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  • MIL-OSI: Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future

    Source: GlobeNewswire (MIL-OSI)

    Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver seamless, personalized experiences at scale

    Commerce unveils unified AI vision to enable every merchant to thrive in the agentic commerce era

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, today announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, effective on or about August 1, 2025, the Company’s common stock will begin trading on the Nasdaq Global Market under the ticker symbol “CMRC” and cease trading under “BIGC.” This strategic move introduces a bold vision for the future where AI navigates choices for consumers and businesses adapt with intelligent, composable tools.

    In conjunction with the rebrand, Commerce also unveiled the company’s vision and strategy for powering agentic commerce where AI acts on behalf of consumers to research, recommend and even transact. To support this shift, Commerce is focused on enabling merchants with the data infrastructure and intelligent storefronts needed to thrive in this next chapter of digital commerce.

    “Launching the Commerce brand is about more than a new name and logo,” said Commerce CEO Travis Hess. “It is a clear declaration to our customers, partners, investors and team that we are doubling down on innovation to give brands, retailers, manufacturers, distributors and wholesalers the flexibility, connectivity and care to help them move faster, scale smarter and grow on their terms. Agentic commerce requires a new playbook, and Commerce is here to deliver it with an open ecosystem built for speed, intelligence and flexibility.”

    Unifying Three Market-leading Solutions

    The individual BigCommerce, Feedonomics and Makeswift brands will continue to exist as three powerful solutions with a unified purpose:

    • BigCommerce is the flexible ecommerce platform that grows with merchants. It is trusted by teams that value speed and scalability, empowering innovation without constraint.
    • Feedonomics turns data into a competitive advantage, ensuring every product is AI-ready and optimized across hundreds of global channels.
    • Built for both marketers and developers, Makeswift is the intuitive visual editor that lets whole teams collaborate to create cutting-edge, personalized digital experiences.

    Together, Commerce connects the tools and systems that drive growth, whether it is part of our family of brands or a trusted outside partner. Its open, intelligent ecosystem empowers businesses to unlock data potential and deliver seamless, personalized experiences at scale.

    “Commerce is more than just another ecommerce company,” said Hess. “We are a trusted partner, an innovation engine and a champion that stands behind what we promise, and one of those promises is to provide an AI-driven ecosystem that aligns innovation with outcomes.”

    Delivering AI to Drive Results

    The way consumers discover and purchase products online is undergoing a dramatic transformation. Traditional organic search is rapidly losing ground as the “front door” of the internet. Instead, shoppers are turning to answer engines—AI-powered platforms like ChatGPT, Perplexity, Copilot and Google Cloud with Gemini—to find what they need and even buy it. In this new era, AI agents act on behalf of shoppers, searching, comparing, and even checking out across multiple channels, often without ever visiting a merchant’s website. These AI-driven experiences are seamless, contextual and increasingly the default for how consumers interact with commerce online.

    For large retail brands and technology companies, this means that web traffic is already shifting as the old playbook of SEO and paid ads becomes less effective. The conversation is focused on regaining visibility and relevance in a fundamentally new digital landscape.

    Commerce offers a complete solution for the AI era. Feedonomics optimizes merchant data for every touchpoint and holds strategic partnerships with leading AI platforms. BigCommerce provides the operating system for merchants of record. Makeswift powers AI-optimized storefronts. Every merchant needs an end-to-end strategy with these pillars for success in AI-driven commerce.

    Over the last few weeks, Commerce brands BigCommerce and Feedonomics have expanded partnerships with AI leaders Perplexity and Google Cloud to help businesses capitalize on agentic commerce opportunities to meet consumer expectations and create a competitive advantage.

    “At Commerce, we leverage AI where it delivers real, measurable results: powering personalization, automation and data orchestration across the entire customer journey from discovery to checkout,” said Vipul Shah, chief product officer at Commerce. “By delivering relevant, context-optimized data to digital channels including answer engines, and creating agentic tools to help merchants optimize their operations, Commerce helps businesses adapt in real time and grow intelligently. We’re not just following the AI wave; we’re in the room with the product and engineering teams from the leading AI companies shaping the future of the internet so that we are positioned to help our customers win.”

    Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies are already leveraging Commerce’s product data integrations to improve visibility, protect brand consistency and boost performance across AI-driven search experiences.

    “Since Travis stepped into the CEO role, he has assembled an experienced and visionary leadership team that came together with clarity and conviction to transform the company,” said Ellen Siminoff, executive chair of the board of directors at Commerce. “The launch of Commerce is the culmination of bold thinking, careful planning and hard work during a period of rapid industry change. This transformation positions the company for a return to long-term, sustainable growth. We are proud of our progress thus far and look forward to continuous execution.”

    Conference Call Information

    Commerce will host its first quarterly earnings call under the Commerce name later this morning at 7:00 a.m. CT (8:00 a.m. ET) Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About Commerce

    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Media Contact:
    Brad Hem
    pr@commerce.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e3864e0-299e-4612-a8de-892adb7645e8

    The MIL Network –

  • MIL-OSI: Radware Report Reveals Shifting Attack Vectors in Credential Stuffing Campaigns

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released a new research report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks. The report reveals a paradigm shift in credential stuffing attacks. It underscores a fundamental transformation from volume-based attacks leveraging a series of repeated password attempts to sophisticated, multi-stage infiltration techniques.

    “To bypass traditional defenses, modern credential stuffing attacks are shifting away from traditional password-spraying techniques in favor of business logic manipulation, cross-platform device spoofing, and strategic API exploitation,” said Arik Atar, senior cyber threat intelligence researcher at Radware. “The message for defending organizations is clear. To match this new reality, they must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows.”

    Radware’s research examined 100 advanced credential stuffing configurations deployed through a well-known account takeover tool called SilverBullet.

    Advanced attack methodologies

    • Business logic attacks: 94% of configurations implement four or more business logic attack elements, with 54% demonstrating advanced orchestration, using 13+ distinct techniques.
    • API exploitation: 83% of configurations contain explicit API-targeting techniques.
    • Multi-device spoofing: 24% of attack scripts alternate between two device types during execution, with 71% employing cross-platform transitions, primarily between iOS and Windows.

    Primary targets

    • Industries: Technology/SaaS emerged as the primary target sector (27%), followed by financial services/government (16%), and the travel/airline (13%) sectors.
    • Online tools: There is a significant shift toward high-value AI tools (44% of all technology targets), potentially exploited by spammers who engage in account cracking to create large-scale phishing content. In addition, corporate tools (30%), including Microsoft 365, OneDrive, and Outlook, are likely targets for ransomware groups pursuing initial access to organizational systems.

    Centralized threat landscape

    • Concentration: 51% of the analyzed configurations, randomly collected over six months, were written by just three advanced threat actors: SVBCONFIGSMAKER, t.me/mrcombo1services, and @Magic_Ckg.
    • Specialization: Each threat actor had over two years of operational experience in distinct areas of specialization, including AI platform authentication bypass, mobile API exploitation, and Microsoft cloud services.

    Radware’s complete report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks—can be downloaded here.

    The research methodology was based on an analysis of 100 SilverBullet credential stuffing attack scripts to identify emerging trends, techniques, and tactics in modern account takeover (ATO) campaigns. The scripts were collected from Telegram channels of threat actors and published between December 2024 and May 2025.

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

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

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

    THIS PRESS RELEASE AND RADWARE’S THE INVISIBLE BREACH: BUSINESS LOGIC MANIPULATION AND API EXPLOITATION IN CREDENTIAL STUFFING ATTACKS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

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

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

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

    The MIL Network –

  • MIL-OSI: JD.com to Report Second Quarter and Interim 2025 Financial Results on August 14, 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 31, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited financial results for the three months and six months ended June 30, 2025 on Thursday, August 14, 2025, before the U.S. market opens.

    JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 14, 2025, (8:00 pm, Beijing/Hong Kong Time on August 14, 2025) to discuss its financial results for the three months and six months ended June 30, 2025.

    Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

    PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10048710-8s8fg7.html

    CONFERENCE ID: 10048710

    A telephone replay will be available for one week until August 21, 2025. The dial-in details are as follows:

    US:
    International:
    Hong Kong:
    Mainland China:
    Passcode:    		 +1-855-883-1031
    +61-7-3107-6325
    800-930-639
    400-120-9216
    10048710
     

    Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network –

  • MIL-OSI: Cenovus announces second-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2025 financial and operating results. The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow. Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d)1, reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), representing an overall utilization rate of 92% and including the successful completion of a turnaround at the Toledo Refinery 11 days ahead of schedule.

    Highlights

    • Achieved first oil at Narrows Lake in July, with production expected to ramp up to peak incremental rates of 20,000 bbls/d – 30,000 bbls/d by the end of the year.
    • Delivered major milestones on the West White Rose project, with the concrete gravity structure (CGS) installed on the seabed in June and the topsides placed atop the CGS in mid-July. Hookup and commissioning work has commenced, with drilling expected to begin by year end.
    • Advanced the Foster Creek optimization project, with four new boilers brought online in July, which will add approximately 80,000 bbls/d of steam capacity to the facility.
    • Completed major turnarounds at Toledo, Sunrise and Foster Creek in the quarter, with exceptional execution, resulting in production at all assets resuming ahead of schedule.
    • Returned $819 million to shareholders, including $301 million through common share purchases, $368 million through common and preferred share dividends and $150 million through the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025.

    “Operating performance this quarter was exceptional, with turnaround execution exceeding our targets, major project milestones achieved on time and on budget, and our staff safely and efficiently restoring Christina Lake production following disruption from a wildfire,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Through the hard work and determination of our people, we have arrived at an inflection point, nearing completion of numerous growth projects and successfully concluding significant maintenance events. As investment in these initiatives is completed, we expect to generate increasing free funds flow.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q2 2025 Q1 2024 Q2
    Cash from (used in) operating activities 2,374 1,315 2,807
    Adjusted funds flow2 1,519 2,212 2,361
    Per share (diluted)2 0.84 1.21 1.26
    Capital investment 1,164 1,229 1,155
    Free funds flow2 355 983 1,206
    Excess free funds flow2 (306) 373 735
    Net earnings (loss) 851 859 1,000
    Per share (diluted) 0.45 0.47 0.53
    Long-term debt, including current portion 7,241 7,524 7,275
    Net debt 4,934 5,079 4,258


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q2 2025 Q1 2024 Q2
    Oil and NGLs (bbls/d)1 624,000 670,900 656,300
    Conventional natural gas (MMcf/d) 851.4 887.9 867.2
    Total upstream production (BOE/d)1 765,900 818,900 800,800
    Total downstream crude throughput (bbls/d) 665,800 665,400 622,700

    1See Advisory for production by product type and by operating segment.
    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    Second-quarter results

    Operating1

    Cenovus’s total revenues were $12.3 billion in the second quarter, down from $13.3 billion in the first quarter of 2025. Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.

    Total operating margin3 was $2.1 billion, compared with $2.8 billion in the previous quarter. Upstream operating margin4 was $2.1 billion, down from $3.0 billion in the first quarter due to lower benchmark oil prices, as well as lower production and sales volumes. The company had a Downstream operating margin4 shortfall of $71 million compared with a shortfall of $237 million in the previous quarter, benefiting from rising U.S. market crack spreads and a higher Canadian upgrading differential, as well as lower run-rate operating costs, excluding turnarounds, in both businesses. Operating margin in the U.S. Refining segment was a shortfall of $178 million, which included a $62 million inventory holding loss and $238 million of turnaround expenses.

    Total Upstream production was 765,900 BOE/d in the second quarter, a decrease from 818,900 BOE/d in the first quarter. Christina Lake production was 217,900 bbls/d compared with 237,800 bbls/d in the prior quarter, as a wildfire near the facility temporarily impacted production in the second quarter. The field was shut in on May 29 and operations were restarted safely on June 3, with a return to full production about one week later. Foster Creek production was 186,100 bbls/d compared with 202,700 bbls/d in the first quarter, reflecting planned maintenance during the quarter that was successfully completed with production returning earlier than forecasted. Sunrise production was 50,300 bbls/d compared with 52,100 bbls/d in the first quarter due to planned maintenance at the facility.

    Production from the Lloydminster thermal assets was 97,800 bbls/d, a decrease from 109,900 bbls/d in the prior quarter due to an unplanned outage at the Rush Lake facilities in west-central Saskatchewan. The company responded in early May to a steam release from a casing failure in an injection well and as a result, the Rush Lake facilities have been temporarily shut-in. The well has been brought under control, and the company is undertaking an investigation and developing a plan to safely restart production. Lloydminster conventional heavy oil output of 25,000 bbls/d increased from 21,800 bbls/d in the first quarter. Production in the Conventional segment was 119,800 BOE/d, down from 123,900 BOE/d in the previous quarter due in part to third-party outages.

    In the Offshore segment, production was 66,300 BOE/d compared with 68,800 BOE/d in the first quarter. In Asia Pacific, production volumes were 53,800 BOE/d, lower than the 57,200 BOE/d in the previous quarter, primarily due to planned maintenance at the Liwan Gas Project. In the Atlantic region, production was 12,500 bbls/d, an increase from 11,600 bbls/d in the prior quarter, due to a full quarter of production from the White Rose field, offset in part by maintenance at the partner-operated Terra Nova field in June.

    Total Downstream crude throughput in the second quarter was 665,800 bbls/d, up from 665,400 bbls/d in the first quarter. Crude throughput in Canadian Refining was 112,400 bbls/d, representing a utilization rate of 104%, compared with 111,900 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,400 bbls/d, representing a utilization rate of 90%, compared with 553,500 bbls/d in the first quarter, reflecting early completion of a planned turnaround at the Toledo Refinery. U.S. Refining revenues were $6.5 billion, slightly higher than $6.4 billion in the previous quarter. Adjusted market capture5 in U.S. Refining was 58%, compared with 62% in the first quarter, due primarily to a narrower heavy oil price differential.

    3Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    4Specified financial measure. See Advisory.
    5Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.

    Financial

    Cash from operating activities in the second quarter increased to approximately $2.4 billion from $1.3 billion in the first quarter. Adjusted funds flow was $1.5 billion, compared with $2.2 billion in the prior quarter, and excess free funds flow (EFFF) was a shortfall of $306 million, compared with a surplus of $373 million in the first quarter. Net earnings in the second quarter declined slightly to $851 million from $859 million in the previous quarter. Second-quarter financial results were impacted by lower benchmark oil prices, lower Upstream production and higher planned maintenance costs relative to the first quarter.

    Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025. Net debt was $4.9 billion as at June 30, 2025, slightly reduced from the previous quarter, as free funds flow of $355 million and a $923 million release of non-cash working capital more than offset returns to shareholders of $819 million, including the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025 for $150 million. Subsequent to the quarter on July 15, the company repaid its 5.38% unsecured notes with a principal of US$133 million in full. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time, in accordance with its financial framework.

    Growth projects

    In the Oil Sands segment, Narrows Lake achieved first oil in mid-July and will continue ramping up through the remainder of the year. The optimization project at Foster Creek is approximately 87% complete and four new boilers that will add approximately 80,000 bbls/d of steam capacity were brought online in July. The project is expected to produce first oil in early 2026. At Sunrise, one well pad was started up early in the quarter and the drilling program remains on track to increase production and fully utilize the asset’s steam capacity.

    Significant progress has been made on the West White Rose project. The CGS was towed out and installed on the seabed ahead of schedule during the second quarter and the project’s topsides were safely lifted and set in place atop the CGS in mid-July. Hookup and commissioning have commenced, and the project is approximately 92% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.

    2025 guidance update

    Cenovus has revised its 2025 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.

    Changes to the company’s 2025 guidance include:

    • Total upstream production of 805,000 BOE/d to 825,000 BOE/d, a decrease of 10,000 BOE/d at the midpoint. This includes the impacts of the temporary shut in of the Rush Lake facilities.
    • Canadian downstream throughput of 105,000 bbls/d to 110,000 bbls/d, an increase of 5,000 bbls/d at the midpoint, reflecting strong year-to-date performance.
    • Reducing the range of Canadian Refining per-unit operating expenses, excluding turnaround costs, to $11.00/bbl to $12.00/bbl, as a result of higher throughput rates and lower expected costs.
    • Downstream turnaround expenses of $420 million to $450 million have been reduced by $45 million at the midpoint, primarily due to early completion of the Toledo turnaround.

    The company has also updated its commodity price assumptions and guidance range for cash taxes. Cenovus continues to execute its capital program and there has been no change to the expected capital investment range of $4.6 billion to $5.0 billion.

    Sustainability
    Cenovus’s 2024 Corporate Social Responsibility report, highlighting the company’s performance in safety, Indigenous reconciliation, and acceptance and belonging, was released today and is now available on the company’s website.

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on September 29, 2025, to shareholders of record as of September 15, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on October 1, 2025 to shareholders of record as of September 15, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.374 0.27562

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the second quarter, the company returned $819 million to shareholders, composed of $301 million from its purchase of 17.2 million shares through its normal course issuer bid, $368 million through common and preferred share dividends, and $150 million through the redemption of Cenovus’s Series 7 preferred shares. Subsequent to the quarter, the company purchased 6.6 million common shares through July 28, 2025 for $129 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q3 Q4 Annualized impact
    Upstream
    Oil Sands 5 – 7 – 7 – 9
    Offshore 2 – 4 – 1 – 2
    Conventional – – –
    Downstream
    Canadian Refining – – –
    U.S. Refining – 10 – 15 12 – 14


    Potential turnaround expenses

    ($ millions) Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – –
    U.S. Refining 55 – 70 45 – 60 420 – 450


    Conference call today

    Cenovus will host a conference call today, July 31, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    June 30, 2025
    Oil Sands
    Bitumen (Mbbls/d) 552.1
    Heavy crude oil (Mbbls/d) 25.0
    Conventional natural gas (MMcf/d) 16.5
    Total Oil Sands segment production (MBOE/d) 579.8
    Conventional
    Light crude oil (Mbbls/d) 4.5
    Natural gas liquids (Mbbls/d) 20.4
    Conventional natural gas (MMcf/d) 569.2
    Total Conventional segment production (MBOE/d) 119.8
    Offshore
    Light crude oil (Mbbls/d) 12.5
    Natural gas liquids (Mbbls/d) 9.5
    Conventional natural gas (MMcf/d) 265.7
    Total Offshore segment production (MBOE/d) 66.3
    Total Upstream production (MBOE/d) 765.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt target; returning Excess Free Funds Flow to shareholders; growth plans and projects; maximizing value; production guidance; timing of startup of the Foster Creek optimization project; ramping up production at Narrows Lake; investigating the Rush Lake incident and developing a plan to restart production; the Sunrise drilling program; the hookup and commissioning of, and timing of drilling at the West White Rose project; executing the capital program; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended June 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (6) Downstream (6) Total
    ($ millions) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024
    Revenues
    Gross Sales 7,394 9,252 8,715 7,743 7,705 8,750 15,137 16,957 17,465
    Less: Royalties (621) (906) (859) — — — (621) (906) (859)
      6,773 8,346 7,856 7,743 7,705 8,750 14,516 16,051 16,606
    Expenses
    Purchased Product 1,111 1,167 815 6,878 7,082 7,796 7,989 8,249 8,611
    Transportation and Blending 2,621 3,247 3,043 — — — 2,621 3,247 3,043
    Operating 896 893 889 947 854 1,099 1,843 1,747 1,988
    Realized (Gain) Loss on Risk Management 8 (9) 20 (11) 6 8 (3) (3) 28
    Operating Margin 2,137 3,048 3,089 (71) (237) (153) 2,066 2,811 2,936

    6Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements. Revenues and purchased product for Q2 2024 Downstream operations were revised. See Note 21 of our June 30, 2025, interim Consolidated Financial Statements.

    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) June 30, 2025 March 31, 2025 June 30, 2024
    Cash From (Used in) Operating Activities (7) 2,374 1,315 2,807
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (68) (36) (48)
    Net Change in Non-Cash Working Capital 923 (861) 494
    Adjusted Funds Flow 1,519 2,212 2,361
    Capital Investment 1,164 1,229 1,155
    Free Funds Flow 355 983 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (364) (327) (334)
    Purchase of Common Shares under Employee Benefit Plan (15) (58) —
    Dividends Paid on Preferred Shares (4) (6) (9)
    Settlement of Decommissioning Liabilities (68) (36) (48)
    Principal Repayment of Leases (94) (83) (75)
    Acquisitions, Net of Cash Acquired (129) (100) (5)
    Proceeds From Divestitures 13 — —
    Excess Free Funds Flow (306) 373 735

    7Found in the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    June 30, 2025    		 Three months ended
    March 31, 2025
    Revenues (8) 6,455 6,423
    Purchased Product (8) 5,838 6,006
    Gross Margin 617 417
    Inventory Holding (Gain) Loss 62 23
    Adjusted Gross Margin 679 440
    Total Processed Inputs (Mbbls/d) 594.2 581.0
    Adjusted Gross Margin ($/bbl) 12.57 8.41
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 21.64 13.68
    Group 3 3-2-1 Crack Spread (US$/bbl) 23.07 16.48
    RINs (US$/bbl) 6.12 4.76
    US$ per C$1 – Average 0.723 0.697
    Weighted Average Crack Spread, Net of RINs ($/bbl) 21.86 13.58
    Adjusted Market Capture (percent) 58 62

    8Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: WTW Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
    • Organic Revenue growth of 5% for the quarter
    • Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year
    • Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year2
    • Operating Margin was 16.3% for the quarter, up 690 basis points over prior year
    • Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year

    LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

    “Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”

    Consolidated Results

    As reported, USD millions, except %

    Key Metrics Q2-25 Q2-242 Y/Y Change
    Revenue1 $2,261 $2,265 Reported (0)% | CC (1)% | Organic 5%
    Income from Operations $368 $212 74%
    Operating Margin % 16.3% 9.4% 690 bps
    Adjusted Operating Income $419 $385 9%
    Adjusted Operating Margin % 18.5% 17.0% 150 bps
    Net Income $332 $142 134%
    Adjusted Net Income $285 $247 15%
    Diluted EPS $3.32 $1.36 144%
    Adjusted Diluted EPS $2.86 $2.39 20%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
       
    2 Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.
       

    Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

    Cash Flow and Capital Allocation

    Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

    Second Quarter 2025 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,180 $1,260 Reported (6)% | CC (8)% | Organic 4%
    Operating Income $280 $276 1%
    Operating Margin % 23.8% 21.9% 190 bps

    The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

    Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,047 $979 Reported 7% | CC 6% | Organic 6%
    Operating Income $222 $202 10%
    Operating Margin % 21.2% 20.6% 60 bps

    The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

    Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
    • Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

    Free cash flow:

    • Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
         
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
    June 30,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,173     $ 1,251     (6)%   1%   (7)%   (12)%   4%
    Interest income     7       9                      
    Total     1,180       1,260     (6)%   1%   (8)%   (12)%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,024     $ 950     8%   1%   6%   0%   6%
    Interest income     23       29                      
    Total     1,047       979     7%   1%   6%   0%   6%
                                     
    Segment Revenue   $ 2,227     $ 2,239     (1)%   1%   (2)%   (7)%   5%
    Corporate, reimbursable expenses and other     24       20                      
    Interest income     10       6                      
    Revenue   $ 2,261     $ 2,265     0%   1%   (1)%   (6)%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Six Months Ended June 30,     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 2,331     $ 2,578     (10)%   0%   (10)%   (13)%   3%
    Interest income     14       18                      
    Total     2,345       2,596     (10)%   0%   (10)%   (13)%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 2,029     $ 1,900     7%   0%   7%   0%   7%
    Interest income     45       57                      
    Total     2,074       1,957     6%   0%   6%   0%   6%
                                     
    Segment Revenue   $ 4,419     $ 4,553     (3)%   0%   (3)%   (7)%   5%
    Corporate, reimbursable expenses and other     45       41                      
    Interest income     20       12                      
    Revenue   $ 4,484     $ 4,606     (3)%   0%   (3)%   (7)%   5%(ii)
    (i) Components of revenue change may not add due to rounding.
    (ii) Interest income did not contribute to organic change for the three and six months ended June 30, 2025.


    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ —     $ —     $ 3     $ 2     $ —     $ —     $ 3     $ 2  
    Interest income     7       9       23       29       10       6       40       44  
    Total   $ 7     $ 9     $ 26     $ 31     $ 10     $ 6     $ 43     $ 46  
        Six Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ 2     $ —     $ 3     $ 4     $ —     $ —     $ 5     $ 4  
    Interest income     14       18       45       57       20       12       79       87  
    Total   $ 16     $ 18     $ 48     $ 61     $ 20     $ 12     $ 84     $ 91  


    SEGMENT OPERATING INCOME     (i)

        Three Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 280     $ 276  
    Risk & Broking     222       202  
    Segment Operating Income   $ 502     $ 478  
        Six Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 591     $ 612  
    Risk & Broking     448       405  
    Segment Operating Income   $ 1,039     $ 1,017  
    (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.


    SEGMENT OPERATING MARGINS

        Three Months Ended June 30,
        2025   2024
    Health, Wealth & Career   23.8%   21.9%
    Risk & Broking   21.2%   20.6%
        Six Months Ended June 30,
        2025   2024
    Health, Wealth & Career   25.2%   23.6%
    Risk & Broking   21.6%   20.7%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 502     $ 478  
    Amortization     (49 )     (60 )
    Restructuring costs     —       (3 )
    Transaction and transformation(i)     (2 )     (97 )
    Unallocated, net(ii)     (83 )     (106 )
    Income from Operations     368       212  
    Interest expense     (64 )     (68 )
    Other income, net     9       23  
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
        Six Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 1,039     $ 1,017  
    Amortization     (97 )     (120 )
    Restructuring costs     —       (21 )
    Transaction and transformation(i)     (2 )     (222 )
    Unallocated, net(ii)     (140 )     (162 )
    Income from Operations     800       492  
    Interest expense     (129 )     (132 )
    Other (loss)/income, net     (55 )     49  
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
    (i) In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
    (ii)  Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
     
    RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE
           
        Three Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 331     $ 141  
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter (i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Tax effect on certain items listed above(ii)     (10 )     (39 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 285     $ 247  
                 
    Weighted-average ordinary shares, diluted     100       103  
                 
    Diluted Earnings Per Share   $ 3.32     $ 1.36  
    Adjusted for certain items:(iii)            
    Amortization     0.49       0.58  
    Restructuring costs     —       0.03  
    Transaction and transformation     0.02       0.94  
    Provision for specified litigation matter (i)     —       0.13  
    Net periodic pension and postretirement benefits     (0.13 )     (0.20 )
    Tax effect on certain items listed above(ii)     (0.10 )     (0.38 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 2.86     $ 2.39  
        Six Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 566     $ 331  
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Tax effect on certain items listed above(ii)     (38 )     (85 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 601     $ 572  
                 
    Weighted-average ordinary shares, diluted     100       104  
                 
    Diluted Earnings Per Share   $ 5.64     $ 3.20  
    Adjusted for certain items:(iii)            
    Amortization     0.97       1.16  
    Restructuring costs     —       0.20  
    Transaction and transformation     0.02       2.14  
    Provision for specified litigation matter(i)     —       0.13  
    Net periodic pension and postretirement benefits     0.62       (0.42 )
    Gain on disposal of operations     (0.14 )     —  
    Tax effect on certain items listed above(ii)     (0.38 )     (0.82 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 5.99     $ 5.53  
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.
    (iii) Per share values and totals may differ due to rounding.


    RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

        Three Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 332   14.7% $ 142   6.3%
    (Benefit from)/provision for income taxes     (21 )     26    
    Interest expense     64       68    
    Depreciation     57       57    
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     (13 )     (21 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 470   20.8% $ 445   19.6%
        Six Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 571   12.7% $ 336   7.3%
    Provision for income taxes     44       74    
    Interest expense     129       132    
    Depreciation     111       116    
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     62       (43 )  
    Gain on disposal of operations     (14 )     —    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,002   22.3% $ 991   21.5%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 368   16.3% $ 212   9.4%
    Adjusted for certain items:              
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 419   18.5% $ 385   17.0%
        Six Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 800   17.8% $ 492   10.7%
    Adjusted for certain items:              
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 899   20.0% $ 868   18.8%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
                 
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Adjusted income before taxes   $ 351     $ 319  
                 
    (Benefit from)/provision for income taxes   $ (21 )   $ 26  
    Tax effect on certain items listed above(ii)     10       39  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 63     $ 72  
                 
    U.S. GAAP tax rate     (6.8 )%     15.6 %
    Adjusted income tax rate     18.0 %     22.4 %
        Six Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
                 
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Adjusted income before taxes   $ 763     $ 742  
                 
    Provision for income taxes   $ 44     $ 74  
    Tax effect on certain items listed above(ii)     38       85  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 156     $ 166  
                 
    U.S. GAAP tax rate     7.1 %     18.1 %
    Adjusted income tax rate     20.5 %     22.3 %
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.


    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Six Months Ended June 30,
        2025   2024
                 
    Cash flows from operating activities   $ 326     $ 431  
    Less: Additions to fixed assets and software     (109 )     (126 )
    Free Cash Flow   $ 217     $ 305  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025   2024   2025   2024
    Revenue   $ 2,261     $ 2,265     $ 4,484     $ 4,606  
                             
    Costs of providing services                        
    Salaries and benefits     1,449       1,397       2,773       2,739  
    Other operating expenses     336       439       701       896  
    Depreciation     57       57       111       116  
    Amortization     49       60       97       120  
    Restructuring costs     —       3       —       21  
    Transaction and transformation     2       97       2       222  
    Total costs of providing services     1,893       2,053       3,684       4,114  
                             
    Income from operations     368       212       800       492  
                             
    Interest expense     (64 )     (68 )     (129 )     (132 )
    Other income/(loss), net     9       23       (55 )     49  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES   313       167       616       409  
                             
    Benefit from/(provision for) income taxes     21       (26 )     (44 )     (74 )
                             
    INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES   334       141       572       335  
                             
    Interest in earnings of associates, net of tax     (2 )     1       (1 )     1  
                             
    NET INCOME   332       142       571       336  
                             
    Income attributable to non-controlling interests     (1 )     (1 )     (5 )     (5 )
                             
    NET INCOME ATTRIBUTABLE TO WTW   $ 331     $ 141     $ 566     $ 331  
                             
    EARNINGS PER SHARE                        
    Basic earnings per share   $ 3.34     $ 1.37     $ 5.68     $ 3.22  
    Diluted earnings per share   $ 3.32     $ 1.36     $ 5.64     $ 3.20  
                             
    Weighted-average ordinary shares, basic     99       103       100       103  
    Weighted-average ordinary shares, diluted     100       103       100       104  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
                 
        June 30,   December 31,
        2025   2024
    ASSETS            
    Cash and cash equivalents   $ 1,963     $ 1,890  
    Fiduciary assets     10,720       9,504  
    Accounts receivable, net     2,364       2,494  
    Prepaid and other current assets     558       1,217  
    Total current assets     15,605       15,105  
    Fixed assets, net     696       661  
    Goodwill     8,938       8,799  
    Other intangible assets, net     1,232       1,295  
    Right-of-use assets     495       485  
    Pension benefits assets     578       530  
    Other non-current assets     934       806  
    Total non-current assets     12,873       12,576  
    TOTAL ASSETS   $ 28,478     $ 27,681  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 10,720     $ 9,504  
    Deferred revenue and accrued expenses     1,726       2,211  
    Current debt     549       —  
    Current lease liabilities     124       118  
    Other current liabilities     752       765  
    Total current liabilities     13,871       12,598  
    Long-term debt     4,762       5,309  
    Liability for pension benefits     550       615  
    Provision for liabilities     369       341  
    Long-term lease liabilities     500       502  
    Other non-current liabilities     246       299  
    Total non-current liabilities     6,427       7,066  
    TOTAL LIABILITIES     20,298       19,664  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     11,012       10,989  
    (Accumulated deficit)/retained earnings     (206 )     109  
    Accumulated other comprehensive loss, net of tax     (2,706 )     (3,158 )
    Total WTW shareholders’ equity     8,100       7,940  
    Non-controlling interests     80       77  
    Total Equity     8,180       8,017  
    TOTAL LIABILITIES AND EQUITY   $ 28,478     $ 27,681  
         
    (i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
           
        Six Months Ended June 30,
        2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET INCOME   $ 571     $ 336  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     111       116  
    Amortization     97       120  
    Non-cash restructuring charges     —       12  
    Non-cash lease expense     47       49  
    Net periodic cost/(benefit) of defined benefit pension plans     94       (11 )
    Provision for doubtful receivables from clients     7       10  
    Benefit from deferred income taxes     (70 )     (25 )
    Share-based compensation     68       54  
    Net gain on disposal of operations     (14 )     —  
    Non-cash foreign exchange loss/(gain)     30       (12 )
    Other, net     18       22  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     225       118  
    Other assets     (99 )     (161 )
    Other liabilities     (778 )     (242 )
    Provisions     19       45  
    Net cash from operating activities     326       431  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software     (109 )     (126 )
    Acquisitions of operations, net of cash acquired     (14 )     (18 )
    Contributions to investments in associates     (8 )     —  
    Net proceeds from sale of operations     836       —  
    Net purchases of held-to-maturity securities     (50 )     —  
    Net purchases of available-for-sale securities     (43 )     (14 )
    Net cash from/(used in) investing activities     612       (158 )
                 
    CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES            
    Senior notes issued     —       746  
    Debt issuance costs     —       (9 )
    Repayments of debt     (2 )     (652 )
    Repurchase of shares     (700 )     (301 )
    Net proceeds from fiduciary funds held for clients     141       783  
    Payments of deferred and contingent consideration related to acquisitions     (15 )     —  
    Cash paid for employee taxes on withholding shares     (43 )     (24 )
    Dividends paid     (179 )     (176 )
    Acquisitions of and dividends paid to non-controlling interests     (2 )     (3 )
    Net cash (used in)/from financing activities     (800 )     364  
                 
    INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     138       637  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     207       (53 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i)     4,998       3,792  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 5,343     $ 4,376  
         
    (i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

        Six Months Ended June 30,
        2025   2024
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,963     $ 1,247  
    Fiduciary funds (included in fiduciary assets)     3,380       3,129  
    Total cash, cash equivalents and restricted cash   $ 5,343     $ 4,376  
                 
    Decrease in cash, cash equivalents and other restricted cash   $ (3 )   $ (154 )
    Increase in fiduciary funds     141       791  
    Total (i)   $ 138     $ 637  
    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • Govt consistently increased budget allocation for science and research in last five years: Jitendra Singh

    Source: Government of India

    Source: Government of India (4)

    The government has consistently increased the budget allocation for science and research, with the highest allocation made in FY 2025-26 over the last five years, Union Minister of State for Science and Technology Jitendra Singh informed Parliament on Thursday.

    In a written reply in the Rajya Sabha, Singh said that “more than ₹65,307 crore has been allocated to six scientific agencies for research in FY 2025-26.” In comparison, ₹41,581.96 crore was allocated for science and research in 2024-25, and ₹39,843 crore in 2023-24.

    In 2022-23, the government allocated ₹37,828 crore, while ₹37,823 crore was allocated in 2021-22.

    The six major scientific agencies/departments are the Department of Science and Technology (DST), the Department of Scientific and Industrial Research/Council of Scientific and Industrial Research (DSIR/CSIR), the Department of Biotechnology (DBT), the Department of Space (DoS), the Department of Atomic Energy (DAE), and the Ministry of Earth Sciences (MoES).

    “DST received the highest allocation of ₹28,508.90 crore in FY 2025-26, followed by DoS with ₹13,416.20 crore,” Singh said. These agencies have received their highest allocations this year since FY 2021-22.

    Additionally, the Minister informed that the government has been implementing several fellowships offering direct benefits to young scientists and researchers.

    Some of the key schemes include the INSPIRE Fellowship, INSPIRE Faculty Fellowship, Women in Science and Engineering (WISE)-PhD, WISE-Post Doctoral Fellowship (PDF), and the Scheme for Young Scientists and Technologists (SYST).

    To provide high-level strategic direction for research, innovation, and entrepreneurship in the country, the government has established the Anusandhan National Research Foundation (ANRF) through the ANRF Act of 2023, Singh added.

    Under the Act, special provisions have been made to encourage public sector enterprises as well as private sector entities to invest in ANRF-led initiatives.

    Recently, the government launched the Research, Development and Innovation (RDI) scheme with a financial outlay of ₹1 lakh crore over five years. This DST-led scheme aims to promote private sector participation in sunrise sectors, thereby driving growth and innovation.

    Singh also informed the House about the steps taken by the government to enhance private sector participation in research and development.

    Key efforts include incentivising private sector investment to increase their share in Gross Expenditure on Research and Development (GERD), and creating avenues for collaborative science, technology, and innovation (STI) funding through portfolio-based mechanisms such as public-private partnerships and other innovative hybrid funding models, the Minister said.

    IANS

  • IMD forecasts week-long downpour in Northeast; rainfall subsides in central India

    Source: Government of India

    Source: Government of India (4)

    The India Meteorological Department (IMD) on Thursday forecast heavy to very heavy rainfall over the Northeast and adjoining eastern India during the next seven days, with isolated extremely heavy showers expected in Assam and Meghalaya on August 2. In contrast, a significant reduction in rainfall is likely over eastern Rajasthan and western Madhya Pradesh starting August 1, while central and southern peninsular India are expected to witness subdued rainfall activity over the next six to seven days.

    According to the IMD, very heavy rainfall is expected in Rajasthan on July 31, and across Arunachal Pradesh from August 1 to 6. Similarly, heavy rainfall is anticipated in Assam and Meghalaya between July 31 and August 3, and again on August 6. Other regions likely to experience very heavy rainfall include sub-Himalayan West Bengal and Sikkim from August 2 to 4, and Bihar on August 2 and 3.

    In the past 24 hours (ending at 8:30 AM on July 31), heavy to very heavy rainfall (7–20 cm) was recorded at isolated places over eastern Rajasthan, western Madhya Pradesh, and Jharkhand. Heavy rainfall (7–11 cm) was also observed in parts of Haryana, Punjab, western Uttar Pradesh, western Rajasthan, West Bengal & Sikkim, Chhattisgarh, eastern Madhya Pradesh, Assam & Meghalaya, Odisha, and Bihar.

    For the Delhi-NCR region, the forecast indicates generally cloudy skies with light to moderate rainfall and thunderstorms through August 3.

    On Thursday, the city is likely to receive one or two spells of light rain, with a possibility of moderate rain at isolated spots. Maximum temperatures will range between 30 to 32°C, below normal by 2 to 4°C. Surface winds will blow from the southeast at 5–10 kmph in the morning and afternoon, shifting to the northeast by evening.

    On August 1, the capital will see very light to light rain with thunderstorms or lightning. Maximum and minimum temperatures are expected to range between 33 to 35°C and 23 to 25°C, respectively, both remaining below normal. Winds will shift from the northeast in the morning to southwest in the afternoon at 10–15 kmph, later coming from the southeast during the evening and night.

    Rainfall will continue on August 2 and 3, with cloudy skies and light precipitation accompanied by thunderstorms. Temperatures will hover between 34 to 36°C for the maximum and 24 to 26°C for the minimum, with the latter staying below normal. Winds are expected to remain between 10–20 kmph from varying directions, predominantly from the northwest and northeast.

  • MIL-OSI Africa: Canon named a Leader in IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment

    Source: APO

    Today, Canon (https://en.Canon-CNA.com) is pleased to announce that it has been named as a Leader in The IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment [1]. The report highlights the increased demand for circularity and sustainability in the print and document solutions market and takes an in-depth look at the global, regional, and local level activities of eight major industry vendors.

    The study looks specifically at device and consumables remanufacturing, assessing the capabilities of those surveyed through a number of factors including types of remanufactured products, levels of innovation, cost of ownership, sales strategy and distribution. With demand for remanufactured printing technology increasing as sustainability becomes an integral business priority, the report provides a strong reference point for businesses who wish to improve the carbon footprint of their print infrastructure.

    The IDC MarketScape report highlighted Canon’s strengths including its remanufacturing history and resources, citing that “Canon has been remanufacturing its products since the last millennium and has a wealth of experience and resources across the globe to meet current and future market trends for reuse”. It also noted the breadth of Canon’s office multifunction printer portfolio, highlighting. that “Canon’s remanufactured devices include monochrome and colour A3 devices and cover a wide variety of speed segments”.

    Building on this, Hiro Imamura, Executive Vice President, Digital Printing & Solutions at Canon Europe comments; “With a strong heritage in sustainability and global remanufacturing and refurbishing expertise, we are well placed to help our customers make concrete steps to improve their carbon footprint and meet their environmental goals. Reusing, recycling and repairing our products for a second life is a core part of this approach and we are delighted to be recognised as a Leader in this important IDC MarketScape report. We will continue to accelerate our efforts towards the circular economy, reducing impacts across every single part of our business and expanding our sustainable product range, from our printers to our papers, to further support our customers for the future”.

    About Canon’s sustainability actions

    Canon is committed to achieving carbon net zero emissions by 2050 and has recently been awarded with the EcoVadis Platinum Rating for its sustainability efforts, placing it within the top 1%  of companies assessed, with an overall score in the 99th percentile. This accolade highlights Canon’s strong sustainability focus throughout its global business, across crucial areas covering environmental, social and governance criteria.

    Circular approach

    Support for the circular economy also forms a significant part of Canon’s sustainability strategy. The robust and durable nature of Canon’s products provides a strong platform for refurbishment and remanufacturing processes – supporting the organization in its efforts to recycle parts and hardware, where possible, for a second life.

    Canon remanufactures its flagship imageRUNNER ADVANCE multifunction devices, which it markets as the imageRUNNER ADVANCE ES and ES+ range in the EMEA region, and as the Refreshed Series in Japan. This robust monochrome and colour A3 range is made with at least 90%+ reused parts, undergoing intensive cleaning, part replacement and rebuilding processes at Canon’s specialist factories. This result is a like new quality product which delivers optimal performance to support different business needs. Within its production print business, Canon also remanufactures its Arizona devices to support customers in the wide format segment. 

    Additionally, in EMEA, Canon also refurbishes its imageRUNNER ADVANCE range to create its Certified Used (CU range) – these multifunction devices deliver quality, high performance printers, which are designed for a second life.

    Canon’s second life products are also supported by regular firmware and software updates – helping customers to deliver high levels of workflow productivity with security and further contributing towards their sustainability efforts.

    Recycling

    Canon also has a long-established inkjet cartridge recycling programme, which began in 1996 and is available in 15 countries across Europe. At Canon Bretagne in France, Canon operates a closed loop toner cartridge recycling programme and since 2011, has established a system for collecting used toner bottles, refilling them with toner, and supplying them to the European market, helping to further reduce Canon’s plastic usage.

    To learn more about Canon’s approach to sustainability, please see here (http://apo-opa.co/46BqReK)

    [1] Doc # EUR153222025, March 2025

    Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

    Media enquiries, please contact:
    Canon Central and North Africa
    Mai Youssef
    e. Mai.youssef@canon-me.com

    APO Group – PR Agency
    Rania ElRafie
    e. Rania.ElRafie@apo-opa.com

    About IDC MarketScape:
    IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

    About Canon Central and North Africa:
    Canon Central and North Africa (CCNA) (https://en.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

    Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

    Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4moTJvy) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

    For more information: https://en.Canon-CNA.com

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI USA: Rep. Doggett’s Statement on Republicans’ Gerrymandering Scheme

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    Contact: Alexis Torres  

    Washington, D.C.—Today, U.S. Representative Lloyd Doggett (D-Texas) released the following statement: 

    “Trump is taking a hatchet to chop up Austin and our state with the sole objective of maintaining his one-man rule. This is designed to eliminate accessibility, accountability, and a strong voice for our shared values. For years, Republicans have failed in their attempts to use redistricting to get rid of me. If we continue working together, they will fail again. If Trump and his cowardly Republican accomplices get away with rigging Texas, voters in states across America will be at risk. For now, my sole focus is on defeating this Trump-imposed gerrymandering, which relies on crooked lines instead of honest votes. The only ‘What if’ that matters is ‘What if this crooked scheme is approved to give Trump a rubber stamp to do whatever he pleases.’”

    MIL OSI USA News –

  • MIL-OSI China: China’s tally of marriage registrations down in 2024

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

    China recorded a total of 6.106 million marriage registrations throughout 2024, down 20.5 percent year-on-year, according to a bulletin of statistics issued by the Ministry of Civil Affairs Wednesday.

    The document also shows that the marriage rate among Chinese people was 4.3 per 1,000 people last year, a decrease of 0.11 percentage points from the previous year.

    In 2024, a total of 3.513 million divorces were concluded in China, according to the document.

    After nine consecutive years of decline from 2013 to 2022, China’s marriage registration numbers saw a brief rebound in 2023. However, the downward trend resumed in 2024 and continued into 2025.

    According to statistics released in April, China recorded 1.81 million marriage registrations in the first quarter of this year, marking an 8 percent drop from the same period last year.

    Li Ting, a population expert at Renmin University of China in Beijing, noted that last year’s decline in marriage registrations was partly due to the waning post-pandemic “compensatory” marriage effect and a shrinking population of people within the typical marriageable age range.

    According to calculations based on data from the National Bureau of Statistics, the number of people aged 20 to 39, the core marriageable age group, stood at around 435 million in 2013. By 2023, that number had dropped to approximately 371 million, a decline of about 64 million.

    Experts also point to shifting attitudes toward marriage and financial pressures as contributing factors behind the downward trend. Rising education levels and a growing emphasis on individualism have increasingly challenged traditional views on marriage, Li added.

    The decline in marriage rates is widely believed to be a factor in falling birth rates, trends that are fueling growing public concern. In response, authorities across China have rolled out a series of pro-marriage policies and measures to reverse the trend.

    In May, China’s revised marriage registration rules, which simplify paperwork and offer greater flexibility for couples, came into effect.

    The updated regulations eliminate the need for household registration books, which have long been necessary for marriage applications. Under the new rules, couples can register their marriage at any eligible registry nationwide, regardless of their household registration location.

    Besides, China has rolled out extended marriage leave in at least 27 provincial-level regions as part of ongoing efforts to foster a more family-friendly society.

    Over recent years, China has also launched a persistent campaign against exorbitant bride prices alongside lavish weddings in rural areas, in a bid to address irrational burdens related to marriage.

    A judicial interpretation on handling bride price-related disputes, issued by the Supreme People’s Court, came into effect in February 2024. It prohibited requesting money or other possessions in the name of marriage.

    MIL OSI China News –

  • MIL-OSI China: Beijing accelerates recovery efforts after rare downpours

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

    Beijing is ramping up recovery efforts to restore power, clear roads and deliver essential supplies to residents displaced by flash floods and landslides triggered by some of the most intense rainfall in the city’s mountainous outskirts.

    In Miyun District, one of the worst-hit areas, a makeshift supply hub in Xizhuangzi Village was bustling by Wednesday morning, with stacks of bottled water, instant noodles, sausages and preserved eggs ready for dispatch.

    More than 60 tonnes of emergency supplies were distributed across Miyun on Monday and Tuesday, and on Wednesday morning, four helicopters were deployed to continue airdropping relief materials. Repair crews were also dispatched to restore damaged communication and power lines, according to local authorities.

    As of midnight Monday, 30 people had been confirmed dead in Beijing, including 28 in Miyun District and two in Yanqing District. Authorities said that the Miyun Reservoir recorded its highest inflow, highest water level and fastest outflow since its construction in 1959.

    In Yanqing, more than 4,200 people have been relocated. Some 488 rescue teams, comprising over 8,300 personnel, were dispatched to carry out relief efforts. Communication has been reestablished in all previously unreachable villages, damaged roads cleared, and essential services such as power supply restored.

    Taotiaogou, a remote village in Yanqing, was among the hardest hit. After over 48 hours of rescue efforts, its 49 residents were gradually brought to safety.

    “I’ve never seen such ferocious floodwaters in my life,” said 89-year-old Zhai Cheng’an, recalling how his home was quickly engulfed by muddy torrents.

    Zhai Yonghui, deputy Party chief of Taotiaogou Village, said the downpour intensified at 10:20 p.m. on July 26, breaking local rainfall records. Yanqing District plans to help residents from the devastated village start a new life in other sites.

    “The water will recede, and we will have homes again. We believe in that,” he added.

    As part of ongoing recovery efforts, train services on the Beijing-Baotou high-speed railway will resume Thursday after being suspended due to severe rain in Beijing and Hebei Province earlier in the week, according to China Railway Hohhot Group Co., Ltd.

    The heavy rains have also battered other parts of northern China.

    In Hebei, eight people have been confirmed dead and 18 remain missing in Xinglong County, while eight people were killed after a rain-triggered landslide struck a village in Luanping County. In Shanxi Province, 10 people were confirmed dead after a midsize bus carrying 14 passengers went missing Sunday morning following days of heavy rainfall.

    MIL OSI China News –

  • MIL-OSI China: China’s cyberspace watchdog summons Nvidia over H20 chip security risks

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

    China’s cyberspace regulator on Thursday summoned U.S. tech giant Nvidia over security risks concerning its H20 AI chip sold to China.

    The company was asked to give explanations and submit relevant proof materials on this issue. This is aimed at safeguarding cyberspace and data security for Chinese users per laws on network and data security and personal information protection, according to the Cyberspace Administration of China (CAC).

    Recently, Nvidia’s artificial intelligence chips have been alleged to pose serious security risks, and some U.S. lawmakers have called for advanced chips exported abroad to be equipped with “tracking and positioning” functions.

    U.S. artificial intelligence experts disclosed that the “tracking and positioning” and “remote shutdown” technologies of Nvidia chips have matured, the CAC said in a statement.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Import of poultry meat and products from Somerset District of Somerset County in UK suspended

    Source: Hong Kong Government special administrative region

    ​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (July 31) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in Somerset District of Somerset County in the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.

    A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 390 tonnes of chilled and frozen poultry meat, and about 830 000 poultry eggs from the UK in the first six months of this year.

    “The CFS has contacted the British authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Banco Itaú Chile Announces Second Quarter 2025 Management Discussion & Analysis Report

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, July 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the second quarter ended June 30, 2025. For the full MD&A Report, please refer to the following link:
    https://ir.itau.cl/MDAQ22025

    On Monday, August 11, 2025, at 9:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Emiliano Muratore, CFO; and Andrés Perez, Chief Economist.

    Webinar Details:
    Online registration:
    https://mzgroup.zoom.us/webinar/register/WN_Zwa7qMydTu-u6c93fjgaMw

    All participants must pre-register using this link to join the webinar. Upon registering, each participant will be provided with details to connect to the call.

    Q&A session:
    The Q&A session will be available for participants through the webinar, where attendees will be allowed to present their questions – we will answer selected questions verbally.

    Investor Relations – Itaú Chile
    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-OSI: Axi Honoured with Five Awards by World Business Outlook Awards for 2025

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, July 31, 2025 (GLOBE NEWSWIRE) — Axi, an industry-leading global broker, has been recognised with five awards* from the World Business Outlook Awards for 2025, marking a significant milestone in its continued growth and commitment to excellence:

    Best CFD Provider Australia

    Best Forex Trading Platform Australia

    Best 24/7 Customer Service Provider Australia

    Best Forex Broker Australia

    Most User-Friendly Trading Experience Australia

    “We are beyond proud and humbled to receive five awards from World Business Outlook Awards,” said Louis Cooper, CCO at Axi. “This recognition reflects and reinforces our mission to help our traders and partners gain the edge they need to stay ahead in this rapidly evolving industry. From providing the best-in-class trading platform and backing it up with top-tier customer service, we’re incredibly excited to see our efforts reaffirmed.”

    The latest accolade follows a series of other notable achievements for Axi. Earlier this year, Global Business and Finance Magazine Awards recognised Axi with the ‘Best Financial Institution 2025’ award for the UK, Middle East, and LatAm markets. In 2024, the broker received widespread industry acclaim with the ‘Innovator of the Year’ award at the 2024 Dubai Forex Expo. That same year, Axi was named Best Broker (MENA), Most Trusted Broker (LatAm), Most Reliable Broker (Europe), and Best Introducing Broker Program (Asia) by Global Forex Awards.

    About Axi

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    *These awards are granted to the Axi group of companies.

    The MIL Network –

  • Cabinet clears ₹6,520 crore outlay for PM Kisan Sampada Yojana till FY26

    Source: Government of India

    Source: Government of India (4)

    The Union Cabinet on Thursday approved a total outlay of ₹6,520 crore for the ongoing Central Sector Scheme, Pradhan Mantri Kisan Sampada Yojana (PMKSY), for the period of the 15th Finance Commission cycle (2021-22 to 2025-26). The approved amount includes an additional allocation of ₹1,920 crore to support new and existing projects under the scheme.

    Of the total outlay, ₹1,000 crore has been earmarked to set up 50 Multi-Product Food Irradiation Units under the component scheme Integrated Cold Chain and Value Addition Infrastructure (ICCVAI) and 100 NABL-accredited Food Testing Laboratories under the Food Safety and Quality Assurance Infrastructure (FSQAI) component. These initiatives are in alignment with announcements made in the Union Budget.

    The remaining ₹920 crore will be used to sanction projects under various other components of PMKSY during the current Finance Commission cycle. Both ICCVAI and FSQAI are demand-driven schemes, with proposals to be invited through Expressions of Interest (EOIs) from eligible entities across the country. Projects will be selected following scrutiny based on the eligibility norms outlined in the scheme guidelines.

    According to the Ministry of Food Processing Industries, the 50 irradiation units are expected to create additional preservation capacity ranging from 20 to 30 lakh metric tonnes (LMT) per annum, depending on the types of food processed. These units will play a crucial role in extending the shelf life of agricultural produce, thereby reducing post-harvest losses.

    In parallel, the proposed 100 food testing labs in the private sector are aimed at developing advanced infrastructure for analysing food samples. The Ministry said these facilities would help strengthen food safety mechanisms and ensure the availability of safe, quality-compliant food products in the market.

    The Pradhan Mantri Kisan Sampada Yojana, launched in 2017, seeks to create modern infrastructure and efficient supply chains for the food processing sector.

  • MIL-OSI Banking: Verizon to redeem debt securities on September 3, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on September 3, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem, in whole, the following notes on September 3, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    NYSE Trading Symbol

    Principal Amount
    Outstanding

    CUSIP: 92343V BW3

    ISIN: XS1030900242

    Common Code: 103090024

    3.25% Notes due 2026 (the “Notes”)

    VZ 26

    €842,980,000

    The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as defined in the Notes) plus 25 basis points (the “Redemption Price”), plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, Trust Company, National Association, 333 Thornall Street, Edison, New Jersey 08837, United States of America, or via telephone at 1-800-934-6802.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Euro area bank interest rate statistics: June 2025

    Source: European Central Bank

    31 July 2025

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in June 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months remained broadly unchanged at 3.29%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 7 basis points to 3.41%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 17 basis points to 3.54%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 7 basis points to 3.71%.

    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 12 basis points to 1.93% in June 2025. The interest rate on overnight deposits from corporations fell by 5 basis points to 0.53%.

    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 14 basis points to 3.97%.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, showed no change in June 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 9 basis points to 3.61%. The rate on housing loans with an initial rate fixation period of over one and up to five years stayed almost constant at 3.41%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years remained broadly unchanged at 3.47%. The rate on housing loans with an initial rate fixation period of over ten years stayed constant at 3.12%. In the same period the interest rate on new loans to households for consumption decreased by 13 basis points to 7.40%, driven by both the interest rate and the weight effects.

    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 7 basis points to 1.77%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.44%. The interest rate on overnight deposits from households remained broadly unchanged at 0.27%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for June 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Mine water heat lab insights could supercharge clean heat

    Source: United Kingdom – Executive Government & Departments

    Press release

    Mine water heat lab insights could supercharge clean heat

    New data from the UK’s mine water heat lab shows warm water flows better than expected, boosting the case for clean, low-cost heat from coalfields.

    Dr Fiona Todd and colleague, Dr Rebecca Chambers, collecting data at the Gateshead Mine Water Heat Living Lab

    Six months after launch, the UK’s first mine water heat Living Laboratory is revealing exciting insights into what lies beneath our feet, helping to accelerate the safe and sustainable use of mine water as a clean heat source.

    Geophysical data released this month shows, for the first time, how much space there is to store water within the rocks underground and how easily this can flow through historical mine workings.

    These 2 factors, known in science as porosity and permeability, are crucial for understanding how much warm water is available, how quickly it can be used and how reliably it can provide heat.

    Dr Fiona Todd, geoscientist and lead of the Mining Remediation Authority project, said:

    This is the first time we’ve been able to collect this kind of information inside real mine workings.

    It’s a huge step forward in understanding mine water heat resources. These properties help us determine how much heat is available, how quickly we can extract it and how sustainable it could be over time.

    As part of the new data release, researchers are also sharing remarkable CCTV footage from inside the boreholes, offering the first glimpse into old workings that haven’t been seen since they were last mined decades ago, while also showing water movement and structural features that bring scientific findings to life.

    Living lab six-month anniversary

    Dr Todd added:

    It’s like opening a time capsule, but instead of coal what we’re now extracting is knowledge and possibly clean heat for generations.

    These insights were made possible by using specialised tools which were carefully deployed through monitoring boreholes at the Living Laboratory, located between three operational heat schemes in a shared mining block in Gateshead.

    Using this equipment, researchers can:

    • see how water flows underground
    • measure how much heat can be stored and extracted
    • understand how mine workings interact across a shared network

    Many of the tools used, such as caliper, gamma, density, temperature, electrical conductivity, heat pulse flow meter and CCTV, are commonly used in water wells. However, the team also used a cutting-edge technique called Borehole Magnetic Resonance (BMR), described as “an MRI scan for rocks.” This marks the first known use of BMR in mine water heat research, providing new insight into how water is stored and flows through underground rocks, crucial for understanding the heat resource.

    As well as routine temperature and chemistry monitoring results, which have also been released, this new geophysics dataset adds a new layer of understanding to the Living Laboratory’s mission to inform the future of sustainable mine water heat across Britain’s former coalfields.

    It provides open-access data to help government, industry and academia work together to broaden the adoption of mine water heat as a viable, long-term renewable resource.

    Senior Technical Specialist for the Environment Agency in the North East, Sally Gallagher, said:

    As the environmental regulator for England our role is to ensure renewable heat technologies are sustainable and do not adversely impact the environment. It’s great to see the first findings of this innovative research study and understand more how mine water can be used for heating.

    Launched by the Mining Remediation Authority in January 2025, the Gateshead mine water heat Living Laboratory is the only facility in the world designed to monitor how heat, water and geology behave between multiple operational mine water heat schemes in a shared underground system.

    Further information:

    Access the open geophysical dataset for the Living Lab

    For media enquiries contact the community response team

    Email communityresponse@miningremediation.gov.uk

    Telephone 0800 288 4211

    For emergency media enquiries (out of hours) call: 0800 288 4242.
    Only urgent media calls will be attended to.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S. 
    The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
    One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
    “CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.” 
    Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
    CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

    Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
    When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
    Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

    For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.  
    CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
    The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

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

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
    WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

     
    The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

     
    Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

      In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

     
    DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

      The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

     
    This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

     
    “The brave men and women of DHS are the best in the world at going after traffickers

    They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

    “I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

    ” 
    Below are some examples of how DHS is fighting to put human traffickers out of business: 

    July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

    All four are registered sex offenders

    July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

    Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

    July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

    Among the illegal aliens smuggled were 12 children

    The suspect was sentenced after pleading guilty to conspiracy to transport migrants

    July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

    July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

    In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

    During this operation, federal officers also arrested at least 361 illegal aliens

    Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

    July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

    July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

    His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

    July 7, 2025: Border Patrol agents assisted the U

    S

    Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

    The suspect, a U

    S

    citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

    The suspect was arrested without incident in Yuma, Arizona

     
    June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

    During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

    June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

    During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

    The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

    June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

    Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

    June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

    The owner of the property admitted to harboring the illegal aliens, who came from five different countries

    A Mexican national was taken in for questioning for his role in human smuggling

    May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

    New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

    At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

    The subject organized the smuggling of the teenager across the border to engage in sexual acts

    His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

    May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

    As a result, CBP officers at all U

    S

    ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

    May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

    The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

    Inside the truck were three fully loaded firearms, including a “ghost gun

    ” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

     
    May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

    During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

    May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

    The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

    The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

    May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

    The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

    After crashing into another car, the three occupants fled on foot before being arrested

    The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

    May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

    The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

    The aliens or their family members would pay thousands of dollars to be smuggled into the United States

    April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

    The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

    The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

    April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

    As a result, CBP personnel at all U

    S

    ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

    March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

    She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

    February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

    Everyone can be part of the fight against human trafficking

    The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: Monroe Canyon Fire Intensifies

    Source: NASA

    The Monroe Canyon fire in central Utah grew quickly in late July 2025 amid a stretch of hot, dry, and windy weather. The blaze, burning near the communities of Richfield, Monroe, and Koosharem, began its rapid expansion the afternoon of July 25, when firefighters reported wind gusts exceeding 60 miles (97 kilometers) per hour. Its extent would more than double to 23,265 acres (9,415 hectares) by the morning of July 28.
    The fire continued to rage that day, when the MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image. A smoke plume from the blaze drifted hundreds of miles to the northeast, creating hazy skies and degrading air quality in areas downwind.
    Fire activity prompted officials to close a portion of Fishlake National Forest and issue evacuation notices for residences within that area. Several buildings have been destroyed, according to news reports, and firefighters were working to prevent additional structures from being lost. About 1,000 personnel were involved in the firefighting response.

    The OLI (Operational Land Imager) on Landsat 8 captured the false-color image above, showing the Monroe Canyon fire on July 28. This combination of shortwave infrared, near infrared, and visible light (bands 7-5-4) makes it easier to identify unburned, vegetated areas (green) and the recently burned landscape (brown). Bright orange indicates the infrared signature of active burning.
    By the morning of July 30, the fire had grown to 36,637 acres (14,830 hectares) with 11 percent containment. In addition to the fire-conducive weather, officials stated that “record-breaking low fuel moistures” contributed to the intense fire activity. A red flag warning was in effect for central and southern Utah, with low relative humidity and breezy conditions expected to continue.
    NASA Earth Observatory images by Wanmei Liang, using Landsat data from the U.S. Geological Survey and MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Lindsey Doermann.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Releases Opportunity to Boost Commercial Space Tech Development

    Source: NASA

    NASA has released a new proposal opportunity for industry to tap into agency know-how, resources, and expertise. The Announcement of Collaboration Opportunity (ACO), managed by the Space Technology Mission Directorate, enables valuable collaboration without financial exchanges between NASA and industry partners. Instead, companies leverage NASA subject matter experts, facilities, software, and hardware to accelerate their technologies and prepare them for future commercial and government use. 
    On Wednesday, NASA issued a standing ACO announcement for partnership proposals which will be available for five years and will serve as the umbrella opportunity for topic-specific appendix releases. NASA intends to issue appendices every six to 12 months to address evolving space technology needs. The 2025 ACO appendix is open for proposals until Sept. 24.  
    NASA will host an informational webinar about the opportunity and appendix at 2 p.m. EDT on Wednesday, Aug. 6. Interested proposers are encouraged to submit questions which will be answered during the webinar and will be available online after the webinar.   
    NASA teaming with industry isn’t new – decades of partnerships have resulted in ambitious missions that benefit all of humanity. But in recent years, NASA has also played a key role as a technology enabler, providing one-of-a-kind tools, resources, and infrastructure to help commercial aerospace companies achieve their goals.  
    Since 2015, NASA has collaborated with industry on approximately 80 ACO projects. Here are some ways the collaborations have advanced space technology: 

    Blue Origin and NASA worked together on several ACOs to mature the company’s lunar lander design. NASA provided technical reports and assessments and conducted tests at multiple centers to help Blue Origin advance a stacked fuel cell system for a lander’s primary power source. Other Blue Origin ACO projects evaluated high-temperature engine materials and advanced a landing navigation and guidance system. 
    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Throughout a year-long ACO, NASA and SpaceX engineers worked together to perform in-depth computational fluid analysis of proposed propellant transfer methods between two SpaceX Starship spacecraft in low-Earth orbit. The SpaceX-specific analysis utilized Starship flight data and data from previous NASA research and development to identify potential risks and help mitigate them during the early stages of commercial development. NASA also provided inputs as SpaceX developed an initial concept of operations for its orbital propellant transfer missions. 

    SpaceX used the ACO analyses to inform the design of its Starship Human Landing System, which NASA selected in 2021 to put the first Artemis astronauts on the Moon. 

    Advanced Space and NASA partnered to advance the company’s Cislunar Autonomous Positioning System – software that allows lunar spacecraft to determine their location without relying exclusively on tracking from Earth.  

    The CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) spacecraft launched to the Moon in 2022 and continues to operate and collect critical data to refine the software. Under the ACO, Advanced Space was able to use NASA’s Lunar Reconnaissance Orbiter to conduct crosslink experiments with CAPSTONE, helping mature the navigation solution for future missions. The mission’s Cislunar Autonomous Positioning System technology was initially supported through the NASA Small Business Innovation Research program. 

    Sensuron and NASA matured a miniature, rugged fiber optic sensing system capable of taking thermal and shape measurements for multiple applications. Throughout the ACO, Sensuron benefitted from NASA’s expertise in fiber optics and electrical, mechanical, and system testing engineering to design, fabricate, and “shake and bake” its prototype laser. 

    Space missions could use the technology to monitor cryogenic propellant levels and determine a fuel tank’s structural integrity throughout an extended mission. The laser technology also has medical applications on Earth, which ultimately resulted in the Sensuron spinoff company, The Shape Sensing Company. 

    In 2023, Venturi Astrolab began work with NASA under an ACO to test its flexible lunar tire design. The company tapped into testing capabilities unique to NASA, including heat transfer to cold lunar soil, traction, and life testing. The data validated the performance of tire prototypes, helping ready the design to support future NASA missions. 
    In 2024, NASA selected three companies, including Venturi Astrolab, to advance capabilities for a lunar terrain vehicle that astronauts could use to travel around the lunar surface, conducting scientific research on the Moon and preparing for human missions to Mars. 

    The Announcement of Collaboration Opportunity (ACO) is one of many ways NASA enables commercial industry to develop, build, own, and eventually operate space systems. To learn more about these technology projects and more, visit: https://techport.nasa.gov/.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs legislation 7.30.25

    Source: US State of California 2

    Jul 30, 2025

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:

    • AB 17 by Assemblymember Juan Alanis (R-Modesto) – Elections: precinct maps.
    • AB 377 by Assemblymember David Tangipa (R-Clovis) – High-Speed Rail Authority: business plan: Merced to Bakersfield segment. A signing message can be found here.
    • AB 379 by Assemblymember Nick Schultz (D-Burbank) – Crimes: prostitution.
    • AB 642 by Assemblymember Al Muratsuchi (D-Torrance) – Emergencies proclaimed by the Governor: school employee catastrophic leave.
    • AB 951 by Assemblymember Tri Ta (R-Westminster) – Health care coverage: behavioral diagnoses.
    • AB 1029 by Assemblymember Avelino Valencia (D-Anaheim) – Statements of financial interest: digital financial assets.
    • AB 1051 by Assemblymember Laurie Davies (R-Laguna Niguel) – Route 76: Payómkawish Highway.
    • AB 1114 by Assemblymember Anamarie Ávila Farías (D-Martinez) – Emergency vehicles: fee and toll exemptions.
    • AB 1216 by the Committee on Education – Elementary and secondary education: omnibus.
    • AB 1459 by the Committee on Environmental Safety and Toxic Materials – Hazardous waste: underground storage tanks.
    • SB 251 by Senator Anna Caballero (D-Merced) – Claims against the state: appropriation.
    • SB 428 by Senator John Laird (D-Santa Cruz) – State Auditor: permanent office.
    • SB 521 by Senator Lena Gonzalez (D-Long Beach) – Public employment: disqualification.
    • SB 648 by Senator Lola Smallwood-Cuevas (D-Los Angeles) – Employment: gratitudes: enforcement.
    • SB 652 by Senator Laura Richardson (D-South Bay) – Private security services: security guards: training.
    • SB 693 by Senator Dave Cortese (D-Silicon Valley) – Employees: meal periods.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

    Press releases, Recent news

    Recent news

    Jul 30, 2025

    News What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers.  SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of…

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    MIL OSI USA News –

  • MIL-OSI USA: Trump tariff policy continues to cause chaos in American economy

    Source: US State of California 2

    Jul 30, 2025

    What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers. 

    SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of another lawsuit challenging the Trump administration’s illegal tariff debacle.  The tariffs continue to cause chaos in the national economy, raise prices for American families, and put California’s ongoing economic dominance under threat.

    “Trump’s illegal tariffs are stagnating our economy and hurting American families. Bragging that your unlawful policies are producing ‘BETTER THAN EXPECTED’ results while the economy slowed.  That’s like an F student bragging because they got a D-. We should all expect more from the executive branch. California will continue to stand up against Trump’s unlawful actions on behalf of all Americans.”

    Governor Gavin Newsom

    In the first six months of Trump’s presidency, the US economy slowed as a result of his policies. While Trump celebrates that his administration’s economic performance is “BETTER THAN EXPECTED,” American families continue to feel the pain from the impacts of his failed negotiations and increased prices. 

    Even Fox Business set the record straight on Fox News saying: Let’s be real clear here. Tariffs cost, they’re a tax. That tax often gets passed on to consumers.

    Consumers, retailers and the business economy are bracing for the impacts of Trump’s tariffs going into effect in August. Here’s how Trump’s failed tariff policy is impacting all Americans:

    • Fewer people are buying goods. Consumer spending is down to only a 1.4 percent annual rate in the second quarter — well below the 2.8 percent growth in spending in 2024.
    • Stockpiling in anticipation of price increases. Trump tariffs are expected to raise prices on groceries and even Trump officials have reportedly started stockpiling to prepare for price increases and shortages.
    • Prices are already increasing. Price increases due to tariffs could cost households on average an extra $2,400 in 2025, the Yale Budget Lab predicted in their most recent analysis.
       

    A one-two gut punch for California

    In addition to the national repercussions, Trump’s tariffs are having an outsized impact on California’s economy in recent months:

    • Families and workers will bear the brunt. Tariffs could cost households $25 billion and lead to a loss of over 64,000 jobs across California.
    • Businesses are also paying the price. California firms incurred $11.3 billion in tariff costs from January through May 2025, the highest of any state in the country.
    • Global supply chains will continue to be impacted, especially here at home. Recently, the Port of Los Angeles was operating at only 70% capacity due to ongoing tariffs and Southern California saw a 40% decline in job postings related to trade and logistics.

    Standing up for California 

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s amicus brief was filed as part of a separate lawsuit filed by private parties, but aligns with California’s arguments. The lawsuit is ongoing.
     

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the D.C. Circuit  to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    Today’s brief was filed in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA) and argues that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority is unlawful. 

    Recent news

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:AB 104 by Assemblymember Jesse Gabriel (D-Encino) – Budget Act of 2025.AB 138 by the Committee on Budget – State employment: state bargaining units.SB 119 by the Committee…

    MIL OSI USA News –

  • MIL-OSI USA: HIEMA – NEWS RELEASE – ALL CLEAR-TSUNAMI THREAT

    Source: US State of Hawaii

    HIEMA – NEWS RELEASE – ALL CLEAR-TSUNAMI THREAT

    Posted on Jul 30, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    DEPARTMENT OF DEFENSE

    KA ʻOIHANA PILI KAUA

     

    MAJOR GENERAL STEPHEN F. LOGAN

    DIRECTOR OF EMERGENCY MANAGEMENT
     LUNA HOʻOMALU PŌULIA

    HAWAIʻI EMERGENCY MANAGEMENT AGENCY

    KEʻENA HOʻOMALU PŌULIA O HAWAIʻI

    JAMES DS. BARROS

    ADMINISTRATOR OF EMERGENCY MANAGEMENT
    KAHU HOʻOMALU PŌULIA

      

    ALL CLEAR: TSUNAMI THREAT HAS PASSED

    FOR IMMEDIATE RELEASE                                                                                                                                                                            2025-010

    July 30, 2025

    HONOLULU — The Hawaiʻi Emergency Management Agency (HIEMA) announces that the tsunami threat, initially raised during the evening, has been officially lifted. After extensive discussions and monitoring with the Pacific Tsunami Warning Center (PTWC), we are pleased to report that conditions have stabilized, and there is no longer any risk of a tsunami affecting our state. As a result, the Advisory has been formally canceled.

    While HIEMA issues an all-clear, we remind the public that all counties will continue to conduct assessments to ensure community safety. We urge residents to exercise caution and follow any county directives as ocean activities resume, ensuring the safety of all individuals on or near local waters.

    # # #

    Contact:

    Kīelekū Amundson

    Communications Director

    Phone: 808-733-4300 Ext 522

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: WisdomTree Multi Asset Issuer PLC Restrike of WisdomTree Copper 3x Daily Leveraged

    Source: GlobeNewswire (MIL-OSI)

    WisdomTree Multi Asset Issuer PLC
    LEI: 2138003QW2ZAYZODBU23
    31 July 2025

    WisdomTree Multi Asset Issuer PLC
    (the “Issuer”)
    Restrike of WisdomTree Copper 3x Daily Leveraged
    (the “Impacted Product”)

    The Issuer announces that due to movements in the price of copper futures, a Restrike Event has occurred with respect to the Impacted Product. The details of the restrike are as follows:

    • Start of Restrike Period: 10:00:00 (London time) on 31 July 2025
    • End of Restrike Period: 10:15:00 (London time) on 31 July 2025
    • Restrike Price per ETP Security: $ 8.5971241
    • Restrike threshold: 20%
    • Index: Solactive HG Copper Commodity Futures SL Index

    The Restrike Price per ETP Security has been calculated based on the Restrike Index Level.

    Terms used in this notice and not otherwise defined bear the same meanings as where used in the base prospectus of the Issuer dated 17 April 2025.

    Details of the Impacted Product are set out below:

    Product Name  ISIN  Exchange  Trading Currency  Exchange Code  SEDOL  Bloomberg Ticker  Reuters Instrument Code 
    WisdomTree Copper 3x Daily Leveraged IE00B8JVMZ80 Borsa Italiana EUR 3HCL BD3CT62 3HCL IM 3HCL.MI
    London Stock Exchange USD B8JVMZ8 3HCL LN 3HCL.L

    Further information is available on the website of WisdomTree Multi Asset Issuer PLC at www.wisdomtree.eu or by email to europesupport@wisdomtree.com.

    The MIL Network –

  • MIL-OSI: PROS and Commerce Announce Strategic Partnership to Redefine B2B Digital Commerce

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — PROS Holdings, Inc. (NYSE: PRO), a leading provider of AI-powered SaaS pricing and selling solutions, and Commerce (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced a strategic partnership to redefine B2B digital commerce.

    Today’s B2B buyers demand accuracy, speed and transparency at every step of the purchase journey. However, the complexity of large-scale B2B operations can push the boundaries of typical ecommerce platforms. By integrating PROS enterprise-grade pricing and CPQ with Commerce’s portfolio of industry-leading applications, businesses can meet these demands head-on, resulting in fewer delays, reducing errors and accelerating time to revenue.

    “Pricing is the heartbeat of every commercial interaction, and when it’s disconnected or overly complex, it disrupts the entire buying experience,” said Jeff Cotten, President and Chief Executive Officer, PROS. “By embedding our AI-powered pricing and selling capabilities directly into the ecommerce experience, we’re enabling businesses to optimize pricing and product recommendations, streamline complex quoting and deliver real-time, market-relevant offers that build buyer confidence, accelerate decision-making and drive profitability. The future of B2B commerce is not just digital, it’s dynamic, intelligent and deeply contextualized.”

    The combined power of PROS and Commerce delivers on the promise of intelligent commerce, reshaping how companies engage buyers, drive revenue and scale in a digital-first world. This collaboration equips businesses to anticipate customer needs, respond to real-time market dynamics and deliver buying experiences that are both seamless and relevant. For B2B organizations selling with complex catalogs, global operations and diverse sales channels, it translates into faster time-to-value, higher conversion rates and a distinct competitive advantage in an increasingly dynamic market.

    “B2B companies are no longer asking whether they should go digital — they’re asking how quickly they can get there,” said Travis Hess, Chief Executive Officer, Commerce. “By partnering with PROS, we’re giving our customers, from mid-market to global enterprises, the tools to not only sell online, but to do so intelligently, competitively and at scale. And we see this impact going beyond B2B to B2C retailers managing large, dynamic catalogs across multiple channels to improve margin and drive conversion across storefronts and marketplaces. This collaboration sets a new standard for what modern commerce can achieve.”

     About PROS 
    PROS Holdings, Inc. (NYSE: PRO) is a leading provider of SaaS solutions that optimize omnichannel shopping and selling experiences, powering intelligent commerce. Leveraging leadership in revenue and pricing science, the PROS Platform combines predictive AI, real-time analytics, and powerful automation to dynamically match offers to buyers and prices to products. Businesses win more with PROS. Learn how at pros.com.  

    About Commerce
    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    PROS Media Contact   
    Amy Williams   
    +1 713-335-5916   
    awilliams@pros.com   

    Commerce Media Contact   
    Brad Hem 
    +1 281-543-0669 
    pr@commerce.com    

    The MIL Network –

  • MIL-OSI: TC Energy reports strong second quarter 2025 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Solid execution and asset performance support higher 2025 financial outlook

    Market fundamentals drive customer demand for incremental capacity projects

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA1 outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Second quarter 2025 financial results from continuing operations2:
      • Comparable earnings1 of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
      • Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
      • Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
      • Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
    • 2025 outlook:
      • Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion3, compared to previous outlook of $10.7 to $10.9 billion
      • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
      • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures4
    • Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
      • Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
      • Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
    • U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
      • Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
    • Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
      • Set a daily flow record of 4.4 Bcf on April 22, 2025
    • Bruce Power achieved 98 per cent availability in second quarter 2025
    • Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

    Project Highlights

    • The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
    • The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
    • On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
    • Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
    • Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.
     
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025       20241       2025       20241  
                   
    Income              
    Net income (loss) attributable to common shares from continuing operations   862       804       1,840       1,792  
    per common share – basic $ 0.83     $ 0.78     $ 1.77     $ 1.73  
                   
    Segmented earnings (losses)              
    Canadian Natural Gas Pipelines   551       514       1,067       1,015  
    U.S. Natural Gas Pipelines   907       762       2,016       1,805  
    Mexico Natural Gas Pipelines   191       266       402       478  
    Power and Energy Solutions   312       220       447       472  
    Corporate   (7 )     (26 )     (12 )     (87 )
    Total segmented earnings (losses)   1,954       1,736       3,920       3,683  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines   923       846       1,813       1,692  
    U.S. Natural Gas Pipelines   1,089       1,003       2,456       2,309  
    Mexico Natural Gas Pipelines   319       286       552       500  
    Power and Energy Solutions   301       227       525       547  
    Corporate   (7 )     (14 )     (12 )     (30 )
    Comparable EBITDA from continuing operations   2,625       2,348       5,334       5,018  
    Depreciation and amortization   (671 )     (633 )     (1,349 )     (1,268 )
    Interest expense   (847 )     (783 )     (1,687 )     (1,563 )
    Allowance for funds used during construction   114       184       362       341  
    Foreign exchange gains (losses), net included in comparable earnings   55       (51 )     45       (8 )
    Interest income and other   49       68       100       143  
    Income tax (expense) recovery included in comparable earnings   (294 )     (143 )     (586 )     (424 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings   (155 )     (141 )     (332 )     (312 )
    Preferred share dividends   (28 )     (27 )     (56 )     (50 )
    Comparable earnings from continuing operations   848       822       1,831       1,877  
    Comparable earnings per common share from continuing operations $ 0.82     $ 0.79     $ 1.76     $ 1.81  

    1          Results reflect continuing operations.

           
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025     2024     2025     2024
                   
    Cash flows1              
    Net cash provided by operations2   2,173     1,655     3,532     3,697
    Comparable funds generated from operations2,3   1,964     1,874     3,913     4,310
    Capital spending4   1,379     1,591     3,188     3,488
    Disposition of equity interest, net of transaction costs5   —     464     —     426
    Dividends declared              
    per common share $ 0.85 6 $ 0.96   $ 1.70 6 $ 1.92
    Basic common shares outstanding(millions)              
    – weighted average for the period   1,040     1,037     1,040     1,037
    – issued and outstanding at end of period   1,040     1,037     1,040     1,037
    1. Includes continuing and discontinued operations.
    2. Includes Liquids Pipelines earnings for the three and six months ended June 30, 2024 compared to Liquids Pipelines earnings of nil for the same periods in 2025. Refer to the 2024 Annual Report for additional information.
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information, of our Condensed consolidated financial statements for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Reflects dividends declared following the Spinoff Transaction.

    CEO Message
    Through the first half of 2025, TC Energy safely and reliably delivered energy across North America, maximizing asset value through safety and operational excellence. Despite the volatility in commodity markets and a complex macroeconomic backdrop, our business continues to demonstrate resiliency, achieving 12 per cent growth in comparable EBITDA and 13 per cent growth in segmented earnings compared to second quarter 2024. Driven by strong performance and focused execution, we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion, compared to the original outlook of $10.7 to $10.9 billion. We continue to advance our strategic priorities – executing a selective portfolio of growth projects, maintaining financial strength and agility, while maximizing the value of our assets through safety and operational excellence. Our performance continues to underscore the strength of our business model and our ability to consistently deliver solid growth, low risk and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending September 30, 2025, equivalent to $3.40 per common share on an annualized basis.

    Following the completion of the Southeast Gateway pipeline on schedule and under budget in the second quarter, we commenced the collection of tolls from the CFE beginning May 2025. This event represents a significant operational and financial milestone, and an important step for Mexico’s energy landscape and economic development. The Southeast Gateway pipeline is a transformative infrastructure project – serving as a critical artery for delivering natural gas to underserved regions in Southeast Mexico, driving economic growth and energy security while supporting the country’s transition to lower-emitting, more reliable sources of energy. In July, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

    As part of our ongoing efforts to maximize the value of our assets, on July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2025. This outcome on our second-largest pipeline asset demonstrates our ongoing commitment to enhance system integrity and service reliability while ensuring timely capital recovery to maximize our long-term cash flow profile.

    We continue to execute our growth projects on-time and are tracking 15 per cent below budget on approximately $8.5 billion of assets expected to be placed into service this year. Year to date, we have placed into service approximately $5.8 billion of natural gas pipeline capacity projects, including the Southeast Gateway pipeline. In May, we successfully placed the East Lateral XPress (ELXP) project into service. As a strategic expansion of the Columbia Gulf Transmission system, ELXP delivers approximately 0.7 Bcf/d of firm natural gas capacity directly to Venture Global’s Plaquemines LNG terminal in Louisiana, reinforcing our role in enabling reliable, long-term energy supply to global markets.

    Fundamentals continue to drive significant growth opportunities for the incremental build-out of natural gas infrastructure across LNG export, coal-to-gas conversions, data centre demand and LDC reliability. Reflecting this momentum, we reached a positive FID on $0.4 billion of expansion facilities as part of MYGP; a program comprised of multiple distinct projects with targeted in-service dates between 2027 and 2030, subject to final company and regulatory approvals. Once complete, MYGP is expected to enable approximately 1.0 Bcf/d of incremental system throughput – further enhancing our ability to connect natural gas supply from competitive, low-cost basins to critical demand markets across North America. Additionally, we have upsized capacity on our previously announced Maysville and Pulaski projects. In aggregate, over the past nine months we have announced $4.5 billion of new capital projects, each underpinned by long-term take or pay contracts with strong counterparties and delivering a weighted average build multiple5 in the 5-7 times range. Our origination pipeline remains robust, with both the volume and scale of opportunities continuing to grow. We are seeing increased demand across multiple end-use sectors, with customers seeking additional capacity to upsize their projects. We believe this trend reflects strong underlying market fundamentals and reinforces our confidence in the long-term need for safe, reliable and affordable natural gas infrastructure.

    Looking ahead, we have clear visibility into a steady cadence of project announcements in the second half of 2025 and into 2026. Maintaining commitment to our annual net capital expenditure range of $6.0 to $7.0 billion, the majority of incremental capital is expected to be allocated toward the latter part of the decade. Our strategy remains centred on advancing low-risk, brownfield projects, underpinned by long-term contracts with strong counterparties, delivering attractive build multiples. This disciplined approach supports organic comparable EBITDA growth, underpins our three to five per cent annual dividend growth target, and enables ongoing deleveraging as we manage to our long-term target of 4.75 times debt-to-EBITDA6 ratio. These efforts collectively reinforce our commitment to sustainable, long-term value creation for shareholders.

    Finally, we released our 2025 Report on Sustainability. The report reaffirms TC Energy’s role in a collective effort to advance a lower-emissions energy system and demonstrates how we’re aiming to strike a balance between meeting growing energy demand and addressing rising global emissions, while collaborating closely with Indigenous rights holders, customers, neighbors and governments across Canada, the U.S. and Mexico. Key highlights include:

    • Reduced absolute methane emissions by 12 per cent between 2019 and 2024 while increasing natural gas throughput by 15 per cent and comparable EBITDA in our natural gas business by 40 per cent
    • A continued focus on methane intensity reduction, targeting cost-effective abatement across jurisdictions
    • Achieved a five-year low in our High Energy Serious Injury and Fatality rate, demonstrating tangible progress in safeguarding our people and operations
    • Signed over 40 relationship agreements with Indigenous communities across NGTL and Foothills pipeline systems since 2020.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Thursday, July 31, 2025 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13943. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on August 7, 2025. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 6101975.

    The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources thereof and anticipated capital expenditures, expectations with respect to the targeted debt-to-EBITDA leverage metric, expectations with respect to MYGP, including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measure
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA,a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease costs 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    i Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    ii 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    iii 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    iv Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
       

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q2-quarterly-report.pdf

    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    2 Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

    3 Based on USD/CAD foreign exchange rate of 1.35 for the second half of 2025.

    4 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    5 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    6 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network –

  • MIL-OSI Banking: ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand

    Source: ASEAN

    We welcome the outcome of the Special Meeting chaired, hosted and witnessed by Prime Minister Dato’ Seri Anwar Ibrahim of Malaysia as the Chair of ASEAN, to address the situation between Cambodia and Thailand on 28 July 2025 in Putrajaya.

     

    We commend Malaysia’s role in facilitating bilateral dialogue toward ceasefire between Cambodia and Thailand. We are also appreciative of the role of the United States of America in co-organising the Special Meeting and the active participation of the People’s Republic of China, to promote a peaceful resolution to the ongoing situation.

     

    We encourage Cambodia and Thailand to resolve the issue amicably in accordance with international law, and consistent with the principles enshrined in the United Nations (UN) Charter, ASEAN Charter, Treaty of Amity and Cooperation in Southeast Asia, and in the spirit of ASEAN family, unity and good neighbourliness. We hope that the ceasefire agreed by both sides will be fully implemented in good faith.

     

    We are confident that the goodwill demonstrated by both Cambodia and Thailand will result in the full and effective implementation of the ceasefire and all decisions of the Special Meeting. We also express support for Malaysia’s readiness to coordinate an observer team comprising ASEAN Member States to impartially verify and ensure the implementation of the ceasefire.

     
    Download the full statement here.
    The post ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –