chips.

    In this way it is easy to underestimate how sensitive supply chains are to small shocks, and what the butterfly effect of a trade war between two other countries might be on products bought and sold in the UK. So, while the UK would definitely be better off not being subject to US taxes, the main focus should be on helping to avoid global trade wars.

    How to do this is not clear, because no one seems to understand what Trump really wants from his tariffs. One theory is that he wants to pass for a madman and bully other countries into committing to buy more US-manufactured products.

    Or, in the case of Europe, to increase military spending by buying more US military equipment. In that case, tariffs would be short-lived and the impact limited. It will simply increase the incentives for international firms not to depend too much on the US.

    Or perhaps Trump really has no idea what he is doing, seemingly pursuing the two opposing goals of keeping domestic prices low while attempting to reduce its trade imbalance with ever-increasing import taxes. In that case, the consequences for consumers all over the world would be very bad. This is in part because of the effect on supply chains, but also because when the US economy is in bad shape the entire world suffers.

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

    – ref. The UK would be lucky to avoid US tariffs – but a global trade war would hurt everyone – https://theconversation.com/the-uk-would-be-lucky-to-avoid-us-tariffs-but-a-global-trade-war-would-hurt-everyone-248963

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Fatality following crash on 28 January, Te Poi

    Source: New Zealand Police (National News)

    Police can confirm one person has died following a crash on State Highway 29, Te Poi on Tuesday 28 January.

    The person was transported to hospital with critical injuries following the single vehicle crash.

    As a result of the injuries sustained, the person passed away in hospital last night.

    Inquiries into the circumstances of the crash are ongoing.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police continue investigation into Birkenhead incident

    Source: New Zealand Police (National News)

    An investigation into the wounding of a man in Birkenhead on Tuesday afternoon will continue today.

    A man suffered multiple stab wounds outside an address on Birkenhead Avenue at around 2pm.

    North Shore Area Commander Inspector Stefan Sagar says the victim underwent surgery at Auckland City Hospital last night.

    “The victim is now in a serious but stable condition in hospital, and we will be looking to speak with him in the coming days as we continue our enquiries.”

    Police will be visible again in the Birkenhead community today with an area canvas as part of the investigation.

    “From what we have established so far in our enquiries, we do not believe this is a random incident,” Inspector Sagar says.

    “We are continuing to make enquiries into information about a vehicle that left the area, but at this point we do not have further information to release.”

    Police acknowledge the Birkenhead community, with many people coming forward to assist the investigation.

    “We have had good support from the neighbourhood, and this information is assisting us in progressing the investigation,” Inspector Sagar says.

    “I know when these events take place in our communities that this can be unsettling, but we believe it is an isolated event and Police are continuing to work hard to identify and hold this offender to account.”

    Police welcome further information to assist with the investigation.

    Anyone that can assist enquiries can update Police online now or call 105.

    Please use the reference number 250204/5489.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General James’ Office of Special Investigation Releases Report on Death of Rakim Tillery

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James’ Office of Special Investigation (OSI) today released its report on the death of Rakim Tillery, who died on January 3, 2024 following an encounter with the New York State Police (NYSP) in Ramapo, Rockland County. Following a thorough investigation, which included interviews with witnesses, review of home and body-worn camera footage, and comprehensive legal analysis, OSI concluded that a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ actions were justified under New York law. 

    At approximately 2:53 p.m. on January 3, two NYSP troopers pulled over a car on the New York State Thruway based on a report about an incident that had taken place earlier the same day in Albany. The troopers were in two separate marked police vehicles, with their turret lights activated. The first trooper pulled over behind the car, and the second trooper pulled over behind the first trooper’s vehicle. As the troopers were getting out of their vehicles, the driver of the car, Mr. Tillery, was already out of his vehicle, armed with a firearm, and discharged his weapon at the troopers. One trooper discharged his service weapon in response, and Mr. Tillery fell to the ground. As the trooper approached Mr. Tillery, he got up, and a struggle ensued. Mr. Tillery grabbed for the trooper’s gun, and the second trooper discharged his service weapon three times, striking Mr. Tillery. 

    Under New York’s justification law, a police officer may use deadly physical force when the officer reasonably believes it to be necessary to defend against the use of deadly physical force by another. In this case, the troopers had reason to believe Mr. Tillery had been involved in an earlier incident in Albany and had reason to stop Mr. Tillery based on the radio dispatch. When the troopers encountered Mr. Tillery, he discharged a firearm at officers and engaged in a struggle with one trooper, attempting to grab his service weapon. Under these circumstances, given the law and the evidence, a prosecutor would not be able to disprove beyond a reasonable doubt at trial that the officers’ use of deadly physical force against Mr. Tillery was justified, and therefore OSI determined that criminal charges would not be pursued in this matter.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Fatality following crash, SH39, Ngāhinapōuri

    Source: New Zealand Police (District News)

    Police can confirm that a person has died following a crash near Ngāhinapōuri this morning.

    Emergency services attended the crash involving three vehicles, reported at around 2.20am. In addition to the fatality, two other people were moderately injured.

    State Highway 39 is closed while the scene is cleared and Serious Crash Unit conduct a scene examination.

    Diversions are in place, motorists are advised to avoid the area and expect delays.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: The Journey Begins

    Source: Securities and Exchange Commission

    When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars’ license plates to “collect” the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor.

    The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone. But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead. I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.

    First, despite now being charged with leading the SEC’s new Crypto Task Force, the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. Commission positions always require a vote of the Commission.

    Second, it took us a long time to get into this mess, and it is going to take us some time to get out of it. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year.[2] In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.[3] Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products. Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.

    Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers. As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.

    Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services. This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities. The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate. Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.

    Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging. Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity. As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.

    Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token. Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy. If people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops. In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.

    Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions. We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime. The Commission staff already has achieved one milestone—the rescission of Staff Accounting Bulletin 121—but there is much more to do.[4] This list is not exhaustive, nor is it presented in order of priority or order of expected completion.

    1. Security Status: The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets.
    2. Scoping Out: The Task Force will work to help identify some areas that fall outside the Commission’s jurisdiction. As an initial step, the staff welcomes requests for no-action letters. No-action letters typically come in the form of a staff statement addressing specific circumstances spelled out in the letter under which the staff will not recommend enforcement action to the Commission. This statement is specific to the particular circumstances but gives the broader public a helpful window into the staff’s thinking.
    3. Coin and Token Offerings: The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset. These tokens would be deemed to be non-securities and thus there would be no uncertainty as to whether they would be able to trade freely on secondary markets not registered with the SEC as long as the information is kept up-to-date and accurate. This approach would bridge the gap until a more permanent rule or legislation could be finalized. It would provide a pathway for existing tokens to find their way out of the fog of uncertainty that obscures a feasible path forward and would encourage the provision of greater disclosure.
    4. Registered Offerings: The Task Force will consider working with staff to recommend that the Commission modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path for doing so.
    5. Special Purpose Broker Dealer: The Task Force will explore possible updates to the special-purpose broker dealer no-action statement, which in its current form has not been a success. An initial change we may suggest is that the statement be expanded to cover broker-dealers that custody crypto asset securities alongside crypto assets that are not securities. We will work with the public to identify other obstacles to registration.
    6. Custody Solutions for Investment Advisers: We will work with investment advisers to provide an appropriate regulatory framework within which advisers can safely, legally, and practically custody client assets themselves or with a third-party.
    7. Crypto-Lending and Staking: We need to provide clarity about whether crypto-lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.
    8. Crypto Exchange-Traded Products: The Commission already is receiving SRO proposed rule changes to list new types of crypto exchange-traded products. The Task Force will work with the staff to provide clear statements about the approach used when approving or disapproving these applications. The Task Force will also assist the staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including to allow for staking and in-kind creations and redemptions. Before these changes can be operationalized, however, the Commission may have to make progress on custody and other issues.
    9. Clearing Agencies and Transfer Agents: The Task Force also plans to work on the intersection of crypto and clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.
    10. Cross-Border Sandbox: Many crypto projects are international in scope. The Task Force is considering ways to facilitate cross-border experimentation on a limited scale and temporary timeframe, with the possibility of more permanent, long-term approaches.

    This brief overview of how the Task Force is looking at the journey ahead is not exhaustive or definitive, but I hope it has piqued your interest. Although the obstacles to getting to our final destination of a sensible, clear ruleset are daunting, if we collaborate, the journey will be exhilarating and rewarding. This is the beginning of the conversation—one we do not want to have just with ourselves. Please visit our Crypto Task Force webpage to follow what the Task Force is doing and to engage with the Task Force.

    How to Engage with the Crypto Task Force

    Written Submissions

    If you would like to provide written input on the issues the Task Force is considering, including those described above, you may submit that input by sending an email with the subject line “Crypto Task Force Input” to crypto@sec.gov. Documents submitted will generally be posted on www.sec.gov. Submissions received will be posted without change or redaction of personal identifying information. You should only make submissions that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    Meetings (In-Person or Virtual)

    The Task Force will consider requests for in-person or virtual meetings with members of the public who would like to discuss approaches to addressing issues related to regulation of crypto assets, including those described above. To request a meeting, please complete the Request Form for Meetings with the Crypto Task Force. The Task Force requests that any person or firm requesting a meeting provide a brief written summary of the issues that it plans to discuss with Task Force members. The Task Force plans to post these summaries to the Commission’s website, which will increase the transparency of its engagement with the public and promote open dialogue among parties interested in these issues.

    Summaries received will be posted without change; the Commission does not edit personal identifying information from submissions. You should only submit information in these summaries that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

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  • MIL-OSI USA: IAM Union Urges Stronger Airline Worker Protections After Latest Serious On-Job Incident

    Source: US GOIAM Union

    CHICAGO, Feb. 3, 2025 — Following a weekend incident at O’Hare International Airport in which an International Association of Machinists and Aerospace Workers (IAM) Union ramp worker at United Airlines was seriously injured in a collision between a plane and a tug vehicle, the IAM Union is continuing to demand stronger safety measures for all airline workers.

    “We are thinking of our member who suffered serious injuries, and our union hopes for a speedy recovery,” said IAM International President Brian Bryant. “The IAM Union will coordinate with authorities on the ground to ensure we have a full investigation of what went wrong. The IAM safety committee and EAP representatives are on the ground to assist and support our affected members.”

    “At least five airline workers have been killed and countless more injured on airport tarmacs in the last two years. Now, it is time for the FAA to complete and implement its congressionally-mandated study on ramp worker safety to help our industry improve the safety of airline ramp workers,” said IAM Air Transport Territory General Vice President Richie Johnsen. “The IAM Union is urging legislators to prioritize FAA reauthorization provisions that include ramp safety improvements before another incident occurs at one of our U.S. airports.”

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

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